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General Knowledge for Competitive Exams

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Navy Day

In India, the Navy Day is celebrated on 4th December.

What is National Income: Basic Concepts

National Income is total amount of goods and services produced within the nation during the given period say, 1 year.

Infrastructure – Policies, plans and schemes of development

It is a moderate permanent foundational capital investment of a country, a firm, or a project that underlies and makes its, all economic activity possible.

What is Foreign Trade?

Major export of products of India is done with countries such as USA, UK, UAE, Hong Kong, China, Germany, Singapore, Belgium, Japan etc.

Balance of Payments

Balance of Payments (BoP) is the record of all economic transactions between the residents of a country and the rest of the world during a given period of time.

Multilateral Investment Guarantee Agency (MIGA)

The mission of Multilateral Investment Guarantee Agency is to encourage foreign direct investment (FDI) into developing countries to help sustain economic growth, improve lives of people and lessen poverty.

International Finance Corporation (IFC)

International Finance Corporation is a member of World Bank Group. It is the largest global development institution that focuses solely on the private sector in developing nations.

International Monetary Fund (IMF)

The International Monetary Fund works to promote economic stability and global growth. It provides financing and policy advice to members in economic complexities & also works with developing nations to assist them attain macro-economic stability & decrease poverty.

The International Development Association (IDA)

The International Development Association (IDA) is the part of the World Bank that seeks to help the poorest countries of the world. International Development Association was established in the year 1960.

World Trade Organization (WTO)

The World Trade Organization (WTO) is the only global international organization that deals with the set of laws of trade between nations.

Asian Development Bank (ADB)

Asian Development Bank was envisioned in the course of the post war rehabilitation & reconstruction efforts of early 1960s.

Securities and Exchange Board of India: Investigation

Investigation can be defined under Sec 11C of the Securities and Exchange Board of India Act, 1992.

State Financial Corporations (SFCs)

State Financial Corporations (SFCs) are the State level financial institutions which play a vital role in the growth of small & medium enterprises in the concerned States.

National Stock Exchange

National Stock Exchange was set up by top institutions to provide a modern, entirely automated, screen-based trading system with countrywide reach.

SEBI: Cease and desist proceedings

Cease and desist proceedings have been defined under Securities and Exchange Board of India Act, 1992 as amended by the Securities Laws (Amendment) Act, 2014.

Direct Taxes

A Direct tax can be defined as a kind of charge, which is enforced directly on the tax-payer & paid directly to the government by persons (juristic or natural) on whom it is insisted upon.


Banking is accepting for the purpose of lending or investment, of deposits of money from the public, repayable on demand or otherwise and withdrawable by cheque, draft or otherwise.


In literal sense, the word ‘endorsement’ means, writing on back of an instrument. However under Negotiable Instruments Act 1881, it means, writing of one’s name on the back of instrument or any paper affixed to it with the intent of transferring the rights within.

Ambiguous Instruments

Ambiguous Instruments is defined in Section 17 of Negotiable instruments Act, 1881. Ambiguous Instrument is an instrument, which in form is such that it may either be treated by holder as a note or as a bill.

Collecting Banker

Collecting Banker is the one who accumulates the proceeds of a cheque for the customer. Even though a banker gathers the proceeds of a cheque for the customer solely as a matter of service, hitherto the Negotiable Instruments Act, 1881 ultimately inflicts obligation, statutory in nature.

Payment in due Course

Any person legally responsible to make payment under negotiable instrument must make the payment of the amount due under in due course with the purpose of obtaining a valid discharge against the holder.

Protection of Paying Banker (Sections 10, 85 and 128)

A cheque initially articulated by the drawer himself to be payable to bearer, the banker may disregard any endorsement on cheque. He will be released by payment in due course.


The word "customer" is neither explained in Indian statute nor in English statutes. The common outlook is that a customer is one who has his account with bank or who utilizes the services of the bank.

Bank Draft

A bill of exchange is at times referred to as a draft. It is known as a bank draft when a bill of exchange drawn by one bank or another bank or by itself on its own branch, & is regarded as a negotiable instrument.

Theory of Market

Market is a place where forces of demand and supply operate.

Theory of Distribution

Distribution refers to the way total output, income, or wealth is distributed among individuals or among the factors of production such as labour, land, and capital.

Industry-types, policies and plans

A large number of industries has been established in the post-independence India in private, public and joint sectors.

Theory of Production and Cost

An economic unit engaged in the production of one of more economic goods or services is a business firm.

Theory of Demand

One of the most fundamental building blocks of economics is the law of demand.

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.

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