Nearly four lakh demat accounts with securities worth Rs 4,755 crore have been frozen by Central Depository Services Ltd (CDSL) and National Securities Depository Ltd till March 2015. What is the main reason for the frizzing the demat account?: Due to non-compliance with mandatory Permanent Account Number (PAN) provisions
Explanation: The total number of frozen accounts as on March 31, 2015 were 3,78,902 with a total holdings being Rs 4,755 crore. These depositories had frozen a total of 43,51,794 accounts as on 31st December, 2006. However, about 90 per cent of the frozen accounts have already been unfrozen since January 2007.
The Reserve Bank of India on 23 April 2015 revised which sector lending norms to ensure a phased increase in loans to small farmers, and also made it clear that smaller foreign banks will have to meet the 40 percent target over the next five years?: Priority Sector
Explanation: A day after the suicide of a farmer at a rally in Delhi, the new guidelines is issued in which credit to small and marginal farmers will should be 8 percent of a bank's total credit by by March 2017. Medium enterprises, social infrastructure and renewable energy are new sectors which will qualify under the mandatory priority sector norms which aim at uplifting the weaker sections of the economy by increasing formal credit to them. Overdraft facility under Pradhan Mantri Jan Dhan Yojna (PMJDY) would also be considered as priority sector lending.
Reserve Bank of India on 23 April 2015 issued what mechanism for the identification of willful defaulters?: Only if there is conclusive proof that the person concerned is in the know of loan default
Explanation: RBI notified that a non-whole time director of a defaulting company can be classified as a willful defaulter only if there is conclusive proof that the person concerned is in the know of loan default. Also, the RBI told that a non-whole time director of a defaulting company can be classified as a willful defaulter only if there is conclusive proof that the person concerned is in the know of loan default. Under the Companies Act, 2013, only whole-time directors; directors where there is no key managerial personnel; directors who are aware of such contravention and have not objected to it; or where contravention had taken place with his consent or connivance are considered as defaulting entities.
The government has allowed the Employees' Provident Fund Organisation (EPFO) to invest what percent of its corpus in exchange traded funds (ETFs)?: 5 per cent
Explanation: The government on 24 April 2015 has allowed the Employees' Provident Fund Organisation (EPFO) to invest 5 per cent of its corpus in exchange traded funds (ETFs) which will result into an inflow of around Rs 5,000 crore into the stock markets during this fiscal year. EPFO, which has over 6 crore subscribers, has been investing primarily in state and central government securities. Therefore, it is estimated that EPFO's incremental deposits for 2014-15 would be around Rs 80,000 crore.
In a step towards helping transgender persons open bank accounts and avail related services, the Reserve Bank of India on 24 April 2015 directed banks to include a separate column for which field in all their forms and applications.?: Third gender
Explanation: According to RBI, transgender persons face difficulties in opening accounts as there is no provision for them in the account opening and other forms. Thus after this direction now all bank has to add 3rd option in gender column with option for the Third Gender. As per a judgment on April 14, 2014, the Supreme Court had upheld transgender person's right to decide their self- identified gender and directed the centre and state governments to grant legal recognition of their gender identity such as male, female or as third gender.
‘Tap-n-Pay’ a new payment service is launched by ICICI Bank on 20 April 2015. Thus it enables customers make over-the-counter payments without using cash. This first-of-its-kind payment service was launched in collaboration with which IT company?: Tech Mahindra
Explanation: Tap-n-Pay is based on the near-field communications technology. It can be used for merchant payments by merely tapping a NFC-enabled mobile phone or a tag on the counter. The important feature of this service is that it is a close-end one so only for a close group of customers, like canteen payments at the work place, and not universal like a debit or credit card. Any person having any bank account, and not limited to ICICI customers, can avail the service.
The government on 20 April 2015 introduced a bill in the Lok Sabha to enhance the investment limits for micro, small and medium enterprises from 25 lakhs, 5 crore and 10 crores respectively and also made a provision for enhancing it further through a notification. What is the new proposed investment limit?: 50 lakhs for Micro, 10 crore for samll and 30 crores for Medium
Explanation: These investment limits were fixed by the Micro, Small and Medium Enterprises Development (MSMED) Act in 2006. The investment limits in plant and machinery for the micro enterprises is proposed to be raised to Rs 50 lakh, of small enterprise to Rs 10 crore and medium enterprise to Rs 30 crore. The bill was introduce at looking to the considering changes in price index and cost of inputs consistent with the emerging role of the MSMEs in various global value chain. The proposed investment limit will be Rs 10 lakh for micro, Rs 5 crore for small and Rs 15 crore for medium enterprises in the services sector.
What is the percentage of increase in income tax returns filed in 2013-14 has been recorded after the government cracked down on non-filers and the number is expected to rise further in 2014-15 ?: 33 percent
Explanation: The number of income tax returns filed rose to 4.7 crore in FY14, up from 3.52 crore the year before, an increase of more than 33 per cent. However, despite the increase in the number of tax filings, only a fraction of the population, less than 4 per cent files income tax returns, a number the government is keen to increase. In the last two years of the UPA rule the tax authorities had send lakhs of notices to individuals asking them to file returns after mining financial data.
The Reserve Bank of India (RBI) in April appointed new NSE Vice-Chairman member of its External Advisory Committee (EAC) for small finance banks. What is his name?: Ravi Narain
Explanation: In February, the RBI had named four members to the EAC on small banks. Thus the Ravi Narain is appointed as new Vice Chairman Member of EAC and he will replace M S Sahoo, former Secretary of Institute of Company Secretaries of India. Also RBI had earlier announced a panel under Nachiket M Mor, Director of Central Board, for payments banks. The committee led by Usha Thorat, a former RBI Deputy Governor, includes M S Sriram, Professor at Indian Institute of Management (IIM) Bangalore, and M Balachandran, Chairman of the National Payments Corporation of India.
To improve transparency, capital market regulator SEBI on 21 April 2015 asked all its employees to declare all their assets and liabilities to comply with which Act?: Lokpal Act
Explanation: The SEBI asked the employees to declare the asset under the Lokpal Act 2013 with further notification that every employee in the service of the Board to furnish such information. Besides, every employee has to file an annual return of such assets and liabilities by July 31 every year.
