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Current Affairs on Finance

Current Affairs 19 March 2015

Which Account Number is now made mandatory for private firms for getting service tax registration besides email and mobile number?: Permanent Account Number (PAN)

Explanation: Existing registrants, except government departments not having PAN shall obtain PAN and apply online for conversion of temporary registration to PAN-based registration within three months of this order. Applicants seeking registration for a single premises in service tax shall file an application online in the Automation of Central Excise and Service Tax (ACES)) website --www.Aces.Gov.In-- in form ST-1. Once the completed application form is filed in ACES, registration would be granted online within two days but before this registrants has to submit documents as prescribed within 15 days of the application filed.

Current Affairs 18 March 2015

Stock exchange BSE on 17 March 2015 has announced the launch of which form for individual investors in the securities market?: 'Saral' or simplified account opening form

Explanation: SARAL Account Opening Form (SARAL AOF) to facilitate an easy and simplified account opening process in securities market for Individual investors. The form can be filled by submitting only one documentary proof of address, which can either be correspondence or permanent address and available on BSE website for easy access of investors. Investors who open account through Saral would also have the option to obtain other facilities like Internet trading, margin trading, derivatives trading and use of power of attorney, whenever they require, on furnishing of additional information as per prescribed guidelines.

Posted on: 18th March 2015 Read complete Article →

Foreign direct investment (FDI) in India more than doubled to $4.48 billion in January, the highest inflow in last how many months?: 29 months

Explanation: Government is taking several steps to boost FDI in the country thus in the process have relaxed FDI norms in sectors including insurance, railways and medical devices. In January, the country had received $2.18 billion in FDI. It was in September 2012 that India had attracted FDI that was worth $4.67 billion. During the April-January period of the current fiscal, the foreign inflows have grown by 36 per cent, year-on-year, to $25.52 billion according to DIPP. Among the top 10 sectors, telecom received the maximum FDI of $2.83 billion in the 10-month period, followed by services ($2.64 billion), automobiles ($2.04 billion), computer software and hardware ($1.30 billion) and pharmaceuticals ($1.25 billion). 

Current Affairs 17 March 2015

On 16 March 2015, which state in India had presented the Tax Free Budget?: Uttrakhand

Explanation: Uttrakhand minister had presented the Tax Free budget while announcing provisions for creation of a welfare fund for statehood activists and for running schemes launched last year for the elderly and the physically challenged among others. The budget also made provisions for the the 38th National Games to be held in the state in 2018, 'Rajya Andolankari Kalyan Kosh', 'Mukhya Mantri Vriddha Mahila Poshan Yojana', 'Mera Gaon Meri Sadak Yojana', 'Mere Bujurg Mere Teerth Yojana' . Budget estimates of 2015-16 show a revenue surplus which is in conformity with FRBM Act targets thus this means total revenue expenditure of the state government is estimated to be less than estimated revenue receipts. Glance to detail of the budget:

  • The total expenditure in 2015-16 is estimated to be Rs 32,693.64 crore as against Rs 30,353.78 crore in 2014-15
  • Total non-plan expenditure is estimated to be Rs 21,059.15 crore which is 64.41 per cent of the total expenditure. This shows an increase of 12.76 per cent against total non-plan expenditure of Rs 18,676.55 crore in 2014-015
  • The total plan expenditure is estimated to be Rs 11,634.49 crore in 2015-16.
  • Total receipts in 2015-16 are estimated to be Rs 32,310.07 crore. 
Posted on: 17th March 2015 Read complete Article →

Banking and Financial Awareness 1 - 15 March 2015

On 1st March 2015, the government has announced that it is looking forward to make mandatory for non-government provident funds to invest a minimum of what percent of their investible funds in equity or equity related instruments.?: 5 Percent

Explanation: Investment of minimum 5 percent and up to 15 percent of the investible funds in equity and equity related instruments were proposed in new investment pattern for provident fund (Investment pattern is decided by the central board of trustees CBT). Thus, it seeks to provide greater flexibility to subscribers to maximize returns as also to provide long term resources to productive sectors in the economy. In the new modification, the limit for parking funds in Central Government Securities, State Government Securities, Government Guaranteed Securities and units of gilt Mutual Funds, will be reduced to 50 percent from 55 percent along with in debt securities, the term deposits of the banks, the provident fund could invest 35-45 per cent of the fund as against the earlier limit of 55 percent.

Posted on: 15th March 2015 Read complete Article →

On 2 March 2015, who was appointed as the new mentor for Ficci's public policy & economic work?: Arvind Virmani

Explanation: Arvind Virmani had served as the country's Chief Economic Advisor and Principal Advisor in the Planning Commission. His illustrious career as an advisor to Government of India at the highest levels, including as Principal Advisor, Planning Commission and Chief Economic Advisor, Ministry of Finance, Virmani brings with him rich and invaluable experience that would help Ficci strengthen its work in the area of economic and public policy.

Which three senior officials of commodity brokerages were arrested on 3 March 2015 in connection with the Rs 5,600 crore National Spot Exchange scam?: IIFL, Anand Rathi and Geojit Comtrade

Explanation: The NSEL scam had come to light after the government had on July 31, 2013, ordered the Jignesh Shah-promoted spot exchange to stop trading in some instruments which led to a payment crisis. Following this, the exchange was forced to suspend trading and eventually down shutters, leaving over 11,000 investors in the lurch. The alleged brokers were manipulating client codes to the tune of 3,00,000 times, after the trade was carried out on the exchange and then they transferred the same to other names. Thereafter, Mumbai City police's Economic Offenses Wing tightened the noose on commodity brokers by arresting Anand Rathi Commodities Managing Director Amit Rathi, India InfoLine Commodities vice president Chintan Modi and Kochi-based Geojit Comtrade's whole time director C P Krishnan for their alleged involvement in the scam.

Which two public-sector banks rating was downgrade by the International rating agency Moody’s on 3 March 2015?: Central Bank of India and Indian Overseas Bank

Explanation: The agency downgraded to BA1 from BAA3 from its ratings on local and foreign-currency deposits of Central Bank of India and Indian Overseas Bank (IOB). Apart from this IOB’s senior unsecured debt was also downgraded to BA1 from BAA3. BAA3 rating means below investment grade ratings. Central Bank of India and IOB continue to have standalone ratings of B3 and B2, respectively. Moody’s action reflects its assumption of a lower level of support from the Government.

How many urban cooperative banks across the country have come under the scanner of the Reserve Bank of India (RBI) on 9 March 2015 for alleged violation of anti-money laundering laws?: Over 480 cooperative banks

Explanation: UCBs are inspected annually or once in two years depending on their ratings or classification. Near about 70 percent of these urban cooperative banks are subjected to inspection every year. CEIB officials are in touch with RBI and keeping a close watch on any case of suspected money laundering via these banks. The central bank has been taking strict action like imposition of penalty and denial of branch expansion against the erring urban cooperative banks (UCBs) and therefore, has instructed the banks to block accounts of all non complying customers. The RBI has issued instructions to its regional offices to undertake scrutiny of 489 UCBs to ascertain compliance of Know Your Customer (KYC), Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) guidelines.

 On March 2015, ICICI bank is planning to re-start the Special Vertical for NPA’s recovery, when the Bad loan is becoming one of the great problems for the Indian banks. In which year this special Vertical was shut down?: 2005

Explanation: ICICI Bank is looking at various ways to check over the bad loans, which went up to 3.40 percent in the December quarter. According to bank, its gross non-performing assets ratio moved up to 3.40 percent, while fresh slippages rose to Rs 2,279 crore. Of this, almost a third, or Rs 776 crore, came from restructured loans. When this special Vertical will be launched then it will be headed by Senior General Manager K M Jayarao, who headed the wing in its first avatar as well. In the past, ICICI Bank Managing Director and Chief Executive Chanda Kochchar had blamed the NPA problem on prolonged tepidness on the macro front, which is forcing recast assets to slip.

Posted on: 15th March 2015 Read complete Article →
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