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Banking and Financial Awareness 27 July 2015 - 31 July 2015

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Economy Current Affairs

Which state government on 28 July 2015 announced an allowance of Rs 500 per month for the transgender people in the state?: Tripura

Explanation: The decision was taken by the council of ministers on 28 July 2015 and also approved to introduce three new pension schemes for leprosy patients, AIDS patients and female domestic workers. "While the female domestic workers will be paid a monthly pension of Rs 350, other categories will be paid Rs 500 per month".  The government decided to pay a monthly pension of Rs. 500 for Anganwadi workers and Rs.350 for Anganwadi helpers after their retirement at the age of 60.

Union Government on 27 July 2015 approved the Rs.1000 cr for which 2 countries rail link plan?: Indo-Bangla rail link plan

Explanation: After this approval, the laying of 15.06 km long tracks will start to connect Indian Railways with Bangladesh through the North East connecting connecting Agartala with Akhaura railway junction in Bangladesh, 3.7 km would comprise of elevated corridor. Thus on completion of the project, it would reduce the distance from Agartala to Kolkata from 1650 km to 515 km and difficult hilly terrain could be avoided and making it to improve trade and commerce between the North-East region of India and Bangladesh. The Indo-Bangla Rail link would be completed by 2017 and the entire route will be constructed by IRCON.

Prime Minister Narendra Modi on 25 July 2015 launched Deendayal Upadhyay Gram Jyoti Yojana (DDUGJY) along with various other development projects in which in India?: Patna

Explanation: The DeenDayal Upadhyaya Gram Jyoti Yojana for rural areas was launched to fulfil the following objectives:

  • To provide electrification to all villages
  • Feeder separation to ensure sufficient power to farmers and regular supply to other consumers
  • Improvement of Sub-transmission and distribution network to improve the quality and reliability of the supply
  • Metering to reduce the losses
  • The Scheme has an outlay of 76000 crore rupees for implementation of the projects under which Union Government shall provide Grant of 63000 crore rupees.
  • The benefits of the scheme will be:
    • All villages and households shall be electrified
    • Increase in agriculture yield
    • Business of Small and household enterprises shall grow resulting into new avenues for employment
    • Improvement in Health, Education, Banking (ATM) services
    • Improvement in accessibility to radio, telephone, television, internet and mobile
    • Betterment in social security due to availability of electricity
    • Accessibility of electricity to schools, panchayats, hospitals and police stations
    • Rural areas shall get increased opportunities for comprehensive development

The Prime Minister also launched the following projects:

  • Inaugurated the Daniawan-Bihar Sharif new railway line
  • Flagged off the Rajgir-Bihar Sharif-Daniawan-Fatuha passenger train and Patna-Mumbai AC Suvidha Express
  • Inaugurated campus of IIT Patna
  • Laid the foundation stone for Incubation Centre for Medical Electronics, Patna
  • Inaugurated the construction of the first phase of the Jagdishpur-Haldia pipeline project

These projects will provide development and improve the quality of life of the people in the State. 

Which kind of fund was approved by the Union Cabinet on 29 July 2015, a sort of sovereign fund Rs 20,000-crore, for development of infrastructure projects, including the stalled ones?: National Investment and Infrastructure Fund (NIIF)

Explanation: A report of government's high level committee on financing infrastructure (2014) had noted that fresh inflows of equity in the infrastructure sectors have slowed down significantly over the past few years, constraining several domestic players from making further investment. Thus, NIIF is being established with an aim to maximise "economic impact" mainly through infrastructure development in commercially viable projects, both green field and brown field, "including stalled projects". Money from the fund would be routed to provide equity support to those NBFCs and financial institutions that are engaged in infrastructure financing across sectors, and corpus to JAMCs and equity/debt to commercially viable infrastructure and other projects. The decision to set up the fund was taken at the meeting of the Cabinet headed by Prime Minister Narendra Modi.

The Cabinet on 29 July 2015 approved a new Consumer Protection Bill 2015, therefore, now regulatory authority will be set-up and will have the powers to recall products and initiate class suit against defaulting companies, including e-tailers. This new Consumer Protection Bill 2015 will replace how many year old law?: 29-year-old law

Explanation: The new bill, approved by the Cabinet today and likely to be introduced in the ongoing session of Parliament, provides for a comprehensive framework for protection of consumer interest and will replace the Consumer Protection Act, 1986. The key features of the new bill include establishment of an executive agency 'Central Consumer Protection Authority' (CCPA) which will protect and enforce the rights of consumers. That apart, the bill has provisions for "product liability" if product/services causes personal injury, death or property damage and will take action against defaulting manufacturers or service providers. Also, the bill also has a provision for setting up of a 'circuit bench' to facilitate quicker disposal of complaints and there is an enabling provisions for consumers to file complaints electronically and file complaints in consumer courts that have jurisdiction over the place of residence of the complainant.

Which state government has announced that it has seal the payscale to 4L contract teachers on 30 July 2015?: Bihar

Explanation: This announcement will bring great relief to the school Teachers and librarian who were protesting since very large time. The state government will bear an additional financial burden of Rs 2,948.49 crore for this purpose. The total amount to be spent on the salary of teachers and librarians would now be over Rs 7,952 crore. Govt. announced that these teachers would be entitled to get three per cent of their basic salary as yearly increment and added a high-level committee has been set up to decide their service conditions, rules, promotion policy, disciplinary action, in-service training, interschool transfers etc. The principal secretary of the education department has been made the committee's member-secretary. The committee would submit its report to the government within three months.

Maharashtra government has formed a three men committee under the chief secretary who will inquire the matter of controversial allegedly which scam and purchases of the last 15 years of all other departments as well, which has been accused of corruption that are education and health department?: Chikki scam

Explanation: Congress-NCP is alleging that the purchases has happened in a day and flouted all norms and the deal took place without inviting e-tenders. Also, the Women and Child Welfare department had purchased various items worth Rs 206 crore for anganwadis in 20 undeveloped districts. Thus, the Maharashtra CM has announced that a committee will inquire all the matters which has been raised by opposition of the period of last 15 years and also current purchases including Chikki issue.

Finance Current Affairs

Government is planning to unveil an exclusive all-in-one insurance product for the farming community as part of its ongoing social security scheme. What will be name of this scheme?: Unified Package Insurance Scheme (Bhartiya Krishi Bima Yojana)

Explanation: Once launched, the policy would flaunt nine features with mandatory crop insurance. The cover will be for one-year except for agriculture insurance (which will be bi-annual separately for Kharif and Rabi crops) and will be renewable from year to year. However, farmers have to choose at least four other features to avail subsidy under crop insurance section, according to a draft prepared by the Finance Ministry. The proposed policy packages various products like crop insurance, health cover, personal accident insurance, live stock/cattle insurance, insurance cover for agriculture implements like tractors and pumpsets, student safety insurance and of course, life insurance; which aims at providing financial protection to farmers, thereby ensuring food security, crop diversification and enhancing growth and competitiveness of agriculture sector besides protecting farmers from financial risks.The scheme shall be implemented through a multi-agency framework by implementing agency under the overall guidance and control of the Union agriculture & cooperation department, and the states concerned in coordination with various other agencies.

Massive selling in the stock market on 27 July 2015 wiped out Rs 1.50 lakh crore from total investor wealth at the BSE, What is the main reason for this ?: Sharp 8% decline in Chinease stock market and stricter norms for participatory notes

Explanation: seeking to soothe jittery investors, the government today said it will not react in a "knee-jerk" manner to SIT recommendation on checking inflow of overseas investments via P-Notes, assuring that no action will be taken which adversely impacts the investment climate. Finance Minister Arun Jaitley said a considered view will be taken on the Supreme-Court appointed Special Investigation Team (SIT) recommending stronger measures to identify owners of Participatory Notes (P-Notes) to check black money. P-Notes are used by a large number of foreign investors to park funds in the equity market without disclosing their identity to the market regulator Sebi.

To attract more overseas money into the country, the Union Cabinet on 29 July 2015 cleared a proposal allowing foreign entities to invest in which kind of funds?: Alternative Investment Funds

Explanation: After this approval from Union Government now it will help make available more funds to start-ups, early stage ventures, small and medium enterprises (SMEs), which are generally considered as high risk investments. This was also announced in this year's Budget by Finance Minister Arun Jaitley that foreign investors would also be allowed to invest in the AIFs. AIFs -- which include private equity, venture capital and hedge funds -- are regulated by Sebi, but the Foreign Exchange Management regulations are governed by the RBI. They were set up in 2012 by the capital markets regulator Sebi as a new class of investment entity. AIFs are funds incorporated in India for the purpose of pooling in capital from Indian investors. The move would also reduce the pressure on the banking system to which the infrastructure sector looks for funding needs.

What is the name given to the flagship project which aims at widening the tax base by catching tax evaders using technology worth over Rs.150 crore to buy data analytics software and related infrastructure?: “Project Insight”

Explanation: “Project Insight” is the project of Union Finance Ministry which aim to bring into net black money hoarders and tax evaders by the help of technology. Thus the tender is floated to procure the software worth rs.150 crore, which will primarily track the Permanent Account Numbers (PAN) being quoted on financial transactions and tally them with income tax filings. The software is expected to automate a number of processes that took a lot of time in the past and therefore speed up resolution of cases pertaining to tax evasion. It is also expected to rank tax evaders based on the amount of tax that could be recovered thus enable the competent authorities to go after the highest value tax evader first.

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Current affairs 31st July 2015 contain all the latest news and current events from India and Abroad. User can find the 31st July 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 Project Insight, tax evaders, Deendayal Upadhyay Gram Jyoti Yojana, Narendra Modi 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.

31st July 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 31st July 2015 is made on the subjects Indo-Bangla rail link, IRCON, Stock market, BSE, Participatory Notes, SIT, Unified Package Insurance Scheme, Bhartiya Krishi Bima Yojana, Allowance for the transgender people, Pension Scheme, Consumer Protection Bill 2015, Central Consumer Protection Authority, National Investment and Infrastructure Fund, Chikki scam, Women and Child Welfare department, Payscale to contract teachers, Alternative Investment Funds, AIFs, RBI that have recently occurred.

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