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General Knowledge for Competitive Exams
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Promissory Notes

A promissory note is an instrument in writing containing an unconditional undertaking, signed by the maker, to pay a certain sum of money to or to the order of a certain person, or to the bearer of the instruments.

Definition of Cheque

A cheque is a bill of exchange drawn on a specified banker, and not expressed to be payable otherwise than on demand.

Bill of Exchange

A bill of exchange is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of a certain person or to the bearer of the instrument.

Characteristics of Negotiable Instruments

As per Section 13(a) of the Act, “Negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer, whether the word “order” or “ bearer” appear on the instrument or not.”

Negotiable Instruments Act

In India, the Negotiable Instruments Act was enacted in the year 1881. Before its enactment, the provision of English Negotiable Instrument Act was relevant in India, and the present Act is also based on English Act with certain amendments.

Monetary Policy of RBI

The monetary policy can be defined as a regulatory policy whereby the central bank upholds its control over money supply for the comprehension of general economic goals.

Commercial Banks

A commercial bank is a profit seeking business unit, dealing in credit & money. It is a financial institution that deals in money in the sense that it accepts deposits of money from public to keep them in its safekeeping for security.

Basel Banking Norms

The Basel Banking Accords are the norms brought forward by the Basel Committee on Banking Supervision (BCBS), formed under the patronage of Bank of International Settlements (BIS), situated in Basel, Switzerland.

Bank Nationalization in India

During the colonial era numerous Indian banks were instituted either by wealthy individuals or by the Presley States. The major aim of most of the banks was to accommodate financial needs of industry and trade in that locality.

Reserve Bank of India: Establishment

Reserve Bank of India is the central bank of the nation. The Central banks are a comparatively recent innovation & most central banks were established around the early 20th century.

Banking Regulation Act, 1949

Power to suspend operation of Act is a part of Banking Regulation Act, 1949. The banking regulation act 1949 extends to the entire nation. Other acts are used as secondary to this act e.g. negotiable instrument act, Companies Act 1956.

Power to suspend operation of Act (Banking Regulation Act, 1949)

Power to suspend operation of Act is a part of Banking Regulation Act, 1949. The banking regulation act 1949 extends to the entire nation. Other acts are used as secondary to this act e.g. negotiable instrument act, Companies Act 1956.

Functions of Money

Money is any verifiable record or an item that is usually acknowledged as payment for goods & services. It is a repayment of debt as per socio-economic context.

Definition of Money

Money is any verifiable record or an item that is usually acknowledged as payment for goods & services.   It is a repayment of debt as per socio-economic context.

Mobile Banking

Mobile banking can be defined as a system that facilitates customers of a financial institution to carry out a number of financial transactions through their mobiles or tablets.

Indian Banking Industry: Challenges and Opportunities

The banking sector in India has made quick strides in restructuring & aligning itself to the new gung ho business environment.

Foreign Capital

Foreign capital can be acquired either in the form of concessional support or non - concessional flows or foreign investment.

Export Promotion Policies: An Overall View

Important export promotion measures undertaken by the Government of India during the pre- reform period were Cash Compensatory Support, Duty Drawback System, Replenishment Licenses, etc.

FERA and FEMA

As is evident from the name of the Act, the prominence under FEMA is on 'exchange management' while under FERA the impetus was on ‘exchange control’ or 'exchange regulation'.

Indian Banking System

The 1st bank in India was the General Bank of India. It was established in 1786. The East India Company established Bank of Bombay (1840), Bank of Madras (1843) and The Bank of Bengal/Calcutta (1809).

Fiscal Policy

Fiscal policy deals with the taxation and expenditure decisions of the government. It is composed of various parts. These comprise expenditure policy, tax policy, disinvestment or investment strategies and surplus or debt management.

Microfinance

Microfinance is the prerequisite of financial services to low - income clients or solidarity lending groups together with consumers & self - employed, who conventionally lack access to banking & associated services.

Financial Market

A Financial Market can be defined as a market in which the creation and transfer of financial assets are done.

Poverty

Poverty is referred to as general scarcity or dearth, or the state of one who is short of a definite amount of material possessions or money.

The making of the Constitution of India

The Constitution of India came into force on 26 January 1950.

New Economic Policy 1991

1991 is the year that holds a significant landmark in the economic history of post - Independent India. India went through a rigorous economic catastrophe prompted by a grave balance of payments state.

Employment Scenario in India

The sectoral allocation of personnel in India during the period 1983 to 2004 - 05 discloses that the structural alterations in terms of employment have been dawdling in India.

Service Sector in India

Today, the Service Sector in India accounts for more than half of India's Gross Domestic Product. As per the data, the share of services contributes to 55.1% of the Gross Domestic Product, where as agriculture and industry shares 18.5% and 26.4% respectively.

Policy Measures for the Development of the Services Sector

In post 1991 period, there were numerous measures taken on by the government to build up services sector, particularly through deregulation of some sub sectors of services sector.

Growth in the number of Agricultural Labourers

As per the Census of 1991, the number of agricultural workers was 73.7 million which 26.5 % is the total labour force. This shows that every 4th person of the labour force is an agricultural worker in our country.

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