Reference CA Handout No.
: 999 Daily Current Affairs
Date of Current Affairs : 20-07-2022
Prelims Solutions
1. Answer: B
Explanation: Recently, the national emblem was sculptured
atop the New Parliament House
The history behind the National Emblem
 Four Asiatic lions are part of the national emblem with
three lions being visible to the naked eye and the fourth
one always hidden from general view
 They are taken from the Sarnath Lion Capital of the
Mauryan emperor Asoka
 The 7 feet tall sculpture made of polished sandstone 4. Answer: A
represented courage, power and pride
 Built in 250 BC to commemorate the first sermon of
Gautama Buddha, where he shared the “Four Noble
Truths of life”. Hence option B is the correct answer.
 It was mounted on a base of a frieze of smaller sculptures,
including a horse (under fire in the new replica for its tail
supposedly resembling that of a dog), a lion, a bull and an
elephant moving in a clockwise direction
 The four animals are considered as guardians of the four
directions — north, south, east and west
Educational Objective: Sarnath Pillar built in 250 BC to
commemorate the first sermon of Gautama Buddha, where
he shared the “Four Noble Truths of life”.
Issue: National Emblem
Context: New national emblem was sculptured atop the New
Parliament House.
Form: Single statement based
Substance: Fact based
Topic: Art and Culture
Subtopic: National Symbols
Source: Daily Handout 20th July
2. Answer: D
Explanation: After India won independence, the Constituent
Assembly adopted the Sarnath pillar as the national emblem
 It was felt that the pillar epitomised the power, courage
and confidence of the free nation
 The emblem depicts a two-dimensional sculpture with the
words Satyameva Jayate (truth alone triumphs)
written below it, taken from the “Mundaka
Upanishad”, written in Devanagari script. Hence option D
is the correct answer.
 On January 26th, 1950, the Lion Capital of Asoka at
Sarnath officially became the national emblem of India
 The emblem represents the seal of the Republic of India
Educational Objective: The phrase Satyameva Jayate was
taken from the “Mundaka Upanishad”
Issue: National Emblem
Context: New national emblem was sculptured atop the New
Parliament House.
Form: Single statement based
Substance: Fact based
Topic: Art and Culture
Subtopic: National Symbols
Source: Daily Handout 20th July
3. Answer: C
Explanation:
Educational Objective: Uttar Pradesh accounts for highest
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DCAP No: 208
number of electric vehicles in India, followed by Delhi.
Issue: Electric Vehicles
Context: Ola Electric’ is planning to spend $500 million in a
research and development (R&D) facility for batteries.
Form: List based
Substance: Fact based
Topic: Economy
Subtopic: Electric vehicles
Source: Daily Handout 20th July
Explanation: Hardly paid attention to for two decades,
Archaeological Survey of India has now taken up conservation
work at Sannati near Kalaburagi.
The ancient Buddhist site on the bank of Bhima river near
Kanaganahalli (forming part of Sannati site) in Kalaburagi
district, has finally got some attention. Hence option A is correct
answer.
The conservation project taken up now envisages the resetting of
the remains of Maha Stupa retrieved in the excavation
The stupa was built with locally available limestone
Educational Objective: Sannati is a Buddhist site on the bank of
Bhima river near Kanaganahalli.
Issue: Buddhist sites
Context: Archaeological Survey of India (ASI) started
conservation work at Sannati.
Form: Single statement based
Substance: Fact based
Topic: Art and Culture
Subtopic: Buddhism
Source: Daily Handout 20th July
5. Answer: C
Explanation: What Is an Inverted Yield Curve?
An inverted yield curve describes the unusual drop of yields
on longer-term debt below yields on short-term debt of
the same credit quality. Hence statement 1 is correct.
An inverted yield curve is unusual; it reflects bond investors'
expectations for a decline in longer-term interest rates,
typically associated with recessions. Hence statement 2
is also correct
Educational Objective: An inverted yield curve describes the
unusual drop of yields on longer-term debt below yields on
short-term debt of the same credit quality.
Issue: Economy Terminology
Context: Rise in interest rates by U.S. federal bank led to 40
years high inflation.
Form: Two statements based
Substance: Concept based
Topic: Economy
Subtopic: External sector
Source: Daily Handout 20th July
6. Answer: B
Explanation: What is ‘Currency War’?
 Manipulation of currency to enjoy trade surplus.
Hence statement 2 is correct
 Ex: Weakening local currency of a nation against dollar to
make their exports competitive
 Ex: U.S. is raising interest rates to attract new investors
Reverse Currency War
 Situation in which countries are trying to make their
currency stronger. Hence statement 1 is incorrect
 Ex: every central bank is trying to figure out ways to
counter the US Fed and raise interest rates to ensure
their currency doesn’t lose too much value against the
dollar
 Stronger currency means that imports are relatively
cheaper
Educational Objective: Currency War’ is manipulation of
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Reference CA Handout No. : 999 Daily Current Affairs DCAP No: 208
Date of Current Affairs : 20-07-2022
Prelims Solutions
currency to enjoy trade surplus. Reverse Currency War is a EXIM Bank Conclave on India-Africa Growth Partnership is
situation in which countries are trying to make their being held in Delhi.
currency stronger. Form: Three statements based
Issue: Economy Terminology Substance: Fact based
Context: Rise in interest rates by U.S. federal bank led to 40 Topic: International relations
years high inflation. Subtopic: Africa
Form: Two statements based Source: Daily Handout 20th July
Substance: Concept based 9. Answer: A
Topic: Economy Explanation: All programmes telecast on Private satellite TV
Subtopic: External sector channels were to adhere to the Programme code laid down in
Source: Daily Handout 20th July the Cable Television Network Rules, 1994.
7. Answer: A These rules were issued under the Cable Television Networks
Explanation: Recently, Researchers unravelled why some (Regulation) Act, 1994.
areas of glaciers in the Karakoram Range are going against The programme code issued under the rules prohibit telecast
the worldwide trend of glacial melt due to climate change. of Programmes that attacks religious sentiments and promote
Researchers linked this phenomenon to “resurgence of communal sentiments.
western disturbances (WDs)”. Recently, some TV channels telecasted shows which aroused
The phenomenon of Karakoram not losing glacier mass, is communal feelings.
known as Karakoram Anomaly”. Central government has taken action in 163 cases of
What is the issue? violations under the programme code and rules.
In India, Himalayan glaciers are very significant, specifically for What is the amendment to Cable Television Network
people living downstream. They depend on perennial rivers for (Regulating) Act -1994 says?
daily water needs. However, due to global warming and climate The central government can prohibit transmission of any
change, the water bodies are rapidly disappearing. On the other programme that violates Programme code and Advertisement
hand, glaciers in central Karakoram have remained the code. Hence option A is the correct answer.
same. In fact, they have risen slightly in past few decades. Educational Objective: The central government can prohibit
This phenomenon is restricted to a relatively small area. Apart transmission of any programme that violates Programme
from Karakoram Range, similar or comparable phenomenon can
code and Advertisement code..
be witnessed from Kunlun ranges. Hence option A is the
Issue: Media Regulation
correct answer.
Educational Objective: Karakoram Anomaly is abnormal growth
Context: I & B minister replied to a question on action taken
of glaciers in the central Karakoram when there is a retreat of by government against media violators of Program code.
glacier in other parts. Form: Single statement based
Issue: Karakoram Anomaly Substance: Fact based
Context: American Meteorological Society’s Journal of Topic: Governance
Climate, has for 1st time found that winter precipitation Subtopic: Role of media
associated with Western Disturbance (WD) are the reasons Source: Daily Handout 20th July
for “Karakoram Anomaly”. 10. Answer: D
Form: Single statement based Explanation: Exemptions under GST
Substance: Concept based  Custom duty will be still collected along with the levy of
Topic: Environment IGST on imported goods.
Subtopic: Climate change  Petroleum and tobacco products are currently
Source: Daily Handout 20th July exempted.
8. Answer: A  Excise duty on liquor, stamp duty and electricity taxes
Explanation: India-Africa economic relations: are also exempted.
 India is the continent’s fourth-largest national trading
partner
 According to Ministry of Commerce and Industry, Bilateral
trade between India and the 48 countries of sub-Saharan
Africa was valued at $46.82 billion in 2020-21, down from
$55.70 billion in 2019-20
 India has a negative trade balance with sub-Saharan
Africa. Hence statement 2 is correct.
 Lines of Credit (LoCs) worth $12.26 billion have been
extended to African countries, making them the second-
largest recipient of India’s concessional loans. Hence
statement 3 is incorrect. Educational Objective: Currently, Petroleum, Tobacco
 Mauritius is the first and only African country so far products, Alcohol for consumption and Electricity do not
to have a CECPA (Comprehensive Economic Cooperation come under the ambit of GST.
and Partnership Agreement) with India, an agreement that Issue: Rationalisation of GST Slabs
aims at building trade ties between the two countries. Context: Union finance minister announced that GST shall
Hence statement 1 is correct. be levied on unbranded, pre-packed food products.
Educational Objective: India has a negative trade balance Form: List based
with sub-Saharan Africa. Mauritius is the first and only Substance: Fact based
African country so far to have a CECPA with India. Topic: Economy
Issue: India – Africa conclave Subtopic: Taxation
Context: 2-day high-level diplomatic summit known as CII- Source: Daily Handout 20th July
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