BANKING

*The word ‘bank’ is derived from ‘banco’, the Italian word for ‘bench’ where they exchanged money and bills.
*Modern Banking in India originated in the last decades of 18th century.
*First foreign bank in India
Ans : Comtorie  Escompt de Paris of France in 1860
*Bank rate : The rate at which a central bank is prepared to lend Money to its domestic banking system.
*CRR (Cash Reserve Ratio) is the amount of fund that the banks have to keep with RB ....etc

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New Info
*For the first time in nearly 150 years, India surpassed U.K. in terms of GDP recently.


Nobel Prize in Economics
*The Nobel prize for Economics in 2016 was shared by
Ans : Oliver Hart (UK). Bengt Holmstrom (Finland)
*The nobel prize for Economics in 2015 won by 
Ans : Angus Deaton (Scotland)
*The only woman received the nobel prize in Economics 
Ans : Elinor Ostrum (America, 2009)
*The nobel prize for E ....etc

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Stag flation
*The situation where a country persistently suffers from both high inflation and high Unemployment 

COMMERCE
*Foreign trade consists of two activities, export and import.
*India is one of the first Asian country to recognise the effectiveness of Export Processing zone.
*The Foreign Exchange Regulation Act (FERA) was passed by the Indian Parliament in 1973 and came into force in 1974.
*FERA imposed strict regulations on certai ....etc

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*Tax is a compulsory payment made by individual or corporate bodies to Government.
*Tax was firstly imposed in Egypt.
*Article 265 of the constitution deals with taxes.
*There are mainly two types of taxes (i) Direct Taxes (ii) Indirect Taxes
*Direct tax is a tax paid directly to the government by the persons on whom it is imposed.
eg: Income Tax, Land Tax, Property Tax, Building Tax
*Indirect Tax is levied on goods or services rather than individuals and is ultimately paid by consumers in the ....etc

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NITI Aayog

*NITI Aayog - National Institution for Transforming India replaced Planning Commission of India from 1st January 2015. 
*Specialised wing of NITI Aayog comprising of representatives from every State and Ministry to serve as a permanent platform for national collaboration 
Ans : ‘TEAM INDIA’
*The Vice Chairperson and CEO of NITI Aayog will be appointed by the Prime Miniser.
*First meeting of the Governing council of NITI Aayog was held on 
Ans : 8th ....etc

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*PAN (Permanent Account Number) relates to income tax administration.
*Personal income tax is a direct tax levied on individuals.
*Central Excise Duty is imposed on the commodities which are produced within the country.
*Customs Duty is imposed on both import, and export.
*Raja Chellayah was the chairman of tax reforms committee.
*The new committee which suggested reforms in direct and indirect tax is Kelkar Committee.
*Tax holiday - A limited period of tax free operation, or of specially reduc ....etc

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INTRODUCTION 
*Economics is the branch of science that deals with the study of production, distribution and consumption of goods and services.
*The study of wealth is called 
Ans : Aphnology. 
*The father of Modem Economics
Ans : Adam Smith (Scotland)
*Laissez-Faire is the policy of non-interference by government in economic activities.
*Laissez - Faire Policy is related to Adam Smith
*The law of demand was proposed by
Ans : Alfred Marshall[ ....etc

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Fifth Five Year Plan (1974-79)

*Prepared and developed by D.D. Dhar.
*The plan gave high priority to bring inflation under control and to achieve stability in the economic situation.
*The removal of poverty and achievement of self reliance was the main objective of this plan.
*Command Area Development Programme was launched during this period.
*The electricity supply act was amended in 1975, which enabled the central government to enter into power generation and transmissio ....etc

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Tenth Five Year Plan (2002-2007)
*Tenth plan aims at 8% of G.D.P. growth per year.
*Reduction of poverty ratio by 5% points by 2007.
*Providing gainful and high-quality employment.
*National Rural Health Mission (NRHM), Bharat Nirman, Jawaharlal Nehru Urban Renewal Mission was declared during 10th five year plan
*Reduction of gender gaps in literacy and wage rates.
*The plan achieved 7.7% growth rate.


Eleventh Five Year Plan (2007-2012)[/si ....etc

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Planning Commissions in India
*On 15th March 1950 Planning commission was established by an executive resolution of the Government of India based on the recommendation of an advisory planning board constituted in 1946 under the chairmanship of K.C. Neogy 
*Yojana Bhavan, New Delhi is the headquarters of Planning Commission. 
*Planning Commission formulates India’s five year plans.
*Planning Commission is neither a constitutional body nor a statutory body.
*It is an extra ....etc

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