MONTHLY ISSUE - APRIL - 2016 CurrVanik’s ent Affairs Banking | Railway | Insurance | SSC | UPSC | OPSC | PSU Practice Set for RRB (Non-Tech) Vanik’s Page 200 Updated MCQs Practice Set for LIC-AAO 200 One Liners Practice Set for CGL-2016 40 MCQs on Computers 100 GK for SSC & Railway Vanik’s Knowledge Garden Leading Institute for Banking, Railway & SSC P u b l i c a t i o n s VANIK'S PAGE Banking Related Acts 1. Negotiable Instrument Act–1881 1. The Reserve Bank of India (Amendment and Misc. 2. The Bankers’Books Evidence Act–1891 Provisions) Act–1953 3. The ReserveBank of India Act–1934 2. The Industrial Disputes (Banking Companies) Decision 4. The Industrial Finance Corporation of India Act–1948 Act–1955 5. The Banking Companies (Legal Practitioner Clients’ 3. The State Bank of India Act–1955 Accounts) Act–1949 4. The State Bank of India (Subsidiary Banks) Act-1959 6. The Industrial Disputes (Banking and Insurance 5. The Subsidiary Banks General Regulation–1959 Companies) Act–1949 6. The Deposit Insurance and Credit Guarantee 7. The Banking Regulation(Companies) Rules–1949 Corporation Act–1961 8. The Banking Regulation Act–1949 7. The National Bank for Agriculture and Rural 9. The State Financial Corporations Act–1951 Development Act–1981 10. The Reserve Bank of India (Amendment and Misc. 8. Chit Fund Act–1982 Provisions) Act–1953 9. Shipping Development Fund Committee (Abolition)Act– 11. The In dustrial Disputes (Banking Companies) Decision 1985 Act–1955 10. Sick Industrial Companies (Special Provisions)Act–1985 12. The State Bank of India Act–1955 11. The National Housing Bank Act–1987 13. The State Bank of India (Subsidiary Banks) Act-1959 12. The Special Court (trial of Offences relating to 14. The Subsidiary Banks General Regulation–1959 Transactions in Securities) Act–1992 15. The Deposit Insurance and Credit Guarantee 13. The Industrial Finance Corporation (Transfer of Corporation Act–1961(DICGC) Undertakings and Repeal) Act–1993 16. The Banking Companies (Acquisition and Transfer of 14. Industrial Reconstruction Bank (Transfer of Undertaking Undertakings) Act–1970 & Appeal) Act–1997 17. The Regional Rural Banks Act–1976 15. SIDBI General Regulations, 1990 18. The Banking Companies (Acquisition and Transfer of 16. Banking Regulation (Companies) Rules 1949 Undertakings) Act–1980 17. The Nationalised Banks (Management and Misc. 19. The Export-Import Bank of India Act–1981 Provisions)Scheme,1970 20. The National Bank for Agricultur e and Rural 18. NABARD General Regulations 1982 19. Banking Companies (Period of Preservation of Records) Development Act–1981 21. Chit Fund Act–1982 Rules, 1985 22. Sick Industrial Companies (Special Provisions)Act–1985 20. Banking Companies (Regulation)Rules,1985 21. NAB ARD Bonds Regulations — 1988 23. The National Housing Bank Act–1987 22. The Banking Ombudsman Scheme, 2006 24. SIDBI Act–1989 23. F actoring Act Rules, 2011 25. The Special Court (trial of Offences relating to 24. S ARFAESI (Central registry) Rules,2011 Transactions in Securities) Act–1992 25. Bank er’s Books Evidence Act, 1891 26. The Industrial Finance Corporation (Transfer of 26. Banking Regulation Act, 1949 Undertakings and Repeal) Act–1993 27. Banking Companies (Legal Practitioners’ Clients’ 27. Industrial Reconstruction Bank (Transfer of Undertaking Account) Act, 1949 & Appeal) Act–1997 28. Banking Regulation (Companies) Rules, 1949 28. The Securitisation and Reconstruction of Financial Assets 29. Banking Companies (Acquisition and Trans fer of and Enforcement of Security Interest Act –(SARFASI- Undertaking) Act, 1969 2002) 30. Debts Recovery Appellate Tribunal (Procedure) 29. Industrial Developmen t Bank (Transfer of Undertaking & Rules,1994 Repeal) Act–2003 31. F oreign Contribution (Regulation) Act, 1976 30. Credit Information Companies (Rules & Regulation) Act – 32. F oreign Exchange Management Act, 1999 2005 33. Indian Partnership Act, 1932 31. The Industrial Finance Corporation of India Act–1948 34. Indian Stamp Act, 1899 32. The Banking Companies (Legal Practitioner Clients’ 35. Indian Trusts Act, 1882 Accounts) Act–1949 36. Limit ation Act, 1963 33. The Industrial Disputes (Banking and Insurance 37. Recovery of Debts due to Banks and Financial Companies) Act–1949 Institutions Act,1993 34. The State Financial Corporations Act–1951 38. Reserve Bank of India Act — 1934 MAGAZINE FOR THE MONTH OF APRIL - 2016 VANIK’S MAGAZINE FOR THE MONTH OF APRIL - 2016 B – 61 A & B, Saheed Nagar & Plot-1441, Opp. IOCL Petrol Pump, CRP Square, Bhubaneswar 1 Leading Institute for Banking, Railway & SSC Ph. : (0674) 6556677, 8093556677. Web : www.vanik.org, E-mail : [email protected] Message from Director Vanik Publications EDITOR Dear Students, Mr. Pramod Padhi April is the begining of new financial year in Indian Economy. A lot of ASSOCIATE EDITORS Satabdi Sagar Mohanty hope & expectation get manifestation in the Budget & Railway Budget Presented Samarendra Narayan Sahoo by the govt. Like the previous years the ministers this year have tried to make it a ADVISORS G. Khatua budget for “Aam Admi” to maintain its popularity while ensuring stability in the B. R. Das PUBLISHING MANAGER Indian Economy. This month magazine has covered these two events in a more Smrutiranjan Chhatoi ditailed manner alongwith the regular features. Hope you will get the benefit. DESIGNING & LAYOUT Wishing you all the best for your comming series of examinations and Vijaya Moharana personality tests. Publisher : Subrat Kumar Chhatoi Printed and Published by : Vanik Publication Printed at : Bhagabati Press Best of Luck Plot-1441, Opp. IOCL Petrol Pump, CRP Square, Bhubaneswar Website : www.vanik.org | Phone : 0674-6556677, 8093-556677 Subrat Kumar Chhatoi _____________________________________________________ © Copyright Reserved No part of this magazine can be printed in whole or part without the written permission of the publisher. The editor and publisher have tried their best to verify the factual accuracy of the informations published, but do not take any responsibility for the absolute accuracy of the informations in the magazine. All disputes subject to Bhubaneswar (Odisha) Jurisdiction. CONTENTS Topics Page No Events of the Month 4 International news 13 National news 15 Bilateral 18 Economy and Banking 20 Award and Honour 23 Book and Author 25 Person in news 26 Places in news 27 Sports 28 Science and Technology 30 Environment and Ecology 31 Defence 32 Recent Summit in News 33 Committee and its Function 34 Date and Observation 34 International and National institution 35 State news 36 Recent government devlopement and scheme 39 200 MCQ current affairs 41 40 MCQ of Computer 52 Abbreviation 54 Descriptive English 55 Word of the Month 56 Banking Terminology 57 Miscellaneous G.K. for SSC and Railway 59 Practice Set : RRB (Non-Tech) Set-1 63 LIC-AAO 68 Previous year question for CGL 79 Who’s Who? 97 One Liner 101 MAGAZINE FOR THE MONTH OF APRIL - 2016 EVENTS OF THE MONTH Tax NION BUDGET 2016-17 Infrastructure and agriculture cess to be levied. U Excise duty raised from 10 to 15 per cent on tobacco Union Finance Minister, Arun Jaitley on 29 February 2016 products other than beedis presented Union Budget 2016-17 in the Lok Sabha. This was 1 per cent service charge on purchase of luxury the second full year Budget of the NDA government and the cars over Rs. 10 lakh and in-cash purchase of goods third budget of Jaitley.The finance minster announced nine and services over Rs. 2 lakh. pillars of the budget and they are Agriculture and farmers’ SUVs, Luxury cars to be more expensive. 4% high welfare, rural sector, social sector including healthcare, capacity tax for SUVs. education, skills and job creation, infrastructure, financial Companies with revenue less than Rs 5 crore to be sector reforms, ease of doing business, fiscal discipline, tax taxed at 29% plus surcharge reforms to reduce compliance burden. Limited tax compliance window from Jun 1 - Sep 30 for declaring undisclosed income at 45% ROAD MAP & PRIORITIES incl.surcharge and penalties 1. ‘Transform India’ to have a significant impact on Excise 1 per cent imposed on articles of jewellery, economy and lives of people. excluding silver. 2. Government to focus on – 0.5 per cent Krishi Kalyan Cess to be levied on all a. ensuring macro-economic stability and prudent services. fiscal management. Pollution cess of 1 per cent on small petrol, LPG and b. boosting on domestic demand CNG cars; 2.5 per cent on diesel cars of certain c. continuing with the pace of economic reforms specifications; 4 per cent on higher-end models. and policy initiatives to change the lives of our Dividend in excess of Rs. 10 lakh per annum to be 3. Focus on enhancing expenditure in priority areas taxed at additional 10 per cent. of - farm and rural sector, social sector, infrastructure Personal Finance sector employment generation and recapitalisation No changes have been made to existing income tax of the banks. slabs 4. Focus on Vulnerable sections through: Rs 1,000 crore allocated for new EPF (Employees’ a. Pradhan Mantri Fasal Bima Yojana Provident Fund) scheme b. New health insurance scheme to protect against Govt. will pay EPF contribution of 8.33% for all new hospitalisation expenditure employees for first three years c. Facility of cooking gas connection for BPL Deduction for rent paid will be raised from Rs 20,000 families to Rs 60,000 to benefit those living in rented houses. 5. Continue with the ongoing reform programme and Additional exemption of Rs. 50,000 for housing loans ensure passage of the Goods and Service Tax bill up to Rs. 35 lakh, provided cost of house is not and Insolvency and Bankruptcy law above Rs. 50 lakh. 6. Undertake important reforms by: Service tax exempted for housing construction of a. giving a statutory backing to AADHAR platform houses less than 60 sq. M to ensure benefits reach the deserving.