Current Affairs Quiz - July 2022

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 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 Andhra Pradesh State Wildlife Department has commenced the first-ever survey of blackbucks along a stretch of islands in the Godavari between Dowleswaram and Yanam.
The survey aims of drawing up a conservation plan to protect the endangered species.

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:
Ministry of Earth Sciences (MoES) through its autonomous Institute National Institute of Ocean Technology (NIOT) has developed Low Temperature Thermal Desalination (LTTD) technology for conversion of sea water to potable water.
Three desalination plants using the technology have been developed and demonstrated at Kavaratti, Agati and Minicoy Islands of Lakshadweep

Notes:
India and the United Kingdom signed a Memorandum of Understanding on Mutual Recognition of Educational Qualifications including maritime education and a Framework agreement on the health care workforce.
India-UK Free Trade Agreement (FTA) negotiations are expected to be concluded by 31st August, 2022.

Notes:
The Government has appointed a joint secretary to the Department of Public Enterprises (DPE) Sanjay Kumar Jain, as the interim chief executive officer (CEO) of NLMC.
National Land Management Corporation (NLMC) was incorporated on June 3 as a wholly-owned Government of India company with an initial authorised share capital of Rs 5,000 crore and paid-up share capital of Rs 150 crore.

Notes:
National Cooperative Financial and Development Company (NCFDC) is the proposed umbrella body for Urban Cooperative Banks.
The institution is expected to be functional early next year. NCFDC will raise ₹300 crore as capital from member banks and is expected to apply for an NBFC licence. It would facilitate additional financing to MSMEs and lower middle-class borrowers of UCBs.

Notes:
The Flag Code of India, which was brought into effect on January 26, 2002, is a set of conventions concerning the use, display, and hoisting of the Indian national flag in the country.
In July 2022, the Centre amended the Flag Code of India, allowing the national flag to be flown both in the day and at night. Earlier the flag could be hoisted only between sunrise and sunset. As part of the Har Ghar Tiranga campaign, citizens are encouraged to hoist the national flag on their houses between August 13 and 15.

Notes:
Prime Minister Narendra Modi is set to launch the country’s first international bullion exchange at Gujarat International Finance Tec-City (GIFT City).
India International Bullion Exchange (IIBX) will facilitate efficient price discovery while promoting financialization of gold in India. The Prime Minister will also lay foundation stone of International Financial Services Centres Authority’s (IFSCA) headquarters building.