Combined June GK + GK Bytes

DTAA SIGNED WITH MALAYSIA
NATIONAL NEWS
PM VISITS MYANMAR AFTER 25 YEARS
Embarking on a "new journey" of bilateral

cooperation, Indian Prime Minister visited Myanmar
after a gap of 25 years, to meet Myanmar President
Thein Sein. India extended a USD 500 million line of
credit as part of 12 agreements on sectors like trade
and energy signed with Myanmar, which vowed that
its territory will not be allowed to be used by
terrorists to target India.
India and Myanmar have announced to launch a
trans-border bus service from Imphal to
Mandalay.
India would repair and upgrade the Tamu- Kalewa
Friendship Road between Manipur and Myanmar.
INDIA RANKS 46TH IN GLOBAL TRADE
As per a World Bank survey, India now ranks 46th in
global trade logistics performance, whose top five
slot are occupied by Singapore, Hong Kong, Finland,
Germany and Netherlands in the list of 155 countries.
The United States is ranked ninth, while Japan
occupies the eight spot. Countries like India, China
and the US, which pursued aggressive reforms, have
improved their global trade logistics performance
despite the slowdown in progress in the sector over
the last two years amid the global recession, the
World Bank has said.
AP HIGH
QUOTA
COURT
QUASHES
MINORITY
Andhra Pradesh High Court quashed the 4.5 percent

sub-quota granted by the central government for the
minorities, carved out of the 27 percent reservation
for other backward classes in jobs. The court said that
the quota violated Articles 15(1) and 16(2) of the
constitution that prohibit discrimination based on
religion.
INDIA TOPS IN CONSUMER CONFIDENCE
India has once again emerged as the most optimistic

market in terms of consumer confidence, but there is
still some amount of cautiousness when it comes to
spending spare cash, says a Nielsen survey. This is
the ninth consecutive quarter wherein India has
retained the tag of the world's most optimistic market
with an increase of one point in consumer
confidence to 123. India is followed by Saudi Arabia
at 119. Indonesia and the Philippines shared the third
most optimistic nation tag with an index point of 118.
INTERLOCUTERS REPORT ON J A& K

Centre's interlocutors on Jammu and Kashmir have
favoured setting up a Constitutional Committee to
review all Central Acts and Articles of the Constitution
of India to the state extended after 1952.The report
of the interlocutors Dileep Padgaonkar (Head), Radha
Kumar and M M Ansari, which was made public today,
ruled out a return to the pre-1953 position. It also
said the state assembly will submit three names to
the President to the post of Governor who will be
appointed by the President.It also suggested that
there should be no change in Article 356 and if the
state government is dismissed, elections should be
held within three months.
India and Malaysia today signed a double taxation

avoidance agreement (DTAA) with a view to boosting
bilateral trade and facilitating exchange of tax
information. The main objective of the agreement is
to avoid the incidence of double taxation on income
by determining the taxing rights between the
countries.
INDIA RANKS 5TH IN CYBER CRIME

India is ranked fifth in the worldwide ranking of
countries affected by cyber crime, claims a report by
the Security and Defence Agenda (SDA) and McAfee.
According to the report titled Cyber Security: The
Vexed Question of Global Rules, the premium on
internet privacy in the country is quite low.
PER CAPITA DEBT CROSSES Rs 33,000

According to finance ministry data, the per capita
debt in India was estimated at nearly Rs 33,000 at
the end of March 2012, compared to a little over Rs
26,600 a year ago, led primarily by internal as well as
external loans. This is in addition to the home and
auto loans that individuals have taken. While
companies as well as governments avail of external
loans, internal debt is mainly on account of
government borrowings, either from the market or
even from individuals in the form of small savings
schemes
such
as
the National
Savings
Certificate or Public Provident Fund.
INDIA TOPS IN PRE TERM BIRTH DEATHS

According to a report published recently, India has
the highest number of deaths due to premature
births, and ranks 36th in the list of pre-term births
globally. The ranking included 199 countries. Of the
27 million babies born in India annually (2010 figure),
3.6 million are born prematurely, of which 303,600
don't survive due to complications.
INDIA 75TH IN MOTHERs INDEX

India has performed poorly on the mother and child
front with its rank on the Mother's Index dropping to
76 in the list of 80 less developed countries''
category as against 75th position in 2011. Compiled
by Save the Children's global flagship report, State of
the World's Mothers, The Mother's Index is based on a
number of criteria such as lifetime risk of maternal
death, per cent of births attended by skilled health
personnel and other risk factors related to maternity.
Norway tops the Index.
31% INDIANS SAY THEY ARE SUFFERING

Almost 31 per cent or about 240 million Indian adults
rate their lives poorly, enough to be considered
suffering, according to a new study by Gallup
Research. Gallup classifies respondents as thriving,
Sandeep Sirs Academy
(ISO 9001:2008 CERTIFIED)
2nd Floor, Universal Book Depot, Near S.D. College, BARNALA. CONTACT - 9815600235
struggling or suffering according to how they rate

their current and future lives on a scale of 0 to 10.
Gallup considers people to be suffering if they rate
their current lives and their lives in five years at 4 or
lower.
FOREIGN HELP FOR BLACK TIGER SHRIMP
The Congress-led UDF Government in Kerala today

announced a ban on the manufacture and sale of
gutka and pan masala containing tobacco in the state
with immediate effect. Kerala is the second state to
ban the use of gutka and pan masala after Madhya
Pradesh.
MAHA TO WAIVE WEAVER LOANS
The government is planning to rope in global

companies for the revival of Black Tiger shrimp
farming in
the
country.
This variety, also known as giant tiger prawns, is the
most popular item in the Asian, European, and
American markets.
Maharashtra Government has announced waiving off

loans to the tune of Rs 50,000 borrowed by the
weavers and handloom workers till March 31,
2010. The decision will provide relief to as many as
6000-7000 weavers. The Central Government had
announced a package of Rs 3884 crore for this
purpose for financial year 2011-12 and 2012-13 for
the weavers across the country.
JCC MEET WITH BANGLADESH
NEW HEALTH SCHEME IN MP
A host of strategic bilateral issues, including

extradition treaty, Teesta water treaty and boundary
implementation agreement were discussed in the first
Indo-Bangla Joint Consultative Commission meeting
held at New Delhi.
INDIA TO HOST E-9 MINISTERIAL MEETING
India will host the ninth E-9 Ministerial Review

Meeting in New Delhi later in 2012 and assume the
chair of the E-9 Secretariat from 2012-2014.
Bangladesh, Brazil, China, Egypt, India, Indonesia,
Mexico, Nigeria and Pakistan are the nine most
highly-populated countries of the South (E-9).
Between them they represent more than 60 per cent
of the world's population, over two-thirds of the
world's illiterate adults and over half of the world's
out-of-school children.
Finance Minister Pranab Mukherjee has been
elected as Chairman of the ADB's Board of
Governors.
India Post celebrates 25 years of its premium
service Speed Post.
India will host the Annual Meeting of the Board of
Governors of the Asian Development Bank (ADB)
in May next year.
India has become the largest importer of
arms during 2007-11 accounting for 10 per cent
of global arms import as compared to Chinese
share of 5 per cent.
The Supreme Court has struck down the
government's policy of giving subsidies to Haj
pilgrims and directed that it be progressively
eliminated within a period of 10 years.
The Indian President made a nine-day state visit
to Seychelles and South Africa to boost economic
ties with the African nations
K.
SHANMUGAM,
Singapore's
Foreign
Minister, visits India on a four-day trip to
strengthen bilateral relations and identify new
areas of cooperation between the two nations.
In Madhya Pradesh, a consolidated scheme has been

introduced to provide health services in all 52
thousand villages of the state. Sampoorna Swasthya
Sabke Liye scheme contains all the health scheme of
the central and state government.
Under this
Scheme, the smallest unit Gram Arogya Kendra will
be work at village level.
MAHA. TO GO BRAZIL WAY FOR COTTON

The Maharashtra Government is planning to adopt
the Brazil pattern for boosting cotton yield from 475
kg per hectare to 600 kg per hectare in the State.
Brazil produces about 1,495 kg of cotton per hectare
against the global average of 745 kg per hectare. The
model is based on high density cultivation practices
where, at times, about one lakh shrubs are planted in
a one acre area.
NEWS FROM STATES

KARNATAKA TOPS IN FISH PRODUCTION
Karnataka has emerged as the leading coastal state

with highest growth of fish production. With about
five lakh tonnes of annual fish production, Karnataka
accounts for almost six per cent of overall fish
production in India which is currently estimated at
about 91 lakh tonnes
KERALA
BANS
PRODUCTS
GUTKA/
TOBACCO
BIHAR OFFERS 50% SUBSIDY ON DHABAS

The Bihar Government has approved a proposal to
grant 50 per cent subsidy to those setting up dhabas
(highway eateries) and related facilities in identified
areas under the tourism circuit in the State.
A
beneficiary of the subsidy would be required to run
the dhaba or related facilities for at least 10 years
otherwise the subsidy would be recovered.
Kerala Tourism is holding its maiden road show in

Jeddah, Saudi Arabia to attract tourists from
there.
The Uttar Pradesh Government has decided to

give Rs 1,000 per month as unemployment
allowance to the youth between 30 and 40 years
of age.
The Uttarkhand Government has decided to give

allowance to the unemployed educated youth.
Karnataka has signed a memorandum of

understanding (MoU) with Mizuho Corporate Bank
of Japan for mutual co-operation and investment
promotion. The MOU was signed at a road show
organised by Karnataka at Tokyo.
Eligibility Test) will replace the IIT-JEE and AIEEE.

For admission to all the centrally funded institutes,
there would be 40 percentage weightage for
performance in Class XII (after normalisation of
marks), 30 per cent weightage to performance in
main and 30 per cent in the advanced test.
'ONE MP - ONE IDEA' SCHEME UNDER

MPLAD
The Ministry
of
Statistics and
Programme
Implementation has announced a new scheme 'One
MP - One Idea' under the Member of Parliament Local
Area Development Scheme (MPLADS). An 'One MP One Idea' Competition will be held in each Lok
Sabha constituency annually to select the three best
innovative ideas received from the local people
regarding
developmental
projects
in
the
constituency.
COMMITTEE TO REVIEW POVERTY LINE

The government has set up a technical panel to
review the Tendulkar Committee methodology for
deciding the poverty line for which it has been facing
increasing criticism in recent months. The technical
group panel headed by the Prime Minister's Economic
Advisory Council Chairman C. Rangarajan will "revisit
the methodology for estimation of the poverty and
identification of the poor.
Based on the
methodologies suggested by Tendulkar Committee
those who consume more than Rs.28.65 per daily in
cities and Rs.22.42 in rural areas were not poor.
PF INTEREST RATE REVISED TO 8.8%
Zila Parishad of distict Kurukshetra, Haryana has

won the National Panchayati Raj Award for
successfully
implementing
all
Central
Government schemes.
High Altitude Cloud Physics Laboratory opened
at Mahabaleshwar (Maharashtra)
The Odisha government and Posco-India have
agreed to set up an 8 mtpa greenfield steel plant
near Paradip, downsizing the earlier plan of
establishing a 12 mtpa facility.
GOVT INITIATIVES
CENTENARY AWARD FOR FILMS
To celebrate the 100th year of Indian cinema, the I&B

ministry has instituted a Centenary Award (of Rs 10
lakh) which will be given to a path-breaking Indian or
International film every year at the International Film
Festival of India (IFFI) in Goa.
RESTRUCTURING OF TEXTILES LOANS
The government announced restructuring a debt of

Rs.35,000 crore of textile firms on a case-to-case
basis in a bid to revive the debt-stressed industry.
The finance ministry would examine in consultation
with the Reserve Bank of India for a two-year
moratorium on term loans, special provision in NPA
norms to avoid asset reclassification and working
capital eroded to be converted into working capital
term loans repayable over a period of 3-5 years.
ISEET TO REPLACE IIT-JEE/AIEEE
From 2013, aspiring candidates for IITs and other

central institutes like NITs and IIITs will have to sit
under new a format of entrance test which will also
take plus two board results into consideration. The
new exam - ISEET (Indian Science Engineering
The government has increased interest rates on

General Provident Fund, GPF, State Provident Funds
and Special Deposit Scheme, SDS, for the current
financial year to 8.8 per cent. The rates were
currently at 8.6 per cent.
CASH ASSISTANCE TO PRISONERS

The Tihar-Prisons-authorities have launched a new
scheme called, Sparsh, to provide five hundred
rupees per month as financial help to poor and needy
prisoners in the jail.
The move will boost their
morale, relieve them of the stress and also stop them
from being repeated offenders.
THE COPYRIGHT ACT AMENDED

Song writers, artistes and performers can now claim
royalty for their works for life long period as the
Parliament has approved The Copyright Act
(Amendment) Bill, 2012. The Bill declares authors as
owners of the copyright, which cannot be assigned to
producers, as was the practice till now. The new law
would help artists live a good life even in old age, as
they would continue to get their dues for their work.
MANDATORY RURAL POSTING FOR MBBS
Government has decided to make one year rural

posting compulsory for doctors and include it in the
MBBS course curriculum. Doctors will be attached
with the Health Ministrys flagship programme
National Rural Health Mission during the year-long
rural posting which will also help improve health care

services in villages.
GOVT
GRANTS
PROPERTY
WOMEN
SHARE
IN
The Marriage Laws (Amendment) Bill, approved by

the cabinet, will give the woman, in case of divorce,
half a share in her husband's residential property,
regardless of whether the property was acquired
before or during the marriage. This is the first time
that the woman's share in marital property has been
made part of the marriage legislation.
415 LAWS REPEALED
The Govt has repealed 415 obsolete and redundant

laws and 17 Acts were in various stages of being
withdrawn and another nine Acts were under
examination for repeal or amendment. Law Minister
Salman Khurshid said 1382 laws had been identified
redundant by a special commission set up by the
government.
RAILWAYS TO LAUNCH SIMRAN
All trains, including Rajdhani, Shatabdi and Duronto,

will be monitored by a satellite-based navigation
system by next year as part of the Railways' effort to
provide accuracy about their movement. Railways
have launched Satellite Imaging for Rail Navigation
(SIMRAN) as a pilot project for 18 pairs of important
trains which provides precise location of the trains
through interactive mode on mobile phones, laptops,
thereby eliminating the need for telephone inquiry.
MORE SERVICES UNDER MGNREGA

The Centre will include a number of additional
activities in the work schedule of its flagship
programme MGNREGS to boost the performance of
the scheme. The new list has 30 different categories
of work related to agriculture, rural sanitation,
drinking water, watersheds, fisheries and livestock.
TCS ON GOLD PURCHASES ABOVE 2LAKH

According to the Finance Bill, it is now mandatory for
the seller of jewellery to collect tax
at the rate of
1% from the sale amount from the buyer for all cash
transaction exceeding Rs 500,000. and deposit it with
the Government. ( Earlier the limit proposed was 2
lac only) .The tax collected at source norms ask the
seller to collect tax . This is different from Tax
Collection at Source (TCS) where payment is made
after deducting tax at specified rate.
However, the threshold limit for cash purchase on
bullion will be retained at Rs 200,000. Bullion will not
include any coin or other article weighing 10 gram or
less.
MANDATORY NOTIFICATION FOR TB
The Centre has declared Tuberculosis, TB as a

mandatory notifiable disease with immediate effect.
Notification of TB cases by all healthcare providers
will help patients better access to quality diagnosis
and treatment.
TAX REBATE TO PE FUNDS
The government has decided to cut the long-term

capital gain tax on investments made by private
equity funds (PE Funds) into shares of unlisted
companies, from 20 per cent to 10 per cent, to bring
them at par with FIIs, which are taxed at 10%.
1000 ATMs BY INDIA POST
The Department
of
Post plans
to
set
up
1000 ATMs at post offices and convert them into
banks for taking core banking to unbanked population
using the vast postal network. There are 154,688
post offices in the country, the largest postal network
in the world. Of these 25,154 are departmental post
offices and the rest Gramin Dak Sewak (GDS)
managed post offices which are predominantly in the
rural areas.
RIGHT TO MARITAL PROPERTY ACT
A panel set up by the Planning Commission has

recommended enactment of a comprehensive Right
to Marital Property Act, applicable to all communities,
which should treat all movable and immovable assets
of a married couple or a couple living together as
joint property and which can be divided at the time of
separation/desertion, regardless of who has bought
the property, the minister said.
GAAR POSTPONED TO APRIL 1, 2013

Finance Minister has announced that rules aimed at
deterring tax avoidance - known as the General AntiAvoidance Rules- GAAR, (see details in Notes section)
- would now be implemented from April 1, 2013,
instead of April 1, 2012 as announced earlier. He also
rolled back an unpopular increase in excise duty on
jewellery and a withholding tax on property sales
besides offering tax sops to private equity investors
and reduced withholding tax on overseas borrowings
to boost capital flows into the country.
SEPARATE ACT FOR SIKH MARRIAGES

Parliamnet has passed act enabling registration of
marriages of Sikhs under the Anand Marriage Act,
1909 meeting a long-standing demand of the
community for a separate provision for them instead
of being included under the Hindu Marriage Act.
The Anand Act, enacted in 1909, had no provision for
registration of marriage which continued to be
registered under the Hindu Marriage Act, 1955.
BUSINESS CONFIDENCE INDEX

The Corporate Affairs Ministry plans to bring out a
Business Confidence Index (BCI), which would be an
indicator of optimism of business managers in the
country.
The index would help measure the
business sectors perception based on political and
economic situation. This would enable to bring out
the right pulse and vibrancy in the economy.
RLYS TO PLANT 1CRORE SAPLINGS
The Railways has fixed a target of planting one crore

saplings on its land in the current financial year. In
the last three years, about two crore and sixty-one
lakh saplings were planted. This drive is part of the
Railways' commitment to improve the environment
as also to safeguard its land from unauthorized
occupation.
PILF FOR INDIAN WORKERS ABROAD

The government is promoting a new Pension and Life
Insurance Fund (PILF) scheme in a bid to provide
financial security to poor Indians working abroad.

PILF is for Indian workers aged between 18 and 50
who have a work permit or employment contract and
whose passports carry the 'Emigration Clearance
Required' stamp. The worker has to pay Rs 5,000 to
become a member. The government will contribute
Rs 2,000. If the person is a domestic help, the
amount would be Rs 3,000.
100 CHANNELS FOR Rs 100
Television viewers will soon get to choose a minimum

of 100 Free-to-Air (FTA) channels at a maximum retail
price of Rs. 100, under the new tariff rules for Cable
Television announced by the Telecom Regulatory
Authority of India. The Basic Service Tier will consist
of 100 FTA channels, including 18 mandatory
Doordarshan channels plus the Lok Sabha channel.
7YR JAIL FOR HITTING CHILDREN
The government has put its foot down against

corporal punishment and ragging and is proposing
changes in the law that would send offenders to up to
seven years in jail. To protect children in educational
institutions, the government has for the first time
defined corporal punishment and ragging in the
proposed changes to the Juvenile Justice Act, which is
being renamed as the Child Justice (Care, Protection
and Rehabilitation of Children) Act.
The government has increased interest rates
on Special Deposit Scheme (SDS) and State
Provident Funds for the year 2012-13 to 8.8 per
cent from 8.6 per cent at present. The new rate
will be applicable from April, 1, 2012.
Government has decided to set up a call centre
with a portal for receiving RTI applications.
Lok Sabha has approved a bill to establish

separate High Courts for Meghalaya, Manipur and
Tripura.
Railways has increased the distance that could

be covered under the Izzat' monthly season
ticket scheme from 100 kms to 150 kms.
Government has decided to complete the

digitalisation in the cable TV sector in a phased
manner.
It has been decided to completely
change over from analog to digital services by
December 2014.
ECONOMIC INDICATORS
CORE SECTOR SLIPS DOWN
Eight core industries' growth rate slowed down to 2
per cent in March as against 6.5 per cent in the same
month last year on account of dismal expansion in
crude oil and natural gas sectors. During fiscal 201112, the core industries grew by 4.3 per cent as
compared to 6.6 per cent in 2010-11, according to
the data released by the Commerce Ministry. 8 Core
sectors are: Coal, Cement, Crude Oil, Fertilisers,
Natural Gas, Petroleum Products, Elecy. & Steel. All
the eight core sectors have 37.9% weightage in
the Index of Industrial Production (IIP).
RUPEE SLIPS TO NEW LOW

The rupee breached the 56-level once again on May
30, 2012 at 56.23 its lowest close till date. The
rupee weakened against the dollar which gained in
the international market after trouble in Spain's banks
pulled the euro down to a two-year low.
GDP GROWTH PROJECTED AT 6.1%
A poll of 31 economists produced a median forecast

of 6.1 per cent growth for Indian economy for January
March quarter, unchanged from the growth of the
October-December quarter. While 6.1 per cent would
be the envy of most developed nations, it is the
lowest growth rate for India in almost three years.
GDP probably rose 6.7 per cent in the fiscal 2012, the
slowest pace in three years, and well below the 8.4
per cent clocked in the previous year.
ECONOMY TO GROW BY 7.6%: BASU

According to the Chief Economic Advisor, Dr Kaushik
Basu, the Indian economy is likely to grow by 7.6 per
cent this fiscal year. This is in line with the growth
estimate of 7.6 +/- 0.25 per cent put out in the
Economic Survey in March this year. The Indian
economy is estimated to have grown 6.9 per cent in
2011-12,
reflecting a
significant
slowdown
in
comparison to the preceding two years.
INDIA TO GROW BY 7.5%: UN STUDY
India is projected to see a faster growth of 7.5 per

cent this fiscal on the back of higher savings and
investment rates, even as most of the Asia-Pacific
economies are likely to expand at a slower pace, says
a UN report. The Indian government has projected the
economy to expand by 7.6 per cent in the current
fiscal.
$ 6.25 BILLION ADB LOAN TO INDIA

The Asian Development Bank (ADB) will provide
assistance of USD 6.25 billion to India over three
years for various projects, including those in the
energy and education sectors. The lending is to
support inclusive and environmentally sustainable
growth". The lending support will go to key areas like
transport, energy, urban development, agriculture

natural
resource
management,
finance
and
education.
IIP SINKS BY 3.5%

India's industrial output unexpectedly contracted 3.5
per cent in March, from a year earlier. Manufacturing,
which constitutes about 76 per cent of industrial
production, shrank an annual 4.4 per cent. While
mining output contracted 1.3 per cent, electricity
output grew by 2.7 per cent. Mining and electricity
constitute roughly 14 and 10 per cent of IIP.
RECORD FDI IN 2011-12

Undeterred by a slowdown in growth, India's foreign
direct investment flow touched a record $50 billion in
2011-12, the highest since investments were opened
up in 1996. With an eight-fold increase, India
attracted foreign direct investment (FDI) of $ 8.1
billion in March, the highest ever monthly inflows.
British energy major BP's investment of $8.9 billion
into India in March 2012 as part of its deal with
Reliance Industries earlier this year, played a
significant role in helping the country reach the
record investment figure.
The govt has set an export target of USD

350 billion for the 2012-13.
The government has prepared a Strategy Paper
for doubling India's merchandise exports to 500
Billion US dollars by 2013-14.
Govt has fixed four percent growth rate for
agriculture during the 12th Five Year Plan.
ECONOMY
FOREIGN INVESTMENT NORMS RELAXED
In a conscious bid to shore up the inflow of foreign
funds and, thereby, stem the steady depreciation of
the rupee against the dollar, the government has
threw open the stock markets to direct investment by
all residents of the Gulf and EU nations. Alongside, it
also opened the doors to individual overseas
investors better known as QFIs (qualified foreign
investors) to bring up to $1 billion in the country's
debt and corporate bond market.
RECORD WHEAT PROCUREMENT
Helped by bumper production, wheat procurement in

the country has grown to a record 32.6 million tonnes
(mt) this year so far and is expected to grow further
as states like Madhya Pradesh and Uttar Pradesh still
seeing daily crop arrival of up to 150,000 tonnes.
Punjab and Haryana, known as food bowls of the
country, have contributed record 12.8 mt and 8.6 mt
of the grain respectively this year.
EXPORTS TO EUROPE MOVE UP
Amid the gloom from Europe, there is finally some

good news for India. For the first time, trade with the
27-member bloc went up by 21.5% to $110 billion
during 2011-12. Of this, exports are estimated to
have gone up around 13% to $53 billion, which is
lower than the overall export growth of around 21%
for India.
SWISS BANK DEPOSITS BELOW 10K Cr
Various estimates of black money stashed abroad

have been doing the rounds in recent years.
According to a white paper tabled in the LS on May
21, most of these estimates appear to be fabricated
with malicious intent, with some bordering on the
bizarre. The paper relies on figures provided by
the Swiss National Bank to dispel the common belief
that Indians hold the maximum deposits in Swiss
banks. Total
deposits
of
Indians
in
Swiss
banks declined by more than Rs 14,000 crore during
the 2006-10 period. The deposits stood at Rs 9,295
crore at the end of 2010 compared to Rs 23,373 crore
in 2006, according to the White Paper.
INDIA SIGNS GSPA FOR TAPI GAS

Union Cabinet has signed the Gas Sale and Purchase
Agreement (GSPA) for buying gas from Turkmenistan
through the $7.6 billion Turkmenistan-AghanistanPakistan-India (TAPI) pipeline. The contentious issue
of transit fee was also resolved with India agreeing to
pay both Afghanistan and Pakistan a transit fee of
$0.50 per million metric British thermal unit (mmBtu)
for allowing passage of gas through their respective
territories. This was one of the major points that had
been a bone of contention between the three
neighbouring countries. The 1,735 kilometres
(1,078 mi) pipeline will run from the Turkmenistan
gas fields (Dauletabad gas field) through Afghanistan
and Pakistan to Fazilka in Punjab, India.
ROUTE RESS THROGH MFs-SEBI
To minimise risk associated with direct stock

investment for new investors, market regulator Sebi
has asked the government to route tax-saving Rajiv
Gandhi Equity Savings Scheme (RESS) through
mutual funds. Sebi feels that first time investors may
not have adequate information about the stock
market and so they should enter the market through
institutional investors like mutual funds.
RAJIV GANDHI EQUITY SAVINGS SCHEME
This is the first-ever tax benefit scheme announced
by the government to encourage retail investors
participation in the equity market. By offering this
scheme, the government aims at channelising
household savings into stock markets. Under the
scheme the government had announced 50 percent
tax deduction to retail investors with annual income
of less than Rs 10 lakh for investment up to Rs
50,000 in a year with a lock-in period of three years.
A retail investor can avail the scheme only once in a
life time.
TRADE WITH JAPAN TO MOVE UP
The trade between India and Japan is likely to touch

$25 billion by 2014 on the back of a trade deal that
the two countries signed in 2011. During 2010-11,
the two-way trade stood at about $13 billion. The
two countries signed a Comprehensive Economic
Partnership Agreement (CEPA) aimed at eliminating
tariff on majority of products traded between the

countries.
$ 2 BN CURRENCY SWAP FOR SAARC
Reserve Bank of India will offer Swap Arrangement of

two billion dollars both in foreign currency and Indian
currency to SAARC nations. The swap will be offered
in US dollar, Euro or Indian Rupee against the
domestic currency or domestic currency denominated
government securities of the requesting country.
RIL FINED $ ONE BILLION
The Petroleum & Natural Gas Ministry has slapped a

hefty penalty of over US $1 billion on Reliance
Industries Ltd (RIL) for failing to meet gas output
targets in K G Basin gas field allotted to the company.
The ministry blamed RIL for not drilling its committed
quota of wells, which led to a large chunk of
production facilities lying unused or under-utilised.
$ 2 BILLION LOAN FOR RIL

Reliance Industries (RIL) has signed a $ 2 billion (Rs
10800 crore) loan with nine banks covered by Euler
Hermes Deutschland AG. (Euler Hermes) on May 7 at
Berlin, Germany. The loan will be primarily used to
finance goods and services procured from German
suppliers as part of RIL's petrochemicals expansion
projects at Jamnagar, Hazira, Silvassa and Dahej in
India.
RISE IN GHG EMISSIONS LEVELS

Indias greenhouse gas (GHG) emissions rose 4.2 per
cent to 1.3 billion tonnes of carbon dioxide equivalent
compared with 1994 levels. The energy sector
accounted for 67.4 per cent of total GHG emissions,
followed by agriculture at 23.3 per cent, industrial
processes at 6 per cent and waste sector 3.4 per
cent.
INDO RUSSIAN TRADE HOUSE

The first Russian-Indian trade house has been opened
in Mumbai. This will be followed by the opening of
the similar center in Moscow also. The project aims
at promoting trade and investment between two
countries.
4 G SERVICES LAUNCHED AT KOLKATA

Telecom major Bharti Airtel became the first player
India to launch the 4G services, at Kolkata.
A
successor to the 3G and 2G families, 4G is expected
to be five times quicker than 3G services. It would
offer services such as high-definition mobile TV and
video conference on mobile.
GOVT PLANS TO CUT SUBSIDIES
The Indian government is committed to bringing

down subsidies to below two percent of the
country's gross domestic product (GDP) in the current
fiscal and cut it further to 1.75 percent in the next
three years.
This was stated by the
Finance
Minister Pranab Mukherjee at Manila after being
elected as Chairman of ADB.
INDIA
NEEDS
INFRASTRUCTURE
TRLN
FOR
Addressing the first business session of the annual

meeting of the Asian Development Bank (ADB) at
Manila, Finance Minister of India said that India has
made provisions for creating infrastructure debt fund
to attract investment in this sector. India needs
about USD one trillion in the next five years for
infrastructure development, out of which at least 50
per cent has to come from private sector. Therefore,
there is huge scope for investments in India," he
said.
POOR LIVING AT Rs 15 A DAY
According to the 66th round of National Sample

Survey (NSS) carried out between July 2009 and June
2010,
about
60
per
cent
of
India's rural
population lives on less than Rs 35 a day and nearly
as many in cities live on Rs 66 a day, reveals a
government survey on income and expenditure. The
survey also pointed out that 10 per cent of the
population at the lowest rung in rural areas lives on
Rs 15 a day, while in urban areas the figure is only a
shade better at Rs 20 day.
The Government has decided to allow export of
one million tonnes of Sugar.
Govt has decided to cut crude oil import from
Iran by 11 per cent to 15.5 million tonnes in 2011
12.
India has become the largest importer of arms,
accounting for 10% share, surpassing the
Chinese share of five per cent of global arms
imports during 2007-11.
India has decided to convert 200 million US
Dollars as grant to Bangladesh, out of the One
billion US Dollar credit being provided by India to
Bangladesh.
BANKING
BANKS DIRECTED TO OPEN SB ACCOUNTS
The Finance Ministry has directed all state-run banks

to ensure that every household has at least one
savings bank account by the end of June. The move
is seen as a step towards direct transfer of benefits
under the government's financial inclusion plan.
Financial inclusion refers to providing financial
products such as bank accounts, savings products,
and remittance and payment services to the
disadvantaged.
MORGAN STANLEY GETS BANKING LICENSE
Leading US bank Morgan Stanley has received an inprinciple approval from the Reserve Bank of India
(RBI) for a banking license. The licence would enable
Morgan Stanley to expand its offerings to wealth
management, corporate banking and foreign
exchange from its current services such as advising
clients on takeovers.
NEW GLOBAL REMMITTANCE SERVICE
Federal Bank has joined hands with National Bank of

Abu Dhabi, the biggest bank in UAE, to launch a realtime
international
account-to-account
money
transfer service via mobile phones from anywhere in
the world to any bank in India. The bank will make
use of the arrow mobile service of NBAD powered by
Luup mobile payment technology for the purpose.
Under the scheme, Federal Bank beneficiaries get
transferred funds instantaneously.
BANK NPAs CROSS Rs 59,000 CRORE
The
gross non-performing
assets (NPAs)
of
nationalised banks stood at Rs 59,397 crore at the
end of December 2011, accounting for roughly 2.4%
of total advances.
During 2010-11, nationalised
banks had written off loans worth Rs 12,000 crore
and loans amounting to Rs 47,000 crore have been
restructured.
RBI ISSUES BASEL III GUIDELINES

The Reserve Bank of India (RBI) has issued the final
guidelines for implementation of Basel III capital
regulation in India, which would be effective from
January 1, 2013, in a phased manner, to be fully
implemented by March 31, 2018.
Banks have to maintain Tier I capital, or core capital,
of at least 7 per cent of their risk weighted assets on
an ongoing basis, as against 6 per cent at present.
The total capital ratio, including Tier I and Tier II,
must be at least 9 per cent, unchanged from the
current requirement.
The Reserve Bank of India has set a deadline of six

months for banks to reduce their exposure to such
non-banking finance companies or NBFCs which have
half of their total financial assets in gold loans, from
10% of their capital funds to 7.5%. The banking
regulator warned about concentration risk inherent in
NBFC's business model when more than 50% of their
lending is against gold jewellery. These NBFCs rely
heavily on bank finances to expand their business.
AXIS BANK JOINS HANDS WITH AIRTEL

Bharti Airtel and Axis Bank have established a
partnership to introduce mobile banking and payment
services in India. As per the terms of the agreement,
no-frills savings account of Axis Bank will be opened
for customers on the airtel money platform 'Airtel
Money Super Account, powered by Axis Bank' offering
customers banking transactions such as cash deposit,
money transfer and withdrawal.
WHAT ARE BASEL GUIDELINES
BANK DEPOSITS SLIP DOWN

Basel is the name of a place in Switzerland where
headquarters
of
the Bank for International
Settlements is located. It is an intergovernmental
body which coordinates regulations in the fields of
financial services to promote international financial
stability. It issues guidelines to regulate the banking
business world over. It has a Basel Committee on
Banking Supervision (BCBS) which is known for the
Capital Adequacy Norms issued by it in 1988, as per
which banks are required to maintain a capital
adequacy ratio of not less than 8 per cent of their risk
weighted assets. In 2004, it issued Basel II guidelines
comprising of three pillars. In 2010, it issued the
present Basel III guidelines.
INDIAN BANKS NEED MORE CAPITAL
According to Fitch a credit rating agency,Indian banks

may need to raise up to $ 50 billion (about Rs 2.50
lakh crore) of additional equity (on top of retained
earnings) under the Basel III capital regulations
announced recently by the RBI. Most of the
requirement is back-ended, with over 75 per cent
needed to be added between 2015-16 and 2017-18.
POLICY FOR LOAN TAKEOVERS

The Reserve Bank has asked banks to put in place a
board approved policy for takeover of accounts from
another banks.
The policy may include norms
relating to the nature of the accounts that may be
taken over, authority levels for sanction of takeover,
reporting of takeover to higher authorities,
monitoring mechanism of taken over accounts, credit
audit of taken over accounts, examination of staff
accountability especially in case of quick mortality of
such cases after takeover, periodic review of taken
over accounts at Board level etc.
RBI CAUTIONS BANKS ON LENDING TO

NBFCs
Deposits growth slowed down to 13.93% as

depositors moved to gold and real estate for inflationadjusted returns, leaving little room for banks to cut
rates. According to latest data released by the RBI,
deposits with commercial banks grew at 13.93% on a
year-on-year basis to 60.6-lakh crore as on May 1,
2012. The RBI has projected a 17% growth in
aggregate deposits of scheduled commercial banks
for the financial year. The slowdown in deposits is
partly attributed to high inflation.
RBI REVISES COLLECTION CHARGES

In a relief to customers, the Reserve Bank has asked
the banks to fix a uniform fee for collection
of cheques of over Rs 1 lakh, instead of levying it as a
percentage of the value of the instrument. "Banks,
which have fixed their service charges for outstation/speed clearing for instruments valuing above
Rs 1 lakh as percentage to the value of instruments
are advised to review the same and fix the charges
on a cost-plus basis," RBI said. In another notification,
the Reserve Bank asked the banks in remote areas to
set up a mechanism to ensure that cheques are
delivered and exchanged on the same day.
BANKS TO VERIFY Rs100 & ABOVE NOTES

RBI has directed banks to ensure that cash receipts in
the denominations of Rs 100 and above should not be
put into re-circulation without the notes being
machine processed for authenticity. RBI further said
that banks should use such machines in all bank
branches with average daily cash receipt of Rs 50
lakh and above, within a definite time frame.
MOODYs
BANKS
DOWNGRADES
TOP
INDIAN
Moody's Investors Service has downgraded the

ratings of top three private sector lenders - ICICI
Bank, HDFC Bank and Axis Bank and Life Insurance
Corp, reflecting the alignment of their fortunes with

the government's deteriorating finances.
The
downgrade is driven by the macroeconomic situation
of the country and there is nothing fundamentally
wrong with the banks, said a spokesman of Moodys.
SMART NEW KCC CARD
Revising the Kisan Credit Card (KCC) Scheme, the

Reserve Bank of India (RBI) has asked the banks to
issue smart card-cum-debit-card to farmers for
hassel-free
transactions.
National
Payments
Corporation of India (NPCI) will design the card of the
KCC to be adopted by all the banks with their
branding.
GOVT TO TAKEOVER NHB FROM RBI
To enable RBI to focus on its supervisory function and
avoid clash between its regulatory and ownership
roles, a bill was introduced in the Lok Sabha to
transfer shareholding of the country's central bank in
the National Housing Bank to the Centre.
The
National Housing Bank (Amendment) Bill, 2012 also
seeks to transfer the registration and regulation
related powers of the National Housing Bank (NHB)
over housing finance companies to the RBI to ensure
uniform control over non-banking financial companies
and to enable the NHB to concentrate on supervision
and financing of such institutions.
TAX RELIEF TO FOREIGN BANKS
Govt has decided to exempt foreign banks from

paying tax for setting up local units as it looks to ringfence such units against external economic shocks.
The RBI is formulating a scheme for subsidiarisation
of Indian branches of foreign banks to ring fence
Indian capital and Indian operations from economic
shocks external to the Indian economic scenario.
However, foreign banks operating in India have cited
high stamp duty and capital gains tax as a hindrance
to floating local subsidiaries. Existing laws require
overseas banks to pay up to 30 percent of the market
value of their assets as capital gains and stamp duty
while converting branches to a new entity.
RBI TO REGULATE MFIs
Union cabinet has approved a bill aimed to bring

microlenders under the RBIs control.
The
Microfinance
Institutions
(Development
and
Regulation) Bill needs parliament's approval to
become a law. The bill proposes to make it mandatory
for micro-finance institutions to be registered with RBI
and have minimum net-owned funds of 5 lakh rupees.
Microlenders have been accused of aggressive
lending and recovery practices and high interest
rates, which attracted calls for regulation. The bill
proposes the maximum interest that the Micro
Finance institutions can charge is 26%. This bill is
sequel to the report popularly known as Y.H.Malegam
committee report.
RBI TO SEEK OUTSIDE HELP
The Reserve Bank has decided to rope in a third-party

consultancy firm to help it incorporate global best
practices in its supervisory role and prepare the risk
ratings for various banks in the country. The thirdparty consultancy firm would help RBI benchmark the
global best practices in supervisory processes,
develop risk profile templates and risk rating of
commercial banks, and prepare a supervisory manual
for conducting risk-based Supervision system.
With a view to increasing the availability of funds to

exporters, RBI has decided to allow banks to
determine their interest rates on export credit in
foreign currency with effect from May 5, 2012.
NEW
NORMS
PAYMENTS
FOR
PREMATURE
FD
The Reserve Bank of India has removed restrictions

imposed on banks which earlier prevented lenders
from levying penalty on customers for foreclosure of
some term deposits. Banks are now free to formulate
their own interest rate policies on foreclosure of term
deposits for better asset-liability management.
INTEREST RAISED ON FCNR (B) DEPOSITS
To attract inflows in view of falling rupee, the Reserve

Bank has raised the interest rate ceiling on NRI
deposits in foreign currencies by up to 3 per
cent. Interest rate ceiling on Foreign Currency NonResident FCNR (Bank) deposits of banks has been
raised from 125 basis points (bps) (1.25 per cent)
above the corresponding LIBOR or rates to 200 bps
for maturity period of 1 year to less than 3 years, and
to 300 bps for maturity period of 3 to 5 years.
NRI A/C RULES RELAXED
The Reserve Bank allowed non-resident Indians (NRIs)

to transfer funds from non-resident ordinary (NRO)
account to Non-Resident External (NRE) account
subject to a ceiling of $1 million in a financial
year. While, an NRE account is for depositing income
from abroad, NRO account is mainly for putting Indian
incomes. In case of NRE account, only NRIs can
become joint account holders but for NRO account,
both resident and non-resident can become joint
account holders.
NRI INFLOWS JUMP 3 TIMES

Monies that NRIs deposited into Indian banks trebled
to a record $11 billion in 2011-12. Interest rates that
NRIs earn on rupee deposits were freed in December.
In the previous five years, inflows of NRI money
averaged $2.9 billion.
SBI plans to float a $1-billion (Rs 5,500

crore) debt bond issue by August to raise funds
for its expansion plans.
The Reserve Bank is holding gold reserves of
557.75 tonne valued at USD 27.02 billion,
accounting for 9.2 per cent of foreign exchange
reserves.
The RBI has ordered exporters to convert half of
their foreign exchange earnings kept in bank
accounts into Indian rupee to prop up the falling
value of rupee.
There are 93,659 branches of Scheduled
Commercial Banks (SCBs) functioning in the
country as on 31st March, 2012, out of which
34,671 branches are in rural areas and 24,133
are in semi-urban areas, which together
constitute about 63% of the total bank branches.
State Bank of India has become largest provider
of housing loans crossing a record Rs.one lakh
crore mark covering 20 lakh families.
South Korea-based Woori Bank, a part of Woori
Financial Group, has launched its first branch in
India at Chennai.
SBI plans to merge its two subsidiaries, namely,

Satate Bank of Hyderabad and State Bank of
Patiala with itself by the end of this year.
INTEREST ON EXPORTS DEREGULATED
DEFENCE
AKASH TEST FIRED SUCCESSFULLY
India test-fired two indigenously developed surfaceto-air

anti-aircraft
'Akash'
missiles
from
the Integrated Test
Range at
Chandipur
near
Balasore, Odisha. The double test-fire came after
trials of the missile, with a range of 25 km and
capable of carrying a warhead of 60 kg to neutralise
aerial targets, on 24th and 26th May.
NAVY STARTS INS DWEEPRAKSHAK
As part of its efforts to augment the security of the

strategically significant Lakshadweep archipelago,
the Navy commissioned a full-scale naval base, INS
Dweeprakshak, at Kavaratti on April 30.
of a global effort to move away from the IPv4 regime

that now rules the cyberspace.
Australian Mark Webber steered his Red Bull team to
victory at the Monaco Grand Prix F 1 car race.
GENETIC CODE OF SUPERBUGS CRACKED
Scientists at the Harvard University, USA, have

cracked the genetic code of superbugs such as MRSA,
figuring out why they have become so resistant
to anti-bioitics in mixed infections.
Since 2005,
superbugs, which included methicillin resistant
Staph aureus (MRSA), have killed more than 18,000
people every year in the US alone.
DEEP SEA DRILLING RECORD

DRDO DEVELOPS MISSILE DEFENCE SHEILD
The Defence Research and Development Organisation
(DRDO), has developed a missile defence shield,
which can be put in place at short notice to protect at
least two cities, bringing the country on a par with an
elite group of nations. The shield can destroy an
incoming ballistic missile with the range of up to
2,000 kms.
A Japanese deep-sea drilling probe has set a world

record for depth, reaching 25,400 feet below the sea
surface. The probe named Chikyu, operated by the
Japan Agency for Marine-Earth Science and
Technology, was digging the seabed off Japan's
northern coast to take fault samples and study last
year's devastating earthquake and tsunami.
ULTRA-LIGHT HOWITZERS FOR ARMY

Defence Ministry has cleared a Rs. 3,000-crore
proposal to buy 145 ultra-light howitzer (ULH) M777
BAE Systems guns from USA.
They can be airdropped in a high-altitude position by a chopper in
inaccessible areas. The guns can be deployed in
high-altitude areas in Ladakh and Arunachal Pradesh.
AKASH MISSILE TEST FIRED
India test fired successfully its indigenouslydeveloped surface-to- air Akash missile from the
Integrated Test Range at Chandipur, about 15 km
from Balasore, Odisha. It will boost its air defence
shield and re-validate operational efficacy of India.
The missile has a strike range of 25 km with a
warhead of 60 kgs.
SCIENCE & TECHNOLOGY
SPACE-X DRAGON JOINS SPACE STATION

SpaceX of USA became the first private commercial
outfit to dock its own cargo capsule at the
International Space Station, marking a new era for
private spaceflight. The California-based SpaceX is
owned by Internet entrepreneur Elon Musk. With no
humans on board, the capsule delivered about a half
tonne of supplies and science equipments for the ISS.
IPv6 THE NEW INTERNET PROTOCOL
A number of Internet Service Providers (ISPs),

hardware makers and websites, including a few from
India, will start running IPv6, a new generation
Internet protocol, permanently from June 6. It is part
INTERNATIONAL NEWS
WORLD PRESS FREEDOM DAY
World press freedom day was celebrated on May 3.

The United Nations General Assembly declared 3rd
May the World Press Freedom Day in 1991 to raise
awareness of the importance of freedom of the press
and remind governments of their duty to respect and
uphold the right to freedom of expression.
CHINA ISSUES SMART PASSPORTS
The new passports issued by China have an

electronic chip inside with personal information.
Besides name and date of birth, the chip contains the
holders finger prints and signature. Paper photos will
also be replaced by digital ones. In addition to
increased security, the E-passport is seen as an
important step toward automatic processing at
customs points.
$ 80,000 FINE ON AIR INDIA
Ailing Air India has been slapped a fine of $80,000 by

US authorities for failing to post customer service and
tarmac delay contingency plans on its website and for
not adequately informing passengers about its
optional fees.
WORLD ECONOMIC FORUM IN AFRICA

The three-day meeting of the World Economic Forum
on Africa was held in the Ethiopian capital, Addis
Ababa. The meeting generated new ideas to achieve
further development of the continent.
INDIA SHOULD SIGN NPT: JAPAN

Visiting Japanese Minister for Foreign Affairs, Koichiro
Gemba, has called upon India to sign the Nuclear
Non-Proliferation Treaty (NPT) so that the two
countries can cooperate for development of nuclear
energy. The two sides agreed to prepare a master
plan for the industrial development of south India,

especially areas around Chennai and Bangalore, and
accelerate talks on export of rare earths to Japan.
NEPAL CABINET RESIGNS EN MASSE

The Constituent Assembly of Nepal failed to come to
agreement on the new constitution and PM Mr,.
Bhattarai has called for election on November 22 to
resolve the constitutional impasse. Efforts for a new
constitution have been marred by demands for the
country to be divided into states along ethnic lines.
Three smaller allies of the Maoist-led government
have quit the government against the announcement
of elections. The allies have opposed elections
declared by the government.
HATF-IX MISSILE TESTED BY PAKISTAN
Pakistan (May 29) successfully carried out a test of its

quick reaction tactical nuclear-capable Hatf-IX missile
with a range of 60 km, aimed at "deterring evolving
threats at shorter range." The missile is "indigenously
developed short range, surface-to-surface multi-tube
missile is named as Hatf-IX" or Nasr. It can carry
"nuclear warheads of appropriate yield with high
accuracy and possesses shoot and scoot attributes".
UN MEET ON CLIMATE HELD AT BONN
UN Climate Change Meeting held at Bonn, Germany

to discuss the further amendments to the Kyoto
Protocol and to review the other major decisions
taken at historic UN Framework Convention on
Climate Change (UNFCCC) that took place in Durban
in Nov, 2011. Next round of UNFCCC will be held
at Doha by the end of this year.
JAPAN BECOMES NUCLEAR POWER FREE
Japans Hokkaido Electric Power Co has shut down the

country's 50th and last active nuclear reactor at
Tomari, leaving the world's third-biggest user of
atomic energy with no nuclear-derived electricity for
the first time since May, 1970.
PERSONS IN NEWS
SAADAT HASAN MANTO:
Veteran short story
writer of Indian origin who later migrated to Pakistan
after the partition. His 100th birth anniversary falling
on 11th May, 1912 is being celebrated with great
fervor in both India and Pakistan. Known for his
famous story Toba Tek Singh.
GIRIRAJ KISHORE: Verteran Writer and Gandhian
was in news as he returned his Padma Shri award to
protest against the auction of items belonging to
Gandhi.
A R RAHMAN: Oscar-winning musician has been
conferred with his first American Honorary Doctorate
by the Miami University, Ohio, USA. It is Rahmans
fourth doctorate. He has previously been honoured by
Aligarh Muslim University, Anna University and
Middlesex University in the UK.
SAM PITRODA: Advisor to Indian Prime Minister
Manmohan Singh, has been conferred with an
honorary degree by New York University's Polytechnic
Institute, which is considered among the U.S.' most
prestigious and oldest private schools, specialising in
engineering and technology.
HILLARY CLINTON: US Secretary of State has been
named No 1 in the World's 20 Most Powerful Moms
list which also ranked India-born Indra Nooyi at the
3rd spot and UPA chairperson Sonia Gandhi at No 6.
JACQUES ROGGE: President of the International
Olympic Committee.
MICHAEL HANEKE: Austrian director won the
Cannes film festival's top honor, the Palme d'Or, for
the picture "Love" (Amour), his acclaimed tale of an
elderly couple facing the inescapable, yet no less
tragic march of death.
APPOINTMENTS
HUNGER ALLEVIATION FUND
A report on food security and Poverty released by

ADB in Manila, Philippines suggested creation of a
hunger alleviation fund by the nations of Asia and the
Pacific to deal with the problem of rising prices of
commodities.
Switzerland has agreed to provide details of
secret bank accounts of individuals sought by
India even on the basis of limited information,
under a mutual DTAA inked on April 20 this year.
Sh
Anand
Sharma,
Commerce
Minister
inaugurated event of Days of India in Germany
at Hamburg, Germany, commemorating the
60th anniversary of diplomatic relations
between the two countries.
Time magazine has selected Sanjay Leela
Bhansalis classic epic Devdas as one of the 10
all time best films of this millennium.
The Netherlands to host Nuclear Security
Summit in 2014.
A major university centre dedicated to the life
and works of Rabindranath Tagore has opened
in Napier University, Edinburgh, Scotland to
mark his 150th birth anniversary.
Pakistan successfully tested Hatf III (Ghaznavi),
a short-range ballistic missile capable of
carrying
both
nuclear
and
conventional
warheads across 290 km. (May 10,2010)
The G-8 Nations Summit held at Camp David,

USA.
To boost trade and investment amid recession,
the United Kingdom has announced the opening
of two more missions in India, at Hyderabad and
Chandigarh.
ANSHU JAIN: Co-CEO, Deutsche Bank

S R RAO: Union Commerce Secretary
PRADEEP KHOSLA: Chancellor of the University of
California, USA. He is alumni of IIT Kharagpur.
RAHUL KHULLAR: Chairman, Telecom Regulatory
Authority of India (TRAI)
RATAN KUMAR SINHA: Chairman, Atomic Energy
Commission
GOOLAM E. VAHANVATI:
Attorney-General (re
appointed for two more years)
VIDYA BALAN:
Ambassador for Total Sanitation
Campaign of Govt. of India.
FRANCOIS HOLLANDE: President of France, from
Socialist party, defeating Nicolas Sarkozy
JEAN-MARC AYRAULT: Prime Minister of France.
DAVID RICHARDSON: Chief Executive Officer (CEO)
of the International Cricket Council
TOMISLAV NIKOLIC: President of Serbia
AWARDS & HONOURS

EXCELLENCE IN CINEMA AWARD: Shyam Benegal,
veteran filmmaker. The award is conferred by the
South Asian Cinema Foundation, London
AMBEDKAR WOMEN'S WELFARE AWARD: Maya
Suwalka, a social activist from Tonk, Rajasthan
BANGA BIBHUSAN: West Bengal's highest award to

eminent actor Suchitra Sen
RATAN TATA: Tata Group Chairman, was conferred
The Grand Cordon of the Order of the Rising
Sun' title at Tokyo by Japan Govt for his contribution
in strengthening economic relations between Japan
and India.
Palme d'Or: Best Film Award at Cannes Film Festival
won by Australian film Love
BOOKS & AUTHORS

Imagine by Jonah Lehrer
The Householder by Amitabha Bagchi
The Rolling Stones: Fifty Years by Christopher
Sandford
The Chemistry of Tears by Peter Carey
The Bridge: The Life and Rise of Barack Obama
by David Remnick
The Best Thing About You is You by Anupam Kher
OBITUARY
ACHALA SACHDEV: Veteran Hindi films actress
GAJANAN VERMA: Eminent poet and lyricist from
Rajasthan
CARROLL SHELBY: Veteran race car driver and
automobile manufacturer from USA, who created the
best known US sports cars of the 1960s the AC
Cobra and the Shelby Mustang.
CARLOS FUENTES: Noted novelist from Mexico
DONNA SUMMER: Legendary pop singer from USA
PLACES IN NEWS
KODUMANAL: A village in Erode district of Tamil
Nadu was in news due to discovery of a variety of
artefacts from four trenches in the habitational
mound which revealed an industrial complex that
existed around fourth century BCE.
Dr. B.R. Ambedkar Pranahita-Chevella Sujala
Sravanthi project:
A hydel project across
Pranahita river, which is a major tributary of Godavari
river, being established jointly by Andhra Pradesh and
Maharashtra.
The major benefit of increased
irrigation from this project will go to Andhra Pradesh.
PUNSARI:
An
ordinary
village
in
district
Himmatnagar, Gujarat, talks about wi-fi and optical
fiber broadband network, its children spend best of
their times in air-conditioned classrooms with CCTV
cameras. The village also boasts of its own mini-bus
transport system and there are 25-odd CCTVs located
on important junctions to spot litterbugs. And all this
is without a single rupee from NRIs.
SPORTS WORLD
Indian Grandmaster Viswanathan Anand beat

challenger Boris Gelfand of Israel in a tense, rapid
chess tie-breaker to win the World Championship
crown for the fifth time and fourth in a row in the

World Chess Championship at Moscow.
Services have won this year's Santosh Trophy

(Football) defeating Chennai at Cuttack, Odisha.
China lifted both, Thomas Cup for Mens

Badminton
and Uber
Cup
for
Womens
Badminton, defeating South Koreans in both the
events at Wuhan, China
Kolkata Knight Riders thrashed the defending

champions Chennai Super Kings to grab their
maiden IPL title in a nail biting finish at the MA
Chidambaram stadium, Chennai.
KRISHNA POONIA: Commonwealth Games gold
medalist and Olympics-bound woman discus thrower
created a new national record when she won silver
medal at the Altius Track Crew Throwdown meet in
Maui Island, Hawaii.
WIM KOEVERMANS, former Dutch international
footballer is all set to take over as the chief coach of
the Indian football team for a two-year term.
Grandmaster Parimarjan Negi won the Asian

continental chess championship held at Ho Chi
Minh City, Vietnam.
Deepika Kumari won her first World Cup individual

Archery (recurve) gold medal at Antalya, Turkey.
World Chess Title: Between defending champion

Vishwanathan Anand and Israeli challenger Boris
Gelfand.
OFFICIAL SLOGAN FOR LONDON OLYMPICS:
Inspire a Generation is the official slogan for the
London Olympics. It has been selected to inspire a
generation of young people to take part in local
volunteering, cultural, and physical activity.
The official Olympic motto is taken from the Latin
"Citius, Altius, Fortius" - which means "Faster, higher,
stronger", and was proposed by the man considered
the founder of the modern Olympics, Pierre de
Coubertin, on the creation of the International
Olympic Committee in 1894. It was introduced at the
1924 Olympics in Paris. Since 1988, host cities have
adopted their own motto.
David Richardson has been named new chief

executive officer (CEO) of the International
Cricket Council
World Snooker Championship: Englishman Ronnie

O'Sullivan has won the 2012 World Snooker
Championship, beating Alister Carter, also from
England at Sheffield, England.
Football: Manchester City secured their first English
title in 44 years when they defeated Manchester
United at London to win the English Premier League
Football Championship.
Shah Rukh Khan Banned :The Mumbai Cricket
Association on Friday banned Kolkata Knight Riders
co-owner and Bollywood superstar Shah Rukh Khan
from entering the Wankhede Stadium for five years
for misbehaving with its officials and violating its
rules.
Lawn Tennis: Spains Rafael Nadal won his sixth
Rome Masters title of the Italian Open Tennis
tournament against Serbia's World Number One
Novak Djokovic in Rome.
DAYS & DATES

01 - International Labour Day

03 - World Asthma Day, World Press Freedom Day
05 - World Athletics Day
08 - World Red Cross Day
12 - International Nurses Day, Mothers Day
13 - National Solidarity Day
17 - World Telecommunications Day
20 - World Metrology Day
21 - Anti Terrorism Day, (Rajiv Gandhi Martyrdom
Day)
24 - Commonwealth Day
31 - World No-Tobacco Day
ET CETRA
Col Sarpratap Singh and Jaswinder Singh became the
flagbearers of Sikh pride in the Queen's Diamond
Jubilee celebrations 2012, marking the 60 years of
reign of Queen Elizabeth II. The two horse riders from
Punjab represented the Sikh martial race in the threeday Royal Windsor Horse Show (May 10-13) on the
grounds of Windsor Palace, London.
WOMAN CONQUERS EVEREST AT 73

A 73-year-old Japanese woman, Tamae Watanabe,
climbed to Mount Everest's peak on May 19,
smashing her own record to become the oldest
woman to scale the world's highest (8,850-metres,
29,035 feet) mountain. Ms. Watanabe had earlier
climbed the Everest in 2002 at the age of 63,
becoming the oldest woman to do so.
WORLDS TALLEST RESIDENTIAL BUILDING

Dubai, which already claims the world's highest
building, has set a new record with Princess Tower,
which the Guinness World Records has said is the
world's tallest residential building. The Tower is 413.4
metres high and has 101 storeys above ground,
dedicated to residential use.
WINS
INTERNATIONL
SONG
A Punjabi folk ballad 'Tere Bin Dil' by a former Patialabased Thapar University student and software
engineer, Dilpreet Bhatia, who was born in Ludhiana,
has won the first place in the world music category of
prestigious International Songwriting Competition
(ISC). His song was selected out of 16,000 songs sent
from 112 countries.
PAINTING
CRORES
SOLD
FOR
OVER
Rs600
'The Scream', iconic painting by late Norwegian artist

Edvard Munch, considered as one of the most
recognizable art work in world, was sold for nearly
USD 120 million, setting a new world record the
highest price ever paid for a work of art at any
auction. The painting depicts the image of a man
holding his head and his mouth wide open.
WHITES TO LOOSE MAJORITY IN USA
ARTIFICIAL NOSE DEVELOPED
British scientists have claimed that they were the first

to grow human body parts at a laboratory at the
University College London. Scientists have developed
a nose for the first time. The nose will be placed
inside a balloon inserted beneath the skin on the
patients arm. After four weeks, during which time
skin and blood vessels can grow, the nose will be
transplanted to the face.
NOTES
SIKH PRIDE AT WINDSOR PALACE
PUNJABI
AWARD
(CB) has unveiled a startling finding that, for the first

time ever, white babies represented only 49.6 per
cent of all births in the 12-month period that ended in
July 2011. Hispanics, African-Americans, Asians and
mixed-race infants comprised the other 50.4 per cent.
Predicting a major shift in demographic structure that

could see whites become a minority in the U.S.
sooner than expected, the country's Census Bureau
GENERAL ANTI-AVOIDANCE RULES (GAAR)
Government has decided to postpone imposition of

General Anti-Avoidance Rules (GAAR) to next year. A
look at why GAAR has caused panic among
investors:
What are general anti-avoidance rules?
These rules, originally proposed in the Direct Taxes
Code, are targeted at arrangements or transactions
made specifically to avoid taxes. The government had
decided to advance the introduction of GAAR and
implement it from the current financial year itself.
More than 30 countries have introduced GAAR
provisions in their respective tax codes to check
evasion.
What are the implications?
GAAR allows tax authorities to call a business
arrangement
or
a
transaction
'impermissible
avoidance arrangement' if they feel it has been
primarily
entered
into
to
avoid
taxes.
Once an arrangement is ruled 'impermissible' then
the tax authorities can deny tax benefits. Most
aggressive tax avoidance arrangements would be
under the risk of being termed impermissible. The
rule can apply on domestic as well as overseas
transactions.
What were the key concerns?
GAAR is a very broadbased provision and can easily
be applied to most tax-saving arrangements. Many
experts feel that the provision would give unbridled
powers to tax officers, allowing them to question any
taxsaving deal.
Foreign institutional investors are worried that their
investments routed through Mauritius could be
denied tax benefits enjoyed by them under the IndoMauritius tax treaty. The proposal had spooked stock
market as FII inflows dropped on concerns, and the
rupee hit a low of Rs 53.47 to the dollar.
What has the govt done now?
It has postponed GAAR to the next financial year. This
will give a breather to tax payers and also allow the
government time to frame clear rules after
consultations with stakeholders. Govt has also
clarified that the onus to prove that an arrangement
is 'impermissible' will lie with the tax department. The
GAAR panel, the final body that will decide on the
applicability of the law, will include an independent
member.
Source: The Economic Times, May 8, 2012.
PURCHASING POWER PARITY

Purchasing power parity is based on the assumption
that in absence of duties, transaction costs and other
curbs, identical goods should have the same price in
different countries when expressed in same currency.
In other words, how much money would be needed to

purchase same amount of goods and services in two
different markets. This allows for calculating PPP
exchange rates that can be used to convert gross
national income of countries in terms of a single
currency, usually the US dollar, to facilitate
meaningful comparisons after adjusting for prices.
How does the concept work?
A good example of the PPP concept is the 'Big Mac'
index compiled by the Economist. It assumes that
over the long-term McDonald's Big Mac burger should
have same price across the world. Comparing the
rupee price of this burger with the price in the US
gives the Rs-$ exchange rate on PPP basis. It is then
possible to compare this PPP exchange rate with
market rate and say if the rupee is undervalued or
overvalued.
How does India beat Japan in PPP terms?
Under the regular method of GDP calculation, India's
economy is well behind Japan. Even assuming an
average economic growth rate of 7.5% over the next
five years, the Indian economy will be only $2.9
trillion compared with Japan's $6.69 trillion. However,
price levels in Japan are much higher than that of
India or in the US.
When the International Monetary Fund adjusts the
national income of the two countries in terms of PPP
exchange rates using US dollar, Indian economy
grows to $4.46 trillion in 2011 because of lower
prices while Japan stays at $4.44 trillion. Essentially,
it means that in total two countries have the same
purchasing power, but because of its much lower
population average Japanese is way ahead of average
Indian in purchasing power.
What is the relevance of PPP?
The concept of PPP is useful in comparing quality or
standard of living in different countries which may not
be possible if one just looked at per capita income. A
lower income may allow a good quality of life in a
country if prices are low. For instance, a haircut may
cost lot more in London than in Delhi. The major
shortcoming of PPP exchange rates is that these are
difficult to measure.
SOURCE: THE ECONOMIC TIMES, APRIL 30,
2012.
INTER-BANK MOBILE PAYMENT SERVICE
Mobiles phones are changing the way we do banking

at present. It is the futuristic way of doing banking.
The Inter-bank mobile payment service (IMPS), run by
National Payments Corporation of India, allows banks
to facilitate real-time transfer and receipt of funds for
account holders through their mobile phones. The
accounts to which the funds are to be transferred,
can be with the same bank or other specified banks.
The transfer can be done using mobile phones or the
Internet banking facility at any time, including
Sundays and bank holidays.
To use this facility, account holders need to register
with their respective banks. This can be done online
using the customer identity and IPIN provided by the
bank or by downloading the mobile banking
application form from the bank's website and
submitting the completed form at the nearest bank
branch.
Process
To use IMPS, the transferor and the beneficiary must
have mobile money identifiers (MMID), which can be
generated by accessing the account online, mobile
banking or by sending SMS to the number specified
by
the
respective
bank.
Fund transfer
The transfer process is menu-driven and will require
the transferor to provide his MMID and amount to be
moved, as well as the registered mobile number and
MMID
of
the
beneficiary.
Confirmation
An SMS alert of the debit to the transferor and credit
to the beneficiary will be sent to both the parties
once the transfer is made.
Charges
Each bank offering the service will individually decide
the charges applicable on using the IMPS.
POINTS TO NOTE
1. The mobile number and MMID of the beneficiary
provided at the time of transfer must tally with the
registered information with the bank before the
transfer
is
complete.
2. The RBI has removed the Rs 50,000 limit on fund
transfer through mobile banking, but banks specify
limits based on their risk assessment.
3. The MMID can be cancelled by making the
necessary request to the bank.
(Content courtesy: Centre for Investment
Education and Learning (CIEL))
THE RUPEE CRISIS

Strong dollar demand from the importers and deepening
of Eurozone crisis has pushed the value of rupee to an all
time low of Rs 55.40 a dollar on May 22. Lets have a
look at the implications of this development.
Why is the rupee falling
The fall in the value of the rupee is driven by the
perception about countrys financial ability and also by
external factors like sovereign debt problems in Europe
and a slowdown in the US. A recent downgrade of
Indias rating by S&P and Moodys has added to the fall
in value of rupee.
What the RBI can do
One of the measurers is to sell dollars to increase the
supply but it does not have a large foreign exchange
reserve. The reserve, currently around $ 290 billion, is
sufficient to fund only three-four months of imports.
Other measures aimed at attracting more funds into the
country include recent deregulation of interest rates on
NRI deposits.
Raising the interest rates on FCNR (B) deposits
Instructing the exporters to
release 50% of their
holdings in foreign exchange accounts, in domestic
market
What the government can do
The finance ministry may take policy action such as
raising FII investment limit in corporate and govt
securities to increase the supply of dollars.
Who will benefit from the fall
A falling rupee spells good news for companies who are
selling their goods and services abroad. Major gainers: IT
and pharma firms.
Who will lose?
Companies (that import raw materials) in oil and gas,
airlines, capital goods and automobile sectors will be
adversely impacted by the rupees depreciation.
How will it impact common man
A decline in the rupees value will make imported goods
costlier. Petrol, diesel, cars and bikes, foreign travel and
education will become dearer. Indian airlines will suffer
as many of their expenses are paid for in dollars.
Where will the rupee stabilise?
An end to Europes debt problem will decide the future
course of the rupee. Experts expect the rupee to decline
further to 56-57 level against the US dollar.
STORY OF BLACK MONEY

What is black money?
The National Institute of Public Finance and Policy
(NIPFP) defines black money as the aggregate of
incomes which are taxable but not reported to the tax

authorities.
How is unaccounted money estimated?
One way is to look at the input-output ratio. For a
particular amount of input, a country should produce
certain amount of goods. If the output is less, then there
is underreporting to that extent. This method fails to
account for changes in the structure of the economy,
efficiency gains and technology.
Another method is to look at the currency in circulation
with reference to the size of the economy. It is based on
the assumption that currency is used by both the
shadow and the regular economy. A small economy
having lot of currency in circulation will suggest big
presence of a parallel economy. However, such
estimation fails to take into account the unorganised
sector.
How big is the black economy in India?
There is no reliable current measure available. Most
estimates are old and suffer from many shortcomings.
An NIPFP study pegged black money in 1983-84 between
Rs 32,000 crore and Rs 37,000 crore (which is 19% and
21% of GDP).
How is Black Money Generated?
The black money is usually generated in two ways:
i) By Illegal means
Criminal Activities such as kidnapping, smuggling,
poaching, drugs, illegal mining. cheating & scams.
Corruption: Bribes and theft by public officers.
ii) By Hiding Income
Hiding income through legal activities such as income
not reported to authorities to evade tax. It accounts for a
major share of black money
In 2010, US-based Global Financial Integrity estimated
that $462 billion went out of India between 1948 and
2008. The government has asked three institutions to
estimate black money. The reports are expected towards
the end of the year.
How is the government curbing IT?
The government has empowered its existing institutions
and set up new mechanisms and institutions to unearth
black money. The anti-money laundering law has been
strengthened and more entities have been brought
under its ambit to create a deterrent. India has joined
global efforts to tackle illicit flows and also signed
information exchange treaties with many countries. The
gradual reduction in income tax rates has also helped
improve compliance.
Lok Sabha met for an average 127 days in the

1950s and Rajya Sabha for 93 days. This has
decreased to 73 days for both houses in 2011.
INDIAN PARLIAMENT COMPLETES 60 YEARS
Here is a brief fact file of the Indian Parliament:

First Lok Sabha meeting was on May 13, 1952.
First chairman of Rajya Sabha - S Radhakrishnan.
First Speaker of Lok Sabha - GV Mavalankar.
First Lok Sabha held 677 sittings for about 3,784
hours.
Around 48.8 per cent of time of first Lok Sabha
was used for legislative business.
Percentage of graduates has increased from 58
per cent in 1952 to 79 per cent in 2009 (includes
post-graduate and doctoral degrees).
Women constitute 11 per cent of members in the
15th Lok Sabha. In comparison, only 5 per cent of
MPs in the first Lok Sabha were women.
In the first Lok Sabha, there was no MP over the
age of 70. This number has risen to 7 per cent in
the current Lok Sabha.
The first Lok Sabha passed an average of 72 bills
each year. This has decreased to 40 in the 15th
Lok Sabha.
Parliament passed 118 bills in 1976. This was the
highest number of bills passed by Parliament in a
single year.
The lowest number of bills was passed in 2004
when only 18 bills were passed by Parliament.
General Awareness
1)
High Court of which state has stuck down the 4.5% quota for
minorities in government jobs, recently announced by the
government: Andhra Pradesh
2)
What was the number of interlocutors appointed by Central

Government for reviewing the Kashmir problem: Three
3)
Name the noted journalist who was appointed as one of the three
interlocutor for the Kashmir review: Dileep Padgaonkar
Which country topped the survey of consumer confidence in 123
countries, conducted by Nielsen: India
4)
5)
6)
A report by Security and Defence Agenda (SDA) & McAfee has

placed India at ________ rank in terms of countries affected by
Cyber Crime: 5th
A World Bank survey to asses global trade logistics performance
places India at _______ rank: 46th
7)
According to finance ministry data, the per capita debt in India was
estimated at nearly Rs _______at the end of March 2012: 33,000
8) The internal debt of government is mainly on account of ________
either from the market or even from individuals in the form of small
savings: Borrowings
9) India signed DTAA recently with which country: Malaysia
10) With which country India held its first Joint Consultative
Commission meeting to review Teesta water treaty: Bangladesh
11) Who represented India at the 45th annual meeting of board of
governors of the Asian Development Bank (ADB) at Manila,
Philippines: Finance Minister Pranab Mukherjee
12) Mr. Pranab Mukherjee as recently been elected as Chairman of
Board of Governors which organization: Asian Development Bank
13) India Post is celebrating completion of 25 years of which of its
services: Speed Post
14) Which country will host the annual meeting of board of governors of
the Asian Development Bank: India
15) Which country has replaced China as largest importer of arms
during 2007-11 period: India
16) India accounts for roughly ______ percent of total global arms
imports: 10
17) The Supreme Court recently struck down the governments policy
of giving subsidies to _________: Haj Pilgrims
18) Name the African Island country recently visited by Indian
President: Seychelles
19) Which state recently announced a ban on the manufacture and
sale of gutka and pan masal containing tobacco: Kerala
20) Name the first Indian state which ban manufacturing and sale of
gutka and pan masala with tobacco content: Madhya Pradesh
21) Which state has introduced Sampoorna Swashtya Sabke Liye
scheme to cover all its 52000 villages: Madhya Pradesh
22) Brazil is known for its high per hectare produce of cotton. Which
Indian state has decided to follow Brazil pattern to improve its
cotton production: Maharashtra
23) To promote tourism in Bihar, the state government has offered 50%
subsidy to what type of projects: Setting up of Dhabaas
24) Which state recently held a road show in Jeddah, Saudi Arabia to
attract tourists from there: Kerala
25) Name the state that has announced an unemployment allowance of
Rs. 1000 per month for its youth between 30 and 40 year of age:
Uttar Pradesh
26) To attract investment from Japanese companies, which state has
signed a MoU with Mizuho Corporate Bank, Japan: Karnataka
27) Indias first high altitude clouds physics has been opened at
___________________: Mahabaleshwar (Maharashtra)
28) National Panchayati Raj Award for successfully implementing all
Central Government Schemes has been won by _________ district
of Haryana: Kurukshetra
29) Government as increased interest rates on General Provident
Fund, GPF to ________ from 8.6% at present: 8.8 percent
30) The Tihar-Prisons-authorities have launched a new scheme called
Sparsh for what purpose: To provide financial help to poor
prisoners
31) Govt has amended which act to provide for life time royalty to song
writers, artistes and performers for their works: The copyright Act
32) Government has decided to make rural posting compulsory for
doctors completing their studies. It is proposed to attach them with
which national programme: National Rural Health Commission
33) To provide half a share to wife in her husbands residential property,
in case of divorce, which law has been amended by the
government: The Marriage Laws
34) Recently Railways has launched Simran Project for what purpose:
To track movement of trains
35) What is the full form of abbreviation SIMRAN: Satellite Imaging
for Rail Navigaiton
36) Name the flagship employment generation programme of
government of India: MGNREGS
37) Government has introduced tax collection at source norms which
make it mandatory for sellers of which item to collect tax at the time
of selling their item: Gold bars / Coins for more than Rs. 2 lacs
38) Notification of which decease has recently been made mandatory
by the government: Tuberculosis (TB)
39) Which organization has announced its plans to setup 1000 ATMs:
Department of Posts
40) Government has postponed implementation of General AntiAvoidance Rules from 1st April, 2012 to what date: 1st April, 2013
41) Government has decided to allow Sikhs to register their marriages
under which act: Anand Marriage Act 1909
42) To measure the optimism level of the business managers in the
country, which ministry plans to bring out a business confidence
index: Ministry of Corporates Affairs
43) Which government organization has fixed a target of planting one

crore saplings on its land in the current financial year: Railways
64) The petroleum and natural gas ministry has slapped a hefty penalty
over US $1 billion on which company: Reliance Industries Ltd.
44) The government is promoting a new Pension and Life Insurance

Fund (PILF) scheme in a bid to provide financial security to which
segment of workers: Poor Indians working abroad
65) India Green House Gas (GHG) emissions rose by: 4.2 percent to
1.3 billion tonnes of carbon dioxide
45) To curb down the incidence of ragging and corporal punishment in

the educational institution, government purposes to provide for
______ years jail to the offenders: seven
46) Lok Sabha has approved a bill to establish separate High Courts
for which States: Meghalaya, Manipur and Tripura
47) Railways has increased the distance that could be covered under
the Izzat scheme from 100 kms to 150 kms. What is Izzat
scheme: Monthly Season Ticket
66) The first Russian Indian trade house has been opened in:
Mumbai
67) 4G services has been launched by which company and where:
Bharti Airtel, Kolkata
68) Who has been recently elected as chairman of Asian Development
Bank: Pranabh Mukherjee
69) The Indian government is committed to bringing down subsidies to
below ______ percent of the its gross domestic product (GDP): two
70) As per the 66th round of national sample survey, how much percent
of Indias rural population lives on less than Rs. 35 per day: 60%
48) According to Dr Kaushik Basu, the Indian economy is likely to grow

by 7.6 per cent this fiscal year. Who is Dr. Basu: Chief Economic
Advisor
71) The government has decided to allow export of ____ tonnes of

sugar: 1 million
49) The Indian government has projected the economy to expand by

_____ percent in the current fiscal: 7.6
72) Government has decided to cut crude oil import from which country
by 11% to 15.5 million tonnes in 2011 2012: Iran
50) What are the three main sectors comprising the Index of Industrial
Production: Manufacturing, Mining & Electricity
73) India has decided convert 200 million US dollars as grant to which
country: Bangladesh
51) The manufacturing sectors comprises roughly ______ percent of

the index of industrial production: 76
74) Axis Bank has established a partnership to introduce mobile

banking and payment services in India with which company: Bharti
Airtel
52) The weightage of mining sector in the Index of Industrial Production

is about ________: 14%
53) Electricity sector constitutes roughly ______ percentage of Index of
Industrial Production: 10
54) The core sector in India comprises of how many industries: Eight
55) All the 8 core sectors put together comprise ________ percent of
Index of Industrial Production: 37.9%
56) Growth rate target for agriculture during the 12th five year plan has
been fixed at _____ percent: four
57) The export target for the year 2012-13 has been fixed at USD
__________ billion: 350
58) GSPA stands for: Gas Sale and Purchase Agreement
59) From which country the Union Cabinet has signed the GSPA
agreement: Turkmenistan
60) Name the countries involved in the TAPI pipeline project:
Turkmenistan, Afghanistan, Pakistan and India
61) Which scheme SEBI has asked the government to route tax saving
through mutual funds: Rajiv Gandhi Equity Saving Scheme
62) India and Japan signed ________ agreement, aimed at eliminating
tariff on majority of products traded between the countries: CEPA
(Compressive Economic Partnership Agreement)
63) Reserve Bank of India will offer swap arrangement of ________
billion dollars both in foreign currency and Indian currency to
SAARC nations: Two
75) Which Central Ministry has launched the scheme One MP One
Idea: The Ministry of Statistics and Programme
Implementation
76) What is the full form of Parliaments popular scheme MPLADS:
Member of Parliament Local Area Development Scheme
77) What is the objective of One MP-One Idea Scheme: To reward
generation of innovative ideas about the development of local
area
78) Government recently appointed a technical panel under
Chairmanship of Dr. C. Rangarajan for what purpose: To review
the methodology of fixing poverty line
79) Fixation of poverty line at present is done as per the methodology
suggested by ________ committee: Suresh Tendulkar
80) The interest rate on Special Deposit Scheme and State Provident
Funds has been revised to ____: 8.8%
81) Which state of India ranks first in fish production, accounting for
almost 6% of overall fish production: Karnataka
82) Which Indian Bank has launched a real time International account
to account money transfer service from any way in the world to any
bank in India: Federal Bank
83) Prime Minister of India on his recent visit to Myanmar met H E
Thein Sein. Who is he: President of Myanmar
84) India has announced to launch a trans-border bus service from
Imphal to Mandalay, for which country: Myanmar
85) Recently India test fired two indigenously developed Akash

Missiles. Name the type of these missiles: Surface to air anti
aircraft missile
86) Name the film that recently won the prestigious Palme dOr award
for best picture at Cannes film festival: Love
87) Palme dOr the best film award is conferred by which film festival:
Cannes Film Festival
88) Central Government has announced to replace common entrance
tests IIT-JEE/ AIEEE with which test from 2013: ISEET (Indian
Science Engineering Test)
89) What is the full form of the new test ISEET proposed from 2013 in
lieu of IIT-JEE/AIEEE: Indian Science Engineering Test
90) Who has won the Santosh Trophy for Football: Services
91) Name the winner of Thomas Cup for Mens Badminton: China
92) Name the winner of Uber Cup for Womens Badminton: China
93) At which place the recent UN Climate Change Meeting was held:
Germany
94) Write the full form of UNFCCC: United Nation
Convention on Climate Change
granted banking licence by RBI: Morgan Stanley

105) Morgan Stanley, the financial conglomerate which has been
recently granted banking licence by RBI is from which country:
United State of America
106) Government has announced restructuring of loans amounting to
Rs. 35000 cr for units of which industry: Textiles
107) The Finance Ministry has directed all state-run banks to ensure that
every household has at least one ______________ account by the
end of June: Savings Bank
108) Government is planning to rope in global companies for the revival
of Black Tiger ______ farming in the country: Shrimp
109) Which public sector bank plans to float a dollar one billion debt
bond issue to finance its expansion plans: State Bank of India
110) RBI has recently removed restrictions imposed on charging of
penalty on premature payment which type of deposits: Term
Deposits
111) Name the film personality who has been recently honoured with
prestigious Excellence in Cinema Award by the South Asian
Cinema Foundation, London: Shyam Benegal
Framework
95) Space-X Dragon is the recent space craft launched by a private

party in USA. What was its purpose: To carry supplies and
science equipments for International Space Station
96) Village Kodumanal of district Erode was in news recently as a
variety of ancient artifacts were discovered there. It is in which
state: Tamil Nadu
97) What is the name of new Internet Protocol that will be launched
World Wide from June 6: IPv6
98) Australian F1 racer Mark Webber won the Monaco Grand Prix
recently. What was the name of his team: Red Bull
99) Government of India recently relaxed inward foreign investment
norms for residents of which countries: European Union and Gulf
Countries
100) As per new relaxed norms for inward foreign investment by
individual overseas investors, they have been allowed to invest up
to $_____ billion in Indias debt and corporate bond market: One
101) Recently Ministry of Corporate Affairs referred the alleged Rs. 870
crores fraud in Rebook Company to SFIO. What is the full form of
SFIO: Serious Fraud Investigation Office
102) Anshu Jain has recently been appointed as Co-CEO of which
International Bank: Deustche Bank
103) Who has been appointed as new Union Commerce Secretary: SR
Rao
104) Name the International Finance giant which has recently been
112) Government has decided to hold International Film Festival of India

(IFFI) annually at which place: Goa
113) Indian Computer Scientist, Pradeep Khosla has been appointed as
chancellor of which international university: University of
California
114) Name the banks whose ratings have been downgraded by the
Moodys Investors Service : ICICI Bank, HDFC Bank, Axis Bank
115) The RBI has projected what percent growth in aggregate deposits
of scheduled commercial banks for the financial year: 17%
116) RBI has directed banks to ensure that currency notes in the
denominations of ________ should not be put into recirculation
without the notes being machine processed for authenticity: Rs.
100 and above
117) Deposits growth slowed down to what percent as depositors moved
to gold and real estate for inflation adjusted returns due to which
banks could not cut rates : 13.93%
118) In order to revise the Kisan Credit Card (KCC) scheme, the
Reserve Bank of India (RBI) has asked the banks to issue smart
card cum debit card to farmers. Name the institution which will
design the card of the KCC? : National Payments corporation of
India (NPCI)
119) Name the bill which has been introduced in the Lok Sabha to
transfer share holding of the countrys central bank (RBI) in the
National Housing Bank to the centre National Housing Bank
(Amendment Bill, 2012)
120) Government has decided to exempt foreign banks from paying tax
for setting up local units as it looks to ring-fence such units against
_________: External Economic Shocks
121) The Microfinance institution (Development and Regulation) bill has
been approved by the Govt. As per this bill Micro Finance institution
are required to be registered with which organization: RBI
122) In order to increase the availability of funds for exporters , RBI has
decided to allow banks to determine their interest rates on export
credit in foreign currency with effect from which date: May 5, 2012
123) The Reserve Bank has revised the interest rate ceiling on NRI
deposits in foreign currencies upto what percent above LIBOR: 3%
124) Interest rate ceiling on which deposits of banks have been raised
from 125 basis points above the corresponding LIBOR: Foreign
Currency Non Resident (FCNR)
125) The RBI has allowed Non-Resident Indians (NRIs) to transfer funds
from Non Resident ordinary (NRO) account to which account: Non
Resident External Account
126) In case of Non Resident External Account (NRE) only NRIs can
become joint account holders but for non resident ordinary (NRO)
account who can become the joint account holders: both resident
and non resident
127) NRI inflows jump 3 times in 2011-12. It has been trebled to what
amount: $ 11 billion.
128) The RBI has issued the final guidelines for implementation of Basel
III norms. It would be effective from January 1,2013 and are to be
fully implemented by what time: March 31,2018
129) What is the new name for Rangoon, the commercial capital of
Myanmar: Yangon
130) Name the capital of Myanmar: Naypyidaw
131) Where is the headquarter of the Bank for International Settlements
located: Basel, Switzerland
132) In which year Basel III guidelines were issued 2010
133) Defence Ministry has cleared a Rs. 3000 crore proposal to buy 145
Ultra Light Howitzer (ULH) M777 BAE systems guns from which
country: USA
134) Name the medium range surface to air Missile which has been
successfully test fired by India at Chandipur, Odisha: Akash
135) Which naval base has been commissioned by the Navy at Kavarati
on April 30 INS Dweeprakshak
136) The missile defence shield developed by DRDO can destroy an
incoming ballistic missile with the range of up to what distance: 2000 kms
137) 3rd May is celebrated as ____ day: World Press Freedom.
138) Which airline has been slapped a fine of $ 80000 by US authorities
for failing to post customer service and tarmac delay contingency
plans on its website and adequately inform passengers about its
optional fees.: Air India
139) The three day meeting of the World Economic Forum on Africa was
held at which place: Addis Ababa, capital of Ethiopia
140) What was the theme of the meeting of the World Economic Forum
on Africa: Shaping Africas Transformation
141) The Reserve Bank is holding gold reserves of 557.75 tonne. This is
what percent of foreign exchange reserves: 9.2%
142) Which bank has become the largest provider of housing loans,
crossing a record of Rs. 1 lac crore and has covered more than 20
lacs families: State Bank of India
143) Which South Korea based bank has launched its first branch in
India: Woori Bank
144) In which city, South Korea based Woori Bank has launched its first
branch in India : Chennai
145) SBI has planned to merge which two subsidiaries with itself by the
end of this year.: State Bank of Hyderabad and State Bank of
Patiala
146) Who is the Japans Minister for Foreign Affairs: Koichiro Gemba
147) Name the Japanese deep-sea drilling probe which has set a world
record for digging the sea bed to reach 25400 feet below the sea
surface: Chikyu
148) A Japanese deep sea probe named Chikyu has been operated by
which agency: The Japan Agency for Marine Earth Science and
Technology
149) Japans _______shut down the countries 50th and last active
nuclear reactor at: Tomari Hukkaido Electric Power.
150) The host city of Nuclear Security Summit in 2014 will be: The
Netherlands
151) Name the international university which has opened a centre in the
honour of Rabindranath Tagore to mark his 150 th Birth anniversary:
Napier University, Edingburgh, Scotland.
152) Where was the G- 8 Nations Summit held in May 2012: Camp
David, USA
153) The UK has announced the opening of two more missions at which
place in India to boost trade and investment: Hyderabad and
Chandigarh
154) Who is the writer of the famous short story Toba Tek Singh
Saadat Hasan Manto.
155) Name the veteran writer and Gandhian who has returned his
Padma Shri award to protest against the auction of items belonging
to Gandhi ji Giriraj Kishore
156) Who is the Advisor to Prime Minister of India on Public Information

Infrastructure And Innovations Sam Pitroda
157) Sam Pitroda has been conferred with an honorary degree by which
international institute: New York Universitys Polytechnic
Institute
158) Who is the President of the International Olympic Committee
Jacques Rogge
159) Microsoft has launched a beta version of its ____ upcoming
operating system for consumers to install and try out: Windows 8
160) What is the full form of NCTC: National Counter Terrorism Centre
161) The Bhimashankar wildlife sanctuary is situated in Maharashtra
162) At which place will the LPG Terminal Project of Indian Oil Petronas
Pvt. Ltd be set up Ennore (Chennai)
163) Bonda tribe belongs to which state Odisha
164) Where is Namdapha National Park? Distt. Changlang (Arunachal
Pradesh)
165) The first ever direct translation from Chinese to Tamil, named Even
if I Adorn, Theres None To Behold is written by Indian diplomat
Sridharan Madhusudhanan
166) Who is the Editor in Chief of the Guinness Book of World records
Craig Glanday
167) What is the full form of NMEICT: National Mission on Education
Through Information And Technology
168) Which country has launched Baby Beans,the worlds smallest
wireless laser mouse that uses 2.4 GHZ wireless communication
technology Japan
169) Wadi Project is being sponsored by which institution NABARD
170) Which state has been selected for the national award for egovernance instituted by Union Govt. for 2011-12: Rajasthan
171) Name the currency of Myanmar: Myanma kyat
172) Hillary Clinton has recently been declared as _______: Worlds
Most Powerful Mom.
173) Hillary Clinton recently visited India. She is ___ of USA : Secretary
of State (equivalent to Foreign Minister)
174) Mr ________ has been appointed as new chairman of Telecom
Regulatory Authority of India (TRAI) : Mr Rahul Khullar
175) Who has been appointed chairman of Atomic Energy Commission:
Mr Ratan Kumar Sinha
176) Mr. Goolam E. Vahanvati has been reappointed for two years as:
Attorney General of India
177) Govt. of India has appointed _____ as Ambassador of Total
Sanitation Campaign: Miss Vidya Balan
178) Who has been elected as new of President in France: Mr. Francois
Hollande of Socialist party (He defeated Mr.Nicolas Sarkozy)
179) The new Chief Executive Officer of International Cricket Council is
_____ : Mr. David Richardson
180) Who has been elected as new President of Serbia: Tomislav
Nikolic
181) Mr Tomislav Nikolic defeated : Boris Tadick (Former President of
Serbia)
182) Ms. Suchitra Sen an eminent actress has been awarded: Highest
award of West Bengal, Banga Bhushan
183) The Grand Cordon of the order of the Rising Sun a Title by
Japanese Govt. for contribution in strengthening economic relations
between Japan and India has been awarded to: Mr. Ratan Tata
184) The Book The Chemistry Of Tears has been written by: Mr. Peter
Carey.
185) The Best Thing About You Is You is a book written by : Anupam
Kher
186) The Bridge: The rise and life of Barack Obama is a book written
by: David Remnick
187) A Hydel project across Pranahita river named Dr. B.R. Ambedkar
Pranahita Chevella Sujala Sarvanthi is being established jointly by:
Andhra Pradesh and Maharashtra
188) Name the village which has Wi-Fi and optical fibre broadband
network, air conditioned class rooms with CCTV cameras and Mini
bus transport system: Punsari Distt. Himmatnagar Gujarat
189) Name the women discus thrower who won silver medal at Altius
Track Crew Meet in Hawaii: Krishna Punia
190) Name the player who won Asian Continental Chess Championship:
Parimarjan Negi

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