Sunday, August 31, 2014

How to Solve Analogies in Bank PO

Hello and welcome to ExamPundit. A lot of our fans are asking us to make a post on English Language Analogies. So here we are presenting few tips and tricks to solve the Analogies promptly.

1. Vocabulary: Yes, it is one of the major points in the learning process of analogies. The more vocabulary you extend the more chances of solving the analogies increases. There are more than 60% of analogies having difficult words. Which is actually a main reason of failure. So once you grab the vocabulary section, your basic need will be fulfilled.

For eg. ERUDITE : UNEDUCATED :: Loquacious : Taciturn
Simply this means, Erudite : Someone who wants to learn, and you know what does Uneducated means. And Loquacious means talkative person where Taciturn defines as calm in nature. So what do we learn here? We understand that, any of the analogies can be easiest however we must have a vast grab in vocabulary to understand the meaning. 

2. Pattern: Every analogy follows a pattern. The more quickly you learn the patterns the more easier it will be for you to solve it.

How To Solve Them In Three Steps:

Step 1: Figure out what the analogy is trying to convey. For eg. 


a) Student:College
b) Driver:Truck
c) Doctor: Diagnose

d) Teacher:School

What you need to do, you need to just focus on the first analogy i.e Waiter : Restaurant. Don't look into the options, just focus on the first analogy. Here Waiter : Restaurant following a patter. Can you guess what pattern is it? Well, Waiter is someone you generally give orders in a.....?? Yes, Restaurant. How is Waiter related to Restaurant? He works there. So here X(waiter) works at Y(Restaurant). 

Step 2: Once you have cracked up the first pattern, lets look into the options. First thing, you need to remove the weak link from the options. Which one is the weak link here? a) or b) or c) or d)? a) Student : College - Students goes to College to study not to work. So here X studies in Y. a) is the weak link.

Step 3: With the remaining options now lets solve this one. Option B : Driver : Truck. Driver is a person who drives a vehicle, and Truck is a vehicle. So, basically Driver's work is to drive the Truck but he does not work at the truck. Are you getting it? The pattern follows the equation of "X works at Y place".  So Option C: Doctor : Diagnose - Here the pattern is X does a process of Y i.e Doctor does the process of Diagnose. So, it is not following the pattern. Now option D: Teacher : School - A teacher teaches in a school. Teaching is a form of work and School is the work place of a teacher. So it does follow the pattern, X works at Y place. 

The answer is d) Teacher : School.

Another example:

Swarm : Insect :: 
a) Match : Player
b) Picnic : Forest
c) Dog : Puppy
d) Throng : Person

Step 1 : Pattern: Here Swarm means a large group of Insect. So the pattern is X is a large group of Y.

Step 2: Weak Link: Option C - Dog : Puppy - A baby Dog is called Puppy - So a baby X is called Y. Weakest Link. Any other? Lets see, Option B - Picnic : Forest - Picnic is a get together of people in a place - Forest. So X is a get-together in Y. Another one kicked out. Isn't it easy?

Step 3: Final Chapter : a) Match : Player - Match is played by Player - X is played by Y. Out.
d) Throng : Person. Now you see, you need a grab of vocabulary, what does a throng means? A throng defines a large group of People. And a person means a Human being.
So, the pattern is X is a large group of Y. Voila!! The answer is d).

The last example :

Bacteria : Decomposition ::
a) Volcano : Eruption
b) Antibiotic : Injection
c) Trees : Deforestation
d) Yeast : Fermentation

Step 1: Bacteria does the process of Decomposition. X does the process of Y which is Biological.

Step 2: Option B - Antibiotic :  Injection - Antibiotic is medicine and Injection is the medicine carrier - So odd one out. Also the process of Deforestation of Trees is done by Human Being.

Step 3 : Volcano : Eruption - Volcano process the Eruption but they not biological. So Yeast : Fermentation - Yes. Yeast does the process of Fermentation which is Biological.

This is how, you can solve any kind analogies.

Here are some you can try :

Analogies Set 1

Analogies Set 2


Team ExamPundit

Saturday, August 30, 2014

Daily Current Affairs Update 30 August 2014

1. Modi, Japanese PM to discuss ways to strengthen bilateral partnership

  • ·         Prime Minister Narendra Modi arrived in this Japanese city today on a five-day visit which is expected to see new vistas being opened in bilateral ties with particular focus on cooperation in the fields of defence, civil nuclear and infrastructure, besides commerce.
  • ·         On his first bilateral visit outside the subcontinent as the Prime Minister, Modi arrived at the Osaka International Airport to begin the first leg of his five-day visit to Japan.
  • ·         ‘Smart city’
  • ·         In the first leg of his trip, he will see the ‘smart city’ experiment here considering that he intends to build 100 smart cities in India.
  • ·         Modi and Japanese Prime Minister Shinzo Abe will have substantive summit meeting in Tokyo on September 1 during which the two sides will look at ways to take the Strategic and Global Partnership forward.
  • ·         Modi has a substantive agenda during the trip which he hopes will “write a new chapter” in bilateral ties and take the Strategic and Global Partnership to a higher level.
  • ·         Underlining the importance of the visit, the “excited” Modi said on the eve of the trip that Japan has “paramount importance” in his vision for India’s development and progress.
  • ·         India has “great expectations” from the visit, the External Affairs Ministry has said.

2. India, Japan sign MoU to develop Varanasi into ‘smart city’

  • ·         Varanasi, which Prime Minister Narendra Modi represents in the Lok Sabha, will be developed into a ‘smart city’ by using the experience of Kyoto, the ’smart city’ of Japan, under a pact signed here on Saturday.
  • ·         A Partner City MoU was signed by Indian Ambassador Deepa Wadhwa and Kyoto Mayor Daisaka Kadokawa at a ceremony witnessed by Modi and his Japanese counterpart Shinzo Abe.
  • ·         The MoU, which was signed soon after Modi’s arrival here on a five—day visit, provides for cooperation in heritage conservation, city modernisation and cooperation in the fields of art, culture and academics, External Affairs Ministry spokesman Syed Akbaruddin told reporters
  • ·         This will serve as framework for Smart heritage city programme between the two countries, he added.
  • ·         Kyoto, which is a heritage city with Buddhist culture, provides special symbolism to the visit as the Prime Minister has the vision of “rejuvenating” Indian cities.

3. UN chief calls Syria displacement 'biggest humanitarian emergency of era'

  • ·         UN chief Antonio Guterres said Syria is now the biggest humanitarian emergency of this era, with more than three million Syrians forced to flee the war-torn country.
  • ·         According to the UNHCR, one in every eight Syrians has taken refuge in bordering countries, while at least 6.5 million people - half of which are children - are displaced within Syria, the BBC reports.
  • ·         The number of registered Syrian refugees has gone up from two million over the span of one year.
  • ·         More than 190,000 have lost their lives in the three-year civil war in Syria.
  • ·         The situation in Syria has become bad to worse in the last few months after the formation and advance of the Islamic State group, which has seized large areas of Syria and Iraq.

4. Banks open 2.14 crore accounts under Jan Dhan mission

  • ·         Finance Minister Arun Jaitley today said banks have opened about 2.14 crore saving accounts since the launch of Jan Dhan Yojana on August 28.
  • ·         "As of yesterday afternoon 1.84 crore accounts were added. Enrollment have of today afternoon about 2,14,34,000 accounts have been opened," he said.
  • ·         The Finance Minister said that the target of opening up of 7.5 crore would be achieved before January 26, 2015.
  • ·         The beneficiaries, who already have a bank account, are also eligible to take benefits of accident insurance of Rs 1 lakh and life insurance of Rs 30,000 under this scheme by getting a RuPay card issued from their bank branches before January 26, 2015.
  • ·         Prime Minister Narendra Modi on August 28 launched the Pradhan Mantri Jan Dhan Yojna, a mega financial inclusion scheme, to cover about 7.5 crore unbanked households.

5. Malaysia, India to review economic cooperation pact

  • ·         Malaysia and India will soon review their economic cooperation pact, signed in 2011, to chart out ways to enhance and diversify trade further, the Indian High Commissioner to Malaysia has said.
  • ·         "The two sides are expected to review the Comprehensive Economic Cooperation Agreement (CECA) either in December or February next year," T S Tirumurti said.
  • ·         He said, although, the agreement had helped in a big way and bilateral trade now stood at $13.38 billion in 2013, as per Malaysian statistics, the trade balance was in Malaysia's favour.
  • ·         Malaysia exported goods worth $9.95 billion to India while it imported $4.44 billion from India last year.

6. US Post honour for actor Nageswara Rao

  • ·         In a rare honour, the US Post Service is issuing a special postage stamp to commemorate legendary Indian actor Akkineni Nageswara Rao.
  • ·         The thespian, who rode the Telugu cinema like a colossus for over 70 years and was decorated with all the top honours of the Indian film industry, including the Dada Saheb Phalke award had passed away early January this year at the ripe age of 90.
  • ·         Popularly known as ANR, the versatile actor, created a record of sorts by featuring in `Manam’, which saw three generation of the Akkineni family, including himself, son (Nagarjuna) and grandsons (Naga Chaitanya and Nikhil).
  • ·         Announcing this development, the Akkineni Foundation of America (AFA), said a special release ceremony was slated for September 20 in Dallas, Texas, to mark the actor’s birthday. The Foundation, claimed that this was the first ever honour to an Indian actor by the US Post Service.
  • ·         With NT Rama Rao (NTR), who later became the Chief Minister of united Andhra Pradesh, ANR was a leading pillar of the Telugu film industry, beginning from Chennai to moving to Hyderabad and contributing to its growth as one of the biggest in the country now.
  • ·         The AFA also plans to release the stamp in India at the first "International Akkineni Awards Ceremony" in the presence of ANR family members. The event hosted by AFA will be held on December 17, 2014 at ANR College, Gudivada, Krishna district, Andhra Pradesh , said Prasad Thotakura, its President.

7. IPS officer O P Singh appointed new Director General of NDRF

  • ·         Senior IPS officer O P Singh has been appointed the new chief of the National Disaster Response Force (NDRF), a central paramilitary tasked with carrying out relief and rescue operations during calamities.
  • ·         Singh, a 1983 batch officer of the Uttar Pradesh cadre, will take over the post of the Director General of NDRF from September 1, in an additional capacity, as incumbent Mahboob Alam is set to retire tomorrow.

8. Noted Historian Bipan Chandra passed away

  • ·         Bipan Chandra, former professor of history, was considered to be a specialist in the economic and political history of modern India and was a left leaning historian.
  • ·         Born in 1928 in Kangra district of Himachal Pradesh, Chandra studied at the Forman Christian College, Lahore and Stanford University, United States
  • ·         Chandra had authored various books including The Rise and Growth of Economic Nationalism, In the Name of Democracy: The JP Movement and the Emergency, Nationalism and Colonialism in Modern India and The Making of Modern India: From Marx to Gandhi.
  • ·         He became a Member of the University Grants Commission in 1993.
  • ·         He was the Chairman of the National Book Trust, New Delhi from 2004 to 2012.
  • ·         He received Padma Bhushan Award in 2010 in the field of Literature and Education. He founded the journal ‘Enquiry’ and was a member of its editorial board for a long time. He worked as the Reader at Hindu College of Delhi University and then became the professor of History at Jawaharlal Nehru University. 
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IBPS RRB 2014 Mock Test

Hello and welcome to ExamPundit. The much awaited IBPS RRB 2014 MOCK TEST PAPER is now can be downloaded and all the instructions are given there.

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Good Luck.


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Friday, August 29, 2014

Daily Current Affairs Update 29 August, 2014

1. India's Q1 GDP growth at 5.7%, highest in nine quarters

  • ·         Signaling a turnaround for the economy and adding to the current festive cheer, the first quarter (April-June) GDP growth came in at a higher-than-expected 5.7 percent.
  • ·         This was higher than the 4.7 percent growth recorded in April-June quarter last year, official data released on Friday showed.
  • ·         This latest growth performance is the highest in the last nine quarters.
  • ·         The Q1 GDP growth has been buoyed by sharp turnaround in manufacturing coupled with strong show by mining and construction sector.
  • ·         Agriculture sector output grew 3.8 per cent in April-June this year, slightly lower than 4 per cent growth in same quarter last year.
  • ·         Electricity output grew robust 10.2 per cent as compared to 3.8 per cent in same quarter this year.
  • ·         Trade, hotels grew 2.8 per cent (1.6 per cent).
  • ·         The strong first quarter GDP growth could cheer the stock markets on Monday and may take the benchmark nifty index to psychologically important mark of 8,000, say capital market observers.

2. External debt rises by 8% at $440.6 bn in FY’14

  • ·         India’s external debt rose by 7.6 per cent to $440.6 billion in 2013—14 mainly due to rise in non—resident Indians deposits, the Reserve Bank said.
  • ·         India’s external debt stood at $390 billion in the previous fiscal.
  • ·         “The rise in external debt was due to long—term debt particularly NRI deposits. The surge in NRI deposits reflected the impact of fresh FCNR(B) deposits mobilised under the swap scheme during September—November 2013 to tide over the difficult balance of payment (BoP) situation in the initial parts of the year,” the central bank said in a statement.
  • ·         The stock of NRI deposits in India’s external debt has risen substantially recently. It increased from $47.9 billion at end—March 2010 to $70.8 billion at end—March 2013 and further to $103.8 billion at end—March 2014.
  • ·         The share of FCNR(B) witnessed significant rise recently due to special swap scheme during September to November 2013.
  • ·         At end—March 2014, the share of FCNR(B) in total NRI deposits was 40.3 per cent.
  • ·         At end—March 2014, it said, long—term external debt was $351.4 billion, showing an increase of 12.4 per cent over the level at end—March 2013.
  • ·         At this level, long—term external debt accounted for 79.7 per cent of total external debt at end—March 2014 vis—is 76.4 per cent at end—March 2013, it added.

3. Child marriage on rise in Kerala: UNICEF

  • ·         Notwithstanding a better gender balance in the southern part of the country, child marriage has been found to be on the rise in Kerala in recent years, according to UNICEF.
  • ·         “In the southern part of India we have a relatively better gender balance which explains lower rates of child marriage. Nevertheless, recent studies have shown a rising rate in Kerala,” UNICEF’s Child Protection Specialist in India Dora Giusti said.
  • ·         Giusti attributed the phenomenon in the state, considered India’s most literate, to migration from the northern part of the country.
  • ·         According to a UNICEF report, in India there were more child marriages in rural areas than urban. While 52.5 per cent of currently married women in age group 20—24 years in rural areas and 28.2 per cent in urban areas got married before they were 18 years.
  • ·         Although the gap between urban and rural areas has almost halved from 30.2 per cent in 1992—1993 to 18.6 per cent in 2007—2008, currently married women in rural areas were twice more likely to be child brides than their urban counterparts, the report said.
  • ·         Bihar has the highest incidence of child marriage at 68 per cent while Himachal Pradesh with around nine per cent has the lowest incidence, it stated.

4. New secretaries appointed for civil aviation, steel ministries

  • ·         Aviation secretary Ashok Lavasa has been transferred to the environment ministry as the new secretary, while V. Somasundaran will be the new aviation secretary, the government said in a statement on Thursday.
  • ·         Lavasa took charge of aviation in 2013. Somasundaran is currently additional chief secretary Kerala. The appointments committee of the cabinet also cleared the appointment of G. Mohan Kumar secretary, ministry of steel as secretary, department of defence production, ministry of defence.
  • ·         Rakesh Singh will be secretary, ministry of steel and Sunil Arora will be secretary in the newly created department of skill development and entrepreneurship under the ministry of skill development, entrepreneurship, youth affairs and sports.

5. Union Government appointed JIC chief RN Ravi as Naga interlocutor

  • ·         Union Government on 29 August 2014 appointed chairman of Joint Intelligence Committee (JIC) RN Ravi as Naga interlocutor. He will be the government of India’s representative in Naga peace talks.
  • ·         The reason behind appointment of Ravi for the post was his expertise in Northeast affairs as he was looking after the region during his tenure in the Intelligence Bureau from where he retired as Special Director in 2012.
  • ·         The new interlocutor is appointed after seven months of previous interlocutor, R S Pandey’s resignation. In the interregnum, the post was being looked after by Ajit Lal, who was former JIC Chief.
  • ·         In the past, former Governor Swaraj Kaushal, former Union Minister Oscar Fernandes and former Union Home Secretary K Padmanabhaiah had acted as Naga interlocutors and had held talks with the Naga rebels but with no results.
  Nagaland Issue
  • ·         Nagaland issue is century old issue that pertains to establishment of greater Nagaland called Nagalim unifying all the areas inhabited by the Naga people in Northeast India and Burma.

6. President to open ‘World Dental Congress’ in Noida

  • ·         President Pranab Mukherjee will inaugurate “World Dental Congress” in Noida on September 11 in which delegates from 133 countries are expected to take part.
  • ·         “The President will inaugurate World Dental Congress being organised in Noida on September 11,” Uttar Pradesh Home Secretary Kamal Saxena told reporters here.
  • ·         About 5,000 dental experts and delegates from 133 countries will take part in the five-day-long congress to be organised by Noida Indian Dental Organisation, Saxena said.
  • ·         He said about 15,000 people are expected to attend the event.
  • ·         Chief Secretary Alok Ranjan has issued directives to all the departments concerned for preparations for the visit of the President, Saxena said.

7. Cristiano Ronaldo wins best player in Europe award

  • ·         Cristiano Ronaldo has won UEFA's award as the best player in Europe last season after scoring a record 17 goals in the Champions League.
  • ·         The Real Madrid and Portgual forward beat Bayern Munich pair Manuel Neuer of Germany and the Netherlands' Arjen Robben.
  • ·         The voting was by journalists from UEFA's 54 member countries at the Champions League groups draw event.
  • ·         Ronaldo also ensured Portugal qualified for the World Cup by scoring a memorable hat trick in a playoff win against Sweden.
  • ·         Lionel Messi, Andres Iniesta and Franck Ribery previously won the award first presented in 2011.

8. National Sports Awards 2014

  • ·         Arjuna award: Akhilesh Varma (Archery), Tintu Luka (Athletics), HN Girisha (Paralympics), V Diju (Badminton), Geetu Ann Jose (Basketball), Jai Bhagwan (Boxing), Ravichandran Ashwin (Cricket), Anirban Lahiri (Golf), Mamta Pujari (Kabaddi), Saji Thomas (Rowing), Heena Sidhu (Shooting), Anaka Alankamany (Squash), Tom Joseph (Volleyball), Renubala Chanu (Weightlifting) and Sunil Rana (Wrestling).
  • ·         Dronacharya award: Mahabir Prasad (Wrestling), N Lingappa (Athletics - Lifetime), G Manoharan (Boxing - Lifetime), Gurcharan Singh Gogi (Judo - Lifetime), Jose Jacob (Rowing -Lifetime).
  • ·         Dhyan Chand award: Gurmail Singh (Hockey), K P Thakkar (Swimming - Diving), Zeeshan Ali (Tennis).
  • ·         Rashtriya Khel Protsahan Puruskar: 1. Employment of sports persons and sports welfare measures Oil and Natural Gas Corporation Limited (ONGC), 2. Community Sports -identification and nurturing of budding /young talent Jindal Steel Works (JSW), 3. Establishment and Management of sports academies of excellence Guru Hanuman Akhara, Delhi, 4. Other forms of sports activities not covered in the four categories mentioned in the schemes Child Link Foundation of India (Magic Bus).
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SBI Associate Banks PO 2014 Recruitment

Hello and welcome to ExamPundit. SBI just 2 days after announcing SBI PO result today issued notification of SBI Associate Banks PO 2014 Exam.

Click Here to view Notification : SBI ASSOCIATE PO


Online registration of application : 01.09.2014 to 18.09.2014
Payment of fee : Online 01.09.2014 to 18.09.2014
Payment of fee : Offline 03.09.2014 to 20.09.2014

Fee: 100 for SC/ST/PWD
Fee: 500 for All others

Apply Link not yet active.


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Reasoning Questions for IBPS

1. If ' ÷ ' denotes '- ', 'x' denotes '+', '- ' denotes 'x' and '+' denotes '÷', then- 28 X 12 + 4 7 6-4 =?
(a) 4
(b) 1
(c) 6
(d) 5
(e) None of these

2. Four of the following five are alike in a certain way and so form a group. Which is the one that does not belong to that group?
(a) 39
(b) 27
(c) 48
(d) 42
(e) 24

3. How many meaningful English words can be formed with the letters MRTA using each letter only once in each word?
(a) None
(b) One
(c) Two
(d) Three
(e) More than three

4. The positions of the first and the fifth digits in the number 53216894 are interchanged. Similarly the positions of the second and the sixth digits are interchanged and so on. Which of the following will be the second from the right end after the rearrangement?
(a) 3
(b) 2
(c) 1
(d) 9
(e) None of these

5. The positions of how many digits in the number 53147926 will remain unchanged after the digits written in the number are rearranged in descending order?
(a) None
(b) One
(c) Two
(d) Three
(e) More than three

6. In a certain code 'GEAR' is written as '5@3©' and 'MOVE' is written as '7$9@'. How is 'ROAM' written in that code?
(a) ©$37
(b) ©3$7
(c) @$37
(d) ©$57
(e) None of these

7. How many such pairs of letters are there in the word HOARDINGS each of which has as many letters between them in the word as in the English alphabet?
(a) None
(b) One
(c) Two
(d) Three
(e) More than three

8. P walked 20 metres towards North, took a left turn and walked 10 metres, 'then took a right turn and walked 20metres, again took a right turn and walked 10 metres. How far is he from his starting point?
(a) 50 metres
(b) 60 metres
(c) 40 metres
(d) Cannot be determined
(e) None of these

9. In a certain code CHAMPION is written as NBIDMNHO. How is ELECTRON written in that code?
(e) None of these

10. In a row of forty -five boys facing South, T is eighth to the right of H who is tenth from the right end, H is fourteenth to the left of R. What is R's position from the left end?
(a) 21st
(b) 23rd
(c) 24th
(d) Data inadequate
(e) None of these 

Important Banking Terms

Card member Agreement

The issuer's terms and conditions relating to your credit card account. The Card member Agreement is between the customer and the card issuing company and is a legal document. (When you sign up for a credit card understand the terms and Conditions).

Charge back 

A credit card transaction, which is returned or not honored, is called a charge back. Usually done by the credit card holder in response to faulty products, credit card fraud , a dispute or non-compliance with the rules and regulations, charge back restores the funds back with the credit card.

Charge Card 

A card that requires full payment of the balance before the end of the billing period. It is not a line of credit and no interest is charged.

Co-Branded Card 

It is a special type of credit card which is sponsored by both the credit card issuing company and the participating retail company or vendor. Co-branded credit card carries special deals and savings from the participating merchants.

Contact Point Verification  

This refers to contact by bank staff on the phone numbers/ address provided by the customer to establish correctness of the contact points. CPV is an important parameter in banks and a negative verification can lead to decline of thebanking facilities sought.


When loan payments are not paid according to the terms of the agreement/promissory note. Late fees are often levied on delinquent accounts.

Multicity Cheque 

Cheque issued by a customer under a pre - approved arrangement with the Bank whereby the Bank agrees to pay them at designated centres and branches in the country.

Pre-Approved Credit 

Credit card or a line of credit that is approved based upon available data without further information supplied by the potential Card member.

Real Time Gross Settlement (RTGS)

RTGS is a system through which electronic instructions can be given by banks to transfer funds from their account to the account of another bank. The RTGS system is maintained and operated by the RBI and provides a means of efficient and faster funds transfer among banks facilitating their financial operations. As the name suggests, funds transfer between banks takes place on a ‘real time’ basis. Therefore, money can reach the beneficiary instantaneously and the beneficiary’s bank has the responsibility to credit the beneficiary’s account within two hours.

Repayment Schedule (Amortization Schedule)

The repayment schedule provides the details of the interest and principal components of the EMIs payable by the customer on a monthly basis.

Revolving Credit 

A credit agreement that allows consumers to pay all or part of the outstanding balance on a loan or credit card. As credit is paid off, it becomes available again to use for another purchase or cash advance.

2014 Ebola Virus Note PDF

Hello and welcome to ExamPundit. It has been a global emergency in the recently months due to the deadly Ebola virus. We are not at all proud to make the pdf file. Anyways, we have made a pdf regarding all the information of Ebola Virus. We pray to god it gets over soon.

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Thursday, August 28, 2014

Happy Ganesha Chaturthi

Hello and welcome to ExamPundit.
Ganpati Bappa Morya!!  

Wish you all a very joyful Ganesha Chaturthi. May Lord Ganesha bless all of you with Intellect and wisdom and remove obstacles from your path.

With warm regards

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Important Banking Institutes In India PDF

Hello and welcome to ExamPundit. Everyone asked us to prepare a pdf file on Banking Institutions in India. We have prepared a pdf of important banking institutes in India. Hope this will help you.

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Daily Current Affairs Update August 28, 2014

1. CBDT sets up high-level committee to decide retro tax cases

  • ·         The Central Board of Direct Taxes on Thursday set up a high-level committee to scrutinise all Income Tax cases arising out of the retrospective tax amendment.
  • ·         The four-member committee will be headed by the Joint Secretary of the Foreign Tax and Tax Research-I unit of the CBDT. It will decide on such cases within of 60 days of receiving them from the Assessing Officer.
  • ·         It will be incumbent upon the AO to approach the committee when faced with an I-T case that is for the period before April, 2012.
  • ·         The other members on the panel include Joint Secretary (Tax Planning and Legislation-I), the Commissioner of Income Tax Appeals and the Director (Foreign Tax and Tax Research-I), who will also be the Secretary of the committee.
  • ·         Finance Minister Arun Jaitley had announced this new mechanism in his Budget 2014-15 speech on July 10.
  • ·         According to the terms of reference for the new committee, it would, on receipt of the reference from the Assessing Officer “shall examine the proposed action of the Assessing Officer and after providing an opportunity to the assesse, take a decision on the proposed action.”

2. Manipur Governor Vinod Kumar Duggal submits resignation

  • ·         Manipur Governor Vinod Kumar Duggal submitted his resignation to President Pranab Mukherjee on Wednesday afternoon. He is the ninth governor to tender resignation after the Modi government took charge.
  • ·         Mr. Duggal was appointed Manipur Governor on December 23, 2013. Recently, Mr. Duggal was directed to hold charge of Mizoram. There has been no prior indication that Mr. Duggal may resign.
  • ·         P.B. Acharya, the Governor of Nagaland is likely to hold additional charge of Manipur.

3. Shah Rukh is Interpol’s Turn Back Crime ambassador

  • ·         Internationally-renowned Bollywood superstar Shah Rukh Khan has been roped in as an ambassador for Interpol’s “Turn Back Crime” campaign to promote awareness of how everyone can play a role in preventing crime.
  • ·         SRK, said to be the first Indian to be made an ambassador for the global campaign, is lending his voice to help spread the message that all of society benefits when citizens respect law and fight crime. “It’s a very special honour to be a part of Interpol’s Turn Back Crime campaign as an ambassador,” said Shah Rukh.
  • ·         SRK joins actor Jackie Chan as an ambassador for the campaign, which has already garnered support from public figures including footballer Lionel Messi, Formula 1 racing drivers Fernando Alonso and Kimi Raikkonen in addition to law enforcement agencies around the world.
  • ·         Interpol’s Turn Back Crime campaign is aimed at raising public awareness that organised crime is often involved in seemingly unrelated crimes. Drug trafficking, human trafficking, counterfeiting, cybercrime, kidnapping, crimes against children and corruption in sport are in fact often interconnected, with profits from one crime area used to fund another.

4. Minimum pension of Rs. 1,000 under EPFO; wage ceiling up at Rs. 15,000

  • ·         The much-awaited minimum monthly pension of Rs. 1,000 and a higher wage ceiling of Rs. 15,000 for social security schemes run by retirement fund manager EPFO will be implemented from September 1.
  • ·         The government’s decision to fix pension entitlement of Rs. 1,000 under the Employees’ Pension Scheme 1995 (EPFS-95) will immediately benefit 28 lakh pensioners who get less than this amount at present.
  • ·         The move to enhance the minimum wage ceiling for becoming a subscriber of Employees’ Provident Fund Organisation to Rs. 15,000 per month is expected to bring 50 lakh additional formal sector workers under the ambit of the body.
  • ·         “The government has notified enhancement of wage ceiling to Rs. 15,000 per month, fixed minimum monthly pension at Rs. 1,000 under EPS-95 and enhanced the maximum sum assured under the Employees’ Deposit Linked Insurance (EDLI) Scheme to Rs. 3 lakh,” EPFO’s Central Provident Fund Commission K.K. Jalan.
  • ·         The decision will immediately benefit about 28 lakh pensioners, including 5 lakh widows. In all, there are 44 lakh pensioners under the EPFO scheme.
  • ·         The EPFO’s apex decision making body the Central Board of Trustees (CBT) had met on February 5 and decided to amend the EPS-95 scheme for the purpose.

5. Modi launches Pradhan Mantri Jan Dhan Yojana

  • ·         Prime Minister Narendra Modi launched the Jan Dhan Yojana, a dream project to open at least one bank account to every household.
  • ·         Launching the project in New Delhi as the NDA government completes 100 days on Thursday, Mr. Modi said, "If we want to get free from poverty we need to end financial untouchability."
  • ·         When a bank account is opened, it is a step towards joining the economic mainstream, said the Prime Minister.
  • ·         Finance Minister Arun Jaitley said the scheme will be carried out on a mission mode.
  • ·         Noting that 10 crore people do not have bank account, the Finance Minister aims to cover 7.5 crore people under Jan Dhan Yojana by January 25, 2015.
  • ·         1.5 crore bank accounts will be opened on first day of Jan Dhan Yojana, said Mr. Jaitley.

6. IOC removes four independent directors appointed by UPA

  • ·         After Governors, the Narendra Modi government is removing independent directors appointed by the previous UPA regime on PSU boards, beginning with sacking of four directors on the board of Indian Oil Corporation (IOC).
  • ·         IOC, the nation’s largest oil company, in a filing to the stock exchanges said, “K Jairaj, Nesar Ahmad, Sunil Krishna and Sayan Chatterjee have ceased to be Independent Directors on the Board of the company on August 27, 2014.”
  • ·         All the four directors were appointed to IOC board in March this year for a three-year term. Their appointment was to be confirmed/ratified by the company shareholders but IOC did not move a resolution to this effect at its annual general meeting (AGM) in Mumbai yesterday, leading to their cessation.
  • ·         Of the 8 independent directors on IOC board, four are — K. Jairaj, former Additional Chief Secretary, Karnataka; Nesar Ahmed, past president of ICSI; Sunil Krishna, former director general of NHRC, and Sayan Chatterjee, former Secretary to government of India, cease to be directors on company board.
  • ·         Independent directors of a PSU are appointed by the Appointments Committee of Cabinet (ACC), which consist of the Prime Minister and the Home Minister.

7. Erdogan sworn in as Turkey's President

  • ·         Recep Tayyip Erdogan was sworn in Thursday as Turkey’s first popularly elected president, a position that will keep him in the nation’s driving seat for at least another five years.
  • ·         Mr. Erdogan was scheduled to appoint Foreign Minister Ahmet Davutoglu his designated successor as prime minster and loyal ally to form a new government, following ceremonies at the presidential palace.
  • ·         Following a 101-gun salute, Mr. Erdogan headed to the mausoleum of the nation’s founder, Mustafa Kemal Ataturk, to lay a wreath.

8. SC tells DLF to deposit Rs.630 crore penalty

  • ·         The Supreme Court Wednesday penalised real estate giant DLF Rs. 630 crore for exploiting its dominant position to the disadvantage of its customers in three projects in Gurgaon.
  • ·         An apex court bench of Justice Ranjana Prakash Desai and Justice N.V. Ramana said that DLF would furnish an undertaking to pay Rs.170 crore interest on the penalty of Rs. 630 crore or the amount court may direct it to pay if its appeal falls in the Supreme Court.
  • ·         The court said that DLF will deposit Rs. 50 crore of the Rs. 630 crore within three weeks and the balance of Rs.580 crore within three months from Wednesday. The court directed the registry to put this amount in a fixed deposit in a nationalised bank.

9. Kavita, L Subramaniam honoured by New Jersey Assembly

  • ·         Renowned singer Kavita Krishnamurthy and her violin maestro husband L. Subramaniam have been honoured by the New Jersey Assembly for their contributions to world music.
  • ·         New Jersey State Assembly Deputy Speaker Upendra Chivukula honoured the couple with special Assembly proclamations at a ceremony organised by America Tamil Sangam and Shri Vari Foundation in New York.
  • ·         Chivukula spoke of Subramaniam’s immense talent and diverse repertoire, which includes producing and performing about 200 recordings. He is among the few musicians to have performed—recorded Carnatic Classical Music, Western Classical Music, and both Orchestral and non-Orchestral, and also composed for and conducted major orchestras, film scores and collaborated with a wide range of musicians.
  • ·         Bina Sapabathy of Nassau County Department of Social Services and vice-president of the Indian Association of Long Island presented the proclamations issued by Nassau County Executive Edward Mangano to the couple.
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