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Current Affairs on Economy

Current Affairs 25 April 2015

The first postal Automated Teller Machine (ATM) was opened at the General Post Office (GPO) of which city on 24 April 2015?: Chandigarh - Punjab

Explanation: After this 1st inauguration, the second postal ATM would be made operational in Amritsar GPO by the end of this month and total of 26 ATMs would be made operational in Punjab and Chandigarh this financial year. ATM facility will be available at other head post offices or post offices including Ropar, Ludhiana, Model Town, Ludhiana, Khanna, Jagraon, Patiala, Rajpura, Sangrur, Tarn Taran, Golden Temple, Bathinda, Faridkot, Moga, Ferozepur, Gurdaspur, Batala, Hoshiarpur, Dasuya, Jalandhar City, Jalandhar Cantt, Nawan Shahar, Kapurthala, and Phagwara. IN postal ATM, customers will get all the facilities available in core banking like cash withdrawal, mini statement, fast cash, balance enquiry, PIN change, fund transfer within own post office, Saving Accounts and transfer of funds to other accounts of post office. A maximum of s. 10,000 can be withdrawn at one time.

Current Affairs 24 April 2015

Prime Minister Narendra Modi inaugurated a three-day global exhibition on services to showcase India's strength in the sector and provide platform to the industry to explore business opportunities. Which are these service sectors?: IT, ITeS, telecommunication, healthcare, education, logistics, media and entertainment, R&D and space

Explanation: In global exports of services which were attended by 40 countries, India's rank has been improved from 11th to 6th during 2009 and 2013. However, Share of India's services sector in the global services trade is only 3 percent as compared to 4.6 percent of China. India's services exports are USD 73 billion more than the imports in 2013-14. India had a trade surplus in services segment unlike in merchandise where India runs a huge trade deficit of USD 138 billion in 2013-14.

Posted on: 24th April 2015 Read complete Article →

Online fashion store Net-a-Porter (NAP) merged with which online company, thus world`s two biggest online fashion stores sends a warning to luxury brands to embrace the Internet with more vim after years of resistance?: Yoox

Explanation: The merger between Yoox and NAP sends the message that you need to be online or you may be out of the game. As the top brands such as Prada and LVMH`s Christian Dior still baulk at the idea of selling clothing online as well as through their plush boutiques. Online annual luxury goods sales have been growing at 15-25 percent while the industry`s average growth rate has slumped to 5 percent this year from above 10 percent four years ago as brands have completed big global roll-outs. Analysts estimate that 5-6 percent of luxury goods are purchased online, although that jumps to around 8 percent for leather goods such as shoes and handbags.

Current Affairs 23 April 2015

The government on 22 April 2015 approved three highway projects which would cost an estimated Rs 5,529 crore. Which are these 3 Highways?:

-Mukarba Chowk to Panipat section of National Highway - 1 in Delhi and Haryana.

-Solapur-Bijapur section of National Highway - 13 in Maharashtra and Karnataka.

-Agra-Etawah section of National Highway - 2 in Uttar Pradesh

Explanation: The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi has approved the 3 projects in BOT (Toll) mode on Design, Build, Finance, Operate and Transfer (BOT/DBFOT) basis.

-Mukarba Chowk to Panipat section of National Highway - 1 in Delhi and Haryana will cost Rs. Rs 2,204.51 crore. The total length of the road will be approximately 69.84 km.

-Solapur-Bijapur section of National Highway - 13 in Maharashtra and Karnataka. The cost is estimated to be Rs 1,537.64 crore including cost of land acquisition, resettlement and rehabilitation and other pre-construction activities. The total length of the road will be approximately 109.07 km.

Agra-Etawah section of National Highway - 2 in Uttar Pradesh. Six laning of Agra-Etawah section of National Highway - 2 in Uttar Pradesh will cost Rs 1,787.02 crore.

Posted on: 23rd April 2015 Read complete Article →

In a significant move, Congress-led UDF government on 22 April 2015 decided to give house tax exemption for buildings up to 660 sq feet. The exemption was given to which Indian state?: Kerala

Explanation: In the Cabinet level meeting the decision was taken to exempt the tax for building upto 660 sqft. In the same meeting it was also decided to waive the hike in tax rate on buildings up to 2,000 sq feet. Both the decision will come into effect from this year. The decision was taken to rectify anomalies in the new house tax structure announced recently. The cabinet unanimously accepted the suggestion placed by the UDF.

Government has rolled out an online system for submission of Long Term Visa (LTV) application and for its processing by various agencies on 22 April 2015. This is first step to grant Indian citizenship to nearly 60,000 Hindu refugees from which country?: Pakistan

Explanation: So far, all LTV visa applications have been accepted manually. Pakistani nationals eligible for LTV can now submit the applications online by logging in www.Indianfrro.Gov.In/frro. The decision has been taken by the Home Ministry to address the difficulty being faced by Hindu minorities of Pakistan who come to India with the intention to settle permanently. While the manual system of submission of LTV applications will continue along with the online system for three months with effect from August 1, 2015, all applications for LTV will be received and processed only on the online mode.

Current Affairs 22 April 2015

In the Lok Sabha on 21 April 2015 it was informed that three states were the worst hit states in the recent unseasonal rains and hailstorm and have sought over Rs 10,100 crore as relief from the Centre for the affected farmers. Which are these states?: Uttar Pradesh, Rajasthan and Haryana

Explanation: Estimated around 94 lakh hectares of crop area across 14 states over the last three months were affected due to the rains and hailstorm. Among them 29.64 lakh hectares of crop area was affected in Uttar Pradesh, 22.24 lakh hectares in Haryana and 16.89 lakh hectares in Rajasthan were the top 3 worst affected states. Other affected states are Maharashtra (9.89 lakh hectares), Madhya Pradesh (5.70), Punjab (2.94), Bihar (1.86), Gujarat (1.75), Jammu & Kashmir (1.33), Himachal Pradesh (0.67), West Bengal (0.49), Uttarakhand (0.39), Telangana and Kerala (0.01 each). Therefore, large number of suicide cases has been recorded in these states however as per reports received from some state governments namely Punjab, Karnataka, Goa, Uttar Pradesh, Haryana, Kerala and Andhra Pradesh, there have been no incidents of farmer suicide due to agrarian distress caused by recent untimely rains and hailstorms. Memoranda have been received from Uttar Pradesh, Rajasthan and Haryana demanding Rs 744.48 crore, Rs 8,252 crore and Rs 1,135.91 crore from NDRF (National Disaster Response Fund), respectively.

Posted on: 22nd April 2015 Read complete Article →

Current Affairs 21 April 2015

Sniffing a major scam of at least Rs 4,000 crore in the railways, CBI is likely to file a case soon into alleged under-reporting of which business in railways through the manipulation of software by officials.?: The actual weight of loaded goods wagons

Explanation: Railways had in consultation with Research Development and Standards Organisation (RDSO) installed 200 'Electronic In-Motion Weigh Bridges' at various locations across the country to weigh the freight in transit. Thus, the six vendors have been roped in by RDSO for setting up the bridges, which automatically measure the weight of goods train wagons passing through them at a speed of 15-km per hour. However according to CBI official, inputs were received that this system has been manipulated at several places in such a way that over-loading is concealed and weight of the wagon is shown to be within the permissible limit. Systematic manipulation in weighing achieved through tampering of the software, EIMWB hardware, manual entries, etc. Leads to significant loss of revenue for the railways.

Posted on: 21st April 2015 Read complete Article →

In a step towards providing more safety and facility to train passengers for booking tickets online, IRCTC on 20 April 2015 is planning to offer a new service of 'baggage insurance' for them. Thus for Baggage Insurance, IRCTC has tied up with which Insurance company? New India Assurance

Explanation: Once the baggage Insurance service starts then customers will be offered additional services like insurance coverage for baggage while booking e-tickets on the IRCTC website and therefore will help passenger to claim the insurance money in case of lost or theft of the baggage. The goods like laptop, mobile phone or any other valuable articles will be covered as part of the travel insurance package. Also, in order to facilitate last mile connectivity to tourists and passengers, the IRCTC has launched concierge services at certain selected stations in metropolitan cities like Delhi, Mumbai and Kolkata on a pilot basis.
                                                                                                                    Thus the service aims to facilitate train passengers at the station in hiring a porter, getting information regarding running status of the trains, and arranging a taxi for dropping the passenger to his residence or hotel. The concierge service will be provided at all major stations including tourist destinations on railways network.

On 20 April 2015 the government has notified that it has received more than Rs 5,814 crore from the Airports Authority of India (AAI) in the last four financial years. Which all are ways through this amount was received?: Dividend, dividend tax, guarantee fees, interest on government budgetary support loan, income tax and service tax

Explanation: The domestic aviation sector has experienced phenomenal growth in recent years, resulting in increased revenue to the government. Therefore, the  Government has earned Rs 1,186.56 crore, Rs 1,344.13 crore, Rs 1,438.12 crore and Rs 1,845.16 crore (provisional) as revenue for the years 2011-12, 2012-13, 2013-14 and 2014-15, respectively, from the AAI. 

Posted on: 21st April 2015 Read complete Article →
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