General Affairs
The United States took which historic and defining decision pertaining to Iran on 16 January 2016?
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It officially lifted nuclear sanctions against Iran on this day
On 16 January Secretary of State John Kerry confirmed in a statement that the International Atomic Energy Agency (IAEA) had verified that Iran had fully implemented its required commitments under the Nuclear deal.
- After this, U.S. President Barack Obama signed an executive order lifting sanctions on Iran related to its nuclear. Lifting of sanctions allows Iran to immediately recoup some $100 billion in assets frozen overseas. Iran will also see huge benefits from new oil, trade and financial opportunities after Western sanctions against it are lifted.
- Before this, the two countries also swapped long-held prisoners. Five US citizens, including a Washington Post reporter, Jason Rezaian, were being flown out of Iran on a Swiss aircraft right after the nuclear accord was implemented.
It officially lifted nuclear sanctions against Iran on this day
On 16 January Secretary of State John Kerry confirmed in a statement that the International Atomic Energy Agency (IAEA) had verified that Iran had fully implemented its required commitments under the Nuclear deal.- After this, U.S. President Barack Obama signed an executive order lifting sanctions on Iran related to its nuclear. Lifting of sanctions allows Iran to immediately recoup some $100 billion in assets frozen overseas. Iran will also see huge benefits from new oil, trade and financial opportunities after Western sanctions against it are lifted.
- Before this, the two countries also swapped long-held prisoners. Five US citizens, including a Washington Post reporter, Jason Rezaian, were being flown out of Iran on a Swiss aircraft right after the nuclear accord was implemented.
Union Government kick-started its ambitious “Start-Up Mission” with Prime Minister Narendra Modi announcing a host of measures for start-ups at the inaugural session of the Start-Up India programme held at Vigyan Bhavan in New Delhi on 16 January 2016. In a huge onus to the start-ups, how many year of tax exemption was announced?
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3 years
Prime Minister Narendra Modi announced tax exemption of 3 year for start-ups, which was a much-sought after demand from the start-up fraternity. Start-ups set up after 1 April 2016, shall be exempted from income-tax for a period of three years.
Other major announcements under “Start-Up Mission”:
- Establishment of a Start-up India Hub that would be a set-up and a friend, mentor and guide for start-ups through their entire journey
- Fast track mechanisms of start-up patent applications
- A credit guarantee mechanism through National Credit Guarantee Trust Company (NCGTC) and SIDBI to be rolled out with a budgetary corpus of Rs. 500 crore per year for the next four years
- Introduction of compliance regime based on self-certification for start-ups
- Faster exits for start-ups (Start-ups, who have simple debt structures, can be allowed to wind up within a period of 90 days after filing an application)
- Facility of starting a start-up in a day through mobile app
- Norms of public procurement for start-ups to be relaxed
- Establishment of 35 new incubators in institutions for start-ups
3 years
Prime Minister Narendra Modi announced tax exemption of 3 year for start-ups, which was a much-sought after demand from the start-up fraternity. Start-ups set up after 1 April 2016, shall be exempted from income-tax for a period of three years.
Other major announcements under “Start-Up Mission”:
- Establishment of a Start-up India Hub that would be a set-up and a friend, mentor and guide for start-ups through their entire journey
- Fast track mechanisms of start-up patent applications
- A credit guarantee mechanism through National Credit Guarantee Trust Company (NCGTC) and SIDBI to be rolled out with a budgetary corpus of Rs. 500 crore per year for the next four years
- Introduction of compliance regime based on self-certification for start-ups
- Faster exits for start-ups (Start-ups, who have simple debt structures, can be allowed to wind up within a period of 90 days after filing an application)
- Facility of starting a start-up in a day through mobile app
- Norms of public procurement for start-ups to be relaxed
- Establishment of 35 new incubators in institutions for start-ups
Asian Infrastructure Investment Bank (AIIB), the new international finance institution that aims to support the building of infrastructure in the Asia-Pacific region, was formally launched by Chinese President Xi Jinping in Beijing on 16 January 2016. AIIB is being seen as a rival to the US-led World Bank. Who was formally elected as the first President of AIIB?
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Jin Liqun
The AIIB was proposed by China in 2013 and the initiative was unveiled at a ceremony in Beijing in October 2014. China has the highest shares (30.34%) and voting rights 26.06 in this bank as it seeks to change the unwritten rules of global development finance. India is the second largest shareholder (8.52%) and voting stake holder (7.51%) in this entity.
- Despite opposition from Washington, US allies including Australia, Britain, German, Italy, the Philippines and South Korea have agreed to join the AIIB in recognition of China’s growing economic clout. The AIIB is expected to lend $10-15 billion a year for the first five or six years.
- The AIIB will require projects to be legally transparent and protect social and environmental interests, but it will not force borrowers to adopt the kind of free-market practices allegedly favoured by the IMF. AIIB’s headquarters have been established at Beijing.
Jin Liqun
The AIIB was proposed by China in 2013 and the initiative was unveiled at a ceremony in Beijing in October 2014. China has the highest shares (30.34%) and voting rights 26.06 in this bank as it seeks to change the unwritten rules of global development finance. India is the second largest shareholder (8.52%) and voting stake holder (7.51%) in this entity.- Despite opposition from Washington, US allies including Australia, Britain, German, Italy, the Philippines and South Korea have agreed to join the AIIB in recognition of China’s growing economic clout. The AIIB is expected to lend $10-15 billion a year for the first five or six years.
- The AIIB will require projects to be legally transparent and protect social and environmental interests, but it will not force borrowers to adopt the kind of free-market practices allegedly favoured by the IMF. AIIB’s headquarters have been established at Beijing.
What significant trend in Haryana’s sex ratio was witnessed during December 2015, as disclosed by the State Govt. on 16 January 2016?
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State’s sex ratio crossed 900 mark for the first time in a decade
Haryana Chief Minister Manohar Lal Khattar on 16 January claimed that the sex ratio at birth for December 2015 has crossed the 900 mark with 903 girls per 1,000 boys. This was first time in 10 years that state’s sex ratio has shown an upward trend.
- According to the CM, while 12 districts in the state have recorded sex ratio above the 900 mark in December 2015, district Sirsa tops the list with sex ratio of 999 girls per 1,000 boys.
- Haryana has had the dubious record of being the worst among states in sex ratio with just 879 females per 1,000 males. Out of the 100 worst districts in India for sex ratio, Haryana accounts for 12 districts.
State’s sex ratio crossed 900 mark for the first time in a decade
Haryana Chief Minister Manohar Lal Khattar on 16 January claimed that the sex ratio at birth for December 2015 has crossed the 900 mark with 903 girls per 1,000 boys. This was first time in 10 years that state’s sex ratio has shown an upward trend.- According to the CM, while 12 districts in the state have recorded sex ratio above the 900 mark in December 2015, district Sirsa tops the list with sex ratio of 999 girls per 1,000 boys.
- Haryana has had the dubious record of being the worst among states in sex ratio with just 879 females per 1,000 males. Out of the 100 worst districts in India for sex ratio, Haryana accounts for 12 districts.
Which team the Premier Badminton League title for 2016 on 17 January 2016?
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Delhi Acers
Delhi Acers defeated Mumbai Rockets by 4-3 in the finals of the second edition of Premier Badminton League (PBL) played at Siri Fort Indoor Stadium in New Delhi on 17 January 2016 to win its maiden PBL title.
- Tommy Sugiarto, men’s doubles pair of Koo Kien Keat and Tan Boon Heong and Rajiv Ouseph won their respective matches for Delhi Acers and pocketed a winner’s cheque of Rs 3 crores. For Mumbai Rockets nixed doubles pair of Kamilla Juhl and Vladimir Ivanov and China’s Han Li won their matches.
- In the deciding match, which was Delhi’s Trump match, 2010 Commonwealth Games silver medallist Rajiv Ouseph took the court against RMV Gurusaidutt and he took Delhi across the line by grabbing two points with a 15-11, 15-6 win over the Indian in the last match of the day.
- This was the first PBL title for Delhi Acers, owned by Infinite Computer Solutions. The first edition of PBL (2013) was won by Hyderabad Hotshots. PBL was earlier known as Indian Badminton League (IBL) when founded in 2013. It is a franchisee league managed and commercially owned by the Badminton Association of India (BAI).
Delhi Acers
Delhi Acers defeated Mumbai Rockets by 4-3 in the finals of the second edition of Premier Badminton League (PBL) played at Siri Fort Indoor Stadium in New Delhi on 17 January 2016 to win its maiden PBL title.- Tommy Sugiarto, men’s doubles pair of Koo Kien Keat and Tan Boon Heong and Rajiv Ouseph won their respective matches for Delhi Acers and pocketed a winner’s cheque of Rs 3 crores. For Mumbai Rockets nixed doubles pair of Kamilla Juhl and Vladimir Ivanov and China’s Han Li won their matches.
- In the deciding match, which was Delhi’s Trump match, 2010 Commonwealth Games silver medallist Rajiv Ouseph took the court against RMV Gurusaidutt and he took Delhi across the line by grabbing two points with a 15-11, 15-6 win over the Indian in the last match of the day.
- This was the first PBL title for Delhi Acers, owned by Infinite Computer Solutions. The first edition of PBL (2013) was won by Hyderabad Hotshots. PBL was earlier known as Indian Badminton League (IBL) when founded in 2013. It is a franchisee league managed and commercially owned by the Badminton Association of India (BAI).
Business Affairs
I-T department to issue Rs 1,148 crore refunds to small taxpayers by month-end
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The Income Tax department will issue over 64,000 refunds involving an amount of about Rs 1,148 crore to small taxpayers by this month-end as part of government's directives to quickly address grievances of the tax paying population in claiming their bonafide dues.
As per an official data accessed by PTI, the Central Board of Direct Taxes (CBDT) has asked the taxman to issue refunds in a total of 64,938 pending cases involving Rs 1,148.14 crore, by January 31.
The data said these refunds pertain to small taxpayers where the individual refunds in a case are below Rs 5,000 and belong to Assessment Years of 2013-14 and 2014-15.
"The directives have been issued after CBDT Chairman A K Jain recently held an all-India conference with senior officials of the department. Pending refunds was an important issue that was discussed and it was ordered by the Board that these small refunds need to be issued in any case by January 31," a senior official privy to the development said.
The official said status will be reviewed by the CBDT in the next few days, post the deadline, and in case any refunds under the said category remain un-issued, action will be taken.
The directive comes just after the CBDT had announced that refunds upto Rs 5,000 and refunds in cases where outstanding arrears are upto Rs 5,000 "may be issued without any adjustment of outstanding arrears" as part of its initiative to "reduce taxpayer grievances and enhance the taxpayer satisfaction".
As part of the same drive, a sum of Rs 1,793 crore was issued in refunds (between January 1-10) by the IT department in over 18.28 lakh cases where individual refund amount was less than Rs 50,000.
Revenue Secretary Hasmukh Adhia had also said on Saturday that the department has issued a record Rs 65,000 crore worth refunds so far in this financial year to 1.98 crore assesses.
"These special measures on the refunds front are being undertaken as part of government's drive to ensure that obtaining one's own bonafide money from the revenue collecting authorities should be as easy a procedure as filing the IT returns.
"A refund is much cherished by a honest taxpayer and that feeling of getting it on time is the least the Finance Ministry and the IT department can ensure. Let there be no doubt about it," the official said, adding even Prime Minister Narendra Modi had asked the department to address this issue expeditiously as it was seen as the single biggest complaint of taxpayers in the country while dealing with personal income tax matters.
The Income Tax department will issue over 64,000 refunds involving an amount of about Rs 1,148 crore to small taxpayers by this month-end as part of government's directives to quickly address grievances of the tax paying population in claiming their bonafide dues.
As per an official data accessed by PTI, the Central Board of Direct Taxes (CBDT) has asked the taxman to issue refunds in a total of 64,938 pending cases involving Rs 1,148.14 crore, by January 31.
The data said these refunds pertain to small taxpayers where the individual refunds in a case are below Rs 5,000 and belong to Assessment Years of 2013-14 and 2014-15.
"The directives have been issued after CBDT Chairman A K Jain recently held an all-India conference with senior officials of the department. Pending refunds was an important issue that was discussed and it was ordered by the Board that these small refunds need to be issued in any case by January 31," a senior official privy to the development said.
The official said status will be reviewed by the CBDT in the next few days, post the deadline, and in case any refunds under the said category remain un-issued, action will be taken.
The directive comes just after the CBDT had announced that refunds upto Rs 5,000 and refunds in cases where outstanding arrears are upto Rs 5,000 "may be issued without any adjustment of outstanding arrears" as part of its initiative to "reduce taxpayer grievances and enhance the taxpayer satisfaction".
As part of the same drive, a sum of Rs 1,793 crore was issued in refunds (between January 1-10) by the IT department in over 18.28 lakh cases where individual refund amount was less than Rs 50,000.
Revenue Secretary Hasmukh Adhia had also said on Saturday that the department has issued a record Rs 65,000 crore worth refunds so far in this financial year to 1.98 crore assesses.
"These special measures on the refunds front are being undertaken as part of government's drive to ensure that obtaining one's own bonafide money from the revenue collecting authorities should be as easy a procedure as filing the IT returns.
"A refund is much cherished by a honest taxpayer and that feeling of getting it on time is the least the Finance Ministry and the IT department can ensure. Let there be no doubt about it," the official said, adding even Prime Minister Narendra Modi had asked the department to address this issue expeditiously as it was seen as the single biggest complaint of taxpayers in the country while dealing with personal income tax matters.
FM Arun Jaitley says no govt interference in Start-Up India scheme
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Finance Minister Arun Jaitley on Saturday said the new "Start-Up India" scheme of Prime Minister Narendra Modi to promote and nurse entrepreneurship will ensure minimum interference from the government with attractive tax incentives.
"Start-Up India will change conventions. The Government will merely be a facilitator for start-ups," the finance minister told the inaugural session of the day-long event in New Delhi which will see the prime minister formally unveil the scheme later in the evening.
"We ostensibly broke away from the license raj in 1991, conceived with idea that government will decide which businesses can run," said Jaitley. "Our effort in last few years has been to restrict role of the state in policy domain," he said, assuring Start-Up India scheme will follow that path.
Earlier in the day, the prime minister said he looked forward to the formal launch.
"Start-UpIndia movement begins today. This movement celebrates the energy and enterprising spirit of our youth," he tweeted. "Will join the programme to commence the Start-Up India movement this evening. Looking forward to interacting with start-up entrepreneurs."
The event at the Vigyan Bhavan official conference complex has been a top draw.
"There is seating capacity of 1,350 (at Vigyan Bhavan). Over 200,000 people have sought passes. Please sympathise with us. There is live relay," Industries Secretary Amitabh Kant had tweeted ahead of the event.
Finance Minister Arun Jaitley on Saturday said the new "Start-Up India" scheme of Prime Minister Narendra Modi to promote and nurse entrepreneurship will ensure minimum interference from the government with attractive tax incentives.
"Start-Up India will change conventions. The Government will merely be a facilitator for start-ups," the finance minister told the inaugural session of the day-long event in New Delhi which will see the prime minister formally unveil the scheme later in the evening.
"We ostensibly broke away from the license raj in 1991, conceived with idea that government will decide which businesses can run," said Jaitley. "Our effort in last few years has been to restrict role of the state in policy domain," he said, assuring Start-Up India scheme will follow that path.
Earlier in the day, the prime minister said he looked forward to the formal launch.
"Start-UpIndia movement begins today. This movement celebrates the energy and enterprising spirit of our youth," he tweeted. "Will join the programme to commence the Start-Up India movement this evening. Looking forward to interacting with start-up entrepreneurs."
The event at the Vigyan Bhavan official conference complex has been a top draw.
"There is seating capacity of 1,350 (at Vigyan Bhavan). Over 200,000 people have sought passes. Please sympathise with us. There is live relay," Industries Secretary Amitabh Kant had tweeted ahead of the event.
Wipro Q3 PAT rises 1.88% y-o-y to Rs 2234.1 crore
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Country's fourth largest software services firm Wipro on Monday reported a 1.88 per cent growth in consolidated net profit at Rs 2234.1 crore for the third quarter ended December 31, 2015.
The Bangalore-headquartered firm had posted a net profit (after tax, minority interest and share of profit of associates) of Rs 2192.8 crore in the year-ago period, the IT firm said in a filing to BSE.
Total Income has increased from Rs 12,588.6 million for the quarter ended December 31, 2014 to Rs 13,574.3 million for the quarter ended December 31, 2015.
The company has declared an interim dividend of Rs 5 per share/American Depositary Share. the payment date for interim dividend will be made on or before February 2, 2016.
The company expects revenues from their IT services business to be in the range of $1,875 million to $1,912 million for the quarter ending March 31, 2016.
"We delivered Revenues in line with our guidance. We saw a pick-up in large deal closures led by Global Infrastructure Services. It is becoming increasingly clear that customers want to simplify operations and optimize their IT spend while investing in Digital to transform their business. We are well-positioned to take advantage of this trend," said T K Kurien, Member of the Board & Chief Executive Officer, Wipro.
Country's fourth largest software services firm Wipro on Monday reported a 1.88 per cent growth in consolidated net profit at Rs 2234.1 crore for the third quarter ended December 31, 2015.
The Bangalore-headquartered firm had posted a net profit (after tax, minority interest and share of profit of associates) of Rs 2192.8 crore in the year-ago period, the IT firm said in a filing to BSE.
Total Income has increased from Rs 12,588.6 million for the quarter ended December 31, 2014 to Rs 13,574.3 million for the quarter ended December 31, 2015.
The company has declared an interim dividend of Rs 5 per share/American Depositary Share. the payment date for interim dividend will be made on or before February 2, 2016.
The company expects revenues from their IT services business to be in the range of $1,875 million to $1,912 million for the quarter ending March 31, 2016.
"We delivered Revenues in line with our guidance. We saw a pick-up in large deal closures led by Global Infrastructure Services. It is becoming increasingly clear that customers want to simplify operations and optimize their IT spend while investing in Digital to transform their business. We are well-positioned to take advantage of this trend," said T K Kurien, Member of the Board & Chief Executive Officer, Wipro.
BSNL cuts mobile rates by up to 80% for existing customers
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State-run BSNL said it has extended the scheme giving 80 per cent reduction in mobile rates to its existing customers, with effect from January 16.
The company had earlier announced the scheme for new customers.
"Earlier, BSNL had reduced call rate by up to 80 per cent for its new prepaid mobile customers only and now the same has been extended for existing BSNL prepaid users also," the company said in a statement.
The call rates have been reduced for both per minute and per second billing plans.
"Our tariffs are most competitive in the industry having largest network coverage. Two new special tariff vouchers (STV) have also been introduced," BSNL Board Director (Consumer Mobility) RK Mittal said.
BSNL is taking various initiatives to improve its services and add more customers.
The company has also gone mobile number portability (MNP) positive with 1,57,564 people joining its network and 1,24,158 leaving its network between July to November period.
At the end of September, BSNL mobile customer base stood at 79.6 million and the company figured among top 5 players in terms of new subscriber addition during the month.
State-run BSNL said it has extended the scheme giving 80 per cent reduction in mobile rates to its existing customers, with effect from January 16.
The company had earlier announced the scheme for new customers.
"Earlier, BSNL had reduced call rate by up to 80 per cent for its new prepaid mobile customers only and now the same has been extended for existing BSNL prepaid users also," the company said in a statement.
The call rates have been reduced for both per minute and per second billing plans.
"Our tariffs are most competitive in the industry having largest network coverage. Two new special tariff vouchers (STV) have also been introduced," BSNL Board Director (Consumer Mobility) RK Mittal said.
BSNL is taking various initiatives to improve its services and add more customers.
The company has also gone mobile number portability (MNP) positive with 1,57,564 people joining its network and 1,24,158 leaving its network between July to November period.
At the end of September, BSNL mobile customer base stood at 79.6 million and the company figured among top 5 players in terms of new subscriber addition during the month.
FM Arun Jaitley says will help bankers lend more
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The government and the Reserve Bank will over the next few months add to banks' ability to lend, Finance Minister Arun Jaitley said on Saturday, addressing a conference on start-up businesses.
Credit growth is critical to boost country's sluggish economic growth but has remained subdued, with banks struggling with crippling bad debts and insufficient capital.
"The Reserve Bank (of India) and the government, acting in tandem, are going to add to bankers' ability to lend with vigor and in greater amounts," Jaitley said.
He gave no details.
Prime Minister Narendra Modi will later on Saturday address the same New Delhi conference, and is expected to announce new policy reforms aimed at simplifying the process of starting and funding new businesses in the country.
The government and the Reserve Bank will over the next few months add to banks' ability to lend, Finance Minister Arun Jaitley said on Saturday, addressing a conference on start-up businesses.
Credit growth is critical to boost country's sluggish economic growth but has remained subdued, with banks struggling with crippling bad debts and insufficient capital.
"The Reserve Bank (of India) and the government, acting in tandem, are going to add to bankers' ability to lend with vigor and in greater amounts," Jaitley said.
He gave no details.
Prime Minister Narendra Modi will later on Saturday address the same New Delhi conference, and is expected to announce new policy reforms aimed at simplifying the process of starting and funding new businesses in the country.
General Awareness
Andhra Bank PO Exam General Awareness Solved Questions (Exam Held on: 27.12.15 Evening Shift)
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1. Smart vault launched by which bank - ICICI Bank
2. SpeedPay app - BSNL
3. IMF full form - International Monetary Fund
4 World Economic Forum (WEF) Headquarters- Cologny, Switzerland
5. Chairman of the Indian Space Research Organisation - A. S. Kiran Kumar
6. RBI Headquarters - Mumbai
7. Full form of DICGC? - Deposit Insurance and Credit Guarantee Corporation
8. Current Cash Reserve Ratio (CRR)? - 4%
9. World AIDS Day is held on - 1st December
10. The tenure of the deposit will be minimum under Gold Monetization Scheme. - 1 year
11. What is the full form of BCSBI? - The Banking Codes and Standards Board of India
12. What is the currency of Germany? - Euro
13. What is the full form of FATCA? - Foreign Account Tax Compliance Act
14. Sukanya Samriddhi Accounts can be opened up to age of - 10 years
- 1. Smart vault launched by which bank - ICICI Bank
2. SpeedPay app - BSNL3. IMF full form - International Monetary Fund4 World Economic Forum (WEF) Headquarters- Cologny, Switzerland5. Chairman of the Indian Space Research Organisation - A. S. Kiran Kumar6. RBI Headquarters - Mumbai7. Full form of DICGC? - Deposit Insurance and Credit Guarantee Corporation8. Current Cash Reserve Ratio (CRR)? - 4%9. World AIDS Day is held on - 1st December10. The tenure of the deposit will be minimum under Gold Monetization Scheme. - 1 year11. What is the full form of BCSBI? - The Banking Codes and Standards Board of India12. What is the currency of Germany? - Euro13. What is the full form of FATCA? - Foreign Account Tax Compliance Act14. Sukanya Samriddhi Accounts can be opened up to age of - 10 years
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