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We are here for you to provide the important Recent and Latest Current Affairs 25 May 2024, which have unique updates of Latest Current Affairs 2024 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

MoWCD Officially Dissolves Food & Nutrition BoardThe Ministry of Women and Child Development (MoWCD) has officially dissolved the Food and Nutrition Board (FNB), as part of a government rationalisation plan. FNB is a technical support wing of the MoWCD, headquartered in Delhi.
Note:
The FNB ceased operations effective 1 December 2023, following the formal dissolution approval on 30 November 2023.
The FNB was originally established under the Ministry of Agriculture and Farmers Welfare. In 1993, it was transferred to the MoWCD .
Background:
i.The decision followed a Cabinet meeting on 6 April 2023, based on recommendations from the Principal Economic Adviser’s report in November 2020.
ii.In the meeting, the Cabinet approved MoWCD's proposals for rationalisation and closure of the FNB, Rashtriya Mahila Kosh, and the Central Social Welfare Board.
FNB's Structure and Network:
i.The FNB had 4 regional offices and quality control laboratories in Faridabad (Haryana), Mumbai (Maharashtra), Kolkata (West Bengal), and Chennai (Tamil Nadu).
ii.It also operated 43 Community Food and Nutrition Extension Units (CFNEUs) nationwide.
Transfer of Properties:
i.CFNEUs in Mumbai, Jaipur (Rajasthan), and Bhubaneswar (Odisha) were transferred to the Directorate of Estates under the Ministry of Housing and Urban Affairs (MoHUA).
ii.4 properties in Faridabad, Chennai, Navi Mumbai, and Kolkata are being transferred.
iii.The central and regional food testing laboratories in Faridabad and Chennai are being handed over to the Food Corporation of India (FCI)or the Department of Food and Public Distribution (DFPB).
iv.Leased laboratories in Navi Mumbai and West Bengal will be leased to the FCI and DFPB, pending state clearances.
About Ministry of Women and Child Development (MoWCD):
Union Minister- Smriti Zubin Irani (Constituency: Amethi, UP)
Minister of State- Dr. Munjpara Mahendrabhai Kalubhai (Constituency: Surendranagar, Gujarat)
About Food Corporation of India (FCI):
FCI is a statutory body established in 1965 under the Food Corporation Act of 1964.
Chairman & Managing Director (CMD)- Ashok K. K. Meena
Headquarters- New Delhi, Delhi

MoRTH releases New Driving License Rules w.e.f. June 1, 2024; Makes Driving Tests at RTO Optionali.The Ministry of Road Transport and Highways (MoRTH) announced new regulations aimed at simplifying the process of obtaining a driving license (DL) with effect from 1st June 2024.

• Under the new regulations, applicants now have option to take their driving tests at privately operated driving training centres.
• This will reduce the congestion at Regional Transport Offices (RTOs).

ii.The new regulation has reduced the required documentation for new DL. The required documents will now be based on the type of vehicle, minimizing the need for physical reviews at RTOs.
iii.This also impose strict penalties for violations.
About Ministry of Road Transport and Highways (MoRTH):
Union Minister- Nitin Jairam Gadkari (Constituency- Nagpur, Maharashtra)
Minister of State (MoS)- General (Retd.) Vijay Kumar Singh (Constituency- Ghaziabad, Uttar Pradesh)
>> Read Full News

BANKING & FINANCE

Unclaimed deposits in Banks reached Rs 42,270 crore as of March 2023: RBI Datai.As per data from the Reserve Bank of India (RBI) presented in Parliament, unclaimed deposits in public and private sector banks reached Rs 42,270 crore as of March 2023.
ii.The COVID-19 pandemic significantly impacted this figure, with unclaimed deposits standing at Rs 39,900 crore in December 2022, more than double the amount from December 2019.
iii.These unclaimed deposits span across various banking institutions including public sector, private, foreign, and regional rural banks.
iv.Public Sector Banks (PSBs) hold Rs 33,303 crore (83% of total) as of December 2022. It is highest in State Bank of India (SBI) with 2.16 crore accounts worth Rs 8,069 crore.
About Reserve Bank of India (RBI):
Governor – Shaktikanta Das
Deputy Governors – Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Headquarters– Mumbai, Maharashtra
Establishment– April 1, 1935
>> Read Full News

IRDAI Introduced New Corporate Governance Regulations for InsurersThe Insurance Regulatory and Development Authority of India (IRDAI) has introduced new corporate governance regulations for insurers. These new corporate governance regulations were notified on 21st March, 2024 under The Insurance Regulatory and Development Authority of India (Corporate Governance for Insurers) Regulations, 2024 (“the Regulations”).
i.Now, it will be mandatory for insurance companies to seek prior approval for their Board Chairperson appointments, with immediate effect.
ii.Existing chairpersons have been given time until 31st March, 2026 or the end of their current terms, whichever comes first, to comply with the new norms.
iii.The Insurance Regulatory and Development Authority of India (IRDAI) relaxed procedural norms on expense of management and share transfer through two separate Master Circulars issued on 15th May, 2024.
About Insurance Regulatory and Development Authority of India (IRDAI):
IRDAI was constituted in 1999 and was incorporated as a statutory body in April 2000
Chairperson- Debasish Panda
Headquarters-Hyderabad, Telangana
>> Read Full News

SEBI Introduced Framework to Determine Unaffected Price in Response to Market RumourOn 21st May 2024, The Securities and Exchange Board of India (SEBI) introduced a new Framework for considering unaffected price for transactions after the confirmation of market rumours.

• This market rumours could be related to anything, including exiting of top management, cancellation of an order and financial health.

Implementation:
i.The framework will be applicable to top 100 listed entities with effect from 1st June 2024 and to top 250 listed entities (i.e., next top 150) with effect from 1st December 2024.
ii.The unaffected price will remain valid for 60 or 180 days based on the transaction stage, from the rumour confirmation date to the relevant date under existing regulations like: public announcement, board approval etc.
Key Points:
i.According to Regulation 30(11) of SEBI (Listing Obligations  and  Disclosure Requirements) Regulations, 2015(“LODR Regulations”), as amended by SEBI LODR (Amendment) Regulations, 2024, listed entity is required to verify market rumours,upon material price movement.
ii.As per the 2nd proviso of Regulation 30(11) of the LODR Regulations, if a rumour pertaining to a transaction has been verified within 24 hours of the trigger of a material price movement, the unaffected price will be taken into consideration for transactions on which pricing norms specified by SEBI or the stock exchanges are applicable.
iii.This adjusted Volume-Weighted Average Price (VWAP) will be used for transactions subject to SEBI or stock exchange pricing norms.
About Securities and Exchange Board of India (SEBI):
Chairman- Madhabi Puri Buch
Headquarter- Mumbai, Maharashtra
Established- 1992

SEBI amends rule to Facilitate Ease of Doing for Companies Planning IPOsTo ease the process for companies planning Initial Public Offerings (IPOs), the Securities and Exchange Board of India (SEBI) has issued SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2024 to amend the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

• Key changes include simplifying criteria for changes in the size of Offer for Sale (OFS) and providing more flexibility in meeting Minimum Promoter Contribution (MPC) requirements.
• Additionally, SEBI has made adjustments to accommodate force majeure events during the IPO process.
• These changes are part of amendments to the Issue of Capital and Disclosure Requirements (ICDR) rules.

Key Points:
Simplified OFS Criteria
Changes in OFS size requiring fresh filing will now be based on either issue size in rupees or the number of shares, not both.
Flexibility in Meeting MPC
Promoter group entities and non-individual shareholders holding more than 5% of post-offer equity can contribute to the shortfall in MPC without being labeled as promoters.

• Equity shares from the conversion of compulsorily convertible securities held for a year before filing the Draft Red Herring Prospectus (DRHP) will count towards MPC.

Adjustments for Force Majeure Events
Bid closing dates can be extended by a minimum of one day due to force majeure events, such as banking strikes, instead of the previous requirement of three days.
Rule Amendments
These changes are part of amendments to the Issue of Capital and Disclosure Requirements (ICDR) rules, as notified by SEBI on May 17. These measures aim to streamline the IPO process and provide greater flexibility for companies and promoters.
About Securities and Exchange Board of India (SEBI):
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
Establishment–1992

TCS Signed a Core Banking Deal With Kuwait’s Burgan Bank 
Tata Consultancy Services (TCS), a global leader in Information technology (IT) services, consulting, and business solutions, has signed a deal to modernize the core banking technology of Burgan Bank, one of the youngest commercial banks in Kuwait.
i.TCS will deploy TCS BaNCS to consolidate multiple standalone legacy applications into a modern universal banking solution that promotes innovation and strengthens customer relationships.

• TCS BaNCS is a core banking software suite developed by TCS for use by retail banks.

ii.The Burgan Bank will also use the TCS’ solution to manage higher transaction volumes, enhance automation, and improve staff productivity.

AWARDS & RECOGNITIONS

Indian-Origin Scientist Shrinivas R. Kulkarni won the Prestigious Shaw Prize in Astronomy for 2024Indian-Origin American Scientist Shrinivas Ramchandra Kulkarni has been conferred the prestigious 2024 Shaw Prize in the category of Astronomy.

• The award is given in recognition of his contributions to time-domain astronomy culminated in the conception, construction and leadership of the Palomar Transient Facility (PTF) and its successor, the Zwicky Transient Facility (ZTF). These discoveries help to better understand time-variable optical sky.

About Shrinivas R. Kulkarni:
i.He was born in 1956 in Maharashtra, India and he is the brother of renowned Indian Philanthropist and Padma Bhushan Awardee, Sudha Murthy.
ii.At present, he is working as Professor at Ellery Hale Professor of Astronomy and Planetary Science , Division of Physics, Mathematics and Astronomy at the California Institute of Technology (Caltech), United States of America (U.S.A.).
iii.He was Millikan Research Fellow in Radio Astronomy from 1985-1987.
iv.He has worked as Executive Officer for Astronomy i.e. from 1997-2000 and Director of Caltech Optical Observatories from 2006-18.
v.He is  a member of some of the prestigious institutes like Royal Society of London, Indian Academy of Sciences, the U.S. National Academy Sciences, among others.
2024 Shaw Prize:
i.On 21st May 2024, The Shaw Prize Foundation announced the winners for 2024 Shaw Prize during a press meet held at Hong Kong(special administrative region of the People’s Republic of China).
ii.The awards were announced in 3 categories: Astronomy, Life Science and Medicine, and Mathematical Sciences.
iii.The official ceremony of  21st edition of Shaw Prize will held on 12th November, 2024 in Hong Kong.
iv.Swee Lay Thein, Senior Investigator and Chief of the Sickle Cell Branch of National Heart, Lung, and Blood Institute at the National Institutes of Health, United States of America (U.S.A.) and Stuart Orkin, David G Nathan Distinguished Professor of Pediatrics at Harvard Medical School, U.S.A. were jointly announced as winner of 2024 Shaw Prize in Life Science and Medicine.
v.Peter Sarnak, Gopal Prasad Professor, School of Mathematics, Institute for Advanced Study and Eugene Higgins Professor of Mathematics, Princeton University, U.S.A. is awarded 2024 Shaw Prize in Mathematical Sciences category.
Winners of 2024 Shaw Prize:

About Shaw Prize:
i.Shaw Prize also known as “Nobel of The East”, is a award given annually by Shaw Prize Foundation (established in 2002)to the distinguished personalities in recognition of their work in the category of Astronomy, Life Science and Medicine and Mathematical Science.
ii.The Shaw Prize was established by famous Philanthropist Run Run Shaw and 1st Shaw Prize was presented in 2004.
iii.Recipients of Shaw Prize received a monetary prize of USD 1.2 million.

Thiruvananthapuram International Airport Becomes the 1st Airport to achieve ZWL AccoladeThiruvananthapuram International Airport, in Thiruvananthapuram, Kerala has become the first airport in India to achieve  Zero Waste to Landfill (ZWL) accolade awarded by the CII-ITC CESD (Centre for Excellence for Sustainable Development).

• This recognition signifies the airport’s commitment towards sustainable waste management practices.

Key Points:
i.The ZWL assessment stated that the Airport has successfully implemented the best waste management practices and achieved 99.50% waste diversion from landfills.

• The airport diverted 100% of its plastic waste and 100% of its Municipal Solid Waste (MSW) including wet and dry waste from landfills.

ii.Airport achieved 99.5% waste diversion from landfills by integrating a robust value chain system and adopting the 5R principles - Reduce, Reuse, Reprocess, Recycle and Recover - of Sustainable Waste Management.
iii.The Airport has set up a sophisticated waste management system that follows the ISO 14001:2015 standards.

• It involves waste segregation, recycling, monitoring and reduction processes, all operating on a cradle-to-cradle principle to ensure sustainable waste management.

Note: the ZWL aims to divert minimum 99% of generated waste from landfills while focusing on reducing the overall amount of waste produced.
CII-ITC Centre for Excellence for Sustainable Development (CESD):
CII-ITC CESD was established in 2006 by ITC Limited in collaboration with the Confederation of Indian Industry (CII) to create awareness, provide thought leadership, build capacity and award exemplary performance in the area of sustainability. It is one of the 9 centres of excellence (CoE) of CII.
Chairman, Advisory Council- Sanjiv Puri (CMD of ICT)
Headquarters- New Delhi, Delhi

APPOINTMENTS & RESIGNATIONS

Delhi HC Appointed Justice Najmi Waziri as Chairperson of Administrative Committee of EFIThe Delhi High Court (HC) has appointed Justice Najmi Waziri, retired judge of Delhi HC, as the Chairperson of the Ad-Hoc Administrative Committee (AAC) to supervise the administration of the Equestrian Federation of India (EFI), the governing body for equestrian sports in India.

• The committee comprises former Chief Election Commissioner (CEC) of India Dr. S.Y. Quraishi as the Observer and Advocate Rohini Musa as Member of AAC.

Key Points:
i.The committee will take charge of the day-to-day administration and functioning of the EFI.
ii.It will have the authority to issue any required orders for the day-to-day operation of EFI with the signature of the Chairperson.
iii.The Court has authorized AAC to establish suitable arrangements for governing the EFI until elections are conducted.
Points to note:
i.The order was passed by Justice Tara Vitasta Ganju came on a petition by Rajasthan Equestrian Association alleging that EFI electoral college violated the National Sports Development Code of India 2011 as it allowed clubs and army units as voting members.
ii.The order restrains the existing office-bearers of the EFI, whose tenure ended in September 2023, from discharging any function but should render all assistance to the AAC.
iii.EFI Secretary General Col. Jaiveer Singh has been directed to submit a report to the AAC, within 10 days, setting out all decisions made by EFI from September 29, 2023, till date.
About Najmi Waziri:
i.He was elevated as an Additional Judge of the Delhi HC on 17th April, 2013 and retired on 14th April 2023.
ii.He was famously known as the ‘Green Judge’ of Delhi for his efforts to enrich the greenery of New Delhi by asking litigants to plant 3.7 lakh trees.
iiii.In April 2024, he was also appointed as the Chairman of the Internal Departmental Committee constituted for protection and management of deemed forests in New Delhi, Delhi.
iv.Justice Najmi Waziri was honoured with the SKOCH India Law Award in 2023 for the Services to Justice.

Former Ambassador Allamaye Halina Appointed as New Prime Minister of ChadThe Chadian President Mahamat Idriss Deby Itno has appointed Chad's former ambassador Allamaye Halina as the new Prime Minister(PM) of the Republic of Chad.

• Allamaye Halina replaced the opposition leader Succes Masra, who resigned from the post on 22nd May 2024. Succes Masra was appointed as the PM of Chad in January 2024.
• Allamaye Halina is a diplomat and former director general of state protocol. Previously, He has served as the Ambassador of Chad to China.

Note: Deby was sworn in as President of Chad for a five-year term after winning the presidential election on May 6 2024.

SCIENCE & TECHNOLOGY

Tata Communications Partners With Cisco To Launch Webex Calling in India 
Tata Communications Limited, a global communications technology player, has partnered with Cisco Systems, Inc to launch Webex Calling with cloud Public Switched Telephone Network (PSTN) for enterprises doing business in India

• The ‘Webex Calling’ by Tata Communications will be a first-of-its-kind service in India that will be offered by integrating Cisco’s Webex Calling with the cloud voice services of Tata Communications GlobalRapide platform.
• Webex Calling is a modern and comprehensive business phone system that provides enterprise-grade calling via a globally available cloud platform, with over 14 million users around the world.
• It provides businesses with flexible deployment options and centralised administration, along with Artificial intelligence (AI)-driven collaboration tools and devices.

Note: California, the United States of America(USA) based Cisco, founded in 1984, pioneered the development of Internet Protocol (IP)-based networking technologies.

India Develops First Research Testbed Facility to Study Norwesters
India is set to develop the first of its kind research testbed facility to study Norwesters, that affect the east and northeast regions of India every summer. The facility will help meteorologists to deploy drones, mobile vans and high-end instruments to track the Norwesters.

• The proposed research testbed will be jointly developed by the India Meteorological Department (IMD), New Delhi, the Indian Institute of Tropical Meteorology (IITM), Pune (Maharashtra) and the National Centre for Medium-Range Weather Forecasting (NCMRWF), Delhi.
• The proposed facility will cover a large area adjoining West Bengal (WB), Odisha, and Jharkhand and the control centre will be at Chandbali in the Bhadrak district of Odisha.
• It aims to study thunderstorms from the formation stage, growth, and propagation over eastern parts of India.
• Minister of Earth Sciences, stated that the facility will be completed by 2026.

Note: Norwesters are extremely severe thunderstorms which originates over east and northeast India, south Nepal, Bhutan and Bangladesh. They are also known as ‘Kalbaisakhi’ in India and ‘Barodoli Cheerha’ in Assam. 

ENVIRONMENT

Emblica chakrabartyi: New Plant Species Discovered in Kerala
A team of scientists has discovered the new plant species ‘Emblica chakrabartyi’ from Adichilthotti within the Edamalayar forest range of Kerala.  The new species is named after Tapas Chakrabarty, former scientist at the Botanical Survey of India (BSI), for his contribution to the study on Phyllanthaceae.
i.The discovery of the plant species has been published in John Wiley & Sons’ International Journal, Nordic Journal of Botany, from Sweden.
ii.Emblica chakrabartyi belongs to the gooseberry (Phyllanthaceae) family and as shrubs in tropical rain forests.A total of 55 species of the genus Emblica have been recorded all around the world. The new plant is the 11th  from India.
iii.Features:

• The plant attains a height of ~2 metres. The leaves are large with shiny elongated oval shape of up to 13 cm.
• Its yellowish green flower has six petals. The flowering and fruiting occur during December to June. Male flowers are found in inflorescence whereas females ones are in single, on the leaf axils.
• The fruits are brown to black when they ripen and the seeds are black about 8-9 mm diameter.

Note:The team found a population of around 55 plants during the expedition conducted as a part of a University Grants Commission (UGC) sponsored research project.

IMPORTANT DAYS

First-Ever UN International Day of the Markhor 2024 - 24 May The first-ever United Nations (UN) International Day of the Markhor was observed across the globe on 24th May 2024 to raise awareness and promote the conservation of Markhor (Capra falconeri), an iconic and ecologically significant species, and its natural habitat.

• The Markhor is the largest of the wild goat species in the world with broad hooves and spiral horns. It is the national animal of Pakistan since 1972.

Background:
i.On 2nd May 2024, the United Nations General Assembly (UNGA) adopted the resolution A/RES/78/278 proclaiming 24th May of every year as the International Day of the Markhor.

• The resolution invited the UN Environment Programme (UNEP) to facilitate the observance of the International Day.

ii.The draft resolution was sponsored by Afghanistan, China, Hungary, Israel, Kazakhstan, Pakistan, Tajikistan, Turkmenistan and Uzbekistan.
>> Read Full News

Indian Commonwealth Day 2024 - May 24 Commonwealth Day (formerly Empire Day) is annually observed by people all over the Commonwealth in Africa, Asia, the Caribbean and Americas, the Pacific, and Europe on the 2nd Monday of March. But, India and certain other Commonwealth nations observes the Commonwealth Day on 24th May.

• Indian Commonwealth Day 2024 was observed on 24th May 2024.
• Commonwealth Day 2024 was be observed on 11th March 2024.
• Commonwealth Day honours shared values like democracy, human rights, and sustainable development.

Theme:
i.The theme for Commonwealth Day 2024 is ‘One Resilient Common Future: Transforming our Common Wealth’.
ii.It is also the theme of the 27th Commonwealth Heads of Government Meeting (CHOGM), a biennial meeting of leaders from Commonwealth nations, scheduled in Samoa from 21-26 October 2024.
What is the Commonwealth?
The Commonwealth is an intergovernmental political association of 56 independent and equal member states, representing 2.5 billion people—about one-third of the global population.

• The member states are committed to the values and principles of the Commonwealth Charter.
• Majority of Commonwealth are former territories of the British Empire.

Note:
i.The British monarch is considered as the symbolic head of the Commonwealth of Nations
ii.His Majesty King Charles III is the current Head of the Commonwealth.
History:
i.Commonwealth Day was first celebrated as Empire Day on 24 May 1902, to honour Queen Victoria, following her demise in 1901.

• It was not officially recognised as an annual event until 1916.

ii.The day 24 May coincides with the birth anniversary of Queen Victoria on 24 May 1819.
iii.In 1958, the then-Prime Minister (PM) of the United Kingdom (UK) Harold Macmillan rebranded Empire Day as British Commonwealth Day, and later in 1966 it became known as Commonwealth Day.
Date Change:
The date of observance of Commonwealth Day was also changed to 10th June. The date was again changed to the second Monday in March in 1977.

• Commonwealth Day has been celebrated on the 2nd Monday in March every year since 1977.

Key Focus Areas of 2024 observance:
i.Building Resilience: Harnessing the strengths of the 56 member countries.
ii.Unlocking Potential: Leveraging the unique advantages within the Commonwealth.
iii.Digital Connectivity: Fostering a connected, digital Commonwealth.
Points to Note:
i.India is the most populous member state of the Commonwealth, with nearly 60% of the total population of the association.
ii.India is the 4th largest contributor to the Commonwealth budgets and programs.

World Schizophrenia Awareness Day 2024 - May 24World Schizophrenia Awareness Day is annually observed across the globe on 24 May to raise awareness about Schizophrenia, a serious mental illness affecting 24 million people worldwide.
Background:
i.World Schizophrenia Awareness Day also known as Pinel Day, was established by the National Schizophrenia Foundation (NSF), a not-for-profit agency, in honour of French physician Dr. Philippe Pinel.
ii.The term Schizophrenia was coined on 24 April 1908 by Swiss Psychiatrist Professor Paul Eugen Bleuler.
>> Read Full News

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