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Changes in Gold Monetization Scheme
Gold Monetization scheme was launched to mobilize the Idle Gold lying with Indian households & temples which is estimated up to 20000 tones & cut on India's gold import which may touch a gigantic 1000 ton a year thus reduce pressure on current account. Scheme will facilitate the depositors of gold to earn interest on their metal accounts. Once the gold is deposited in metal account, it will start earning interest on the same. The tenure of gold deposits is likely to be for a minimum of 1 year. The minimum quantity of deposits is pegged at 30 gram to encourage even small deposits. The gold can be in any form, bullion or jewellery. Gold collected will be cleaned & melted to measure purity at test centers. The bank will use these deposits to make loans to others and receives interest in return. The difference between the interest paid and received is the bank's income.Why reforms were needed:Monetization scheme allows earning some regular interest on gold if put in Gold Account and saves carrying costs as well; however, it attracted only 400 grams of gold in 1st 2 week & 900kg of gold as of 20 January 2015. . Banks and consumers received the scheme coldly. Factors behind it are:1) Emotional & cultural connect of Indians with gold ornaments. Provision of melting them & convert in pure bars may be a great hurdle.2) Lack of collection & Purity Testing centers across the country.3) Interest rate offered for short & medium term (2.25%) is not even enough to recover the making charges of jewelry which are in between 15 to 18%.4) Disclosure of source & ownership proof may inhibit investors.5) Unavailability of premature withdrawals options & penalty charges.New changes & how they impact:1) Government will pay banks a total commission for the 1st year to incentivize their participation in popularizing the scheme. This commission includes 1.5% for handling charges and is expected to encourage crucial support as similar programs failed in the past as a result of negligible returns for banks.2) Premature redemption under Medium and Long Term Government Deposits (MLTGD), Any Medium Term (5-7 Years) Deposit will be allowed to be withdrawn after 3 years and any Long Term (12-15 Years) Deposit after 5 years, however this may reduce interest rates. Early withdrawal will provide flexibility to peoples. 3) Gold depositors can also give their gold directly to the refiner rather than only through the Collection and Purity Testing Centers (CPTCs). This will encourage the bulk depositors including Institutions to participate in the scheme.4) Bureau of Indian Standards (BIS) has modified the licensing condition for refiners already having National Accreditation Board for Testing and Calibration Laboratories (NABL) accreditation from the existing 3 years refining experience to 1 year refining experience. This is likely to increase the number of licensed refiners.5) BIS has published an Expression of Interest (EOI) on its website inviting applications from the more than 13,000 licensed jewelers to act as a CPTC in the scheme. this will improve the infrastructural support by penetration of collection centers.6) The quantity of gold collected under the scheme will be expressed up to three decimals of a gram. This will give the consumer better value for the gold deposited.7) Banks are free to hedge their positions in the case of short-term deposits.8) Government has also launched the dedicated website www.finmin.nic.in/swarnabharat and toll free number 18001800000, which provide all the information of the schemes & popularize it.9) Government clarified that Tax exemptions under the GMS include exemption of interest earned on the gold deposited and exemption from capital gains made through trading or at redemption.10) Gold to be deposited with the CPTCs/Refineries can be of any purity. The CPTC/Refiner will test the gold and determine its purity which will be basis on which the deposit certificate will be issued.Other Reforms required & way forward:Still there are issues which need to be resolved to make the scheme a success. The interest rates are too low to encourage the large scale participation, scheme need the interest rate revision. An Indian do not wants to see his long-preserved, family-inherited, emotionally-critical, piece of yellow metal lose its identity and 'feel' by melting it. The government can offer a choice to the customer with respect to the melting of the ornament. A differential rate of interest can be offered on melted and non-melted gold. This can be done still not compromising on the purity assessment. Someone who isn't willing to melt his ornaments will have to settle with a lower rate of return. To resolve the issue of ownership & to check the inflow of smuggled gold, the government can partly address the problem to a certain extent by making invoices mandatory only for gold brought in the form of bars or coins and not necessarily for household ornaments. The banks can track the transaction with sufficient proofs on address and identity. In case, the quantity exceeds a particular limit, even on ornaments, questions can be raised.
Declining Exports, Currency War & Free Fall of Rupee: Correlated Impact of the three on Indian Foreign Trade
India's merchandise exports contracted for the 13th month in a row in December. Export contracted by 14.75% in December. India's overall exports are projected by the commerce ministry to decline 13% from the previous year's level to $270 billion in 2015-16, with a trade deficit of around $120-125 billion. The Government's earlier target of $900 billion in exports of goods and services by 2020, raising the country's share in world exports to 3.5% from 2% now, looks more daunting.Reasons for fall in exports• Global factors are most important reasons for the slowdown. Due to slow growth in India's export market there is lack of demand for Indian goods.• Fall in crude oil price has also effected badly India's export earning; Since India is big exporter of refined petroleum products.• Third most important reason behind the fall in exports is Yuan's Devaluation as India's top competitor in many of its key exports such as steel, chemicals and textiles is China• Fourthly, though tariff barrier has decreased over the years in developed countries, the non-tariff barriers have been increasingly used against Indian exports and the most potent weapon of non-tariff barrier is imposition of phytosanitary norms of WTO to restrict Indian export access to these markets.• Fifthly, in most of the Free Trade Agreement we signed, the other country or bloc is getting more benefits than India, in fact India is getting hurt from some of them in this dealings. For example, India-Asean free trade agreement has hurted India's export of oil palm and textiles because of competition from Indonesia and Vietnam. Further, most of India's preferential trade agreements (PTAs) are shallow in terms of product coverage. For example, the India-Mercosur PTA doesn't include textiles and apparel items, which face prohibitive import duties of up to 35 %.• While all these external factors have played a role in decline of our factors, however the root cause for this decline is much broader. Despite all attempts at diversification, India's merchandise exports have a narrow base, with the top 20 categories accounting for 78 % of the total. Even in top export categories like textiles, India is exporting low value commodities such as cotton yarn or apparel rather than technical textiles. India's manufacturing exports are fast losing price competiveness, primarily because of poor logistics infrastructure compounded by a weak trade facilitation regime. India's over-dependence on road freight means that the cost of logistics as a percentage of GDP remains as high as 13-14 %, compared with 7-8 % in developed countries. Exports incentives in the range of 2 to 3 % of export value can't fully compensate for the additional cost incurred on account of an inefficient trade infrastructure.• India's ill-conceived trade pacts have also resulted in inverted duty structure - High import duties on raw materials and intermediates, and lower duties on finished goods - That discourage the production and export of value-added items. Thus, apparel can be imported into India duty free while its raw material -manmade fibers attract an import duty of 10 %. That makes no sense. Similarly, finished products such as laptops or cell phones can be imported more cheaply than all their parts (imported) separately because of duty inversion.• Lastly, the relative appreciation of rupee against dollar vis-à-vis other currencies like the euro, real, rouble, or Yuan have hamper India's exports competiveness.What is required to boost India's export?• Firstly, in short run rupees should be allowed to depreciate more in order to make our exports competitive in comparison to China and other emerging countries.• Secondly, India should sign FTA giving due weight age to commercial interest also. In recent years India has signed many trade pacts, more for Geo-political reasons than commercial ones which have hurted India's exports, fixing the trade regime should be the top priority for the government.• Thirdly, India's traditional export market i.e. developed countries in Europe, North America, Japan etc. are either slowing down or they are negotiating Multilateral trade agreements like TPP which would prevent market access to these markets, Therefore in order to ensure long term stability and sustainability of India's exports, India should focus more on African and Latin American Markets by signing more FTA,s in these region.• Create indigenous sources of supply, where possible, for imports that form parts of exports to provide a cost advantage, or at least reduce the cost disadvantage. Many of India's exports today have significant import components.• Reduce barriers for foreign direct investment that can provide capital and expertise for export oriented activities.• Improve domestic infrastructure as; Roads, ports and power. For example, India is one of the largest producers in the world of fruits and vegetables and the largest producers of milk. Yet, India's share of the world trade in this is less than 1%. This is attributed largely to lack of investment in post-harvest technology and infrastructure that can deliver these perishables to the world market.• Tighter regulation for exports subject to international quality control. Note that India is one of the largest exporters of pharmaceutical products. Yet, some Indian companies recently, were handed large fines and also banned by the US and UK regulators for not meeting quality controls. This has the impact of painting a successful industry with the same broad stroke and undermining its potential growth.Reasons for the Fall of Rupees.• The Indian Rupees recently touched 3 year low when Rupee value to 1$ touched the 68 mark. What is more surprising in the present fall of rupees is that this fall is happening despite the fact that oil prices are below $30 barrell, as in 2013 higher oil price was one of the reason for the weakening of Rupees as India imports 80% of the oil that it consumes. Oil is bought and sold internationally in dollars. When Indian oil marketing companies buy oil they pay in dollars. This pushes up the demand for dollars and drives down the value of the rupee against the dollar.• Global economic slowdown: This is the major factor which is contributing to both the stock markets and Indian currency fall. China's Yuan devaluation has also been hurting the sentiments globally. China has been witnessing a slowdown. IMF has cited a sharp slowdown in China trade and weak commodity prices that are hammering Brazil and other emerging markets.• Crude oil prices: US is the biggest importer of crude oil. So when the crude prices go down, it means US will be saving more dollars to buy it, as a result dollar as a currency strengthens, leading to fall of Indian Rupee and other currencies at the forex market.• FIIs have been in the sell off mode in equity segment for last 3 months. This is due to the end of Fed Tapering. During Quantitative easing programme unleashed in USA, FII flow increased tremendously in emerging market because of lower interest rate being offered in USA. With end of Fed tapering the interest rate will increase in USA, which has attracted back FII investors back to USA and other developed countries which are considered safe investment. Due to stagnation in growth rate in most emerging economies, investors are apprehensive that India will also meet the same fate in coming years due to which FII investors are putting their money away from emerging economies.• India's Trade deficit: Exports contracted for 13th month in a row in December 2015 as outward shipments shrank 14.75% to $22.2 billion amid a global demand slowdown. Imports too plunged 3.88% to $33.9 billion in December over the same month previous year.• Despite the ongoing depreciation, the Rupee has still performed relatively better this year than other Asian emerging market currencies, having lost about 1.6% against the dollar, compared to a fall of around 3.4 % in the South Korean won and a drop of around 2.3 % in the Malaysian ringgit.Currency War: An Analysis• China has devalued its currency twice in last 6 months, many economists believe that it is in response to Quantitative Easing Programme of the USA which has led to depreciation of US dollar against YUAN and affected Chinese exports. This devaluation is termed as maturation of currency war which is prevailing in world economy since last few years.What is currency war?• A currency war refers to a situation where a number of nations seek to deliberately depreciate the value of their domestic currencies in order to stimulate their economies. Although currency depreciation or devaluation is a common occurrence in the foreign exchange market, the hallmark of a currency war is the significant number of nations that may be simultaneously engaged in attempts to devalue their currency at the same time.• More than 20 countries having reduced interest rates or implemented measures to ease monetary policy from January 2015 and January 2016 , the trillion-dollar question is - are we already in the midst of a currency war?Why do countries indulge in Currency War?• It may seem counter-intuitive, but a strong currency is not necessarily in a nation's best interests. A weak domestic currency makes a nation's exports more competitive in global markets and simultaneously makes imports more expensive. Higher export volumes spur economic growth, while pricey imports also have a similar effect because consumers opt for local alternatives to imported products. This improvement in terms of trade generally translates into a lower current account deficit (or a greater current account surplus), higher employment, and faster GDP growth. The stimulative monetary policies that usually result in a weak currency also have a positive impact on the nation's capital and housing markets, which in turn boosts domestic consumption through the wealth effect.Negative Effects of a Currency War• Currency depreciation is not the panacea for all economic problems. Brazil is a case in point. The Brazilian real has plunged 48% since 2011, but the steep currency devaluation has been unable to offset other problems such as plunging crude oil and commodity prices, and a widening corruption scandal. As a result, the Brazilian economy is forecast by the IMF to contract 1% in 2015, after barely growing in 2014.So what are the negative effects of a currency war?• Currency devaluation may lower productivity in the long-term, since imports of capital equipment and machinery become too expensive for local businesses. If currency depreciation is not accompanied by genuine structural reforms, productivity will eventually suffer.• The degree of currency depreciation may be greater than what is desired, which may eventually cause rising inflation and capital outflows.• A currency war may lead to greater protectionism and the erecting of trade barriers, which would impede global trade.• Competitive devaluation may cause an increase in currency volatility, which in turn would lead to higher hedging costs for companies and possibly deter foreign investment.Are countries today indulging in currency war?• The Yuan has lost 5.8% since August 10 when the Chinese central bank devalued the currency. The European Central Bank's (ECB) has promised to further its quantitative easing programme, While recently, Japanese central bank has brought negative interest rate in Japan which is likely to make YEN weaker. Even central bank of many emerging economies like Turkey, Brazil and South Africa are also following easy monetary policy in order to make their currency weak. This has proved that countries are indulging in currency war currently.Should India indulge in Currency War?• In 2015, the Rupee has depreciated just about 5% against the dollar, compared with a 20-35% loss in currencies of Brazil, Argentina and Turkey. At the same time, the rupee's peers in Asia have fallen about seven to 9% over the past year. Many experts believe that our lack of indulgence in currency war has led to fall in India's exports and therefore India should indulge in currency war in order to protect our turf. However if we closely analyze we find that Currency war is not a solution for India for number of reasons.• Currency depreciation is not the panacea for all economic problems. Brazil is a case in point. The Brazilian real has plunged 48% since 2011, but the steep currency devaluation has been unable to offset other problems such as plunging crude oil and commodity prices, and a widening corruption scandal.• At a time, when India is starved of domestic capital, foreign capital has been a savior. In fact, India has been making all efforts to attract foreign capital. A weak rupee impacts their return on capital and would starve India of foreign capital.• India's imports are inelastic and therefore a weak currency could lead to Balance of payment crisis.• We have also seen other negative effects of currency war above, Therefore India not rely on weak currency to boost its growth and exports instead it should focus on doing real reforms including improving infrastructure, labour reforms, passing GST to have a long term stable and sustainable positive effect on growth and trade.• Key TermsWhat is Quantitative Easing (QE) ?• Quantitative easing is an unconventional monetary policy tool which was used by the Central bank of the USA (Federal Reserve) to boost the economy after the financial crisis of 2007-08.• The Federal Reserve had to resort to quantitative easing because the conventional monetary policy tools used to control money supply had become ineffective. The main tool of conventional monetary policy in the USA is the federal funds rate. The Federal funds rate is the rate at which banks lend overnight to each other. It is the Inter-bank rate. (In India, the key policy rate is repo rate. Though, its mechanism is not the same as the Federal funds rate. Repo rate is the rate at which RBI lends to the banks against securities• In the aftermath of the financial crisis, the United States started reducing its federal funds rate to increase the money supply in the economy. It was intended to boost the economy and lower the unemployment rate. By December 2008, interest rates had reached to 0%. It became impossible to cut interest rates further and hence quantitative easing was used.In quantitative easing, Federal Reserve Bank buys Government bonds and other financial assets from commercial banks to inject cash into the economy. Japan was the 1ST country to use Quantitative Easing.From where does the Federal get money to buy bonds?The money is created electronically and credited in the reserves accounts of the banks.When Federal buys bonds from the bank, it increases its reserves. Banks have to keep a certain percentage of deposits as reserves with the Federal. Increasing the reserves lets banks lend more money as now it has extra reserves parked with the Federal.How does Quantitative Easing work?Quantitative Easing is the buying of Government bonds from the banks. It has the following effects:• The price of the bonds increases as its demand increases.• Their interest rates reduce.• Bank has more money kept as reserves than it is required. It can lend this money to consumers and businesses. Hence, money supply in the economy increases.
VERY IMPORTANT ESSAY TOPIC:
NPA issue in India: An Analysis
According to RBI October to December report, the gross Non-Performing Assets (NPAs) of Public Sector Banks are just under Rs. 4 lakh crore, and they collectively account for 90% of such rotten apples in the country's banking portfolio. In terms of net NPAs, their share is even higher - at 92% of the total bad loans reported so far in the banking system.What is NPA?• The assets of the banks which don't perform (that is - don't bring any return) are called Non Performing Assets (NPA) or bad loans. Bank's assets are the loans and advances given to customers. If customers don't pay either interest or part of principal or both, the loan turns into bad loan.• According to RBI, terms loans on which interest or installment of principal remain overdue for a period of more than 90 days from the end of a particular quarter is called a Non-performing Asset. • However, in terms of Agriculture / Farm Loans; the NPA is defined as under-For short duration crop agriculture loans such as paddy, Jowar, Bajra etc. if the loan (installment / interest) is not paid for 2 crop seasons, it would be termed as a NPA. For Long Duration Crops, the above would be 1 Crop season from the due date.Reasons for the rise in NPA in recent years• GDP slowdown -Between early 2000's and 2008 Indian economy were in the boom phase. During this period Banks especially Public sector banks lent extensively to corporate. However, the profits of most of the corporate dwindled due to slowdown in the global economy, the ban in mining projects, and delay in environmental related permits affecting power, iron and steel sector, volatility in prices of raw material and the shortage in availability of. This has affected their ability to pay back loans and is the most important reason behind increase in NPA of public sector banks.• One of the main reasons of rising NPA is the relaxed lending norms especially for corporate honchos when their financial status and credit rating is not analyzed properly. Also, to face competition banks are hugely selling unsecured loans which attributes to the level of NPAs.• 5 sectors Textile, aviation, mining, Infrastructure contributes to most of the NPA, since most of the loan given in these sector are by PSB, They account for most of the NPA.• Public Sector banks provide around 80% of the credit to industries and it is this part of the credit distribution that forms a great chunk of NPA. Last year, when kingfisher was marred in financial crisis, SBI provided it huge amount of loan which it is not able to recover from it.• There is a myth that main reason for rise in NPA in Public sector banks was Priority sector lending, However according to the findings of Standing Committee on Finance NPAs in the corporate sector are far higher than those in the priority or agriculture sector. However, even the PSL sector has contributed substantially to the NPAs. As per the latest estimates by the SBI, education loans constitute 20% of its NPAs.• The Lack of Bankruptcy code in India and sluggish legal system make it difficult for banks to recover these loans from both corporate and non-corporate.Other factors• Banks did not conducted adequate contingency planning, especially for mitigating project risk. They did not factor eventualities like failure of gas projects to ensure supply of gas or failure of land acquisition process for highways.• Restructuring of loan facility was extended to companies that were facing larger problems of over-leverage& inadequate profitability. This problem was more in the Public sector banks.• Companies with dwindling debt repayment capacity were raising more & more debt from the system.Steps taken by RBI and Government in last few years to curb NPA:• Government has launched ‘Mission Indradhanush’ to make the working of public sector bank more transparent and professional in order to curb the menace of NPA in future.• Government has also proposed to introduce Bankruptcy code.• RBI introduced number of measures in last few years which include tightening the Corporate Debt Restructuring (CDR) mechanism, setting up a Joint Lenders' Forum, prodding banks to disclose the real picture of bad loans, asking them to increase provisioning for stressed assets, introducing a 5:25 scheme where loans are to be amortized over 25 years with refinancing option after every 5 years, and empowering them to take majority control in defaulting companies under the Strategic Debt Restructuring (SDR) scheme. How to curb the menace of Public Sector Banks (PSB) (a) Short Term measures• Review of NPA'S/Restructured advances- We need to assess the viability case by case. Viable accounts need to be given more finance for turnaround and unviable accounts should either be given to Asset Reconstruction Company or Management/ownership restructuring or permitting banks to take over the units.• Bankruptcy code should be passed as soon as possible. Bankruptcy code will make it easier for banks to recover loans from unviable enterprises.• Government should establish Asset Reconstruction Company (ARC) with equity contribution from the government and the Reserve Bank of India (RBI). The established ARC should take the tumor (of non-performing assets or NPAs) out of the banking system. An ARC acquires bad loans from banks and financial institutions, usually at a discount, and works to recover them through a variety of measures, including sale of assets or a turnaround steered by professional management. Relieved of their NPA burden, the banks can focus on their core activity of lending.(b) Long term Measures• Improving credit risk management- This includes credit appraisal, credit monitoring and efficient system of fixing accountability and analyzing trends in group leverage to which the borrowing firm belongs to:• Sources/structure of equity capital-Banks need to see that promoter's contribution is funded through equity and not debt.• Banks should conduct necessary sensitivity analysis and contingency planning while appraising the projects and it should built adequate safeguards against such external factors.• Strengthen credit monitoring-Develop an early warning mechanism and comprehensive MIS(Management Information System) can play an important role in it. MIS must enable timely detection of problem accounts, flag early signs of delinquencies and facilitate timely information to management on these aspects.• Enforce accountability- Till now lower ring officials considered accountable even though loaning decisions are taken at higher level. Thus sanction official should also share the burden of responsibility. • Restructured accounts should treated as non performing and technical write offs where Banks remove NPA'S from their balance sheets Permanently should be dispensed with.• Address corporate governance issues in PSB. This include explicit fit and proper criteria for appointment of top executives and instituting system of an open market wide search for Chairman.
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The sponsorship between State government, central government and sponsor bank is in the ratio of--------- in respect of Regional Rural Banks in the country:
a) 15-50-35; b) 50-35-15; c) 35-15-50; d) 35-50-15; e) 15-35-50
Which among the following statements is incorrect in the context of IMPS?
(a) It’s a mobile-to-mobile fund transfer facility
(b) For this facility we need a GPS-enabled mobile phone
(c) Both the sender and the receiver must have an account in the same bank
(d) Both the customers must have an MMID (Mobile Money Identifier Number) number
Economic Survey 2015-16 projects that the real GDP growth for the current financial year and for 2016-17 will be in the range of ………..
a) 7 – 8 %
b) 7.5 – 8 %
c) No Change
d) 7 – 7.5 %
2016 – 17 current account deficit seen around …….. of/in GDP
a) 1-2%
b) 1-1.5%
c) 1.5-2%
d) No change
The roles of disseminator, figurehead, negotiator, liaison, and spokesperson are more important at the __________ levels of the organization.
a. lower
b. middle
c. higher
d. supervisory
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List of Some Latest Abbreviations :: Full Forms ---------------------------------------------------------
1. HRIDAY : Heritage Development and Augmentation Yojana
2. NITI : National Institution for Transforming India
3. EEU : Eurasian Economic Union
4. PRAGATI : Pro-Active Governance and Timely Implementation
5. MUDRA : Micro Units Development and Refinance Agency
6. PAHAL : Pratyaksha Hastaantarit Laabh
7. MRT : Mitochondrial Replacement Therapy
8. PSF : Price Stabilization Fund
9. JAM : Jan Dhan, Aadhar and Mobile
10. IRNSS : Indian Regional Navigation Satellite System
11. NERPAP : National Electoral Roll Purification and Authentication Programme
12. GST : Goods and Services Tax
13. NMET : National Mineral Exploration Trust
14. NSM : National Supercomputing Mission
15. UPI : Unified Payment Interface
16. Ind AS : Indian Accounting Standards
17. PMJDY : Pradhan Mantri Jan-Dhan Yojana
18. TLCs : Tech Learning Centres
19. BOSS : Bharat Operating System Solutions
20. AMRUT : Atal Mission for Rejuvenation and Urban Transformation
ASEAN Summit Ends in LaosThe 28th and the 29th Association of Southeast Asian Nations (ASEAN) Summit concluded on 8 September 2016 at Vientiane, Laos.The theme for the 2016 summit was Turning Vision into Reality for a Dynamic ASEAN Community.H.E. Thongloun Sisoulith, Prime Minister of the Lao PDR, was the Chairperson of the summit that was held from 6 September 2016 to 8 September 2016.The Summit was attended by the leaders of the 10-member Association of Southeast Asian Nations.They are Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei Darussalam, Viet Nam, Lao PDR, Myanmar and Cambodia.Highlights of the Summit
----------------------------------------• ASEAN leaders discussed the implementation of the ASEAN Community Vision 2025 and enhancing cooperation with ASEAN’s external partners.• The leaders adopted the Initiative for ASEAN Integration (IAI) Work Plan III and the Master Plan on ASEAN Connectivity 2025, which form an integral part of the ASEAN Community Vision 2025.• They also signed the ASEAN Declaration on One ASEAN, One Response: ASEAN Responding to Disasters as One in the Region and Outside the Region.• They adopted several outcome documents aimed at realizing the 8 priorities for ASEAN Chairmanship 2016 and implementation of the ASEAN Community Vision 2025.• They agreed to intensify ASEAN’s cooperation with Dialogue Partners and External Parties through ASEAN-led mechanisms namely ASEAN Plus One, ASEAN Plus Three, ASEAN Regional Forum, ASEAN Defense Ministers’ Meeting Plus, and East Asia Summit.• Besides, the ASEAN Leaders had a candid exchange of views on regional and international issues of mutual interest and concerns, including traditional and non-traditional security challenges such as terrorism and extremism, natural disasters, climate change, irregular migration, human trafficking, etc.• A diplomatic row between the Philippine President Rodrigo Duterte and U.S. President Barack Obama hung over part of the ASEAN meetings. During the summit, Duterte used foul language in relation to a planned meeting between them.India's Participation
--------------------------------• Prime Minister Narendra Modi represented India at the ASEAN summit. He addressed the 14th ASEAN-India summit.• He expressed deep concern over the rising export of terror, in an apparent reference to Pakistan. He said that it is a common security threat to the region and there was need for a coordinated response from the ASEAN member nations to combat the menace.About ASEAN Summits and Themes
-----------------------------------------------------------• ASEAN was established in 1967 by the five founding members namely Indonesia, Malaysia, Philippines, Singapore and Thailand. Brunei Darussalam, Viet Nam, Lao PDR, Myanmar and Cambodia joined later.• The Summit is ASEAN's highest policy-making body.• The chair of the ASEAN Summit rotates annually in alphabetical order of the English names of Member States.• By virtue of holding the chair of the ASEAN for a particular year, the concerned member state also chairs the ASEAN Summit and related summits. Further, ASEAN Summits are held bi-annually but with a common theme.• The 26th ASEAN Summit was held at Kuala Lumpur and Langkawi, Malaysia between 26 and 28 April 2015 with the theme Our People, Our Community, Our Vision. The 27th ASEAN Summit was held in Kuala Lumpur between 18 and 22 November 2015 with the same theme.
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Which of the needs (under McClelland theory of motivation) is most satisfied while successfully implementing the project?
A) Need for affiliation
B) Need for Power
C) Need for Achievement
D) None of the above as it is a mechanical and routine job
Financial leverage means A) Use of more debt capital to increase profit B) High degree of solvency C) Low bank finance D) None of the above
What are the benefits of GST? 1. It will boost up economic unification of India. 2. It will certainly reduce the tax burden for consumes. 3. It will increase tax collection due to wide coverage of goods and services. A. 1 and 2 B. 2 and 3 C. All D. 1 and 3
Which of the following recommendation of 13th Finance Commission is/are correct? 1. The share of states in net proceeds of shareable central taxes shall be 42% every year for the period of the award. 2. The indicative ceiling on overall transfers to states on revenue account may be set at 39.5% of gross revenue receipts of the centre. A. Only 2 B. Only 1 C. Both D. Neither