Banking and Financial Awareness – 33

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Agnihotri Ravindra

18 Aug, 2013

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1) Which body is the regulator of commodity derivatives markets in India, which would be given more teeth to ensure that National Spot Exchange Ltd (NSEL) settles the Rs 5,600-crore dues to investors, as announced by the Union Govt. on 7 August 2013? – Forward Markets Commission – FMC (NSEL is facing the problem of settlement after it suspended trade in one-day forward contracts on 31 July 2013 following the government direction. On 6 August 2013, NSEL stopped trading in e-series contracts in gold in anticipation of the notification to this effect)

  • 2) Union Govt. on 2 August 2013 gave its approval for setting up of a fund to help six PSUs, to make them compliant with the 10% minimum public holding norm of market regulator SEBI. What is the name assigned of this newly approved fund? – Special National Investment Fund (SNIF). Six sick PSUs which will be covered under this proposed fund are – HMT, ITI, Scooters India Limited, Andrew Yule, Fertilizer and Chemical Limited (Travancore) and Hindustan Photo Films Limited

  • 3) Union Govt. on 6 August 2013 disclosed that six Central Public Sector Enterprises (CPSEs) have been closed in the country in the last 5 years. Which six CPSEs are these? – Bihar Drugs & Organic Chemicals Ltd. (in Bihar), Indian Oil Technologies Ltd. (in Delhi), Brushware Ltd. (in UP), Pyrites Phosphastes & Chemicals Ltd. (in Bihar), National Instruments Ltd. (in Bihar) and Bharat Yantra Nigam Ltd. (in UP))

    4) Union Govt. on 2 August 2013 unveiled the long awaited Unified License norms for the telecom sector. What are the main features of this new norm?

    • The new norm provides for delinking of spectrum from operational permits and allows companies to offer services using any technology. Telecom companies would be allowed to offer mobile and fixed-line services using any technology. They can also provide Internet TV services.
    • It allows companies to offer intra and inter-circle roaming, but bars operations from acquiring subscribers in areas where they don’t own a license
    • The licenses acquired under this new norm will be valid for 20 years, and will be renewable for another ten years
    • Telecom companies will have to pay a license fee of eight per cent of annual revenues from telecom services.
    • All telecom companies will have to migrate to the new licensing regime upon expiry of their current permits
  • 5) Union Govt. relaxed the norms for Foreign Direct Investment (FDI) in the multi-brand retail on 1 August 2013 with a view to attract more investments and transparency in the sector. What are the major norms which were relaxed? –

    • Multi-brand retailers like Walmart are now required to source 30% of their products from the small and medium enterprises of India only at the time of starting the business
    • Now state governments will have the right to grant permission to open a multi-brand retail store in cities of their states (Earlier 53 urban centers with a minimum population of 1 million were made eligible for opening-up of multi-brand retail stores)
    • Now the norm of 50% investment in the back-end infrastructure for the retailers will be applicable, only during the first tranche of investments (within three years) of up to 100 million dollars
  • 6) Who will be the new Governor of the Reserve Bank of India (RBI), as announced by the Finance Ministry on 6 August 2013? – Raghuram Rajan, who is at present the Chief Economic Advisor to the Govt. of India (Rajan will succeed the current RBI Governor Duvvuri Subbarao whose 5-year term ends on 4 September 2013. He has formerly worked as the chief economist at the International Monetary Fund. Rajan has been a gold medalist at IIT-Delhi and IIM-Ahmedabad and he will be the 23rd Governor of India’s central bank)

  • 7) Who was appointed as the first woman Managing Director (MD) of State Bank of India (SBI) on 3 August 2013? – Arundhati Bhattacharya (Prior to this she was the managing director of SBI Capital, the merchant banking arm of the bank)

  • 8) Who took over as the Chairman and Managing Director (CMD) of Central Bank of India during August, 2013? – Rajeev Rishi (Rishi was Executive Director of Indian Bank till now and his tenure will be for 5 years)

  • 9) The first arrest for default in paying which tax was made during August, 2013 after union Finance Minister P. Chidambaram finalized and approved applicable provisions of CrPC (criminal procedure code) to arrest such offenders? – Service Tax (A courier company owner at Kolkata was arrested for allegedly evading service tax of about Rs. 70 lakh in the first such case)

  • 10) The Reserve Bank of India (RBI) on 7 August 2013 disclosed that it had imposed a penalty of Rs. 5,62,555 on the State Bank of India (SBI) on 12 July 2013 for violation of currency chest norms. Which currency chest of SBI was found deficient in following these norms? – Secunderabad Branch of SBI, in Andhra Pradesh (The penalty was levied in connection with deficiencies and lapses in the operation and maintenance of the currency chest at the Secunderabad branch of SBI)

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