General Affairs
Note ban: PAC contradicts its chairman, says PM Modi cannot be summoned
-
In an interesting development, the Public Accounts Committee (PAC) has released a statement contradicting its own chairperson KV Thomas over summoning Prime Minister Narendra Modi before the parliamentary panel.
The PAC today said that neither a minister nor the Prime Minister could be called for explanation by the panel.
DEMONETISATION, PAC AND PM MODI: THINGS TO KNOW
-
The PAC statement says that under the rules, "officials may be called to give evidence in connection with the examination of the estimates and accounts in a particular Ministry, Ministers shall not be called before the Committee either to give evidence or consultation."
-
The PAC statement, however, further reads that the chairperson of the committee "may have an informal interaction with the Minister".
-
The PAC statement in interesting in the view of chairman K V Thomas's stand that PM Modi Modi could be summoned if the panel is not satisfied with the responses of RBI governor Urjit Patel and finance ministry officials on demonetisation.
-
Earlier, A BJP member of the PAC registered protest with the Lok Sabha speaker against the statement made by Thomas.
-
On his part, Thomas cited precedents of PAC summoning union ministers during the chairmanship of senior BJP leader Murli Manohar Joshi, who wanted the then PM Manmohan Singh to appear before the parliamentary panel in connection with 2G and coal scams.
-
Thomas also cited a 1996-example when the then agriculture minister C Subramaniam appeared before the committee over a CAG report.
-
In 1992, the then finance minister Manmohan Singh faced PAC over Harshad Mehta stock exchange scandal.
-
RBI Governor Urjit Patel is slated to appear before the PAC over demonetisation on January 20.
In an interesting development, the Public Accounts Committee (PAC) has released a statement contradicting its own chairperson KV Thomas over summoning Prime Minister Narendra Modi before the parliamentary panel.
The PAC today said that neither a minister nor the Prime Minister could be called for explanation by the panel.
DEMONETISATION, PAC AND PM MODI: THINGS TO KNOW
- The PAC statement says that under the rules, "officials may be called to give evidence in connection with the examination of the estimates and accounts in a particular Ministry, Ministers shall not be called before the Committee either to give evidence or consultation."
- The PAC statement, however, further reads that the chairperson of the committee "may have an informal interaction with the Minister".
- The PAC statement in interesting in the view of chairman K V Thomas's stand that PM Modi Modi could be summoned if the panel is not satisfied with the responses of RBI governor Urjit Patel and finance ministry officials on demonetisation.
- Earlier, A BJP member of the PAC registered protest with the Lok Sabha speaker against the statement made by Thomas.
- On his part, Thomas cited precedents of PAC summoning union ministers during the chairmanship of senior BJP leader Murli Manohar Joshi, who wanted the then PM Manmohan Singh to appear before the parliamentary panel in connection with 2G and coal scams.
- Thomas also cited a 1996-example when the then agriculture minister C Subramaniam appeared before the committee over a CAG report.
- In 1992, the then finance minister Manmohan Singh faced PAC over Harshad Mehta stock exchange scandal.
- RBI Governor Urjit Patel is slated to appear before the PAC over demonetisation on January 20.
10 most important things Army Chief General Bipin Rawat said in his Army Day press meet
-
1. On General P Bakhshi's allegations of there being a sabotage attempt at him and his character assassination:
We have both reached out to each other. He said he accepted the government's decision and would support me. If he believes there was any wrongdoing or any requirement of us investigating, we will do that. He will be attend the Combined Commanders Conference which will be held soon. If General Bakshi tells us formally of any wrongdoing, we will look into it.
2. On his appointment as Army chief:
I don't know why I was selected. I humbly accepted what the government's decision was. Do you think I would have challenged the government's decision to appoint me by superseding seniors? I humbly accepted the government's decision.
3. On Army jawan's video where he is seen complaining about mistreatment:
We have an excellent greivance redressal system. Social media is a double edged sword and our communication has not broken down yet. Have issued orders to place Chief Of Army Staff boxes where people can drop their complaint. They need to write their names and we will ensure their identities are protected. Direct communication with seniors is a must. The jawan who posted the video had a problem with sahayak/buddy system we have. However in the army we operate in pairs. Such jobs should be voluntary. If someone is being forced against his will, then it is not right. His way of taking the issue up also wasn't correct.
4. On the unrest in Jammu and Kashmir:
Have to make people there understand that our actions are for their benefit. Tourism, education are sectors which need to take off. We also need to fight the indoctrination. Our secular fabric was targeted. The state should move to where it was before 1989.
5. On Pakistan:
There are 17 terror camps on the other side. The launch pads which were pulled out after surgical strikes are coming back. Let us wait and watch to see how things unfold. Northern Command is looking pro-actively to counter propaganda. They wanted a ceasefire. Infiltration is on.
6. On terrorist activities:
We have to strengthen those men on ground with better equipment. We were relying excessively on placing guards to police our camps. It is not the most healthy way since we end up using our manpower to guard ourselves which may be exactly what the enemy wants. We will incorporate technology, induct ballistic helmet instead of the patka, better bullet proof jackets and better night vision devices. Thr Uri brigade commander was moved away and given a second command because he has to get one. If we deny it he will go to court. I must also tell you that in the army being removed from a command is a disgrace.
7. On more openings for women in the Army:
Women are in the engineering stream, signals among others. We haven't as yet allowed them on the front line because there they will need to share equal responsibility. For example, a tank crew lives inside the tank and eat and sleep together. On the front line, in Arunachal Pradesh, troops go for patrol which lasts upto 35 days where again men eat and sleep together. Are the women ready to take that call? If so we will address matters.
8. On newer inductions:
Time to induct newer weapons and look into the future. We have BMP 1 & 2, and are looking at Future Infantry Combat Vehicle. T72 will need replacement and Future Ready Combat Vehicle is being looked at. Have contracted for Ultra Light Howitzers, will be inducting Dhanush gun also. To replace old Cheetahs and Chetaks, Kamovs coming in. Arjun Tank needs to get lighter and we are going to place more orders.
9. On Make In India:
In the past, we relied too heavily on DRDO. Now we are opening up to our industry to address our concerns.
10. On the situation in North East:
The NSCN IM is talking to us but feels that ceasefire does not exist beyond Nagaland and thus is free to do what it wants in Manipur. However we believe all Naga tribes are with us and there is no setback to the peace process.
1. On General P Bakhshi's allegations of there being a sabotage attempt at him and his character assassination:
We have both reached out to each other. He said he accepted the government's decision and would support me. If he believes there was any wrongdoing or any requirement of us investigating, we will do that. He will be attend the Combined Commanders Conference which will be held soon. If General Bakshi tells us formally of any wrongdoing, we will look into it.
2. On his appointment as Army chief:
I don't know why I was selected. I humbly accepted what the government's decision was. Do you think I would have challenged the government's decision to appoint me by superseding seniors? I humbly accepted the government's decision.
3. On Army jawan's video where he is seen complaining about mistreatment:
We have an excellent greivance redressal system. Social media is a double edged sword and our communication has not broken down yet. Have issued orders to place Chief Of Army Staff boxes where people can drop their complaint. They need to write their names and we will ensure their identities are protected. Direct communication with seniors is a must. The jawan who posted the video had a problem with sahayak/buddy system we have. However in the army we operate in pairs. Such jobs should be voluntary. If someone is being forced against his will, then it is not right. His way of taking the issue up also wasn't correct.
4. On the unrest in Jammu and Kashmir:
Have to make people there understand that our actions are for their benefit. Tourism, education are sectors which need to take off. We also need to fight the indoctrination. Our secular fabric was targeted. The state should move to where it was before 1989.
5. On Pakistan:
There are 17 terror camps on the other side. The launch pads which were pulled out after surgical strikes are coming back. Let us wait and watch to see how things unfold. Northern Command is looking pro-actively to counter propaganda. They wanted a ceasefire. Infiltration is on.
6. On terrorist activities:
We have to strengthen those men on ground with better equipment. We were relying excessively on placing guards to police our camps. It is not the most healthy way since we end up using our manpower to guard ourselves which may be exactly what the enemy wants. We will incorporate technology, induct ballistic helmet instead of the patka, better bullet proof jackets and better night vision devices. Thr Uri brigade commander was moved away and given a second command because he has to get one. If we deny it he will go to court. I must also tell you that in the army being removed from a command is a disgrace.
7. On more openings for women in the Army:
Women are in the engineering stream, signals among others. We haven't as yet allowed them on the front line because there they will need to share equal responsibility. For example, a tank crew lives inside the tank and eat and sleep together. On the front line, in Arunachal Pradesh, troops go for patrol which lasts upto 35 days where again men eat and sleep together. Are the women ready to take that call? If so we will address matters.
8. On newer inductions:
Time to induct newer weapons and look into the future. We have BMP 1 & 2, and are looking at Future Infantry Combat Vehicle. T72 will need replacement and Future Ready Combat Vehicle is being looked at. Have contracted for Ultra Light Howitzers, will be inducting Dhanush gun also. To replace old Cheetahs and Chetaks, Kamovs coming in. Arjun Tank needs to get lighter and we are going to place more orders.
9. On Make In India:
In the past, we relied too heavily on DRDO. Now we are opening up to our industry to address our concerns.
10. On the situation in North East:
The NSCN IM is talking to us but feels that ceasefire does not exist beyond Nagaland and thus is free to do what it wants in Manipur. However we believe all Naga tribes are with us and there is no setback to the peace process.
Modi deletes Gandhi from Khadi Gram Udyog calendars: No KVIC rules on photos, says government
-
As a row erupted over Prime Minister Narendra Modi replacing Mahatma Gandhi on Khadi and Village Industries Commission diaries and calendars, sources in the government today said the controversy is "baseless and unnecessary".
Responding to the Khadi controversy, PMO sources said, "It is an unnecessary controversy. In 1996,2002, 2005, 2011, 2012, 2013, 2016 Mahatma Gandhi photograph was not there on calendar." "There is no rule in the Khadi Village and Industries Commission (KVIC) that only Mahatma Gandhi's photo must be printed on the calendar," the sources quoted by news agency ANI said today.
The government claims this is not the first time that Gandhi's photo has not been used. "No photo of Gandhi appeared on the calendar or the diary in years 1996, 2002, 2005, 2011, 2013, 2016. So there is no question of saying PM Modi's photo replaced Gandhi," the sources said.
"Modi is a youth icon and he is the reason behind the increasing popularity of khadi products among the youths," the sources said.
KVIC EMPLOYEES PROTEST MOVE
On Thursday, most KVIC employees and officials were taken aback to see the cover photo of the calendar and diary showing Modi weaving khadi on a large 'charkha' - in the same iconic pose as Gandhiji.
While Gandhi's historic picture weaving khadi on a simple wooden charkha, wearing his trademark loin cloth, is legendary and imprinted in the minds of the masses since generations, Modi comes across in his signature attire of kurta-pyjama-waistcoat, weaving khadi on a slightly modernised charkha.
Upset over Gandhi's picture missing, a section of KVIC workers in Mumbai protested and sought to know as to why the image of the father of the nation was left out, while featuring Modi.
Virtually rendered speechless, employees of KVIC at Mumbai's Vile Parle headquarters staged "a silent, soul-cleansing" protest during lunch hour on Thursday.
During the four-month period between Gandhi's birthday on October 2 and his martyrdom on January 30, the KVIC launches special promotions and offers special rebates to boost khadi sales across India.
Incidentally, Modi already has a khadi garment unofficially named after him - the casual, half-sleeved 'Modi Kurta' - since the days he was Gujarat Chief Minister and sported it regularly in public in various shades and styles.
Meanwhile, the news was received with consternation and went viral on various social media networks with a vast majority sharply critical of the KVIC move.
As a row erupted over Prime Minister Narendra Modi replacing Mahatma Gandhi on Khadi and Village Industries Commission diaries and calendars, sources in the government today said the controversy is "baseless and unnecessary".
Responding to the Khadi controversy, PMO sources said, "It is an unnecessary controversy. In 1996,2002, 2005, 2011, 2012, 2013, 2016 Mahatma Gandhi photograph was not there on calendar." "There is no rule in the Khadi Village and Industries Commission (KVIC) that only Mahatma Gandhi's photo must be printed on the calendar," the sources quoted by news agency ANI said today.
The government claims this is not the first time that Gandhi's photo has not been used. "No photo of Gandhi appeared on the calendar or the diary in years 1996, 2002, 2005, 2011, 2013, 2016. So there is no question of saying PM Modi's photo replaced Gandhi," the sources said.
"Modi is a youth icon and he is the reason behind the increasing popularity of khadi products among the youths," the sources said.
KVIC EMPLOYEES PROTEST MOVE
On Thursday, most KVIC employees and officials were taken aback to see the cover photo of the calendar and diary showing Modi weaving khadi on a large 'charkha' - in the same iconic pose as Gandhiji.
While Gandhi's historic picture weaving khadi on a simple wooden charkha, wearing his trademark loin cloth, is legendary and imprinted in the minds of the masses since generations, Modi comes across in his signature attire of kurta-pyjama-waistcoat, weaving khadi on a slightly modernised charkha.
Upset over Gandhi's picture missing, a section of KVIC workers in Mumbai protested and sought to know as to why the image of the father of the nation was left out, while featuring Modi.
Virtually rendered speechless, employees of KVIC at Mumbai's Vile Parle headquarters staged "a silent, soul-cleansing" protest during lunch hour on Thursday.
During the four-month period between Gandhi's birthday on October 2 and his martyrdom on January 30, the KVIC launches special promotions and offers special rebates to boost khadi sales across India.
Incidentally, Modi already has a khadi garment unofficially named after him - the casual, half-sleeved 'Modi Kurta' - since the days he was Gujarat Chief Minister and sported it regularly in public in various shades and styles.
Meanwhile, the news was received with consternation and went viral on various social media networks with a vast majority sharply critical of the KVIC move.
Day before Makar Sankranti, Supreme Court says ban on Chinese manja in kites will continue
-
Ban on Chinese manja will continue in India with the Supreme Court refusing to allow its use in kite flying.
Supreme Court has asked manja traders from Gujarat to move NGT for any relief.
The National Green Tribunal (NGT) had last year imposed a nationwide interim ban on the procurement, sale and use of glass powder-coated 'manja' and other dangerous kite strings.
NGT bench had said the glass-coated kite string not only posed a threat to birds, animals and humans but also caused harm to the environment.
Ban on Chinese manja will continue in India with the Supreme Court refusing to allow its use in kite flying.
Supreme Court has asked manja traders from Gujarat to move NGT for any relief.
The National Green Tribunal (NGT) had last year imposed a nationwide interim ban on the procurement, sale and use of glass powder-coated 'manja' and other dangerous kite strings.
NGT bench had said the glass-coated kite string not only posed a threat to birds, animals and humans but also caused harm to the environment.
Jolt to Mamata Banerjee, Calcutta High Court allows RSS chief Mohan Bhagwat to hold rally in Kolkata tomorrow
-
In a severe jolt to West Bengal Chief Minister Mamata Banerjee, the Calcutta High Court has rejected Kolkata Police's denial of permission to RSS chief Mohan Bhagwat for holding a rally on January 14 in the state capital. The court, however, imposed certain conditions for holding the rally at central Kolkata's Brigade Parade Ground.
The High Court also issued a notice to Kolkata Police Commissioner Rajeev Kumar for withholding information about their rejection of permission to the RSS. It asked him to file a reply within two weeks. Kumar has been asked to reply to the RSS.
KOLKATA POLICE SAID 'NO' TO RSS EVENT
Earlier, the Kolkata Police had denied permission to the RSS' two-day 'Hindu Sanmelan' scheduled for January 14 in the city. The RSS chief is the key speaker at the event.
The Kolkata Police cited "the interest of general security and public order" for denying permission to the RSS.
RSS' Bengal unit moved the Calcutta High Court. On Wednesday, the court had ordered the Kolkata Police to confirm within 24 hours whether the RSS could hold a meeting.
In a severe jolt to West Bengal Chief Minister Mamata Banerjee, the Calcutta High Court has rejected Kolkata Police's denial of permission to RSS chief Mohan Bhagwat for holding a rally on January 14 in the state capital. The court, however, imposed certain conditions for holding the rally at central Kolkata's Brigade Parade Ground.
The High Court also issued a notice to Kolkata Police Commissioner Rajeev Kumar for withholding information about their rejection of permission to the RSS. It asked him to file a reply within two weeks. Kumar has been asked to reply to the RSS.
KOLKATA POLICE SAID 'NO' TO RSS EVENT
Earlier, the Kolkata Police had denied permission to the RSS' two-day 'Hindu Sanmelan' scheduled for January 14 in the city. The RSS chief is the key speaker at the event.
The Kolkata Police cited "the interest of general security and public order" for denying permission to the RSS.
RSS' Bengal unit moved the Calcutta High Court. On Wednesday, the court had ordered the Kolkata Police to confirm within 24 hours whether the RSS could hold a meeting.
Business Affairs
Niti Aayog to set up an expert committee to decide new poverty line
-
Niti Aayog, governments premier think-tank, will soon set up an expert committee to arrive at a new poverty line, according to an official.
"We have said that we needed an expert committee to look at poverty line as most states are not much in sync with each other... We have not formed an expert committee yet but soon we will set up an expert committee to look at poverty line," said a senior government official.
Pursuant to the decision taken at the first meeting of the Governing Council of NITI Aayog held under the chairmanship of Prime Minister Narendra Modi on February 8, 2015, a Task Force on Elimination of Poverty in India was constituted by NITI Aayog on March 16, 2015 under the chairmanship of Arvind Panagariya, vice chairman, NITI Aayog.
The report of the Task Force was submitted to the Prime Minister on July 11, 2016. It recommended setting up of an expert committee to arrive at an informed decision on the level at which the poverty line should be set because a consensus in favour of either the Tendulkar or a higher poverty line did not emerge.
The current poverty estimates are based on the methodology recommended by the Expert Group under the chairmanship of Suresh D Tendulkar in 2009.
According the Tendulkar committee methodology, those whose daily consumption of goods and services exceeds Rs 33.33 in cities and Rs 27.20 in villages are not poor. As per these numbers, only 22 per cent of the people can be classified as poor in the country.
Niti Aayog, governments premier think-tank, will soon set up an expert committee to arrive at a new poverty line, according to an official.
"We have said that we needed an expert committee to look at poverty line as most states are not much in sync with each other... We have not formed an expert committee yet but soon we will set up an expert committee to look at poverty line," said a senior government official.
Pursuant to the decision taken at the first meeting of the Governing Council of NITI Aayog held under the chairmanship of Prime Minister Narendra Modi on February 8, 2015, a Task Force on Elimination of Poverty in India was constituted by NITI Aayog on March 16, 2015 under the chairmanship of Arvind Panagariya, vice chairman, NITI Aayog.
The report of the Task Force was submitted to the Prime Minister on July 11, 2016. It recommended setting up of an expert committee to arrive at an informed decision on the level at which the poverty line should be set because a consensus in favour of either the Tendulkar or a higher poverty line did not emerge.
The current poverty estimates are based on the methodology recommended by the Expert Group under the chairmanship of Suresh D Tendulkar in 2009.
According the Tendulkar committee methodology, those whose daily consumption of goods and services exceeds Rs 33.33 in cities and Rs 27.20 in villages are not poor. As per these numbers, only 22 per cent of the people can be classified as poor in the country.
Sensex, Nifty snap winning streak; shares of Infosys, TCS tank
-
Snapping a three-day winning streak, the Indian markets slipped lower to end the day flat on the account of uncertainity in Tata Consultancy Services' future following N Chandrasekaran's departure to head as Chairman of Tata Sons.
The S&P BSE Sensex ended the day 27,238, down 9.10 points while the broader Nifty closed at 8,400, down 6.85 points.
The shares of TCS fell over about 4 percent to a one-month low on Friday even though the company reported better-than-expected earnings on Thursday.
Adding to the fall, the shares of Infosys slumped after the company posted positive quarterly results.
The stock fell as much as 3.73 per cent on the BSE to its lowest since Dec 7.
The Nifty IT index were a major laggard, losing 1.01 per cent.
However, banks extended their rally as the Nifty Bank index closed 0.2 percent higher.
Axis Bank closed with nearly 4 per cent gains, followed by ITC and GAIL.
Snapping a three-day winning streak, the Indian markets slipped lower to end the day flat on the account of uncertainity in Tata Consultancy Services' future following N Chandrasekaran's departure to head as Chairman of Tata Sons.
The S&P BSE Sensex ended the day 27,238, down 9.10 points while the broader Nifty closed at 8,400, down 6.85 points.
The shares of TCS fell over about 4 percent to a one-month low on Friday even though the company reported better-than-expected earnings on Thursday.
Adding to the fall, the shares of Infosys slumped after the company posted positive quarterly results.
The stock fell as much as 3.73 per cent on the BSE to its lowest since Dec 7.
The Nifty IT index were a major laggard, losing 1.01 per cent.
However, banks extended their rally as the Nifty Bank index closed 0.2 percent higher.
Axis Bank closed with nearly 4 per cent gains, followed by ITC and GAIL.
Exports rise 5.72 percent as December trade deficit narrows to $10.36 billion
-
Recording positive growth for the fourth month in a row, exports rose 5.72 per cent to $23.9 billion in December on better performance by petroleum, engineering and pharmaceuticals segments.
Imports too grew by 0.46 per cent to $34.25 billion during the month under review, leaving a trade deficit of $10.36 billion as against $11.5 billion in December 2015.
Exports of engineering products rose by about 20 per cent, petroleum by 8.22 cent and pharmaceuticals 12.49 chemicals, according to the commerce ministry data.
Commenting on the figures, the Federation of Indian Export Organisations (FIEO) said that global sentiments have started showing positive signs and the US Fed rate hike and demonetisation have very limited impact on exports.
"Looking at the continuous positive trend of growth in exports, we are on our course to achieve exports of about $270-280 billion during the current fiscal," FIEO President SC Ralhan said.
During April-December period, exports grew marginally by 0.75 per cent to $198.8 billion.
However, imports dipped 7.42 per cent to $275.3 billion.
Trade deficit during the nine-month period stood at $76.54 billion as against $100 billion in the same period last year.
Oil imports were valued at $7.645 billion during December 2016 which was 14.61 per cent higher than oil imports valued at $6.670 billion in December 2015, the trade data released by Commerce and Industry Ministry showed.
Non-oil imports were estimated at $26.608 billion in December, down by 2.98 per cent than that of $27.425 billion in December, 2015. Gold imports during December declined by 48.49 per cent to $1.96 billion.
Recording positive growth for the fourth month in a row, exports rose 5.72 per cent to $23.9 billion in December on better performance by petroleum, engineering and pharmaceuticals segments.
Imports too grew by 0.46 per cent to $34.25 billion during the month under review, leaving a trade deficit of $10.36 billion as against $11.5 billion in December 2015.
Exports of engineering products rose by about 20 per cent, petroleum by 8.22 cent and pharmaceuticals 12.49 chemicals, according to the commerce ministry data.
Commenting on the figures, the Federation of Indian Export Organisations (FIEO) said that global sentiments have started showing positive signs and the US Fed rate hike and demonetisation have very limited impact on exports.
"Looking at the continuous positive trend of growth in exports, we are on our course to achieve exports of about $270-280 billion during the current fiscal," FIEO President SC Ralhan said.
During April-December period, exports grew marginally by 0.75 per cent to $198.8 billion.
However, imports dipped 7.42 per cent to $275.3 billion.
Trade deficit during the nine-month period stood at $76.54 billion as against $100 billion in the same period last year.
Oil imports were valued at $7.645 billion during December 2016 which was 14.61 per cent higher than oil imports valued at $6.670 billion in December 2015, the trade data released by Commerce and Industry Ministry showed.
Non-oil imports were estimated at $26.608 billion in December, down by 2.98 per cent than that of $27.425 billion in December, 2015. Gold imports during December declined by 48.49 per cent to $1.96 billion.
Corporates look past India's cash crisis, praise Modi reforms
-
Business leaders from around the world attending an investment summit in Gujarat this week cheered Prime Minister Narendra Modi's reforms, and said the disruption caused by his radical demonetization move should be temporary.
Executives at the week-long, biennial Vibrant Gujarat Summit held in Modi's home state said the tide was turning on investments into India, although some complained the approval process remained prohibitively slow.
Modi has promoted a business-friendly agenda since coming to power in 2014, and his reforms have helped turn India into the world's fastest growing major economy, albeit with the help of hefty government spending to fund projects.
"We are making a real bet on the country. What we are seeing with Prime Minister Modi is really some substantive change, it's more than lip service," said Peter Huntsman, Chief Executive of U.S. chemical maker Huntsman Corp.
Huntsman said his company, which sells products ranging from adhesives to industrial inputs, is doing "preliminary analysis on what may end up being several hundred million dollars worth of investments in India."
As someone who first came to India in the late 1980s and has seen the promises made over decades, he described the pace of change under Modi as "near light-speed", and said that an overhaul of India's unwieldy tax code would be a game changer.
After lengthy delays and political horse trading among lawmakers, Modi finally won parliamentary approval last year to implement the Goods and Services Tax (GST), although it is likely to go only some way to unifying rates.
The prime minister also stunned Indians on Nov. 8 when he abolished old 500 and 1,000 rupee notes in a bid to root out corruption and drag the nation into the age of digital payments.
The World Bank said in its report this week that the move would slow India's economic growth to 7 percent this fiscal year, down from an earlier estimate of 7.6 percent.
Other economists have also pared growth forecasts, as money shortages over the last two months have caused frustration for millions of people in an economy largely driven by cash.
Industrialists like B. K. Goenka, chairman of Indian conglomerate Welspun Group, believe the economic hit from so-called demonetization is in the past.
"Demonetization is over. It was a bold decision and in the long run it will benefit. It will also help the implementation of GST," said Goenka, adding moves to cleanse the system prior to implementing GST later this year made sense.
Welspun outlined proposed investments of 40 billion rupees in Gujarat during the summit, which ended Friday.
RISKS AND REWARDS
Canadian billionaire investor Prem Watsa said his India-focused investment vehicle Fairfax India is raising a further $500 million, as its initial $1 billion raise from 2015 has already been largely earmarked for deployment.
"I'm saying India is the single best country to invest in worldwide for the long-term," said Watsa, adding that all the companies Fairfax India has invested in so far are registering double digit growth rates. "I see huge opportunities."
"You're going to see a transformation take place before your eyes in India," said Watsa, comparing Modi's reform agenda in India to the transformation Lee Kuan Yew brought to Singapore.
Even for optimists, though, challenges remain.
Fairfax India warned last week that a $323 million deal it had struck in March 2016 to acquire a 33 percent stake in the Bengaluru airport was still in limbo, awaiting some government and regulatory approvals.
That deal had initially been expected to close in mid-2016.
The head of Dubai's DP World, which operates several ports along India's coastline, said he was "very bullish" on India but that more work was needed to speed up approvals.
Others pointed to the unpredictability of Indian politics as a wild card factor.
That challenge was illustrated this week when Amazon.com was forced to remove doormats resembling the Indian flag from its Canadian website, after an Indian government threat to rescind visas of the company's employees if they did not stop selling them.
"Investors will just have to accept a higher level of risk to get the returns they want from big markets like India," said Amitabh Dubey, a political analyst at emerging markets advisory firm Trusted Sources.
Business leaders from around the world attending an investment summit in Gujarat this week cheered Prime Minister Narendra Modi's reforms, and said the disruption caused by his radical demonetization move should be temporary.
Executives at the week-long, biennial Vibrant Gujarat Summit held in Modi's home state said the tide was turning on investments into India, although some complained the approval process remained prohibitively slow.
Modi has promoted a business-friendly agenda since coming to power in 2014, and his reforms have helped turn India into the world's fastest growing major economy, albeit with the help of hefty government spending to fund projects.
"We are making a real bet on the country. What we are seeing with Prime Minister Modi is really some substantive change, it's more than lip service," said Peter Huntsman, Chief Executive of U.S. chemical maker Huntsman Corp.
Huntsman said his company, which sells products ranging from adhesives to industrial inputs, is doing "preliminary analysis on what may end up being several hundred million dollars worth of investments in India."
As someone who first came to India in the late 1980s and has seen the promises made over decades, he described the pace of change under Modi as "near light-speed", and said that an overhaul of India's unwieldy tax code would be a game changer.
After lengthy delays and political horse trading among lawmakers, Modi finally won parliamentary approval last year to implement the Goods and Services Tax (GST), although it is likely to go only some way to unifying rates.
The prime minister also stunned Indians on Nov. 8 when he abolished old 500 and 1,000 rupee notes in a bid to root out corruption and drag the nation into the age of digital payments.
The World Bank said in its report this week that the move would slow India's economic growth to 7 percent this fiscal year, down from an earlier estimate of 7.6 percent.
Other economists have also pared growth forecasts, as money shortages over the last two months have caused frustration for millions of people in an economy largely driven by cash.
Industrialists like B. K. Goenka, chairman of Indian conglomerate Welspun Group, believe the economic hit from so-called demonetization is in the past.
"Demonetization is over. It was a bold decision and in the long run it will benefit. It will also help the implementation of GST," said Goenka, adding moves to cleanse the system prior to implementing GST later this year made sense.
Welspun outlined proposed investments of 40 billion rupees in Gujarat during the summit, which ended Friday.
RISKS AND REWARDS
Canadian billionaire investor Prem Watsa said his India-focused investment vehicle Fairfax India is raising a further $500 million, as its initial $1 billion raise from 2015 has already been largely earmarked for deployment.
"I'm saying India is the single best country to invest in worldwide for the long-term," said Watsa, adding that all the companies Fairfax India has invested in so far are registering double digit growth rates. "I see huge opportunities."
"You're going to see a transformation take place before your eyes in India," said Watsa, comparing Modi's reform agenda in India to the transformation Lee Kuan Yew brought to Singapore.
Even for optimists, though, challenges remain.
Fairfax India warned last week that a $323 million deal it had struck in March 2016 to acquire a 33 percent stake in the Bengaluru airport was still in limbo, awaiting some government and regulatory approvals.
That deal had initially been expected to close in mid-2016.
The head of Dubai's DP World, which operates several ports along India's coastline, said he was "very bullish" on India but that more work was needed to speed up approvals.
Others pointed to the unpredictability of Indian politics as a wild card factor.
That challenge was illustrated this week when Amazon.com was forced to remove doormats resembling the Indian flag from its Canadian website, after an Indian government threat to rescind visas of the company's employees if they did not stop selling them.
"Investors will just have to accept a higher level of risk to get the returns they want from big markets like India," said Amitabh Dubey, a political analyst at emerging markets advisory firm Trusted Sources.
Demonetisation: Tax collection data may give incomplete picture
-
The sharp jump in tax collections during the April-December 2016 period has given the government ammunition against doomsayers (including many in the opposition) who were predicting a sharp decline in economic activity after demonetisation.
Net direct tax collections rose 12 per cent to Rs 5.53 lakh crore in April-December 2016 over the corresponding period last year. Indirect tax collections rose 25 per cent to Rs 6.3 lakh crore.
The data may come as a surprise to many as it includes two months-November and December-after demonetisation. So, did the demonetisation not have any negative impact on the economy or there's more to the data than meets the eye? Let's see if everything is as hunky-dory as the government would like us to believe or it's just statistical jugglery.
The direct tax numbers, if sliced, do not look as impressive as the government wants us to believe. Corporate tax collections have grown just 4.4 per cent as against 9 per cent growth estimated in the Budget. This shows muted corporate earnings growth. In 2015/16, corporate tax collections had grown 10 per cent in the April-December period.
Experts say even the lower-than-expected corporate tax collections do not fully reflect the impact of demonetisation. "I doubt if the impact of demonetisation is factored in as it would be felt in March advance tax instalments when third quarter results are available. Corporate tax collections could fall and miss the target by a greater margin as there is no turnaround visible, besides the impact of demonetisation," says Mukesh Butani, Partner, BMR Legal.
Though personal income tax collections rose 25 per cent, experts say a lot of this could be due to tax payments made under the income disclosure scheme (IDS). Under the IDS, around Rs 65,000 crore worth of assets were disclosed, on which 45 per cent tax was supposed to be paid in three instalments by November 30, 2017. The tax collection under IDS is likely to be over Rs 30,000 crore.
"The jump in direct tax collections comes as a surprise. One reason could be that after demonetisation, many who had disclosed assets under the IDS would have pre-poned the payment," says Nidhi Goyal, Managing Director, Taxation, Protiviti, a tax and accountancy firm.
Mukesh Butani of BMR says most individual tax payers are subject to monthly withholding tax on salaries and don't pay advance tax. Hence, the impact of demonetisation on personal income tax collections could be minimum.
He further says that personal tax collections are expected to show an even robust trend due to the impact of the Pradhan Mantri Garib Kalyan Yojna (PMGKY). Under the PKGKY, any black money deposited in banks after November 8 would be taxed at 50 per cent. Also, 25 per cent deposited cash would be locked in for four years without any interest. One needs to watch how much tax is collected under the PMGKY, which closes in March 2017.
In indirect taxes, excise collections soared 43 per cent to Rs 2.8 lakh crore in the April-December 2016 period as against Rs 1.95 lakh crore a year ago. Butani of BMR Legal says this could be due to the ad-valorem basis of charging excise duties on petroleum products, which contribute 40-45 per cent to collections.
The sharp jump in tax collections during the April-December 2016 period has given the government ammunition against doomsayers (including many in the opposition) who were predicting a sharp decline in economic activity after demonetisation.
Net direct tax collections rose 12 per cent to Rs 5.53 lakh crore in April-December 2016 over the corresponding period last year. Indirect tax collections rose 25 per cent to Rs 6.3 lakh crore.
The data may come as a surprise to many as it includes two months-November and December-after demonetisation. So, did the demonetisation not have any negative impact on the economy or there's more to the data than meets the eye? Let's see if everything is as hunky-dory as the government would like us to believe or it's just statistical jugglery.
The direct tax numbers, if sliced, do not look as impressive as the government wants us to believe. Corporate tax collections have grown just 4.4 per cent as against 9 per cent growth estimated in the Budget. This shows muted corporate earnings growth. In 2015/16, corporate tax collections had grown 10 per cent in the April-December period.
Experts say even the lower-than-expected corporate tax collections do not fully reflect the impact of demonetisation. "I doubt if the impact of demonetisation is factored in as it would be felt in March advance tax instalments when third quarter results are available. Corporate tax collections could fall and miss the target by a greater margin as there is no turnaround visible, besides the impact of demonetisation," says Mukesh Butani, Partner, BMR Legal.
Though personal income tax collections rose 25 per cent, experts say a lot of this could be due to tax payments made under the income disclosure scheme (IDS). Under the IDS, around Rs 65,000 crore worth of assets were disclosed, on which 45 per cent tax was supposed to be paid in three instalments by November 30, 2017. The tax collection under IDS is likely to be over Rs 30,000 crore.
"The jump in direct tax collections comes as a surprise. One reason could be that after demonetisation, many who had disclosed assets under the IDS would have pre-poned the payment," says Nidhi Goyal, Managing Director, Taxation, Protiviti, a tax and accountancy firm.
Mukesh Butani of BMR says most individual tax payers are subject to monthly withholding tax on salaries and don't pay advance tax. Hence, the impact of demonetisation on personal income tax collections could be minimum.
He further says that personal tax collections are expected to show an even robust trend due to the impact of the Pradhan Mantri Garib Kalyan Yojna (PMGKY). Under the PKGKY, any black money deposited in banks after November 8 would be taxed at 50 per cent. Also, 25 per cent deposited cash would be locked in for four years without any interest. One needs to watch how much tax is collected under the PMGKY, which closes in March 2017.
In indirect taxes, excise collections soared 43 per cent to Rs 2.8 lakh crore in the April-December 2016 period as against Rs 1.95 lakh crore a year ago. Butani of BMR Legal says this could be due to the ad-valorem basis of charging excise duties on petroleum products, which contribute 40-45 per cent to collections.
General Awareness
Bank of Baroda Probationary Officers Exam Solved Paper
-
1. What is the current rate of CRR ?
(A) 4% (B) 5% (C) 3% (D) 4.5% (E) Other than those given as option (Ans : A)
2. A leading bank in India has recently (July 2016) launched a social media banking platform for its facebook and twitter users which goes by the name of 'Mingle'. Name the Bank–
(A) Punjab National Bank (B) YES Bank (C) State Bank of India (D) Bank of Baroda (E) ICICI Bank (Ans : C)
3. .......... has launched India's first internationally-listed certified green bond to finance climate change solutions around the world at London Stock Exchange.
(A) Kotak Mahindra Bank (B) ICICI Bank (C) AXIS Bank (D) HDFC Bank (E) YES Bank (Ans : C)
4. Who is the present Governor of Meghalaya?
(A) Tathagata Roy (B) Padmanabha Acharya (C) Balram Das Tandon
(D) Mridula Sinha (E) V. Shanmuganathan (Ans : E)
5. As per recent newspaper reports (August 2016), hailed as the world's first 'self-driving' taxi service has been launched in which of the following countries?
(A) China (B) Singapore (C) Japan (D) USA (E) Russia (Ans : B)
6. How many companies have made it to the latest of fortune 500 companies?
(A) Five (B) Seventeen (C) Seven (D) Two (E) Nine (Ans : C)
7. Which Indian scientist was bestowed with the 2016 Dr. APJ Abdul Kalam award by the Government of Tamil Nadu ?
(A) D.K. Radhaswami (B) Rajesh Gopa Kumar (C) C.N.R. Rao
(D) P. Shanmugam (E) Ashoka Sen (Ans : D)
8. Who has become the first Indian state to ratify Constitution Amendment Bill on the Goods and Service Tax (GST) ?
(A) West Bengal (B) Haryana (C) Maharashtra (D) Assam (E) Punjab (Ans : D)
9. Reserve Bank of India has recently (August 2016) launched a portal to curb illegal and unauthorised pooling of funds by unscrupulous firms. What is it called?
(A) Savdhaan (B) Sanchetna (C) Sachetna (D) Sanchet (E) Sachet (Ans : E)
10. IPPBL has received the Certificate of Incorporation from the Registrar of Companies and has become the first PSU under the Department of posts. What is the full form of IPPBL ?
(A) India Post Paying Bank Limited (B) India Post Payments Bank Limited (C) India Post-Office Payments Bank Limited
(D) International Post Payments Bank Limited (E) India Post Payments Banking Limited (Ans : B)
11. Reserve Bank of India (RBI) has asked banks to provide loans up to Rs. 3 lakh to Women Self-Help Group (SHG) at a discounted rate of .......... per annum.
(A) 4% (B) 6% (C) 7% (D) 9% (E) 5% (Ans : C)
12. Which neighbouring country of India passed a resolution recently (March 2016) 'to convert its Parliament into Constitutional Assembly?
(A) Myanmar (B) Nepal (C) Bhutan (D) Bangladesh (E) Sri Lanka (Ans : E)
13. Urjit Patel recently (September 2016) assumed charge as the Governor of Reserve Bank of India. He is the .......... Governor of Reserve Bank of India.
(A) 25th (B) 23rd (C) 21st (D) 20th (E) 24th (Ans : E)
14. Domestic Systematically Important Banks (D-SIBs) is announced with the term–
(A) Too big to fail (B) Too big to fall (C) Too big to pass
(D) Too big to die (E) Too big to stop working (Ans : A)
15. Rupee denominated bonds issues by Indian companies in order to raise funds offshore are called–
(A) Convertible Bonds (B) Global development Bonds (C) Callable Bonds
(D) Masala Bonds (E) Asian Development Bond (Ans : D)
16. Reliance Industries Limited has entered into an agreement with State Bank of India to form a Payment Banks in India. What will be the respective ratio of their share in this Payments Bank ?
(A) 80 : 20 (B) 50 : 50 (C) 90 : 10 (D) 60 : 40 (E) 70 : 30 (Ans : E)
17. How many 'Basic Savings Bank Deposit Account' can an individual have in one bank ?
(A) Three (B) Two (C) Five (D) Any number (E) One (Ans : E)
18. The author of the book 'The Sleep Revolution' is–
(A) Shawn Stevenson (B) Ananna Huffington (C) Katy West
(D) Sherry Tunde (E) Sheryl Sandberg (Ans : B)
19. Who has become India's first woman to join the International Olympic Committee ?
(A) P. T. Usha (B) Preity Zinta (C) Nita Ambani (D) Deepika Arora (E) Mary Kom (Ans : C)
20. Three giants have come together for setting up a technology-enabled microfinance entity. Avanti Finance, which will focus on delivering affordable and timely credit to under-served and unserved segments in India. Who are these?
(A) Ratan Tata, Narayana Murthy and Vijay Kelkar (B) Cyrus P. Mistry, Nandan Nilekani and Vijay Kelkar
(C) Ratan Tata, N.S. Raghavan and Vijay Kelkar (D) Ratan Tata, Nandan Nilekani and Vijay Kelkar
(E) Ratan Tata, Nandan Nilekani and Vijay Kelkar (Ans : D)
21. HDFC Bank have launched a complete banking solution for start-ups. What is it called?
(A) Gear Up (B) Smart Up (C) Gett Up (D) Smarting Up (E) Smarty (Ans : B)
22. CARE ratings in August 2016 signed a memorandum of understanding (MoU) with .......... and Emergency Nepal Ltd. to start a credit rating agency in Nepal to be called CARE Ratings (Nepal) Ltd.
(A) Adani Group (B) Kothan Group Ltd. (C) Vishal Group Ltd.
(D) Reliance India Ltd. (E) Rajesh Exports (Ans : C)
23. The Kawal Tiger Reserve (KTR) is located in which state of India?
(A) Nagaland (B) West Bengal (C) Telangana (D) Manipur (E) Sikkim (Ans : C)
24. The Union Government has approved the scheme for granting of Permanent Residency Status (PRS) to foreign investors. For how many years will the PRS be granted?
(A) 11 years (B) 25 years (C) 10 years (D) 15 years (E) 5 years (Ans : C)
25. Which of the following ancient site of India has recently (July 2016) been declared as the UNESCO World Heritage Site?
(A) Mountain Railways of India (B) Nalanda Maharashtra (C) Churches and Convents of Goa
(D) Churches of Shimla (E) Mahabodhi Temple (Ans : B)
26. Asian Infrastructure Investment Bank (AIIB) has recently (June 2016) approved the first set of loan to four countries. Which are those countries ?
(A) Bangladesh, Pakistan, Indonesia and Tajikistan (B) Pakistan, Bhutan, Indonesia and Tajikistan
(C) Nepal, Bangladesh, Indonesia and Tajikistan (D) Pakistan, Bangladesh, Indonesia and Ukraine
(E) Pakistan, Bangladesh, India and Tajikistan (Ans : A)
27. Who is the current Union Minister of Ministry of Human Resource Development (MHRD) ?
(A) Rakesh Singh (B) Santosh Gangwar (C) Jayant Sinha
(D) Prakash Javadekar (E) Arjun Ram Meghwal (Ans : D)
28. Which Indian teenager has recently (July 2016) won the 2016 Google Community Impact Award from Asia?
(A) Riya Sharma (B) Priyanka Singh (C) Meghna Sharma
(D) Aadil Khan (E) Adway Ramesh (Ans : E)
29. For sale of stressed assets value over Rs. 50 crores to Arcs, Reserve Bank of India has mandated .......... different valuation.
(A) Four (B) Two (C) None (D) Three (E) Five (Ans : B)
30. The Bharat Sanchar Nigam Limited (BSNL) has MoD recently (August 2016) with which technology to offer telecom and IT solutions?
(A) Wipro (B) IBM (C) Google (D) Microsoft (E) Infosys (Ans : D)
31. Prime Minister of which country recently (April 2016) resigned from his post after his name was revealed in the Panama paper leak?
(A) Mexico (B) France (C) Bulgaria (D) Iceland (E) Kenya (Ans : D)
32. The Shanghai-based New Development Bank (NDB), which was founded by Brazil, Russia, India, China and South Africa (BRICS) is headed by–
(A) Chanda Kochhar (B) Indra Nooi (C) K.V. Kamath
(D) M.V. Kamath (E) None of the above (Ans : C)
33. Reserve Bank of India has recently (June 2016) launched a scheme called .......... to put real assets back on track of entities facing genuine difficulties by providing an avenue for renewing financial structure.
(A) S4A (B) S2A (C) A1A (D) S4S(E) S3A (Ans : A)
34. What is the theme of the 2016 World Humanitarian Day?
(A) One World : One Heart (B) One Humanity (C) Being Human
(D) Inspire the World's Humanity (E) People Helping People (Ans : B)
35. What is the India's rank in terms of Foreign Direct Investment (FDI) inflows globally, as per the latest 2016 World Investment Report by UNCTAD ?
(A) 20th (B) 25th (C) 15th (D) 12th (E) 10th (Ans : E)
36. In August 2016, the Union Government set an inflation target of .......... % over a period of next five years.
(A) Five (B) Seven (C) Four (D) Other than those given as options (E) Eight (Ans : C)
37. A medium enterprise is an enterprise where the investment in plant and machinery is more than Rs. 5 crore but does not exceed–
(A) Rs. 25 crore (B) Rs. 8 crore (C) Rs. 12 crore (D) Rs. 15 crore (E) Rs. 10 crore (Ans : E)
38. What is the total amount of credit that can be allowed in a 'small account' in a year?
(A) Rs. 1,50,000 (B) Rs. 1,00,000 (C) Rs. 5,00,000 (D) Rs. 50,000 (E) Rs. 7,50,000 (Ans : B)
39. The State Bank of India's (SBI) Board of Directors has approved merger of its 5 associate banks with itself. Which among the following is not a part of that group?
(A) Bharatiya Mahila Bank (B) State Bank of Saurashtra (C) State Bank of Patiala
(D) State Bank of Mysore (E) State Bank of Travancore (Ans : B)
40. The National Payments Corporation of India (NPCI) has announced that Unified Payments Interface (UPI) application has become operational. How many banks has become a part of it in the first phase?
(A) 10 (B) 15 (C) 9 (D) 12 (E) 21 (Ans : E)
41. As per recent newspaper reports (July 2016), which of the following states are the first states in India where the integrated Criminal Justice System (CJS) will be launched?
(A) Punjab and Haryana (B) Madhya Pradesh and Chhattisgarh (C) Telangana and Andhra Pradesh
(D) Gujarat and Maharashtra (E) Bihar and Jharkhand (Ans : C)
42. A committee formed by the Union Government to strengthen Border Protection, submitted its report recently (August 2016). The committee is headed by–
(A) N.K. Singh (B) H.R. Nagendra (C) Madhukar Gupta
(D) Shailesh Gandhi (E) Shailesh Nayak (Ans : C)
43. Who determines the rate of interest on the Medium and Long Term Government Deposits under the–
(A) State Bank of India (B) RBI (C) State Government
(D) Central Government (E) Other than those given as options (Ans : B)
44. Saudi Arabia's Islamic Development Bank (IDB) has decided to open its first branch in India. Where is it stated to be opened?
(A) Ahmedabad (B) Gandhinagar (C) Ahmednagar (D) Jamnagar (E) Kochi (Ans : A)
45. Who among the following recently (June 2016) became the Chairman of the International Chamber of Commerce (ICC) ?
(A) Sunil Bharti Mittal (B) Mukesh Ambani (C) Anil Ambani
(D) Ratan Tata (E) Gautam Adani (Ans : A)
46. Who among the following won a bronze medal for India in Wrestling (freestyle) at the 2016 Rio Olympics?
(A) Sandeep Tomar (B) Sakshi Malik (C) Vinesh Phogat
(D) Narsingh Yadav (E) Babita Kumari (Ans : B)
47. Who won the Monaco Grand Prix in 2016 ?
(A) Fernando Alonso (B) Nico Hulkenberg (C) Kimi Rakkonen
(D) Lewis Hamilton (E) Nico Rosberg (Ans : D)
48. Who among the following is the current Managing Director of State Bank of India?
(A) Dinesh Kant (B) Arundhati Bhattacharya (C) Sidhartha Sen
(D) Ravi Kumar Khare (E) Dinesh Kumar Khara (Ans : E)
49. The Government will issue the fifth tranche of sovereign gold bonds in September 2016. Which among the following will not be selling these bonds ?
(A) Insurance Companies (B) Recognised Stock Exchanges (C) Stock Holding Corporation of India Ltd.
(D) Designated Post Offices (E) Banks (Ans : C)
50. The Reserve Bank of India (RBI) has constituted a committed to study various facets of household finance in India. The committee will be chaired by–
(A) Raghuram Rajan (B) Tarun Tahilani (C) Tarun Ramadorai
(D) Chandrashekhar Ghosh (E) Sidharth Sen (Ans : C)
1. What is the current rate of CRR ?
(A) 4% (B) 5% (C) 3% (D) 4.5% (E) Other than those given as option (Ans : A)
2. A leading bank in India has recently (July 2016) launched a social media banking platform for its facebook and twitter users which goes by the name of 'Mingle'. Name the Bank–
(A) Punjab National Bank (B) YES Bank (C) State Bank of India (D) Bank of Baroda (E) ICICI Bank (Ans : C)
3. .......... has launched India's first internationally-listed certified green bond to finance climate change solutions around the world at London Stock Exchange.
(A) Kotak Mahindra Bank (B) ICICI Bank (C) AXIS Bank (D) HDFC Bank (E) YES Bank (Ans : C)
4. Who is the present Governor of Meghalaya?
(A) Tathagata Roy (B) Padmanabha Acharya (C) Balram Das Tandon
(D) Mridula Sinha (E) V. Shanmuganathan (Ans : E)
5. As per recent newspaper reports (August 2016), hailed as the world's first 'self-driving' taxi service has been launched in which of the following countries?
(A) China (B) Singapore (C) Japan (D) USA (E) Russia (Ans : B)
6. How many companies have made it to the latest of fortune 500 companies?
(A) Five (B) Seventeen (C) Seven (D) Two (E) Nine (Ans : C)
7. Which Indian scientist was bestowed with the 2016 Dr. APJ Abdul Kalam award by the Government of Tamil Nadu ?
(A) D.K. Radhaswami (B) Rajesh Gopa Kumar (C) C.N.R. Rao
(D) P. Shanmugam (E) Ashoka Sen (Ans : D)
8. Who has become the first Indian state to ratify Constitution Amendment Bill on the Goods and Service Tax (GST) ?
(A) West Bengal (B) Haryana (C) Maharashtra (D) Assam (E) Punjab (Ans : D)
9. Reserve Bank of India has recently (August 2016) launched a portal to curb illegal and unauthorised pooling of funds by unscrupulous firms. What is it called?
(A) Savdhaan (B) Sanchetna (C) Sachetna (D) Sanchet (E) Sachet (Ans : E)
10. IPPBL has received the Certificate of Incorporation from the Registrar of Companies and has become the first PSU under the Department of posts. What is the full form of IPPBL ?
(A) India Post Paying Bank Limited (B) India Post Payments Bank Limited (C) India Post-Office Payments Bank Limited
(D) International Post Payments Bank Limited (E) India Post Payments Banking Limited (Ans : B)
11. Reserve Bank of India (RBI) has asked banks to provide loans up to Rs. 3 lakh to Women Self-Help Group (SHG) at a discounted rate of .......... per annum.
(A) 4% (B) 6% (C) 7% (D) 9% (E) 5% (Ans : C)
12. Which neighbouring country of India passed a resolution recently (March 2016) 'to convert its Parliament into Constitutional Assembly?
(A) Myanmar (B) Nepal (C) Bhutan (D) Bangladesh (E) Sri Lanka (Ans : E)
13. Urjit Patel recently (September 2016) assumed charge as the Governor of Reserve Bank of India. He is the .......... Governor of Reserve Bank of India.
(A) 25th (B) 23rd (C) 21st (D) 20th (E) 24th (Ans : E)
14. Domestic Systematically Important Banks (D-SIBs) is announced with the term–
(A) Too big to fail (B) Too big to fall (C) Too big to pass
(D) Too big to die (E) Too big to stop working (Ans : A)
15. Rupee denominated bonds issues by Indian companies in order to raise funds offshore are called–
(A) Convertible Bonds (B) Global development Bonds (C) Callable Bonds
(D) Masala Bonds (E) Asian Development Bond (Ans : D)
16. Reliance Industries Limited has entered into an agreement with State Bank of India to form a Payment Banks in India. What will be the respective ratio of their share in this Payments Bank ?
(A) 80 : 20 (B) 50 : 50 (C) 90 : 10 (D) 60 : 40 (E) 70 : 30 (Ans : E)
17. How many 'Basic Savings Bank Deposit Account' can an individual have in one bank ?
(A) Three (B) Two (C) Five (D) Any number (E) One (Ans : E)
18. The author of the book 'The Sleep Revolution' is–
(A) Shawn Stevenson (B) Ananna Huffington (C) Katy West
(D) Sherry Tunde (E) Sheryl Sandberg (Ans : B)
19. Who has become India's first woman to join the International Olympic Committee ?
(A) P. T. Usha (B) Preity Zinta (C) Nita Ambani (D) Deepika Arora (E) Mary Kom (Ans : C)
20. Three giants have come together for setting up a technology-enabled microfinance entity. Avanti Finance, which will focus on delivering affordable and timely credit to under-served and unserved segments in India. Who are these?
(A) Ratan Tata, Narayana Murthy and Vijay Kelkar (B) Cyrus P. Mistry, Nandan Nilekani and Vijay Kelkar
(C) Ratan Tata, N.S. Raghavan and Vijay Kelkar (D) Ratan Tata, Nandan Nilekani and Vijay Kelkar
(E) Ratan Tata, Nandan Nilekani and Vijay Kelkar (Ans : D)
21. HDFC Bank have launched a complete banking solution for start-ups. What is it called?
(A) Gear Up (B) Smart Up (C) Gett Up (D) Smarting Up (E) Smarty (Ans : B)
22. CARE ratings in August 2016 signed a memorandum of understanding (MoU) with .......... and Emergency Nepal Ltd. to start a credit rating agency in Nepal to be called CARE Ratings (Nepal) Ltd.
(A) Adani Group (B) Kothan Group Ltd. (C) Vishal Group Ltd.
(D) Reliance India Ltd. (E) Rajesh Exports (Ans : C)
23. The Kawal Tiger Reserve (KTR) is located in which state of India?
(A) Nagaland (B) West Bengal (C) Telangana (D) Manipur (E) Sikkim (Ans : C)
24. The Union Government has approved the scheme for granting of Permanent Residency Status (PRS) to foreign investors. For how many years will the PRS be granted?
(A) 11 years (B) 25 years (C) 10 years (D) 15 years (E) 5 years (Ans : C)
25. Which of the following ancient site of India has recently (July 2016) been declared as the UNESCO World Heritage Site?
(A) Mountain Railways of India (B) Nalanda Maharashtra (C) Churches and Convents of Goa
(D) Churches of Shimla (E) Mahabodhi Temple (Ans : B)
26. Asian Infrastructure Investment Bank (AIIB) has recently (June 2016) approved the first set of loan to four countries. Which are those countries ?
(A) Bangladesh, Pakistan, Indonesia and Tajikistan (B) Pakistan, Bhutan, Indonesia and Tajikistan
(C) Nepal, Bangladesh, Indonesia and Tajikistan (D) Pakistan, Bangladesh, Indonesia and Ukraine
(E) Pakistan, Bangladesh, India and Tajikistan (Ans : A)
27. Who is the current Union Minister of Ministry of Human Resource Development (MHRD) ?
(A) Rakesh Singh (B) Santosh Gangwar (C) Jayant Sinha
(D) Prakash Javadekar (E) Arjun Ram Meghwal (Ans : D)
28. Which Indian teenager has recently (July 2016) won the 2016 Google Community Impact Award from Asia?
(A) Riya Sharma (B) Priyanka Singh (C) Meghna Sharma
(D) Aadil Khan (E) Adway Ramesh (Ans : E)
29. For sale of stressed assets value over Rs. 50 crores to Arcs, Reserve Bank of India has mandated .......... different valuation.
(A) Four (B) Two (C) None (D) Three (E) Five (Ans : B)
30. The Bharat Sanchar Nigam Limited (BSNL) has MoD recently (August 2016) with which technology to offer telecom and IT solutions?
(A) Wipro (B) IBM (C) Google (D) Microsoft (E) Infosys (Ans : D)
31. Prime Minister of which country recently (April 2016) resigned from his post after his name was revealed in the Panama paper leak?
(A) Mexico (B) France (C) Bulgaria (D) Iceland (E) Kenya (Ans : D)
32. The Shanghai-based New Development Bank (NDB), which was founded by Brazil, Russia, India, China and South Africa (BRICS) is headed by–
(A) Chanda Kochhar (B) Indra Nooi (C) K.V. Kamath
(D) M.V. Kamath (E) None of the above (Ans : C)
33. Reserve Bank of India has recently (June 2016) launched a scheme called .......... to put real assets back on track of entities facing genuine difficulties by providing an avenue for renewing financial structure.
(A) S4A (B) S2A (C) A1A (D) S4S(E) S3A (Ans : A)
34. What is the theme of the 2016 World Humanitarian Day?
(A) One World : One Heart (B) One Humanity (C) Being Human
(D) Inspire the World's Humanity (E) People Helping People (Ans : B)
35. What is the India's rank in terms of Foreign Direct Investment (FDI) inflows globally, as per the latest 2016 World Investment Report by UNCTAD ?
(A) 20th (B) 25th (C) 15th (D) 12th (E) 10th (Ans : E)
36. In August 2016, the Union Government set an inflation target of .......... % over a period of next five years.
(A) Five (B) Seven (C) Four (D) Other than those given as options (E) Eight (Ans : C)
37. A medium enterprise is an enterprise where the investment in plant and machinery is more than Rs. 5 crore but does not exceed–
(A) Rs. 25 crore (B) Rs. 8 crore (C) Rs. 12 crore (D) Rs. 15 crore (E) Rs. 10 crore (Ans : E)
38. What is the total amount of credit that can be allowed in a 'small account' in a year?
(A) Rs. 1,50,000 (B) Rs. 1,00,000 (C) Rs. 5,00,000 (D) Rs. 50,000 (E) Rs. 7,50,000 (Ans : B)
39. The State Bank of India's (SBI) Board of Directors has approved merger of its 5 associate banks with itself. Which among the following is not a part of that group?
(A) Bharatiya Mahila Bank (B) State Bank of Saurashtra (C) State Bank of Patiala
(D) State Bank of Mysore (E) State Bank of Travancore (Ans : B)
40. The National Payments Corporation of India (NPCI) has announced that Unified Payments Interface (UPI) application has become operational. How many banks has become a part of it in the first phase?
(A) 10 (B) 15 (C) 9 (D) 12 (E) 21 (Ans : E)
41. As per recent newspaper reports (July 2016), which of the following states are the first states in India where the integrated Criminal Justice System (CJS) will be launched?
(A) Punjab and Haryana (B) Madhya Pradesh and Chhattisgarh (C) Telangana and Andhra Pradesh
(D) Gujarat and Maharashtra (E) Bihar and Jharkhand (Ans : C)
42. A committee formed by the Union Government to strengthen Border Protection, submitted its report recently (August 2016). The committee is headed by–
(A) N.K. Singh (B) H.R. Nagendra (C) Madhukar Gupta
(D) Shailesh Gandhi (E) Shailesh Nayak (Ans : C)
43. Who determines the rate of interest on the Medium and Long Term Government Deposits under the–
(A) State Bank of India (B) RBI (C) State Government
(D) Central Government (E) Other than those given as options (Ans : B)
44. Saudi Arabia's Islamic Development Bank (IDB) has decided to open its first branch in India. Where is it stated to be opened?
(A) Ahmedabad (B) Gandhinagar (C) Ahmednagar (D) Jamnagar (E) Kochi (Ans : A)
45. Who among the following recently (June 2016) became the Chairman of the International Chamber of Commerce (ICC) ?
(A) Sunil Bharti Mittal (B) Mukesh Ambani (C) Anil Ambani
(D) Ratan Tata (E) Gautam Adani (Ans : A)
46. Who among the following won a bronze medal for India in Wrestling (freestyle) at the 2016 Rio Olympics?
(A) Sandeep Tomar (B) Sakshi Malik (C) Vinesh Phogat
(D) Narsingh Yadav (E) Babita Kumari (Ans : B)
47. Who won the Monaco Grand Prix in 2016 ?
(A) Fernando Alonso (B) Nico Hulkenberg (C) Kimi Rakkonen
(D) Lewis Hamilton (E) Nico Rosberg (Ans : D)
48. Who among the following is the current Managing Director of State Bank of India?
(A) Dinesh Kant (B) Arundhati Bhattacharya (C) Sidhartha Sen
(D) Ravi Kumar Khare (E) Dinesh Kumar Khara (Ans : E)
49. The Government will issue the fifth tranche of sovereign gold bonds in September 2016. Which among the following will not be selling these bonds ?
(A) Insurance Companies (B) Recognised Stock Exchanges (C) Stock Holding Corporation of India Ltd.
(D) Designated Post Offices (E) Banks (Ans : C)
50. The Reserve Bank of India (RBI) has constituted a committed to study various facets of household finance in India. The committee will be chaired by–
(A) Raghuram Rajan (B) Tarun Tahilani (C) Tarun Ramadorai
(D) Chandrashekhar Ghosh (E) Sidharth Sen (Ans : C)
(A) 4% (B) 5% (C) 3% (D) 4.5% (E) Other than those given as option (Ans : A)
2. A leading bank in India has recently (July 2016) launched a social media banking platform for its facebook and twitter users which goes by the name of 'Mingle'. Name the Bank–
(A) Punjab National Bank (B) YES Bank (C) State Bank of India (D) Bank of Baroda (E) ICICI Bank (Ans : C)
3. .......... has launched India's first internationally-listed certified green bond to finance climate change solutions around the world at London Stock Exchange.
(A) Kotak Mahindra Bank (B) ICICI Bank (C) AXIS Bank (D) HDFC Bank (E) YES Bank (Ans : C)
4. Who is the present Governor of Meghalaya?
(A) Tathagata Roy (B) Padmanabha Acharya (C) Balram Das Tandon
(D) Mridula Sinha (E) V. Shanmuganathan (Ans : E)
5. As per recent newspaper reports (August 2016), hailed as the world's first 'self-driving' taxi service has been launched in which of the following countries?
(A) China (B) Singapore (C) Japan (D) USA (E) Russia (Ans : B)
6. How many companies have made it to the latest of fortune 500 companies?
(A) Five (B) Seventeen (C) Seven (D) Two (E) Nine (Ans : C)
7. Which Indian scientist was bestowed with the 2016 Dr. APJ Abdul Kalam award by the Government of Tamil Nadu ?
(A) D.K. Radhaswami (B) Rajesh Gopa Kumar (C) C.N.R. Rao
(D) P. Shanmugam (E) Ashoka Sen (Ans : D)
8. Who has become the first Indian state to ratify Constitution Amendment Bill on the Goods and Service Tax (GST) ?
(A) West Bengal (B) Haryana (C) Maharashtra (D) Assam (E) Punjab (Ans : D)
9. Reserve Bank of India has recently (August 2016) launched a portal to curb illegal and unauthorised pooling of funds by unscrupulous firms. What is it called?
(A) Savdhaan (B) Sanchetna (C) Sachetna (D) Sanchet (E) Sachet (Ans : E)
10. IPPBL has received the Certificate of Incorporation from the Registrar of Companies and has become the first PSU under the Department of posts. What is the full form of IPPBL ?
(A) India Post Paying Bank Limited (B) India Post Payments Bank Limited (C) India Post-Office Payments Bank Limited
(D) International Post Payments Bank Limited (E) India Post Payments Banking Limited (Ans : B)
11. Reserve Bank of India (RBI) has asked banks to provide loans up to Rs. 3 lakh to Women Self-Help Group (SHG) at a discounted rate of .......... per annum.
(A) 4% (B) 6% (C) 7% (D) 9% (E) 5% (Ans : C)
12. Which neighbouring country of India passed a resolution recently (March 2016) 'to convert its Parliament into Constitutional Assembly?
(A) Myanmar (B) Nepal (C) Bhutan (D) Bangladesh (E) Sri Lanka (Ans : E)
13. Urjit Patel recently (September 2016) assumed charge as the Governor of Reserve Bank of India. He is the .......... Governor of Reserve Bank of India.
(A) 25th (B) 23rd (C) 21st (D) 20th (E) 24th (Ans : E)
14. Domestic Systematically Important Banks (D-SIBs) is announced with the term–
(A) Too big to fail (B) Too big to fall (C) Too big to pass
(D) Too big to die (E) Too big to stop working (Ans : A)
15. Rupee denominated bonds issues by Indian companies in order to raise funds offshore are called–
(A) Convertible Bonds (B) Global development Bonds (C) Callable Bonds
(D) Masala Bonds (E) Asian Development Bond (Ans : D)
16. Reliance Industries Limited has entered into an agreement with State Bank of India to form a Payment Banks in India. What will be the respective ratio of their share in this Payments Bank ?
(A) 80 : 20 (B) 50 : 50 (C) 90 : 10 (D) 60 : 40 (E) 70 : 30 (Ans : E)
17. How many 'Basic Savings Bank Deposit Account' can an individual have in one bank ?
(A) Three (B) Two (C) Five (D) Any number (E) One (Ans : E)
18. The author of the book 'The Sleep Revolution' is–
(A) Shawn Stevenson (B) Ananna Huffington (C) Katy West
(D) Sherry Tunde (E) Sheryl Sandberg (Ans : B)
19. Who has become India's first woman to join the International Olympic Committee ?
(A) P. T. Usha (B) Preity Zinta (C) Nita Ambani (D) Deepika Arora (E) Mary Kom (Ans : C)
20. Three giants have come together for setting up a technology-enabled microfinance entity. Avanti Finance, which will focus on delivering affordable and timely credit to under-served and unserved segments in India. Who are these?
(A) Ratan Tata, Narayana Murthy and Vijay Kelkar (B) Cyrus P. Mistry, Nandan Nilekani and Vijay Kelkar
(C) Ratan Tata, N.S. Raghavan and Vijay Kelkar (D) Ratan Tata, Nandan Nilekani and Vijay Kelkar
(E) Ratan Tata, Nandan Nilekani and Vijay Kelkar (Ans : D)
21. HDFC Bank have launched a complete banking solution for start-ups. What is it called?
(A) Gear Up (B) Smart Up (C) Gett Up (D) Smarting Up (E) Smarty (Ans : B)
22. CARE ratings in August 2016 signed a memorandum of understanding (MoU) with .......... and Emergency Nepal Ltd. to start a credit rating agency in Nepal to be called CARE Ratings (Nepal) Ltd.
(A) Adani Group (B) Kothan Group Ltd. (C) Vishal Group Ltd.
(D) Reliance India Ltd. (E) Rajesh Exports (Ans : C)
23. The Kawal Tiger Reserve (KTR) is located in which state of India?
(A) Nagaland (B) West Bengal (C) Telangana (D) Manipur (E) Sikkim (Ans : C)
24. The Union Government has approved the scheme for granting of Permanent Residency Status (PRS) to foreign investors. For how many years will the PRS be granted?
(A) 11 years (B) 25 years (C) 10 years (D) 15 years (E) 5 years (Ans : C)
25. Which of the following ancient site of India has recently (July 2016) been declared as the UNESCO World Heritage Site?
(A) Mountain Railways of India (B) Nalanda Maharashtra (C) Churches and Convents of Goa
(D) Churches of Shimla (E) Mahabodhi Temple (Ans : B)
26. Asian Infrastructure Investment Bank (AIIB) has recently (June 2016) approved the first set of loan to four countries. Which are those countries ?
(A) Bangladesh, Pakistan, Indonesia and Tajikistan (B) Pakistan, Bhutan, Indonesia and Tajikistan
(C) Nepal, Bangladesh, Indonesia and Tajikistan (D) Pakistan, Bangladesh, Indonesia and Ukraine
(E) Pakistan, Bangladesh, India and Tajikistan (Ans : A)
27. Who is the current Union Minister of Ministry of Human Resource Development (MHRD) ?
(A) Rakesh Singh (B) Santosh Gangwar (C) Jayant Sinha
(D) Prakash Javadekar (E) Arjun Ram Meghwal (Ans : D)
28. Which Indian teenager has recently (July 2016) won the 2016 Google Community Impact Award from Asia?
(A) Riya Sharma (B) Priyanka Singh (C) Meghna Sharma
(D) Aadil Khan (E) Adway Ramesh (Ans : E)
29. For sale of stressed assets value over Rs. 50 crores to Arcs, Reserve Bank of India has mandated .......... different valuation.
(A) Four (B) Two (C) None (D) Three (E) Five (Ans : B)
30. The Bharat Sanchar Nigam Limited (BSNL) has MoD recently (August 2016) with which technology to offer telecom and IT solutions?
(A) Wipro (B) IBM (C) Google (D) Microsoft (E) Infosys (Ans : D)
31. Prime Minister of which country recently (April 2016) resigned from his post after his name was revealed in the Panama paper leak?
(A) Mexico (B) France (C) Bulgaria (D) Iceland (E) Kenya (Ans : D)
32. The Shanghai-based New Development Bank (NDB), which was founded by Brazil, Russia, India, China and South Africa (BRICS) is headed by–
(A) Chanda Kochhar (B) Indra Nooi (C) K.V. Kamath
(D) M.V. Kamath (E) None of the above (Ans : C)
33. Reserve Bank of India has recently (June 2016) launched a scheme called .......... to put real assets back on track of entities facing genuine difficulties by providing an avenue for renewing financial structure.
(A) S4A (B) S2A (C) A1A (D) S4S(E) S3A (Ans : A)
34. What is the theme of the 2016 World Humanitarian Day?
(A) One World : One Heart (B) One Humanity (C) Being Human
(D) Inspire the World's Humanity (E) People Helping People (Ans : B)
35. What is the India's rank in terms of Foreign Direct Investment (FDI) inflows globally, as per the latest 2016 World Investment Report by UNCTAD ?
(A) 20th (B) 25th (C) 15th (D) 12th (E) 10th (Ans : E)
36. In August 2016, the Union Government set an inflation target of .......... % over a period of next five years.
(A) Five (B) Seven (C) Four (D) Other than those given as options (E) Eight (Ans : C)
37. A medium enterprise is an enterprise where the investment in plant and machinery is more than Rs. 5 crore but does not exceed–
(A) Rs. 25 crore (B) Rs. 8 crore (C) Rs. 12 crore (D) Rs. 15 crore (E) Rs. 10 crore (Ans : E)
38. What is the total amount of credit that can be allowed in a 'small account' in a year?
(A) Rs. 1,50,000 (B) Rs. 1,00,000 (C) Rs. 5,00,000 (D) Rs. 50,000 (E) Rs. 7,50,000 (Ans : B)
39. The State Bank of India's (SBI) Board of Directors has approved merger of its 5 associate banks with itself. Which among the following is not a part of that group?
(A) Bharatiya Mahila Bank (B) State Bank of Saurashtra (C) State Bank of Patiala
(D) State Bank of Mysore (E) State Bank of Travancore (Ans : B)
40. The National Payments Corporation of India (NPCI) has announced that Unified Payments Interface (UPI) application has become operational. How many banks has become a part of it in the first phase?
(A) 10 (B) 15 (C) 9 (D) 12 (E) 21 (Ans : E)
41. As per recent newspaper reports (July 2016), which of the following states are the first states in India where the integrated Criminal Justice System (CJS) will be launched?
(A) Punjab and Haryana (B) Madhya Pradesh and Chhattisgarh (C) Telangana and Andhra Pradesh
(D) Gujarat and Maharashtra (E) Bihar and Jharkhand (Ans : C)
42. A committee formed by the Union Government to strengthen Border Protection, submitted its report recently (August 2016). The committee is headed by–
(A) N.K. Singh (B) H.R. Nagendra (C) Madhukar Gupta
(D) Shailesh Gandhi (E) Shailesh Nayak (Ans : C)
43. Who determines the rate of interest on the Medium and Long Term Government Deposits under the–
(A) State Bank of India (B) RBI (C) State Government
(D) Central Government (E) Other than those given as options (Ans : B)
44. Saudi Arabia's Islamic Development Bank (IDB) has decided to open its first branch in India. Where is it stated to be opened?
(A) Ahmedabad (B) Gandhinagar (C) Ahmednagar (D) Jamnagar (E) Kochi (Ans : A)
45. Who among the following recently (June 2016) became the Chairman of the International Chamber of Commerce (ICC) ?
(A) Sunil Bharti Mittal (B) Mukesh Ambani (C) Anil Ambani
(D) Ratan Tata (E) Gautam Adani (Ans : A)
46. Who among the following won a bronze medal for India in Wrestling (freestyle) at the 2016 Rio Olympics?
(A) Sandeep Tomar (B) Sakshi Malik (C) Vinesh Phogat
(D) Narsingh Yadav (E) Babita Kumari (Ans : B)
47. Who won the Monaco Grand Prix in 2016 ?
(A) Fernando Alonso (B) Nico Hulkenberg (C) Kimi Rakkonen
(D) Lewis Hamilton (E) Nico Rosberg (Ans : D)
48. Who among the following is the current Managing Director of State Bank of India?
(A) Dinesh Kant (B) Arundhati Bhattacharya (C) Sidhartha Sen
(D) Ravi Kumar Khare (E) Dinesh Kumar Khara (Ans : E)
49. The Government will issue the fifth tranche of sovereign gold bonds in September 2016. Which among the following will not be selling these bonds ?
(A) Insurance Companies (B) Recognised Stock Exchanges (C) Stock Holding Corporation of India Ltd.
(D) Designated Post Offices (E) Banks (Ans : C)
50. The Reserve Bank of India (RBI) has constituted a committed to study various facets of household finance in India. The committee will be chaired by–
(A) Raghuram Rajan (B) Tarun Tahilani (C) Tarun Ramadorai
(D) Chandrashekhar Ghosh (E) Sidharth Sen (Ans : C)
No comments:
Post a Comment