Spreading Jam across India’s Economy

The Economic Survey 2015-16 presented in the Parliament by the Union Finance Minister Shri Arun Jaitley emphasizes that JAM Trinity –Jan dhan, Aadhaar, Mobile- can help government to implement large-scale, technology-enabled and real-time Direct Benefit Transfers (DBTs) to improve economic lives of India’s poor. First variety of JAM- PAHAL scheme of transferring LPG subsidies via DBT -has reduced leakages by 24 per cent. Economic Survey suggests that while deciding where next to spread JAM, policymakers should consider the challenges of beneficiary identification, distributor opposition and beneficiary financial inclusion. Spreading JAM to other areas will reduce leakages and provide more fiscal space to the Government.

JAM Components:

Economic Survey divides JAM into three components-

1.      Identification or First-Mile:  Identification of beneficiaries by government

2.      Transfer or Middle-Mile: Transfer of fund to beneficiaries by government

3.      Access or Last-Mile: Access of fund by beneficiaries

                                                                            

Identification:

First-mile deals with identification of beneficiary. This layer has issues of ghost and duplicate names due to administrative and political discretion and use of pre-Aadhaar database.  It is easier to implement the JAM for universal scheme than targeted one as identification will be easier. Identification of household-individual connection is important to note here as some schemes target at household level like JDY and some at individual level like Aadhaar. Aadhaar can help in better identification of the beneficiaries.

Transfer:

Middle-mile deals with the challenges of payment where government transfer benefits to the banks. But lack of bank accounts and its information with government put hindrances in the middle-layer connectivity. Main issue in this layer is of within-government coordination and dealing with supply chain interest groups.  Jan Dhan can help beneficiaries to have bank accounts.

Access:

Last-mile layer faces issues of lesser Bank penetration, mostly in rural areas. It deals with actual transfer of money from Bank to Beneficiary accounts. It also deals with issues of exclusion of genuine beneficiaries. Mobile can inform about benefits and also allow easier fund transfer.

Where next to spread JAM?

Economic Survey argues that policymakers should decide where to apply JAM based on two considerations of-

1.      Amount of leakages and,  

2.      Control of the central government.

If amount of the leakages in a given scheme/area is huge then it can be next target for introduction of JAM as subsidies with higher leakages will have larger returns from introducing JAM. Similarly control of central government will reduce administrative challenges of co-ordination and political challenges of opposition by interest groups.

Based on these two criteria- leakages and central government control-Survey suggests fertilizer subsidies and within-government transfers as two most promising areas for introduction of the JAM.

                          

JAM Preparedness Index:

Further economic survey has formulated JAM-Preparedness Indices for Urban and Rural areas in each state. It uses Aadhaar penetration, basic bank account penetration and Banking Correspondents (BC) density as indicators for the indices. It has also prepared Biometrically Authenticated Physical Update or BAPU-Preparedness Index, using Aadhaar penetration and Point of Sale machines as indicators, for each state and has compared Rural-JAM Preparedness Index with BAPU-Preparedness Index. It has found that many states are having higher scores in BAPU-Preparedness Index as compared to Rural JAM-Preparedness Index. Thus it suggests use of BAPU as short-term solution to reduce the leakages in these states, till states are well prepared for introduction of the JAM.

Conclusion:

Introduction of DBT in LPG and MGNREGS have proved that use of JAM can considerably reduce leakages, reduce idle funds, lower corruption and improve ease of doing business with the government. Despite huge improvements in financial inclusion due to Jan Dhan, JAM Preparedness indicators suggest that there is still long way to go. Center can invest in last-mile financial inclusion via further improving BC networks and promoting the spread of the mobile money.  In the meantime models like BAPU can be used as an alternative to reduce the leakages.

2015 - Landmark Year for India in Climate Change Initiatives

Economic Survey 2015-16 tabled in Parliament  by the Union Finance Minister Shri Arun Jaitley states that the year 2015 has been a landmark year for India in terms of climate change initiatives both nationally and internationally. At the International level, India played a crucial role in the climate change talks and agreement under United Nations Framework Convention on Climate (UNFCCC) in Paris in December 2015, and the launch of International Solar Alliance. India also submitted its ambitious Intended Nationally Determined Contributions (INDC) to the UNFCCC on 2nd October 2015. The Economic Survey which was tabled today in the Parliament by the Union Finance Minister Shri Arun Jaitley has listed down, along with these achievements, the various other contributions and initiatives taken by India in dealing with climate change and promoting sustainable development. 

Economic Survey 2015-16 further states that India has played an important role in the 21st Conference of Parties (COP 21) under the UNFCCC and adoption of the Paris Agreement in December 2015. The Paris Agreement sets a roadmap for all nations in the world to take actions against climate change in the post-2020 period. Also, Prime Minister Shri Narendra Modi played a leading role at COP 21 in the launch of the International Solar Alliance (ISA), and also volunteered to host its Secretariat. ISA will provide a special platform for mutual cooperation among 121 solar-resource-rich countries in the world. 

Economic Survey highlights that as on 4 January 2016, with 1593 out of 7685 projects registered under Clean Development Mechanism (CDM) of UNFCCC, India has the second highest number of projects registered under CDM which further shows its commitment to fighting climate change. 

Economic Survey notes that in the domestic front, India has continued to take ambitious targets in its actions against climate change. As a part of its contributions to global climate change mitigation efforts, India announced its Intended Nationally Determined Contributions (INDC) which including other efforts has set itself an ambitious target of reducing its emissions intensity of its GDP by 33-35 percent by 2030, compared to 2005 levels, and of achieving 40 percent cumulative electric installed capacity from non-fossil fuel-based energy resources by 2030. 

Apart from the National Action on Climate Change (NAPCC), a new mission on Climate Change and Health is currently under formulation and a National Expert Group on Climate Change and Health has been constituted. The Economic Survey also talks about the National Mission on Coastal Areas (NMCA) for integrated coastal resource management and the proposed waste-to energy mission which are the other major components of India’s domestic actions against climate change.

Economic Survey also talks about the National Adaptation Fund for Climate Change (NAFCC) which has been established with a budget provision of Rs 350 crore for the year 2015-16 and 2016-17, and the National Clean Energy Fund (NCEF) which is supported by the cess on coal. The Survey notes that India is one of the few countries around the world to have a carbon tax in the form of a cess on coal. 

Economic Survey 2015-16 further points out the progress on the renewable energy front in India by highlighting the ambitious targets of achieving 40 percent cumulative electric capacity from non-fossil fuel-based energy resources by 2030. Underlining India’s commitment to clean energy the first Renewable Energy Global Investment Meet and Expo (RE-INVEST) was organized in Feb 2015 to provide a platform for the global investment community to connect with stakeholders in India. 

Another ambitious program of the government is the Development of Solar cities Program under which 56 solar cities projects have been approved. The Economic Survey further lists the National Offshore Wind Energy Policy 2015 to help in offshore wind energy development, as yet another major renewable energy policy. 

Labour Force participation Rate higher in Rural Areas than Urban Areas, significantly lower for females than males

The Economic Survey (2015-16) states that the proportion of economically active population (15-59 years) has increased from 57.7 per cent to 63.3 per cent during 1991 to 2013, as per Sample Registration System (SRS) data for 2013.

 As per the Economic Survey, the employment growth in the organized sector (Public and Private combined) increased by 2% in 2012 over 2011, while it increased by only 1% in 2011 over 2010. The annual growth rate of employment for the private sector was 4.5 % in 2012 over 2011 whereas the public sector registered a marginal growth of 0.4 % in the same year.

The Fourth Annual Employment-Unemployment Survey conducted by the Labour Bureau during the period January 2014 to July 2014 has shown that the Labour Force Participation Rate (LFPR) is 52.5 % for all persons. However, the LFPR for rural areas stands at 54.7% which is much greater than that for rural areas i.e. 47.2 %. The LFPR for women is significantly lower than that for males in both rural and urban areas. As per the Survey, the Unemployment Rate is 4.7 % in rural areas and 5.5% in urban areas. The total unemployment rate reported is 4.9% as per the Labour Bureau Survey. These figures are much higher than the all India unemployment rates of the National Sample Survey Office (NSSO, 2012-11) which reported unemployment rate of 2.3% for rural areas, 3.8% for Urban Areas and 2.7% for India as a whole.

The Government has taken several measures including Labour reforms to improve the employment situation in the country as well as employment conditions for women. Some of the recent Labour reforms include the Payment of Bonus (Amendment) Act 2015, National Career Services Portal, Shram Suvidha Portal and Universal Account Number Facility.

The National Policy on Skill Development and Entrepreneurship 2015 aims to ensure ‘Skilling on a large Scale at a Speed with high Standards and promote a culture of innovation based entrepreneurship to ensure sustainable livelihoods’. The Pradhan Mantri Kaushal Vikas Yojana (PMKVY) proposes to cover 24 lakh Indian youth with meaningful, industry relevant, Skill Based Training under which 5.32 lakh persons have already been enrolled. Of this number, 4.38 lakh have successfully completed training throughout India.

In addition, the Deen Dayal Upadhyaya Grameen Kaushalya Yojana (DDU-GKY), a placement-linked skill development scheme for rural youth who are poor, as a skilling component of the National Rural Livelihood Mission (NRLM) has also been launched. During 2015-16, against a target of skilling 1.78 lakhs candidates under the DDU-GKY, a total of 1.75 lakh have already been trained and 0.60 lakh placed till November 2015.

With a view to increasing the scope of employability among differently-abled persons, the Government has launched a National Action Plan (NAP) for skill training. The plan has target of skilling 5 lakh differently-abled persons in next three years. Plans are also on the anvil to extend the NAP with an online skill-training platform with a target of 5 lakh every year.

Under Mahatma Gandhi National Rural Employment Guarantee Scheme, about 3.63 crore households have been provided employment of 134.96 crore person days during the Current Financial Year (as on 01.01.2016). Of this, 76.81 crore person days or 57% were availed of by women.

The Survey has expressed concern at the reported low rates of workforce participation for females. The level of financial inclusion of women in terms of number of women with bank accounts still remains low in India. However, it is noteworthy that there are women achievers in the financial sector, with leading nationalized banks and financial institutions headed by women, says the Economic Survey.

 The Time Use Survey (TUS) being conducted in select states on a pilot basis has revealed the hidden contribution of women to the economy in the form of unpaid work. PUS is proposed to be extended to all states to design gender sensitive policies for employment and to make women’s work visible, says the Survey.

HIGHLIGHTS OF ECONOMIC SURVEY 2015-16

Indian economy would grow by between 7.0 per cent and 7.75 per cent in the 2016-17 fiscal year that starts on April 1.

Fiscal Deficit 

• 2016-17 expected to be challenging from fiscal point of view; time is right for a review of medium-term fiscal framework
• 2015-16 fiscal deficit, seen at 3.9 per cent of GDP, seems achievable
• Credibility and optimality argue for adhering to 3.5 per cent of GDP fiscal deficit target

Inflation 

• CPI inflation seen around 4.5 to 5 per cent in 2016-17
• Low inflation has taken hold, confidence in price stability has improved
• Expect RBI to meet 5 per cent inflation target by March 2017
• Prospect of lower oil prices over medium term likely to dampen inflationary expectations

Current Account Deficit 2016/17 current account deficit seen around 1-1.5 per cent of GDP

Currency 

• Rupee's value must be fair, avoid strengthening; fair value can be achieved through monetary relaxation
• India needs to prepare itself for a major currency readjustment in Asia in wake of a similar adjustment in China
• Rupee's gradual depreciation can be allowed if capital inflows are weak

Banking & Corporate Sector 

• Estimated capital requirement for banks around 1.8 trillion rupees by 2018-19
• Proposes to make 700 billion rupees available via budgetary allocations during current and succeeding years in banks
• Government could sell off certain non-financial companies to infuse capital in state-run banks
• Corporate, bank balance sheets remain stretched, affecting prospects for reviving private investments
• Underlying stressed assets in corporate sector must be sold or rehabilitated

Taxes 

• Tax revenue expected to be higher than budgeted levels in 2015-16
• Proposes widening tax net from 5.5 per cent of earning individuals to more than 20 per cent
• Favours review and phasing out of tax exemptions; easiest way to widen the tax base not to raise exemption thresholds

For more details on the Economic Survey 2015-16: Click here

RAILWAY BUDGET 2016-17

RAILWAY BUDGET 2016-17 HIGHLIGHTS

● Minister sees operating ratio of 92 percent in FY17 as against 90 percent in current year
● Rs 8,720 cr saving in 2015-16 budget in fuel cost like power
● The railways have ramped up capital expenditure to remove the huge backlog and provide for future needs; rate of capital expenditure has increased
● Investment proposed in 2016-17 at Rs 1.21 lakh crore, higher from Rs 1 lakh crore last year.
● Proposes to commission 2,800 km of new tracks in next year
● Outlay for railway electrification increased by 50 percent; 2,000 km route to be electrified next fiscal
● 2000 km rail route to be electrified in 2016-17
● Railways to get Rs 40,000 cr budgetary support from the government
● Railways to increase lower berth quota for senior citizens by 50 percent
● Ajmer, Amritsar, Gaya, Mathura, Nanded, Nashik, Puri, Tirupati, Varanasi, Nagapattinam and other pilgrim stations to be beautified
● Two elevated suburban railway corridors - Churchgate-Virar and CST-Panvel to be constructed in Mumbai; Ring railway covering 21 stations to be revived with state participation.
● India's first railway auto hub in Chennai to be inaugurated soon
● Logistics and warehouse parks to be created on PPP mode
● Station development and re-development, monetisation of land to raise rail revenue from non-freight sources
● Rs 30,000 crore is the loss on subsidising passenger fares, says Railway Minister
● Railways to shift to completely paperless contract system in 2016-17, says minister
● Bar-coded tickets to be introduced at select stations on pilot basis
● E-booking of tickets on concessional passes for journalists introduced
● Cleaning of coach on demand to be introduced; Disabled enabled toilet in 11 Class-A stations this year
● 33 percent reservation to women in reserved quota in Railways will be introduced
● Children menu to be introduced on pilot basis on trains
● North-South, East-West dedicated freight corridor proposed in Railway Budget for 2016-17
● Three direct services - fully air-conditioned Humsafer to travel at 130-km per hour
● Bar-coded tickets to be introduced at select stations on pilot basis
● Overnight double-decker train Uday Express to be introduced on busiest routes, carrying capacity to be 40 percent more
● Propose to start cancellation through 139. Bar-coded tickets will be issued on a pilot basis. This is aimed at reining in the menace of ticket less travel and also making travel hassle-free.
● 400 railway stations to be equipped with wifi, 100 this year
● 124 MPs have committed to contribute from MPLADS for passenger amenities. 

List of BAFTAs Awards 2016

Britain's 69th British Academy Film Awards (BAFTA) were held at the Royal Opera House in London on February 14, The "Revenant" won big at this year’s BAFTA Awards, winning best film, best director for Alejandro González Iñárritu, and best actor for Leonardo DiCaprio, the full list of 2016’s BAFTA winners.

Complete List of Winners:

Film: The Revenant
Director: Alejandro G Inarritu, The Revenant
Leading Actor: Leonardo DiCaprio, The Revenant
Leading Actress: Brie Larson, Room
Supporting Actor: Mark Rylance, Bridge of Spies
Supporting Actress: Kate Winslet, Steve Jobs
Adapted Screenplay: The Big Short, Adam McKay, Charles Randolph
Animated Film: Inside Out
British Short Animation: Edmond
British Short Film: Operator
Cinematography: The Revenant, Emmanuel Lubezki
Costume Design: Mad Max: Fury Road, Jenny Beavan
Documentary: Amy
EE Rising Star: John Boyega
Editing: Mad Max: Fury Road, Margaret Sixel
Film not in the English Language: Wild Tales
Make-Up and Hair: Mad Max: Fury Road
Original Music: The Hateful Eight, Ennio Morricone
Original Screenplay: Spotlight, Tom McCarthy, Josh Singer
Outstanding British Film: Brooklyn
Outstanding Debut by a British Writer, Director or Producer: The Theeb, Rupert Lloyd
Production Design: Mad Max: Fury Road
Sound: The Revenant
Special Visual Effects: Star Wars: The Force Awakens

National Insurance Company Ltd. Administrative Officers Exam General Awareness Solved Paper (Exam Held on: 12-04-2015)

1. Mohammad Nasheed who was arrested recently, is the former President of which country ? 
(A) Philippines (B) Myanmar (C) Bangladesh (D) Maldives (E) Malaysia (Ans : D)

2. Which IT firm has been ranked as Top Employer in Europe? 
(A) Abbott (B) Tata Consultancy Services (C) Bentley (D) HEINEKEN (E) Samsung (Ans : B)

3. The country, which set up two commissions on February 10, to investigate human rights abuses and disappearances during nation's decade long civil war– 
(A) Syria (B) Iraq (C) Nepal (D) Tunisia (E) Afghanistan (Ans : C)

4. In 'SIFI', 'S' stands for– 
(A) Science (B) School (C) Systematically (D) Structural (E) System (Ans : C)

5. Air India headquarters located at– 
(A) Hyderabad (B) Kolkata (C) Chennai (D) New Delhi (E) Ahmedabad (Ans : D)

6. As per the World Bank's Index of Ease of Doing Business 2014 India was ranked– 
(A) 138th (B) 189th (C) 123rd (D) 142nd (E) 154th (Ans : D)

7. How many Bank Accounts were opened under "Pradhan Mantri Jan Dhan Yojana" on its inaugural day? 
(A) 2.00 crores (B) 1.25 crores (C) 1.50 crores (D) 1.00 crores (E) None of these (Ans : C)

8. What is the operational range of Shaheen III ? 
(A) 2750 km (B) 2500 km (C) 2250 km (D) 3000 km (E) 3150 km (Ans : A)

9. Ganga Talao is a crater lake situated in a secluded mountain area in the district of Savanne, deep in the heart of– 
(A) Indonesia (B) Maldives (C) Mauritius (D) Malaysia (E) Thailand (Ans : C)

10. Which one of the following rivers of India is called 'biological desert' ? 
(A) Noyyal (B) Damodar (C) Bhiwani (D) Bhadar (E) Narmada (Ans : B)

11. Researchers of which country have developed a candidate vaccine to protect against the deadly Ebola virus which will soon undergo human clinical trials in Africa ? 
(A) Sweden (B) China (C) Britain (D) Russia (E) India (Ans : D)

12. Which of the following authorities is approached for insurance related complaints? 
(A) Governing Body of Insurance Council (GBIC) (B) Insurance Regulatory and Development Authority of India (IRDA) 
(C) Insurance Ombudsman (D) National Insurance Corporation Limited (NICL) 
(E) United India Insurance Corporation (UIIC) (Ans : B)

13. Which of the following states is the winner of the recently held Ranji Trophy 2014-15? 
(A) Tamil Nadu (B) Maharashtra (C) Mumbai (D) Karnataka (E) Vidarbha (Ans : D)

14. The currency of Belgium is– 
(A) Belgian Franc (B) Euro (C) Dollar (D) Pound (E) Yen (Ans : B)

15. Parliament has passed Insurance Laws (amendment) Bill, 2015 in Rajya Sabha on– 
(A) 12 January, 2015 (B) 12 February 2015 (C) 10 February, 2015 (D) 10 March, 2015 (E) 12 March, 2015 (Ans : E)

16. On March 8, which of the following days is celebrated? 
(A) Army Day (B) Women's Day (C) Labour Day (D) AIDS Day (E) Navy Day (Ans : B)

17. Kidambi Srikanth is associated with which of the following sports? 
(A) Chess (B) Cricket (C) Badminton (D) Lawn Tennis (E) Hockey (Ans : C)

18. According to the Insurance Amendment Bill 2015, a health insurance company is required to maintain an equity capital sum of how much ? 
(A) Rs. 25 crores (B) Rs. 22 crores (C) Rs. 30 crores (D) Rs. 25 crores (E) Rs. 100 crores (Ans : E)

19. According to the census 2011, what is the literacy rate in India? 
(A) 74.04% (B) 65.46% (C) 82.14% (D) 61.80% (E) 67.02% (Ans : A)

20. National Insurance Academy (NIA) is situated at– 
(A) Hyderabad (B) New Delhi (C) Ahmedabad (D) Kochi (E) Pune (Ans : E)

21. Which of the following countries has Copenhagen as its capital ? 
(A) Austria (B) Denmark (C) Argentina (D) Sweden (E) Germany (Ans : B)

22. 'The Substance and Shadow' is an autobiography of which of the following eminent personality ? 
(A) R. K. Laxman (B) Dilip Kumar (C) Amitabh Bachchan (D) Lata Mangeshkar (E) Hema Malini (Ans : B)

23. What is the maximum age limit to open Sukanya Samridhi Account? 
(A) 10 years (B) 12 years (C) 15 years (D) 5 years (E) 8 years (Ans : A)

24. World Intellectual Property Organization (WIPO) head-quarters are located at– 
(A) New York, USA (B) Geneva, Switzerland (C) Paris, France 
(D) Vienna, Austria (E) Berlin, Germany (Ans : B)

25. March 10, 2015 is the foundation day of which organization? 
(A) IIT Bombay (B) Life Insurance Corporation of India (C) CSIR 
(D) Public Health Foundation of India (E) Andhra Pradesh Foundation Day (Ans : A)

26. The tennis legend who brought up his 1000th victory at tour level on January 11, 2015 in Brisbane, Australia, is– 
(A) David Ferrer (B) Roger Federer (C) Stanislas Wawrinka (D) Rafael Nadal (E) Novak Djokovic (Ans : B)

27. Maximum shares in NICL is held by– 
(A) Scheduled Commercial Banks (B) Reserve Bank of India (C) Government of India 
(D) IRDA (E) Both (B) and (D) (Ans : C)

28. The Union Budget 2015-16 announced additional surcharge for the super rich with income of over Rs. 1 crore. At what rate will this surcharge be charged ? 
(A) 1% (B) 2% (C) 3% (D) 4% (E) 6% (Ans : B)

29. With reference to which sector of Indian economy did the Economic Survey say that it is suffering from "double financial repression" ? 
(A) Services sector (B) Infrastructure sector (C) Banking sector 
(D) Only (A), (B) and (C) (E) Insurance sector (Ans : C)

30. Which of the following is the winner of the best picture for Oscar Awards 2015? 
(A) The Theory of Everything (B) The Grand Budapest Hotel (C) Boyhood 
(D) Birdman (E) Whiplash (Ans : D)

31. As per the Income Tax Regulations, E-ring of the income tax returns is mandatory for individuals, including salaried taxpayers, earning more than… taxable income during the financial year. 
(A) Rs. 10.00 lakhs (B) Rs. 7.50 lakhs (C) Rs. 2lakhs (D) Rs. 5lakhs (E) None of these (Ans : D)

32. The full form of NBFC is– 
(A) Non-Banking Foreign Company (B) Non-Business Foreign Company (C) New-Business Financial Corporation 
(D) New-Business Finance Company (E) Non-Banking Financial Company (Ans : E)

33. In which of the following countries, the next SAARC summit will be held ? 
(A) India (B) Pakistan (C) Malaysia (D) Sri Lanka (E) China (Ans : B)

34. In insurance sector, FDI is raised from 26% to– 
(A) 47% (B) 50% (C) 49% (D) 40% (E) 60% (Ans : C)

35. Which of the following firm has the highest revenue? 
(A) Indian Oil Corporation (IOC) (B) Bharat Petroleum (C) Hindustan Petroleum 
(D) Reliance Industries (E) State Bank of India (Ans : A)

36. Ranthambore National Park is situated in which of the following states? 
(A) Gujarat (B) Uttarakhand (C) Karnataka (D) Assam (E) Rajasthan (Ans : E)

37. Which amongst the following is not an insurance company functioning in India ? 
(A) ICICI prudential (B) ING Vysya (C) National Securities Depository Limited 
(D) New India Insurance Company (E) None of these (Ans : C)

38. Which of the following is not related to the insurance sector? 
(A) Indemnity (B) Coverage (C) Misuse Alert (D) Annuity (E) Life Insurance (Ans : C)

39. Which of the following types of companies / organisations issue ULIP? 
(A) Insurance companies (B) Banks (C) NABARD (D) RBI (E) SIDBI (Ans : A)

40. 'Kepler 78b' is the name given to a recently discovered- 
(A) Island in the Arctic ocean 
(B) Unidentifying flying object 
(C) Planet beyond Solar System 
(D) Comet in the Solar System 
(E) Particle tested as 'Positive Boson' 
(Ans : C) 

Useful books for Preparation

THE MEGA YEARBOOK 2016 - Current Affairs & General Knowledge for Competitive Exams

Banking Awareness (Objective with Subjective)

Banking Awareness for SBI/IBPS Bank Clerk Exams

India 2016

Current Affairs Yearly 2016 (English)

Current Affairs Made Easy 2016

Current Affairs 2016 for Competitive Exams

LIC AAO EXAM GENERAL KNOWLEDGE AND CURRENT AFFAIRS SOLVED PAPER (Exam Held on: 22-03-2015)

1. The United Nations University established in 1973 is the academic and research arm of the United Nations.  It is headquartered in–
(a) New York, USA (b) Washington DC, USA 
(c) Tokyo, Japan (d) Geneva, Switzerland 
(e) Manila, Philippines (Ans : c)

2. Shri Narendra Singh Tomar, the Union Minister for Mines and Steel is a Member of Parliament from the Indian State of–
(a) Bihar (b) Maharashtra (c) Rajasthan 
(d) Madhya Pradesh (e) Chattisgarh (Ans : d)

3. PM Shri Narendra Modi has recently dedicated to the nation two units, each of 600 MW of the Shree Singaji Thermal Power Plant in–
(a) Ujjain District (b) Khandwa District (c) Ratlam District 
(d) Bhopal District (e) Indore District (Ans : b)

4. The committee recently set up by the Central Government to interact with industry on tax laws to give recommendations to CBDT and CBEC for issuance of clarifications when necessary, is headed by–
(a) Arvind Goswami (b) Arvind Subramaniam (c) Arvind Mayaram 
(d) Vijay Kelkar (e) Ashok Lahiri (Ans : e)

5. According to the Public Enterprises Survey recently tabled in Parliament, the most profitable Public Sector Enterprise during 2013-2014 was–
(a) BSNL (b) ONGC (c) NTPC (d) NMDC (e) NPCL (Ans : b)

6. In terms of the Motor Vehicle Agreement signed between the two countries during the recent 18th SAARC Summit at Nepal, a direct bus service has recently been launched in March 2015 between Varanasi and–
(a) Lahore, Pakistan (b) Kathmandu, Nepal (c) Thimphu, Bhutan 
(d) Kabul, Afghanistan (e) Dhaka, Bangladesh (Ans : b)

7. The 'Armed Forces Flag Day' is observed every year on the– 
(a) 26th October (b) 21st November (c) 18th December 
(d) 7th December (e) 21st September (Ans : d)

8. 'Vishu' is the New Year day and a Hindu festival celebrated in the Indian State of–
(a) Karnataka (b) Goa (c) Telangana (d) Odisha (e) Kerala (Ans : e)

9. Sushil Kumar is associated with the sports of–
(a) Tennis (b) Basketball (c) Football (d) Wrestling (e) Golf (Ans : d)

10. The 'Shwedagon Pagoda' also known as 'Great Dagon Pagoda' and the 'Golden Pagoda' is situated in–
(a) Mumbai, India (b) Tokyo, Japan (c) Yangon, Myanmar 
(d) Kyoto, Japan (e) Thimphu, Bhutan (Ans : c)

11. The capital of the Myanmar is– 
(a) Thimphu (b) Putrajaya (c) Langkawi (d) Naypyidaw (e) Punakha (Ans : d)

12. The World's largest and tallest Indian National flag was recently unfurled in–
(a) Faridabad (b) Gurgaon (c) Kamal (d) Ghaziabad (e) Panipat (Ans : a)

13. As per 2011 census, the total number of children in the age-group 0-6 years was–
(a) 185. 8 million (b) 198. 8 million (c) 221. 8 million 
(d) 189. 8 million (e) 158. 8 million (Ans : e)

14. 'G.  Karthikeyan', who recently passed away at Bengaluru was the speaker of the Legislative Assembly of–
(a) Karnataka (b) Kerala (c) Telangana (d) Tamil Nadu (e) Andhra Pradesh (Ans : b)

15. In the budget for 2015-2016, the Finance Minister Shri Arun Jaitley has proposed to set up a centre for film production, animation and gaming in the State of–
(a) Haryana (b) Meghalaya (c) Andhra Pradesh 
(d) Jammu and Kashmir (e) Arunachal Pradesh (Ans : e)

16. The film 'Ida' named as the 'Best Foreign Language Film' at the 87th Academy Awards 2015 is– 
(a) a Polish drama film (b) a French family drama film 
(c) an American comedy film (d) a Russian short story film 
(e) a British documentary film (Ans : a)

17. Sun Pharmaceutical Industries, India's largest drug maker, has recently announced that it would acquire the oplates business of British drug maker Glaxo Smith Kline(GSK) in–
(a) Europe (b) USA (c) New Zealand (d) Asia (e) Australia (Ans : e)

18. The first woman to be appointed as a Director on the board of Reliance industries- the nation's largest private sector company is– 
(a) Tina Anil Ambani (b) Meera Sanyal (c) Nita Mukesh Ambani 
(d) Usha Thorat (e) Kokilaben Ambani (Ans : c)

19. The Lok Sabha recently passed the Insurance Laws (Amendment) Bill, 2015, that proposes to raise the foreign investment cap in the insurance sector from 26 percent to–
(a) 69 percent (b) 51 percent (c) 59 percent (d) 55 percent (e) 49 percent (Ans : e)

20. Who amongst the following has recently been elected as the new President of BCCI ? 
(a) N. Srinivasan (b) Rajiv Shukla (c) Sanjay Patel 
(d) Jagmohan Dalmiya (e) Anurag Thakur (Ans : d)

21. 880 MW Kaiga Atomic Power Plant is situated near the river Kali in the Indian State of–
(a) Tamil Nadu (b) Kerala (c) Andhra Pradesh (d) Karnataka (e) Maharashtra (Ans : d)

22. The currency of the 'Republic of South Africa' is–
(a) Rand (b) Rial (e) Ruble (d) Riyal (e) Rial (Ans : a)

23. 'Fugdi' is a traditional folk dance popular in the Indian State of– 
(a) Goa (b) Bihar (c) Odisha (d) Chattisgarh (e) Gujarat (Ans : a)

24. The 'CNSA' is the national space agency of–
(a) Soviet Union (b) Republic of Singapore (c) Russian Federation 
(d) People's Republic of China (e) United States of America (Ans : d)

25. In the recent Union Budget 2015, the Union Minister of Finance has proposed to support the 'Paramparagat Krishi Vikas Yojana' which aims to boost– 
(a) Floriculture Production (b) Drip Irrigation (c) Watershed Development 
(d) Minor Irrigation (e) Organic Farming (Ans : c)

26. The RBI has recently allowed Indians to carry high value denomination notes while travelling to Nepal and Bhutan within a limit of–
(a) Rs. 20,000/- (b) Rs. 30,000/- (c) Rs. 35,000/- 
(d) Rs. 25,000/- (e) Rs. 40,000/- (Ans : d)

27. Reliance infrastructure with its wholly-owned subsidiary Reliance Defence Systems Private Ltd.  has.  recently announced the acquisition of Pipavav Defence Company Limited based in–
(a) Tamil Nadu (b) Maharashtra (c) Goa (d) Kerala (e) Gujarat (Ans : b)

28. Tile abbreviation 'CSR' stands for– 
(a) Collective Social Responsibility (b) Collective Shared Responsibility 
(c) Corporate Social Responsibility (d) Corporate Shared Responsibility 
(e) Commercial Shared Responsibility (Ans : c)

29. For highlighting women's safety, the National Insurance of gender justice has recently honoured film actress–
(a) Rani Mukherji (b) Vidya Balan (c) Jaya Bachchan 
(d) Priyanka Chopra (e) Hema Malini (Ans : a)

30. The global meet on countering Violent Extremism was recently held in–
(a) London, UK (b) New York, USA (c) Washington, USA 
(d) Ottawa, Canada (e) Paris, France (Ans : c)

Useful Books for Preparation

India 2016

Current Affairs Yearly 2016 (English)

Current Affairs Made Easy 2016

Current Affairs 2016 for Competitive Exams

LIC AAO EXAM GENERAL KNOWLEDGE AND CURRENT AFFAIRS SOLVED PAPER (Exam Held on: 12-05-2013)

1 To which category of customers do the banks in India offer a 'Basic Savings Bank Deposit Account' with minimum common facilities?
(a) Businessmen (b) BPL families (c) Beneficiaries of Antyodaya Anna Yojana 
(d) NRIs and PIOs (e) All customers (Ans : e)

2. Which of the following is correct regarding the Reverse Repo Rate used by the Reserve Bank of India (RBI)? 
(a) It is used to control liquidity in the system 
(b) It is the rate at which the RBI borrows money from commercial banks. 
(c) An increase in reverse repo rate can prompt banks to park more funds with the RBI 
(d) It is a tool which can be used by the RBI to drain excess money out of the banking system 
(e) All of the above (Ans : e)

3. In which of the following categories is the prestigious Kalidas Samman not given?
(a) Classical Music (b) Classical Literature (c) Classical Dance (d) Theatre (e) Plastic Arts (Ans : b)

4. In India, the capital market is regulated by the Capital Markets Division of– 
(a) Reserve Bank of India (b) Department of Economic Affairs, Ministry of Finance 
(c) Securities and Exchange Board of India (d) Confederation of Indian Industry 
(e) None of the above(Ans : b)

5. Which country would be visited by Bangladesh External Affairs Minister Ms. Dipu Moni in May 2013 to co-chair the first Joint Consultative Commission meeting between the two countries? 
(a) India (b) Saudi Arabia (c) Austria (d) Myanmar (e) China (Ans : a)

6. What does NMCEX stand for? 
(a) National Multi-Commodity Exchange (b) National Mineral Corporation Export Council 
(c) National Mint for Currency Exchange (d) National Multi-Currency Exchange 
(e) National Multipurpose Council for Export (Ans : a)

7. SHG is the abbreviated form of– 
(a) Shimla Housing Group (b) Standard Himalayan Goat (c) Self Help Group 
(d) Swedish High Grapevine (e) Standard Horse Genome (Ans : c)

8. Which of the following situations is described by "too much money chasing too few goods" ? 
(a) Built-in Inflation (b) Recession (c) Cost-pull Inflation (d) Stagflation (e) Demand-pull Inflation (Ans : e)

9. Which of the following bodies/ institutes/ministries provides insurance to bank deposits in India? 
(a) Department of Economic Affairs, Ministry of Finance (b) Department of Currency Management, Reserve Bank of India 
(c) Insurance Regulatory Development Authority (d) Securities and Exchange Board of India 
(e) Deposit insurance and Credit Guarantee Corporation (Ans : e)

10. What does EMI denote in the context of housing loans? 
(a) Easy Money in India (b) Equated Monthly Installment (c) Easy Monthly Installment 
(d) Equity at Monthly Invar (e) Equivalent Mortgage Institution (Ans : b)

11. The Information and Communication Technologies (ICT) are being increasingly used by the governments to deliver its services at the locations convenient to the citizens. All possible information services for the rural citizens are packaged as a single point access through PC based– 
(a) Outlets (b) Kiosks (c) Internet Cafes (d) Offices (e) ISPs (Ans : b)

12. Which of the following is not a category of Schedule Commercial Banks in India? 
(a) Nationalized Banks (b) Foreign Banks (c) Regional Rural Banks 
(d) State Bank of India and its associates (e) All of the above (Ans : e)

13. Where is the Secretariat of the Basel Committee on Banking Supervision (BCBS), which provides a forum for regular cooperation on banking supervisory matters, located? 
(a) Denmark (b) South Africa (c) Switzerland (d) Canada (e) Spain (Ans : c)

14. Financial Holding Company (FHCs) in India are regulated by– 
(a) Reserve Bank of India (b) Securities Exchange Board of India (c) NABARD 
(d) Union Ministry of Finance (e) Federation of Indian Industries (Ans : a)

15. Which of the following public sector insurance companies of India is headquartered in Mumbai ? 
(1) National Insurance Company Limited (2) Life Insurance Corporation of India 
(3) New India Assurance Company Limited (4) United India Insurance Company Limited 
Select the correct answer using the codes given below 
(a) Only (1) and (2) (b) Only (3) and (4) (c) Only (2) and (3) 
(d) Only (1), (3) and (4) (e) All of the above (Ans : c)

16. Who among the following is the signatory to a Rs. 10 note in India with the promise. "I promise to pay the bearer the sum often rupees" ? 
(a) President of India (b) Union Minister of Finance (c) Governor, Reserve Bank of India 
(d) Prime Minister of India (e) Secretary to the Union Ministry of Finance (Ans : c)

17. Which country recently passed legislation regarding provisions that allow the constitution to be adopted via referendum ? 
(a) Moldova (b) Italy (c) Greece (d) Ukraine (e) Mexico (Ans : d)

18. Regional Rural Banks in India are classified as– 
(a) Scheduled Commercial Banks (b) Cooperative Banks (c) Non-Scheduled Commercial Banks 
(d) Non Banking Financial Companies (e) Finance Holding Companies (Ans : a)

19. Francois Hollande paid a two-visit to India In February 2013. He is the President of– 
(a) Venezuela (b) France (c) Brazil (d) South Africa (e) Canada (Ans : b)

20. Jacob Juma who was in recent news is the President of– 
(a) Democratic Republic of Congo (b) Algeria (c) South Africa (d) Rwanda (e) Morocco (Ans : c)

21. The most popular India Rupee exchange rate is the INR to the rate of– 
(a) Euro (b) Yen (c) U. S. Dollar (d) Pound Sterling (e) Yuan (Ans : c)

22. Which country recently announced to sell its first indigenously developed 1000 MW nuclear reactor to Pakistan? 
(a) Russia (b) United States of America (c) China (d) Britain (e) France (Ans : c)

23. Which of the following is/are not the objectives of the International Monetary Fund? 
(a) To promote International monetary cooperation 
(b) To facilitate the expansion of international trade 
(c) To assist in the reconstruction and development of territories of members by facilitating the investment of capital for productive purpose 
(d) To ensure stability to foreign exchange rates 
(e) To promote capital investment in backward and underdevelopment countries (Ans : c)

24. What does FDI stand for? 
(a) Foreign Development Investment (b) Foreign Direct Investment (c) French Development Institution 
(d) Foreign Development Investment (e) For Deep Insight (Ans : b)

25. In the field of business and finance, AML, is the abbreviated form of– 
(a) Association for Mormon Letters (b) Algebraic Modeling Language (c) Anti-Money Laundering 
(d) Acton Main Line (e) Association of Muslim Lawyers (Ans : c)

26. Which of the following tools is used by the Reserve Bank of India to reduce liquidity in the banking system? 
(a) Cash Reserve Ratio (b) Open market operations (c) Statutory Liquidity Ratio 
(d) Current Base Rate (e) Repo Rate (Ans : a)

27. Which of the following is a tax on domestic production ? 
(a) Corporation Tax (b) Wealth Tax (c) Income Tax (d) Excise Tax (e) Customs Duty (Ans : d)

28. Which of the following bodies/ organizations decides on the volume and value of bank notes to be printed in India? 
(a) Securities Exchange Board of India (b) India Government Mint, Kolkata (c) Reserve Bank of India 
(d) Union Ministry of Finance (e) International Monetary Fund (Ans : c)

29. Which of the following is not a negotiable instrument as per the Negotiable Instruments Act, 1881 ? 
(a) Promissory note (b) Bill of Exchange (c) Cheque (d) Hundi (e) All of the above (Ans : d)

30. Which of the following does not come under insurance sector in India ? 
(a) Life Insurance (b) General Insurance (c) Health Insurance 
(d) Property Insurance (e) Mental Disability Insurance (Ans : e)

Useful Books:

Current Affairs Yearly 2016 (English)

Current Affairs Made Easy 2016


Current Affairs 2016 for Competitive Exams