Economic News for IBPS PO EXAM 2012 (General Awareness ) part-2

A Special review on Economy for UP COMING IBPS PO EXAM ON 17 JUNE

1. Export Target for 2012-13 -$350 billion

2. Basel norms will be implemented in India from 1 January 2013 to 2018 (in world 2013 to 2019)

3. Indian banks would need Rs 3,90,000-5,00,000 crore capital over the next six years in the wake of Basel III capital regulations announced by the Reserve Bank of India (RBI).

4. To attract foreign capital and stabilize the rupee, the Centre has permitted residents of six-member Gulf Cooperation Council (GCC) nations and all 27-nation European Union to invest directly in stock markets and individual overseas investor’s 〞 better known as QFIs (qualified foreign investors) 〞 to bring up to $1 billion to the debt market.

5. Earlier in January, the government had permitted QFIs from 34 FATF (Financial Action Task Force) member countries to invest in the stock market.

6. The Reserve Bank is holding gold reserves of 557.75 tonne valued at USD 27.02 billion, which accounts for 9.2 percent of foreign exchange reserves of USD 294.6 billion.

7. Mauritius Prime Minister Navinchandra Ramgoolam has written to Indian prime minister requesting India not to apply the proposed GAAR (General anti avoidance rule) on companies which have been given a tax residency certificate (TRC) by Mauritius.

8. Government deferred the introduction of GAAR (General Anti Avoidance Rules) provisions on foreign investors to the next fiscal year.

9. Largest home loan provider - State Bank of India (onelakh crore Rs. to 20 lakh families)

10. The government set up Rangarajan committee to review the Tendulkar Committee methodology for estimating poverty.

11. According to Planning Commission, Poverty line for rural areas is Rs 672 (daily 22.42 Rs.) and for urban areas is Rs 859 (daily 28.65 Rs.) (2009-10) (average 26 Rs daily).

12. Based on the Tendulkar committee, Planning Commission had announced earlier this year that poverty in the country has come down from 37.2 per cent in 2004-05 to 29.8 per cent in 2009-10 and the number of poor stood effectively reduced from 40.7 crore to 35.5 crore during the period.

13. Switzerland had agreed to provide details of secret bank accounts to India.

14. The U.S. Department of Transportation (DOT) imposed penalty of $80,000 against India's national carrier Air India.

15. Oil Ministry slapped penalty of $1 billion on Reliance Industries for failing to meet gas output targets.

16. Top three according to per capita income: - Goa, Delhi, Haryana.

17. Tax collection at source (TCS) by sellerson cash purchases of jewellery - Rs 5 lakh and on bullion Rs. 2 lakh.PAN card is compulsory.

18. Finance Minister withdrew 1% excise duty on branded and unbranded precious metal jewellery.

19. Rupee plunged to its historic low of 56 against the U.S. dollar due to uncertainty in the euro zone and fresh crisis in Greece.

20. Stockholm International Peace Research Institute (SIPRI) - India has become the largest importer of arms during 2007-11 (10 per centof global arms).

21. RBI has decided to set up a $2 billion swap facility for SAARC (South-Asian Association for Regional Co-operation) member-nations. This facility will be available in foreign currency and Indian rupee.

22. The government said gross non-performing assets (GNPAs) of nationalised banks stood at Rs 59,397 crore at the end of December 2011.

23. India and Pakistan have agreed to do away with requirement of a visa to cross the border on both sides within a radius of 400 metres at the Attari-Wagah point in Punjab for Customs and other related border officials.

24. Prime Minister Manmohan Singh arrived in the Myanmar meets President Thein Sein

25. India and Myanmar expect to double their trade in three years, and despite a delay in introducing a bus link, hope to be connected not just over land and by air but also by rail. Memorandum of Understanding (MoU) singed of US$ 500 million Line of Credit.

‎26. NPAs of public sector banks stood at about 3.3 per cent of the assets in 2011-12 as against 2.3 per cent a year ago. Several companies are opting for corporate debt restructuring (CDR) to tide over the difficult financial situation in the backdrop of slowdown.

27. Bank of India re-entered the mutual fund business by forging a joint venture with AXA Investment Managers with 51 per cent stake.

28. OECD (Organization of economic cooperation and development) said India's economic growth is likely to rise to more than 7.5 percent in calendar year 2013

29.  All foreign exchange earners were permitted to retain their entire foreign exchange earnings in Exchange Earner's Foreign Currency (EEFC) Account with any authorized dealer in India. On a review of this scheme, RBI said, ※50% of the balances in the EEFC accounts should be converted forthwith into rupee balances and credited to the rupee accounts as per the directions of the account-holder

30. The Reserve Bank will shortly put in circulation new coins of Rs 5 denomination to commemorate 150th year of Comptroller and Auditor General of India (CAG). The coin will bear the logo of CAG along with year "1860-2010" on the bottom of the logo