Banking-Finance |
Ignored |
April 1: Banks will be closed for accounting purpose and 2nd and 3rd April are public holidays under negotiable instruments Act, so total 3 continuous holidays and unless RBI intervenes, it’ll be great inconvenience to customers. |
Banking-Finance |
Ignored |
At present RBI governor alone responsible for making monetary policy but both Urjit patel Committee and budget 2015 wanted a Committee system with majority voting- for deciding monetary policy of India. But (A) Rajanbhai wants 5 member body with 2 outsider experts but no Government representatives.(B) but Finmin Jaitley wants 8 member Committee with Government nominees without voting power. Although officially Jaitley denies having any rift with Rajanbhai. Ignored because basics of urjit patel already covered in old article and no official announcement made about composition of Monetary policy Committee |
Banking-Finance |
P Only |
Railways launches RuPay pre-paid debit card. Partners:Ā Union Bank of India and the National Payment Corporation of India. Utility: Buy tickets, do shopping, pay for IRCTC services. 1lakh accident insurance coverage. Card limits (1) 10k if partial KYC (2) 50k if full KYC Documents provided. For the first 6 months, no transaction charges. Subsequently Rs.10 service charge per transaction. |
Banking-Finance |
Ignored |
Insurance Companies began raising FDI after parliament bill is passed. SBIĀ general insurance’s partners SBI:IAG will be turn from 74:26 to 51:49. IAG Australian company. Same way, Max Bupa. Bupa Is British company. Ignored because such bizGK not usually seen in UPSC |
Banking-Finance |
Ignored |
RBI asks NBFCs to get credit rating done before March 2016. only the NBFCs with credit rating of “investment grade”, will be allowed to accept fresh deposits from junta. |
Banking-Finance |
Ignored |
Ola taxi-app comes up with special reward scheme for drivers such asā easy loans to buy new cars using SBI ‘s “Ola-Pragati” offer with just 10% down payment and quick-loan processing.ā skill training, fuel discount, free car servicesā 2 lakh medical-health insurance for driver and family using ICICI prudential. This will help promoting Micro-entrepreneurship among the drivers. |
Banking-Finance |
P Only |
SEBI planning separate platform to help startup companies get capital. Name of this platform = Alternate Capital Raising Platform. Which investors can participate here? High net worth individuals (HNIs), qualified institutional buyers (QIB), Family trusts, NBFCs and other entities with 500 crore net worth. Who can’t participate here? Retail investors, because too much risk involved. Benefit: IT/E-Commerce companies won’t have to approach foreign countries for capital. |
Banking-Finance |
Ignored |
Given the rising NPA problem, RBI mandates the banks to keep side emergency fund called “Counter cyclical capital buffer”. Recently RBI relaxed its norms to help banks. |
Banking-Finance |
OLF |
~12,000 NBFCs are registered with RBI, most of them involved in loaning, and some even accept deposits. Now to prevent menace of shadow banking, RBI has updated takeover norms for NBFCs. |
Banking-Finance |
P+M |
GIFT City: Commerce Secretary says SEBI and RBI working to provide greater capital account convertibility in Financial SEZ such as GIFT city, Gujarat. Percy Mistry Committee had recommended it (2007), otherwise we can’t become an international finanicial centre like London, NY or Tokyo. What is capital account convertibility- what benefits and harms it pose to Indian economy? Refer to PowerPoint code “L3/P2” |
Banking-Finance |
P Only |
Companies Act 2013, provides 3 type of companies- One person company, private limited company and public ltd company (2 subtypes- listed and unlisted).Ā Listed companies have to follow strict norms under companies Act. That’s why many of them began process to turn into private ltd. Companies e.g. TVS automobile Reasons:ā private ltd. Are not required to appoint women directors or independent directors in the BoD.ā Can give loans to directorsā No need to setup a separate audit Committeeā no restriction on how much of the profit can be dolled out to executive/directors as remuneration. So in conclusion, better registered as private ltd. Company or limited liability company (LLP), because no point in setting up a public ltd. Company unless you want to launch an IPO to get equity finance from aam-juntaa.ā SEBI requires public listed companies to disclose their board decisions within 30 minutes, and otherĀ āmaterial informationā within 24 hours. This doesn’t apply for private ltd. Companies. |
Banking-Finance |
P Only |
Companies Act 2013 requires listed public ltd. Companies atleast 1 woman director in BoD. Else penalty from 5k to 5 lakh and separate penalty by SEBI for upto 25 crores for non-compliance of SEBI’s corporate governance guidelines-2014. But many companies yet to appoint women. Some only got their family member ladies in board of director- so act implemented in letter but not in spirit. |
Banking-Finance |
OLF |
SEBI announces norms for municipal bonds, E-IPO, Adhar Based E-KYC. Argues in favour of allowing pension funds to pour money in capital market, and relaxation of REITs norms. And allowing banks to convert debt to equity for stressed companies with recovery potential. |
Banking-Finance |
OLF |
At the Mint Corporation held in Delhi, Finance Minister advocates more use of cheques, plastic currency and other negotiable instruments. It will cut down the cost of printing money, and help fighting against black money problem. |
Banking-Finance |
P+M |
GIFT city- Gujarat international financial tech city. JV between GJ urban development co. ltd and IL&FS. 30 km from State capital Gandhinagar.Ā GIFT cityĀ is planned as a financial SEZ.RBI to amend FEMA rules to allow for transaction in foreign currencies since GIFT cityĀ will deemed to be a foreign territory.ā SEBI guidelines: (1) Any Indian or foreign stock exchange can set up a subsidiary in IFSC. (2) investors can invest foreign currency directly in the Mutual funds/ hedge funds operating in this area. (3) many other technical nuances not important from exam point of view.ā IRDA to allow foreign insurers to set up branches in IFSC. SEBI relaxes guidelines for setting up this International financial servcieĀ NSE will setup international exchange for trading of shares, bonds, currencies and derivatives. Smart city = automated waste collection system, centralised cooling. Challenges:ā lack of full capital account convertibility.ā TAX rate should be reduced – Malaysia 3%, Dubai 0%.ā Alternate dispute resolution system needed for faster legal resolutions |
Banking-Finance |
Ignored |
Labour Ministry of planning to amend the EPF act, allowing the workers to choose between EPFO and NPS. If workers chooses NPS, then employer will not be required to contribute to EPFO. Ignored because formal bill is yet to be drafted. |
BoP |
OLF |
IMF chief says (1) India will have 7.5% growth rate for 2015-16. (and not above 8%, as Economic Survey and Budget). (2) India to be world’s largest economy by 2030, but must focus on inclusive-growth, more women laborer participation. (3) Jan Dhan financial inclusion is unparallel in the world. (4) it was a mistake to ignore Rajanbhai’s prediction about subprime crisis. |
BoP |
OLF |
Post Subprime crisis till Quantitative Easing (QE) years, American dollars flew to emerging econies. India received above 450 billion$. US Feds planning to raise rates by end of 2015. IMF fears, this will lead to flight of foreign invested capital from India back to USA. Although Rajanbhai says he is fully prepared, and Janet Yellen should think twice before playing with aag(fire), Paani (water) and Rajanbhai. |
Fiscal Policy |
OLF |
Often MNCs transfer assets from one subsidiary company to another at below-market prices, to reduce profit and tax liability. This has led to rise in number of transfer-pricing cases. Finally to put an end, Budget 2014 came up with provision of Advance pricing agreement between companies and Income tax department. Govt. permitted it for previous four years. This will help reducing number of litigations and promote ease of doing biz. |
Fiscal Policy |
P+M |
Black money Bill approved in cabinet. (1) 10 years jail +300% tax for stashing black money abroad. (2) must declare foreign assets in IT return else 7 years jail; additionally separate Benami Transactions (Prohibition) Bill to stop black money in domestic assets; IT act to be amended to prohibit of more than Rs.20k in cash; |
Fiscal Policy |
P+M |
Black money Bill tabled in Lok Sabha. Officially its called “Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015”. To be effective from 1/4/2016. Salient features (1) stashing black money abroad = 3-10 years jail time, and penalty of 3 times the tax evaded or 90% of the undisclosed income. (2)Ā 30% Tax on all foreign income. No exemption, or deduction. (3) Onus on the suspect to prove he’s not guilty. (4) if voluntary disclosure of blacck money hidden abroad then lenient punishment i.e. 30% tax + 100% penalty. (5) if foreign income/asset not disclosed in IT return then 10 lakh penalty, even if black money is not hidden in it. (6) Tax officials given more powers of investigation. Appeal structure: ITAT < HC < SC. (7) Union to sign agreements with other nations for automated exchange of tax information, DTAA etc. |
Fiscal Policy |
Ignored |
PMO asks Air India to submit detailed report about its losses, profitability and revival plan. |
Fiscal Policy |
OLF |
FinMin launches beta version of national e-database on IT ligitation, nicknamed “National Judicial reference system-NJRS”. It’ll help in quicker disposal of cases at IT appellate boards, HC and SCs. Right now cases worth Rs. 3.5 lakh crores tied up in tax- litigation. |
Fiscal Policy |
P Only |
Top Fake currencies in Switzerland: (1) Euro (2) Dollar (3) Indian Rupee. |
Fiscal Policy |
Ignored |
GSTā Union Urban Development Minister M.Ā Venkaiah Naidu suggests that GST revenue should be shared with municipalities so they can Improve infrastructure.ā Kerala’s Finance Minister K.M.Ā Mani will head Empowered Committee of State Finance Ministers on GST.ā Government will try to pass GST bill in second part of Budget session starting from April 20th.Ā Ignored because basics already covered in powerpoint and video. More details only after Bill is passed |
Fiscal Policy |
Ignored |
Delhi hosts Urja Sangam 2015, a global energy summit. Here, Modi asks rich people to voluntarily give up LPG subsidy, thereby reducing Government subsidy bill by 100 crore rupees. |
Fiscal Policy |
OLF |
NITI Ayog forms a working group on “how to make Centrally sponsored schemes (CSS) more effective and their implementation by the States more fiexible.” NITI Aayog chief executive officer Sindhushree Khullar will be the chief of this group. 14th Finance commission (YV Reddy) gave 42% verticle tax devolution to states. So, obviously Union will cut down the allocation of CSS, hoping that states will bear more burden from their own share. This subgroup will give recommendations for smooth transition into that next gameplan. Union already thinking of cutting down contribution to centrally sponsored schemes from 75% to 50%. They’ll give 100% contribution to selected schemes only. |
Fiscal Policy |
OLF |
Government aims to borrow 6 lakh crore from market by issuing G-Sec and T-bills. 60% of them will be issued in April-September 2015 period. They even plan to issue G-Sec with 40 years maturity period! RBI not happy with this, saying if so much money pulled out of market by Government, then corporate bonds/debentures will not find much investors. Same reason, if the proposed Public debtĀ Management agency is made to borrow arbitrarily from market depending on whims and fancies of Government, it’ll hurt Indian economy in long run. As such FRBM Act requires Government to curb fiscal deficit to 3% of GDP, but then if CSO doctors report to raise GDP number (as Rajanbhai and Economic survey alleges), then entire system will collapse, similar to sovereign debt crisis in Greece. |
HRD |
OLF |
SC says Aadhar card is not mandatory to get govt. subsidies. If any official insists for this card, he’ll have to face consequences. |
hrd |
Ignored |
NSSO says Indian families food, Expenditure and work habit differs by the caste. SC/SC Spend larger portion of their income in food expenditure compared to OBC. SCs Mostly engaged in rural labour or urban-wage jobs, while OBCs mostly Self-employed or salaried jobs. |
HRD |
OLF |
In Bihar, Friends, relatives and Nakal-Mafias become Spiderman to climb school buildings to help students cheat in board exams. (1) education minister says state alone can’t curb it. Patna HC unhappy (2) Social angle- passing Matriculation exam necessary for girls issue, therefore relatives/villagers even riot against exam squads. (3) If vigilance tightened then only 12% will pass board exam, like it did in 1996 (4) better opt for open book system exam. |
HRD |
Ignored |
Nuclear scientist cum Chairman of IIT-Bombay BoD, Anil Kakodkar criticises HRD ministry for fast tracking the selection of IIT directors. It’s not possible to interview 36 candidates in a day and appoint director among them. (well may be he should preach the same thing to UPSC as well.) |
HRD |
OLF |
In budget 2015, government had announced hundred crore rupees for Madressa-modernisation. But 3000 Madressa’s affiliated with Darool Ulum, have pledged they’ll not accept Government money, nor they’ll start modern teaching in their institutes. |
HRD |
OLF |
Ex-NAC member cum Economist Jean Dreze begins fresh round of criticism against Aadhar-UIDAI.ā project running without legal frameworkā originally it was planned as a voluntary facility but slowly becoming compulsory despite judicial interventions. e.g. From April 1, UID compulsory for MNREGA payment in 300 districts. ā Ā It will take years before hundred percent coverage is achieved. So those without Aadhar card will be deprived of Government scheme benefits.ā it creates a vast infrastructure of social control that can be misused, Four things must work perfectly- biometric device, computer, mobile and internet. Otherwise, bureaucrats can harass people in pretext of electricity /internet connectivity issues. (e.g. babu saying “internet not working right, give addition 10 rupees so I will use internet from my personal mobile to run this machine and get DBT transferred in your account and so on).ā Jean’s earlier criticism against the whole idea of DBT that male head of the rural family will blow away all the money on bidi, tobacco, desi liquor and gambling. |
industry-agro |
OLF |
New scheme for Agro industry innovation -Entreprenuership. Who? MSME ministry. Features:ā 500 new incubation centres. Direct level accelerator Program.ā help startup companies with help of SIDBI. Finance startup companies through Equity, Quasi-Equity, Angel fund, Venture capital fund etc.ā remaining features mostly bol-bachchan type. OLF because scheme doesn’t have a fancy name or abbriviation. |
industry-agro |
OLF |
NDDB chief says India can’t follow Chinese daily model because we’ve to focus on poverty alleviation, employment generation and sustainable development.Ā Although we are largest producer of milk in the world, our challenges are ā regional imbalance, shortage of fodder |
industry-agro |
P+M |
In budget 2014, the Finance Minister has announced the setting up of a price stabilisation fund (PSF) To combat food inflation. Finally fund is setup with Rs. 500 crore. This money will loaned to state and central agencies as “working capital” or for buying perishable agri-horticultural commodities from farmers and sell at cheaper price to customers. At present PSF will only focus on Onion and potatoes.) If any losses occurred, Cost will be shared by union and state. Additionally, states will set up their own revolving fund, where Union : states contribution will be in the ratio of 50:50 for general states and 75:25 for north-eastern states. |
industry-agro |
OLF |
RBI revises the norms for Agri-loan reschulement during natural calamities. If 50% croploss in a district, then the rules will be triggered- bank can give relief to farmer by extend the loan payment period to 3-5-7-10 years depending in type of loan and damage. |
Industry-MFG |
Ignored |
Hindu newspaper’s boss “Kasturi and Sons limited” began offering VRS to employees for the first times. Moral of the story: if one wants to run a newspaper through subscription from only UPSC aspirants and ad revenue from only Delhi’s coaching wallas, then he’ll have to cutdown costs sooner or later! |
Industry-MFG |
Ignored |
Make in India: Ford motors opens its Sanand Plant (Ahmedabad), part of Make in India. And aims to triple the exports. Sanand-Kadi-Halol 135 kms area will become Detroit of India. Government buys keychains, cufflinks, gold plated mugs and other souvenirs to promote make in India, during Narendra Modi’s Europe visit. |
infra |
Ignored |
Railway platform ticket to be raise from Rs.5 to Rs.10. |
infra |
Ignored |
Union has permitted total 14 ports to handle import of high-end cars/vehicles. Latest additions (1) Pipavav, Gujarat (2) L&T, Chennai. |
infra |
P Only |
Rail budget 2015 announced “Kayakulp” council to transform Indian railways. Ratan Tata will head this body, it’ll have representatives from rail trade unions as well. |
infra |
OLF |
Government doing a feasibility study to Construct an advanced for military and civilian purpose in Tawang, Arunanchal Pradesh. Because in 62’s war, China’s forces entered India through this route, so air-connectivity is very crucial, Otherwise by road it takes 16 hours to reach Tawang from Guwahati |
infra |
OLF |
Natural Gas (CH3) => Ammonia (NH3)=> Urea. Therefore, price and supply of Natural gas affects urea production. Department of fertilizer comes up with following proposal: GAIL will arrange pool of natural gas and supply them to all fertilizer companies at price = Average of (desi + imported gas). Benefit: companies get gas at reasonable price, can produce more urea domestically so, Government subsidy bill on imported urea will decline. {—Another move—} The government is planning to set up at least ten new urea plants in coal rich States of Chhattisgarh, Jharkhand, Bihar, West Bengal, Maharashtra, Uttar Pradesh et al. China also using technology to produce urea from coal, we also need to explore, to become self-reliance and reduce subsidy bill. Another solution: converting APMC mandi waste into manure. |
infra |
Ignored |
2009: Department of telecommunication had banned prepaid mobile SIMS in J&K and North East for security reasons. Although later the ban was lifted, but stringent conditions were placed on such cards. Then Ministry set up Committee under Home Secretary LC Goyal, and extended pre-paid cars for this regions for another 2 years. |
infra |
P+M |
Parliament passesĀ Mines and Minerals (Development and Regulation) Amendment Bill, 2015 and the Coal Mines (Special Provisions) Bill, 2015. Benefitsā Government monopoly ended over coal extraction.ā Foreign investment permitted. |
infra |
Ignored |
Railways misc.ā To check menace of touts, railway upgrade its online ticket booking system. Now once your buy a ticket, you’ll be logged out automatically and will have to fill in your details again to buy next ticket.ā An express train started to connect two important Takhts of the Sikh Panth ā Sri Anandpur Sahib and Amritsar |
infra |
OLF |
Coal ministry launches online Coal Projects Monitoring Portal (e-CPMP) for all large projects, both public and private. Complaints/disputes can be filed online. This will remove bottlenecks and fast track the projects by improving communication between Business to Government (B2G), Union Government to State Government (G2G) and so on. |
infra |
OLF |
Geotechnical textile products are used for work related soil, rock e.g. laying down roads and pavements in hilly areas, slope stabilization, protecting river embankments-tunnels-rail-track etc. Marine Engineering Soil Erosion landfills and waste management. Benefits of Geotextile productsā less maintenance, need less space.ā road will not have potholes.ā ground stability during disasters. India is a leading producer, and now Ministry of Textile will promote this sector in North East. |
infra |
Ignored |
PMO asks Railway minister why trains are late, Prabhu begins analysing emergency era files because trains ran on schedule during that time. |
thanks
Sir ,
please provide information about economic survey 2014-2015
Very good effort
I m post graduate.. What is ur background ??
Graduate
Where are you??
Do you think that MSc syllabus with multiple revision is enough for the exam.? Abhijit agrwal’s blog made me disappointed… A
Have you joined any coaching class?
Anybody preparing for civils-2016 onwardsā¦if u want to join WHATSAPP groupā¦pls send your name & phn noā¦.to my no-7702832513 by SMS.
sir for increase marks in GS what i do..
Modiās Motion of thanks to President speech, defeated in Rajya Sahba. The modified version thanks President but with regret that there is no mention of high level corruption or black money. This motion-thanks-defeat is fourth in the history of Indian parliament.
I don’t think it was “defeated” as if defeated, it would result in no confidence. THe motion was “Amended” by Rajya Sabha. At least this is what I remember, which may be wrong.
no confidence motion can only be invoked by lok sabha……so even if rajya sabha does amend or reject motion of thank does not amount to no confidence.
prez motion of thanks amended means rajyasabha didnt like original.(NOT ONE BIT …LOL).doesnt have impact on govt but isse naak kat jaati hai of govt.
tel me about
notification
Any one cleared this years mains from Electrical Engg..?
If any one cleared mains from electrical engg then Please mail me his/her performance at bits.tripathi@gmail.com (attempted no of Qu detail etc). Thanks alot
For current affairs….which magazine is best for upsc exams…?
Current affairs
Please add Sports column.
Agree with justice katju…
with reference to the rituals @Jagannath mandir, Puri, Nava Kalebar doesn’t comes after a fixed/particular time interval. When the month of Ashaad comes twice consecutively in Odia calendar, this ritual is performed.
thanks sir.