General Affairs
Congress Leaders Stashed Rs. 12 Lakh Crore, PM Modi Turned It Into Scrap: Amit Shah
-
AHMEDABAD: Launching a fierce attack on the Congress, especially on Rahul Gandhi, amid the demonetisation debate, BJP chief Amit Shah today alleged that the leaders of that party had accumulated Rs. 12 lakh crore during the UPA rule through "corrupt" means, which he said was turned into "paper scrap" overnight by Prime Minister Narendra Modi.
Setting the tone for the Winter Session of Parliament, scheduled to begin on Wednesday, he claimed that Congress was unhappy with the withdrawal of the high-value currency notes as its "fortune" was reduced to "paper scrap" by PM Modi's move.
Mr Shah also mocked the Congress vice-president for "going to a bank in a Rs. 4 crore car to exchange Rs. 4,000".
"During their 10-year rule, the Sonia-Manmohan government did one scam every month, be it 2G, CWG, coal allocation, Adarsh Society, aircraft purchase and many other. With such large-scale corruption, Congress leaders accumulated Rs. 12 lakh crore which is equal to the size of three Union budgets," the BJP chief said.
"They parked this huge amount of money in their houses, godowns and at their friends' places thinking that it was safe. But, (PM) Modi turned it into paper scrap by announcing demonetisation on November 8. This has taken away all the charm from the faces of the Congressmen," he said.
Mr Shah was addressing party workers and citizens at Bharuch in Gujarat where he inaugurated the Bharuch District Cooperative Bank building.
The BJP president was also unsparing in his attack on Delhi Chief Minister Arvind Kejriwal, West Bengal Chief Minister Mamata Banerjee and Samajwadi Party's Mulayam Singh Yadav, claiming that everyone was in "deep trouble" due to the demonetisation move, but no one was ready to reveal the reason behind their discontent.
Mr Shah's comments came on a day when the Congress-led opposition closed ranks to pin down the government on the demonetisation issue in Parliament.
"The situation is like a flood which sweeps away everything. Now, Congress leaders, Kejriwal, Mamata and Mulayam Singh have joined hands to save themselves from this flood. I am sure that those present here are not worried at all because we do not have black money. Only those who have black money are worried," he said.
Taking a dig at Rahul Gandhi who had criticised the Prime Minister for demonetisation, Mr Shah said: "Rahul baba went to withdraw Rs. 4,000 in a Rs. 4 crore car. Do you think these people ever need Rs. 4,000 cash? Rahul baba talks about the poor. I want to tell him that if he and his party were so concerned, then the Congress leaders should not have stashed away the Rs. 12 lakh crore."
Acknowledging that the cash crunch was causing hardships to the common man, the BJP chief said they will "benefit in the long run".
Setting the tone for the Winter Session of Parliament, scheduled to begin on Wednesday, he claimed that Congress was unhappy with the withdrawal of the high-value currency notes as its "fortune" was reduced to "paper scrap" by PM Modi's move.
"During their 10-year rule, the Sonia-Manmohan government did one scam every month, be it 2G, CWG, coal allocation, Adarsh Society, aircraft purchase and many other. With such large-scale corruption, Congress leaders accumulated Rs. 12 lakh crore which is equal to the size of three Union budgets," the BJP chief said.
"They parked this huge amount of money in their houses, godowns and at their friends' places thinking that it was safe. But, (PM) Modi turned it into paper scrap by announcing demonetisation on November 8. This has taken away all the charm from the faces of the Congressmen," he said.
Mr Shah was addressing party workers and citizens at Bharuch in Gujarat where he inaugurated the Bharuch District Cooperative Bank building.
The BJP president was also unsparing in his attack on Delhi Chief Minister Arvind Kejriwal, West Bengal Chief Minister Mamata Banerjee and Samajwadi Party's Mulayam Singh Yadav, claiming that everyone was in "deep trouble" due to the demonetisation move, but no one was ready to reveal the reason behind their discontent.
Mr Shah's comments came on a day when the Congress-led opposition closed ranks to pin down the government on the demonetisation issue in Parliament.
"The situation is like a flood which sweeps away everything. Now, Congress leaders, Kejriwal, Mamata and Mulayam Singh have joined hands to save themselves from this flood. I am sure that those present here are not worried at all because we do not have black money. Only those who have black money are worried," he said.
Taking a dig at Rahul Gandhi who had criticised the Prime Minister for demonetisation, Mr Shah said: "Rahul baba went to withdraw Rs. 4,000 in a Rs. 4 crore car. Do you think these people ever need Rs. 4,000 cash? Rahul baba talks about the poor. I want to tell him that if he and his party were so concerned, then the Congress leaders should not have stashed away the Rs. 12 lakh crore."
Acknowledging that the cash crunch was causing hardships to the common man, the BJP chief said they will "benefit in the long run".
Controversial Islamist Preacher Zakir Naiks NGO Banned For 5 Years
-
NEW DELHI: Controversial Islamist Preacher Zakir Naik's NGO 'Islamic Research Foundation' has been banned for five years. The government has asked the law enforcing Agencies to maintain a strict surveillance on the activities of all establishments of the organisation, sources said.
The non-profit was earlier placed under the "Prior permission category", which stopped it from receiving foreign funds without getting nod from the Central government.
Today's decision was taken by the cabinet committee on security after Mr Naik was found to deliver provocative speeches.
Police have already been filed criminal cases against Zakir Naik for allegedly inciting young men -- the action came after Bangladesh raised the issue with India following the terror attack on Dhaka's Holey Artisan Cafe last July. Bangladesh had accused him of making speeches that could have incited some of the terrorists.
During investigations, it was also found that his foundation was accepting dubious funding which is used to make Peace TV - an arm of the IRF - to air provocative programmes.
But the non-profit's registration under the Foreign Contribution Regulations Act was renewed inadvertently in September, which led to the suspension of a Joint Secretary and four other officials in the Home Ministry.
Mr Naik, who is said to be in Saudi Arabia, has refused to return to India this year.
The Islamic orator is banned in the UK and Canada for his hate speech against other religions. He is among 16 banned Islamic scholars in Malaysia.
The non-profit was earlier placed under the "Prior permission category", which stopped it from receiving foreign funds without getting nod from the Central government.
Police have already been filed criminal cases against Zakir Naik for allegedly inciting young men -- the action came after Bangladesh raised the issue with India following the terror attack on Dhaka's Holey Artisan Cafe last July. Bangladesh had accused him of making speeches that could have incited some of the terrorists.
But the non-profit's registration under the Foreign Contribution Regulations Act was renewed inadvertently in September, which led to the suspension of a Joint Secretary and four other officials in the Home Ministry.
Mr Naik, who is said to be in Saudi Arabia, has refused to return to India this year.
The Islamic orator is banned in the UK and Canada for his hate speech against other religions. He is among 16 banned Islamic scholars in Malaysia.
PM Modi Paid 25-Crore Bribe As Chief Minister, Says Arvind Kejriwal
-
NEW DELHI: Arvind Kejriwal has alleged that while Prime Minister Narendra Modi professes to have declared war on tax evasion and corruption, documents seized in a tax raid implicate Mr Modi for taking a bribe of 12 crores while he was Chief Minister of Gujarat. The BJP has rejected the charges.
Mr Kejriwal, who is the Chief Minister of Delhi, is among the opposition leaders who has derided PM Modi's move to abruptly remove high-denomination notes from circulation. He is among a cohort of opposition leaders who want to meet President Pranab Mukherjee tomorrow to complain about the ban announced a week ago on Rs. 500 and Rs.1,000 notes. The shock move has won favour with financial experts who feel it will help vacuum black or untaxed money out of circulation, but the fact that just a few hours' notice was provided for the ban left lakhs of Indians cashless, and since then, banks have been swamped with people desperate to get the Rs. 500 and Rs. 2,000 notes that have been introduced as replacements.
Mr Kejriwal convened a special session of all Delhi lawmakers today to discuss the ban on the old notes. Of the 70 legislators, 67 are from his Aam Aadmi Party.
So it did not take much effort to push through a resolution that calls for the allegations against PM Modi to be investigated by the Supreme Court.
Mr Kejriwal's accusations are based on a tax raid on the offices of the Aditya Birla Group in 2013. The Chief Minister said that according to a tax department report after the raid, laptops and phones belonging to the then president of the conglomerate were studied and this entry was found: "Gujarat CM-25 Crore (12 done rest?)".
"Hence, it clearly suggested, a payment of Rs. 12 crore to the then Gujarat Chief Minister was made," said Mr Kejriwal.
But he did not repeat the allegations outside the state legislature. The PM's party says that exposes Mr Kejriwal's claims as hollow because the Chief Minister knows that however wild his allegations are, he can't be sued for comments made during proceedings in the assembly
"He will be known as a kayar (cowardly) Chief Minister. He used the privilege of the House to tell lies," said Vijender Gupta of the BJP.
Mr Kejriwal, who is the Chief Minister of Delhi, is among the opposition leaders who has derided PM Modi's move to abruptly remove high-denomination notes from circulation. He is among a cohort of opposition leaders who want to meet President Pranab Mukherjee tomorrow to complain about the ban announced a week ago on Rs. 500 and Rs.1,000 notes. The shock move has won favour with financial experts who feel it will help vacuum black or untaxed money out of circulation, but the fact that just a few hours' notice was provided for the ban left lakhs of Indians cashless, and since then, banks have been swamped with people desperate to get the Rs. 500 and Rs. 2,000 notes that have been introduced as replacements.
So it did not take much effort to push through a resolution that calls for the allegations against PM Modi to be investigated by the Supreme Court.
Mr Kejriwal's accusations are based on a tax raid on the offices of the Aditya Birla Group in 2013. The Chief Minister said that according to a tax department report after the raid, laptops and phones belonging to the then president of the conglomerate were studied and this entry was found: "Gujarat CM-25 Crore (12 done rest?)".
"Hence, it clearly suggested, a payment of Rs. 12 crore to the then Gujarat Chief Minister was made," said Mr Kejriwal.
But he did not repeat the allegations outside the state legislature. The PM's party says that exposes Mr Kejriwal's claims as hollow because the Chief Minister knows that however wild his allegations are, he can't be sued for comments made during proceedings in the assembly
"He will be known as a kayar (cowardly) Chief Minister. He used the privilege of the House to tell lies," said Vijender Gupta of the BJP.
But Black Money Has Also Helped India, Says Akhilesh Yadav
-
While Prime Minister Narendra Modi has urged people to bear with the inconvenience caused by his sudden ban on Rs. 500 and Rs. 1,000 notes - a move to combat black money and corruption - Akhilesh Yadav, the Chief Minister of Uttar Pradesh has professed a slightly different view of the world.
"I am very clear on this... black money should not be generated. Economic experts say the magnitude of the global economic crisis at times is not felt in India because of the strong (parallel) economy of black money," he said in Lucknow today, according to news agency Press Trust of India.
Mr Yadav, who, just days ago launched his campaign for a second term as Chief Minister, reiterated, "I am opposed to black money. I do not want it".
The sudden demonetization or removal of Rs. 500 and Rs. 1,000 notes from circulation is seen as a radical and big move in combating tax evasion, but it has also sent most of India rushing to banks in endless lines for the new notes of Rs. 500 and Rs. 2,000. Opposition parties have alleged that it is the poor, who work and live in a cash economy, who have been trammeled by a reform meant to strike at the corrupt rich.
Mr Yadav, 43, said that when the poor are troubled, they respond by spurning the government that inflicted hardship upon them.
"This government has caused immense pain to commoners," he said, suggesting that the currency reboot will cost the BJP heavily in the Uttar Pradesh election.
"I am very clear on this... black money should not be generated. Economic experts say the magnitude of the global economic crisis at times is not felt in India because of the strong (parallel) economy of black money," he said in Lucknow today, according to news agency Press Trust of India.
Mr Yadav, 43, said that when the poor are troubled, they respond by spurning the government that inflicted hardship upon them.
"This government has caused immense pain to commoners," he said, suggesting that the currency reboot will cost the BJP heavily in the Uttar Pradesh election.
Congress Rules Out Joint Movement With 'Saradha-Tainted' Trinamool
-
KOLKATA: West Bengal Congress chief Adhir Chowdhury today ruled out any joint movement with "Saradha and Narada scam" tainted TMC over the issue of demonetisation, as he asked Chief Minister Mamata Banerjee to stop her "drama of fighting against black money".
"We are also against black money. But we feel that there is a problem in the hasty procedure that has been adopted. Common people are suffering. Congress has opposed the decision and will protest against it. But in no way will the party in Bengal join hands with Saradha and Narada scam tainted TMC," he told reporters.
Mr Chowdhury said Ms Banerjee's opposition to the Centre's decision against black money was nothing but a "well scripted drama to fool masses".
"We would ask her to stop this drama and mock fight against the Centre's decision. We are ready to listen to lecture on black money from any other political party but not TMC, many of whose leaders are accused in Saradha and Narada scam," he said.
"Those who themselves are running a corrupt government can not talk against black money. Eighty percent of the FICN is routed through West Bengal, all this has happened because of the patronage of TMC leaders in border areas. She (CM) should concentrate on stopping cattle smuggling," the Congress leader added.
"We are also against black money. But we feel that there is a problem in the hasty procedure that has been adopted. Common people are suffering. Congress has opposed the decision and will protest against it. But in no way will the party in Bengal join hands with Saradha and Narada scam tainted TMC," he told reporters.
"We would ask her to stop this drama and mock fight against the Centre's decision. We are ready to listen to lecture on black money from any other political party but not TMC, many of whose leaders are accused in Saradha and Narada scam," he said.
"Those who themselves are running a corrupt government can not talk against black money. Eighty percent of the FICN is routed through West Bengal, all this has happened because of the patronage of TMC leaders in border areas. She (CM) should concentrate on stopping cattle smuggling," the Congress leader added.
Business Affairs
Cyrus Mistry removed as chairman of Tata Global Beverages
-
In a major escalation of boardroom brawl at the Tata group, Cyrus Mistry was on Tuesday voted out as chairman by the board of the Tata Global Beverages, the second listed firm of $103-billion group to remove him.
Seven out of 10 directors at the board meeting of Tata Global Beverages, the maker of Tata Tea and Coffee, voted for removal of Mistry as chairman of the company, TGBL said in a regulatory filing.
Last week, Tata Consultancy Services (TCS) said Mistry, who was abruptly sacked as the chairman of Tata group's holding company, has been removed and replaced by Ishaat Hussain in the interim.
Tata Global Beverages Ltd (TGBL) said Harish Bhat, a non-executive director of the company, has been appointed chairman of the company. Bhat is believed to be a confidant of Ratan Tata, who was brought back from retirement as interim chairman of Tata Sons after Mistry was shown the door.
Since taking over, the 78-year-old Tata has begun tightening his grip over the conglomerate.
Even after his removal as chairman of Tata Sons, Mistry continues to head several listed companies ranging from Tata Motors to Tata Steel and Tata Power.
Tata Sons has asked Tata Motors, Tata Steel, Tata Chemicals and Indian Hotels Co Ltd (IHCL) to call extraordinary general meeting of shareholders to remove Mistry from the board.
"The board of directors of the company considered the continuance of Cyrus P Mistry as chairman of the company at its board meeting held on 15 November 2016," TGBL said in the regulatory filing.
"After extensive deliberations, and keeping in view the long-term interest and alignment of all stakeholders and stability of the company, the board of directors resolved to replace Cyrus P Mistry as chairman of the company, by a majority vote, with 7 out of the 10 directors present at the board meeting, voting in favour of the resolution."
In a major escalation of boardroom brawl at the Tata group, Cyrus Mistry was on Tuesday voted out as chairman by the board of the Tata Global Beverages, the second listed firm of $103-billion group to remove him.
Seven out of 10 directors at the board meeting of Tata Global Beverages, the maker of Tata Tea and Coffee, voted for removal of Mistry as chairman of the company, TGBL said in a regulatory filing.
Last week, Tata Consultancy Services (TCS) said Mistry, who was abruptly sacked as the chairman of Tata group's holding company, has been removed and replaced by Ishaat Hussain in the interim.
Tata Global Beverages Ltd (TGBL) said Harish Bhat, a non-executive director of the company, has been appointed chairman of the company. Bhat is believed to be a confidant of Ratan Tata, who was brought back from retirement as interim chairman of Tata Sons after Mistry was shown the door.
Since taking over, the 78-year-old Tata has begun tightening his grip over the conglomerate.
Even after his removal as chairman of Tata Sons, Mistry continues to head several listed companies ranging from Tata Motors to Tata Steel and Tata Power.
Tata Sons has asked Tata Motors, Tata Steel, Tata Chemicals and Indian Hotels Co Ltd (IHCL) to call extraordinary general meeting of shareholders to remove Mistry from the board.
"The board of directors of the company considered the continuance of Cyrus P Mistry as chairman of the company at its board meeting held on 15 November 2016," TGBL said in the regulatory filing.
"After extensive deliberations, and keeping in view the long-term interest and alignment of all stakeholders and stability of the company, the board of directors resolved to replace Cyrus P Mistry as chairman of the company, by a majority vote, with 7 out of the 10 directors present at the board meeting, voting in favour of the resolution."
Supreme Court refuses to stay Govt's demonetisation drive
-
Supreme Court today refused to stay the government's notification demonetising Rs 500 and Rs 1,000 currency notes but asked it to spell out the steps taken to minimise public inconvenience.
"We will not be granting any stay," a bench comprising Chief Justice T S Thakur and D Y Chandrachud said.
The remarks were made after some advocates insisted on a stay.
Senior advocate Kapil Sibal, appearing for one of the petitioners, however, said he was not asking for a stay on the notification but seeking answers from the government about the steps taken to remove public inconvenience.
The bench asked Attorney General Mukul Rohatgi to file an affidavit about the measures already undertaken by the government and the RBI to minimise public inconvenience and also the steps likely to be undertaken in future.
Without issuing any notice to the Centre or the RBI, the bench posted the matter for further hearing on November 25.
During the hearing, the Chief Justice said the objective seems to be laudable "but there is some inconvenience also to the public at large."
The bench also said "You (Centre) can have surgical strike against black money but you cannot have surgical strike against people of the country."
At the outset, the Centre which had filed a caveat in the matter, sought dismissal of the petitions challenging demonetisation on several grounds including that they were "misconceived".
Attorney General (AG) Mukul Rohatgi, appearing for the Centre, outlined the idea behind demonetisation and said large number of fake currency has been used to finance terrorism in various parts of the country including in Jammu and Kashmir and northeastern states.
He, however, agreed with the bench that some inconvenience to common citizens occurs as this kind of "surgical strike" is bound to have "some kind of collateral damage".
He also said there were as many as 24 crore bank accounts including 22 crore opened under the 'Jan Dhan Scheme' and the Centre was hopeful to "ramp up" the outflow of the cash to banks, post offices and two lakh ATMs across the country.
"Two lakh ATM machines could not have been deliberated in advance to be in tune with new notes as the cash would have been out of the banks," Rohatgi said, adding that "secrecy is the key to such actions".
Rohatgi said there were approximately one lakh branches of various banks and two lakh ATMs besides the post offices across the country to dispense cash to common people and the restriction on withdrawal is there to ensure that the money be paid to maximum number of people.
He summed up the submission contending that there was no legal basis for opposing the Centre's move to demonetise the higher denomination currency notes aimed at "catching big fish" which the previous governments failed to do in last 50 years.
He said the Centre has complied with section 26(2) of the RBI Act and the present "surgical strike has to be seen in the context of safety and security of the nation, its border, and financial terrorism unleashed through fake currency."
"The attack is on those who have stashed huge amount of currency," he said, adding that the surgical strike of this nature has to be carried out in complete secrecy and it was not possible to come out with Rs 10 lakh crore of currency in one go as there was a need for recalibration of ATM machines across the country
Supreme Court today refused to stay the government's notification demonetising Rs 500 and Rs 1,000 currency notes but asked it to spell out the steps taken to minimise public inconvenience.
"We will not be granting any stay," a bench comprising Chief Justice T S Thakur and D Y Chandrachud said.
The remarks were made after some advocates insisted on a stay.
Senior advocate Kapil Sibal, appearing for one of the petitioners, however, said he was not asking for a stay on the notification but seeking answers from the government about the steps taken to remove public inconvenience.
The bench asked Attorney General Mukul Rohatgi to file an affidavit about the measures already undertaken by the government and the RBI to minimise public inconvenience and also the steps likely to be undertaken in future.
Without issuing any notice to the Centre or the RBI, the bench posted the matter for further hearing on November 25.
During the hearing, the Chief Justice said the objective seems to be laudable "but there is some inconvenience also to the public at large."
The bench also said "You (Centre) can have surgical strike against black money but you cannot have surgical strike against people of the country."
At the outset, the Centre which had filed a caveat in the matter, sought dismissal of the petitions challenging demonetisation on several grounds including that they were "misconceived".
Attorney General (AG) Mukul Rohatgi, appearing for the Centre, outlined the idea behind demonetisation and said large number of fake currency has been used to finance terrorism in various parts of the country including in Jammu and Kashmir and northeastern states.
He, however, agreed with the bench that some inconvenience to common citizens occurs as this kind of "surgical strike" is bound to have "some kind of collateral damage".
He also said there were as many as 24 crore bank accounts including 22 crore opened under the 'Jan Dhan Scheme' and the Centre was hopeful to "ramp up" the outflow of the cash to banks, post offices and two lakh ATMs across the country.
"Two lakh ATM machines could not have been deliberated in advance to be in tune with new notes as the cash would have been out of the banks," Rohatgi said, adding that "secrecy is the key to such actions".
Rohatgi said there were approximately one lakh branches of various banks and two lakh ATMs besides the post offices across the country to dispense cash to common people and the restriction on withdrawal is there to ensure that the money be paid to maximum number of people.
He summed up the submission contending that there was no legal basis for opposing the Centre's move to demonetise the higher denomination currency notes aimed at "catching big fish" which the previous governments failed to do in last 50 years.
He said the Centre has complied with section 26(2) of the RBI Act and the present "surgical strike has to be seen in the context of safety and security of the nation, its border, and financial terrorism unleashed through fake currency."
"The attack is on those who have stashed huge amount of currency," he said, adding that the surgical strike of this nature has to be carried out in complete secrecy and it was not possible to come out with Rs 10 lakh crore of currency in one go as there was a need for recalibration of ATM machines across the country
Carnage on Dalal Street as demonetisation effects come to the fore, Sensex down 514 pts, Nifty nears 8100 mark
-
The Sensex has reflected the short-term effects of Modi government's demonetisation move and tanked almost 1200 points in the last two trading sessions.
Analysts also cite the fall in market on global factors such as rise in dollar and Trump's inflationary policies likely to boost inflation and send interest rates higher in the world's largest economy.
"As a whole, the decline in markets have more to do with global factors like higher yields and a stronger dollar," said Neeraj Dewan, director at Quantum Securities, adding that government's action on bank notes was also impacting the market.
Global markets were trading mixed with Asian markets such as the Shanghai Composite Index losing 0.2 percent to 3,204.31 points and Tokyo's Nikkei 225 closing flat at 17,670.77.
Global markets except US are likely to see huge losses if US raises interest rates in the near term. All funds invested in emerging markets would go after higher interest rates in the US if the Federal Reserve raises rates.
Back home, the Sensex fell almost 100 points in the last hour of trade, closing 514 points lower at 26,304 level. The index has now shed 1212 points in the last two trading sessions.
Nifty too, closed almost 187 points lower at 8108 level.
Markets have given a kneejerk reaction since Indian citizens have been hit by the effects of cash shortage post the demonetisation of Rs 1000 and Rs 500 notes.
The effects of demonetisation continued to take a toll on the market as BSE consumer durables and BSE auto index fell for the second day.
The BSE Consumer durables index fell 400 points to 11048 and BSE auto index crashed 1042 points to 19520 level.
Both indexes BSE auto and consumer durables fell 976 and 581 points, respectively on Friday. The auto and consumer durables were hit, anticipating lower demand for goods in the near future due to the effects of demonetisation. Mostly, payments for these goods are made in cash mode.
On Friday, the Sensex fell 698 points while Nifty lost 229 points to lowest closing level of 8296 since June 30, 2016.
Analysts say this is a good time to buy stocks with good fundamentals.
The Tata Group stocks too contributed to the market fall after Tata Motors and Tata Steel reported Q2 earnings.
Tata Motors fell after its standalone net loss widened to Rs 631 crore for the quarter under review, compared to Rs 289 crore in the year-ago period. The stock fell 9.88 per cent and was the top loser on Sensex.
Tata Steel posted a net loss of Rs 49.5 crore for the quarter ended September 30, 2016 as compared to net profit of Rs 5,609 crore for the quarter ended September 30, 2015. The stock was the second-largest loser on the 30 stock Sensex closing 7.80 per cent lower at Rs 393.55 level on the BSE.
Jewellery stocks were the worst hit on Tuesday.
PC Jeweller stock fell 26 per cent in early trade to Rs 288 on the BSE. It hit a new 52-week low of Rs 288 on the BSE.
Tribhovandas Bhimji Zaveri lost 12 per cent to Rs 60.50. The stock closed 14 per cent lower on the BSE.
Gitanjali Gems too fell 12.42 percent to Rs 55.70.
Real estate stocks also took a hit as majority of transactions in the sector include cash payments. Reports say real estate prices are projected to fall 25 per cent across the country in the near future.
The market is likely to fall in the near future as the effects of demonetisation and Q2 earnings season start unravelling.
Market breadth was negative with 2354 stocks closing lower against 346 rising on the BSE.
The Sensex has reflected the short-term effects of Modi government's demonetisation move and tanked almost 1200 points in the last two trading sessions.
Analysts also cite the fall in market on global factors such as rise in dollar and Trump's inflationary policies likely to boost inflation and send interest rates higher in the world's largest economy.
"As a whole, the decline in markets have more to do with global factors like higher yields and a stronger dollar," said Neeraj Dewan, director at Quantum Securities, adding that government's action on bank notes was also impacting the market.
Global markets were trading mixed with Asian markets such as the Shanghai Composite Index losing 0.2 percent to 3,204.31 points and Tokyo's Nikkei 225 closing flat at 17,670.77.
Global markets except US are likely to see huge losses if US raises interest rates in the near term. All funds invested in emerging markets would go after higher interest rates in the US if the Federal Reserve raises rates.
Back home, the Sensex fell almost 100 points in the last hour of trade, closing 514 points lower at 26,304 level. The index has now shed 1212 points in the last two trading sessions.
Nifty too, closed almost 187 points lower at 8108 level.
Markets have given a kneejerk reaction since Indian citizens have been hit by the effects of cash shortage post the demonetisation of Rs 1000 and Rs 500 notes.
The effects of demonetisation continued to take a toll on the market as BSE consumer durables and BSE auto index fell for the second day.
The BSE Consumer durables index fell 400 points to 11048 and BSE auto index crashed 1042 points to 19520 level.
Both indexes BSE auto and consumer durables fell 976 and 581 points, respectively on Friday. The auto and consumer durables were hit, anticipating lower demand for goods in the near future due to the effects of demonetisation. Mostly, payments for these goods are made in cash mode.
On Friday, the Sensex fell 698 points while Nifty lost 229 points to lowest closing level of 8296 since June 30, 2016.
Analysts say this is a good time to buy stocks with good fundamentals.
The Tata Group stocks too contributed to the market fall after Tata Motors and Tata Steel reported Q2 earnings.
Tata Motors fell after its standalone net loss widened to Rs 631 crore for the quarter under review, compared to Rs 289 crore in the year-ago period. The stock fell 9.88 per cent and was the top loser on Sensex.
Tata Steel posted a net loss of Rs 49.5 crore for the quarter ended September 30, 2016 as compared to net profit of Rs 5,609 crore for the quarter ended September 30, 2015. The stock was the second-largest loser on the 30 stock Sensex closing 7.80 per cent lower at Rs 393.55 level on the BSE.
Jewellery stocks were the worst hit on Tuesday.
PC Jeweller stock fell 26 per cent in early trade to Rs 288 on the BSE. It hit a new 52-week low of Rs 288 on the BSE.
Tribhovandas Bhimji Zaveri lost 12 per cent to Rs 60.50. The stock closed 14 per cent lower on the BSE.
Gitanjali Gems too fell 12.42 percent to Rs 55.70.
Real estate stocks also took a hit as majority of transactions in the sector include cash payments. Reports say real estate prices are projected to fall 25 per cent across the country in the near future.
The market is likely to fall in the near future as the effects of demonetisation and Q2 earnings season start unravelling.
Market breadth was negative with 2354 stocks closing lower against 346 rising on the BSE.
Petrol price cut by Rs 1.46 per litre, diesel by Rs 1.53 per litre
-
Petrol price was on Tuesday cut by Rs 1.46 per litre while diesel price was by Rs 1.53 per litre with immediate effect from today midnight.
The price cut announced by Indian Oil Corp excludes local sales tax or VAT.
"The current level of international product prices of Petrol & Diesel and rupee-dollar exchange rate warrant decrease in selling price of Petrol and Diesel, the impact of which is being passed on to the consumers with this price revision," Indian Oil said in a statement.
After today midnight, Petrol price will be Rs. 65.93 per litre in Delhi, from Rs. 67.62 per litre. Also, a litre of diesel will cost Rs 54.71 in the national capital, instead of Rs 56.41.
Petrol price was on Tuesday cut by Rs 1.46 per litre while diesel price was by Rs 1.53 per litre with immediate effect from today midnight.
The price cut announced by Indian Oil Corp excludes local sales tax or VAT.
"The current level of international product prices of Petrol & Diesel and rupee-dollar exchange rate warrant decrease in selling price of Petrol and Diesel, the impact of which is being passed on to the consumers with this price revision," Indian Oil said in a statement.
After today midnight, Petrol price will be Rs. 65.93 per litre in Delhi, from Rs. 67.62 per litre. Also, a litre of diesel will cost Rs 54.71 in the national capital, instead of Rs 56.41.
Jewellery sales under taxmen lens amid crackdown on blackmoney
-
Intensifying the crackdown on laundering of illicit wealth, tax authorities are keeping a close vigil on jewellers to check if sales are being broken down into sub-Rs 2 lakh to avoid quoting of PAN.
After the government banned old 500 and 1000 rupee notes, gold and bullion are said to be favoured route for laundering of ill-gotten wealth. Gold was sold as high as Rs 50,000 per ten grams last week against the market price of Rs 31,000 as gold and bullion was said to be used to convert the debunked currency.
A 20-40 per cent haircut in the value of defunct currency was also being resorted to launder black money.
"PAN is mandatory for jewellery sale of over Rs 2 lakh. We are keeping a watch on jewellers to see if they are breaking their sales into parts of less than Rs 2 lakh," CBDT Chairman Sushil Chandra said.
Intensifying the crackdown on laundering of illicit wealth, tax authorities are keeping a close vigil on jewellers to check if sales are being broken down into sub-Rs 2 lakh to avoid quoting of PAN.
After the government banned old 500 and 1000 rupee notes, gold and bullion are said to be favoured route for laundering of ill-gotten wealth. Gold was sold as high as Rs 50,000 per ten grams last week against the market price of Rs 31,000 as gold and bullion was said to be used to convert the debunked currency.
A 20-40 per cent haircut in the value of defunct currency was also being resorted to launder black money.
"PAN is mandatory for jewellery sale of over Rs 2 lakh. We are keeping a watch on jewellers to see if they are breaking their sales into parts of less than Rs 2 lakh," CBDT Chairman Sushil Chandra said.
General Awareness
GENERAL AWARENESS PRACTICE MCQs FOR ALL BANK EXAMS
-
1. Who is the Chairman of NITI Aayog?
a) Arvind Panagariya
b) Dr. Vijay Kelkar
c) Sunil Kanoria
d) Anupam Srivastava
e) Narendra Modi
2. In Strategic alliance, the alliance partners?
a) Merge with each other
b) One partner acquires the other
c) Remain separate entities
d) One partner amalgamates with other
e) None of the above
3. The premium on accident insurance under PMJDY will be borne by?
a) National Payments Corporation of India
b) Life Insurance Corporation of India
c) General Insurance Corporation of India
d) Central Government
e) None of these
4. INFINET is set up in which of the following cities?
a) Mumbai
b) New Delhi
c) Hyderabad
d) Chennai
e) Kolkata
5. The essential characteristic of whatever serves as money is that it must:
a) Be issued by the State
b) Be generally acceptable
c) Cannot be wholly fiduciary
d) Have some intrinsic value
e) None of these
6. Digital India Programme is planned to be fully implemented by:
a) 2016
b) 2017
c) 2018
d) 2019
e) 2020
7. Under Pradhan Mantri Sneh Bandhan Yojana, an individual may invest an amount of:
a) Rs. 5000
b) Rs. 5001
c) Rs. 5005
d) Rs. 5010
e)Rs. 6001
8. What is the Credit guarantee corpus amount of MUDRA Bank?
a) Rs. 3000 crores
b) Rs. 4000 crores
c) Rs. 2500 crores
d) Rs. 2000 crores
e) Rs. 1500 crores
9. The principal liability of a Bank relates to ___:
a) it's investment abroad
b) it's investment at home
c) repayment of it's customer's deposits
d) it's requirements to make special deposits when requested
e) None of these
10. Which of the following is not a function of the Commercial Bank?
a) Acting as a lender of last resort
b) Lending to the private and public sectors
c) The provision of a cheque system for setting debts
d) The provision of safe deposit facilities
e) None of these
11. Under Pradhan Mantri Jeevan Jyoti Bima Yojana, the life insurance cover is for how many years:
a) 1 year
b) 2 years
c) 3 years
d) 4 years
e) 5 years
12. As per Pradhan Mantri Suraksha Bima Yojana (PMSBY), if the customer has taken a cover under
multiple bank accounts then the amount of premium under this will be:
a) Forfeited
b) Renewed
c) Double
d) Same
e) None of the above
13. Digital India Programme is centered on 3 key vision areas. Which of the following is not included in these vision areas?
a) Digital Infrastructure as a core utility to every citizen
b) Governance and services on demand
c) To promote digital banking
d) Digital Empowerment of citizens
e) None of the above
14. A customer does not require a bank account to obtain ___:
a) a loan
b) a cheque book
c) a banker's draft
d) an overdraft
e) None of these
15. Atal Pension Yojana (APY) offers fixed amount of pension ranging between Rs. 1000 to ___ depending upon the contribution which will be based on the age of joining the APY:
a) Rs. 2000
b) Rs. 3000
c) Rs. 4000
d) Rs. 5000
e) Rs. 6000
16. Which of the following is not the function of RBI?
a) Issue of currency notes
b) Maintaining financial stability
c) Subsidies to people
d) Banker to Bank
e) Banker to Government
17. Which of the following documents are required for registration of a Jeevan Pramaan?
a) Aadhar Number
b) PPO number
c) Bank Account Number
d) All of the above
e) None of the above
18. As per Sukanya Samriddhi Account the tenure of deposit is for ___ years from the date of opening of the account:
a) 15 years
b) 20 years
c) 21 years
d) 24 years
e) 25 years
19. Under Sukanya Samriddhi Account (SSA), the bank account will be opened for a girl child upto the age of ____:
a) 5 years
b) 8 years
c) 10 years
d) 15 years
e) 12 years
20. What is the initial corpus of MUDRA Bank?
a) Rs. 20,000 crores
b) Rs. 30,000 crores
c) Rs. 35,000 crores
d) Rs. 40,000 crores
e) Rs. 25,000 crores
21. In India national income is estimated by?
a) Finance Commission
b) Central Statistical Organisation
c) Planning Commission
d) Finance Ministry
e) Reserve Bank of India
22. A scheme named ____ offers a long term subscription to Pradhan Mantri Suraksha Bima Yojana with attached Fixed Deposit.
a) Suraksha Deposit Scheme
b) Suraksha Insurance Cover
c) Jeevan Suraksha Yojana
d) Suraksha Cover
e) Suraksha Investment Scheme
23. What is/are the objective of Pradhan Mantri Kaushal Vikas Yojana (PMKVY)?
a) To impart skill training to youth
b) Focus on first time entrants to the labour market
c) Focus on class 10 and class 12 dropouts
d) All of these
e) None of the above
24. What is meant by "Underwriting", the term frequently used in financial sector?
a) Under valuation of the assets
b) The Act of taking on a risk
c) Giving a Guarantee that a loan will not become a bad loan
d) Assignment of Insurance Policy
e) Hypothecation of stocks
25. Misery Index' represents?
a) Sum of rate of inflation and rate of unemployment
b) Product of rate of inflation and rate of unemployment
c) Proportion of very poor to poor living below the poverty line
d) Inflation rate divided by unemployment rate
e) Both (b) and (c)
26. Which of the following statement is true for IMF?
a) It is not an agency of UNO
b) It can grant loan to any country of the world
c) It can grant loan to state Govt. of a country
d) It grants loan only to member nations
e) It can grant loan only to European Countries
27. Which pair is not correct?
a) EXIM Bank - Financing for export - import
b) RBI - Banker's bank
c) IDBI - Industrial finance
d) FCI - Financial Assistance to Commercial Banks
e) NABARD - Apex organization for assisting Agriculture & Rural Development
28. Statutory Liquidity Ratio (SLR) of commercial banks means:
a) The percentage of cash that banks keep with them, as per IBA Guidelines
b) A portion of Fixed Deposits to be maintained with RBI as per RBI Act - 1934
c) Every bank is required to maintain a proportion of their Net Demand and Time Liabilities as liquid assets in the form of cash, gold and un-encumbered approved securities
d) The rate at which central bank of the country (in India it is RBI) allows finance to commercial banks
e) None of the above
29. Which bank is created for the promotion of cross border trade and investment?
a) NABARD
b) SIDBI
c) EXIM Bank
d) IDBI
e) None of the above
30. "Closed Economy" is that economy in which?
a) Neither export nor import takes place in a country
b) Deficit financing takes place
c) Only export takes place
d) Only imports are allowed
e) None of the above
31. Apna Sahakari Bank Ltd is located at?
a) Bhopal, Madhya Pradesh
b) Kolkata, West Bengal
c) Lucknow, Uttar Pradesh
d) Mumbai, Maharashtra
e) Hyderabad, Telangana
32. On which of the following types of cheques alterations are not allowed by RBI?
a) Paper cheque
b) CTS cheque
c) Electronic cheque
d) Cheque with account payee crossing
e) None of the above
33. What is the income criteria for sanctioning loan under Prime minister Employment Generation Programme (PMEGP)?
a) Rs. 18,000 per head
b) Rs. 18,000 per family
c) Rs. 24,000 per family
d) Rs. 36,000 per family
e) No ceiling on Income
34. Under Negotiable Instruments Act-1881 Inchoate Instrument means:
a) Invalid instrument
b) Incomplete instrument
c) Restricts further endorsement
d) Illegal Instrument
e) None of the above
35. To apply the Garnishee Order, the Banker - Customer relationship should be:
a) Creditor - Debtor
b) Agent - Principal
c) Trustee - Beneficiary
d) Debtor - Creditor
e) None of the above
36. Under Pradhan Mantri Suraksha Bima Yojana (PMSBY) insurance cover for accidental death or permanent full disability is:
a) Rs. 2 lakhs
b) Rs. 3 lakhs
c) Rs. 4 lakhs
d) Rs. 5 lakhs
e) Rs. 1 lakh
37. In term deposits if the Principal and Interest is Rs. 20,000 or above it should not be paid in cash as per ____:
a) RBI Act
b) Negotiable Instruments Act
c) Banking Regulation Act
d) Income tax Act
e) None of the above
38. As per BCSBI - Banking Codes and Standard Board of India, duplicate DD should be issued within ___ from the date of request?
a) 7 days
b) 14 days
c) 10 days
d) 15 days
e) 3 days
ANSWERS:
1) e 2) c 3) a 4) c 5) b 6) d 7) b 8) a 9) c 10) a
11) a 12) a 13) c 14) c 15) d 16) c 17) d 18) c 19) c 20) a
21) b 22) a 23) d 24) b 25) a 26) d 27) d 28) c 29) c 30) a
31) d 32) b 33) e 34) b 35) d 36) a 37) d 38) b
1. Who is the Chairman of NITI Aayog?
a) Arvind Panagariya
b) Dr. Vijay Kelkar
c) Sunil Kanoria
d) Anupam Srivastava
e) Narendra Modi
2. In Strategic alliance, the alliance partners?
a) Merge with each other
b) One partner acquires the other
c) Remain separate entities
d) One partner amalgamates with other
e) None of the above
3. The premium on accident insurance under PMJDY will be borne by?
a) National Payments Corporation of India
b) Life Insurance Corporation of India
c) General Insurance Corporation of India
d) Central Government
e) None of these
4. INFINET is set up in which of the following cities?
a) Mumbai
b) New Delhi
c) Hyderabad
d) Chennai
e) Kolkata
5. The essential characteristic of whatever serves as money is that it must:
a) Be issued by the State
b) Be generally acceptable
c) Cannot be wholly fiduciary
d) Have some intrinsic value
e) None of these
6. Digital India Programme is planned to be fully implemented by:
a) 2016
b) 2017
c) 2018
d) 2019
e) 2020
7. Under Pradhan Mantri Sneh Bandhan Yojana, an individual may invest an amount of:
a) Rs. 5000
b) Rs. 5001
c) Rs. 5005
d) Rs. 5010
e)Rs. 6001
8. What is the Credit guarantee corpus amount of MUDRA Bank?
a) Rs. 3000 crores
b) Rs. 4000 crores
c) Rs. 2500 crores
d) Rs. 2000 crores
e) Rs. 1500 crores
9. The principal liability of a Bank relates to ___:
a) it's investment abroad
b) it's investment at home
c) repayment of it's customer's deposits
d) it's requirements to make special deposits when requested
e) None of these
10. Which of the following is not a function of the Commercial Bank?
a) Acting as a lender of last resort
b) Lending to the private and public sectors
c) The provision of a cheque system for setting debts
d) The provision of safe deposit facilities
e) None of these
11. Under Pradhan Mantri Jeevan Jyoti Bima Yojana, the life insurance cover is for how many years:
a) 1 year
b) 2 years
c) 3 years
d) 4 years
e) 5 years
12. As per Pradhan Mantri Suraksha Bima Yojana (PMSBY), if the customer has taken a cover under
multiple bank accounts then the amount of premium under this will be:
a) Forfeited
b) Renewed
c) Double
d) Same
e) None of the above
13. Digital India Programme is centered on 3 key vision areas. Which of the following is not included in these vision areas?
a) Digital Infrastructure as a core utility to every citizen
b) Governance and services on demand
c) To promote digital banking
d) Digital Empowerment of citizens
e) None of the above
14. A customer does not require a bank account to obtain ___:
a) a loan
b) a cheque book
c) a banker's draft
d) an overdraft
e) None of these
15. Atal Pension Yojana (APY) offers fixed amount of pension ranging between Rs. 1000 to ___ depending upon the contribution which will be based on the age of joining the APY:
a) Rs. 2000
b) Rs. 3000
c) Rs. 4000
d) Rs. 5000
e) Rs. 6000
16. Which of the following is not the function of RBI?
a) Issue of currency notes
b) Maintaining financial stability
c) Subsidies to people
d) Banker to Bank
e) Banker to Government
17. Which of the following documents are required for registration of a Jeevan Pramaan?
a) Aadhar Number
b) PPO number
c) Bank Account Number
d) All of the above
e) None of the above
18. As per Sukanya Samriddhi Account the tenure of deposit is for ___ years from the date of opening of the account:
a) 15 years
b) 20 years
c) 21 years
d) 24 years
e) 25 years
19. Under Sukanya Samriddhi Account (SSA), the bank account will be opened for a girl child upto the age of ____:
a) 5 years
b) 8 years
c) 10 years
d) 15 years
e) 12 years
20. What is the initial corpus of MUDRA Bank?
a) Rs. 20,000 crores
b) Rs. 30,000 crores
c) Rs. 35,000 crores
d) Rs. 40,000 crores
e) Rs. 25,000 crores
21. In India national income is estimated by?
a) Finance Commission
b) Central Statistical Organisation
c) Planning Commission
d) Finance Ministry
e) Reserve Bank of India
22. A scheme named ____ offers a long term subscription to Pradhan Mantri Suraksha Bima Yojana with attached Fixed Deposit.
a) Suraksha Deposit Scheme
b) Suraksha Insurance Cover
c) Jeevan Suraksha Yojana
d) Suraksha Cover
e) Suraksha Investment Scheme
23. What is/are the objective of Pradhan Mantri Kaushal Vikas Yojana (PMKVY)?
a) To impart skill training to youth
b) Focus on first time entrants to the labour market
c) Focus on class 10 and class 12 dropouts
d) All of these
e) None of the above
24. What is meant by "Underwriting", the term frequently used in financial sector?
a) Under valuation of the assets
b) The Act of taking on a risk
c) Giving a Guarantee that a loan will not become a bad loan
d) Assignment of Insurance Policy
e) Hypothecation of stocks
25. Misery Index' represents?
a) Sum of rate of inflation and rate of unemployment
b) Product of rate of inflation and rate of unemployment
c) Proportion of very poor to poor living below the poverty line
d) Inflation rate divided by unemployment rate
e) Both (b) and (c)
26. Which of the following statement is true for IMF?
a) It is not an agency of UNO
b) It can grant loan to any country of the world
c) It can grant loan to state Govt. of a country
d) It grants loan only to member nations
e) It can grant loan only to European Countries
27. Which pair is not correct?
a) EXIM Bank - Financing for export - import
b) RBI - Banker's bank
c) IDBI - Industrial finance
d) FCI - Financial Assistance to Commercial Banks
e) NABARD - Apex organization for assisting Agriculture & Rural Development
28. Statutory Liquidity Ratio (SLR) of commercial banks means:
a) The percentage of cash that banks keep with them, as per IBA Guidelines
b) A portion of Fixed Deposits to be maintained with RBI as per RBI Act - 1934
c) Every bank is required to maintain a proportion of their Net Demand and Time Liabilities as liquid assets in the form of cash, gold and un-encumbered approved securities
d) The rate at which central bank of the country (in India it is RBI) allows finance to commercial banks
e) None of the above
29. Which bank is created for the promotion of cross border trade and investment?
a) NABARD
b) SIDBI
c) EXIM Bank
d) IDBI
e) None of the above
30. "Closed Economy" is that economy in which?
a) Neither export nor import takes place in a country
b) Deficit financing takes place
c) Only export takes place
d) Only imports are allowed
e) None of the above
31. Apna Sahakari Bank Ltd is located at?
a) Bhopal, Madhya Pradesh
b) Kolkata, West Bengal
c) Lucknow, Uttar Pradesh
d) Mumbai, Maharashtra
e) Hyderabad, Telangana
32. On which of the following types of cheques alterations are not allowed by RBI?
a) Paper cheque
b) CTS cheque
c) Electronic cheque
d) Cheque with account payee crossing
e) None of the above
33. What is the income criteria for sanctioning loan under Prime minister Employment Generation Programme (PMEGP)?
a) Rs. 18,000 per head
b) Rs. 18,000 per family
c) Rs. 24,000 per family
d) Rs. 36,000 per family
e) No ceiling on Income
34. Under Negotiable Instruments Act-1881 Inchoate Instrument means:
a) Invalid instrument
b) Incomplete instrument
c) Restricts further endorsement
d) Illegal Instrument
e) None of the above
35. To apply the Garnishee Order, the Banker - Customer relationship should be:
a) Creditor - Debtor
b) Agent - Principal
c) Trustee - Beneficiary
d) Debtor - Creditor
e) None of the above
36. Under Pradhan Mantri Suraksha Bima Yojana (PMSBY) insurance cover for accidental death or permanent full disability is:
a) Rs. 2 lakhs
b) Rs. 3 lakhs
c) Rs. 4 lakhs
d) Rs. 5 lakhs
e) Rs. 1 lakh
37. In term deposits if the Principal and Interest is Rs. 20,000 or above it should not be paid in cash as per ____:
a) RBI Act
b) Negotiable Instruments Act
c) Banking Regulation Act
d) Income tax Act
e) None of the above
38. As per BCSBI - Banking Codes and Standard Board of India, duplicate DD should be issued within ___ from the date of request?
a) 7 days
b) 14 days
c) 10 days
d) 15 days
e) 3 days
ANSWERS:
1) e 2) c 3) a 4) c 5) b 6) d 7) b 8) a 9) c 10) a
11) a 12) a 13) c 14) c 15) d 16) c 17) d 18) c 19) c 20) a
21) b 22) a 23) d 24) b 25) a 26) d 27) d 28) c 29) c 30) a
31) d 32) b 33) e 34) b 35) d 36) a 37) d 38) b
a) Arvind Panagariya
b) Dr. Vijay Kelkar
c) Sunil Kanoria
d) Anupam Srivastava
e) Narendra Modi
2. In Strategic alliance, the alliance partners?
a) Merge with each other
b) One partner acquires the other
c) Remain separate entities
d) One partner amalgamates with other
e) None of the above
3. The premium on accident insurance under PMJDY will be borne by?
a) National Payments Corporation of India
b) Life Insurance Corporation of India
c) General Insurance Corporation of India
d) Central Government
e) None of these
4. INFINET is set up in which of the following cities?
a) Mumbai
b) New Delhi
c) Hyderabad
d) Chennai
e) Kolkata
5. The essential characteristic of whatever serves as money is that it must:
a) Be issued by the State
b) Be generally acceptable
c) Cannot be wholly fiduciary
d) Have some intrinsic value
e) None of these
6. Digital India Programme is planned to be fully implemented by:
a) 2016
b) 2017
c) 2018
d) 2019
e) 2020
7. Under Pradhan Mantri Sneh Bandhan Yojana, an individual may invest an amount of:
a) Rs. 5000
b) Rs. 5001
c) Rs. 5005
d) Rs. 5010
e)Rs. 6001
8. What is the Credit guarantee corpus amount of MUDRA Bank?
a) Rs. 3000 crores
b) Rs. 4000 crores
c) Rs. 2500 crores
d) Rs. 2000 crores
e) Rs. 1500 crores
9. The principal liability of a Bank relates to ___:
a) it's investment abroad
b) it's investment at home
c) repayment of it's customer's deposits
d) it's requirements to make special deposits when requested
e) None of these
10. Which of the following is not a function of the Commercial Bank?
a) Acting as a lender of last resort
b) Lending to the private and public sectors
c) The provision of a cheque system for setting debts
d) The provision of safe deposit facilities
e) None of these
11. Under Pradhan Mantri Jeevan Jyoti Bima Yojana, the life insurance cover is for how many years:
a) 1 year
b) 2 years
c) 3 years
d) 4 years
e) 5 years
12. As per Pradhan Mantri Suraksha Bima Yojana (PMSBY), if the customer has taken a cover under
multiple bank accounts then the amount of premium under this will be:
a) Forfeited
b) Renewed
c) Double
d) Same
e) None of the above
13. Digital India Programme is centered on 3 key vision areas. Which of the following is not included in these vision areas?
a) Digital Infrastructure as a core utility to every citizen
b) Governance and services on demand
c) To promote digital banking
d) Digital Empowerment of citizens
e) None of the above
14. A customer does not require a bank account to obtain ___:
a) a loan
b) a cheque book
c) a banker's draft
d) an overdraft
e) None of these
15. Atal Pension Yojana (APY) offers fixed amount of pension ranging between Rs. 1000 to ___ depending upon the contribution which will be based on the age of joining the APY:
a) Rs. 2000
b) Rs. 3000
c) Rs. 4000
d) Rs. 5000
e) Rs. 6000
16. Which of the following is not the function of RBI?
a) Issue of currency notes
b) Maintaining financial stability
c) Subsidies to people
d) Banker to Bank
e) Banker to Government
17. Which of the following documents are required for registration of a Jeevan Pramaan?
a) Aadhar Number
b) PPO number
c) Bank Account Number
d) All of the above
e) None of the above
18. As per Sukanya Samriddhi Account the tenure of deposit is for ___ years from the date of opening of the account:
a) 15 years
b) 20 years
c) 21 years
d) 24 years
e) 25 years
19. Under Sukanya Samriddhi Account (SSA), the bank account will be opened for a girl child upto the age of ____:
a) 5 years
b) 8 years
c) 10 years
d) 15 years
e) 12 years
20. What is the initial corpus of MUDRA Bank?
a) Rs. 20,000 crores
b) Rs. 30,000 crores
c) Rs. 35,000 crores
d) Rs. 40,000 crores
e) Rs. 25,000 crores
21. In India national income is estimated by?
a) Finance Commission
b) Central Statistical Organisation
c) Planning Commission
d) Finance Ministry
e) Reserve Bank of India
22. A scheme named ____ offers a long term subscription to Pradhan Mantri Suraksha Bima Yojana with attached Fixed Deposit.
a) Suraksha Deposit Scheme
b) Suraksha Insurance Cover
c) Jeevan Suraksha Yojana
d) Suraksha Cover
e) Suraksha Investment Scheme
23. What is/are the objective of Pradhan Mantri Kaushal Vikas Yojana (PMKVY)?
a) To impart skill training to youth
b) Focus on first time entrants to the labour market
c) Focus on class 10 and class 12 dropouts
d) All of these
e) None of the above
24. What is meant by "Underwriting", the term frequently used in financial sector?
a) Under valuation of the assets
b) The Act of taking on a risk
c) Giving a Guarantee that a loan will not become a bad loan
d) Assignment of Insurance Policy
e) Hypothecation of stocks
25. Misery Index' represents?
a) Sum of rate of inflation and rate of unemployment
b) Product of rate of inflation and rate of unemployment
c) Proportion of very poor to poor living below the poverty line
d) Inflation rate divided by unemployment rate
e) Both (b) and (c)
26. Which of the following statement is true for IMF?
a) It is not an agency of UNO
b) It can grant loan to any country of the world
c) It can grant loan to state Govt. of a country
d) It grants loan only to member nations
e) It can grant loan only to European Countries
27. Which pair is not correct?
a) EXIM Bank - Financing for export - import
b) RBI - Banker's bank
c) IDBI - Industrial finance
d) FCI - Financial Assistance to Commercial Banks
e) NABARD - Apex organization for assisting Agriculture & Rural Development
28. Statutory Liquidity Ratio (SLR) of commercial banks means:
a) The percentage of cash that banks keep with them, as per IBA Guidelines
b) A portion of Fixed Deposits to be maintained with RBI as per RBI Act - 1934
c) Every bank is required to maintain a proportion of their Net Demand and Time Liabilities as liquid assets in the form of cash, gold and un-encumbered approved securities
d) The rate at which central bank of the country (in India it is RBI) allows finance to commercial banks
e) None of the above
29. Which bank is created for the promotion of cross border trade and investment?
a) NABARD
b) SIDBI
c) EXIM Bank
d) IDBI
e) None of the above
30. "Closed Economy" is that economy in which?
a) Neither export nor import takes place in a country
b) Deficit financing takes place
c) Only export takes place
d) Only imports are allowed
e) None of the above
31. Apna Sahakari Bank Ltd is located at?
a) Bhopal, Madhya Pradesh
b) Kolkata, West Bengal
c) Lucknow, Uttar Pradesh
d) Mumbai, Maharashtra
e) Hyderabad, Telangana
32. On which of the following types of cheques alterations are not allowed by RBI?
a) Paper cheque
b) CTS cheque
c) Electronic cheque
d) Cheque with account payee crossing
e) None of the above
33. What is the income criteria for sanctioning loan under Prime minister Employment Generation Programme (PMEGP)?
a) Rs. 18,000 per head
b) Rs. 18,000 per family
c) Rs. 24,000 per family
d) Rs. 36,000 per family
e) No ceiling on Income
34. Under Negotiable Instruments Act-1881 Inchoate Instrument means:
a) Invalid instrument
b) Incomplete instrument
c) Restricts further endorsement
d) Illegal Instrument
e) None of the above
35. To apply the Garnishee Order, the Banker - Customer relationship should be:
a) Creditor - Debtor
b) Agent - Principal
c) Trustee - Beneficiary
d) Debtor - Creditor
e) None of the above
36. Under Pradhan Mantri Suraksha Bima Yojana (PMSBY) insurance cover for accidental death or permanent full disability is:
a) Rs. 2 lakhs
b) Rs. 3 lakhs
c) Rs. 4 lakhs
d) Rs. 5 lakhs
e) Rs. 1 lakh
37. In term deposits if the Principal and Interest is Rs. 20,000 or above it should not be paid in cash as per ____:
a) RBI Act
b) Negotiable Instruments Act
c) Banking Regulation Act
d) Income tax Act
e) None of the above
38. As per BCSBI - Banking Codes and Standard Board of India, duplicate DD should be issued within ___ from the date of request?
a) 7 days
b) 14 days
c) 10 days
d) 15 days
e) 3 days
ANSWERS:
1) e 2) c 3) a 4) c 5) b 6) d 7) b 8) a 9) c 10) a
11) a 12) a 13) c 14) c 15) d 16) c 17) d 18) c 19) c 20) a
21) b 22) a 23) d 24) b 25) a 26) d 27) d 28) c 29) c 30) a
31) d 32) b 33) e 34) b 35) d 36) a 37) d 38) b
No comments:
Post a Comment