Thursday, 18 June 2015

Core economy --update where ever necessary
IRDA
The Insurance Regulatory and Development Authority (IRDA) is a national agency run by the Government of India. IRDA is based in Hyderabad and was formed by an act of Indian Parliament called as IRDA Act of 1999.
IRDA was formed to protect the interests of the policyholders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. Indian insurance industry is regulated by the terms and conditions of the IRDA.

TRAI REGULATIONS FOR MOBILE BANKING
The new TARI guidelines stipulate that the access service providers need to facilitate the banks to use text messages, unstructured supplementary services sata (USSD) and interactive voice response (IVR) to provide banking services to its customers. The access service providers can also optionally facilitate the bank to use WAP.
The response time for delivery of message for mobile banking services generated by the customer or the bank will be within the prescribed time frame of up to 10 seconds for SMS, IVR, WAP and STK and up to 2 seconds for USSD.
For mobile banking, the service providers will need to meet the quality of service standards laid by Trai for mobile telephone services.

ENFORCEMENT OF SECURITY INTEREST & RECOVERY OF DEBT BILL,2011
The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011 was introduced by the Minister of Finance, Mr. Pranab Mukherjee in the Lok Sabha on December 12, 2011. This Bill seeks to amend the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the Recovery of Debts Due to Banks and Financial Institutions Act,
1993.
The Bill proposes to include multi-state co­operative banks in the definition of banks in the existing Act.

MINES & MINERALS DEVELOPMENT & REGULATION BILL 2011
The new MMDR Bill, 2011, aims at achieving a balance between better legislation and tribal rights by introducing the following steps in new mining policy:
States may call for applications in notified areas of known mineralization for prospecting, based on technical knowledge, value addition, end-use proposed ore -linkage etc and to invite financial bid; States may grant direct mining concessions through bidding based on a prospecting report and feasibility study in notified areas where data of minerals is adequate for the purpose; National Mining Regulatory Authority for major minerals - State Governments may set up similar Authority at State level for minor minerals; Imposition of a Central cess and a State cess, and setting up of Mineral Funds at National and State Level for capacity creation; For the purpose of sharing the benefits of mining with persons or families having occupation or traditional rights in mining areas and for local area infrastructure: creation of an amount equal to royalty in case of mineral other than coal, and 26% of net profits, in the case of coal, has been proposed to be credited each year to district Level Mineral Foundation; Sustainable and scientific mining through provision for a Sustainable Development Framework; Establishment of Special Courts at the State level for speedier disposal of the cases of illegal mining.

MCX-SX
The government has notified MCX Stock Exchange, a part of Jignesh Shah-led group that also owns country's largest commodity bourse MCX, as a "recognized stock exchange", where trading would not be deemed as speculative transactions. MCX Stock Exchange (MCX-SX) was first granted recognition by SEBI in September 2008, but it was allowed to conduct trading only in the currency derivatives segment. After the approval MCX-SX would be able to offer additional asset classes such as equity and equity F&O (Futures and Options), interest rate futures and wholesale debt segments.
DRAFT RED HERRING PROSPECTUS
"Red Herring Prospectus" is a prospectus which does not have details of either price or number of shares being offered or the amount of issue. This means that in case the price is not disclosed, the number of shares and the upper and lower price bands are disclosed. On the other hand, an issuer can state the issue size and the number of shares later. An RHP for and FPO can be filed with the Registrar of Companies (RoC) without the price band and the issuer, in such a case will notify the floor price or a price band by way of an advertisement one day prior to the opening of the issue. In the case of book-built issues, it is a process of price discovery and the price cannot be determined until the bidding process is completed. Hence, such details are not shown in the Red Herring prospectus filed with the RoC in terms of the provisions of the Companies Act.
ROLE OF SPICE PARKS IN PROMOTION OF SPICE EXPORT
Spice Board of India, the nodal organization of Ministry of Commerce, Govt. of India, in an effort to promote exports of spices from India has established spice parks. A full line processing facility with inbuilt facilities for pre-cleaning, grading, colour sorting, grinding and packing are provided. The Spice processing facilities available at Spice Park are at par with the international standards. The Board will also be allotting individual slots for exporters on lease basis for developing their own processing plants in the Parks. Thus spice parks will help in promoting spice quality and quantity, which will in turn increase the spice export.
SEBI'S  REGULATION FOR ALTERNATIVE INVESTMENT FUNDS
An AIF is defined as any "fund established or incorporated in India" which is a "privately pooled investment vehicle which collects funds from investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors".
The regulator has classified private pool of capital into three broad categories such as venture capital, private equity and hedge funds.

The new regulations have replaced the former venture capital funds norms. However, the existing venture capital funds will continue to be regulated by the earlier norms till the existing fund or scheme managed by the fund is wound up. SEBI has also mandated that sponsors should contribute at least 2.5% of the initial corpus.

Monday, 15 June 2015

Current questions

Practice Test
1. The following are high profile CEOs of U.S.-based firms who visited India in the recent past. Match them with their firms.
A. Mark Zuckerberg  B. Jeff Bezos  C. Satya Nadella
I. Facebook                  II. Amazon       III. Microsoft
            A          B          C
a)         I           II          III
b)         III         II          I
c)         I           III         II
d)         III         I           II

2. Pradhan Mantri Jan Dhan Yojana (PMJDY) is a scheme for:
a) financial support for single female child    b) comprehensive financial inclusion
c) financial benefit for institutional delivery d) financial help for girls’ education

3. Which among the following is the official source of health data in India?
a) National Sample Survey Organization b) National Family Health Survey
c) Department of census d) Ministry of Health 

4. Who is author of the book Final Test: Exit Sachin Tendulkar?
a) Dilip D’Souza b) Sachin Tendulkar c) Ramakant Achrekar d) Duncan Fletcher

5. What is Phobos of which picture was sent to earth by Mangalyaan, India’s Mars orbiter?
a) Mount in Mars b) Trench in Mars c) Satellite of Mars d) Rock in Mars

6. Read the following statements and choose correct among them using the codes given.
Statement I: Prototype Fast Breeder Reactor (PFBR) of Bharatiya Nabhikiya Vidyut Nigam Limited (BHAVINI) at Kalpakkam is a public sector undertaking of the Department of Atomic Energy.
Statement II: The PFBR uses plutonium-uranium oxide as fuel and liquid sodium as coolant.
a) I is correct b) II is correct c) both are correct d) none is correct

7. Carefully read the following statements.
Statement I  : GSLV-MK III put IRNSS-1C into orbit
Statement II: IRNSS-1C is the third of the seven navigation satellites in the Indian Navigation Satellite System.
Choose correct statement/s using codes given below.
a) I only b) II only c) I and II d) none of them

8. Which are the agencies those jointly implement GPS Aided Geo Augmented Navigation system?
a) ISRO and NASA       b) ISRO Airport Authority of India
c) ISRO and Microsoft d) NASA and Airport Authority of India

9. Who among the following Indian scientists was awarded the World Food Prize in recognition of his contributions to global wheat production?
a) Sanjaya Rajaram  b) C.N.R. Rao c) Birbal Sahni d) Ganapathi Thanikaimoni

10. To Indian defence system, what is Nirbhay?
a) Submarine b) Warship c) Subsonic cruise missile d) Supersonic aircraft
           


1.A  2.B  3.B  4.A 5.C  6.C  7.B  8.B  9.A  10.C 
 
Current series...

♦ Mock drill for Tsunami:  
The Indian Tsunami Early Warning Centre (ITEWC) along with 23 countries participates in the two-day Indian Ocean-wide mock drill which will simulate tsunamis generated by two large undersea earthquakes. ITEWC will participate in the drill as National Tsunami Warning Centre (NTWC) and also Regional Tsunami Advisory Service Provider (RTSP) for the Indian Ocean region, and would issue bulletins to all the 23 participating countries. The mock drill, organised under the auspices of UNESCO’s Intergovernmental Oceanographic Commission, is aimed at testing the Indian Ocean Tsunami Warning and Mitigation System (IOTWS). During the drill, ITEWC will disseminate bulletins to control rooms of the Ministry of Home Affairs, the National Disaster Management Authority (NDMA), coastal States, NDRF, the Coast Guard, the Indian Navy and critical coastal installations such as ports and power plants.

♦ Greenhouse gases increase in atmosphere:
World Meteorological Organisation’s Greenhouse Gas Bulletin warned the amount of greenhouse gases in the atmosphere reached a new record high in 2013 due to surge in levels of carbon dioxide. Consequently, the gas-absorbing oceans were hit by unprecedented acidification. Between 1990 and 2013 there was 34 per cent increase in radiative forcing - the warming effect on our climate - because of long-lived greenhouse gases such as carbon dioxide (CO2), methane and nitrous oxide. In 2013, concentration of CO2 in the atmosphere was 142 per cent of the pre-industrial era (1750), and of methane and nitrous oxide 253 per cent and 121 per cent respectively. Level of CO2 increased more between 2012 and 2013 than during any other year since 1984.

♦ Feroza Begum died
Firoza Begum, Bangladeshi Nazrul Sangeet legend, died at Dhaka. She had mesmerised Bengalis with her voice for seven decades. Begum was educated in Calcutta in undivided India and was closely linked with poet Kazi Nazrul Islam.
Nazrul Sangeet or Nazrul Geet refers to songs written by Kazi Nazrul Islam, the national poet of Bangladesh. Nazrul was a revolutionary during Indian independence movement.

♦ IndARC to support climate studies:
Data given by IndARC, the Indian observatory in the Arctic Ocean, is expected to help scientists to understand the Arctic climate process and its influence on the Indian monsoon system.
Note: IndARC is India’s first underwater moored observatory in the Kongsfjorden fjord, half way between Norway and the North Pole. IndARC was designed and developed by scientists from the Earth System Science Organisation (ESSO), National Centre for Antarctic and Ocean Research (NCAOR), National Institute of Ocean Technology (NIOT) and Indian National Centre for Ocean Information Services (INCOIS) and was deployed on July 23, 2014. The observatory is anchored at a depth of 192 m and has an array of 10 state-of-the-art oceanographic sensors strategically positioned at various depths in the water. The sensors are programmed to collect real-time data on seawater temperature, salinity, ocean currents and other vital parameters of the fjord. The Kongsfjorden (an inlet on the west coast of Spitsbergen, an island which is part of the Svalbard archipelago in the Arctic Ocean) is considered a natural laboratory for studying the Arctic climate variability. The data collected by IndARC would be used for climate modelling studies to understand the influence of the Arctic processes on the Indian monsoon system. The research station is relevant as it is predicted that melting of the Arctic glaciers will trigger changes in weather patterns and ocean currents that could affect other parts of the world.
♦ National Mission for Clean Ganga:
Ministry of Water Resource launched web portal on Ganga rejuvenation programme to connect it with the public. The bilingual website has a provision to receive feedback from the public, where suggestions can be given about the Ganga Rejuvenation Plan.
Note: National Ganga River Basin Authority (NGRBA) has started the Mission Clean Ganga to save Ganga through four different sectors; waste water management, solid waste management, industrial pollution control, and river front development. NGRBA was set up through the Gazette notification of the Government of India in 2009. The Ministry of Water Resources, River Development and Ganga Rejuvenation (MoWR, RD & GR) is the nodal Ministry for the NGRBA. The authority is chaired by the Prime Minister and has as its members the Union Ministers concerned, the Chief Ministers of the States through which Ganga flows, viz., Uttarakhand, Uttar Pradesh, Bihar, Jharkhand and West Bengal, among others. NGRBA functions include development of a Ganga River Basin Management Plan, regulation of activities aimed at prevention, control and abatement of pollution, to maintain water quality and to take measures relevant to the river ecology in the Ganga basin states. It is mandated to ensure the maintenance of minimum ecological flows in the river Ganga and abate pollution through planning, financing and execution of programmes. The programme include: a) Augmentation of Sewerage Infrastructure b) Catchment Area Treatment c) Protection of Flood Plains and d) Creating Public Awareness. NGRBA has been mandated as a planning, financing, monitoring and coordinating authority for strengthening the collective efforts of the Central and State governments for effective abatement of pollution and conservation of river Ganga so as to ensure that by the year 2020 no untreated municipal sewage or industrial effluent will flow into the river Ganga. The NGRBA is fully operational and is also supported by the state level State Ganga River Conservation Authorities (SGRCAs) in five Ganga basin States which are chaired by the Chief Ministers of the respective States. Under NGRBA programme, projects worth Rs. 4607.82 crore have been sanctioned up to 31st March 2014. The National Mission for Clean Ganga (NMCG), is a registered society under the Societies Registration Act, 1860, is the implementing wing of NGRBA.
Namami Gange: It is an Integrated Ganga Conservation Mission, for which a sum of Rs 100 crore has been allocated for development of ghats and beautification of river fronts at Kedarnath, Haridwar, Kanpur, Varanasi, Allahabad, Patna, and Delhi in the current financial year.
Facts about Ganga:
Length             : 2,525 sq. km.
Source             : Gaumukh (Gangotri Glacier)
Ganga Basin               : More than one million sq. km
Drainage area : 861,404 sq. km
Tributeries                  : 14 (Batwa, Chambal, Damodar, Gandak, Ganga, Ghagra,
Gomti, Hindon, Kali, Khan, Kosi, Kshipra, Ramganga and
Yamuna)
Position                       : East longitudes 7330 & 890, North longitudes 2230 & 3130.


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