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General Knowledge for Competitive Exams

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List of Members of ASEAN Organisation

May 18, 2018
The Association of Southeast Asian Nations, or ASEAN, was established on 8 August 1967 in Bangkok, Thailand. Currently there are 10 permanent members of this association. Its headquarter is in Jakarta (Indonesia).

15 Most Important facts about IMF

May 15, 2018
International Monetary Fund (IMF) and IBRD are known as the Bretton Woods twins due to their similar date and place of establishment.  In this article we have compiled the most important facts about IMF. These all facts are important for the competitive exams to be held in India.

What are the Key Features of Companies Act, 2013?

Mar 26, 2018
The Companies Act, 2013 seeks to bring corporate governance and regulation practices in India at par with the global best practices.  The Companies Act, 2013 was enacted on August 30. The Ministry of Corporate affairs has notified 326 sections out of 470 sections of the Companies Act, 2013 which was enacted in August, 2013 while remaining 144 sections needs to be notified yet.

Which countries of the world do not impose income tax?

Mar 23, 2018
Governments impose income tax on people in almost every country of the world. Corpus of the income tax is use to provide basic facilities like road, water, electricity, schools and many more to the residents of the country. But you would be surprised to know that there are some courtiers like Saudi Arab, Qatar and Bahamas which do not impose income tax on the citizens.

How Maharatna,Navaratna and Miniratna status granted to CPSEs?

Mar 7, 2018
The central Government has laid down eligibility criteria to grant Maharatna, Navratna and Miniratna status to Central Public Sector Enterprises (CPSEs).This article is explaining the criteria for granting the Maharatna, Navaratna and Miniratna status granted to PSUs/ CPSEs. Currently there are 8 Maharatna, 16 Navratna and 74 Miniratna companies in India.

Rs of 500 and 1000 Note Ban: Benefits & Drawbacks

Mar 5, 2018
PM Modi announced a decisive war against black money and also corruption by demonetising notes of Rs 500 and Rs 1000 which will be no longer legal. So, let us have a look on the benefits of this scheme, how it will be beneficial and also some drawbacks.

Five Year Plans of India: 15 important facts

Feb 22, 2018
The first five year plan of India was launched in the 1951 and so far 12 five year plans have been implemented in the country. Present NDA government has decided to stop formation of new five year plan further. This article is explaining 15 interesting facts about these all five year plans.

Economic Survey Report 2017-18: Key Facts

Feb 3, 2018
Finance Minister Arun Jaitley presented Economic Survey 2017-18 in both Houses of Parliament on January 29, 2018. The Economic Survey shows the condition of different sectors of the Indian economy. Through this survey, the economic condition of the country can be assessed properly. This survey is sought after by so many individuals and institutions like; students, policy makers, research scholars, IMF, World Bank, foreign governments and foreign investors etc.

General Anti Avoidance Rules (GAAR): Principles, implications and its Procedure

Feb 1, 2018
GAAR (General Anti-Avoidance Rules) is a tool for checking aggressive tax planning especially that transaction or business arrangement which is/are entered into with the objective of avoiding tax. It has been introduced in India due to VODAFONE case ruling in favour of this company by the Supreme Court. For example: “A” makes a company XYZ to sell product C. The company B pays 35% tax, but if “A” himself sold the products he would pay 40% tax. “A” has formed the company only to save 5% tax.

Is inflation always bad for the economy

Jan 31, 2018
A simple definition of the inflation is the constant rise in the price of goods and services. More often inflation is considered bad for any economy but this is just half truth. The positive and negative impacts of inflation on the economy depend on the rate of the inflation. Moderate inflation is good for the growth of the economy while hyperinflation is injurious for it.

What are the differences between FERA and FEMA?

Jan 24, 2018
The Foreign Exchange Regulation Act (FERA) was passed in 1973; the main purpose of which was to ensure the use of foreign exchange. The FERA was creating obstacles in the development of the country so government replaced it by FEMA in 1999.This article is pointing the differences between the FERA and FEMA.

Why size of the coins is decreasing in India

Dec 18, 2017
In India, the Finance Ministry is responsible for the minting of coins and printing of one rupee notes. The Finance Ministry is reducing the size of the coins every year, but do you know the reason behind this step. The Government of India tries that the metallic value of any coin should remain less than its face value, because if the metallic value of the coins becomes more than the face value then the people will melt the coin and sale the metal in the open market.

How to change Soiled and mutilated Bank Notes as per RBI rules

Dec 13, 2017
If you have old and soiled Notes, then you can change these Notes by going to any commercial bank. The most convenient thing is that customer need not to have any account with the bank in which he is going to change the Notes. No bank can refuse to change your old and soiled old Notes because of the rules of the Reserve Bank of India (RBI).

What is the importance of Chabahar Port for India

Dec 4, 2017
China is trying to surround India with the help of projects like "Strings of Perils" .To counter Chinese threats India has signed a $20 billion (about $ 1,363 billion) deal with Iran to develop "Chabahar port" in Iran in 2015. This is a trilateral agreement which includes Afghanistan and India along with Iran.

How currency and coins are circulated in the Indian economy by the RBI

Dec 1, 2017
The establishment of Currency Chests or "currency vault" has been done by the RBI to smoothly circulate the banknotes in the economy. To open a Currency Chest, the RBI authorizes the selected branches of commercial banks. Bank notes are stored by RBI in these Currency Chests. Currency Chest supplies banknotes to other branches of commercial banks situated in the nearby area.

The History of the Indian Currency Notes and its Evolution

Nov 30, 2017
The origin of the word “Rupee” is from Sanskrit word Rupya which means shaped, stamped, impressed, coin and also from the Sanskrit word “raupya” which means silver. There was a long history of struggle, exploration and wealth which can be traced back to the ancient India of the 6th Century BC regarding rupee. The Paper Currency Act of 1861 gave the Government the monopoly of note issued throughout the vast expanse of British India.

What is Corporate Social Responsibility and how much money is spent on it in India

Nov 27, 2017
Corporate Social Responsibility refers to responsibility of the companies to upgrade the well being of the weaker sections of the society by spending a sum of their profit on CSR activities. As per CSR rule, companies which have annual net worth of Rs. 500crore or annual income of Rs.1000 crore or an annual profit of Rs.5 crore, it is necessary for them to spend at least 2% of the average profit of three years on the CSR activities.

One year of Demonetisation: A detailed analysis of the Advantages and Disadvantages

Nov 21, 2017
Prime Minister Narendra Modi on November 8, 2016, had banned old notes of 500 and 1000 rupees all over the country. This ban throws a shock wave across the country and created fear among the terrorist, corrupt officials and tax evaders. This article is based on the analysis of the advantages and disadvantages of the demonetisation.

Hunger Problem in India:Some Awakening facts

Oct 31, 2017
As per the latest census data there is 22% population of India is living Below the Poverty Line. A huge part of Indian population i.e. 190 million people sleep without food daily. This article will tell all the bleak spot of the Indian economy related to hunger situation.

Benefits of filing regular income tax return on road accident

Oct 25, 2017
The Supreme Court had given the judgment that if a person dies in road accident (Section 166 of the Motor Vehicles Act, 1988) and if he has been paying income tax returns for 3 years continuously; then it has been the liability of the government to provide compensation (3 times of the average income) to the dead person.

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