The government on 6 April 2015 withdrew duty benefits extended to operation and maintenance of power plants set up by developers within which zones?: Special Economic Zones (SEZs)
Explanation: The directive issued in March 2012 was being withdrawn and the position of February 2009 was being restored. As in February 2009, the ministry had allowed SEZ developers to avail duty benefits only at the initial stage of setting up of a power plant in a non-processing areas and not for operational and maintenance of the plants. But in 2012, it had extended duty benefits for operation and maintenance of power plants in SEZs also. The notification will impact developers of SEZs and not the units which are engaged in generation and trading of power in these zones.
The Reserve Bank of India (RBI) on 7 April 2015 allowed Micro Finance Institutions (MFI) to lend up to how much to small borrowers.?: Rs 1 lakh
Explanation: The increase in the limit was suggested by Nachiket Mor committee on Comprehensive Financial Services for Small Businesses and Low Income Households. The borrowing limit, excluding educational or medical expenses, has been doubled to Rs 1 lakh from the existing Rs 50,000, RBI said in its first bi-monthly monetary policy statement in the new fiscal, which began on April 1. However, disbursement of the loan amount should not exceed Rs 60,000 -- up from Rs 35,000 in the first cycle, and Rs 1 lakh from Rs 50,000 in subsequent cycles.
To boost infrastructure investment, the Reserve Bank of India on 7 April 2015 allowed banks to invest in which kind/type infrastructure bonds issued by other banks.?: Long-term infrastructure bonds
Explanation: In July 2014, RBI had allowed banks to issue long-term bonds (LTBs) for lending to long-term projects in infrastructure sub-sectors, and affordable housing. However, cross-holding of such bonds amongst banks was not permitted. Its aggregate holding of such bonds will also be subject to certain limits in relation to its own assets. LTBs held for trading will reduce the bank's priority sector and liquidity benefits obtained from its own issuance of LTBs. In another move, the RBI also proposed to allow NBFC infrastructure debt fund (NBFC-IDF) to provide take-out finance for infrastructure projects that have completed one year of operation in the PPP segment without a tripartite agreement and to the non-PPP segment.
The government on 7 April 2015 approved three highway projects worth Rs 9,500 crore in which 2 States, including those connecting Varanasi, the Lok Sabha constituency of Prime Minister Narendra Modi?: Tamil Nadu and Uttar Pradesh
Explanation: The Cabinet Committee on Economic Affairs (CCEA) approved the four-laning of the Sultanpur-Varanasi section of National Highway 56 in Uttar Pradesh with a total cost of around Rs 3,800 crore thus in total the CCEA today approved the strengthening and widening of 455 kms of National Highways with a total capital cost of about Rs 9,500 crore. Key highlights of Highway projects: -The four-laning of the Sultanpur-Varanasi section of National Highway 56 in Uttar Pradesh -The second project relates to four-laning of the Varanasi to Ghazipur, Gorakhpur and further to Nepal section of National Highway 29 in UP. -The third project relates to four laning/two laning of the Madurai-Ramanathapuram section of National Highway 49 in Tamil Nadu The project is likely to be completed in two and half years from the date of award.
With its disinvestment taking place on 8 April 2015, which entity becomes the first public sector undertaking (PSU) to launch in the market in 2015-16 fiscal year?: Rural Electrification Corporation (REC)
Explanation: Union Govt. is selling 5% of its stake in REC on 8 April at Rs.315 per share to sumup over Rs. 1,550 crore, marking the first PSU disinvestment of the current fiscal. The price for the offer for sale (OFS) of 4.93 crore REC shares was decided on 7 April at a meeting headed by Finance Minister Arun Jaitley. The disinvestment department has a pipeline of companies including BHEL, Dredging Corporation, NALCO, IOC and NMDC.and others to sell minority stake to avoid bunching up of disinvestment towards the end of end of the fiscal.
Prime Minister Narendra Modi on 8 April 2015 announced two major reliefs for farmers hit by the recent unseasonal rains and hail-storms. Following are the two reliefs announced by the Prime Minister:
- The eligibility criteria for claiming compensation has been reduced to 33% (for crop damage)
- The amount of compensation has been increased to 1.5 times
What was the earlier eligibility criteria for claiming compensation?: 50% (for crop damage)
Explanation: This year the unseasonal rains and hailstorms have damaged Rabi (winter-sown) crops in 113 lakh hectares of area across 14 states. Therefore, Government had also set up an informal group of ministers, headed by Home Minister Rajnath Singh to look into the issue of raising the cap for financial assistance given to farmers whose crops have been affected. Hence, after assessment reports about the damage from cabinet Ministers, Prime Minister Narendra Modi on 8 April 2015 announced that the criteria of compensation to affected farmers should be reduced to 33% from 50%. Thus helping the farmers to get more compensation for their crop loss. Along this, the amount of compensation has been increased to 1.5 times, which means that if earlier he was getting Rs.1000 as compensation, now he will get Rs.1500.
India's aviation safety ranking was 8 April 2015 upgraded to Category-1 by which Aviation authority, a move that could pave the way for domestic airlines to expand their services to that country?: US aviation watchdog Federal Aviation Authority (FAA)
Explanation: The upgradation, which saw restoration of the safety ranking, came more than 14 months after it was downgraded to Category-2 following the failure of aviation regulator DGCA to meet the international safety norms during two safety audits by FAA. Earlier, FAA had downgraded India's aviation safety ranking, bringing it below Pakistan and on par with countries like Ghana, Barbados and Bangladesh in January last year after the Directorate General of Civil Aviation failed to meet the safety standards set by the UN body International Civil Aviation Organization (ICAO).
Retirement fund body EPFO has suspended the Rs 1,000 minimum monthly pension scheme from April month. This decision will hit about how many pensioners?: 32 lakh pensioners
Explanation: At present, EPFO has 49 lakh pensioners under the Employees Pension Scheme run by it. The scheme was launched with effect from September 2014, hiking the pension amount to a flat Rs 1,000 per month for those who were getting lower amount earlier will now get pension at earlier rates. The EPFO has also suspended the enhanced pension payment to widows, children and orphans under the scheme. Thus, under this modified scheme, the minimum monthly pension for widows has been fixed at Rs 1,000 and for children at Rs 250 per month. Similarly, the minimum pension entitlement for orphans has been fixed at Rs 750 per month.
To deepen the securitisation market, Sebi has made it easier for banks and public financial institutions to act as what, while a new code of conduct has been put in place to safeguard investors' interest?: Trustees
Explanation: The primary objective was to rationalise and clarify the role and responsibilities of trustee. Thus, the amendments have been made to allow banks and public financial institutions to act as trustees without obtaining registration, while these changes also provide for terms of appointment and capital requirement for trustee and makes it mandatory for the trustees to provide a summary term sheet. Securitisation involves creating a financial instrument by pooling together illiquid assets and then selling them to investors as securities. Therefore,under the new norms, the trustee would call for periodic reports, supervise the implementation of conditions regarding creation of security for securitised debt instruments and take steps to ensure protection of investors as well as resolve their grievances. A special purpose distinct entity and its trustee shall not be party to creation of false market, price rigging or manipulation.
Retirement fund body EPFO has suspended the Rs 1,000 minimum monthly pension scheme from April month. This decision will hit about how many pensioners?: 32 lakh pensioners
Explanation: At present, EPFO has 49 lakh pensioners under the Employees Pension Scheme run by it. The scheme was launched with effect from September 2014, hiking the pension amount to a flat Rs 1,000 per month for those who were getting lower amount earlier will now get pension at earlier rates. The EPFO has also suspended the enhanced pension payment to widows, children and orphans under the scheme. Thus, under this modified scheme, the minimum monthly pension for widows has been fixed at Rs 1,000 and for children at Rs 250 per month. Similarly, the minimum pension entitlement for orphans has been fixed at Rs 750 per month.
