Economy Made Easy

NABARD was established under recommendations of	Shivaraman Committee
The chairman of Fourteenth Finance Commission	Y.V. Reddy
Banks of India were nationalised for the first time in the year	1969
The main aim of devaluation is to	Encourage exports
What is the tertiary sector of economic development	Service Sector?
Which state of India has highest Per capita income	Goa
RBI was nationalised in the year	1935
National Agriculture Insurance Scheme was introduced in	1999
Short term finance is usually for a period of	12 months
Who is the regulator of Insurance sector in India	IRDA
Who is the Census Commissioner for Census 2011?	C. Chandramouli
The main rubber producing state in the country is	Kerala
The largest producer of Coffee in the country is	Karnataka
At present, the number of nationalised banks in the country	19
Project SANKALP is associated with the elimination of	AIDS
The central banking functions in India are performed by the	Reserve Bank of India
Development expenditure of the Central government does not include	Defence expenditure
Gilt-edged market means	Market of Government Securities
Loss of equipment over time due to wear and tear is called as	Depreciation
The association of the rupee with Pound Sterling as the intervention currency was broken in	1992
On July 12, 1982, the ARDC was merged into	NABARD
If the Cash Reserve Ratio is lowered by the RBI, its impact on credit creation will be to	Increase it
In the state of India, the State Financial Corporation have given assistance mainly to develop	Small and medium scale industries
States earn maximum revenue through	Commercial Taxes
The first Indian private company to sign an accord with Government of Myanmar for oil exploration in two offshore blocks in that country is	Essar Oil
The condition of indirect taxes in the country's revenue is approximately	86%
The Board of Industrial and Financial Reconstruction (BIFR) came into existence in	1987
Of the gross tax revenue of the Union Government the indirect taxes account for nearly	65 percent
The banks are required to maintain a certain ratio between their cash in the hand and total assets. This is called as	Statutory Liquid Ratio (SLR)
How many banks were nationalized in 1969?	14
In India, the first bank of limited liability manages by Indians and founded in 1881 was	Oudh Commercial Bank
The apex body for formulating plans and coordinating research work in agriculture and allied fields is	Indian Council of Agricultural Research
Short-term finance is usually for a period ranging up to	One year
Paper currency first started in India in	1861
Foreign Direct Investment ceilings in the telecom sector have been raised from 74 percent to	100%
The largest sponge iron producer in the world is	India
National Rural Development Institute is situated at	Hyderabad
The bank which has the highest number of branches in the world is	SBI
The Mumbai Stock Exchange was set up in	1875
Rangarajan Committee is related to	Public Sector disinvestment
Raja Chellaiah Committee is related to	Tax Reforms
Malhotra Committee is related to	Insurance Sector Reforms
Narasimham Committee is related to	Financial Sector Reforms
The principle means of transport of goods in India is	Railways
India's place in the World Production of Sugar and Sugarcane is	First
State with Highest Production of Wheat (2011-12) is	Uttar Pradesh
State with Highest Production of Rice (2011-12) is	West Bengal
State with Highest Production of Pulses (2011-12) is	Madhya Pradesh
State with Highest Production of Total Food Grains (2011-12) is	Uttar Pradesh
State with Highest Production of total Oil Seeds (2011-12) is	State with Highest Production of total Oil Seeds (2011-12) is
The policy of Family Planning was adopted by the government in	1952
Bank Rate means	The official rate of interest charged by the central bank of the country
The term MARKET in economics means	Presence of competition
Commercial banking system in India is	Branch banking
Demand of commodity mainly depends on	Power to purchase
CMD of Bharatiya Mahila Bank is	Usha Ananthasubramanian
Mr. Cyrus Pallonji Mistry took over as the chairman of which industrial group recently?	Tata Group

List of Private sector banks in India and their headquarters

S.No.	Private Bank	Headquarter
1	Axis Bank Ltd.	Mumbai
2	Bank of Rajasthan Ltd	Jaipur
3	The Catholic Syrian Bank	Thrissur
4	The Dhanalakshmi Bank Ltd	Thrissur
5	Federal Bank	Kerala
6	ING Vysya Bank Ltd	Bengaluru
7	The Karnataka Bank Ltd.	Mangalore
8	The Karur Vysya Bank Ltd.	Karur
9	The Nainital Bank Ltd.	Nainital
10	The South Indian Bank Ltd.	Thrissur
11	Tamilnad Mercantile Bank Ltd	Tuticorin

TYPES OF TAXES IN INDIA

TYPES OF TAXES IN INDIA

 I. DIRECT TAXES :-
These types of taxes are directly imposed & paid to Government of India. There has been a steady rise in the net Direct Tax collections in India over the years, which is healthy signal. Direct taxes, which are imposed by the Government of India, are:
 (1) Income Tax :-
Income tax, this tax is mostly known to everyone. Every individual whose total income exceeds taxable limit has to pay income tax based on prevailing rates applicable time to time.
 (2) Capital Gains Tax :-
Capital Gain tax as name suggests it is tax on gain in capital. If you sale property, shares, bonds & precious material etc. and earn profit on it within predefined time frame you are supposed to pay capital gain tax. The capital gain is the difference between the money received from selling the asset and the price paid for it.
 (3) Securities Transaction Tax :-
A lot of people do not declare their profit and avoid paying capital gain tax, as government can only tax those profits, which have been declared by people. To fight with this situation Government has introduced STT (Securities Transaction Tax ) which is applicable on every transaction done at stock exchange. That means if you buy or sell equity shares, derivative instruments, equity oriented Mutual Funds this tax is applicable.
 (4) Perquisite Tax :-
Earlier to Perquisite Tax we had tax called FBT (Fringe Benefit Tax) which was abolished in 2009, this tax is on benefit given by employer to employee. E.g If your company provides you non-monetary benefits like car with driver, club membership, ESOP etc. All this benefit is taxable under perquisite Tax.
 (5) Corporate Tax :-
Corporate Taxes are annual taxes payable on the income of a corporate operating in India. For the purpose of taxation companies in India are broadly classified into domestic companies and foreign companies.
 II. INDIRECT TAXES :-
 (6) Sales Tax :-
Sales tax charged on the sales of movable goods. Sale tax on Inter State sale is charged by Union Government, while sales tax on intra-State sale (sale within State) (now termed as VAT) is charged by State Government.
 (7) Service Tax :- 
Most of the paid services you take you have to pay service tax on those services. This tax is called service tax. Over the past few years, service tax been expanded to cover new services.
 (8) Value Added Tax :-
The Sales Tax is the most important source of revenue of the state governments; every state has their respective Sales Tax Act. The tax rates are also different for respective states.
 (9) Custom duty & Octroi (On Goods) :-
Custom Duty is a type of indirect tax charged on goods imported into India. One has to pay this duty , on goods that are imported from a foreign country into India. This duty is often payable at the port of entry (like the airport). This duty rate varies based on nature of items.
 (10) Excise Duty :-
An excise or excise duty is a type of tax charged on goods produced within the country. This is opposite to custom duty which is charged on bringing goods from outside of country. Another name of this tax is CENVAT (Central Value Added Tax).
 (11) Anti Dumping Duty :-
Dumping is said to occur when the goods are exported by a country to another country at a price lower than its normal value. This is an unfair trade practice which can have a distortive effect on international trade. In order to rectify this situation Central Govt. imposes an anti dumping duty not exceeding the margin of dumping in relation to such goods.
 III. OTHER TAXES :-
 (12) Professional Tax :-
If you are earning professional you need to pay professional tax. Professional tax is imposed by respective Municipal Corporations. Most of the States in India charge this tax.
 (13) Dividend distribution Tax :-
Dividend distribution tax is the tax imposed by the Indian Government on companies according to the dividend paid to a company’s investors. Dividend amount to investor is tax free. At present dividend distribution tax is 15%.
 (14) Municipal Tax :-
Municipal Corporation in every city imposed tax in terms of property tax. Owner of every property has to pay this tax. This tax rate varies in every city.
 (15) Entertainment Tax :-
Tax is also applicable on Entertainment; this tax is imposed by state government on every financial transaction that is related to entertainment such as movie tickets, major commercial shows exhibition, broadcasting service, DTH service and cable service.
 (16) Stamp Duty, Registration Fees, Transfer Tax :- If you decide to purchase property than in addition to cost paid to seller. You must consider additional cost to transfer that property on your name.
 (17) Education Cess , Surcharge :-
Education cess is deducted and used for Education of poor people in INDIA. All taxes in India are subject to an education cess, which is 3% of the total tax payable. The education cess is mainly applicable on Income tax, excise duty and service tax.
 (18) Gift Tax :-
If you receive gift from someone it is clubbed with your income and you need to pay tax on it. This tax is called as gift tax.
 (19) Wealth Tax :-
Wealth tax is a direct tax, which is charged on the net wealth of the assessee. Wealth tax is chargeable in respect of Net wealth corresponding to Valuation date.Net wealth means all assets less loans taken to acquire those assets. Wealth tax is 1% on net wealth exceeding 30 Lakhs (Rs 3,000,000). So if you have more money, assets you are liable to pay tax.
 (20) Toll Tax :-
At some of places you need to pay tax in order to use infrastructure (road, bridge etc.) build from your money given to government as Tax. This tax is called as toll tax. This tax amount is very small amount but, to be paid for maintenance work and good up keeping.

REVOLUTIONS IN THE FIELD OF AGRICULTURE

Green Revolution in India
       An increase in food production, especially in underdeveloped and developing nations, through the introduction of high-yield crop varieties and application of modern agricultural techniques. The introduction of high-yielding varieties of seeds and the increased use of chemical fertilizers and irrigation are known collectively as the Green Revolution, which provided the increase in production needed to make India self-sufficient in food grains, thus improving agriculture in India. High-yielding wheat was first introduced to India in 1968 by American agronomist Norman Borlaug. Borlaug has been hailed as the Father of the Green Revolution but M.S. Swaminathan is known as the "Father of the Green Revolution in India". The methods adopted included the use of high yielding varieties (HYV) of seeds.
      The production of wheat has produced the best results in fueling self-sufficiency of India. Along with high yielding seeds and irrigation facilities, the enthusiasm of farmers mobilized the idea of agricultural revolution and is also credited to M. S. Swaminathan and his team had contributed towards the success of green revolution. Due to the rise in use of chemical pesticides and fertilizers there were many negative effects on the soil and the land such as land degradation.
* Black Revolution - Petroleum Production : 1970
* Blue Revolution - Fish Production : 1960 Father of Blue revolution Prof :Hiralal Chaudhuri.
* Brown Revolution - Leather/non-conventional/Cocoa production
* Golden Fiber Revolution - Jute Production
* Golden Revolution - Fruits/Overall Horticulture development/Honey Production
* Green Revolution - Food grains : Father of Green Revolution M.S. Swaminadhan.
* Grey Revolution - Fertilizer : 1964
* Pink Revolution - Onion production/Pharmaceutical/Prawn production
* Red Revolution - Meat & Tomato Production
* Round Revolution - Potato
* Silver Fiber Revolution - Cotton
* Silver Revolution - Egg/Poultry Productio
* White Revolution (In India: Operation Flood) - Milk/Dairy production : 1970 Father of White revolution Dr. Verghese Kurien
* Yellow Revolution - Oil Seeds production : Father of Yellow Revolution Sam Pit Roda
* Evergreen Revolution - Overall development of Agriculture.

REGIONAL RURAL BANKS

Regional Rural Banks (RRBs) had been established to take the banking services to the doorsteps of rural masses especially in remote rural areas with no access to banking services. These banks were originally intended to provide institutional credit to those weaker sections of the society at concessional rate of interest, who depend on private money-lenders. The banks were also intended to mobilise and channelise rural savings for supporting productive activities in the rural areas. However, with effect from 22 March 1997, the RRBs were allowed to lend outside the target group by classifying their advances into ‘Priority Sector’ and ‘others’. Similarly the interest rates on term deposits offered by RRBs have also been freed. Subsequently, it has been decided to permit RRBs at their discretion to offer differential rate of interest on their term deposits of maturity subject to certain conditions. The credit outstanding of all the 196 RRBs stood at Rs. 32,870 crore as at the end of March 2005 and Rs. 62,143 crore was mobilized as deposits by RRBs till that date.

RESERVE BANK OF INDIA

The Reserve Bank of India (RBI) was established under the Reserve Bank of India Act, 1934 on 1 April 1935 and nationalised on 1 January 1949. The Bank acts as banker to the Central Government, state governments, commercial banks, state co-operative banks and some of the financial institutions. It formulates and administers monetary policy with a view to ensuring stability in prices while promoting higher production in the real sector through proper deployment of credit. RBI plays an important role in maintaining the stability of exchange value of the rupee and acts as an agent of the Government in respect of India’s membership of International Monetary Fund. The Reserve Bank also performs a variety of developmental and promotional functions. These apart, the Reserve Bank also handles the borrowing programme of the Government of India.

The Reserve Bank is the sole authority for issue of currency in India other than one rupee coins and subsidiary coins and notes.

As the agent of the Central Government, the Reserve Bank undertakes distribution of one-rupees notes and coins, as well as small coins issued by the Government.

Countries by exports per capita

Rank	Country / Entity	Exports per capita, US$
1	Hong Kong	45,574
2	Singapore	45,302
3	United Arab Emirates	37,200
4	Netherlands	32,817
5	Norway	24,564
6	Ireland	24,000
7	Belgium	23,485
8	Switzerland	22,230
9	Iceland	21,500
10	Denmark	19,893
11	Slovenia	16,640
12	Austria	16,300
13	Puerto Rico	16,257
14	Kuwait	16,230
15	Slovakia	14,570
16	Germany	14,169
17	Sweden	13,924
18	Trinidad and Tobago	12,700
19	Oman	11,700
20	Finland	10,766
21	Czech Republic	10,700
22	Libya	10,100
23	Estonia	9,820
24	Canada	9,430
25	Republic of China (Taiwan)	8,800
26	Hungary	7,860
27	South Korea	7,700
28	Lithuania	7,250
29	France	7,200
30	Israel	7,060
31	Saudi Arabia	6,965
32	Italy	6,825
33	Australia	6,800
34	New Zealand	6,725
35	Gabon	6,500
36	United Kingdom	5,780
37	Malaysia	5,560
38	Kazakhstan	5,556
39	Portugal	5,450
40	Spain	4,750
41	Japan	4,250
42	Chile	4,000
43	Angola	3,800
44	Latvia	3,750
45	Poland	3,500
46	United States	3,375
47	Belarus	3,350
48	Panama	3,120
49	Bulgaria	2,960
	European Union	2,880
50	Botswana	2,850
51	Romania	2,800
52	Croatia	2,800
53	Greece	2,425
54	Thailand	2,266
55	Russia	2,150
55	Macedonia	2,150
57	Costa Rica	2,125
58	Algeria	2,100
59	Mexico	2,000
60	Turkmenistan	1,900
61	Tunisia	1,900
62	Mauritius	1,850
63	Argentina	1,825
64	Venezuela	1,800
65	Uruguay	1,800
66	Serbia	1,650
67	Turkey	1,530
68	Swaziland	1,500
69	Ukraine	1,400
70	South Africa	1,360
71	Namibia	1,350
72	Jordan	1,008
73	Iran	934
74	Azerbaijan	727
75	Philippines	704
76	Bosnia and Herzegovina	691
77	Dominican Republic	654
78	Ecuador	636
79	Iraq	617
80	Jamaica	601
81	People's Republic of China	572
82	Peru	570
83	El Salvador	521
84	Paraguay	508
85	Colombia	506
86	Lebanon	498
87	Brazil	497
88	Papua New Guinea	481
89	Nigeria	397
90	Indonesia	375
91	Morocco	373
92	Vietnam	372
93	Côte d'Ivoire	357
94	Lesotho	336
95	Syria	333
96	Mongolia	322
97	Georgia (country)	313
98	Guatemala	313
99	Sri Lanka	311
100	Chad	309
101	Yemen	305
102	Nicaragua	282
103	Liberia	277
104	Armenia	265
105	Bolivia	258
106	Mauritania	255
107	Moldova	247
108	Honduras	240
109	Albania	227
110	Cuba	212
111	Uzbekistan	202
112	Cameroon	198
113	Egypt	194
114	Sudan	193
115	Cambodia	189
116	Zambia	167
117	Palestine	146
118	Tajikistan	146
119	Kyrgyzstan	144
120	Ghana	132
121	Senegal	131
122	Zimbabwe	126
123	Togo	125
124	Benin	98
125	Pakistan	94
126	Kenya	93
127	Gambia	92
128	Mozambique	85
129	Bhutan	71
130	India	69
131	Bangladesh	66
132	Guinea	65
133	Laos	64
134	North Korea	57
135	Madagascar	51
136	Myanmar	50
137	Haiti	46
138	Tanzania	41
139	Sierra Leone	33
140	Central African Republic	32
141	Burkina Faso	30
142	Somalia	29
143	Malawi	28
144	Uganda	27
145	Mali	24
146	Nepal	23
147	Democratic Republic of the Congo	19
148	Niger	16
149	Afghanistan	16
150	Rwanda	11
151	Ethiopia	8
152	Eritrea	8
153	Burundi	7
154	Nauru	5