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Saturday 28 February 2015

UNION BUDGET 2015-16 HIGHLIGHTS

UNION BUDGET 2015-16 HIGHLIGHTS


Finance Minister Arun Jaitley on 28th February 2015 presented the Union Budget for the year 2015-16. Being termed as 'make or break', this is Arun Jaitley and the NDA Government's first full year Budget. Here are the key highlights of the Budget.

Important Numbers to Note


1. Non-Plan expenditure: Rs 13,12,200 crore.

2. Plan expenditure: Rs Rs 4,65,277 crore.

3. Total expenditure: Rs 17,77,477 crore.

4. Gross Tax receipts: Rs 14,49,490 crore.

5. Devolution to the States: Rs 5,23,958 crore.

6. Share of Central Government: Rs 9,19,842 crore.

7. Non Tax Revenues: Rs 2,21,733 crore.

8. Fiscal deficit : 3.9% of GDP and Revenue Deficit: 2.8% of GDP

Economic Survey 2014-15 Highlights


Key Features of Union Budget 2015


1. Defer the applicability of GAAR by 2 years; effective from 1.04.2017

2. Wealth Tax to be abolished

3. 2% surcharge on those who have income of over Rs 1 Cr per annum

4. Benami Property Transaction bill to tackle black money transaction in real estate soon

5. PAN must for any sale exceeding Rs 1 lakh

6. High corporate tax with too many exceptions gives us worst of both worlds, we neither get revenues nor investments

7. Taxation is an instrument of socio-economic engineering

8. Corporate Tax to be reduced to 25% from 30%

9. GST expected to play transformative role by creating a common market; have already introduced bill for same

10. Aim to rationalize and cut exemptions in corporate tax

11. Govt. to get tough on Black Money

12. Direct Tax collection is going to be 14.49 lakh crore rupees

13. To avoid surprise in taxation policy

14. Corporate tax to be reduced by 5% over next four years

15. Policy of Make in India in Defence not only to cater our needs but also for export

16. Defence budget enhanced to Rs 2,46,727 crore

17. Special Assistance to Bihar and West Bengal

18. Rs 15,000 crore scheme to skill rural India

19. Poor students get fund aid through PM scheme

20. Renewable energy target will be increased to 1,75,000 MW

21. AIIMS to be set up in J&K, Punjab, Tamil Nadu, Himachal Pradesh and Assam

22. IIT in Karnataka, IIMs in J&K and Andhra Pradesh

23. ISM Dhanabad will be upgraded to full IIT

24. Section 6 of FEMA to be amended

25. Public procurement law to be introduced

26. Public contracts resolution bill to be introduced

27. Rupay Debit Cards to be incentivised, to move towards paperless transactions

28. Regulatory reform law for infrastructure development

29. To launch National Skills Mission to boost jobs

30. Committee to be set up to plan the celebration of the 100th birth anniversary of Deen Dayal Upadhyaya

31. Govt. to do away with distinctions between FII and FDI and replace it with Composite Caps

32. Another 1,000 crores for Nirbhaya Fund

33. Corpus for maintenance of Global Heritage Sites at Goa, Gujarat, J&K, Mumbai, Punjab and Telangana

34. Environment friendly development process only

Here are the highlights of the Rail Budget 2015


35. Foreign investment in alternate investment funds

36. Govt. to introduce Gold Monetization Scheme, Sovereign Gold Bonds

37. EPF & ESI has hostage rather than client ; ESI should be made optional to employees

38. Visa on arrival for 150 countries in phases

39. FMC to be strengthened by merging with SEBI

40. To put in place bankruptcy code soon

41. Employees contribution to EPF should be optional

42. Indian Gold Coin with Ashok Chakra

43. 5 Ultra Mega power projects, of 4000 MW announced

44. Highest ever allocation for MGNREGA, by increasing it this year by 5,000 crore rupees

45. Internationally competitive Direct Tax regime to be put in place

46. Deepening of bond market to complement our world class equity; Public Debt Management agency towards this end

47. Ports in public sector will be encouraged to corporatize & become companies under Companies 
48. Plan an expert committee for Drafting Legislation for Regulatory mechanism

49. NBFCs with size of Rs 500 Cr and above to get parity in recoveries

50. Capex for state PSUs to be Rs 3.17 lakh crore

51. PM agri plans get Rs 3,000 crore extra allocation

52. Initial sum of Rs 150 Cr to create world class IT hub to take advantage of our competitiveness

53. Expert committee to examine need for multiple prior clearances for projects

54. PPP model has to be revised and revitalized

55. Rs 30,000 crore allocation for SC welfare schemes

56. Lending priority to be given to SC, ST in Mudra bank

57. Outlay upped by 24,000 Cr for rail, road

58. Capex for state PSUs to be Rs 3.17 lakh crore

59. Atal Innovation Mission to foster culture of research among India's and global brain

60. Investment in Infrastructure to go up by 70,000 crores in 2015-16 over 2014-15

61. Tax free Infrastructure bonds for projects in railways and roads

62. PM Surakhsha Bima Yojna to increase the access to insurance ; it will be linked with Jan Dhan 

63. Atal Pension Yojna to provide defined pension according to contribution

64. Divestment in loss making units

65. New scheme called Nayi Manzil to enable minority youth without school-leaving certificates to get the employment

66. Exhibition of Parsi culture

Here are the highlights of the Rail Budget 2015


67. Senior citizens welfare fund to subsidise the premium for elderly people

68. MUDRA bank to refinance micro finance institution under PMs MUDRA scheme

69. To utilize vast postal network for increasing access to institutional banking

70. To launch PM Surakhsha Bhīma Yojna, offering coverage of 2 lakh rupees for just premium of Rs 12 (Rs 1 per month)

71. Universal Social Security for all Indians

72. New scheme physical aid and assited

73. GST to be in place by April 01. 2016

74. Senior citizens welfare fund to subsidise the premium for elderly people

75. Proposes a Mudra Bank of corpus of 20000 crores to refinance the MFIs

76. To bring a Comprehensive Bankruptcy code for the ease of doing business by 2015-16

77. Committed to increase the access of people to formal financial system

78. Committed to bring a Universal social security system for all

79. Manufacturing Hub through Make in India program

80. Forex reserves at $340 billion

81. We need a well-targeted system of subsidies rather than to cut subsidies

82. Micro irrigation to get Rs 5300 crore

83. Electrification of villages by 2020

84. To continue with MNREGA

85. Agri credit target in 2015-16 increased to 8.5 lakh crore

86. National agri market to increase income of farmers



87. Well-targeted system of Subsidy delivery, cutting down of leakage

88. Need well targeted system to rationalise subsidies

89. LPG direct transfer subsidy to be expanded

90. Rural Infrastructure Development Fund to be at Rs 25000 Cr

91. Road map to achieve Fiscal Deficit of 3% of GDP in three years

92. Target of 3.9% in Fiscal Deficit 2015-16

93. Target of 3.5% in Fiscal Deficit 2016-17

94. Target of 3% in Fiscal Deficit 2017-18

95. Will finish the journey to 3% fiscal deficit in two years

96. Tax buoyancy is lower but still we will meet the promise of Fiscal deficit of 4.1% of GDP this 

97. Latest CPI 5.1% WPI negative

98. States to get 62% of the total resources

99. Rural and urban divide to be removed

100. A roof for each family in India by 2022- 75th Year of India's Independence

Here are the highlights of the Rail Budget 2015


Sector-wise Highlights of Union Budget 2015

Taxation

1. Abolition of Wealth Tax.

2. Additional 2% surcharge for the super-rich with income of over Rs. 1 crore.

3. Rate of corporate tax to be reduced to 25% over next four years.

4. Total exemption of up to Rs. 4,44,200 can be achieved.

5. 100% exemption for contribution to Swachch Bharat, apart from CSR.

6. Service tax increased to14 per cent.

Agriculture


1. Rs. 25,000 crore for Rural Infrastructure Development Bank.

2. Rs. 5,300 crore to support Micro Irrigation Programme.

3. Farmer’s credit - target of 8.5 lakh crore.

Infrastructure


1. Rs. 70,000 crores to Infrastructure sector.

2. Tax-free bonds for projects in rail road and irrigation

3. PPP model for infrastructure development to be revitalised and govt. to bear majority of the 



4. Rs. 150 crore allocated for Research & Development

5. NITI to be established and involvement of entrepreneurs, researchers to foster scientific innovations.

6. Govt. proposes to set up 5 ultra-mega power projects, each of 4000MW.

Education


1. AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.

2. IIT in Karnataka; Indian Institute of Mines in Dhanabad to be upgraded to IIT.

3. PG institute of Horticulture in Amritsar.

4. Kerala to have University of Disability Studies

5. Centre of film production, animation and gaming to come up in Arunachal Pradesh.

6. IIM for Jammu and Kashmir and Andhra Pradesh.

Defence


1. Rs. 2,46,726 crore for Defence.

2. Focus on Make in India for quick manufacturing of Defence equipment.

Here are the highlights of the Rail Budget 2015

Welfare Schemes


1. 50,000 toilets constructed under Swachh Bahrat Abhiyan.

2. Two other programmes to be introduced- GST & JAM Trinity. GST will be implemented by April 2016.

3. MUDRA bank will refinance micro finance orgs. To encourage first generation SC/ST entrepreneurs.

4. Housing for all by 2020.

5. Upgradation 80,000 secondary schools.

6. DBT will be further be expanded from 1 crore to 10.3 crore.

7. For the Atal Pension Yojna, govt. will contribute 50% of the premium limited to Rs. 1000 a 

8. New scheme for physical aids and assisted living devices for people aged over 80.

9. Govt. to use Rs. 9000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.

10. Rs. 5,000 crore additional allocation for MGNREGA.

11. Govt. to create universal social security system for all Indians.

Renewable Energy


1. Rs. 75 crore for electric cars production.

2. Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K MW in small hydro

Tourism


1. Development schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi, Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the newtoursim scheme.

2. Visa on Arrival for 150 countries


Economic Survey 2014-15 Highlights

Economic Survey 2014-15 Highlights


Finance Minister Arun Jaitley today (27th February 2015) tabled the Economic Survey 2014-2015 in Lok Sabha, which outlines the broad direction of the Budget and the economic performance of the country. This survey, prepared by the finance ministry's chief economic adviser Arvind Subramanian, forecasts Indian economy is likely to grow above 8 percent in 2015-16. The Survey furt her said that economic growth for the financial year 2015-16 is likely to remain between 8.1 and 8.5 percent.

Economic Survey 2014-15 Highlights


Fiscal Deficit


 India must meet its medium-term fiscal deficit target of 3 per cent of GDP

 Government will adhere to fiscal deficit target of 4.1 per cent of GDP in 2014/15

 Govt. should ensure expenditure control to reduce fiscal deficit

Growth


 2015/16 GDP growth seen at over 8 pct y/y

 Double digit economic growth trajectory now a possibility

 Economic growth at market prices seen between 8.1 - 8.5 per cent in 2015/16 on basis on new GDP calculation formula

Current Account Deficit


 Estimated to fall 1 pct of GDP in coming fiscal year

Inflation


 Inflation shows declining trend in 2014/15

 Inflation likely to be below central bank target by 0.5 - 1 per centage point

 Lower inflation opens up space for more monetary policy easing

 Govt and central bank need to conclude monetary framework pact to consolidate gains in inflation control

 CPI inflation in 2015/16 is likely to range between 5 - 5.5 per cent

Reforms


 There is scope for big bang reforms now.

 India can increase public investments and still hit its borrowing targets.

Fiscal Consolidation


 Govt. remains committed to fiscal consolidation.

 India can balance short-term imperative of boosting public investment to revitalize growth with fiscal discipline.

 Outlook for external financing is correspondingly favourable.

Subsidies


 Overhauling of subsidy regime would pave the way for expenditure rationalization

IT & ITeS Sector


 IT and ITeS sector including Business Process Management (BPM), continues to be one of the largest employers in the country

 Software products and services revenues for 2015-16 is projected to grow at 12-14 per cent.

 Government's "Make in India" mission has included IT and BPM among the 25 focus sectors

Tourism


 Increase in growth on both foreign tourist arrivals at 7.1 per cent and foreign exchange earnings at 6.6 per cent in the year 2014.

 Easing of the Indian tourism visa regime through the expansion of Tourist Visa on Arrival enabled by Electronic Travel Authorization (ETA) will give a fillip to foreign tourist arrivals in the country.

Trade & Repair Services Sector


 Migration from traditional stores to modern retail continues, though the latter still accounts for only 8 per cent of the total market.

E-commerce Market


 Government proposes to include sufficient provisions for consumer safeguards in the ongoing amendments to the Consumer Protection Act, 1986.

Media & Entertainment Industry


 With 100 per cent FDI permitted in the Film Sector, India is emerging as the new favourite of international studios.

Thursday 26 February 2015

Here are the highlights of the Rail Budget 2015

Railway Minister Suresh Prabhu has presented the Narendra Modi-led BJP government's first full year Rail Budget on 26th February 2015. The Key Themes of the Budget were in line with Prime Minister Narendra Modi's initiatives - Swachch Bharat Mission, Make in India and Digital India.

Here are the highlights of the Rail Budget 2015

1. There is no increase in passenger rail fares.
2. No new trains announced.
3. Plan Outlay proposed Rs. 1,00,011 crore, increased by 52%
4. Allocation for passenger amenities up by 67%
5. Rs.8.5 lakh crore will be invested in Railways in next 5 years.
6. 'Operation 5 mins', wherein passengers travelling unreserved can purchase a ticket in 5 minutes.
7. Bio toilets and airplane-type vacuum toilets in trains.
8. Rs 1,000 Nirbhaya Fund, which was lying idle so far, will finally board a train to provide women's safety
9. Surveillance cameras in select coaches and ladies compartments for women's safety without compromising on privacy.
10. Rail tickets can now be booked 120 days in advance.
11. The speed of nine railway corridors will be increased to 160 and 200 kmph
12. 200 more stations to come under Adarsh Station scheme
13. In 400 stations Wi-Fi facility will be provided
14. Facility of online booking of wheelchair for senior citizens.
15. Satellite railway terminals in major cities.
16. Centrally managed Rail Display Network is expected to be introduced in over 2K stations over the next 2 years.
17. All India 24/7 helpline - 138 from March 2015; Toll free No.182 for security.
18. 917 road under-bridges and over-bridges to be constructed to replace 3,438 railway crossings; at a cost of Rs. 6,581 crore.
19. Four Railway Research Centres to start in four universities.
20. A mobile application to address complaints of people is also being developed
21. SMS alert services for passengers to inform them about arrival and departure of trains
22. The facility of e-ticketing to go paper less
23. 24 to 26 coaches in certain identified trains, more general class coaches, ladders to be replaced
24. Introduction of integrated ticketing will be done, a Defence travel system has been developed
to make travel easier
25. Satellite railway terminals in 10 major cities
26. Railways to become prime mover of Indian Economy, Five years action plan proposed
27. Thrust on measurable and sustainable improvement in passenger experience and to make Rail a safer means of travel
28. More General class coaches will be added in identified trains.
29. Train Protection Warning System and Train Collision Avoidance System to be installed on select routes
30. Investment 84% higher, 77 new projects covering 9,400 km of doubling/tripling/quadrupling works proposed
31. Cleanliness in Railways highest priority under Swachh Rail Swachh Bharat
32. A new department for keeping stations and trains clean under Swachh Rail Swachh Bharat Abhiyan



Tuesday 3 February 2015

GK Power Capsule – November 2014

  GK Power Capsule – November 2014



Dear Aspirants,
Most important current affairs news from the month of November 2014. So please read this GK Power Capsule carefully & prepare well to score good in upcoming exams.

  1. 9th G-20 Summit of major economies was held in Brisbane, Australia. The summit focused on promoting economic growth and set the target of boosting global growth by 2 percent in five years. The next summit will be hosted by Turkey in Antalya on 10 November 2015.
  2. 18th SAARC summit was held in Kathmandu, Nepal.
  3. 12th ASEAN-India Summit was held in Nay Pyi Taw, Myanmar. The summit was held on the sidelines of 25th ASEAN Summit. The Next ASEAN-India Summit will be held in Cambodia in 2015.
  4. 9th East Asia Summit was held in Nay Pyi Taw, Myanmar. The summit was held on the sidelines of the 25th ASEAN Summit.
  5. 83rd Interpol General Assembly was held at Grimaldi Forum in Monaco.
  6. 25th Association of Southeast Asian Nations Summit was held in Nay Pyi Taw, Myanmar. Myanmar chaired the ASEAN summit for the first time.
  7. The International Buddhist Conference 2014 was held in Lumbini, Nepal.
  8. 7th Summit on the Global Agenda was held in UAE. The Summit on the Global Agenda for the year 2014 was organized by the World Economic Forum in collaboration with the Government of the United Arab Emirates and Government of Dubai.
  9. 22nd Asia-Pacific Economic Cooperation Summit was held in Beijing, China. The summit was held under the theme of Shaping the Future through Asia-Pacific Partnership. The next APEC Summit will be held in Philippines in 2015.
  10. The World Economic Forum in partnership with the Confederation of Indian Industry hosted the India Economic Summit in New Delhi.
  11. 6th World Ayurveda Congress (WAC) was held in New Delhi.
  12. India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) was held in New Delhi. The next session of the IRIGC-TEC will be held in Moscow in 2015.
  13. International Counter-Piracy Conference was held in Dubai.
  14. New Ministers –
  15. 1 Manohar Parrikar Defence Ministry
  16. 2 Suresh Prabhu Railways Ministry
  17. 3 Jagat Prakash Nadda Health Ministry
  18. 4 Ch. Birender Singh Rural Development
  19. 5 Bandaru Dattatreya Labour
  20. 6 Rajiv Pratap Rudy Skill Development
  21. 7 Dr. Mahesh Sharma Tourism
  22. Prasar Bharti announced to re-launch DD National with new tagline Doordarshan National – Desh Ka Apna Channel.
  23. Mithra Shakthi exercise: three week mock war drill between Special Forces of Indian and Sri Lankan Army.
  24. A Torpedo Recovery Vessel, TRV-72 of Indian Navy sank off the Visakhapatnam coast during a naval exercise.
  25. Sachin Tendulkar’s autobiography “Playing It My Way” was released.
  26. Sutirtha Bhattacharya will be the new Chairman and Managing Director of Coal India Limited.
  27. Actor Farhan Akhtar was appointed as UN Women Goodwill Ambassador for South Asia.
  28. Former Indian Police Service Officer K C Reddy was appointed as the member of United Nations probe panel on Gaza.
  29. Government appointed GS Sandhu as Chairman of National Chemical Weapon Convention.
  30. Anita Kapur (IRS) was appointed as the new chairperson of the Central Board of Direct Taxes.
  31. The Italian physicist Fabiola Gianotti was appointed as first woman chief of CERN particle physics research centre.
  32. Rajiv Mehrishi took charge as Union Finance Secretary under the Union Ministry of Finance.
  33. Former Indian cricket captain Dilip Vengsarkar received the prestigious BCCI-instituted Colonel C K Nayudu Lifetime achievement award.
  34. Tamil superstar Rajinikanth was honoured with the centenary award for Indian Film Personality of the year 2014 at the 45th International Film Festival of India.
  35. Chintan, a non-government organisation was conferred the Deutsche Bank Urban Age Award, 2014.
  36. Steel Authority of India Chairman CS Verma was conferred with the IIM- JRD Tata Award for Excellence in Corporate leadership in Metallurgical Industries for the year 2014.
  37. Veteran classical vocalist Pandit Jasraj was conferred with the Sumitra Charat Ram Award 2014 for Lifetime Achievement.
  38. Neha Gupta was awarded with the prestigious International Children’s Peace Prize 2014.
  39. Radio Kashmir Jammu won prestigious Gandhian Philosophy and Public Service Broadcasting award 2014 for its programme Jeevan Rekha.
  40. President Pranab Mukherjee conferred the 49th Jnanpith Award on eminent Hindi poet Kedarnath Singh.
  41. The Darjeeling Zoo or the Padmaja Naidu Himalayan Zoological Park was selected for the prestigious International Award the Earth Heroes Award 2014.
  42. The Hockey India chief Narinder Batra was awarded the prestigious President’s Award by the International Hockey Federation at Morocco.
  43. Former Prime Minister of India Manmohan Singh received the Japan’s top national award The Grand Cordon of the Order of the Paulownia Flowers 2014.
  44. The US President Barack Obama will be the Chief Guest at 66th India’s Republic Day celebrations 2015. He will be the first US President to attend the Republic Day Parade of India.
  45. Neel Mukherjee was in news because his book Lives of Others was shortlisted for Costa Book Awards.
  46. Union Government nominated Dr. Hasmukh Adhia as a Director on the Central Board of Directors of the Reserve Bank of India.
  47. US Navy SEAL commando Robert O’Neill who shot Osama bin Laden at his Pakistan hideout in Abbottabad on 2 May 2011 revealed his identity.
  48. Indian-American Nikki Haley won second term as South Carolina Governor.
  49. Mallikarjun Kharge, a leader of Congress in Lok Sabha was inducted into the three-member Chief Information Commissioner Selection committee.
  50. Prime Minister Narendra Modi visited to Fiji. He is the first Indian Prime Minister to visit the Pacific countries after Indira Gandhi who visited in 1981.
  51. Prime Minister Narendra Modi visited Australia as part of G-20 summit and bilateral summit with Australia. He became the first Indian Prime Minister to address the Australian Parliament.
  52. Union Home Minister Rajnath Singh visited Israel to discuss bilateral issues including strengthening security ties and fight against terror.
  53. President Pranab Mukherjee visited Bhutan. During his visit, the two countries signed a Memorandum of Understanding (MoU) on Nalanda University.
  54. Oscar award winner Mike Nichols died.
  55. Legendary Kathak danseuse Sitara Devi died.
  56. Senior Congress leader and former Union Minister Murli Deora died after a prolonged illness.
  57. Mathematician Alexander Grothendieck died in France.
  58. Baiji in Iraq was in news because Iraqi authorities claimed that Government forces have recaptured the strategic northern town of Baiji from Islamic State for Iraq and Syria (ISIS).
  59. Prime Minister Narendra Modi adopted Jayapur village in Varanasi under Saansad Adarsh Gram Yojana (SAGY).
  60. Anbar in Iraq was in news because of massacre of 322 people of Iraqi Al-Bu Nimr tribe by ISIS militant group.
  61. Child Rights and You (CRY) launched Project Unlearn with an aim to end child labour and encourage children to go to school on 14 November 2014 on eve of Children’s Day.
  62. Mumbai recorded 16.4 million internet users surpassing Delhi and Kolkata. Delhi recorded 12.15 million internet users and Kolkata recorded 6.27 million internet users.
  63. Akash surface-to-air missile was test fired by the Indian Air Force from Integrated Test Range at Chandipur near Balasore, Odisha. The missile is a medium range surface-to-air anti-aircraft defence system with a strike range of 25 km.
  64. 4th India-China Joint Training Exercise Hand-in- Hand 2014 began at Aundh Military Station in Pune, Maharashtra.
  65. Surface-to-surface nuclear-capable Dhanush ballistic missile was test-fired from a naval ship off the Odisha coast with strike range of 350 kilometer.
  66. Prithvi-II surface-to-surface missile was test fired at Chandipur, Odisha. Prithvi-II was developed indigenously which is nuclear capable and has a strike range of 350 km.
  67. India test fired nuclear-capable Agni-II strategic ballistic missile with a range of 2000 Km. It was conducted from Wheeler Island, Odisha.
  68. President Pranab Mukherjee inaugurated India International Trade Fair 2014 at Pragati Maidan in New Delhi. Partner country of the trade fair is South Africa. Focus Country of the fair is Thailand while the focus state is Delhi.
  69. Deepak Gupta was appointed as chairman of Union Public Service Commission.
  70. Securities Exchange Board of India on announced to de-recognise Delhi Stock Exchange (DSE) on the allegations of serious irregularities in its functioning.
  71. Railways, one of the biggest consumers of energy, is moving towards harnessing green power with a 26 MW windmill proposed to be built in Rajasthan.
  72. Klaus Iohannis won Romanian Presidential elections.
  73. Kerala and Goa have become first states in the country with every household having at least one bank account. In addition, Goa, Chandigarh, Puducherry and Lakshadweep and three districts of Gujarat- Porbandar, Mehasana, Gandhi Nagar, have also covered all households under PMJDY with at least one bank account.
  74. Ratan Tata has been appointed to the board of Interpol Foundation.
  75. Union Home Minister and Lucknow MP Rajnath Singh has adopted Beti village in the district under the Pradhan Mantri Adarsh Gram Yojna.
  76. The Defence Acquisition Council (DAC) cleared the decks for the Indian army’s proposal for 814 155mm/52 caliber mounted guns systems (MGS), at a cost of R15,750 crore ($2.55 billion).
  77. Additional Director R K Dutta will now head the CBI probe in the 2G spectrum scam after the Supreme Court directed the agency Chief Ranjit Sinha to recuse from the investigation.
  78. The work on the much-talked about Turkmenistan– Afghanistan–Pakistan–India pipeline (TAPI) would start in 2015. The steering committee meeting for the cross country pipeline was held at Ashgabat in Turkmenistan.
  79. Switzerland agreed to join the global framework that allows automatic exchange of tax information.
  80. Government re-launched Kisan Vikas Patra. Finance minister Arun Jaitley said the KVP would help poor, gullible investors to channelize their savings towards a trusted government scheme instead of some Ponzi schemes. KVP would be a bearer instrument without name of the holder. KVP will be available in the denomination of R1,000, R5,000, R10,000 and R50,000. It has no upper ceiling for investment and can be encashed after a lock-in period of 30 months. Amount invested in KVP would be doubled in 100 months. The KVP certificates will be sold through post offices initially, but they will later on be made available to the investing public through designated branches of nationalised banks. However, there won’t be any tax benefit for investment in KVP.
  81. The G20 leaders committed to put in place a mechanism for automatic exchange of tax information between member countries by 2017.
  82. Indian Railways has identified toilets as one of the 17 special areas where 100 per cent FDI can bring about major investments. Earlier, the government had relaxed the FDI norms permitting 100 per cent investment in rail projects, such as high-speed trains, suburban service, dedicated freight corridors, freight and passenger terminals.
  83. Government fixed the subsidy for domestic LPG at Rs 40 per kg (or Rs 568 per cylinder of 14.2 kg) to be shared between government and public sector oil companies.
  84. Asia Pacific countries agreed to cooperate on the extradition of corrupt officials, enhance asset recovery efforts and establish an anti-corruption transparency network to share intelligence on graft. The network, called the APEC Network of Anti-Corruption Authorities and Law Enforcement Agencies (ACT-NET), is the first such network that members of the Asia-Pacific Economic Cooperation group had worked to set up.
  85. Finance Minister Arun Jaitley said the government is planning to bring down its stake in public sector banks to 52 per cent so as to meet Rs 3 lakh crore capital requirement.
  86. Arundhati Bhattacharya, the Chairperson of country’s largest bank State Bank of India (SBI), has been named as the most-powerful woman in business in India by Fortune Magazine. ICICI Bank’s Chanda Kochhar and Shikha Sharma of Axis Bank follow Bhattacharya at the second and the third place respectively.
  87. Prime Minister Narendra Modi re-constituted a high-level climate panel and dropped well known environmentalist Sunita Narain and top industry leader Ratan Tata from the council. TERI chairperson R K Pachauri, economist Nitin Desai and retired diplomat Chandrasekhar Das gupta were retained by Modi as nongovernment members.
  88. Japanese company Soft Bank, kick-starting its plans to put in about $10 billion in India announced investments in home-grown market place Snapdeal and popular mobile app for cab bookings Ola.
  89. Modi announced the operationalisation of the $100 million line of credit for Vietnam’s defence purchases.
  90. Union Tribal Welfare Minister Jual Oram launched the Vanbandhu Kalyan Yojana (VKY), aimed at improving the infrastructure and human development indices of the tribal population.
  91. BSE is planning to make a foray into commodity exchange business, now dominated by Multi Commodity Exchange (MCX) and NCDEX.
  92. The governments of India and Russia have agreed that BrahMos missile will be exported to a list of mutually agreeable countries for defensive purposes.
  93. Union government submitted, in a sealed cover, a list of 627 Indians holding black money abroad in Supreme Court.
  94. Prime Minister Narendra Modi approved the signing of a memorandum of understanding with Mozambique for cooperation in the field of oil and gas.
  95. The Reserve Bank of India has raised the limit for urban co-operative banks (UCBs) to sanction loan against gold collateral to Rs.2 lakh from Rs.1 lakh at present.
  96. Education Ministers and officials of eight SAARC countries have resolved to collaborate on increased use of information technology and improving the quality of education.
  97. Under pressure from India over the safety of United Nations Peacekeeping forces, U.N. Secretary-General Ban Ki-moon has set up a 14-member panel, including an Indian to review peacekeeping operations worldwide. The panel is headed by Jose Ramos-Horta.
  98. Vijay Laxman Kelkar has been appointed as Chairperson of the Finance Ministry’s think tank National Institute of Public Finance & Policy (NIPFP). He replaces the former Reserve Bank Governor C. Rangarajan.
  99. For the first time India and Russia have agreed on negotiations for a Free Trade Agreement (FTA) between India & the Customs Union of Belarus, Kazakhstan & Russia.
  100. India will extend Visa on arrival facility to Russian businessmen at 18 airports in the country.
  101. The two-day conference on Asian elephants concluded in Guwahati with a resolve to establish a regional think tank with nodal officers from Indian, Bhutan and Myanmar.
  102. BJP legislator, Laxmikant Parsekar, was sworn in as the eleventh Chief Minister of Goa.
  103. Chinese President Xi Jinping on announced $40- billion fund to build mega Silk Road projects criss-crossing Asia.
  104. Lt. Gen. Rizwan Akhtar has taken over as the head of the Inter-Services Intelligence (ISI).
  105. Gujarat has become the first State to make voting compulsory in local bodies.
  106. Prime Minister Narendra Modi launched a new Aadhaar-based digital life certificate for pensioners ‘Jeevan Pramaan’ that will allow self-certification and benefit over a crore pensioners in the country.
  107. The members of Asia-Pacific Economic Cooperation (APEC) members have agreed to initiate the formation of a free trade area in the Asia-Pacific — a vision steered by China, which competes with the Trans-Pacific Partnership (TPP) initiative of the United States.
  108. India’s second mission to Mars could be launched between 2018 and 2020.
  109. E. Sreedharan has been appointed as one man committee by the Ministry of Railways to suggest a “proper system and procedure to ensure proper accountability and transparency” at the level of General Manager and other functionaries for taking all commercial decisions.
  110. The Foreign Investment Promotion Board (FIPB) cleared the long-pending proposal of HDFC Bank to hike foreign holding in the bank to 74 per cent.
  111. Reserve Bank Governor Raghuram Rajan was shortlisted for candidates for BRICS’ New Development Bank president.
  112. Mr. Modi said the PIO (Persons of Indian Origin) and OCI (Overseas Citizen of India) status would be merged ahead of the Pravasi Bhartiya Divas to be held from January 7 in Ahmedabad.
  113. Japan’s economy unexpectedly slid into recession as housing and business investment declined following a sales tax hike, further clouding the outlook for the global economy.
  114. Twelve years after it was constituted, the Nanavati Commission of Enquiry probing the 2002 post-Godhra riots submitted its final report to Chief Minister Anandiben Patel.
  115. Forty years of pioneering work culminating in the successful launch of India’s first Mars orbiter this September has won the Indian Space Research Organisation the Indira Gandhi Prize for Peace, Disarmament and Development for 2014.
  116. India’s Pacific Ocean outreach gained traction with the announcement of a slew of lines of credit and development assistance totaling $ 80 million for Fiji and a visa-on-arrival for all the 14 island countries in the region during Prime Minister Narendra Modi’s visit.
  117. SEBI revamped the ‘Prohibition of Insider Trading’ regulations with more stringent measures, aligning its norms with international practices.
  118. INS Vikrant — the county’s first aircraft carrier — has finally faded away into history. The Centre said it was difficult to maintain the vessel. In March, the Indian Navy sold Vikrant to a Mumbai-based ship breaking company for Rs. 63 crore.
  119. The former Supreme Court judge Chandramauli Kumar Prasad has been selected to be the next Chairman of the Press Council of India.
  120. ING Vysya Bank decided to merge with Kotak Mahindra Bank, creating the fourth largest private sector bank in the country.
  121. India’s Mars mission Mangalyaan, developed by the Indian Space Research Organisation (ISRO), has been listed among the 25 best innovations of 2014 by the Time magazine. “Nobody gets Mars right on the first try. The U.S. didn’t, Russia didn’t, the Europeans didn’t. But on September 24, India did,” the magazine said.


Important Acts Related to Banking

Important Acts Related to Banking


Dear Aspirants,
Here is the list of some important acts related to indian banking.
  1. Banking Regulation Act,1949
  2. RBI Act,1934 & RBI Act, 1948
  3. SBI Act,1955, General Regulations SBI Act,1956
  4. Banker’s Book Evidence Act,1891
  5. Negotiable Instruments Act,1881
  6. Indian Contract Act,1872
  7. Surety’s Liability
  8. Partnership Act,1932
  9. Companies Act,1956
  10. Criminal Procedure Code, 1973
  11. Consumer Protection Act, 1986
  12. Indian Penal Code, 1860
  13. Prevention of Corruption Act, 1988
  14. Income Tax Act
  15. Banking Companies ( acquisition and transfer of undertakings) Act, 1970/1980
  16. Nationalized Banks (management and miscellaneous provisions) Schemes, 1970/1980
  17. Banking Services Commission Act, 1984
  18. SBI Subsidiaries Act, 1959
  19. IDBI Act, 1964
  20. Industrial Finance Corporation of India Act, 1948
  21. Capital Issues (control act, 1947)
  22. Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SRFAESI) Act, 2002
  23. Securities and Exchange Board of India Act, 1992