Current Affairs Current Affairs - 11 July 2017 - Vikalp Education

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Current Affairs - 11 July 2017

General Affairs 

Supreme Court vacates stay on counselling, admission to IITs under JEE (Advanced)

  • The Supreme Court today vacated its stay on counselling and admission to IITs and other institutions related to JEE (Advanced) entrance examination.
    The bench, headed by Justice Dipak Misra, while vacating the stay, said that no High Court will entertain any plea on this issue.
    "We are inclined to vacate the order passed on July 7 and also convey that we are not inclined to interfere with the counselling and admission process, and high courts should act accordingly and not interfere in the admission process," the court said in its order.
    The apex court also said that it desires that errors, mistakes in the framing of questions and in printing of question papers should not happen.
    On June 30, the Supreme Court had sought the Centre's response to a petition challenging the grant of seven extra marks to all candidates who appeared in the IIT-Joint Entrance examination (IIT-JEE) for advance course.
    The extra marks were granted in the wake of a printing error in a Hindi language paper.

Bombay High Court asks Maha govt to fix deadline to sanction prosecution of public servants
  • Bombay High Court today came down heavily on the Maharashtra government saying, "Either the enquiry is closed after long period of time or sanction is refused after a considerable time has lapsed. This cannot be appreciated. The government will have to fix the time frame for granting sanction for prosecution of government officials," said the division bench of Justice RM Savant and Justice Sadhna Jadhav.
    The bench was hearing a Public Interest Litigation (PIL) filed by Ankur Patil- challenging a government circular which mandated government nod to prosecute public servants.
    The petition claimed that the Anti-Corruption Bureau (ACB) cannot prosecute accused government officials in the absence of sanction and pointed out that there are dozens of cases pending which are awaiting sanction from the government.
    The court handed over a data of cases that ACB has dealt with since 2002.
    Pravakta Shinde, the public pleader told the court that there were two types of cases that the agency has been dealing with.
    There were 19 open inquiries that were conducted and 58 trap cases.  
    However of the cases pending, one of the case is of 2002 which pertains to an allegation of corruption against MHADA. Looking at that Justice Jadhav said, "By this time the officers must have retired that too probably with promotion. At least now there is no sanction that is required," she added, "this is all farce."
    The bench noted that that a government regulation had been passed which stipulated that the government has to decide on the issue of sanction within six months which can be extended by home department by another three months.
    "The time has come for the state government to review the set policies," noted the bench and asked for a responsible Maharashtra Home Department official to file a reply.
    The affidavit by senior home official has to be filed within three weeks.

Chinese media sees India-United States-Japan Malabar exercise as security threat
  • While China's government last week played down its concerns over the India-United States-Japan Malabar naval exercise that kicks off today, State media in Beijing have hit out at the largest-ever drills as a threat to China's "security concerns" and economic interests in the Indian ocean region.
    On Friday, the Chinese Foreign Ministry issued a measured reaction to the drills, saying it has 'no objection to normal bilateral relations and cooperation among relevant countries' but 'hope[s] this kind of relations and cooperation is not directed at any third party and conducive to regional peace and stability.'
    An editorial today in the official China Daily, the English-language mouthpiece of the government that is under the State Council, or Chinese cabinet, struck a different note, saying that even while India expressed security concerns over China's road-building in the India-China-Bhutan trijunction, it was China that had reason to be concerned about its security.
    The editorial said, "India, the United States and Japan have begun their 10-day Malabar naval exercises in the Bay of Bengal, which are the biggest of their kind so far, and the US approved a $365-million sale of military transport aircraft to India last week and a $2-billion deal for surveillance drones is in the works, it is China that should feel 'security concerns', given the importance of the Indian Ocean for its trade and oil imports."
    In the same paper, strategic expert Lin Minwang of the Institute of International Studies, at Fudan University in Shanghai, said the exercises underlined the growing closeness in India-US ties and showed India was becoming an American "ally".
    "While visiting the United States two weeks ago, Indian Prime Minister Narendra Modimanaged to sell the idea that New Delhi is a key defence partner of Washington and it can serve as a counterweight to China's rise," he said. "A joint statement issued during his US visit said the US-India partnership is central to regional stability. In return, US President Donald Trump approved the sale of 22 Predator Guardian drones to India, a 'luxury' available only to the US NATO allies."
    "It is becoming clear that India is ready to serve as an ally of the US rather than a swing power that honours independent, non-aligned diplomacy," added Lin, saying that "Beijing should remain vigilant against New Delhi's moves while urging it to withdraw its troops from Chinese territory," referring to the on-going Doklam stand-off.
    This year's Malabar exercises are the widest in scope till date, involving the US aircraft carrier USS Nimitz, India's carrier INS Vikramaditya and Japan's helicopter carrier Izumo. One area of focus of the exercises is anti-submarine warfare, at a time when the PLA Navy's submarines are an increasingly frequent presence in the Indian Ocean Region.
    Japan's inclusion in the exercise since 2014 has been a source of concern for some Chinese strategists, although Beijing on Friday played down concerns. The 8-day exercises, set to start on Monday, will involve more than 20 warships from the three countries.
    China has in the past pressured India on multilateral exercises, seeing them as being aimed at Beijing. The Chinese government, for instance, bristled at past inclusions of Australia and Singapore in the bilateral India-US naval exercise.
    China last month welcomed India's decision to not include Australia in the drills, with the Foreign Ministry spokesperson Hua Chunying saying, "I think India is also clear about the consideration behind [Australia's] behaviours. I think we are happy to see normal dialogue and communications on security issues, but we also hope when conducting such operations, the parties can fully consider the security concerns of different parties and also play a positive and constructive role in promoting regional peace and stability."

Kashmir: 2 terrorists killed as infiltration bid foiled in Nowgam, combing operations on
  • Two terrorists have been killed as the security forces foiled an infiltration bid in Nowgam sector of Handwara in north Kashmir.
    Pakistan resorted to the indiscriminate firing along the Line of Control (LoC) in Nowgam sector on Sunday night. The army jawans witnessed some suspicious movement of infiltrators near LoC in the Nowgam sector.
    Combing operations are underway as more infiltrators are believed to be hiding in the dense forested area.
    On Sunday, the Pakistan Army initiated unprovoked and indiscriminate firing of small arms, automatics and mortars in Jammu and Kashmir's Poonch sector along the LoC.
    The Indian Army retaliated effectively.
    The fresh firing comes a day after an Army jawan and his wife were killed and their three daughters injured in a ceasefire violation in Poonch district.
    The Pakistan Army targeted Indian posts and villages in Chakka da bagh and Kharri Karmara areas.
    In retaliatory firing, two Pakistani soldiers were also killed and six others injured by the Indian security forces.
    Reportedly, 23 cease fire violations have occurred so far in June alone.

India-China standoff: Sashastra Seema Bal steps up vigil on Bhutan border
  • In the wake of the tension between India and China on the borders, Sashastra Seema Bal (SSB) is all prepared to face any situation. A patrol party - 46 battalion - of the elite para-military force is deployed at Lungthung post at 13,000 feet.
    The soldiers of SSB patrolling the tough terrain are quick on their feet, navigating the hills. The platoon of SSB is strategically placed 9 km from Indo-Bhutan border. It is only 2-3 kilometres away from Dokolam, the trijunction between India China and Bhutan where the Chinese PLA has been flexing its muscles but has failed to have its way as Indian Army stands its ground.
    The high altitude can make you sick in matter of minutes. The jawan walks to join his team. The sense of tension is in air. A jawan in the patrol party says, "We are on 24/7 vigil.  We will not let our guard down.  But we won't let the enemy close in.  We are prepared."
    Another personnel from the same battalion says, "There is an all round preparedness."
    SSB is deployed over Nepal and Bhutan borders. While Indian Army and ITBP are deployed at the India-China border, SSB has two battalions deployed in two trijunctions India shares in Sikkim. In many areas they are a few kilometers behind the Indian Army, albeit on a different border.
    Sources in the SSB say the force is building another Border Outpost (BoP) few kilometers away from India-China border. "We are already going ahead with the procurement of land. Field visits have been done and a plan has been finalised."
    Commanding Officer Neeraj Joshi tells India Today: "We work closely with Indian Army but we focus on our vast borders with Nepal and Bhutan. We have increased our vigil over the past few weeks in the wake of the development. Though Bhutan is a friendly border, we should not give chance to any miscreant to enter our territory."
    A top source said: "We have only little smuggling happening, but China may attempt sabotage through unknown areas.  This may just be a theory but we can't take any chance."
    What makes extensive Bhutan border vulnerable is that it has remained unfenced reflecting the closeness of the countries. However, Chinese interest in neighbouring Bhutan has created an extra sense of alertness. The alleged disputed area in Bhutan is being eyed by the Chinese. Many say it could be a tactics of PLA to increase India's discomfort and disturb proximity with Bhutan.
    Another officer said, "They wish to explore the silk route getting as close to Siliguri as possible, increasing its military and trade might.  China may wish to increase its trade with Nepal, Bangladesh and Bhutan, keeping India out. Make a CPEC In the east. But while the government should deal with the policy decisions, we are guarding the border."

Business Affairs 

    NSE 'deeply apologies' for glitch in trading system
    • It will be a starry midnight in the historic Central Hall on June 30 that will have from megastar Amitabh Bachchan to industry doyen Ratan Tata in attendance at the launch of India's most sweeping tax reform, GST.
      Unlike the last midnight event held in 1997 on the occasion of golden jubilee of the Independence at a special session of Parliament, it will be a gala event at its circular -shaped hall that has been loaned for the launch of the historic reform.
      Reminiscent of India's tryst with destiny on the midnight of August 15, 1947, the event will be graced by President Pranab Mukherjee and Prime Minister Narendra Modi.
      Former prime ministers Manmohan Singh and H D Deva Gowda too have been invited to launch a new taxation system that is set to dramatically re-shape the over USD 2 trillion economy.
      Congress party has however decided to boycott the event apparently to protest against hardship being caused to small and medium enterprises and traders. Left and TMC too are boycotting the event.
      The launch event will start at 11 pm on June 30 and extend into the midnight, coinciding with the rollout of the Goods and Services Tax (GST) regime, official sources said.
      Lok Sabha Speaker Sumitra Mahajan and Vice President Hamid Ansari will also be on the dias along with the President, Modi and former prime ministers.
      Legendary singer Lata Mangeshkar will be among the attendees, which also includes BJP president Amit Shah and former finance minister Yashwant Sinha.
      As if giving representation to regional political parties, former Punjab chief minister Prakash Singh Badal and National Conference leader Abdul Rahim Rather too have been invited.
      Former GST Council chairman Sushil Kumar Modi, former finance ministers of West Bengal and Kerala Asim Dasgupta and K K Mani too have been invited.
      RBI Governor Urjit Patel and his predecessors Bimal Jalan, Y V Reddy and D Subbaroa too figure in the list.
      However, former RBI Governor Raghuram Rajan is not on the list.
      CAG Shashi Kant Sharma and his predecessors Vinod Rai and TN Chaturvedi, CVC K V Chowdary, three Election Commissioners including CEC Nasim Zaidi, Niti Aayog vice chairman Arvind Panagariya, Metro man E Sreedharan, editor S Gurumurthy, agriculture scientist M S Swaminathan, UPSC Chairman David R Syiemlieh, CBEC chairman Vanaja N Sarna and CBDT chairman Sushil Chandra have also been invited.
      Senior lawyers Soli Sorabjee, KK Venugopal and Harish Salve as also heads of industry chambers - Pankaj Patel of Ficci, Shobana Kamineni of CII and Sunil Kanoria of Assocham too are on the list of invitees.
      Sources said Parliamentary Affairs Minister Ananth Kumar has written a letter to all Lok Sabha and Rajya Sabha MPs requesting for their presence.
      Members of GST Council too have been invited.
      A gong will be sounded at midnight to signify that GST has arrived.
      The GST Bill was originally piloted by Mukherjee when he was the Finance Minister in the previous UPA regime.
      The GST Council, that brings together the central and state governments, has met 17 times to thrash out how the tax will work.
      Originally, the launch of GST which had been in the works for over a decade, was to be done from Vigyan Bhawan -- the largest convention centre in the national capital that has hosted majority of the meetings of the GST Council.
      But the historic Central Hall was thought to be a better choice considering the importance of the new indirect tax code that unifies more than a dozen separate levies to create a single market with a population greater than the US, Europe, Brazil, Mexico and Japan put together.
      GST will simplify a web of taxes, regulations and border levies by subsuming an array of central and state levies including excise duty, service tax and VAT.
      It is expected to gradually re-shape India's business landscape, making the world's fastest-growing major economy an easier place to do business.
      GST has been dubbed as the most significant economic reform since BJP government came to power in 2014 and is expected to add as much as 2 percentage points to the GDP growth rate besides raising government revenues by widening the tax net.
      A four-rate structure that exempts or imposes a low rate of tax of 5 per cent on essential items and top rate of 28 per cent on cars and consumer durables has been finalised. The other slabs of tax are 12 and 18 per cent.

    Govt approves Amazon's proposal for FDI in food
    • The government has approved American e-commerce major Amazon's proposed USD 500 million investment in retailing of food products in India, an official said.
      The proposal was pending before the Foreign Investment Promotion Board (FIPB) which has been abolished now.
      Hence, the Department of Industrial Policy and Promotion (DIPP) gives the green signal to the proposal.
      As per the proposal, the company will open a wholly-owned subsidiary in India to carry out the business. It will stock food products and sell online.
      Currently, the government permits 100 per cent foreign direct investment (FDI) in the food processing sector. As per norms, a foreign company can open a wholly-owned subsidiary in India to retail food products produced and or manufactured in the country by way of opening stores or online.
      The government had received investment proposals from three companies - Amazon, Grofers and Big Basket - worth USD 695 million for retail of food products.
      While US-based retail giant Amazon is one of the major e-commerce players in India, Grofers and Big Basket are into online grocery space.
      Amazon has proposed to invest around USD 500 million in retail of food products.
      The government last year allowed 100 per cent foreign direct investment (FDI) through approval route for trading, including through e-commerce, in respect of food products manufactured and produced in India.
      In 2016-17 (April-December), the food processing sector in the country received FDI of USD 663.23 million.
      The Union Cabinet last month decided to wind up the 25- year-old FIPB, which had been vetting FDI proposals requiring government approval, to expedite the clearance process.
      Under the new mechanism, proposals related to retail sector is being approved by the commerce and industry ministry.

    GST: Gifts by employers above Rs 50,000 under ambit of GST, tweets FinMin
    • Finance Ministry stated that gifts worth more than Rs 50,000 from employers to their subordinates will attract taxes under Goods and Services Tax (GST). This is to check the prevalent practice of companies giving expensive gifts to their staff to boost business or to pay their staff in ways different from regular remuneration in order to evade taxes.
      The services extended by employees to their employers in course of or in relation to employment will be exempt from the scope of the new tax regime, said a tweet by the Arun Jaitley-led Finance Ministry.
      A tweet on the Ministry's Twitter handle said, "Services by an employee to the employer in the course of or in relation to his employment is outside the scope of GST."

      "However, gifts of value more than Rs 50,000/- made without consideration are subject to GST, when made in course or furtherance of business," said another one in a series of tweets.
      The decision is likely to curb the practice of employees being paid in mean different than what has been agreed upon as remuneration to avoid paying taxes by both employers and employees.
      Finance Ministry clarified that perks, like housing and such, provided to employees in accordance to the agreement they entered when taking the job will not be covered under GST.
      "Supply by an employer to an employee in terms of contractual agreement entered into between employer and employee, will not be subjected to GST," the Ministry said in a statement.
      Prime Minister Narendra Modi rolled out the Goods and Services Tax n July 1 in a bid to unite the nation as one market under a uniform indirect tax regime and neutralise the cascading effect of taxes. Earlier, the Finance Ministry had forbidden taxmen to visit shopkeepers without prior authorisation, after receiving reports of 'some unscrupulous elements posing as GST officers trying to fleece the shopkeepers and customers in the name of GST.'

    Tata-Mistry row: Bomaby High Court refuses to hear minor shareholders' suit
    • In a reprieve for the Tata group , the Bombay High Court today overturned its order and ruled it cannot hear a suit filed by minority shareholders of the group seeking Rs 41,000 crore in damages as a representative suit on behalf of all non-promoter shareholders.
      The suit, filed by shareholders Pramod Shah and five others, challenged Cyrus Mistry 's removal as chairman of the Tata group, terming it "illegal, motivated and malafide".
      The shareholders demanded over Rs 41,000 crore in damages for themselves and all similarly placed non-promoter shareholders of the listed group companies for "losses suffered as a result".
      The damages sought are for losses due to a drop in the share prices of eight Tata group companies since the market closing on October 24 last year, when Mistry was ousted, to December 6, 2016.
      Shah and the other appellants filed an application along with the suit seeking permission under order 1, rule 8 of the Civil Procedure Code, a provision that says that one or more persons may, with the permission of court, sue or defend on behalf of all interested individuals.
      In December last year, Justice S J Kathawalla had passed an order permitting the suit to be filed in a representative capacity.
      The permission was today revoked by Justice S C Gupte, who said a suit filed by few minority shareholders cannot be treated as a representative suit on behalf of all the non-promoter shareholders.

    NSE technical glitch: Finance ministry seeks report from Sebi
    • The finance ministry today sought a report from Sebi on the technical glitch in the National Stock Exchange's system that had led to trading disruptions.
      Sources at the ministry said it was a technical problem that led to trading disruptions and there was no information about hacking.
      Investors faced problems on the NSE, which had briefly stopped trading in cash and F&O (futures and options) segments. Later, trading activities resumed at 1230 hours.
      Sources said Sebi is constantly monitoring the situation and this sort of problem is a serious concern for the ministry, hoping that such situations do not happen again.
      The ministry has sought a report on the issue.
      "Let's wait for the report. The NSE will send a detailed report to Sebi. The report will be sent to us through Sebi. We expect an interim report from Sebi by the end of the day," the sources said. In a statement, the Securities and Exchange Board of India (Sebi) said it is in touch with the NSE and is closely monitoring the situation.
      The NSE is the largest stock exchange in India in terms of total and average daily turnover for shares every year since 1995, as per Sebi data.
      Earlier, brokers and those trading on the NSE had said stock prices did not get updated and there was also an issue in accessing the F&O segment.
      A BSE spokesperson said the exchange is not facing any problems.

    General Awareness


    • 1. The Government share holding in National Investment Infrastructure Fund (NIIF) is going to be ___:
      a) 40 %
      b) 49%
      c) 50%
      d) 51%
      e) 30%

      2. Can nomination be made by an illiterate depositor?
      a) Yes, by affixing his Thumb Impression without witness
      b) Yes, by affixing his Thumb Impression with one witness
      c) Yes, by affixing his Thumb Impression with two witnesses
      d) No, such nomination may be under influence may not hold legal validity
      e) At the discretion of the Branch Head

      3. EXIM bank was established in the year?
      a) 1957
      b) 1992
      d) 1981
      e) 1983

      4. In 'Small Accounts' , balance at any point of time should not exceed ______:
      a) Rs.50,000
      b) Rs.1,00,000
      c) Rs.10,000
      d) Rs.25,000
      e) None of these

      5. As per RBI directives, banks are allowed opening a minor account subject to the following conditions. Which among the following is correct?
      a) Only fixed, savings and recurring deposits accounts can be opened
      b) Mother can also be accepted as a guardian
      c) The accounts can also be opened in the guardianship of the mother, even if the father of the minor is living
      d) Only a & b
      e) All a, b & c

      6. National Housing Bank monitors the performance of ___:
      a) Liberalized Finance Scheme
      b) Golden Jubilee Rural Housing Finance Scheme
      c) Energy Efficient Housing Finance Scheme
      d) Finance scheme for indirect loans
      e) None of the above

      7. Which among the following made the initial contribution for setting up Financial Inclusion
      Fund and Financial Inclusion Technology Fund?
      a) Government of India, NABARD and RBI
      b) NABARD, UTI and RBI
      c) SIDBI, Government of India and IDBI Bank
      d) SIDBI, NABARD and UTI
      e) NABARD, RIDF, RBI

      8. National Housing Bank, a wholly- owned subsidiary of RBI started its operations from ___:
      a) July, 1982
      b) July, 1988
      c) April, 1980
      d) March, 1971
      e) March, 1983

      9. The Maturity period of Certificate of deposits issued by banks is seven days to one year, whereas
      the certificate of deposits issued by Financial Institutions should be not less than One year and not exceeding ___:
      a) 2 years
      b) 3 years
      c) 4 years
      d) 6 years
      e) None of the above

      10. The Minimum capital requirement as per the final guidelines for Universal Banks is __:
      a) Rs. 500 crore
      b) Rs. 200 crore
      c) Rs. 300 crore
      d) Rs. 100 crore
      e) Rs. 1000 crore

      11. Which of the following statement is wrong relating to SIDBI.
      a) SIDBI means Small Industries Development Bank of India
      b) It was established on April 2, 1990
      c) It is the principal financial institution for the promotion, financing and development of industry in the small-scale sector
      d) Its Head Office is in Hyderabad
      e) It has floated Credit Guarantee Fund Trust for Micro and Small Enterprises

      12. Which of the following is a specific division of banking related to the creation of capital for other
      companies, governments and other entities?
      a) Merchant banking
      b) Investment banking
      c) Commercial banking
      d) Wholesale banking
      e) None of these

      13. Name the first country which introduced plastic currency notes?
      a) USA
      b) UK
      c) Russia
      d) Australia
      e) Germany

      14. Authorized Dealers for foreign exchange transactions are appointed by:
      a) Reserve Bank of India
      b) Government of India
      c) Individual Banks
      d) FEDAI
      e) None of the above

      15. In terms of RBI Guidelines Banks should report credit information to Central Repository of
      Information on Large Credits (CRILC) of the borrowers having aggregate fund based or non
      fund based exposure of ____ once in a quarter.
      a) Rs. 3 Crore and above
      b) Rs. 5 Crore and above
      c) Rs. 7 Crore and above
      d) Rs. 8 Crore and above
      e) Rs. 1 Crore and above

      16. Which of the following loans are less risky from the bankers point of view?
      a) Housing loans
      b) Vehicle loans
      c) Personal Loans
      d) Credit Card advances
      e) b & c

      17. Insurance Regulatory and Development Authority of India was constituted in the year___:
      a) 1938
      b) 1971
      c) 1993
      d) 1999
      e) 2000

      18. Rajkiran Rai G will be taking charge as Managing Director & CEO of _____ from 1.7.2017
      a) Union Bank of India
      b) Syndicate Bank
      c) Uco Bank
      d) United Bank of India
      e) Vijaya Bank

      19. Interest Rate Risk in Banking Book (IRRBB) refers to which of the following?
      a) Companies accounts books
      b) Current or prospective risk to a bank's capital and earnings, arising from adverse movements in interest rates that affect banking book positions
      c) Government accounts books
      d) NGOs books
      e) None of these

      20. Under the Direct Benefit Transfer (DBT) in fertilizer sector, the subsidy will be released to whom?
      a) Milk vendors
      b) The fertilizer companies instead of the beneficiaries, after the sale is made by the retailers to the beneficiaries
      c) NGOs
      d) Gram Panchayats
      e) None of these

      21. When certain projects are not commercially viable Government may go in for funding
      Public Private Partnership(PPP). Such fund is called as ___:
      a) Bridge funding
      b) Viability gap funding
      c) Bonus funding
      d) Premium funding
      e) Ways and means funding

      22. Balance in which of the following account is not repatriable?
      a) NRO
      b) FCNR
      c) NRO
      d) b & c
      e) All the above

      23. When a bank fails causing instability in the financial system, such risk is called ____:
      a) Systemic Risk
      b) Market Risk
      c) Credit Risk
      d) Operational Risk
      e) Systematic Risk

      24. Normally banks will not give big ticket loans for longer tenures as it may lead to:
      a) Insolvency
      b) Liquidation
      c) Asset-Liability mismatch
      d) Bank Run
      e) All the above

      25. Which of the following is not a credit facility extended for short duration?
      a) Bridge Loan
      b) Term Loan
      c) Commercial Paper
      d) Bill Discounting
      e) None of the above

      26. Sometimes after disbursing the loan, banks will give reasonable time to customers to start repayment of loan. Such repayment facility is known as ____:
      a) Amortization
      b) Leverage
      c) Balloon payment
      d) Moratorium
      e) Bullet payment

      27. RBI regulates ceiling limit of interest for _____ deposits.
      a) Savings
      b) Recurring
      c) Fixed
      d) FCNR(B)
      e) None of the above

      28. GSTN (Goods and Service net work) is managed by?
      a) Tech Mahendra
      b) Wipro
      c) Infosys
      d) TCS
      e) HCL Technologies Ltd

      29. Which of the following takes care of export credit risks?
      a) ECGC
      b) GIC Re
      c) EXIM Bank
      d) RBI
      e) DGFT

      30. When the window for granting licenses is open through out the year, it is categorized as:
      a) Open-tap Licensing
      b) Off-tap Licensing
      c) On-tap Licensing
      d) For-tap Licensing
      e) Free-tap Licensing

      31. ATM transactions are interchangeable among the banks and this is made possible because of:
      a) NFS - National Financial Switch
      b) SWIFT - Society for Worldwide Interbank Financial Telecommunication
      c) NEFT - National Electronic Funds Transfer
      d) SFMS - Structured Financial Messaging System
      e) None of the above

      32. A negotiable instrument can be transferred legally and is possible with__:
      a) Encumbrance
      b) Endorsement
      c) Moratorium
      d) Write off
      e) Right of set off

      33. Which of the following is not one among the cities where Rs. 10 plastic bank notes will be introduced?
      a) Hyderabad
      b) Mysore
      c) Bhubaneswar
      d) Shimla
      e) Cochin

      34. Governing Council for BCSBI is appointed by:
      a) Finance Ministry
      b) Reserve Bank of India
      c) A panel headed by Cabinet Secretary
      d) Cabinet Committee on appointments
      e) Indian Banks Association

      35. Which of the following depicts the financial position of a bank or business enterprise at a given
      point of time?
      a) Balance sheet
      b) Cash flow statement
      c) Income statement
      d) Model audit
      e) Profit & Loss Account

      36. General crossing of a cheque means:
      a) Two cross lines across the cheque
      b) The cheque can have an abbreviation "& Co. "between the two parallel lines
      c) The cheque can have the words "Not Negotiable" between the two parallel lines
      d) Cash will not be paid across the counter
      e) All the above

      37. Which is the largest foreign bank in India?
      a) American Express Bank Ltd.
      b) DBS Bank Ltd.
      c) HSBC Ltd.
      d) Standard Chartered Bank
      e) United Overseas Bank Ltd.

      1) b 2) b 3) c 4) a 5) e 6) b 7) a 8) b 9) b 10) a
      11) d 12) b 13) d 14) a 15) b 16) a 17) d 18) a 19) b 20) b
      21) b 22) a 23) a 24) c 25) b 26) d 27) d 28) d 29) a 30) c
      31) a 32) b 33) a 34) b 35) a 36) e 37) d

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