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Banking and Financial Awareness 1 August 2015 - 9 August 2015

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Economy Current Affairs

According to National Sample Survey Organization, 73% of which state population still uses kerosene for lighting?: Rural Bihar

Explanation: The latest survey released by the National Sample Survey Organization (NSSO) has revealed that in rural areas, subsidized kerosene was used in less than 1% of kitchens, which relied largely on firewood and chips as the primary source of energy for cooking during 2011-12. After firewood (67% share), cooking gas cylinders have emerged as the second most preferred kitchen fuel in rural areas, with a share of 15%. In urban areas, of course, they now fire over 68% of the stoves, while the share of kerosene is estimated at 5.7%, lower than firewood (14%). But when it comes to lighting homes in villages, the share of kerosene is estimated at 26.5%, with electricity's share estimated at 72.7%. In urban India, 3.2% of households uses kerosene for lighting while the share of electricity is 96%.

Union Government on 31 July 2015 decided declared which date as National Handloom Day every year beginning from year 2015 throughout the country?: 7th August

Explanation: On 7th August 2015, India will observe the 1st Handloom day and would be inaugurated by the Prime Minister Narendra Modi. The day will be observed to generate awareness about the importance of handloom industry as a part of our rich heritage and culture, promote handloom products and lead to increase in income of weavers as well as enhance their confidence and pride.

India will host the heads of 14 island nations at the Forum for India-Pacific Islands Cooperation (FIPIC) at which city on 21 August 2015?: Jaipur (Rajasthan)

Explanation: This summit is very important for the India as New Delhi has begun charting out a plan for forging bilateral and regional ties with these island nations after looking at China which has significantly expanded its foothold in the region. Thus, the summit in Jaipur will lead to the agreements in agriculture, food processing, fisheries, solar energy, e-networks for coordination in telemedicine and tele-education, space cooperation and climate change. These subjects were mentioned as areas of potential cooperation by Prime Minister Narendra Modi during his visit to Fiji in 2014.

As part of effort to increase and protect green cover in urban areas, the government has proposed to develop 200 Forest city concepts in the country in the next five years and launch a scheme to create awareness about environment protection. What is the name of the concept and scheme?: Nagar Van-Udyan Yojana and 'School Nursery' Scheme

Explanation: Atleast one 'city forest' initially on forest land, ranging from 20 hectare to 100 hectare, in cities having municipal corporations. Under School Nursery, 1000 schools of the country will be selected every year and each will raise at least 1,000 saplings by involving students. Selected schools will receive grant of Rs 25,000 in the first year and Rs 10,000 per year for the subsequent two years.  The main objective is to create awareness about environment and help students identify and learn about the various benefits of trees and plants.

The Union Govt. in July brought a major liberalization in which type of brand retail norms that is now expected to give a big push to that kind of retailers to operate in the country?: Single Brand Retail

Explanation: Union Govt. during July 2015 allowed single-brand retailers to operate across multiple platforms. Therefore, this means that they will now be able to own their outlets as well as extend their brand through franchising. The government liberalized the foreign direct investment (FDI) policy on single-brand retail by stating that non-resident entity/entities will now be allowed to undertake single-brand retail trading business through one or more wholly owned subsidiaries or joint ventures (JVs).

The Government has launched three web portals for the benefit of farmers. What are the name of the web portals?: Participatory Guarantee System-India (PGS-India), Fertilizer Quality Control System (FQCS) and Soil Health Card (SHC)

Explanation: Government has launched the web portalsto help the Farmer for the various benefits. Thes are as follows: 

1> PGS-India portal: PGS is a process of certifying organic products in accordance with the laid down standards and with active participation of stakeholders including producers/farmers, traders and consumers in the certification system. It can be accessed at the URL www.pgsindia-ncof.gov.in. The PGS-India portal is a web based application having online facility for (i) Registration (ii) Approval (iii) Documentation (iv) Record of inspection and (v) Certification.

2> Fertilizer Quality Control System (FQCS) portal: The FQCS portal is a web based and configurable workflow application developed for processing of fertiliser sample collection, testing and generation of analysis reports.It can be accessed at the URL www.fqcs.dac.gov.in. 

3> Soil Health Card (SHC) portal: The SHC portal is a web based workflow application with following major modules; (i) Soil Samples Registration (ii) Test Result Entry by Soil Testing Labs (iii) Fertilizer Recommendations based on STCR and GFR (iv) Soil Health Card generation along with Fertilizer Recommendation and micronutrient suggestions (v) MIS module for monitoring progress.It can be accessed at the URL www.soilhealth.dac.gov.in.

However it is worth to mention that PGS-India and Soil Health Card (SHC) portals are web based applications available in the public domain.The information on the portals, which is relevant to the farmers, can be accessed by them. Fertilizer Quality Control System (FQCS) portal is for official use by the fertilizer quality control laboratories.

In a major breakthrough on the construction of a $10-billion, 1,800km energy lifeline connecting central and south Asia, India and three other signatories will now jointly take ownership of a pipeline from Turkmenistan to India through Afghanistan and Pakistan. What is the name of the Project?: TAPI Project

Explanation: From the field, the pipeline will run to Herat and Kandahar province of Afghanistan, before entering Pakistan. In Pakistan, it will reach Multan via Quetta before ending at Fazilka (Punjab) in India. The TAPI pipeline will have a capacity to carry 90 million standard cubic metres a day (mmscmd) gas for a 30-year period and will be operational in 2018. India and Pakistan would get 38 mmscmd each, while the remaining 14 mmscmd will be supplied to Afghanistan. TAPI will carry gas from Turkmenistan's Galkynysh field, better known by its previous name South Yoiotan Osman that holds gas reserves of 16 trillion cubic feet.

Finance Current Affairs

UTI Mutual Fund (India’s oldest mutual fund house) has recently achieved what major milestone pertaining to its mutual fund assets?: Its asset base crossed the one lakh crore rupees mark

Explanation: UTI AMC was established by erstwhile Unit Trust of India as a mutual fund in February 2003 and is promoted by the four of the largest public sector financial institutions as sponsors – SBI, LIC, Bank of Baroda and Punjab National Bank, with respective 18% stake.The total asset under the control of Indian mutual fund companies is around 4.5 lakh crore while the total assets under UTI Mutual Fund attained an asset base of over Rs.1 lakh crore with about one crore investor accounts. UTI AMC is also looking to launch an Initial Public Offer (IPO) to become the country’s first asset management company to go public.

Central Board of Direct Taxes (CBDT) on 3 August 2015 signed two unilateral Advance Pricing Agreements (APAs) with two Multi-National Companies (MNCs). What si so important about this agreement?: Agreement includes First time an APA with “Rollback” provision

Explanation: APAs are a means to settle transfer prices and of setting prices of international transactions in advance. There are two types of APAS, viz., unilateral APA and bilateral APA. Unilateral APAs are those agreements that are agreed between Indian taxpayers and the CBDT, without involvement of the tax authorities of the country where the associated enterprise is based and bilateral APAs are those which include agreements between the tax authorities of the two countries. Thus, after this agreement it will include first time an APA with “Rollback” provision which means extending the tax certainty for nine financial years as against five years in APAs without “Rollback”.

Since few months Andhra Pradesh has faced embarrassment of having to go for an overdraft, Therefore, the government has overhauled the funds disbursal system by launching which system on 7 August 2015?: Comprehensive Budget Release Order (CBRO) System

Explanation: So far all the departments of AP Government had to submit proposals every financial quarter to receive the money from the finance department and this used to force the staff of various departments to frequent the finance department for weeks together and get the funds released. The overall process is very cumbersome and caused the embarrassment to the government to get delayed for the funds and thus has to used the overdraft. Crucial departments like health, education, irrigation and rural development are holding hundreds of crores of rupees in their PD accounts and the finance department is making efforts to bring the funds into mainstream and improve liquidity. Therefore, to overcome from this AP government launched CBRO (Comprehensive Budget Release Order System) which allows the departments to get their budget allocation in one go after submitting the justification for all four quarters. In other initiatives, the finance officials have directed all departments not to open individual accounts in banks without prior permission from the finance wing.

Latest Current Affairs

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Current affairs 09th August 2015 contain all the latest news and current events from India and Abroad. User can find the 09th August 2015 affairs article which is a detailed analysis and discussion of news stories that have recently occurred. These news articles are made on the topic Comprehensive Budget Release Order System, CBRO System, National Sample Survey Organization, National Handloom Day and many other are best study material for the students which are preparing for the competition exams, government exams, Banking exams, IAS exam and many other.

09th August 2015 Current Affairs is available in Question and Answer format which will also help reader to prepare in Objective format. On Time2study, Current affair category contains the articles for each day and these articles have the detailed background of each topic. Current affairs from India and abroad are teller made to the user and thus one can find very interesting, selected and important topic on Current events to read and prepare the notes for exam. Current affairs 09th August 2015 is made on the subjects Narendra Modi, Forum for India-Pacific Islands Cooperation, FIPIC, Nagar Van-Udyan Yojana, School Nursery Scheme, UTI Mutual Fund, Initial Public Offer, Central Board of Direct Taxes, APA with Rollback provision, Single Brand Retail, foreign direct investment, Participatory Guarantee System-India, PGS-India, Fertilizer Quality Control System, FQCS, Soil Health Card, SHC, TAPI Project that have recently occurred.

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