12&13 March 2023 Current Affairs – The Day’s Top News | GKSERIES

March 13, 2023

Current Affairs is the most important area in all competitive exams. But the difficulty level is very high. That’s why; many aspirants get confused, how to select Current Affairs for Preparation of Competitive Examination? In this Post, Daily Current Affairs 12&13 March 2023, we have tried to cover each and every point and also included all important facts from National/ International news that are useful for upcoming competitive examinations such as UPSC, SSC, Railway, State Govt. etc.

So, here is the Top News of the Day for 12&13 March 2023 to help you prepare the Latest Current Affairs part. After reading this section, you can successfully attempt Current Affairs Quiz.

Current Affairs for Competitive Exam – 12&13 March 2023

Indonesia’s Mount Merapi volcano erupts, covering villages in ash

Indonesia’s Mount Merapi volcano erupts, covering villages in ash: Mount Merapi, one of the world’s most active volcanoes, erupted, spewing smoke and ash into the surrounding villages. There were no immediate reports of casualties, the the National Disaster Mitigation Agency said. The images broadcasted shows ash-covered houses and roads at a village near the volcano, in Yogyakarta.

March 2023 Current Affairs Quiz

More About The Mount Merapi volcano eruption:

According to the Merapi Volcano Observatory, the ash cloud rose 9,600 feet (3,000 metres) above the summit.

Authorities established a restricted zone of seven kilometres from the crater after the eruption, which was recorded at 12:12 pm (0512 GMT).

The extent of the damage:

At least eight villages near the volcano have been affected by volcanic ash, an officer at one of Merapi’s observation posts said in a statement.

The history of the Mt Merapi’s volcanic activities:

The volcano’s most recent major eruption in 2010 killed over 300 people and forced the evacuation of 280,000 people. It was Merapi’s most powerful eruption since 1930, when about 1,300 people were killed. An eruption in 1994 left about 60 people dead. The volcano’s alert status has remained at the second-highest level since 2020 after showing renewed activity.

Mount Merapi: the most active volcano in Indonesia:

Mount Merapi is known as the “Fire Mountain” in Indonesia and Java.
It is an active stratovolcano that is located on the border between the Central Java and Yogyakarta provinces, Indonesia.
It is considered Indonesia’s most active volcano and has erupted on a regular basis since 1548.
It is the youngest group of volcanoes in southern Java that is situated at a subduction zone of the Indo-Australian Plate and Sunda Plate.
At this subduction zone, the Indo-Australian Plate subducts under the Sunda Plate.

PM Modi inaugurates world’s longest railway platform in Hubballi, Karnataka

PM Modi inaugurates world’s longest railway platform in Hubballi, Karnataka: Prime Minister Narendra Modi dedicated the world’s longest railway platform, measuring 1.5 kilometres, at the Sri Siddhaarooda railway station in Hubballi, Karnataka. The inauguration of the platform was done during the PM’s Karnataka visit in the presence of Union Minister Pralhad Joshi. It is to be noted that Indian Railways, South Western Railway Zones Hubbali is now registered in the Guinness Book of World Records for having the longest platform.

March 2023 Current Affairs Quiz

Significance of The longest platform:

The world’s longest railway platform will cater to the transportation needs of the Hubballi-Dharwad region and will help in enhancing the operational capacity of the yard. Furthermore, it will allow trains to run in both directions.

Gorakhpur platform slips to 2nd in the ranking:

The platform at Gorakhpur in Uttar Pradesh is the second longest at 1,366.33 metres, and the platform at Kollam Junction in Kerala is the third longest at 1,180.5 metres.

The Bengaluru-Mysuru expressway:

Meanwhile, Prime Minister Narendra Modi also inaugurated the 118-km long Bengaluru-Mysuru expressway. This new project is expected to aid the social and economic growth in the region.

The new e-way, which cost Rs 8,480 crore, will cut travel time between the cities from 3 hours to 75 minutes.

Furthermore, the project entails widening NH 275 to six lanes along the Bengaluru-Nidaghatta-Mysuru stretch.

PM Modi inaugurates permanent IIT Dharwad campus:

Prime Minister Narendra Modi also dedicated the new campus of IIT Dharwad and laid the foundation stone in February 2019. Developed at a cost of over Rs. 850 crores, the institute currently offers 4-year BTech programs, inter-disciplinary 5-year BS-MS program, MTech and PhD programs.

PMLA, 2002 Amended To Include Cryptocurrency Trade

PMLA, 2002 Amended To Include Cryptocurrency Trade: The Finance Ministry has amended the anti-money laundering law to include the trading of cryptocurrencies and other virtual digital assets. This means that exchanges, custodians, and wallet providers, among others in crypto-related trade, will fall under the Prevention of Money Laundering Act. As part of its efforts to tighten oversight of digital assets, the government has imposed money laundering provisions on cryptocurrencies or virtual assets.

March 2023 Current Affairs Quiz

More about the amendment to PMLA, 2002

Things covered by the law

Exchange between virtual digital assets and fiat currencies
Exchange between one or more forms of virtual digital assets
Transfer of virtual digital assets
Safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets, and
Participation in and provision of financial services related to an issuer’s offer and sale of a virtual digital asset will now be covered by the Prevention of Money-laundering Act, 2002.

Further, in regards to ownership, the ministry directed that any individual or group who holds about 10% ownership in the client of a ‘reporting entity’ will be seen as the beneficial owner as against the earlier threshold of 25% ownership.

Impact of the amendment in PMLA, 2002

Following this, Indian cryptocurrency exchanges will be required to report suspicious activity to the Financial Intelligence Unit India (FIU-IND). The move is consistent with a global trend of requiring digital-asset platforms to adhere to anti-money laundering standards similar to those observed by other regulated entities such as banks or stock brokers.

Virtual digital assets were defined as any code or number or token generated through cryptographic means with the promise or representation of having inherent value. Digital currency and assets like NFTs (non-fungible tokens) have gained traction globally over the last couple of years. Trading in these assets has increased manifold with cryptocurrency exchanges being launched. However, India, till last year, did not have a clear policy on either regulating or taxing such asset classes.

Army installed J&K’s steep Doda district’s tallest iconic national flag

Army installed J&K’s steep Doda district’s tallest iconic national flag: The Army erected the tallest “Iconic National Banner” in Jammu and Kashmir’s rugged Doda area. Maj Gen Ajay Kumar, GOC Delta Force, Commander 9 Sector RR Brig. Samir K. Palande, DC Doda Vishesh Paul Mahajan, and SSP Abdul Qayoom unfurled the highest tricolour in the Doda district, which was erected on a 100-foot pole.

March 2023 Current Affairs Quiz

The Flag is a monument to the many Chenab Region troops who have given their lives in order to preserve the unity and integrity of the country. He also paid tribute to the surviving family members of fallen warriors on this occasion. The raising of the nation’s flag on a 100-foot pole, the first of its type in the Doda district, is a moment of pride for all of the area’s citizens, not just the Army. Locals, particularly students and Veer Naris (war widows), who had flocked to the momentous occasion in large numbers, expressed gratitude to the Army for including them in the historic moment.

Uttarakhand’s Rudraprayag, Tehri top landslide index: ISRO report

Uttarakhand’s Rudraprayag, Tehri top landslide index: ISRO report- According to satellite data collected over the last two decades, the two districts in Uttarakhand most at risk of landslides are Rudraprayag and Tehri. Data collected by the Indian Space Research Organisation (ISRO) has highlighted that Rudraprayag and Tehri Garhwal are at the highest risk of facing landslides, having seen the highest number of landslide incidents in the past 20 years.

March 2023 Current Affairs Quiz

More About the ISRO’s Landslide Atlas of India:

The findings, compiled by the Hyderabad-based ISRO facility the National Remote Sensing Centre, were published in the Landslide Atlas of India. The agency created a database of over 80,000 landslides in the country between 1998 and 2022 using data from ISRO satellites. The team then used this data to rank 147 landslide-affected districts across 17 states and two Union territories.

Rudraprayag and Tehri: maximum exposure to landslide risk:

Rudraprayag and Tehri Garhwal have the “maximum exposure to landslide risk in the country” due to the presence of pilgrimage routes and tourist sites. The district is home to the Kedarnath Temple and other religious sites like the Tungnath Temple and the Madhyamaheshwar Temple.

The city of Rudraprayag itself is also a holy town due to the presence of river confluences. However, the district is also home to 32 chronic landslide zones, a large number of which are located along or around the NH-107 that leads into the town.

About The other parts of the country:

While the Himalayan region is particularly vulnerable to landslides, other parts of the country are also vulnerable. The other worst-affected districts in the country are Malappuram, Thrissur, Palakkad, and Kozhikode in Kerala, Rajouri and Poonch in Jammu and Kashmir, and South and East Sikkim.

India and risk of landslides:

India is among the four countries where the risk of landslides is the highest, the report said. Nearly 13 percent of the country’s entire land area is prone to landslides. The situation is made worse by deforestation and climate change, as forest cover helps prevent and reduce the extent of moderate landslides.

On the other hand, extreme weather events like heavy rainfall due to climate change increases soil degradation and can directly cause landslides. Landslides are the third most dangerous natural disaster in terms of deaths caused and need urgent intervention to prevent the loss of life and infrastructure in the coming years.

A book titled “As Good as My Word” wrote by KM Chandrasekhar

A book titled “As Good as My Word” wrote by KM Chandrasekhar: “As Good as My Word,” written by KM Chandrasekhar, Cabinet Secretary from 2007 to 2011, begins as an autobiography with detailed descriptions of his early years, academic career, and college years, all of which take place within the walls of a modest but orderly Malayali home. The book offers a front-row seat to Indian politics and bureaucracy during the UPA era. In his book, Chandrasekhar provides a comprehensive overview of the UPA administration during one of its most difficult periods, as well as his own role in steering India through numerous crises.

March 2023 Current Affairs Quiz

The life of a civil servant who successfully navigated difficult facets of public life is told in the book As Good as My Word. The book provides a front-row view of Indian politics and bureaucracy during the UPA era and is frank, straightforward, and full of political gossip. In this autobiography, he provides a detailed account of the UPA administration during one of its most trying times, as well as his own critical contribution to guiding India through some of its most difficult crises, such as the Great Recession of 2008, the oilmen’s strike in 2009, and the 26/11 Mumbai attacks, as well as scams such as the 2G Spectrum case and the 2010 Commonwealth Games corruption scandal.

This book details Chandrasekhar’s experiments in public administration, his experiences as India’s ambassador to the World Trade Organization, where he gained valuable trade diplomacy experience, his excellent working relationship with Prime Minister Manmohan Singh, his run-ins with some notable ministers of the time, and his reflections on Indian democracy, economy, and defence.

Centre launches MSME Competitive (LEAN) scheme

Centre launches MSME Competitive (LEAN) scheme : Union Minister for MSME Narayan Rane launched the MSME Competitive (LEAN) Scheme on 10 March.

About the Scheme

It aims to provide a roadmap to global competitiveness for the MSMEs of India. The scheme will not only strive to improve quality, productivity and performance, but also change the mindset of manufacturers and provide them the ability to become world class manufacturers.

March 2023 Current Affairs Quiz

Under this scheme, MSMEs will implement LEAN manufacturing tools like 5S, Kaizen, Kanban, Visual Workplace, Poka Yoka etc. under the able guidance of trained and competent LEAN consultants to acquire LEAN levels like Basic, Intermediate and Advanced.

Through this scheme, MSMEs can significantly reduce wastage, increase productivity, improve quality, expand their markets, operate in a safer manner and ultimately become competitive and profitable. To assist MSMEs, the government will contribute 90 per cent of the implementation cost and consultancy fee for providing initial support.

There will be an additional contribution of 5 per cent for MSMEs which are owned by women/SC/ST and are part of SFURTI clusters located in North Eastern States. Nodal Agency of the scheme will be the National Productivity Council (NPC).

Initiatives related to MSME Sector

The Micro, Small and Medium Enterprises Development Act was notified in the year 2006 to address policy issues affecting MSMEs as well as the coverage and investment limits of the sector.

Prime Minister’s Employment Generation Program (PMEGP):- It is a credit linked subsidy scheme for setting up new micro enterprises and generating employment opportunities in rural and urban areas of the country. Commencement – 15 August 2008

Scheme of Fund for the Upliftment of Traditional Industries (SFURTI):- Its objective is to organise artisans and traditional industries into clusters and thus provide financial assistance to make them competitive in the current market scenario. Credit Guarantee Scheme for Micro and Small Enterprises :- Under this scheme launched to facilitate easy flow of credit, guarantee cover is provided for collateral free loans given to MSMEs. Credit Linked Capital Subsidy and Technology Upgradation Scheme (CLCS-TUS) :- It aims at facilitating technology up-gradation to Micro and Small Enterprises (MSMEs) by providing 15% capital subsidy for purchase of plant and machinery.

CHAMPIONS Portal:- It aims to help Indian MSMEs to establish themselves as national and global champions by resolving their grievances and providing them encouragement, support.

Centre launches MSME Competitive (LEAN) scheme

Army unfurls 100-ft-high national flag in J-K’s Doda

Army unfurls 100-ft-high national flag in J-K’s Doda : The Indian Army installed a 100-foot-high national flag in the mountainous Doda district of Jammu and Kashmir on 9 March.

An overview of the news

The effort is aimed at paying a befitting tribute to the innumerable soldiers who laid down their lives for the country. This is the second such high-mast flag hoisted by the Army in the Chenab Valley region, which was a militancy hotbed a decade ago.

March 2023 Current Affairs Quiz

In July 2022 a 100-foot-high national flag was installed in the nearby Kishtwar town. Major General Ajay Kumar, General Officer Commanding of the Army’s Delta Force, unfurled the tallest flag at the Doda Sports Stadium in Sector 9.

The national flag, which can be seen from a distance, will make every citizen feel proud for the country. On June 24, 2007, Naib Subedar Lal, who was posthumously awarded Ashok Chakra, Vir Chakra and Sena Medal, laid down his life fighting a group of terrorists trying to infiltrate through the Line of Control (LoC) in Kupwara.

US shuts down Silicon Valley banks in biggest collapse since 2008

US shuts down Silicon Valley banks in biggest collapse since 2008 : California-based Silicon Valley Bank (SVB), the 16th largest bank in the United States, was closed on 9 March by the California Department of Financial Protection and Innovation.

An overview of the news

It is the biggest banking failure since the 2008 financial crisis. It is considered the biggest financial crisis since the collapse of Washington Mutual and Lehman Brothers during the 2008 recession.

March 2023 Current Affairs Quiz

The regulator appointed the Federal Deposit Insurance Corp. as the receiver. As of December 31, 2022, the Silicon Valley Bank had approximately $209.0 billion in total assets and about $175.4 billion in total deposits.

The FDIC created a new bank, the National Bank of Santa Clara, to hold the failed bank’s deposits and other assets. The new entity began operating.

Why did SVB have to be shut down?

SVB announced the sale of securities worth $21 billion from its portfolio. The company said that to strengthen its financial position, shares worth $ 2.25 billion are being sold.

The widespread slowdown in the startup industry led to high deposit withdrawals in the bank, resulting in the move. The increase in interest rates by the Federal Deposit Insurance Corp also messed up SVB Bank’s math.

Experts believe that the biggest reason for the closure of SVB was the simultaneous withdrawal of money from the bank by its investors.

About Silicon Valley banks

It was established in 1983, it was the 16th largest bank in America. It primarily invested in Silicon Valley based startups and provided banking related services. It provided a range of services toventure capital and private equity firms, as well as private banking services to high net-worth individuals.

The firm had a deal with half of all venture-backed startups in the US in 2022. As of December 31, 2022, the bank had close to $212 billion in assets with clients such as Shopify, Pinterest, VC firm Andreessen Horowitz, Crowdstrike and Teladoc Health.

Anurag Singh Thakur inaugurates Youth-20 Consultation series in Pune

Anurag Singh Thakur inaugurates Youth-20 Consultation series in Pune : Union Minister for Youth Affairs Anurag Singh Thakur inaugurated the fourth Y20 consultation meeting in Pune on 11 March.

An overview of the news
The Y20 Summit presents a unique platform for young minds to share their vision, values and ideas and develop solutions and recommendations that will be presented to the G20 leadership.

March 2023 Current Affairs Quiz

The aim of the summit is for youth to be heard and actively shape the global agenda.

Active participation of the young minds present at the event will lead to a deeper understanding of the challenges facing society and humanity and ways to solve them at the Y20 discussion platform.

About Youth 20 (Y20)

Youth 20 (Y20) is the official youth engagement group of the G20.

It provides a platform for youth to express their vision and views on G20 priorities.

It is a process that brings together young leaders from around the world to discuss and debate global challenges.

The list of policy recommendations is known as a communiqué, which is publicly announced at the Y20 summit and presented to world leaders as part of the official G20 summit.

Indonesia moves capital from Jakarta to Borneo

Indonesia moves capital from Jakarta to Borneo : Recently, the Indonesian government unveiled the site of the country’s new capital.

An overview of the news

The new capital, Nusantara, is located in the East Kalimantan province of Borneo, Indonesia. The new capital city of the country will be called Nusantara. The new capital will be asustainable forest city which will be developed keeping in mind the environment and will aim to achieve zero carbon emissions by the year 2045.

March 2023 Current Affairs Quiz

Why is Indonesia moving its capital?

Jakarta, the capital of Indonesia, has a population of about 10 million and three times the population of the greater metropolitan area.

It has been described as the world’s fastest-sinking city and at the current rate it is estimated that a third of the city could be submerged by 2050.

The main reason for this is uncontrolled groundwater extraction, but the rising Java Sea due to climate change has increased this possibility.

Its air and groundwater are highly polluted, it floods regularly and its streets are so congested that its estimated congestion costs the economy $4.5 billion a year.

In view of all these problems, President Joko Widodo has envisioned the construction of a new capital, so that the country can have a “sustainable city”.

About Indonesia

It was earlier known as Dutch East Indies (Netherland East Indies) and it became Independent from the Netherlands on 17 August 1945. It is the world’s largest archipelago consisting of 17,500 islands.
Borneo island of Indonesia is the third largest island in the world after Greenland and New Guinea.
There are more than 100 active volcanoes in the country and the most famous being Krakatoa and Mount Merapi. It has the world’s largest muslim population .

Capital : Jakarta
Currency : Rupiah
President : Joko Widodo

New initiative called ‘Beggar Free City’ launched in Maharashtra’s Nagpur

New initiative called ‘Beggar Free City’ launched in Maharashtra’s Nagpur : In Maharashtra, a new initiative called ‘Beggar Free City’ was launched in Nagpur.

News Overview

Nagpur City Police Commissioner Amitesh Kumar said that a notice under 144 CrPC has been issued in this regard. Notices were given to people, and chances are also not to be allowed in public places. It is a joint venture of the Nagpur City Police and the Social Welfare Department of the Nagpur Municipal Corporation (NMC).

March 2023 Current Affairs Quiz

Nagpur Municipal Corporation (NMC) has made special arrangements in its owned shelters to restrict homeless people. The civic bodies have also arranged a bus and an ambulance to shift the beggars caught in the police operation to their shelter homes.

About Maharashtra

Establishment – 1st May 1960
Official Language – Marathi
Neighbouring States – Gujarat, Madhya Pradesh, Andhra Pradesh, Karnataka, Goa, Dadra And Nagar Haveli, Chhattisgarh.
Members of Parliament -Lok Sabaha 48 (Rajya Sabha seats 19)
Legislature – Bicameral ( Assembly 289 and council 78 seats)
Literacy – 82.91%
Districts – 36
Major Rivers – Tributaries of Tapti, Bhima, Godavari and Krishna
Capital – Mumbai
Population – 11.23 crore (2011 census)
Governor – Ramesh Bais
Chief Minister -Eknath Shinde