Government on Wednesday decided to continue which monthly pension scheme in perpetuity, a move which would benefit over 20 lakh pensioners under social security scheme run by EPFO?: Rs 1,000 per minimum monthly pension scheme
Explanation: The Employees' Provident Fund Organisation (EPFO) had to suspend the scheme in the absence of any direction from the government to continue with this benefit beyond March 31 as the scheme was initially effective only till last month only. However the Union Cabinet, chaired by Prime Minister Narendra Modi, on 29 April 2015 gave its approval for continuation of the minimum pension of Rs 1,000 per month to the pensioners of Employees' Pension Scheme, 1995 (EPS) beyond 2014-15 on perpetual basis. Pensioners, who were earlier members of the erstwhile Family Pension Scheme, 1971, have been given past service benefits for determining pension as per Para 12 of the Employees' Pension Scheme. This has resulted in fixation of low pension for these pensioners.
From 1 May 2015, the Union Govt. made it easier to incorporate a new business in which entrepreneurs keen on setting up new enterprises will be able to incorporate their entities by filing just one form as against eight as was the practice till now. Which new form is this?: INC-29
Explanation: The government in an effort to improve India’s ranking on the globally tracked parameter of ease of doing business; from 1 May 2015, the Ministry of Corporate Affairs made available, an integrated company incorporation form (INC-29) that makes compliance and reporting easier and convenient for corporates. All important procedures associated with incorporation (such as availability, allotment of Director Identification Number (DIN), company incorporation and commencement of business) will be facilitated through this single form.
To improve the ease of doing business, the Cabinet on 29 April 2015 cleared the 2nd amendments to the companies law. What is the main purpose of this new amendment?: Do away with compulsory declaration by a firm before commencing business.
Explanation: Apart from doing away with the declaration requirements for starting new business, the latest changes are also aimed to ensure speedier issuance of final notifications with regard to modification or exemption from provisions of the Act. The amendments changes are largely seen as steps towards to improve India's position to top-50 in terms of ease of doing business, from 142nd currently, as per the latest World Bank report in this regard. Among the 14 amendments cleared by the Lok Sabha last year is relaxation to a number of norms including those pertaining to related party transactions. Also, resolutions passed by companies' boards would not be subjected to public inspection. There is also a provision to give severe punishment for those raising illegal deposits from the public.
To improve the ease of doing business, the Cabinet on 29 April 2015 cleared the 2nd amendments to the companies law. What is the main purpose of this new amendment?: Do away with compulsory declaration by a firm before commencing business.
Explanation: Apart from doing away with the declaration requirements for starting new business, the latest changes are also aimed to ensure speedier issuance of final notifications with regard to modification or exemption from provisions of the Act. The amendments changes are largely seen as steps towards to improve India's position to top-50 in terms of ease of doing business, from 142nd currently, as per the latest World Bank report in this regard. Among the 14 amendments cleared by the Lok Sabha last year is relaxation to a number of norms including those pertaining to related party transactions. Also, resolutions passed by companies' boards would not be subjected to public inspection. There is also a provision to give severe punishment for those raising illegal deposits from the public.
From 1 May 2015, the Union Govt. made it easier to incorporate a new business in which entrepreneurs keen on setting up new enterprises will be able to incorporate their entities by filing just one form as against eight as was the practice till now. Which new form is this?: INC-29
Explanation: The government in an effort to improve India’s ranking on the globally tracked parameter of ease of doing business; from 1 May 2015, the Ministry of Corporate Affairs made available, an integrated company incorporation form (INC-29) that makes compliance and reporting easier and convenient for corporates. All important procedures associated with incorporation (such as availability, allotment of Director Identification Number (DIN), company incorporation and commencement of business) will be facilitated through this single form.
In a major action against black money hoarders and money launderers, the Enforcement Directorate (ED) has attached assets to the tune of Rs 9,003 crore and filed 173 charge sheets in the financial year 2014-15. Thus this financial crimes comes under which two prime laws?: Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA)
Explanation: The agency is one of the most important departments on the high-powered panel of the SIT with ED Director Rajan Katoch as its Member. The agency, as part of its efforts to crack down on illicit funds in India and abroad, in the last year registered a mammoth 400 per cent rise in the numbers of assets attached, over 500 per cent increase in the number of criminal FIRs lodged, over 600 per cent more numbers of arrests made of people suspected to be involved in laundering crimes and more than 200 per cent jump in the filing of prosecution complaints or charge sheets as compared to the 2013-14 fiscal. Thus in a report by ED, under PMLA, attached assets to the tune of Rs 9,003.26 crore, registered 1,326 PMLA FIRs, arrested 52 people on laundering charges and filed a total of 173 charge sheets during 2014-15. Also, it issued a total of 492 attachment orders and got 355 confirmed from the Adjudicating Authority of the PMLA, the first appellate body against an order issued by the ED authority. The value of attachment of assets in the last year saw a 407 per cent rise as compared to 1,773.41 crore during 2013-14, over 600 per cent rise in arrests made as compared to seven during the last corresponding period and 214 per cent rise in filing of charge sheets as compared to 55 during 2013-14.
The Reserve Bank of India on 30 April 2015 imposed Rs 1.5 crore penalty each on three banks-- Dena Bank, Oriental Bank of Commerce and Bank of Maharashtra for violation of which norms?: Know Your Customer/Anti Money Laundering norms
Explanation: This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank and its customers. The RBI has also cautioned eight other banks-- Central Bank of India, Bank of India, Punjab and Sind Bank, Punjab National Bank, State Bank of Bikaner & Jaipur, UCO Bank, Union Bank of India and Vijaya Bank-- to put in place appropriate measures and review them from time to time to ensure strict compliance of KYC requirements in future. With more complaints and involvement of other banks coming to light, a wider thematic review was conducted and in all 12 branches of 11 public sector banks were covered. The scrutiny or thematic review looked into the modus operandi of the alleged frauds involving accounts of certain organisations in these banks, deficiencies or irregularities while opening Fixed Deposits (FDs) and extending Overdraft (OD) facility there against.
Government on Wednesday decided to continue which monthly pension scheme in perpetuity, a move which would benefit over 20 lakh pensioners under social security scheme run by EPFO?: Rs 1,000 per minimum monthly pension scheme
Explanation: The Employees' Provident Fund Organisation (EPFO) had to suspend the scheme in the absence of any direction from the government to continue with this benefit beyond March 31 as the scheme was initially effective only till last month only. However the Union Cabinet, chaired by Prime Minister Narendra Modi, on 29 April 2015 gave its approval for continuation of the minimum pension of Rs 1,000 per month to the pensioners of Employees' Pension Scheme, 1995 (EPS) beyond 2014-15 on perpetual basis. Pensioners, who were earlier members of the erstwhile Family Pension Scheme, 1971, have been given past service benefits for determining pension as per Para 12 of the Employees' Pension Scheme. This has resulted in fixation of low pension for these pensioners.
Under which norms issued by the Reserve Bank of India will ensure a 40 percent increase in credit flow to the under-funded segment of small and marginal farmers at Rs 85,000 crore this fiscal, according to the economic research department of SBI?: Priority Lending Norms
Explanation: In the revised guidelines on the priority sector lending (PSL) made effective last week, the Reserve Bank has asked for a staggered increase in credit to the small and marginal farmers under the mandatory credit outgo to weaker sections of the society. Thus under the priority lending norms, RBI wants that banks to lend 7 percent of their total advances to small and marginal farmers therefore, if banks have to meet the 7 percent target by March 2016, an amount of Rs 85,000 crore needs to go to the small and marginal farmers considering a credit growth of 15 percent in FY 2016, which will be 40 percent more than last fiscal's.
Which Bank on 28 April 2015 opened its bond issue to raise USD 750 million (about Rs 4,750 crore) under its medium-term notes (MTN) programme?: Bank of India
Explanation: The size of issue is USD 750 million and the bonds will be issued with tenor of five years. The bank has a board approval to raise USD 5 billion through MTN beginning 2005 and has so far raised USD 2.5 billion.
