March 28, 2013
BankOfBaroda thumb Bank Of Baroda PO Joining dates Announced B ank of Baroda (BOB) Has Announced their Dates for Joining who recently allotted Through IBPS PO
Recruitment of -1530- Probationary Officers - Project 2013
Selected candidates allotted to Bank of Baroda can join the Bank on one of the following four dates:
* 22-04-2013
* 06-05-2013
* 20-05-2013
* 15-07-2013
These candidates will be required to submit their preferred date of joining among the four dates mentioned above on or before 30-03-2013. However, Bank reserves the right to give any specific date based on merit and the decision of the Bank in this regard will be final and binding.
March 27, 2013
INTERVIEW TIPS FOR IBPS CLERK
NON-VERBAL:-
NON VERBAL MEANS WITHOUT USING WORDS OR VERBS YOU HAVE TO EXPRESS YOURSELF.THIS IS MAINLY FIRST TIME IMPRESSION THAT A PERSON FEEL ABOUT YOU WHEN THEY MEET YOU.IT IS ABOUT PERSONALITY,LOOKS,BEHAVIOUR THAT YOU CARRY WHEN YOU MEET SOMEONE.
WHY IT IS IMPORTANT:-
NON VERBAL IS THE ETIQUETTE THAT YOU SHOW WHEN YOU MEET A PERSON.IT IS 30-45% PART OF INTERVIEW.IF YOU IMPRESS IN FIRST LOOK YOUR CHANCES OF SELECTION IS 50-60%.
"70% CANDIDATES HAVE BEEN REJECTED IN THERE FIRST MEETING BEFORE INTERVIEW"-ACCORDING TO A RESEARCH
WHAT IT CARRIES:-
NON VERBAL CARRIES ALL EXPRESSION,EMOTIONS,ATTITUDE,WAY OF COMMUNICATION.YOU NEED TO SHOW ONLY POSITIVE EMOTIONS,ATTITUDE WHEN YOU FACES AN INTERVIEW.e.g.KEEP SMILING,KEEP SHOW GOOD MANNERS,ANSWERS PROPERLY,SIT PROPERLY.
WHAT DO I DO TO IMPROVE?
MAINLY NONVERBAL ARE INBORN OR ARE LEARNT BY THE TIME OR ENVIORMENT YOU BELONG TO.YOU CANNOT CHANGE IT INSTANTLY BUT YOU PRACTICE SOME DAY BEFORE TO CARRY POSITIVE ATTITUDE & POSITIVE VIBRATION AROUND YOU.
WHAT IS RELEVANT FOR AN INTERVIEWEE:-
1.MODE OF DRESS:-ALWAYS WEAR FORMAL DRESS.YOU CAN CHOOSE FROM LIGHT COLOR SUCH AS:-
FOR MEN:-BLUE/BLACK PANT & WHITE/GREY SHIRTS.
FOR WOMEN:-LIGHT COLORS OF SALWAR SUIT OR SARI OR PANT-SHIRTS ALSO.
2.USE OF TIME:-
TIME IS THE MOST IMPORTANT PART OF INTERVIEW.INTERVIEW NORMALLY LAST FOR 10-15 MIN.IF IT IS INTERESTING THEN IT CAN LAST 25-30 MIN.SO IN 10-15 MIN YOU HAVE TO PUT YOUR IMPRESSION IN THE MIND OF PANEL.YOU YOUR VERY EFFICIENTLY.
3.SPEAKING:-
SPEAK ALWAYS SWIFTLY & SOFTLY WITHOUT ANY HESITATION OR CONFUSION.KEEP YOUR WPM(WORDS PER MINUTE) OPTIMAL AROUND 30-45 WPM.YOUR VOICE PITCH SHOULD BE OPTIMUM SO THAT IT DOESN'T SOUND YOU ARE SHOUTING OR MURMURING.
4.CONFIDENCE:-
SHOW YOUR CONFIDENCE IN YOUR VOICE & ATTITUDE BUT REMEMBER DON'T SHOW OVERCONFIDENCE OTHERS INSTEAD OF IMPRESSION ON THERE MIND YOU CAN CREATE DEPRESSION.
5.SITTING POSTURE:-
YOU SITTING POSTURE SHOULD BE A FORMAL.
NON VERBAL MEANS WITHOUT USING WORDS OR VERBS YOU HAVE TO EXPRESS YOURSELF.THIS IS MAINLY FIRST TIME IMPRESSION THAT A PERSON FEEL ABOUT YOU WHEN THEY MEET YOU.IT IS ABOUT PERSONALITY,LOOKS,BEHAVIOUR THAT YOU CARRY WHEN YOU MEET SOMEONE.
WHY IT IS IMPORTANT:-
NON VERBAL IS THE ETIQUETTE THAT YOU SHOW WHEN YOU MEET A PERSON.IT IS 30-45% PART OF INTERVIEW.IF YOU IMPRESS IN FIRST LOOK YOUR CHANCES OF SELECTION IS 50-60%.
"70% CANDIDATES HAVE BEEN REJECTED IN THERE FIRST MEETING BEFORE INTERVIEW"-ACCORDING TO A RESEARCH
WHAT IT CARRIES:-
NON VERBAL CARRIES ALL EXPRESSION,EMOTIONS,ATTITUDE,WAY OF COMMUNICATION.YOU NEED TO SHOW ONLY POSITIVE EMOTIONS,ATTITUDE WHEN YOU FACES AN INTERVIEW.e.g.KEEP SMILING,KEEP SHOW GOOD MANNERS,ANSWERS PROPERLY,SIT PROPERLY.
WHAT DO I DO TO IMPROVE?
MAINLY NONVERBAL ARE INBORN OR ARE LEARNT BY THE TIME OR ENVIORMENT YOU BELONG TO.YOU CANNOT CHANGE IT INSTANTLY BUT YOU PRACTICE SOME DAY BEFORE TO CARRY POSITIVE ATTITUDE & POSITIVE VIBRATION AROUND YOU.
WHAT IS RELEVANT FOR AN INTERVIEWEE:-
1.MODE OF DRESS:-ALWAYS WEAR FORMAL DRESS.YOU CAN CHOOSE FROM LIGHT COLOR SUCH AS:-
FOR MEN:-BLUE/BLACK PANT & WHITE/GREY SHIRTS.
FOR WOMEN:-LIGHT COLORS OF SALWAR SUIT OR SARI OR PANT-SHIRTS ALSO.
2.USE OF TIME:-
TIME IS THE MOST IMPORTANT PART OF INTERVIEW.INTERVIEW NORMALLY LAST FOR 10-15 MIN.IF IT IS INTERESTING THEN IT CAN LAST 25-30 MIN.SO IN 10-15 MIN YOU HAVE TO PUT YOUR IMPRESSION IN THE MIND OF PANEL.YOU YOUR VERY EFFICIENTLY.
3.SPEAKING:-
SPEAK ALWAYS SWIFTLY & SOFTLY WITHOUT ANY HESITATION OR CONFUSION.KEEP YOUR WPM(WORDS PER MINUTE) OPTIMAL AROUND 30-45 WPM.YOUR VOICE PITCH SHOULD BE OPTIMUM SO THAT IT DOESN'T SOUND YOU ARE SHOUTING OR MURMURING.
4.CONFIDENCE:-
SHOW YOUR CONFIDENCE IN YOUR VOICE & ATTITUDE BUT REMEMBER DON'T SHOW OVERCONFIDENCE OTHERS INSTEAD OF IMPRESSION ON THERE MIND YOU CAN CREATE DEPRESSION.
5.SITTING POSTURE:-
YOU SITTING POSTURE SHOULD BE A FORMAL.
BANKING Q&A FOR IBPS CLERK COMMON INTERVIEW
IBPS CLERK COMMON INTERVIEW ARE GOING ON & THEY ARE MAINLY FOCUSING ON BASIC BANKING QUESTION AS THIS IS THERE DAY TO DAY WORK.WE ARE PROVIDING WITH SOME IMPORTANT QUESTIONS THAT WERE ASKED BY SOME OF THE INTERVIEWER IN THE EXAMINATION.
Q1. WHAT IS BANK?
ANS:-BANK IS A FINANCIAL INSTITUTION WHICH ACCEPT DEPOSIT & GIVE LOAN TO NEEDY PEOPLE & IN BETWEEN EARN THE INTEREST DIFFERENCE.
Q2. WHAT ARE DIFFERENT TYPES OF BANK THAT EXIST IN INDIA?
ANS:-
1.NATIONALIZED BANK(OWNED BY GOVT. E.G. VIJAYA BANK,UBI,CANARA BANK)
2.PRIVATE BANKS(OWNED BY PRIVATE ENTITY E.G. ICICI BANK,AXIS BANK)
3.FOREIGN BANKS(OWNED BY FOREIGN BANKS E.G.STANCHART,CITI BANK)
4.RRB(REGIONAL RURAL BANK)
5.CO-OPERATIVE BANKS
6.INDUSTRIAL BANKS ETC.
Q3.WHO IS RBI & WHAT IS ITS ROLE?
ANS:- RBI MEANS RESERVE BANK OF INDIA IT IS THE CENTRAL BANK OR BANK OF BANK IN INDIA.
ROLES:-
a.ISSUE CURRENCY NOTE
b.ACT AS BANKER BANK BOTH FOR BANKS & GOVT.
c.MAINTAIN FOREIGN EXCHANGE RESERVE & CURRENCY RATE FLUCTUATION.
d.MAINTAIN CRR,SLR,REPO,REVERSE REPO RATE VIA MONETARY POLICIES.
Q4.WHAT IS RRB?WHAT IS ITS ROLE?
ANS:-RRB:-REGIONAL RURAL BANK.IT WORK UNDER SUPERVISION OF NABARD
E.G. PRAGATI GRAMEEN BANK ETC.
STAKE:-50% BY CENTRAL GOVT.,35% BY SPONSORED BANK,15% STATE GOVT.
ROLE:-
IT PROVIDE LOAN & ADVANCES TO FARMER IN RURAL AREA FOR AGRICULTURAL DEVELOPMENT.
Q5. WHAT IS CO-OPERATIVE BANK?
ANS:-IT IS THE BANK WHICH PROVIDE LOAN TO THE SME SECTOR INDUSTRIES.
Q6. WHAT IS INDUSTRIAL BANK?
ANS:-BANK WHICH GIVES BIG LOAN TO LARGE SCALE INDUSTRIES E.G. IDBI
Q7. WHAT IS RTGS & NEFT?
ANS:-RTGS:-REAL TIME GROSS SETTELMENT(SETTELED IN REAL TIME MIN. 2LAC+)
NEFT(NATIONAL ELECTRONIC FUND TRANSFER)
Q8.WHAT DIFFERENT TYPES OF ACCOUNT?
ANS:-
a.SAVING ACCOUNT:-THE MOST COMMON FORM OF ACCOUNTS BY WHICH NORMAL TRANSACTION TAKE PLACE.IT WILL GIVE A MODERATE AMOUNT OF INTEREST WITH LIMITED CHEQUE FACILITY.
b.CURRENT ACCOUNT:-IT IS BEST FOR BUSINESS PURPOSE AS THIS ALLOW UNLIMITED TRANSACTION BUT WITH ANY INTEREST PAYMENT ON IT.
c.FIXED DEPOSIT ACCOUNT:-IT GENERALLY PROVIDE WITH HIGH INTEREST RATE WITH FIXED MATURITY PAYMENT AMOUNT & DATE.
d.RECURRING DEPOSIT:-IT IS ACCOUNT BY WHICH A FIXED AMOUNT IS PAID PERIODICALLY.IT PROVIDE WITH SAME RATE OF INTEREST AS FD.
Q9.WHAT ARE DIFFERENT TYPES OF CHEQUE?
ANS:-CHEQUE IS A NEGOTIABLE INSTRUMENT CONTAINING CONDITIONAL PAYMENT TO ONLY BEARER.
a.ACCOUNT PAYEE CHEQUE:-IT IS PAID TO THE BEARER ONLY.
b.POST DATED CHEQUE:-DATE ON CHEQUE BEYOND TODAYS DATE FOR THE BEARER.
c.STALE CHEQUE:-CHEQUE VALID FOR 6 MONTH AFTER THAT THEY ARE INVALID.
d.PAR CHEQUE:-PAYABLE ANYWHERE IN INDIA.
e.MULTICITY CHEQUE:-PAYABLE IN ANY BRANCH OF THE PARTICULAR BANK.
Q10.WHAT IS INFLATION,DEFLATION?
ANS:-INFLATION:-IT LET THE LOOSE OF VALUE OF MONEY.IT IS INDICATION OF THE GENERAL PRICE LEVEL RISE IN ALL THE ESSENTIAL SUBSTANCES.
DEFLATION:-IT WILL LET THE INCREASE IN VALUE OF MONEY.IT IS OPPOSITE OF INFLATION.
Q1. WHAT IS BANK?
ANS:-BANK IS A FINANCIAL INSTITUTION WHICH ACCEPT DEPOSIT & GIVE LOAN TO NEEDY PEOPLE & IN BETWEEN EARN THE INTEREST DIFFERENCE.
Q2. WHAT ARE DIFFERENT TYPES OF BANK THAT EXIST IN INDIA?
ANS:-
1.NATIONALIZED BANK(OWNED BY GOVT. E.G. VIJAYA BANK,UBI,CANARA BANK)
2.PRIVATE BANKS(OWNED BY PRIVATE ENTITY E.G. ICICI BANK,AXIS BANK)
3.FOREIGN BANKS(OWNED BY FOREIGN BANKS E.G.STANCHART,CITI BANK)
4.RRB(REGIONAL RURAL BANK)
5.CO-OPERATIVE BANKS
6.INDUSTRIAL BANKS ETC.
Q3.WHO IS RBI & WHAT IS ITS ROLE?
ANS:- RBI MEANS RESERVE BANK OF INDIA IT IS THE CENTRAL BANK OR BANK OF BANK IN INDIA.
ROLES:-
a.ISSUE CURRENCY NOTE
b.ACT AS BANKER BANK BOTH FOR BANKS & GOVT.
c.MAINTAIN FOREIGN EXCHANGE RESERVE & CURRENCY RATE FLUCTUATION.
d.MAINTAIN CRR,SLR,REPO,REVERSE REPO RATE VIA MONETARY POLICIES.
Q4.WHAT IS RRB?WHAT IS ITS ROLE?
ANS:-RRB:-REGIONAL RURAL BANK.IT WORK UNDER SUPERVISION OF NABARD
E.G. PRAGATI GRAMEEN BANK ETC.
STAKE:-50% BY CENTRAL GOVT.,35% BY SPONSORED BANK,15% STATE GOVT.
ROLE:-
IT PROVIDE LOAN & ADVANCES TO FARMER IN RURAL AREA FOR AGRICULTURAL DEVELOPMENT.
Q5. WHAT IS CO-OPERATIVE BANK?
ANS:-IT IS THE BANK WHICH PROVIDE LOAN TO THE SME SECTOR INDUSTRIES.
Q6. WHAT IS INDUSTRIAL BANK?
ANS:-BANK WHICH GIVES BIG LOAN TO LARGE SCALE INDUSTRIES E.G. IDBI
Q7. WHAT IS RTGS & NEFT?
ANS:-RTGS:-REAL TIME GROSS SETTELMENT(SETTELED IN REAL TIME MIN. 2LAC+)
NEFT(NATIONAL ELECTRONIC FUND TRANSFER)
Q8.WHAT DIFFERENT TYPES OF ACCOUNT?
ANS:-
a.SAVING ACCOUNT:-THE MOST COMMON FORM OF ACCOUNTS BY WHICH NORMAL TRANSACTION TAKE PLACE.IT WILL GIVE A MODERATE AMOUNT OF INTEREST WITH LIMITED CHEQUE FACILITY.
b.CURRENT ACCOUNT:-IT IS BEST FOR BUSINESS PURPOSE AS THIS ALLOW UNLIMITED TRANSACTION BUT WITH ANY INTEREST PAYMENT ON IT.
c.FIXED DEPOSIT ACCOUNT:-IT GENERALLY PROVIDE WITH HIGH INTEREST RATE WITH FIXED MATURITY PAYMENT AMOUNT & DATE.
d.RECURRING DEPOSIT:-IT IS ACCOUNT BY WHICH A FIXED AMOUNT IS PAID PERIODICALLY.IT PROVIDE WITH SAME RATE OF INTEREST AS FD.
Q9.WHAT ARE DIFFERENT TYPES OF CHEQUE?
ANS:-CHEQUE IS A NEGOTIABLE INSTRUMENT CONTAINING CONDITIONAL PAYMENT TO ONLY BEARER.
a.ACCOUNT PAYEE CHEQUE:-IT IS PAID TO THE BEARER ONLY.
b.POST DATED CHEQUE:-DATE ON CHEQUE BEYOND TODAYS DATE FOR THE BEARER.
c.STALE CHEQUE:-CHEQUE VALID FOR 6 MONTH AFTER THAT THEY ARE INVALID.
d.PAR CHEQUE:-PAYABLE ANYWHERE IN INDIA.
e.MULTICITY CHEQUE:-PAYABLE IN ANY BRANCH OF THE PARTICULAR BANK.
Q10.WHAT IS INFLATION,DEFLATION?
ANS:-INFLATION:-IT LET THE LOOSE OF VALUE OF MONEY.IT IS INDICATION OF THE GENERAL PRICE LEVEL RISE IN ALL THE ESSENTIAL SUBSTANCES.
DEFLATION:-IT WILL LET THE INCREASE IN VALUE OF MONEY.IT IS OPPOSITE OF INFLATION.
IMPORTANT FINANCIAL TERM KNOWLEDGE:-GAAR
UNDERSTAND GAAR FULL VERY IMPORTANT FOR IBPS CLERK 2012-13 EXAM:-
What is full form of GAAR ? or What is GAAR ?
The full form of GAAR is : General Anti-Avoidance Rules
What is GAAR in simple terms ?
Tax Avoidance is an area of concern across the world. The rules are framed in different countries to minimize such avoidance of tax. Such rules in simple terms are known as " General Anti Avoidance Rules " or GAAR. Thus GAAR is a set of general rules enacted so as to check the tax avoidance.
Why News for GAAR has been prominent in India in recent times ?
News for GAAR has been in prominence in last few years as Indian Government has taken initiative to introduce GAAR or General Anti Avoidance Rules with a view to increase tax collections.
Background for GAAR :
Lord Tomlin has well said "Every man is entitled to order his affairs so that tax attaching under the appropriate Acts is less than it otherwise would be" (IRC v Duke of Westminster). People adopt various methods so that they can reduce their total tax liability.
The methods adopted to reduce their tax liability can be broadly put into four categories : "Tax Evasion"; "Tax Avoidance", "Tax Mitigation" and "Tax Planning". The difference between these four methods some times becomes blurred owing to the perception of the tax authorities and / or tax payer. [Click Here to read the difference between Tax Evasion", "Tax Avoidnace" , "Tax Mitigation, Tax Planning].
GAAR refers to the second category i.e. tax avoidance.
What is Difference between GAAR and SAAR ?
Anti Avoidance Rules are broadly divided into two categories namely "General" and "Specific". Thus, legislation dealing with "General" rules are termed as GAAR, whereas legislation dealing with "Speicifc avoidnace are termed as "SAAR"
In India till recently SAAR was in vogue i.e. laws were amended to plug specific loopholes as and when they were noticed or were misused enmasse. However, now Indian tax authorities wants to move towards GAAR but are facing severe opposition as tax payers fear that these will be misused by tax authorities by giving arbitrary and wide interpretations. We can say SAAR being more specific provide certainty to taxpayers where as GAAR being general in nature can be misused and is subject to arbitrary interpretation by tax authorities.
GAAR Definition :
GAAR is a concept which generally empowers the Revenue Authorities in a country to deny the tax benefits of transactions or arrangments which do not have any commercial substance or consideration other than achieving the tax benefit. Whenever revenue authorities question such transactions, there is a conflict with the tax payers. Thus, different countries started making rules so that tax can not be avoided by such transactions. Australia introduced such rules way back in 1981. Later on countries like Germany, France, Canada, New Zealand, South Africa etc too opted for GAAR. However, countries like USA and UK have adopted a cautious approach and have not been aggressive in this regard.
Thus, in nutshell we can say that GAAR usually consists of a set of broad rules which are based on general principles to check the potential avoidance of the tax in general, in a form which can not be predicted and thus can not be provided at the time when it is legislated.
GAAR in India
In India, the real discussions on GAAR came to light with the release of draft Direct Taxes Code Bill (popularly known as DTC 2009) on 12th August 2009. It contained the provisions for GAAR. Later on the revised Discussion Paper was released in June 2010, followed by tabling in the Parliament on 30th August, 2010, a formal Bill to enact the law known as the DirectTaxes Code 2010. The same was to be made applicable wef 1st April, 2012. However, owing to negative publicity and pressures from various groups, GAAR was postponed to at least 2013, and was likely to be introduced alongwith the Direct Tax Code (DTC) from 1st April 2013. Moreover, an Expert Committee has been set by Prime Minister (Manmohan Singh) in July 2012 to vet and rework the GAAR guidelines issued in June 2012. The latest reports (September 2012) indicates, it may not be implemented even for 3 years i.e. this will be postponed for 3 years (2016-17). Some of recent developments about GAAR are :-
(a) 16th March, 2012 : Finance Minister, Pranab Mukherjee takes a tough stand and announces that the government will crack down on tax avoidance effective from fiscal year 2012-13
(b) 7th May, 2012 : Finance Minister, Pranab Mukherjee forced to eat his words and agreed to defer GAAR by a year as his announcements spooked oversea investors
(c) 28th June, 2012 : Finance Ministry releases first draft on GAAR; There is wide criticism of the provisions.
(d) 14th July, 2012 : PM, Manmohan Singh, forms review committee under Parthasarathi Shome, for preparing a second draft by 31st August and final guidelines by 30th September, 2012
(e) 1st September, 2012 : Shome Committee recommends to defer GAAR by three years. It also recommends some more investor friendly measures
What is the Basic Criticism of GAAR ? Why GAAR is dreaded ?
Many provisions of GAAR have been criticised by various people. However, the basic criticism of GAAR provisions is that it is considered to be too sweeping in nature and there was a fear (considering poor record of IT authorities in India) that Assessing Officers will apply these provisions in a routine manner (or read misuse) and harass the general honest tax payer too. There is only a fine distinction between Tax Avoidance and Tax Mitigation, as any arrangement to obtain a tax benefit can be considered as an impermissible avoidance arrangement by the assessing officer. Thus, there was a hue and cry to put checks and balances in place to avoid arbitrary application of the provisions by the assessing authorities. It was felt that there is a need for further legislative and administrative safeguards and at least a minimum threshold limit for invoking GAAR should be introduced so that small time tax payers are not harassed.
Two Examples to Understand GAAR provisions : (Source GAAR Committee)
Example 1:
Facts:
A business sets up an undertaking in an under developed area by putting in substantial investment of capital, carries out manufacturing activities therein and claims a tax deduction on sale of such production/manufacturing. Is GAAR applicable in such a case ?
Interpretation:
There is an arrangement and one of the main purposes is a tax benefit. However, this is a case of tax mitigation where the tax payer is taking advantage of a fiscal incentive offered to him by submitting to the conditions and economic consequences of the provisions in the legislation e.g., setting up the business only in the under developed area. Revenue would not invoke GAAR as regards this arrangement.
Example 2:
Facts:
A business sets up a factory for manufacturing in an under developed tax exempt area. It then diverts its production from other connected manufacturing units and shows the same as manufactured in the tax exempt unit (while doing only process of packaging there). Is GAAR applicable in such a case ?
Interpretation:
There is an arrangement and there is a tax benefit, the main purpose or one of the main purposes of this arrangement is to obtain a tax benefit. The transaction lacks commercial substance and there is misuse of the tax provisions. Revenue would invoke GAAR as regards this arrangement.
What is full form of GAAR ? or What is GAAR ?
The full form of GAAR is : General Anti-Avoidance Rules
What is GAAR in simple terms ?
Tax Avoidance is an area of concern across the world. The rules are framed in different countries to minimize such avoidance of tax. Such rules in simple terms are known as " General Anti Avoidance Rules " or GAAR. Thus GAAR is a set of general rules enacted so as to check the tax avoidance.
Why News for GAAR has been prominent in India in recent times ?
News for GAAR has been in prominence in last few years as Indian Government has taken initiative to introduce GAAR or General Anti Avoidance Rules with a view to increase tax collections.
Background for GAAR :
Lord Tomlin has well said "Every man is entitled to order his affairs so that tax attaching under the appropriate Acts is less than it otherwise would be" (IRC v Duke of Westminster). People adopt various methods so that they can reduce their total tax liability.
The methods adopted to reduce their tax liability can be broadly put into four categories : "Tax Evasion"; "Tax Avoidance", "Tax Mitigation" and "Tax Planning". The difference between these four methods some times becomes blurred owing to the perception of the tax authorities and / or tax payer. [Click Here to read the difference between Tax Evasion", "Tax Avoidnace" , "Tax Mitigation, Tax Planning].
GAAR refers to the second category i.e. tax avoidance.
What is Difference between GAAR and SAAR ?
Anti Avoidance Rules are broadly divided into two categories namely "General" and "Specific". Thus, legislation dealing with "General" rules are termed as GAAR, whereas legislation dealing with "Speicifc avoidnace are termed as "SAAR"
In India till recently SAAR was in vogue i.e. laws were amended to plug specific loopholes as and when they were noticed or were misused enmasse. However, now Indian tax authorities wants to move towards GAAR but are facing severe opposition as tax payers fear that these will be misused by tax authorities by giving arbitrary and wide interpretations. We can say SAAR being more specific provide certainty to taxpayers where as GAAR being general in nature can be misused and is subject to arbitrary interpretation by tax authorities.
GAAR Definition :
GAAR is a concept which generally empowers the Revenue Authorities in a country to deny the tax benefits of transactions or arrangments which do not have any commercial substance or consideration other than achieving the tax benefit. Whenever revenue authorities question such transactions, there is a conflict with the tax payers. Thus, different countries started making rules so that tax can not be avoided by such transactions. Australia introduced such rules way back in 1981. Later on countries like Germany, France, Canada, New Zealand, South Africa etc too opted for GAAR. However, countries like USA and UK have adopted a cautious approach and have not been aggressive in this regard.
Thus, in nutshell we can say that GAAR usually consists of a set of broad rules which are based on general principles to check the potential avoidance of the tax in general, in a form which can not be predicted and thus can not be provided at the time when it is legislated.
GAAR in India
In India, the real discussions on GAAR came to light with the release of draft Direct Taxes Code Bill (popularly known as DTC 2009) on 12th August 2009. It contained the provisions for GAAR. Later on the revised Discussion Paper was released in June 2010, followed by tabling in the Parliament on 30th August, 2010, a formal Bill to enact the law known as the DirectTaxes Code 2010. The same was to be made applicable wef 1st April, 2012. However, owing to negative publicity and pressures from various groups, GAAR was postponed to at least 2013, and was likely to be introduced alongwith the Direct Tax Code (DTC) from 1st April 2013. Moreover, an Expert Committee has been set by Prime Minister (Manmohan Singh) in July 2012 to vet and rework the GAAR guidelines issued in June 2012. The latest reports (September 2012) indicates, it may not be implemented even for 3 years i.e. this will be postponed for 3 years (2016-17). Some of recent developments about GAAR are :-
(a) 16th March, 2012 : Finance Minister, Pranab Mukherjee takes a tough stand and announces that the government will crack down on tax avoidance effective from fiscal year 2012-13
(b) 7th May, 2012 : Finance Minister, Pranab Mukherjee forced to eat his words and agreed to defer GAAR by a year as his announcements spooked oversea investors
(c) 28th June, 2012 : Finance Ministry releases first draft on GAAR; There is wide criticism of the provisions.
(d) 14th July, 2012 : PM, Manmohan Singh, forms review committee under Parthasarathi Shome, for preparing a second draft by 31st August and final guidelines by 30th September, 2012
(e) 1st September, 2012 : Shome Committee recommends to defer GAAR by three years. It also recommends some more investor friendly measures
What is the Basic Criticism of GAAR ? Why GAAR is dreaded ?
Many provisions of GAAR have been criticised by various people. However, the basic criticism of GAAR provisions is that it is considered to be too sweeping in nature and there was a fear (considering poor record of IT authorities in India) that Assessing Officers will apply these provisions in a routine manner (or read misuse) and harass the general honest tax payer too. There is only a fine distinction between Tax Avoidance and Tax Mitigation, as any arrangement to obtain a tax benefit can be considered as an impermissible avoidance arrangement by the assessing officer. Thus, there was a hue and cry to put checks and balances in place to avoid arbitrary application of the provisions by the assessing authorities. It was felt that there is a need for further legislative and administrative safeguards and at least a minimum threshold limit for invoking GAAR should be introduced so that small time tax payers are not harassed.
Two Examples to Understand GAAR provisions : (Source GAAR Committee)
Example 1:
Facts:
A business sets up an undertaking in an under developed area by putting in substantial investment of capital, carries out manufacturing activities therein and claims a tax deduction on sale of such production/manufacturing. Is GAAR applicable in such a case ?
Interpretation:
There is an arrangement and one of the main purposes is a tax benefit. However, this is a case of tax mitigation where the tax payer is taking advantage of a fiscal incentive offered to him by submitting to the conditions and economic consequences of the provisions in the legislation e.g., setting up the business only in the under developed area. Revenue would not invoke GAAR as regards this arrangement.
Example 2:
Facts:
A business sets up a factory for manufacturing in an under developed tax exempt area. It then diverts its production from other connected manufacturing units and shows the same as manufactured in the tax exempt unit (while doing only process of packaging there). Is GAAR applicable in such a case ?
Interpretation:
There is an arrangement and there is a tax benefit, the main purpose or one of the main purposes of this arrangement is to obtain a tax benefit. The transaction lacks commercial substance and there is misuse of the tax provisions. Revenue would invoke GAAR as regards this arrangement.
IMPORTANT FINANCIAL TERM FOR IBPS CLERK
What is the full form of FDI :
The full form of FDI is Foreign Direct Investment.
What is the meaning of FDI ?
The Foreign Direct Investment means “cross border investment made by a resident in one economy in an enterprise in another economy, with the objective of establishing a lasting interest in the investee economy.
FDI is also described as “investment into the business of a country by a company in another country”. Mostly the investment is into production by either buying a company in the target country or by expanding operations of an existing business in that country”. Such investments can take place for many reasons, including to take advantage of cheaper wages, special investment privileges (e.g. tax exemptions) offered by the country.
Why Countries Seek FDI ?
(a) Domestic capital is inadequate for purpose of economic growth;
(b) Foreign capital is usually essential, at least as a temporary measure, during the period when the capital market is in the process of development;
(c) Foreign capital usually brings it with other scarce productive factors like technical know how, business expertise and knowledge
What are the major benefits of FDI :
(a) Improves forex position of the country;
(b) Employment generation and increase in production ;
(c) Help in capital formation by bringing fresh capital;
(d) Helps in transfer of new technologies, management skills, intellectual property
(e) Increases competition within the local market and this brings higher efficiencies
(f) Helps in increasing exports;
(g) Increases tax revenues
Why FDI is Opposed by Local People or Disadvantages of FDI :
(a) Domestic companies fear that they may lose their ownership to overseas company
(b) Small enterprises fear that they may not be able to compete with world class large companies and may ultimately be edged out of business;
(c) Large giants of the world try to monopolise and take over the highly profitable sectors;
(d) Such foreign companies invest more in machinery and intellectual property than in wages of the local people;
(e) Government has less control over the functioning of such companies as they usually work as wholly owned subsidiary of an overseas company;
Brief Latest Developments on FDI (all sectors including retail):-
2012 – October: In the second round of economic reforms, the government cleared amendments to raise the FDI cap
(a) in the insurance sector from 26% to 49%;
(b) in the pension sector it approved a 26 percent FDI;
Now, Indian Parliament will have to give its approval for the final shape,"
2012 - September : The government approved the
(a) Allowed 51% foreign investment in multi-brand retail,
(b) Relaxed FDI norms for civil aviation and broadcasting sectors. – FDI cap in Broadcasting was raised to 74% from 49%;
(c) Allowed foreign investment in power exchanges
2011 – December :
(i) The Indian government removed the 51 percent cap on FDI into single-brand retail outlets and thus opened the market fully to foreign investors by permitting 100 percent foreign investment in this area.
Explain the forms in which business can be conducted by a foreign company in India
A foreign company planning to set up business operations in India may:
Incorporate a company under the Companies Act, 1956, as a Joint Venture or a Wholly Owned Subsidiary.
Set up a Liaison Office / Representative Office or a Project Office or a Branch Office of the foreign company
What is the procedure for receiving Foreign Direct Investment in an Indian company?
An Indian company may receive Foreign Direct Investment under the two routes as given under:
i. Automatic Route
FDI is allowed under the automatic route without prior approval either of the Government or the Reserve Bank of India in all activities/sectors as specified in the consolidated FDI Policy, issued by the Government of India from time to time.
ii. Government Route
FDI in activities not covered under the automatic route requires prior approval of the Government which are considered by the Foreign Investment Promotion Board (FIPB), Department of Economic Affairs, Ministry of Finance.
What is Scope of FDI in India? Why World is looking towards India for Foreign Direct Investments :
India is the 3rd largest economy of the world in terms of purchasing power parity and thus looks attractive to the world for FDI. Even Government of India, has been trying hard to do away with the FDI caps for majority of the sectors, but there are still critical areas like retailing and insurance where there is lot of opposition from local Indians / Indian companies.
Some of the major economic sectors where India can attract investment are as follows:-
Telecommunications
Apparels
Information Technology
Pharma
Auto parts
Jewelry
Chemicals
In last few years, certainly foreign investments have shown upward trends but the strict FDI policies have put hurdles in the growth in this sector. India is however set to become one of the major recipients of FDI in the Asia-Pacific region because of the economic reforms for increasing foreign investment and the deregulation of this important sector. India has technical expertise and skilled managers and a growing middle class market of more than 300 million and this represents an attractive market.
Background and Recent Developments for FDI in Retail Sector which has raised lot of controversies in political circles :
As part of the economic liberalization process set in place by the Industrial Policy of 1991, the Indian government has opened the retail sector to FDI slowly through a series of steps:
1995 : World Trade Organisation’s (WTO) General Agreement on Trade in Services, which includes both wholesale and retailing services, came into effect
1997 : FDI in cash and carry (wholesale) with 100% rights allowed under the government approval route;
2006 : FDI in cash and carry (wholesale) was brought under automatic approval route; Upto 51% investment in single brand retail outlet permitted, subject to Press Note 3 (2006 series)
2011 : 100% FDI in Single Brand Retail allowed’
2012 : On Sept. 13, Government approved the allowance of 51 percent foreign investment in multi-brand retail, [ It also relaxed FDI norms for civil aviation and broadcasting sectors]’
FDI is prohibited under the Government Route as well as the Automatic Route in the following sectors:
i) Atomic Energy
ii) Lottery Business
iii) Gambling and Betting
iv) Business of Chit Fund
v) Nidhi Company
vi) Agricultural (excluding Floriculture, Horticulture, Development of seeds, Animal Husbandry, Pisciculture and cultivation of vegetables, mushrooms, etc. under controlled conditions and services related to agro and allied sectors) and Plantations activities (other than Tea Plantations)
vii) Housing and Real Estate business (except development of townships, construction of residential/commercial premises, roads or bridges to the extent specified in notification
viii) Trading in Transferable Development Rights (TDRs).
ix) Manufacture of cigars , cheroots, cigarillos and cigarettes , of tobacco or of tobacco substitutes.
Name the authorities Dealing With Foreign Investment:
(a) Foreign Investment Promotion Board (popularly known as FIPB) : The Board is responsible for expeditious clearance of FDI proposals and review of the implementation of cleared proposals. It also undertake investment promotion activities and issue and review general and sectoral policy guidelines;
(b) Secretariat for Industrial Assistance (SIA) : It acts as a gateway to industrial investment in India and assists the entrepreneurs and investors in setting up projects. SIA also liaison with other government bodies to ensure necessary clearances;
(c) Foreign Investment Implementation Authority (FIIA) : The authority works for quick implementation of FDI approvals and resolution of operational difficultieis faced by foreign investors;
(d) Investment Commission
(e) Project Approval Board
(f) Reserve Bank of India
What are the instruments for receiving Foreign Direct Investment in an Indian company?
Foreign investment is reckoned as FDI only if the investment is made in equity shares , fully and mandatorily convertible preference shares and fully and mandatorily convertible debentures with the pricing being decided upfront as a figure or based on the formula that is decided upfront. Any foreign investment into an instrument issued by an Indian company which: gives an option to the investor to convert or not to convert it into equity or does not involve upfront pricing of the instruments a date would be reckoned as ECB and would have to comply with the ECB guidelines.
The FDI policy provides that the price/ conversion formula of convertible capital instruments should be determined upfront at the time of issue of the instruments. The price at the time of conversion should not in any case be lower than the fair value worked out, at the time of issuance of such instruments, in accordance with the extant FEMA regulations [the DCF method of valuation for the unlisted companies and valuation in terms of SEBI (ICDR) Regulations, for the listed companies].
What are the Total Inflows of FDI in India :
a. For the FY 2012-13 (for the month of July, 2012) was US$ 1.47 billion.
b. Amount of FDI equity inflows for the financial year 2012-13 (from April 2012 to July 2012) stood at US$ 5.90 billion.
c. Cumulative amount of FDI (from April 2000 to July 2012) into India stood at US$ 176.76 billion
(A) 26% FDI is permitted in
· Defence
· Newspaper and media **
· Petroleum refining
· Pension sector (allowed in October 2012 as per cabinet decision)
(B)49% FDI is permitted in :
Banking
Cable network**
DTH **
Infrastructure investment
Telecom
Insurance (Enhanced from 26% to 49% in October, 2012)
49% (FDI & FII) in power exchanges registered under the Central Electricity Regulatory Commission (Power Market) Regulations 2010 subject to an FDI limit of 26 per cent and an FII limit of 23 per cent of the paid-up capital is now permissible. [Permitted in September 2012]
(C ) 51% is Permitted in
Multi-Brand Retail (Since September 2012)
Petro-pipelines
(D) 74% FDI is permitted in
Atomic minerals
Science Magazines /Journals
Petro marketing
Coal and Lignite mines
Telecom
(E)100% FDI is permitted in
Single Brand Retail (Increased to 100% from 51% in December 2011).
Advertizement
Airports
Cold-storage
BPO/Call centres
E-commerce
Energy (except atomic)
export trading house
Films
Hotel, tourism
Metro train
Mines (gold, silver)
Petroleum exploration
Pharmaceuticals
Pollution control
Postal service
Roads, highways, ports.
Township
Wholesale trading.
The full form of FDI is Foreign Direct Investment.
What is the meaning of FDI ?
The Foreign Direct Investment means “cross border investment made by a resident in one economy in an enterprise in another economy, with the objective of establishing a lasting interest in the investee economy.
FDI is also described as “investment into the business of a country by a company in another country”. Mostly the investment is into production by either buying a company in the target country or by expanding operations of an existing business in that country”. Such investments can take place for many reasons, including to take advantage of cheaper wages, special investment privileges (e.g. tax exemptions) offered by the country.
Why Countries Seek FDI ?
(a) Domestic capital is inadequate for purpose of economic growth;
(b) Foreign capital is usually essential, at least as a temporary measure, during the period when the capital market is in the process of development;
(c) Foreign capital usually brings it with other scarce productive factors like technical know how, business expertise and knowledge
What are the major benefits of FDI :
(a) Improves forex position of the country;
(b) Employment generation and increase in production ;
(c) Help in capital formation by bringing fresh capital;
(d) Helps in transfer of new technologies, management skills, intellectual property
(e) Increases competition within the local market and this brings higher efficiencies
(f) Helps in increasing exports;
(g) Increases tax revenues
Why FDI is Opposed by Local People or Disadvantages of FDI :
(a) Domestic companies fear that they may lose their ownership to overseas company
(b) Small enterprises fear that they may not be able to compete with world class large companies and may ultimately be edged out of business;
(c) Large giants of the world try to monopolise and take over the highly profitable sectors;
(d) Such foreign companies invest more in machinery and intellectual property than in wages of the local people;
(e) Government has less control over the functioning of such companies as they usually work as wholly owned subsidiary of an overseas company;
Brief Latest Developments on FDI (all sectors including retail):-
2012 – October: In the second round of economic reforms, the government cleared amendments to raise the FDI cap
(a) in the insurance sector from 26% to 49%;
(b) in the pension sector it approved a 26 percent FDI;
Now, Indian Parliament will have to give its approval for the final shape,"
2012 - September : The government approved the
(a) Allowed 51% foreign investment in multi-brand retail,
(b) Relaxed FDI norms for civil aviation and broadcasting sectors. – FDI cap in Broadcasting was raised to 74% from 49%;
(c) Allowed foreign investment in power exchanges
2011 – December :
(i) The Indian government removed the 51 percent cap on FDI into single-brand retail outlets and thus opened the market fully to foreign investors by permitting 100 percent foreign investment in this area.
Explain the forms in which business can be conducted by a foreign company in India
A foreign company planning to set up business operations in India may:
Incorporate a company under the Companies Act, 1956, as a Joint Venture or a Wholly Owned Subsidiary.
Set up a Liaison Office / Representative Office or a Project Office or a Branch Office of the foreign company
What is the procedure for receiving Foreign Direct Investment in an Indian company?
An Indian company may receive Foreign Direct Investment under the two routes as given under:
i. Automatic Route
FDI is allowed under the automatic route without prior approval either of the Government or the Reserve Bank of India in all activities/sectors as specified in the consolidated FDI Policy, issued by the Government of India from time to time.
ii. Government Route
FDI in activities not covered under the automatic route requires prior approval of the Government which are considered by the Foreign Investment Promotion Board (FIPB), Department of Economic Affairs, Ministry of Finance.
What is Scope of FDI in India? Why World is looking towards India for Foreign Direct Investments :
India is the 3rd largest economy of the world in terms of purchasing power parity and thus looks attractive to the world for FDI. Even Government of India, has been trying hard to do away with the FDI caps for majority of the sectors, but there are still critical areas like retailing and insurance where there is lot of opposition from local Indians / Indian companies.
Some of the major economic sectors where India can attract investment are as follows:-
Telecommunications
Apparels
Information Technology
Pharma
Auto parts
Jewelry
Chemicals
In last few years, certainly foreign investments have shown upward trends but the strict FDI policies have put hurdles in the growth in this sector. India is however set to become one of the major recipients of FDI in the Asia-Pacific region because of the economic reforms for increasing foreign investment and the deregulation of this important sector. India has technical expertise and skilled managers and a growing middle class market of more than 300 million and this represents an attractive market.
Background and Recent Developments for FDI in Retail Sector which has raised lot of controversies in political circles :
As part of the economic liberalization process set in place by the Industrial Policy of 1991, the Indian government has opened the retail sector to FDI slowly through a series of steps:
1995 : World Trade Organisation’s (WTO) General Agreement on Trade in Services, which includes both wholesale and retailing services, came into effect
1997 : FDI in cash and carry (wholesale) with 100% rights allowed under the government approval route;
2006 : FDI in cash and carry (wholesale) was brought under automatic approval route; Upto 51% investment in single brand retail outlet permitted, subject to Press Note 3 (2006 series)
2011 : 100% FDI in Single Brand Retail allowed’
2012 : On Sept. 13, Government approved the allowance of 51 percent foreign investment in multi-brand retail, [ It also relaxed FDI norms for civil aviation and broadcasting sectors]’
FDI is prohibited under the Government Route as well as the Automatic Route in the following sectors:
i) Atomic Energy
ii) Lottery Business
iii) Gambling and Betting
iv) Business of Chit Fund
v) Nidhi Company
vi) Agricultural (excluding Floriculture, Horticulture, Development of seeds, Animal Husbandry, Pisciculture and cultivation of vegetables, mushrooms, etc. under controlled conditions and services related to agro and allied sectors) and Plantations activities (other than Tea Plantations)
vii) Housing and Real Estate business (except development of townships, construction of residential/commercial premises, roads or bridges to the extent specified in notification
viii) Trading in Transferable Development Rights (TDRs).
ix) Manufacture of cigars , cheroots, cigarillos and cigarettes , of tobacco or of tobacco substitutes.
Name the authorities Dealing With Foreign Investment:
(a) Foreign Investment Promotion Board (popularly known as FIPB) : The Board is responsible for expeditious clearance of FDI proposals and review of the implementation of cleared proposals. It also undertake investment promotion activities and issue and review general and sectoral policy guidelines;
(b) Secretariat for Industrial Assistance (SIA) : It acts as a gateway to industrial investment in India and assists the entrepreneurs and investors in setting up projects. SIA also liaison with other government bodies to ensure necessary clearances;
(c) Foreign Investment Implementation Authority (FIIA) : The authority works for quick implementation of FDI approvals and resolution of operational difficultieis faced by foreign investors;
(d) Investment Commission
(e) Project Approval Board
(f) Reserve Bank of India
What are the instruments for receiving Foreign Direct Investment in an Indian company?
Foreign investment is reckoned as FDI only if the investment is made in equity shares , fully and mandatorily convertible preference shares and fully and mandatorily convertible debentures with the pricing being decided upfront as a figure or based on the formula that is decided upfront. Any foreign investment into an instrument issued by an Indian company which: gives an option to the investor to convert or not to convert it into equity or does not involve upfront pricing of the instruments a date would be reckoned as ECB and would have to comply with the ECB guidelines.
The FDI policy provides that the price/ conversion formula of convertible capital instruments should be determined upfront at the time of issue of the instruments. The price at the time of conversion should not in any case be lower than the fair value worked out, at the time of issuance of such instruments, in accordance with the extant FEMA regulations [the DCF method of valuation for the unlisted companies and valuation in terms of SEBI (ICDR) Regulations, for the listed companies].
What are the Total Inflows of FDI in India :
a. For the FY 2012-13 (for the month of July, 2012) was US$ 1.47 billion.
b. Amount of FDI equity inflows for the financial year 2012-13 (from April 2012 to July 2012) stood at US$ 5.90 billion.
c. Cumulative amount of FDI (from April 2000 to July 2012) into India stood at US$ 176.76 billion
(A) 26% FDI is permitted in
· Defence
· Newspaper and media **
· Petroleum refining
· Pension sector (allowed in October 2012 as per cabinet decision)
(B)49% FDI is permitted in :
Banking
Cable network**
DTH **
Infrastructure investment
Telecom
Insurance (Enhanced from 26% to 49% in October, 2012)
49% (FDI & FII) in power exchanges registered under the Central Electricity Regulatory Commission (Power Market) Regulations 2010 subject to an FDI limit of 26 per cent and an FII limit of 23 per cent of the paid-up capital is now permissible. [Permitted in September 2012]
(C ) 51% is Permitted in
Multi-Brand Retail (Since September 2012)
Petro-pipelines
(D) 74% FDI is permitted in
Atomic minerals
Science Magazines /Journals
Petro marketing
Coal and Lignite mines
Telecom
(E)100% FDI is permitted in
Single Brand Retail (Increased to 100% from 51% in December 2011).
Advertizement
Airports
Cold-storage
BPO/Call centres
E-commerce
Energy (except atomic)
export trading house
Films
Hotel, tourism
Metro train
Mines (gold, silver)
Petroleum exploration
Pharmaceuticals
Pollution control
Postal service
Roads, highways, ports.
Township
Wholesale trading.
FINANCIAL TERMS FOR IBPS CLERK
What is Inflation or What is the meaning of Inflation :
In economics inflation means, a rise in general level of prices of goods and services in a economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services. Thus, inflation results in loss of value of money. Another popular way of looking at inflation is "toomuch money chasing too few goods". The last definition attributes the cause of inflation to monetary growth relative to the output / availability of goods and services in the economy.
In case the price of say only one commodity rise sharply but prices of other commodities fall, it will not be termed as inflation. Similarly, in case due to rumors if the price of a commodity rise during the day itself, it will not be termed as inflation.(CURRENTLY IT IS 7%)
What are different types of inflation :
Broadly speaking inflation is divided into two categoires i.e.
(a) DEMAND - PULL INFLATION: In this type of inflation prices increase results from an excess of demand over supply for the economy as a whole. Demand inflation occurs when supply cannot expand any more to meet demand; that is, when critical production factors are being fully utilized, also called Demand inflation.
(b) COST - PUSH INFLATION: This type of inflation occurs when general price levels rise owing to rising input costs. In general, there are three factors that could contribute to Cost-Push inflation: rising wages, increases in corporate taxes, and imported inflation. [imported raw or partly-finished goods may become expensive due to rise in international costs or as a result of depreciation of local currency ]
What is Deflation ? :
Deflation is the opposite of inflation. Deflation refers to situation, where there is decline in general price levels. Thus, deflation occurs when the inflation rate falls below 0% (or it is negative inflation rate). Deflation increases the real value of money and allows one to buy more goods with the same amount of money over time. Deflation can occur owing to reduction in the supply of money or credit. Deflation can also occur due to direct contractions in spending, either in the form of a reduction in government spending, personal spending or investment spending. Deflation has often had the side effect of increasing unemployment in an economy, since the process often leads to a lower level of demand in the economy.
What is Stagflation :
Stagflation refers to economic condition where economic growth is very slow or stagnant and prices are rising. The term stagflation was coined by British politician Iain Macleod, who used the phrase in his speech to parliament in 1965, when he said: “We now have the worst of both worlds - not just inflation on the one side or stagnation on the other. We have a sort of ‘stagflation’ situation.” The side effects of stagflation are increase in unemployment- accompanied by a rise in prices, or inflation. Stagflation occurs when the economy isn't growing but prices are going up. At international level, this happened during mid 1970s, when world oil prices rose dramatically, fuelling sharp inflation in developed countries.
What is Hyperinflation :
Hyperinflation is a situation where the price increases are too sharp. Hyperinflation often occurs when there is a large increase in the money supply, which is not supported by growth in Gross Domestic Product (GDP). Such a situation results in an imbalance in the supply and demand for the money. In this this remains unchecked; it results into sharp increase in prices and depreciation of the domestic currency.
In economics inflation means, a rise in general level of prices of goods and services in a economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services. Thus, inflation results in loss of value of money. Another popular way of looking at inflation is "toomuch money chasing too few goods". The last definition attributes the cause of inflation to monetary growth relative to the output / availability of goods and services in the economy.
In case the price of say only one commodity rise sharply but prices of other commodities fall, it will not be termed as inflation. Similarly, in case due to rumors if the price of a commodity rise during the day itself, it will not be termed as inflation.(CURRENTLY IT IS 7%)
What are different types of inflation :
Broadly speaking inflation is divided into two categoires i.e.
(a) DEMAND - PULL INFLATION: In this type of inflation prices increase results from an excess of demand over supply for the economy as a whole. Demand inflation occurs when supply cannot expand any more to meet demand; that is, when critical production factors are being fully utilized, also called Demand inflation.
(b) COST - PUSH INFLATION: This type of inflation occurs when general price levels rise owing to rising input costs. In general, there are three factors that could contribute to Cost-Push inflation: rising wages, increases in corporate taxes, and imported inflation. [imported raw or partly-finished goods may become expensive due to rise in international costs or as a result of depreciation of local currency ]
What is Deflation ? :
Deflation is the opposite of inflation. Deflation refers to situation, where there is decline in general price levels. Thus, deflation occurs when the inflation rate falls below 0% (or it is negative inflation rate). Deflation increases the real value of money and allows one to buy more goods with the same amount of money over time. Deflation can occur owing to reduction in the supply of money or credit. Deflation can also occur due to direct contractions in spending, either in the form of a reduction in government spending, personal spending or investment spending. Deflation has often had the side effect of increasing unemployment in an economy, since the process often leads to a lower level of demand in the economy.
What is Stagflation :
Stagflation refers to economic condition where economic growth is very slow or stagnant and prices are rising. The term stagflation was coined by British politician Iain Macleod, who used the phrase in his speech to parliament in 1965, when he said: “We now have the worst of both worlds - not just inflation on the one side or stagnation on the other. We have a sort of ‘stagflation’ situation.” The side effects of stagflation are increase in unemployment- accompanied by a rise in prices, or inflation. Stagflation occurs when the economy isn't growing but prices are going up. At international level, this happened during mid 1970s, when world oil prices rose dramatically, fuelling sharp inflation in developed countries.
What is Hyperinflation :
Hyperinflation is a situation where the price increases are too sharp. Hyperinflation often occurs when there is a large increase in the money supply, which is not supported by growth in Gross Domestic Product (GDP). Such a situation results in an imbalance in the supply and demand for the money. In this this remains unchecked; it results into sharp increase in prices and depreciation of the domestic currency.
FINANCIAL TERMs FOR IBPS CLERK
The Five Year Plans
The development plans are drawn by the Planning Commission to establish India’s economy on a socialistic pattern in successive phases of five year Periods-called the Five Year Plans.
Major Bodies Behind the Making of Five Year Plans
The organisation was set up to formulate basic economic policies, draft plans and watch its progress and implementation. It consists of:
(I) Planning Commission of India
(ii) National Planning Council
(iii) National Development Council and State Planning Commissions
DETAILS OF THE FIVE YEAR PLANS
FIRST FIVE YEAR PLAN (1951-56)
In July 1951, the Planning Commission issued the draft outline of the First Five Year Plan for the period April 1951 to March 1956. It was presented to the Parliament in December 1952. In the First Plan, agriculture received the main thrust, for sustaining of growth and development of industries which would not be possible without a significant rise in the yield of raw materials and food.
Objectives:
i) To increase food production.
ii) To fully utilise available raw materials.
iii) To check inflationary pressure.
Outlay: The total proposed outlay was Rs. 3,870 crore.
SECOND FIVE YEAR PLAN (1956-61)
The main objective was to launch upon industrialisation and strengthen the industrial base of the economy. It was in this light that the 1948 Industrial Policy Resolution was revised and a new resolution of 1956 was adopted. The Second Plan started with an emphasis on the expansion of the public sector and aimed at the establishment of a socialistic pattern of society.
Objectives:
i) A sizeable increase in national income so as to raise the level of living.
ii) Rapid industrialisation of the country with particular emphasis on the development of basic and key industries.
Outlay: The Second Plan proposed a total public sector outlay of Rs. 4,800 crores though actual outlay was only Rs. 4,672 crore.
THIRD FIVE YEAR PLAN (1961-66)
In the third Plan, the emphasis was on long-term development. The Third Plan report stated that during the five-year period concerned, the Indian economy “must not only expand rapidly but, at the same time, become self-reliant and self-generating.”
Objectives:
i) An increase in national income of more than 5 per cent annually. The investment pattern laid down must be capable of sustaining this growth rate in the subsequent years.
ii) An increase in the agricultural produce and to achieve self sufficiency by increasing food grain production.
iii) Greater equality of opportunities, more even distribution of economic power and reducing wealth and income disparities.
FOURTH FIVE YEAR PLAN (1969-74)
After the ‘Plan Holiday’, the Fourth Plan was begun in 1969.
Objectives:
i) To achieve stability and progress towards self-reliance.
ii) To achieve an overall rate of growth of 5.7 per cent annually.
iii) To raise exports at the rate of 7 per cent annually.
Outlay: The total proposed outlay was Rs. 24,880 crore, which included Rs. 15,900 crores as public sector outlay and Rs. 8,980 crore as private sector outlay.
FIFTH FIVE YEAR PLAN (1974-79)
The Plan was formulated against the background of sever inflationary pressure.
Objectives: In addition to removal of poverty and attainment of self-reliance, the Fifth Plan had the following major objectives.
i) 5.5 per cent overall rate of growth in Gross Domestic objectives.
ii) Expansion of productive employment and fuller utilisation of existing skills and equipment.
iii) A national programme for minimum needs and extended programmes of social welfare.
Outlay: A total outlay of Rs. 53,410 crore was proposed for the Fifth Plan.
SIXTH FIVE YEAR PLAN (1980-85)
The draft of the Sixth Five Year Plan (1978-1983) was presented in 1978. However, the plan was terminated with the change of Government in January 1980. The new Sixth Five Year Plan was implemented in April 1980.
Objectives:
i) To eliminate unemployment and underemployment.
ii) To raise the standard of living of the poorest of masses.
iii) To reduce disparities in income and wealth.
Outlay: The proposed outlay for the Sixth Plan totalled Rs.1, 58, 710 crore.
SEVENTH FIVE YEAR PLAN (1985-90)
The draft of the Seventh Plan was approved on November 9, 1985 by the National Development Council. The plan was part of the long-term plan for the period of 15 years.
Objectives:
i) Decentralisation of planning and full public participation in development.
ii) The maximum possible generation of productive employment.
iii) Removal of poverty and reduction in income disparities.
EIGHTH FIVE YEAR PLAN (1992-97)
The Eighth Plan proposed a growth rate of 5.6 per cent per annum on an average during the plan period. The Eighth Plan focused on (i) clear prioritisation of sectors/projects for investment in order to facilitate implementation of the policy initiatives taken in the areas of fiscal, trade and industrial sectors and human development.
Objectives:
i) Generation of adequate employment of achieve near full employment level by the turn of the century.
ii) Containment of population growth through people’s active co-operation and an effective scheme of incentives and disincentives.
iii) Universalisation of elementary education and complete eradication of illiteracy among the people in the age group of 15 to 35 years.
THE NINTH FIVE-YEAR PLAN (1997-2002)
It began on April 1, 1997. The Ninth Plan was the first concrete attempt to translate the programme of economic reforms and the New Economic Policy within the framework of an indicative Plan. The Approach Paper to the Ninth Plan (1997-2002) was approved by the N.D.C. on 16th January, 1997.
Objectives:
i.) Priority to agriculture and rural development
ii.) Accelerating growth rate of economy
iii.) Food and nutritional security for all
iv.) Containing growth rate of population
v.) Empowerment of women and socially disadvantaged groups such as SC/ST, backward classes and minorities.
vi.) Promoting and developing participatory institutions like “Panchayati Raj” institutions, co-operatives and self-help groups.
TENTH FIVE YEAR PLAN (2002-07)
On December 21, 2002, the Tenth Five Year Plan was approved by the National Development Council (NDC). The Plan has further developed the NDC mandated objectives, of doubling per capita income in 10 years, and achieving a growth rate of 8% of GDP per annum. An 8% growth rate is considered necessary for achieving the social and economic targets of Tenth Plan Keeping in mind decadal growth performance and the steady acceleration that the country has recorded in growth over the past two decades, it is a realisable target. The plan has a number of new features, such as, for the first time
(a) It recognises the rapid growth of labour force over the next decade
(b) Addresses the issue of poverty and the unacceptably low levels of social indicators
(c) Adopted a “differential development strategy” to equate national targets into balanced regional development as there is vast difference in the potentials and constraints of each state
(d) Recognises that the governance is perhaps one of the most important factors for ensuring realisation of the Plan
(e) Identifies measures to improve efficiency, unleash entrepreneurial energy, and promote rapid and sustainable growth
(f) Proposes major reforms for agricultural sector making ‘agriculture’ the core element of the Plan.
Since economic growth is not the only objective, the Plan aims at harnessing the benefits of growth to improve the quality of life of the people by setting the following key targets:
1. All children to be in school by 2003 and all children to complete five years of schooling by 2007
2. Reduction in poverty ratio from 26% to 21%
3. Growth in gainful employment to, at least, keep pace with addition to the labour force
4. Decadal population growth to reduce from 21.3% in 1991-2001 to 16.2% by 2001-11
5. Reducing gender gaps in literacy and wage rates by 50%
6. Literacy rate to increase from 65% in 1999-2000 to 75% in 2001
7. Infant Mortality Rate (IMR) to be reduced from 72 in 1999-2000, to 45 in 2007
8. .Maternal Mortality Rate (MMR) to be reduced from 4 per 1000 in 1999-2000 to 2 per 1000 in 2007
9. Providing portable drinking water in all villages
10. Cleaning of major polluted river stretches
11. Increase in forest/tree cover from 19% in 1999-2000 to 25% in 2007
ELEVENTH PLAN (2007-2012)
The United Progressive Alliance government issued a paper in the eleventh plan titled “Towards faster and more inclusive growth.” According to the approach paper, the monitorable targets of five-year plan are:
1. GDP growth rate to be increased to 10% by the end of the plan;
2. Farm sector growth to be increased to 4%;
3. Creation of seven crore job opportunities;
4. Reduce educated unemployed youth to below 5 percent
5. Infant mortality rates to be reduced to 28 per 1000 births;
6. Maternal death rates to be reduced to 1 per 1000 births;
7. Clean drinking water to all by 2009;
8. Improve sex ratio to 935 by 2011-12 and to 950 by 2016-17;
9. Ensure electricity connection to all villages and broadband over power lines (BPL) households by 2009
10. Roads to all villages that have a population of 1000 and above by 2009;
11. Increase forest and tree cover by 5%;
12. Achieve the World Health Organization standard air quality in major cities by 2011-12;
13. Treat all urban wastewater by 2011-12 to clean river waters;
14. Increase energy efficiency by 20 percent by 2016-17.
The development plans are drawn by the Planning Commission to establish India’s economy on a socialistic pattern in successive phases of five year Periods-called the Five Year Plans.
Major Bodies Behind the Making of Five Year Plans
The organisation was set up to formulate basic economic policies, draft plans and watch its progress and implementation. It consists of:
(I) Planning Commission of India
(ii) National Planning Council
(iii) National Development Council and State Planning Commissions
DETAILS OF THE FIVE YEAR PLANS
FIRST FIVE YEAR PLAN (1951-56)
In July 1951, the Planning Commission issued the draft outline of the First Five Year Plan for the period April 1951 to March 1956. It was presented to the Parliament in December 1952. In the First Plan, agriculture received the main thrust, for sustaining of growth and development of industries which would not be possible without a significant rise in the yield of raw materials and food.
Objectives:
i) To increase food production.
ii) To fully utilise available raw materials.
iii) To check inflationary pressure.
Outlay: The total proposed outlay was Rs. 3,870 crore.
SECOND FIVE YEAR PLAN (1956-61)
The main objective was to launch upon industrialisation and strengthen the industrial base of the economy. It was in this light that the 1948 Industrial Policy Resolution was revised and a new resolution of 1956 was adopted. The Second Plan started with an emphasis on the expansion of the public sector and aimed at the establishment of a socialistic pattern of society.
Objectives:
i) A sizeable increase in national income so as to raise the level of living.
ii) Rapid industrialisation of the country with particular emphasis on the development of basic and key industries.
Outlay: The Second Plan proposed a total public sector outlay of Rs. 4,800 crores though actual outlay was only Rs. 4,672 crore.
THIRD FIVE YEAR PLAN (1961-66)
In the third Plan, the emphasis was on long-term development. The Third Plan report stated that during the five-year period concerned, the Indian economy “must not only expand rapidly but, at the same time, become self-reliant and self-generating.”
Objectives:
i) An increase in national income of more than 5 per cent annually. The investment pattern laid down must be capable of sustaining this growth rate in the subsequent years.
ii) An increase in the agricultural produce and to achieve self sufficiency by increasing food grain production.
iii) Greater equality of opportunities, more even distribution of economic power and reducing wealth and income disparities.
FOURTH FIVE YEAR PLAN (1969-74)
After the ‘Plan Holiday’, the Fourth Plan was begun in 1969.
Objectives:
i) To achieve stability and progress towards self-reliance.
ii) To achieve an overall rate of growth of 5.7 per cent annually.
iii) To raise exports at the rate of 7 per cent annually.
Outlay: The total proposed outlay was Rs. 24,880 crore, which included Rs. 15,900 crores as public sector outlay and Rs. 8,980 crore as private sector outlay.
FIFTH FIVE YEAR PLAN (1974-79)
The Plan was formulated against the background of sever inflationary pressure.
Objectives: In addition to removal of poverty and attainment of self-reliance, the Fifth Plan had the following major objectives.
i) 5.5 per cent overall rate of growth in Gross Domestic objectives.
ii) Expansion of productive employment and fuller utilisation of existing skills and equipment.
iii) A national programme for minimum needs and extended programmes of social welfare.
Outlay: A total outlay of Rs. 53,410 crore was proposed for the Fifth Plan.
SIXTH FIVE YEAR PLAN (1980-85)
The draft of the Sixth Five Year Plan (1978-1983) was presented in 1978. However, the plan was terminated with the change of Government in January 1980. The new Sixth Five Year Plan was implemented in April 1980.
Objectives:
i) To eliminate unemployment and underemployment.
ii) To raise the standard of living of the poorest of masses.
iii) To reduce disparities in income and wealth.
Outlay: The proposed outlay for the Sixth Plan totalled Rs.1, 58, 710 crore.
SEVENTH FIVE YEAR PLAN (1985-90)
The draft of the Seventh Plan was approved on November 9, 1985 by the National Development Council. The plan was part of the long-term plan for the period of 15 years.
Objectives:
i) Decentralisation of planning and full public participation in development.
ii) The maximum possible generation of productive employment.
iii) Removal of poverty and reduction in income disparities.
EIGHTH FIVE YEAR PLAN (1992-97)
The Eighth Plan proposed a growth rate of 5.6 per cent per annum on an average during the plan period. The Eighth Plan focused on (i) clear prioritisation of sectors/projects for investment in order to facilitate implementation of the policy initiatives taken in the areas of fiscal, trade and industrial sectors and human development.
Objectives:
i) Generation of adequate employment of achieve near full employment level by the turn of the century.
ii) Containment of population growth through people’s active co-operation and an effective scheme of incentives and disincentives.
iii) Universalisation of elementary education and complete eradication of illiteracy among the people in the age group of 15 to 35 years.
THE NINTH FIVE-YEAR PLAN (1997-2002)
It began on April 1, 1997. The Ninth Plan was the first concrete attempt to translate the programme of economic reforms and the New Economic Policy within the framework of an indicative Plan. The Approach Paper to the Ninth Plan (1997-2002) was approved by the N.D.C. on 16th January, 1997.
Objectives:
i.) Priority to agriculture and rural development
ii.) Accelerating growth rate of economy
iii.) Food and nutritional security for all
iv.) Containing growth rate of population
v.) Empowerment of women and socially disadvantaged groups such as SC/ST, backward classes and minorities.
vi.) Promoting and developing participatory institutions like “Panchayati Raj” institutions, co-operatives and self-help groups.
TENTH FIVE YEAR PLAN (2002-07)
On December 21, 2002, the Tenth Five Year Plan was approved by the National Development Council (NDC). The Plan has further developed the NDC mandated objectives, of doubling per capita income in 10 years, and achieving a growth rate of 8% of GDP per annum. An 8% growth rate is considered necessary for achieving the social and economic targets of Tenth Plan Keeping in mind decadal growth performance and the steady acceleration that the country has recorded in growth over the past two decades, it is a realisable target. The plan has a number of new features, such as, for the first time
(a) It recognises the rapid growth of labour force over the next decade
(b) Addresses the issue of poverty and the unacceptably low levels of social indicators
(c) Adopted a “differential development strategy” to equate national targets into balanced regional development as there is vast difference in the potentials and constraints of each state
(d) Recognises that the governance is perhaps one of the most important factors for ensuring realisation of the Plan
(e) Identifies measures to improve efficiency, unleash entrepreneurial energy, and promote rapid and sustainable growth
(f) Proposes major reforms for agricultural sector making ‘agriculture’ the core element of the Plan.
Since economic growth is not the only objective, the Plan aims at harnessing the benefits of growth to improve the quality of life of the people by setting the following key targets:
1. All children to be in school by 2003 and all children to complete five years of schooling by 2007
2. Reduction in poverty ratio from 26% to 21%
3. Growth in gainful employment to, at least, keep pace with addition to the labour force
4. Decadal population growth to reduce from 21.3% in 1991-2001 to 16.2% by 2001-11
5. Reducing gender gaps in literacy and wage rates by 50%
6. Literacy rate to increase from 65% in 1999-2000 to 75% in 2001
7. Infant Mortality Rate (IMR) to be reduced from 72 in 1999-2000, to 45 in 2007
8. .Maternal Mortality Rate (MMR) to be reduced from 4 per 1000 in 1999-2000 to 2 per 1000 in 2007
9. Providing portable drinking water in all villages
10. Cleaning of major polluted river stretches
11. Increase in forest/tree cover from 19% in 1999-2000 to 25% in 2007
ELEVENTH PLAN (2007-2012)
The United Progressive Alliance government issued a paper in the eleventh plan titled “Towards faster and more inclusive growth.” According to the approach paper, the monitorable targets of five-year plan are:
1. GDP growth rate to be increased to 10% by the end of the plan;
2. Farm sector growth to be increased to 4%;
3. Creation of seven crore job opportunities;
4. Reduce educated unemployed youth to below 5 percent
5. Infant mortality rates to be reduced to 28 per 1000 births;
6. Maternal death rates to be reduced to 1 per 1000 births;
7. Clean drinking water to all by 2009;
8. Improve sex ratio to 935 by 2011-12 and to 950 by 2016-17;
9. Ensure electricity connection to all villages and broadband over power lines (BPL) households by 2009
10. Roads to all villages that have a population of 1000 and above by 2009;
11. Increase forest and tree cover by 5%;
12. Achieve the World Health Organization standard air quality in major cities by 2011-12;
13. Treat all urban wastewater by 2011-12 to clean river waters;
14. Increase energy efficiency by 20 percent by 2016-17.
FINANCIAL TERMS FOR IBPS CLERK
Gross domestic product - GDP is the total of all economic activity in one country, regardless of who owns the productive assets. For example, India’s GDP includes the profits of a foreign firm located in India even if they are remitted to the firm's parent company in another country.
GDP=TOTAL INCOME OF NATION - TOTAL EXPENDITURE OF THE NATION.
GDP is a perfect Indicator of health of economy,if it remain low for more time then it is a matter of concern.
Moody GDP estimate for 2012-2013-5.5%
Morgan stanley estimates 5.5 for 2013,6.5% for 2014.
Omissions in GDP
Deliberate omissions: There are many things which are not in GDP, including the following.
Transfer payments - For example, social security and pensions.
Gifts. For example, $10 from an aunt on your birthday.
Unpaid and domestic activities. If you cut your grass or paint your house the value of this productive activity is not recorded in GDP, but it is if you pay someone to do it for you.
Barter transactions. For example, the exchange of a sack of wheat for a can of petrol.
Second-hand transactions. For example, the sale of a used car (where the production was recorded in an earlier year).
Intermediate transactions. For example, a lump of metal may be sold several times, perhaps as ore, pig iron, part of a component and, finally, part of a washing machine (the metal is included in GDP once at the net total of the value added between the initial production of the ore and its final sale as a finished item).
Leisure. An improved production process which creates the same output but gives more recreational time is recorded in the national accounts at exactly the same value as the old process.
Depletion of resources. For example, oil production is recorded at sale price minus production costs and no allowance is made for the fact that an irreplaceable part of the nation's capital stock of resources has been consumed.
Environmental costs. GDP figures do not distinguish between green and polluting industries.
Allowance for non-profit-making and inefficient activities. The civil service and police force are valued according to expenditure on salaries, equipment, and so on (the appropriate price for these services might be judged to be very different if they were provided by private companies).
Allowance for changes in quality. You can buy very different electronic goods for the same inflation-adjusted outlay than you could a few years ago, but GDP data do not take account of such technological improvements.
Unrecorded transactions
GDP may under-record economic activity, not least because of the difficulties of keeping track of new small businesses and because of tax avoidance or evasion.
Deliberately concealed transactions form the black, grey, hidden or shadow economy. This is largest at times when taxes are high and bureaucracy is heavy. Estimates of the size of the shadow economy vary enormously. For example, differing studies put America's at 4-33%, Germany's at 3-28% and Britain's at 2-15%. What is agreed, though, is that among the industrial countries the shadow economy is largest in Italy, at perhaps one-third of GDP, followed by Spain, Belgium and Sweden, while the smallest black economies are in Japan and Switzerland at around 4% of GDP.
The only industrial countries that adjust their GDP figures for the shadow economy are Italy and America and they may well underestimate its size.
Expenditure
The expenditure measure of GDP is obtained by adding up all spending:
consumption (spending on items such as food and clothing)+ investment (spending on houses, factories, and so on)= total domestic expenditure+ exports of goods and services (foreigners' spending)= total final expenditure- imports of goods and services (spending abroad)= GDP
IMPORTANT ORAGANIZATION & SUMMITS IN YEAR 2012:-
MPORTANT ORAGANIZATION & SUMMITS IN YEAR 2012:-
1.NUCLEAR SECURITY SUMMIT:-
2ND(2012)-SEOUL(SOUTH KOREA)
3RD(2014)-NEITHERLAND
2.BRICS(BRAZIL,RUSSIA,INDIA,CHINA,SA) SUMMIT:-
4TH(2012)-NEW DELHI
5TH (2013)-SOUTH AFRICA(SA)
3.G8 SUMMIT:-
38TH(2012)-DAVID CAMP,USA;
39TH SUMMIT(2013)-UK
4.G20 SUMMIT:-
7TH(2012)-LOS KABOS,MEXICO
8TH SUMMIT(2013)-ST.PETERSBERG,RUSSIA.
5.NAM(NON-ALIGNED MOVEMENT) SUMMIT:-
16TH(2012)-TEHRAN,IRAN
17TH(2015)-VENEZUELA,120 COUNTRY PARTICIPATE
6.SCO(SANGHAI COOPERATION ORGANISATION)SUMMIT:-
12 TH SUMMIT(2012)-BEIJING,ATTENDED BY S.M.KRISHNA
13TH(2013)-KYRGYZSTAN.
7.NATO SUMMIT:-CHIKAGO.
8.20 ASEAN MEETING 2012-PHNOM PENH,CAMBODIA
9.10TH BASIC SUMMIT:-NEW DELHI
10.EARTH SUMMIT:-RIO DE JANEIRO
11.WORLD ECONOMIC FORUM-DAVOS,SWITZERLAND.
12.9TH WORLD HINDI CONFERENCE-JOHANNESBERG.
TOTAL MEMBERS OF FAMOUS ORGANISATION:-
1.UNO(UNITED NATIONAL ORGINASATION):-193.
2.WTO(WORLD TRADE ORGANISATION):-157
3.WORLD BANK & IMF-188
4.EUROPEAN UNION-27.
1.NUCLEAR SECURITY SUMMIT:-
2ND(2012)-SEOUL(SOUTH KOREA)
3RD(2014)-NEITHERLAND
2.BRICS(BRAZIL,RUSSIA,INDIA,CHINA,SA) SUMMIT:-
4TH(2012)-NEW DELHI
5TH (2013)-SOUTH AFRICA(SA)
3.G8 SUMMIT:-
38TH(2012)-DAVID CAMP,USA;
39TH SUMMIT(2013)-UK
4.G20 SUMMIT:-
7TH(2012)-LOS KABOS,MEXICO
8TH SUMMIT(2013)-ST.PETERSBERG,RUSSIA.
5.NAM(NON-ALIGNED MOVEMENT) SUMMIT:-
16TH(2012)-TEHRAN,IRAN
17TH(2015)-VENEZUELA,120 COUNTRY PARTICIPATE
6.SCO(SANGHAI COOPERATION ORGANISATION)SUMMIT:-
12 TH SUMMIT(2012)-BEIJING,ATTENDED BY S.M.KRISHNA
13TH(2013)-KYRGYZSTAN.
7.NATO SUMMIT:-CHIKAGO.
8.20 ASEAN MEETING 2012-PHNOM PENH,CAMBODIA
9.10TH BASIC SUMMIT:-NEW DELHI
10.EARTH SUMMIT:-RIO DE JANEIRO
11.WORLD ECONOMIC FORUM-DAVOS,SWITZERLAND.
12.9TH WORLD HINDI CONFERENCE-JOHANNESBERG.
TOTAL MEMBERS OF FAMOUS ORGANISATION:-
1.UNO(UNITED NATIONAL ORGINASATION):-193.
2.WTO(WORLD TRADE ORGANISATION):-157
3.WORLD BANK & IMF-188
4.EUROPEAN UNION-27.
SPORTS:-TENNIS MATCH WINNER IN 2012
CINCINNATI MASTERS:-
MEN SINGLE:-ROGER FEDERER BT NOVAK DJOKOVIC(SERBIA)
WOMEN SINGLE:-LI NA BT ANGELIQUE KERBER
US OPEN:-
MEN SINGLES:-ANDY MURRAY(BRITIAN) BT NOVAK DJOKOVIC(SERBIA)
WOMEN SINGLES:-SERENA WILLIAMS BT VICTORIA AZARENKA
WOMEN DOUBLE:-SARA ERRANI AND ROBERTA VINCI
FRENCH OPEN:-
MEN SINGLES:-RAFAL NADAL(SPAIN) BT NOVAK DJOKOVIC(SERBIA)
MENS DOUBLE:-MAX MIRYANI(BELARUS) & DANIAL NESTOR(CANADA)
WOMENS DOUBLE:-SARA ERRANI & ROBERTA VINCI
WIMBLEDON 2012:-
MEN SINGLES:-ROGER FEDERER BT ANDY MURRAY
WOMEN SINGLES:-SERENA WILLIAMS BT AGNIESZKA RADWANSKA
MEN DOUBLES:-JONATHAN MURRAY AND FREDERIK NIELSEN
WOMEN DOUBLES:-SERENA WILLIAM & VENUS WILLIAMS(US)
MIXED DOUBLES:-MIKE BRYAN & LISA RAYMOND BT. LEANDER PEAS-ELENA VESNINA
MEN SINGLE:-ROGER FEDERER BT NOVAK DJOKOVIC(SERBIA)
WOMEN SINGLE:-LI NA BT ANGELIQUE KERBER
US OPEN:-
MEN SINGLES:-ANDY MURRAY(BRITIAN) BT NOVAK DJOKOVIC(SERBIA)
WOMEN SINGLES:-SERENA WILLIAMS BT VICTORIA AZARENKA
WOMEN DOUBLE:-SARA ERRANI AND ROBERTA VINCI
FRENCH OPEN:-
MEN SINGLES:-RAFAL NADAL(SPAIN) BT NOVAK DJOKOVIC(SERBIA)
MENS DOUBLE:-MAX MIRYANI(BELARUS) & DANIAL NESTOR(CANADA)
WOMENS DOUBLE:-SARA ERRANI & ROBERTA VINCI
WIMBLEDON 2012:-
MEN SINGLES:-ROGER FEDERER BT ANDY MURRAY
WOMEN SINGLES:-SERENA WILLIAMS BT AGNIESZKA RADWANSKA
MEN DOUBLES:-JONATHAN MURRAY AND FREDERIK NIELSEN
WOMEN DOUBLES:-SERENA WILLIAM & VENUS WILLIAMS(US)
MIXED DOUBLES:-MIKE BRYAN & LISA RAYMOND BT. LEANDER PEAS-ELENA VESNINA
FILM AWARDS IN 2012
FILM AWARDS IN 2012:-
1.NATIONAL FILM AWARDS:-
BEST FEATURE FILM:-"DEVUR"(MARATHI) & "BYARI"(KANNADA)
BEST DIRECTOR:-GURVINDER SINGH,"ANHE GHOREY DA DAAN"
BEST ACTOR:-GIRISH KULKARNI,"DEOOL"
BEST ACTRESS:-VIDYA BALAN,"THE DIRTY PICTURE"
BEST CHIDRENS FILM:-"CHILLAR PARTY"
2.OSCAR WINNERS:-
BEST FILM:-THE ARTIST
BEST DIRECTOR:-MICHAEL HAZANAVICIUS
BEST ACTOR:-JEAN DUJARDIN
BEST ACTRESS:-MERYL STREEP
1.NATIONAL FILM AWARDS:-
BEST FEATURE FILM:-"DEVUR"(MARATHI) & "BYARI"(KANNADA)
BEST DIRECTOR:-GURVINDER SINGH,"ANHE GHOREY DA DAAN"
BEST ACTOR:-GIRISH KULKARNI,"DEOOL"
BEST ACTRESS:-VIDYA BALAN,"THE DIRTY PICTURE"
BEST CHIDRENS FILM:-"CHILLAR PARTY"
2.OSCAR WINNERS:-
BEST FILM:-THE ARTIST
BEST DIRECTOR:-MICHAEL HAZANAVICIUS
BEST ACTOR:-JEAN DUJARDIN
BEST ACTRESS:-MERYL STREEP
see SBI BANK CLERK MARKS june 2012 OUT
SBI BANK EXAM FOR CLERK(ASSISTANT & STENOGRAPHER) EXAMS HELD ON 27TH MAY 2012 & 3RD JUNE 2012 MARK SHEET HAS BEEN RELEASED BY SBI. CHECK YOURS & SEE WHERE YOUR FAULT IS & LEARN HOW TO IMPROVE THAT.
CLICK ON THE BELOW LINK TO SEE YOUR MARKS & CUT-OFFS BY ENTERING YOUR ROLL NO. & DOB OR REG. NO. & PASSWORD
MARKS SHEET OF SBI BANK
IBPS CLERK PART-2 INTERVIEW EXPERIENCE
THERE WERE MANY INTERVIEW EXPERIENCE THAT WE GOT BUT WE WANT ONLY UNIQUE SELECTED TO BE POSTED.THIS IS A INTERVIEW EXPERIENCE THAT WE GOT YESTERDAY.
NAME:-ABHISH PAL
PLACE:-varanasi
BANK VENUE:-UBI REGIONAL OFFICE
DATE OF INTERVIEW:-22ND MARCH 2013
QUESTION ASKED:-
1.About Yourself & family background?
2.Question from my educational background?
3.What did i prepared 4 the interview?
4.Abbreviation like CRR,core inflation,KYC?
NAME:-ABHISH PAL
PLACE:-varanasi
BANK VENUE:-UBI REGIONAL OFFICE
DATE OF INTERVIEW:-22ND MARCH 2013
QUESTION ASKED:-
1.About Yourself & family background?
2.Question from my educational background?
3.What did i prepared 4 the interview?
4.Abbreviation like CRR,core inflation,KYC?
IBPS CLERK PART-2 INTERVIEW EXPERIENCE
Name = reena bangwani
Interview Venue = Ahmedabad
Date= 25-3-13
Time = 8:30 AM
Panel = VI
Score = 114
Category= Gen
4 Persons(3Males & 1female)
Course= B.Sc., MCA
My interview was very good they did not asked any question from banking. My experience is:
1.They gave me Gujrati Newspaper and asked to read headline.(i m from MP n i'm not expert in gujrati i read the headline n tried to explain )
2.Introduce yourself in Gujrati (i answered i was prepared for this question )
3.How do u learn Gujrati? (i answered) then they asked if you are posted in rural areas how will you manage bcoz they understand only gujrati.(i answered)
4.Y did not u mention that u can read n write in gujrati in your application form(i answered)
5.How many bits equals to 1 bite(i answered)
6.Which is better 32 bit or 64 bit cpu. they asked one more technical question but i did not understand the que i frankly told them then then skip the que
7.There was some news in recent about atom and electron do you know anything(i frankly said sir i don't know)
8.My husband is in IDBI bank they asked if you are posted in dena bank then you will help your husband bank or your bank.(they asked 3 to 4 question on this n tried to make me confused but i answered all the question)
9.Have you faced any other interview.
10.Don’t you think your marks are low in this exam(i answered)
11.If you will have to deal with many customer at one time will you be frustrate.
12. I m currently working in a software company they asked y you join this job if you wanted to join bank.( I said I can’t sit idle at home)
13. Then they asked you had an option to join any bank as an executive this would be helpful.(I didn’t answered)
14.Functions of bank (I answered but they wasn’t satisfied that’s y they asked one more question n then they satisfied with my answer)
15.If you want to transfer money to the person who don’t have any bank account how will you do this?(I thought for few second then said demand draft)
16.If you plan a movie with your frnd n she didn’t come with you bcoz she is preparing for some exam. Will you be frustrate (I said no they tried to make my answer yes but I didn’t change my answer)
Friends panel was very good it was just a common interaction with them. Interview was in mix language hindi n English.
Interview Venue = Ahmedabad
Date= 25-3-13
Time = 8:30 AM
Panel = VI
Score = 114
Category= Gen
4 Persons(3Males & 1female)
Course= B.Sc., MCA
My interview was very good they did not asked any question from banking. My experience is:
1.They gave me Gujrati Newspaper and asked to read headline.(i m from MP n i'm not expert in gujrati i read the headline n tried to explain )
2.Introduce yourself in Gujrati (i answered i was prepared for this question )
3.How do u learn Gujrati? (i answered) then they asked if you are posted in rural areas how will you manage bcoz they understand only gujrati.(i answered)
4.Y did not u mention that u can read n write in gujrati in your application form(i answered)
5.How many bits equals to 1 bite(i answered)
6.Which is better 32 bit or 64 bit cpu. they asked one more technical question but i did not understand the que i frankly told them then then skip the que
7.There was some news in recent about atom and electron do you know anything(i frankly said sir i don't know)
8.My husband is in IDBI bank they asked if you are posted in dena bank then you will help your husband bank or your bank.(they asked 3 to 4 question on this n tried to make me confused but i answered all the question)
9.Have you faced any other interview.
10.Don’t you think your marks are low in this exam(i answered)
11.If you will have to deal with many customer at one time will you be frustrate.
12. I m currently working in a software company they asked y you join this job if you wanted to join bank.( I said I can’t sit idle at home)
13. Then they asked you had an option to join any bank as an executive this would be helpful.(I didn’t answered)
14.Functions of bank (I answered but they wasn’t satisfied that’s y they asked one more question n then they satisfied with my answer)
15.If you want to transfer money to the person who don’t have any bank account how will you do this?(I thought for few second then said demand draft)
16.If you plan a movie with your frnd n she didn’t come with you bcoz she is preparing for some exam. Will you be frustrate (I said no they tried to make my answer yes but I didn’t change my answer)
Friends panel was very good it was just a common interaction with them. Interview was in mix language hindi n English.
IBPS CLERK PART-2 MARKS ANALYSIS
OVERALL IBPS CLERK WAS A HIT EXAM.IT TOOK LESS THAN A MONTH TO PUBLISH RESULT.THIS COMPUTER BASIS TEST REALLY SAVES A LOT OF TIME COMPARED TO MANUAL,ALTHOUGH SOME CANDIDATES HAVE COMPLAINT OF THE SYSTEM.BUT OVERALL IBPS DONE A COMMENDABLE JOB BY CONDUCTING ALL OVER INDIA EXAM IN SUCH A QUICK MANNER.LAST YEAR MANUAL EXAM RESULT CAME ON 29TH FEB.
THIS YEAR COMPUTER BASED TEST RESULT CAME ON 23RD JAN
TOTAL EXAMINEE-5LAC ASPIRANTS.(APPROX.)
PASSED EXAMINEE:-1LAC ASPIRANTS.(APPROX.)
MARKS:-
SUCESSFUL MARKS MAINLY WERE IN THE RANGE OF 95-150(DEPEND ON STATE WISE CUTOFF).
STATE WISE CUT OFF WERE IN RANGE OF (MAINLY FOR OTHER THAN METRO CITIES)95-120(MAINLY METRO CITIES).
INTERVIEW DETAILS:-
1. AS PER OUR ESTIMATION,INTERVIEW WILL HAPPEN ANYWHERE IN MARCH ON DIFFERENT DATES FOR EVERY STATE.
2. INTERVIEW WILL HAVE 3-5 PANEL MEMBERS HAVING DIFFERENT FIELD KNOWLEDGE OF BANKING INDUSTRY.
3. INTERVIEW:CBT(COMPUTER BASED TEST) WILL HAVE WEIGHTAGE OF 20:80.SO ACCORDINGLY INTERVIEW WILL BE OF 40-50 MARKS(20% OF 200).
4. QUESTION WILL BE BANKING RELATED & PERSONAL BACKGROUND RELATED.MAX QUESTION CAN BE 10-15 DEPEND UPON INTEREST OF PANEL MEMBER TOWARDS CANDIDATE.
5. IF YOU SCORE 30-40 IN INTERVIEW OR 90% OF INTERVIEW MARKS THEN IF A PERSON GOT 120+40=160 OUT OF 240,THEN YOU GET 67%.OTHERWISE YOUR PERCENTAGE WOULD HAVE BEEN 120 OUT OF 200,60%.SO A DIFFERENCE OF 5-7% YOU CAN MAKE IF YOU ATTEND YOUR INTERVIEW CORRECTLY,THATS NOT BAD IT MEANS 10% OF WHAT PERCENTAGE YOU GOT.
THIS YEAR COMPUTER BASED TEST RESULT CAME ON 23RD JAN
TOTAL EXAMINEE-5LAC ASPIRANTS.(APPROX.)
PASSED EXAMINEE:-1LAC ASPIRANTS.(APPROX.)
MARKS:-
SUCESSFUL MARKS MAINLY WERE IN THE RANGE OF 95-150(DEPEND ON STATE WISE CUTOFF).
STATE WISE CUT OFF WERE IN RANGE OF (MAINLY FOR OTHER THAN METRO CITIES)95-120(MAINLY METRO CITIES).
INTERVIEW DETAILS:-
1. AS PER OUR ESTIMATION,INTERVIEW WILL HAPPEN ANYWHERE IN MARCH ON DIFFERENT DATES FOR EVERY STATE.
2. INTERVIEW WILL HAVE 3-5 PANEL MEMBERS HAVING DIFFERENT FIELD KNOWLEDGE OF BANKING INDUSTRY.
3. INTERVIEW:CBT(COMPUTER BASED TEST) WILL HAVE WEIGHTAGE OF 20:80.SO ACCORDINGLY INTERVIEW WILL BE OF 40-50 MARKS(20% OF 200).
4. QUESTION WILL BE BANKING RELATED & PERSONAL BACKGROUND RELATED.MAX QUESTION CAN BE 10-15 DEPEND UPON INTEREST OF PANEL MEMBER TOWARDS CANDIDATE.
5. IF YOU SCORE 30-40 IN INTERVIEW OR 90% OF INTERVIEW MARKS THEN IF A PERSON GOT 120+40=160 OUT OF 240,THEN YOU GET 67%.OTHERWISE YOUR PERCENTAGE WOULD HAVE BEEN 120 OUT OF 200,60%.SO A DIFFERENCE OF 5-7% YOU CAN MAKE IF YOU ATTEND YOUR INTERVIEW CORRECTLY,THATS NOT BAD IT MEANS 10% OF WHAT PERCENTAGE YOU GOT.
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