Current Affairs Quiz - July 2022

Notes:
The submarine named ‘INS Sindhudhvaj’ was recently decommissioned from the Indian Navy after serving for 35 years.
The submarine crest depicts a grey colour nurse shark and the name ‘Sindhudhvaj’ means flag-bearer at sea. The submarine was known for indigenised sonar USHUS, indigenised satellite communication systems Rukmani and inertial navigation system and indigenised torpedo fire control system.

Notes:
South European countries including Spain, Greece and France have been witnessing huge wildfires and heat-wave.
Hundreds of deaths were reported due to rising temperatures that are related to climate change. France has evacuated over 16,000 people threatened by wildfires in the south-west and fires spread in Spain, Croatia and Greece.

Notes:
Prime Minister Narendra Modi addressed the Naval Innovation and Indigenisation Organisation (NIIO) seminar ‘Swavlamban’.
NIIO, in association with the Defence Innovation Organisation (DIO) aims at inducting over 75 new indigenous technologies/products into the Indian Navy. This project is named SPRINT (Supporting Pole-Vaulting in R & D through iDEX, NIIO and TDAC).

Notes:
The government slashed the newly-introduced windfall tax on petrol, diesel, aviation fuel, and crude oil, after a global oil price ease.
The move, which is effective from July 20, will give relief to top fuel exporters like Reliance Industries, and oil explorers like Oil and Natural Gas Corporation (ONGC). A windfall tax is levied on companies deemed to have made unreasonably high profits, normally due to unusually favourable market factors.

Notes:
The Central Board of Indirect Taxes and Customs (CBIC) has clarified that large packages of food items like pulses, cereals, rice, and wheat weighing more than 25 kilograms or 25 litres of commodity will not attract the 5% goods and services tax (GST).
For levying 5% GST on items like pulses, cereals, rice and flour, they have to be pre-packaged without the presence of the buyer, and are required to bear the declarations under the provisions of the Legal Metrology Act of 2009.

Notes:
The Reserve Bank of India has hiked the minimum capital adequacy ratio (CAR) for Urban Cooperative Banks (UCBs) to 12 per cent from the earlier ratio of 9 per cent.
The requirement is applied for Tier 1 banks, with deposits above Rs 100 crore. RBI has also provided a path till March 2026 to meet revised CAR norm in phases, for UCBs that don’t meet it currently. This is based on recommendations of a panel headed by N S Vishwanathan, former Deputy Governor.

Notes:
The Supreme Court has accepted the report of the Banthia Commission and directed the Maharashtra State Election Commission to hold elections as per the report.
It paves way for political reservation for candidates belonging to Other Backward Classes in the Local Bodies’ Elections in the state. The candidates will get 27 percent political reservation in local self-government elections in the state.

Notes:
NITI Aayog has released a report titled ‘A proposal for Digital Banks in India: Licensing and Regulatory Regime’.
The report recommends a calibrated approach, comprising ‘Issue of a restricted digital bank licence’, ‘Enlistment in a regulatory sandbox framework enacted by the Reserve Bank of India’ and ‘Issue of a full-scale digital bank licence’.

Notes:
‘World Brain Day (WBD) 2022’ is marked every year on July 22, to increase public awareness and promote advocacy related to brain health.
This year, the World Brain Day is dedicated to the theme “Brain Health for all”. WBD 2022 campaign will focus on five key messages globally: Awareness, Prevention, Advocacy, Education and Access.

Notes:
Australian authorities have killed millions of honeybees recently in an effort to stop a catastrophic parasite plague from spreading to other parts of the country.
Honey sector, which is Australia’s multimillion-dollar business, is under severe threat from the outbreak of the varroa mite. Varroa mite or Varroa destructor is a parasitic bug that attacks and feeds on honeybees.