The Competition Master

RAPID GK SERIES 34

<div dir="ltr" style="text-align: left;" trbidi="on">1. He is the Author of this famous book œIndia Divided<br />
2. This Personality is called, œThe Prophet of Indian Nationalism and Father of Modern India.<br />
3. This is the Place where Navy Openly revolted in 1946 against British Rule in India is<br />
4. The Bankers Bank in India is<br />
5. The Decrease in External Value of Money is called Devaluation of Money “ True or False<br />
6. The Commonwealth Games 2010 Anthem was<br />
7. Recently, the Arctic Border Pact was signed between these two nations<br />
8. The World Investment Report is annually published by<br />
9. In India, the Information Act was passed in this year<br />
10. The International Day of Tolerance is observed on<br />
<br />
<strong>ANSWERS<br />
</strong><br />
1. Dr. Rajendra Prasad<br />
2. Raja Ram Mohan Roy<br />
3. Mumbai<br />
4. The Reserve Bank of India<br />
5. True<br />
6. Jeeyo, Utho, Badho, Jeeto<br />
7. Russia “ Norway<br />
8. UNCTAD<br />
9. 2000<br />
10. November 16</div>

RAPID GK SERIES 34

1. He is the Author of this famous book œIndia Divided 2. This Personality is called, œThe Prophet of Indian Nationalism and Father of Mod...

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RBI Buys Bonds Worth 10,435 Crore

<div dir="ltr" style="text-align: left;" trbidi="on"><ul><li style="text-align: justify;">The Reserve Bank (RBI) bought bonds worth <img alt="" border="0" src="http://www.siliconindia.com:81/images/rupeesymbols/rs.small.jpg" />10,435 crore through Open Market Operations (OMO), against a target of <img alt="" border="0" src="http://www.siliconindia.com:81/images/rupeesymbols/rs.small.jpg" />12,000, as part of its strategy to infuse liquidity into the system. </li>
</ul><ul style="text-align: justify;"><li>Four securities were on offer for OMO and the RBI subscribed to all  of them, the central bank said in a statement. While government  securities (G-Sec) maturing in 2017 with a coupon rate of 8.07 percent  garnered over <img alt="" border="0" src="http://www.siliconindia.com:81/images/rupeesymbols/rs.small.jpg" />267.94 crore, 7.80 percent G-Secs maturing in 2021 garnered <img alt="" border="0" src="http://www.siliconindia.com:81/images/rupeesymbols/rs.small.jpg" />4,169.59 crore. Furthermore, 8.08 percent G-Secs maturing in 2022 mopped up <img alt="" border="0" src="http://www.siliconindia.com:81/images/rupeesymbols/rs.small.jpg" />2,997.56 crore and 8.28 percent G-Secs maturing in 2032 garnered <img alt="" border="0" src="http://www.siliconindia.com:81/images/rupeesymbols/rs.small.jpg" />3,000 crore. </li>
</ul><ul style="text-align: justify;"><li>With this, the central bank has infused nearly <img alt="" border="0" src="http://www.siliconindia.com:81/images/rupeesymbols/rs.small.jpg" />73,000  crore into the financial system in eight tranches in the last two  months. OMOs are the "first preference" of the RBI for injecting  liquidity and there is an opportunity to raise up to <img alt="" border="0" src="http://www.siliconindia.com:81/images/rupeesymbols/rs.small.jpg" />2.74  lakh crore through the window. Subir Gokarn, RBI Deputy Governor, had  earlier said that liquidity is likely to be under pressure for some more  time on account of factors such as advance tax payments. </li>
</ul><ul style="text-align: justify;"><li>Overnight drawings by banks from the RBI's liquidity adjustment facility have exceeded <img alt="" border="0" src="http://www.siliconindia.com:81/images/rupeesymbols/rs.small.jpg" />1,20,000  crore and it has said in the past that the deficit has exceeded its  target of 1 percent of Net Demand and Time Liabilities (NDTL).</li>
</ul></div>

RBI Buys Bonds Worth 10,435 Crore

The Reserve Bank (RBI) bought bonds worth 10,435 crore through Open Market Operations (OMO), against a target of 12,000, as part of its st...

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Small Savings Scheme Interest Rates Not Floating: RBI

<div dir="ltr" style="text-align: left;" trbidi="on"><span> The Reserve Bank said <strong>interest rates on small savings schemes, except the PPF, will remain fixed throughout the term of schemes.</strong></span><br />
<br />
<span>        It clarified that interest rate for small savings, barring PPF,  will be declared on April 1 every year and will remain valid till the  maturity of the scheme.</span> <br />
<div style="text-align: justify;"><em>What made the RBI announce it?</em></div><div style="text-align: justify;"><span>       It said the circular has  been released as a clarification after it observed that news items are  appearing in media which conveying an impression that the interest rates  on small savings schemes linked to government securities (G-Sec rates)  "are floating in nature and will undergo change depending on the yields  on G-Sec during the currency of an instrument".</span></div><div style="text-align: justify;"><span> </span><em>Changes so far</em></div><ul style="text-align: justify;"><li>In December last year, the government had increased interest rates  on PPF to 8.6 percent from 8 percent earlier, and also raised ceiling on  annual contributions to the fund to <img alt="" border="0" src="http://www.siliconindia.com:81/images/rupeesymbols/rs.small.jpg" />1 lakh from <img alt="" border="0" src="http://www.siliconindia.com:81/images/rupeesymbols/rs.small.jpg" />70,000. </li>
</ul><ul style="text-align: justify;"><li>Interest rates on savings account in post offices also rose to 4  percent from 3.5 percent. Similarly, interest rates on deposits of other  maturities too was raised from December. The sale of 'Kisan Vikas  Patras' (KVP) was discontinued from November 30, 2011. </li>
</ul><ul style="text-align: justify;"><li>In addition, the maturity period of monthly investment schemes (MIS)  and national savings certificates was reduced from six years to five  years. </li>
</ul><ul style="text-align: justify;"><li>MIS earns an interest of 8.2 percent, but accounts opened on/after  December 1, 2011, would not be entitled for bonus. Besides, loans taken  from PPFs would attract an interest of two percent per annum from  December 1, 2011. </li>
</ul><ul style="text-align: justify;"><li>The government did away with commission paid to the agents for  opening PPF accounts and Senior Citizens Savings Schemes, while the  agents commission for Mahila Pradhan Kshetriya Bachat Yojana (MPKBY) was  fixed at four percent. Besides, agency commission for all other schemes  was halved to 0.5 percent.</li>
</ul><div style="text-align: justify;"></div><ul style="text-align: justify;"><li>RBI's clarification comes a few days after a similar one was issued by the Finance Ministry. </li>
</ul><ul style="text-align: justify;"><li>"The rate of interest on small savings schemes will be aligned with  G-Sec rates of similar maturity with a spread of 25 basis points, with  two exceptions. The spread on 10 year National Savings Certificate will  be 50 basis points and on Senior Citizens Savings Scheme, 2004, (it will  be) 100 basis points," RBI said.</li>
</ul></div>

Small Savings Scheme Interest Rates Not Floating: RBI

The Reserve Bank said interest rates on small savings schemes, except the PPF, will remain fixed throughout the term of schemes. ...

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Enhance business with each other: India urges SAARC

<div dir="ltr" style="text-align: left;" trbidi="on"><div id="5741" style="display: block;">                                          <ul><li style="text-align: justify;">India has urged the Nations of the South Asian Region to invest more in each other to strengthen economic cooperation. </li>
</ul><ul style="text-align: justify;"><li>Addressing the captains of Industry during the SAARC Business Summit  in New Delhi today, the Commerce, Industry and Textiles Minister Mr.  Anand Sharma said that this can be achieved through increase in people  to people contact and exchange in diverse sectors. </li>
</ul><ul style="text-align: justify;"><li>Expressing concern on depleting intra-regional trade volume, Mr.  Sharma said that India is keen to take steps to augment intra-regional  trade for the betterment of the people. He said that India's global  trade has grown to $750 billion with services at $950 billion.  </li>
</ul><ul style="text-align: justify;"><li>The Minister said that India's trade with SAARC countries stands at  $15 billion. He said that there is enough potential for enhancing  regional cooperation for mutual growth.  </li>
</ul><ul><li style="text-align: justify;">Earlier, Foreign Secretary Ranjan  Mathai stressed the need to build up inclusive growth of the region by  having institutional linkages and regional production chains. He said  that India is providing technical assistance to SAARC Development Fund  for the purpose.</li>
</ul></div></div>

Enhance business with each other: India urges SAARC

India has urged the Nations of the South Asian Region to invest more in each other to strengthen e...

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Syria rejects Arab league plan

<div dir="ltr" style="text-align: left;" trbidi="on"><ul><li>Syria has rejected the Arab League plan for President Bashar al-Assad to hand over the power to the Vice President. </li>
</ul><ul><li>The Syrian Television quoted an official saying the initiative was a  direct interference in the internal affairs of the country.  </li>
</ul><ul><li>He said Syria rejects the decisions taken which are outside an Arab  working plan, and considers them an attack on its national sovereignty  and a flagrant interference in internal affairs.  </li>
</ul><ul><li>The Syrian official was quoted saying that Arab League should rather try to stop the financing and arming of terrorists. </li>
</ul><ul><li>The Arab League in its meeting on Sunday came out with a plan under  which President Assad hands over the power to the Vice President and a  national unity government is formed within two months. It called upon  the Syrian Government to start a dialogue with the opposition in two  weeks.  </li>
</ul><ul><li>The Unity Government should elect a council in three months to write  a constitution. It should also prepare for parliamentary and  Presidential elections. </li>
</ul><ul><li>The Arab League Foreign Ministers also asked the U.N. Security Council to support the plan to resolve the crisis in Syria.</li>
</ul></div>

Syria rejects Arab league plan

Syria has rejected the Arab League plan for President Bashar al-Assad to hand over the power to the Vice President. The Syrian Television q...

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Saudi Arabia withdraws from Arab League mission to Syria

Saudi Arabia withdraws from Arab League mission to Syria

Saudi Arabia announced it is pulling out of the Observer mission in Syria. Saudi Foreign Minister...

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Power Min proposes 1 lakh MW additional power in 12th Plan

Power Min proposes 1 lakh MW additional power in 12th Plan

The Power Ministry has proposed a capacity addition target of 1,00,000 Mega Watt to the Planning C...

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‘Karnataka State has offered to suggest another name for Lokayukta'

<div dir="ltr" style="text-align: left;" trbidi="on"><ul><li style="text-align: justify;">Governor H.R. Bhardwaj said that he  expected the row over the appointment of Lokayukta to be resolved soon  as Chief Minister D.V. Sadananda Gowda was cooperating with him on the  issue. </li>
</ul><ul style="text-align: justify;"><li>He indicated to presspersons, after administering the oath of office  to the former Karnataka High Court judge Chandrashekaraiah as  Upalokayukta at the Raj Bhavan, that the Government had offered to  suggest another name for the post. </li>
</ul><ul style="text-align: justify;"><li>Mr. Bhardwaj, who had openly rejected the recommendation of the  Government to appoint the former Kerala High Court Chief Justice S.R.  Bannurmath as Lokayukta, said there were other reasons for rejecting his  name and he could not disclose the details, as he wanted to protect his  dignity. The post fell vacant following the resignation of Shivaraj V.  Patil. </li>
</ul><ul style="text-align: justify;"><li>On the controversy surrounding the Vice-Chancellor of VTU, the  Governor said he had ordered an investigation into it. “I will act after  receiving the report,” he added. </li>
</ul><ul style="text-align: justify;"><li>Expressing unhappiness over the police-advocates rift, the Governor  criticised the attack on presspersons. He said that the Advocates  Association Bangalore president K.N. Subba Reddy had assured him that  such things would not recur.</li>
</ul></div>

‘Karnataka State has offered to suggest another name for Lokayukta'

Governor H.R. Bhardwaj said that he expected the row over the appointment of Lokayukta to be resolved soon as Chief Minister D.V. Sadanand...

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Demands of Anna Hazare

<div dir="ltr" style="text-align: left;" trbidi="on"><div style="text-align: justify;">Claiming that this Bill is weak,  and that in its present form it would not do much to tackle corruption,  Anna Hazare wrote an open letter to the Prime Minister listing 4  provisions, which at a minimum any Bill passed by the Parliament should  contain.</div><div style="text-align: justify;"> These four provisions were as follows.</div><ol style="text-align: justify;"><li> The Lokpal and Lokayuktas must be able to suo moto initiate their own  investigations, without a complaint or reference from anyone. It should  also not be required to alert the accused through preliminary enquiry  or hearing before filing an FIR (this is as recommended by the Standing  Committee).<br />
</li>
<li>The Lokpal and Lokayuktas must be able to carry out independent investigations, through any one of the following mechanisms.  <ul><li> The anti-corruption branch of CBI should be merged into Lokpal,  anti-corruption bureaus and state vigilance departments in state  governments should be similarly merged into Lokayuktas,<br />
OR<br />
</li>
<li> Lokpal and Lokayuktas should have their own investigative wings which  should have exclusive jurisdiction over cases under Prevention of  Corruption Act, (the Government's own previous draft of the Bill  included this provision)<br />
OR<br />
</li>
<li> The administrative and financial control over CBI should be with  Lokpal and the appointment of CBI Director should be independent of any  political control. The anti-corruption bureaus and state vigilance  departments in state governments should be merged into Lokayuktas.<br />
</li>
</ul></li>
<li> The selection of the Lokpal should be through the consensus of the  selection panel. Selection committee should consist of Prime Minister,  Leader of Opposition, two judges to be nominated by collegium of Supreme  Court judges, CAG, CVC and CEC. Search committee to suggest nominees  should consist of former Chief Justices, Former CAG, former, CVC and  former CEC. A detailed selection procedure should be prescribed in the  law itself.<br />
</li>
<li> The Lokpal/Lokayukta's jurisdiction should include Class C and D officers directly.<br />
</li>
</ol></div>

Demands of Anna Hazare

Claiming that this Bill is weak, and that in its present form it would not do much to tackle corruption, Anna Hazare wrote an open letter ...

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Lokpal bill amendments

<div dir="ltr" style="text-align: left;" trbidi="on"><span class="contents2">The Lokpal and Lokayuktas Bill, 2011 was  introduced in Lok Sabha on December 22, 2011. Some amendments were made  to the Bill. The following table compares the Lokpal and Lokayuktas  Bill, 2011, as introduced, with the version of the Bill passed on  December 27, 2011 by the Lok Sabha.</span><br />
<table align="center" cellpadding="6" cellspacing="0" class="contents"><tbody>
<tr bgcolor="ffffd9" valign="top"> <td width="140"><strong class="hp1">Clauses</strong></td> <td width="175"><strong class="hp1">Bill as introduced in Lok Sabha</strong></td> <td width="175"><strong class="hp1">Bill as passed by the Lok Sabha</strong></td> </tr>
<tr bgcolor="f5f5f5" valign="top"> <td>Clause 1: Extent, application and commencement</td> <td>Bill will be applicable to states.  It may be notified on different dates for different states.</td> <td>The Bill, once passed, shall be applicable to states if they give consent to its application.</td> </tr>
<tr valign="top"> <td>Clause 2(o): Definition of public servants</td> <td>Public servants includes PM, Ministers, MPs, group A, B, C and D officers, and certain private entities.</td> <td>The Bill excludes public servants who are covered under the Army  Act, 1950; the Air Force Act, 1950; the Navy Act, 1957 and the Coast  Guard, 1978.</td> </tr>
<tr bgcolor="f5f5f5" valign="top"> <td>Clause 14(1)(a)(ii): Jurisdiction over PM</td> <td>The Bill requires that an inquiry against the PM has to be approved by a three-fourths majority of the full bench of the Lokpal</td> <td>The Bill requires that an inquiry against the PM has to be approved by a two-thirds majority of the full bench of the Lokpal.</td> </tr>
<tr valign="top"> <td>Clause 20(5): Procedure for investigation (Lokpal)</td> <td>Investigations have to be completed within a period of 6 months.    This period may be extended by another 6 months for reasons to be  recorded in writing.   The Bill does not provide for further extensions.</td> <td>The Bill allows an extension of 6 months at a time for reasons to be  recorded in writing.   It does not limit the number of occasions on  which such extension may be allowed.</td> </tr>
<tr bgcolor="f5f5f5" valign="top"> <td>Clause 24: Action on investigation against PM, Minister, MPs.</td> <td>The Lokpal shall send a copy of the investigation report to the  Competent Authority (Lok Sabha, PM, Speaker or Chairman as the case may  be).   The Competent Authority shall table the report in the House and  communicate the action taken to the Lokpal within 90 days.</td> <td>Requirement of reporting to the Lokpal on action taken has been removed.</td> </tr>
<tr valign="top"> <td>Clause 75: Jurisdiction of Lokayuktas</td> <td>Religious trusts were excluded from the jurisdiction of Lokayuktas.</td> <td>Religious institutions are included within the ambit of Lokayuktas.</td> </tr>
<tr bgcolor="f5f5f5" valign="top"> <td>Clause 81(5): procedure for investigation (Lokayuktas)</td> <td>Investigations have to be completed within a period of 6 months.    This period may be extended by another 6 months for reasons to be  recorded in writing.   The Bill does not provide for further extensions.</td> <td>The Bill allows an extension of 6 months at a time for reasons to be  recorded in writing.   It does not limit the number of occasions on  which such extension may be allowed.</td> </tr>
<tr valign="top"> <td>Clause 85: Action on investigation against CM, Ministers, MLAs</td> <td>The Lokayuktas shall send a copy of the investigation report to the  Competent Authority (Legislative Assembly, CM, Speaker or Chairman as  the case may be).  The Competent Authority shall table the report in the  House and communicate the action taken to the Lokayukats within 90  days.</td> <td>Requirement of reporting to the Lokayuktas on action taken has been removed.</td> </tr>
<tr bgcolor="ffffd9" valign="top"> <td colspan="3"><em>Sources: Lokpal and Lokayuktas Bill, 2011 as introduced and as passed by Lok Sabha; PRS Legislative Research.</em></td></tr>
</tbody></table></div>

Lokpal bill amendments

The Lokpal and Lokayuktas Bill, 2011 was introduced in Lok Sabha on December 22, 2011. Some amendments were made to the Bill. The followin...

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