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So do not worry, saying, ‘What shall we eat?’ or ‘What shall we drink?’ or ‘What shall we wear?’ For the pagans run after all these things, and your heavenly Father knows that you need them. But seek first his kingdom and his righteousness, and all these things will be given to you as well. Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own.

31 Aug 2016


1)   DGFT has defined which form of commerce?
a. m-commerce
b. e-commerce
c. web-commerce
d. Both b and c
e. All the above
ANSWER: e-commerce

Commerce Ministry Today announced that online transactions of goods adhering to e-commerce norms will get duty benefits under MEIS or Merchandise Exports from India Scheme. For MEIS, e-commerce has been defined as the buying and selling of goods and services (including digital goods) over electronic or digital network.

·         Under MEIS, government provides duty benefits at 2,3 and 5 percent depending upon products and country

2)   India’s external debt stood at _______ billion towards the end of December 2015, according to FinMin
a. USD 480 billion
b. USD 289.5 billion
c. USD 122.6 billion
d. None of the above
ANSWER: USD 480 billion
Finance Ministry has calculated that India’s total external debt has risen to USD 480 billion towards the close of December as compared to March in 2015. Total external debt stock at December end recorded a rise of USD 4.9 billion over level at end March. Government external debt stood at USD 90.7 billion in December 2015 while non government debt equaled USD 389.5 billion.
·         Effective external debt policy has helped in controlling rising external debt and maintaining comfortable external debt position.
·         Long as well as short term debt will be focused on by the policy
·         It will also study raising sovereign loans on concessional terms with longer maturities, regulating ECBs, and rationalising interest rates on Non-Resident Indian deposits.

3)   RBI has revised norms for NBFC factor firms. What steps have been taken as part of this?
a. Guidelines for NBFC companies stipulates there should be board approval for underwriting commitments with an aim to mitigate credit risk
b. RBI also raised threefold of reporting frauds from INR 25 lakh to INR 1 crore for NBFC
c. Factoring services should be extended in respect of invoice which showcases genuine trade transactions
d. All of the above
ANSWER: All of the above
RBI has revised norms for NBFC firms stipulating that there should be on board approved limit for underwriting commitments with the aim to mitigate credit risk. RBI has also raised threshold for reporting frauds from INR 25 lakh to INR 1 crore for NBFC. Another point is that factoring services should be extended in respect of invoices which represent genuine trade transactions. Factoring business is a financial service whereby firm sells accounts receivable for the factoring company which then pays discounted value to seller under receivable receipts. As far as NPA classification is concerned, factoring with resource basis is where exposure would be reckoned on the assignor.

4)   India recorded USD ____ billion in PE investments in 2015.
a. 16.5
b. 17.5
c. 18.5
d. 17.8
ANSWER: 17.5
India recorded private equity investment of USD 17.5 billion in 2015 centred around record high across 685 deals, according to PwC. This breached the previous high of 14.7 billion recorded in 2007. The year 2015 also saw USD 8.2 billion worth of exits, more than 4 billion of exits in the previous year. 2010 has set a record high in the number of exits prior to this, pegged at USD 6.3 billion.

5)   CIDB of Malaysia has proposed to invest USD 30 billion in urban development and housing projects in India. What does CIDB stand for?
a. Construction Industrial Development Board
b. Construction Industry Development Board
c. Construction Industry Defining Board
d. None of the above
ANSWER: Construction Industry Development Board
Construction Industry Development Board/ CIDB of Malaysia on 15th October 2015 proposed to invest around USD 30 million in urban development and housing projects in the country such as redevelopment of New Delhi Railway Station. National Buildings Constriction Corporation of Union Ministry of Urban Development will be linked with these projects. CIDB is a Malaysia based government agency which has been conceived in 1995 and is executing projects worth USD 8 billion currently.

6)   In the fiscal year 2014-15 how many kilometers of highway were completed in the country?
a. 10459 km
b. 6512 km
c. 7980 km
d. 4410 km
ANSWER: 4410 km
Union Minister of State for Road Transport, Highways and Shipping P Radhakrishnan said that in the last fiscal 4,410 KM Highways were completed in the country. The Minister said that at present road works are being done at the rate of 12 KM per day and this will be roads to 30 KM per day soon.

7)   By what percent India's exports declined during February-2015?
a. Over 15%
b. Below 10%
c. Over 10%
d. 12%
ANSWER: Over 15%
India's export was declined by more than 15 percent to 21.5 billion dollars in February 2015.

8)   The International Monetary Fund (IMF) has raised India's growth forecast for the current fiscal to _____.
a. 6%
b. 6.7%
c. 7.2%
d. 7.9%
ANSWER: 7.2%
Last year, IMF had forecast a growth rate of 5.6 percent for the current fiscal, and 6.4 per cent for the next fiscal. In its annual assessment report for the country, IMF said that India has emerged as one of the fastest-growing big emerging market economies and the growth rate would grow by 7.5 per cent.

9)   According to ASSOCHAM, which city has the largest share of technology drive startups?
a. Bengaluru
b. Mysuru
c. Chennai
d. Hyderabad
ANSWER: Bengaluru
Bengaluru is host to the largest share of technology driven start-ups followed by Delhi-NCR and Mumbai while Hyderabad and Chennai are quite popular among techies who are budding entrepreneurs.
·         Study was conducted in association with Thought Arbitrage.
·         It found that technology driven startups growth was such that India moved up to third position with the US occupying the top position with more than 47,000 and UK with over 4,500.
·         India’s tech startups number around 4200 up to 2015.
·         In terms of total number of start ups, comprising tech and non tech areas, India figured among the five largest hosts in the world along with China.
·         Number of startups in both India and China were 10,000 each.
·         US is at world number one position among the overall list of 83,000 budding entrepreneurs.
·         Of the Indian startups, riding on the technology, the IT hub Bengaluru was host to 26 percent.
·         NCR had 23 percent and Mumbai 17 percent.
·         In the catching up category Hyderabad had around 8 percent and Chennai and Pune at 6 percent each.
·         Disruptive innovation in technology and process is creating new Indian startups and foreign investors including some of the well known venture capital funds showing interest in these startups.
·         Synergizing Start Up India with Make in India and Digital India has the potential to expand Indian eco system for the new entrepreneurs.
·         Paper suggested tax exemption for research and experimentation to encourage ideas without fear of failure.
·         Courses on creation of small businesses need to be encouraged in the learning campus too.

10)   India has become one of the fastest growing economies in the world. Template for Scheme of Star Rating of Mines has been developed for this sector by whom?
a. Indian Bureau of Mines
b. Indian Mine Bureau
c. Minister of Mines
d. None of the above
ANSWER: Indian Bureau of Mines
India has become one of the fastest growing and developing economies in the world.
·         Enriched with numerous minerals, there has been a growing need to balance mining activities with protection of the ecology.
·         Ministry of Mines, Government of India has focused on Sustainable Development Framework for the Indian Mining Sector as a guiding principle for Indian mining industry encompassing well being and inclusive growth with environmental protection.
·         Ministry of Mines has developed a credible system of evaluation of mining footprints first launched at Odisha’s Sukinda Chromite mine.
·         Ministry through the Indian Bureau of Mines has developed a template for the scheme of Star Rating of Mines.
·         The aim is to bring the mines to a minimum standard of star rating in the shortest time to adopt sustainable practice.
·         A two layered system providing self-evaluation templates to be filled in by the mine operator followed by validation through Indian Bureau of Mines. Templates have been notified vide notification dated 23.05.2016. The star rating will be based on the following parameters:
Scientific and systematic mining to mitigate environmental impact, addressing the social impact of resettlement and rehab of mining affected people
Local community engagement and development of social economic nature for the local community
Progressive and final mine closure to ensure for restoration of mined out land in better conditions than the original and international standards for mining operations and reporting
·         A web enabled online system for evaluation of measures has been developed by the National Institute of Smart Governance Hyderabad.
·         Schema of Star rating will be a vital step for the compliance of ecological protection and social responsibility by the mining sector.
·         PIB has listed the following benefits of this system:
·         Comprehensive mitigation of environmental impacts on land, air and water by mining activities.
·         Collation of various technical, environmental and social data of the mining sector at one platform by IBM, which would be utilised to enable better management and monitoring of the compliance of various conditions laid down by statutory authorities for mining.
·         Formulation of Comprehensive Regional Plans’- a robust Environment &Social Management framework.
·         Availability of the information on mining as well as the conservation activities in public domain to enable greater transparency to enable effective participation of stakeholder and speedy resolution of conflicts.
·         Reduced delays in obtaining various clearances (environmental, forest, mining plan, etc.) for mines. Self-certification to be allowed for the approvals for scheme of mining.
·         Mine monitoring and high standards adoption for evaluation.

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