First female in India

First female in India

Firsts in India (Female)
India’s first Woman President Smt. Pratibha Patil
India’s first Woman Prime Minister Smt.Indira Gandhi
India’s first Woman Governor Sarojini Naidu
India’s first Woman ruler (on Delhi’s throne) Razia Sultan
India’s first Woman I.P.S. officer Kiran Bedi
First Woman Chief Minister of a state Sucheta Kripalani (U.P)
First Woman Union Minister Rajkumari Amrita Kaur
First Woman President of INC Annie Besant
First Woman Judge of the Suprime Court Meera Sahib Fatima Bibi
First Woman to get Ashok Chakra Nirja Bhanot
First Indian Woman Ambassador at United Nations Vijayalakshmi  Pandit
First Indian Woman to swim across English Channel Arati Saha (Gupta)
First Indian Woman to get the Noble Prize Mother Teresa (1979)
First Indian Woman to Climb the Mt. Everest Bachendri Pal
First Indian Woman to become ‘Miss World’ Miss Reita Faria
First Indian Woman to Climb the ‘Mt. Everest ‘ twice Santosh Yadav
First Indian Woman to become ‘Miss Universe’ Sushmita  Sen
First Indian Woman to get Bharat Ratna Smt. Indira Gandhi
First Woman to get Jnanpith  Award Ashapurna Devi
First Indian Woman to win WTA Title Sania Mirza
First Indian Woman Airline Pilot Durga Banerjee
First Indian Woman to win a Gold in Asian Games Kamaljeet  Sandhu
First Indian Woman President of I.N. Congress Sarojini Naidu (1925)
First Indian Woman to win the Booker Prize Arundhati Roy
First  Woman Musician to get ‘Bharat Ratna’ M.S. Subbulakshmi
First Indian Woman to go into space Kalpana  Chawla

 

Important days

 

Important Dates

1-Ancient  
BC  
2500-1750 Indus valley Civilization.
563-483 Buddha’s life-span.
540-468 Mahavir’s life-span.
327-326 Alexander’s invasion of India. It opened a land route between India and Europe.
322 Accession of Chandragupta Maurya.
305 Defeat of seleucus at the hands of Chandragupta Maurya.
273-232 Ashoka’s reign.
261 Conquest of kalinga.
145-101 Reign of Elara, the Chola king of sri Lanka.
58 Beginning of vikram era.
AD  
78 Beginning of saka era.
78-101 Kanishka’s reign.
319-320 Commencement of Gupta era.
380 Accession of Chandragupta II ‘Vikramaditya’.
405-411 Visit of Chinese traveller Fahien.
415 Accession of Kumaragupta I
455 Accession of Skandagupta.
606-647 Harshavardhan’s reign.
II- Medieval  
712 First invasion in sindh by Arabs (Mod. Bin Qasim).
836 Accession of king Bhoja of Kannauj.
985 Accession of Rajaraja, the Chola ruler.
998 Accession of Sultan Mahmud Ghazni.
1001 First invasion of India by Mahmud Ghazni who defeated jaipal, ruler of Punjab.
1025 Destruction of somnath Temple by Mahmud Ghazni.
1191 First Battle of Tarain.
1192 Second Battle of Tarain.
1206 Accession of Qutubuddin Aibak to the throne of Delhi.
1210 Death of Qutubuddin Aibak.
1221 Chengiz khan invaded India (Mongol invasion)
1236 Accession of Razia Sultana to the throne of Delhi.
1240 Death of Razia Sultana.
1296 Accession of Alauddin Khilji.
1316 Death of Alauddin khilji.
1325 Accession of Muhammad-bin-Tughlaq.
1327 Transfer of Capital from Delhi to Devagiri (Daulatabad) in Deccan by the Muhammad-bin-Tughlaq.
1336 Foundation of Vijayanagar empire in the South.
1351 Accession of Firoz Shah tughlaq.
1398 Timur’s Invasion of India.
1469 Birth of Guru Nanak.
1494 Accession of Babur in Farghana.
1497-98 First voyage of Vasco da Gama to India (discovery of sea route to India via the Cape of Good Hope)
1526 First Battle of panipat,Babur defeated Ibrahim Lodhi, foundation of Mughal dynasty by Babur.
1527 Battle of khanwa-Babur defeated Rana Sanga.
1530 Death of babur and accession of Humayun.
1539 Sher Shah Suri defeated Humayun in the battle of chausa and became India’s emperor.
1555 Humayun recaptured the throne of Delhi .
1556 Second Battle of panipat (Akbar defeated Hemu).
1556 Battle of Talikota (Rakshasa-Tangadi).
1576 Battle of Haldighati-Rana Pratap was defeated by Akbar.
1582 Din-i-Ilahi founded by Akbar.
1600 English East India Company established .
1605 Death of Akbar and accession of Jahangir.
1606 Execution of Guru Arjun Dev,the 5th Guru of Sikhs.
1611 Jahangir marries Nurjahan.
1615 Sir Thomas Roe visits Jahangir.
1627 Birth of Shivaji and death of Jahangir.
1628 Shahjahan becomes emperor of India.
1631 Death of Mumtazmahal.
1634 The English Permitted to trade in India (in Bengal).
1659 Accession of Aurangzeb, Shahjahan imprisoned.
1665 Shivaji imprisoned by Aurangzeb.
1666 Death of Shahjahan.
1675 Execution of Guru Teg Bahadur, the 9th Guru of Sikhs.
1680 Death of Shivaji.
1707 Death of Aurangzeb.
1708 Death of Guru Gobind Singh, the 10th Guru of Sikhs.
1739 Nadir Shah invades India.
III-MODERN  
1757 Battle of Plassey,establishment of British political rule in India at the hands of Lord Clive.
1761 Third Battle of Panipat.
1764 Battle of Buxar.
1765 Clive appointed Company’s Governor in India.
1767-69 First Anglo-Mysore War.
1780 Birth of Maharaja Ranjit Singh.
1780-84 Second Anglo-Mysore War.
1784 Pitt’s India Act.
1790-92 Third Anglo-Mysore War.
1793 The Permanent settlement of Bengal.
1799 Fourth Anglo-Mysore War-Death of Tipu Sultan.
1802 Treaty of Bassein.
1809 Treaty of Amritsar.
1829 Practice of sati Prohibited.
1830 Raja Rammohan Roy visits England.
1833 Death of Raja Rammohan Roy at Bristol, England.
1839 Death of Maharaja Ranjit Singh.
1839-42 First Anglo-Afghan War.
1845-46 First Anglo-Sikh war.
1852 Second Anglo-Burmese War.
1853 First Railway Line opened between Bombay and thane and a Telegraph line in Calcutta.
1857 The Sepoy Mutiny or First war of Independence.
1861 Brith of Rabindranath tagore.
1869 Birth of Mahatma Gandhi.
1885 Foundation of Indian National Congress.
1889 Birth of Jawaharlal Nehru.
1897 Birth of Subhash Chandra Bose.
1903 Tibet Expedition (Young Husband delegation)
1905 Partition of Bengal by Lord Curzon.
1906 Foundation of Muslim League by Salimullah (Nawab of Dhaka)at Dhaka.
1911 Delhi Darbar,king and Queen visit India,Delhi becomes the Capital of India.
1914 World War I Begins.
1916 Lucknow Pact signed by Muslim league and Congress.
1918 World war I ends.
1919 Montague-Chelmsford Reforms introduced, Jallianwala Bagh massacre at Amritsar.
1920 Khilafat Movement launched.
1927 Boycott of simon commission, broadcasting started in India.
1928 Death of Lala Lajpat Rai.
1929 Resolution of ‘Poorna Swaraj’(Complete independence) passed at Lahore session of INC.
1930 Civil disobedience movement launched,Dandi March by Mahatma Gandhi (April 6,1930).
1931 Gandhi –Irwin Pact .
1935 Government of India Act.
1937 Provincial Autonomy,Congress forms ministries.
1939 World war II begins (September 3).
1941 Escape of Subhash Chandra Bose from India ,Death of Rabindranath tagore.
1942 Arrival of Cripps Mission In India, Quit India movement launched (August 8).
1943-44 S.C.Bose formed provisional Government of free India and reorganized  Indian National Army in Singapore,Bengal famine.
1945 Trial of India National Army at Red Fort,Shimla Conference, World war II ends.
1946 British Cabinet Mission Visits India, Interim government formed at the Centre.
1947 Division of India, India & Pakistan form Separate independent dominions.
 

 

First male in India

 

Firsts in India Male

 

First Governor of Bengal Lord Clive (1757-60)
Last Governor of Bengal Warren hastings (1772-74)
First Governor General of Bengal Warren Hastings (1774-85)
First Governor General of India Lord William Bentic (1833-35)
Last Governor General and First Viceroy of India Lord Canning (1856-62)
First President of Indian National Congress W.C. Banerjee
First Indian Governor General of Independent India C.Rajgopalachari (21.06.1948-25.01.1950
First Indian to Pass ICS Surendra Nath Banerjee
First Indian I.C.S. Satyendra Nath Tagore
First Governor General of India (after independence) Lord Louis Mountbatten (15 Agu. 1947-20 June, 1950)
First Indian Cosmonaut (to go into space) Sqn. Ldr. Rakesh Sharma
First temporary President of the Constitutent  Assembly Dr. Sachchida Nand Sinha
First Commander-of-Chief of free India General K.M. Cariappa
First Indian Nobel Laureate Rabindra Nath Tagore
First Indian Judge of the International Court of Justice Dr. Nagendra Singh
First Indian to get Bharat Ratna Award Dr. S. Radhakrishnan
First Field Marshal General S.F.J. Manekshaw
The president of Constituent Assembly Dr. Rajendra Prasad
First Indian Swim across the English Channel Mihir Sen
First Indian to get Jnanpeeth Award G. Shankar Kurup
First Muslim President of Indian Republic Dr. Zakir Hussain
First Indian to win Palk-Strait Ocean Swimming Contest Baidyanath Nath
First Speaker of Lok Sabha G.v. Mavlankar (1952-57)
First Person to make printing press popular in India James Hicky
First Education Minister of Independent India Maulana Abdul Kalam Azad
First President of  Republic Dr.Rajendra  Prasad
First Prime Minister of Independent India Pt.Jawahar Lal Nehru
First Home Minister of Independent India Sardar vallabh Bhai Patel
First Vice-President of Independent India Dr.S. Radhakrishnan
First Chief of Air Staff Air Marshal Sir Thomas Elmhirst
First Indian Air Chief of India Air Marshal S. Mukherjee
First Chief of Army Staff General M. Rajendra Singh
First Chief of Naval Staff of India Vice-Admiral R.D.Katari
First large-scale Atomic Reactor of India Apsara (1956)
First Person to get paramvir  Chakra Major Somnath Sharma
First Atomic Submarine of India I.N.S.Chakra
First India Scientist to get Nobel prize C.V. Raman (Physics)
First Indian Submarine I.N.S. Cauveri
First Scientist of Indian origin, to get Nobel Prize in  the field of Medical Science Dr. Hargovind Khurana
First Aircraft Carrier Indian Ship I.N.S.Vikrant
First Chinese Pilgrim to visit India Fa-hien
First Medium Range Missile Agni
First e-business News paper of India Financial Express
First Scientist of Indian origin to win Nobel Prize in Physics Subrahmanium Chandrashekhar
First Indian Missile Prithvi
 First Indian to win Stalin Award Saiffudin Kichlu
India’s first Nuclear Centre Tarapur
First Indian to win Magsaysay Award Acharya Vinoba Bhave (1958)
India’s first Open University Andhra Pradesh Open University
India’s first Lok Sabha Member to be  elected with a record maximum number of votes P.V. Narasimha  Rao
India’s first minister to resign from Union Cabinet Shyama Prasad Mukherjee (1950)
First British to visit India Hawkins
First Asian Games organized Delhi (in 1951)
India’s first Election Commissioner Sukumar Sen
First Muslim President of Indian National Congress Badruddin Tayab Ji
First Chief justice of India Justice Hirala J. Kania
First Person to submit the proposal of Indian Independence in a Congress session Hasrat Mohani
India’s first University Nalanda University
First Indian to Climb Mt. Everest without Oxygen Cylinder Sherpa Phu Dorji
First foreign recipient of Bharat Ratna Khan Abdul Gaffar Khan
First Indian recipient of Nobel prize in Economics Dr. Amartya Sen
First Army Institute of Information Technology Founded Hyderabad
First Test Tube Baby of India Indira (Baby Harsha )
First Indian Pilot J.R.D. Tata (1929)
First Indian to reach Antarctica Lt. Ram Charan (1960)
First Post-Office opened in India Kolkata (1727)
First Deputy Prime Minister of India Sardar vallabh Bhai patel
First Indian Prime Minister to resign from office Morarji Desai
First Indian Prime Minister to loose an Election Indira Gandhi
First President of India to die in office Dr. Zakir Hussain
First Man to Clime Mt. Everest twice Nawang Gombu
First Indian to reach the south pole Col.I.K.Bajaj
First Indian recipient of ‘Oscar Award’ Bhanu Athaiya
First American President of visit India Dwight David Eisenhower
First British Prime Minister to visit India Harold Mc. Millon
First Indian author to get Anderson Award Ruskin Bond
First Indian to win World Billiards Trophy Wilson Jones
First Indian Space Tourist Santosh George

 

Tax System

Tax System

A compulsory contribution given by a citizen or organization to the government is called tax, which is used for meeting expenses on welfare work.

Tax imposing and Tax collecting is at three levels in India – Central level, state level and local level.

The distribution of tax between central and state has been clearly mentioned in the provisions of Indian Constitution. For rationalizing it from time to time, Finance Commission has been constituted.

The tax system has been divided into two parts :

Tax by central Government : custom Duty, Income tax and Corporate tax etc.

Tax by State Government : the state government has right to collect all the taxes in this category and to spend them.

There are two types of taxes : 1.Direct taxes 2. Indirect  taxes.

*Direct Taxes :- The taxes levied by the central government on incomes and wealth are important direct taxes .the important direct taxes. The important taxes levied on incomes are- corporation tax and income tax. Taxes levied on wealth are wealth tax, gift tax etc .

*Indirect taxes :- This type of tax is not paid by someone to the authorities and it is actually passed on to the other in the other in the form of increased cost. they are levied on goods and services produced or purchased . Excise tax, sales tax, vat, Entertainment tax and indirect taxes. The main forms of indirect taxes are customs and excise duties and sales tax. the central  government is empowered  to levy customs and excise duties (except on alcoholic  liquors and narcotics) whereas sales tax is tax is the exclusive jurisdiction of the state governments.

However, the  union excise duties form the most significant part of central taxes. The major tax revenue sources for states are their shares in union excise duties and income tax, commercial taxes , land revenue, stamp duty, registration fees, state excise duties on alcohol and narcotics etc. Sales tax forms the most important component of commercial taxes.

Progressive Tax :- A tax that takes away a higher proportion of one’s income as the income rises is known as progressive tax. Indian Tax is a progressive and direct tax.

  1. Chelliah Committee was constituted in August, 1991 for suggesting reforms in tax structure.

Chelliah Committee recommended Income tax for agricultural income of more than Rs. 25,000 p.a. Chelliah Committee also recommended for lowering down the tax rates and reducing the tax slabs.

K.L. Rekhi Committee was constitute in 1992 for suggesting uniform regulations for indirect taxation (Custom Duty and Excise Duty).

Finance Commission

Finance Commission is  constituted by the president under Act 280 of the Constitution. Since Independence, 12 finance Commissions have submitted their reports.

1st Finance commission was constituted under chairmanship of K.C. Neogi while 12th finance commission was constituted under chairmanship of  Dr.C. Rangarajan. The recommendations of 12th finance commission cover period 1st April, 2005 to 31st March, 2010.

13th finance commission, for the period 2010-2015, had been constituted in  November, 2007 with Dr. Vijay L.Kelkar as the Chairman.

The 14th finance commission, for the period 2015-2020, has been constituted on January 2,2013 with Y.V.Reddy as the Chairman.

Important taxes Imposed in India

Tax on Income and Wealth :- the central government imposes different types of tax on income and wealth, viz. income tax, corporate tax, wealth tax and gift tax. Out of them income  tax and corporate tax are more important from the revenue point of view.

Personal income tax :- Personal income tax is generally imposed on an individual combined  Hindu families and total income of people of any other communities .In addition to tax, separate surcharges are also imposed some times. Agriculture income is India is free from income tax .

Corporate tax :- Corporate tax is imposed on registered companies and corporations. The rate of corporate tax on all companies is equal. However, various types of rebates and exemptions have been provided.

Custom Duties :- As per the constitutional provisions, the central government imposes import duty and export duty and export duty both. Import and export duties are not only sources of income but with the help of it the central government regulates the foreign trade.

Import Duties :- Generally import duties are ad-velorem  in India .It means import duties are imposed on the taxable item on percentage basis.

Export Duties :- Export Duties are more important, compared to import duties in terms of revenue and regulation of foreign trade.

Excise Duties :- Excise duties are commodity tax as it is imposed on production of an item and it has no relevance with its sale. This is the largest source of revenue for the central Government .

Except liquor, opium and other drug, production of all the other items is taxable under central Excise Duties. One Coin and one Rupee note belong to ‘Legal tender money’ Category.

M1 is known as Narrow Money.

M3 is known as Broad Money.

 

 

Indian Fiscal System

Indian Fiscal System

Fiscal System :- It refers to the management of revenue and capital expenditure finances by the state. Here ,fiscal system includes budgetary activities of the government the is revenue raising , borrowing and spending activities.

Fiscal Policy :- Fiscal policy refers to the use of taxation, public expenditure and the management of public debt in order to achieve certain specified objectives.

Indian fiscal system includes or refers  to the management of revenue sources and expenditure of the  Central and State governments, public debt,Deficit financing , budget, Tax structure etc.

Sources of  Revenue for centre :- The revenue of the central  Government consists of the following  elements : 1- Tax revenue and 2- Non-tax revenue. Tax revenue comes broadly from three sources- (a) taxes on income and expenditure (b) taxes on property and capital transactions and (c) taxes on commodities and services. Non-tax revenue, consists of –(a) currency, coinage and mint-(b) interest receipts and dividends and other non-tax  revenue.

Sources  of Revenue for state :- The main source are (a)  state tax revenue,  (b) share in  central  taxes, (c) income from social,commercial and economic service and profits of state-run enterprises .state tax revenue includes among  others,land revenue, stamp,registration and  estate duty etc.

Expenditure of the Center :- The central government makes expenditures broadly under two heads : 1- plan expenditure and 2- non –plan expenditure.

Under Plan Expenditure comes outlay for agriculture , rural development, irrigation and flood control, energy, industry and minerals, transports, communications, science and technology, environment and economic services, etc.

The major non-plan expenditures are interest payments, defence, subsidies and general services.

Expenditure of state :- liken the Union Government, the state Governments too have two broad heads of expenditure : (a) Non- Development Expenditure and (b) Development Expenditure.

Public debt of the government of India is of two kinds-Internal and External.

Internal debt :- It comprises loans raised from the open market, compensation bonds, prize bonds etc treasury bills issued to the RBI, commercial banks etc.

External debt :- It consists of loans taken from Word Bank, IMF,ADB and individual countries like USA, Japan etc.

Deficit Financing is a fiscal tool in the hands of the Government to bridge the gap between revenue receipt and revenue expenditure.

Deficits :- In a budget statement, there is a mention of four types of deficits .

1-revenue 2- budget, 3-fiscal and ,4-primary.

1-Revenue Deficit Refers to the excess of revenue expenditure over revenue receipts. ( In fact, it reflects one crucial fact:  what is the Government borrowing for ? As an individual if you are borrowing to play the house rent, then you are in a situation of revenue deficit, i.e. while you are borrowing and spending, you are not creating any durable asset. This implies that there will be a repayment obligation (sometime in the future) and at the same time there is no asset creation via investment.)

Revenue Deficit = Total Revenue Expenditure – Total Revenue Receipts

= Non- plan Expenditure + Plan Expenditure- (net tax revenue + non-tax revenue)

2-Budget Deficit refers to the excess of total expenditure  over total receipts. Here, total receipts include current revenue and net internal and external capital receipts of the Government.

Budget Deficit = Total Expenditure-Total Receipts

= (non-plan expenditure + plan expenditure) – (Revenue Receipts  + Capital Receipts)

3-Fiscal Deficit refers to the difference between total expenditure (revenue, capital, and loans net of repayment) on one hand ; and on the other hand, revenue receipts plus all those capital receipts which are not in the form of borrowings but which in the end accrue to the Government.

Fiscal Deficit=Revenue Receipts (net tax revenue +non-tax revenue) + Capital Receipts (only recoveries of loads and other receipts)- Total Expenditure (plan and non-plan)

4-Primary Deficit refers to fiscal deficit minus interest payments. In other words, it points to how much the government is borrowing to pay for expenses other government is adding to future burden (in terms of repayment)on the basis of past and present policy.

Primary Deficit= Revenue Deficit –Interest payments

Monetised deficit= Increment in Net RBI Credit to the Central government.

Budget:- The Budget of the Government of India, for any year, gives a complete picture of the estimated receipts and expenditures of the Government for the year on the basis of the budget figures of the two previous years.

Every budget , for instance, gives three sets of figures: (a) actual figures for preceding years,(b) budget and revised figures for the current year and (c) budget estimates for the following year.

The core of the budget is called the Annual financial statement . this is the main budget document. Under article 112 of the constitution, a statement of estimated receipts and expenditure of the Govt.of india has to be laid before the parliament in respect of every financial year running from April 1 to March 31 while under article 202 of the constitution a statement of estimated receipts and expenditures of the state Governments has to be laid before the house of the state legislature concerned.

The Annual budget Of the Central Government Provides estimates of receipts and expenditure of the Government. The budget consists of two parts viz; 1.Revrnue Budget  2.Capital Budget.

Revenue Budget :-All ‘Current’ Receipts’ such as taxation, surplus of public enterprises, and ‘Expenditure’ of the Government.

Capital Budget :-All ‘Capital’ receipts’ and ‘Expenditure’ such as domestic and foreign loans, loan repayments, foreign aid etc.

Finance Bill is ordinarily introduced every year to give effect to the financial proposals of the Government for the following financial year.

Famous Sites in India

Famous Sites in India

Site Location
Ajanta Maharashtra
Akabar’s  tomb Agra (U.P)
Amarnath Cave Kashmir
Amber Palace Jaipur (Rajasthan)
Anand  Bhawan Allahabad (UP)
Bhakra Dam Bilaspur (Himachal Pradesh)
Birla Planetorium Kolkata (West Bangal)
Island Palace Udaipur (Rajasthan)
Jagannath Temple Puri (Odisha)
Jai Stambh (Tower of victory) Chittorgarh (Rajasthan)
Jama masjid Delhi
Black Pagoda Konark (Odisha)
Brihadeeshwara Temple Tanjavur
Brindaban Gardens Mysore (Karnataka)
Buland Darwaza Fatehpur Sikri (U.P.)
Char minar Hyderabad (Telangana)
Chilka Lake Near Bhubaneswar (Odisha)
Dal Lake Srinagar (J & K)
Dilwara Temples Mt.Abu (Rajasthan)
Elephanta Caves Mumbai (Maharashtra)
Ellora Caves Aurangabad (Maharashtra)
Gateway of India Mumbai (Maharashtra)
Golden Tample Amritsar (Punjab)
Gol Gumbaz Bizapur (Karnataka)
Hanging Gardens Mumbai
Hawa Mahal Jaipur (Rajasthan)
Howrah Bridge Kolkata (W.Bengal)
Mt.Girnar (Jain Temple) Junagadh (Gujarat)
Nataraja Temple Chennai (Tamil Nadu)
Nishat bagh Srinagar (J & K)
Padmanabha Temple Thiruvananthapuram (Kerala)
Palitana Junagadh (Gujarat)
Panch Mahal Fatehpur Sikri (U.P.)
Pichola Lake Udaipur (Rajasthan)
Prince of Wales Museum Mumbai (maharashtra)
Qutub Minar Delhi
Raj Ghat Delhi
Rashtrapati Bhawan Delhi
Red Fort Delhi
Jantar  Mantar New Delhi
Kailash Temple Ellora (Maharashtra)
Kanya Kumar Tamil Nadu
Kirti Stambha (Tower of fame) Chittorgarh (Rajasthan)
Lal Bagh Garden Bengaluru (Karanataka)
Lingaraj Temple Bhubaneshwar (Odisha)
Mahakaleshwar Ujjain (M.P.)
Maheshmukh (Trimurti) Temple Elephanta Cave (Maharashtra)
Malabar Hills Mumbai (Maharashtra)
Man Mandir Palace Gwalior Fort (M.P.)
Marble Rocks Jabalpur (M.P.)
Marina Beach Chennai (T.N.)
Minakshi Temple Madurai (T.N.)
Sidi Sayyid Masjid Ahmedabad (Gujarat)
Shalimar bagh Srinagar (J & k)
Shahi Chashma Srinagar (J & K)
Shanti van Delhi
Statue of Gomateshwara Shravanabelagola, Hasan (Karnataka)
Sun Temple (Black Pagoda) Konark (Odisha)
Taj Mahal Agra (Uttar Pradesh)
Tower of Silence Mumbai (Maharashtra)
Victoria Memorial Kolkata (W.Bengal)
Victoria Garden Mumbai (Maharashtra)
Vijay Ghat Delhi
   
   

 

Famous Sites in the World

 

Famous Sites in the World

Site Location
Al-Aqusa Mosque Jerusalem (Israle)
Big Ben London (U.K.)
Bradenberg Gate Berlin (Germany)
Broadway New York (U.S.A.)
Brown House Berlin (Germany)
Buckingham palace London (U.k.)
Colossium Rome (Italy)
Downing Street London (U.K.)
Eiffel Tower Paris (France)
Fleet Tower London (U.K.)
Harley Street London (U.K.)
Pantagon Washington (U.S.A.)
Potala Nanking (China)
Pyramid Egypt
Red Square Moscow (Russia)
Scotland yard London (U.K.)
Shwe Dragon Pagoda Yangon (Myanmar)
Sphinx Egypt
Statue of Liberty New York (U.S.A.)
Vatican Rome (Italy)
Wailing Wall Jerusalem (Israel)
Wall Street New  York (U.S.A.)
Hyde Park London (U.K.)
India House London (U.K.)
Kaaba Mecca (Saudi Arabia)
Kremlin Moscow (Russia)
Leaning Tower Pisa (Rome)
Louvre Paris (France)
Westminister Abbey London (U.K.)
White hall London (U.K.)
White  House Washington (U.S.A.)
Merdeka Palace Jakarta (Indonesia)
Oval London (U.K.)
   

Economics

Economy and Economics

Economic :- IT is the State of a Country or region in terms of the production and consumption of goods and services and the supply of money.

Economics :- It is the branch of knowledge concerned with the production, consumption, and transfer of wealth.

Types of Economic System

There are four primary types of economic system in the World:

1-Traditional Economic System :- A traditional economic system is the most traditional and ancient type of economy in the word. Products and services that are direct result of their beliefs, customs ,traditions,religions etc. are produced in this system. There are certain elements of a traditional economy that those in more advanced economies , such as Mixed.

2- Command Economic System :- In terms of economic advancement, the command economic system in the next step up from a traditional economy. The most important feature of this system is the a large part of the economic system is controlled by centralised  power,often, a federal government.

3- Market Economic System :- A market economy is very similar to a free market. The government does not control vita resources,valuable goods or any other major segment of the economy . In this way,organizations run by the people determine how the economy runs,how supply is generated, what demands are necessary, etc.

4- Mixed Economic System :- A mixed economic system also known as a Dual Economy, is a combination of economic systems, but it primarily refers to a mixture of a market and command economy.In  this type of economic system the market is more or less free of government ownership except for a few key areas (usually not the resources that a command economy controls).

Banking in India

Banking in India

The Reserve Bank of India  was established on 1st April, 1935 and it was nationalized on 1st January, 1949.

The Finance Ministry issues Currency Notes and Coins of rupee one, all other Currency Notes are issued by the Reserve Bank of India.

The first bank of limited liability managed by Indians was Oudh Commercial bank founded in 1881. Subsequently, Punjab National Bank was established in 1894.

Swadeshi movement, which began in 1906, encouraged the formation of  a number of commercial banks.

The banking Companies Act was passed in February, 1949, which was subsequently amended to read as Banking Regulation Act,1949.

Commercial banks mobiles savings in urban areas and make them available to large and small industrial  and  trading units mainly for working capital requirements.

The India banking system consist of commercial banks, both in public and private sector, Regional Rural Banks (RRBs) and cooperative banks.

As on June 30, 2009, commercial Banking system in  India consisted of 171 scheduled commercial banks out of which 113 were in public sector, including 86 RRBs. The remaining 27 banks, other than RRBs, in the public sector, consisted of 19 nationalized banks, 7 banks in SBI group and IDBI bank Limited. Public sector banks (excluding RRBs)accounted for about 76.6% of the deposits of all scheduled commercial banks.

Commercial banks are broadly classified into nationalised  or public sector banks and private sector banks, with a few foreign banks. The public sector banks account for more than 92% of the entire banking business in India-occupying a dominant position in the commercial banking. the state Bank of India and its 7 associate banks  along with another 19 banks are the public sector banks.

Oudh Imperial bank was the first complete commercial Bank of India. The Imperial Bank was established  in  the year 1921 by merging three main presidency Banks. The largest bank-Imperial  Bank was nationalised  in 1955 on recommendation of gorewala  Committee and rechristened  as state bank of India .

In 1959, 7 regional banks were nationalised  and given the status of associate Banks of state Bank of India .

On 19th  July,1969,14 big commercial banks with deposits worth Rs.50 crores or more and on 15th April,1980, six other scheduled banks were nationalised, bringing total number of nationalised  banks of 27 (19+SBI+7SBI Associates).

Before the merger of new Bank of India in Punjab National bank (in 1993
) the total number of nationalised banks was 28(8* SBI and Associate +14 +6 ).

After the merger of ‘State bank of Saurashtra’ and ‘State bank of Indore’ in the state Bank of India, the number of associates of SBI has come to 6.

Lead bank Scheme

After the nationalisation  of 14 banks the lead bank scheme of the RBI was adopted in 1969 for branch expansion  programme  of banks.

Under the scheme, all the nationalized  banks and private banks were allotted specific distracts where they were asked to take the lead in surveying the scope of banking development particularly expansion of credit facilities.

Banking Reforms

On the recommendation of Narsimham Committee, a number of steps taken to improve functioning of banking sector.SLR and CRR were reduced.

Banks were given freedom to open new branches. Rapid computerisation  of banks was undertaken.

Banking ‘Ombudsmen Scheme’ started  functioning to expedite  inexpensive resolution of customer’s complaints.

Scheduled and Non-scheduled Banks

The scheduled banks are those which are entered in the second schedule of the RBI Act, 1934. These banks have a paid-up capital and reserves of an aggregate value of not less than RS.5 lakhs and satisfy the RBI that their affairs are carried out in the interest of their depositors.

All commercial banks (India and foreign), regional rural banks and state co-operative banks are scheduled banks. Non-scheduled banks are those which are not included in the second schedule of the RBI Act 1934. At present there is only one such bank in the country.

Regional Rural Banks

The Regional rural Banks (RRBs), the newest form of banks, have come into existence since middle of 1970s (sponsored by individual nationalized commercial banks) with the objective of developing rural economy by providing credit and deposit facilities for agriculture and other productive activities of all kinds in rural areas.

The emphasis is on providing such facilities to small and marginal farmers, agricultural labourers, rural artisans and other small entrepreneurs in rural areas. The number of branch  of RRBs (in 635 districts) is 18,299 (as on 31.12.2013).

First Regional Rural Bank was established on 2nd October,1975.

Co-operative Banks

Co-operative banks are so called because they are organized under the provisions of the co-operative Credit Societies law of the states. The major beneficiary of the Co-operative Banking is the agricultural sector in particular and the rural sector in general. The first such bank was established in 1904.

The Co-operative credit institutions operating in the country are mainly of two kinds : agricultural (dominant) and non-agricultural.

At the apex is the state Co-operative Bank (SCB) (co-operation being a state subject in India), at the intermediate (district) level are the Central Co-operative Banks (CCBs), and at the village level are primary Agricultural Credit Societies (PACs); Long-term agricultural credit is provided by the land Development Banks.

In the year 1991, Narsimham Committee was constituted to advice on the issue of reconstruction of banking system.

Development Banks

Industrial Development Bank of India (IDBI), established in 1964. Main Functions : Providing finance to large and medium scale industrial units.

Industrial finance  Corporation of India (IFCI), established in 1948. Main function : (a) Project finance (b) Promotional services.

Industrial Credit and Investment Corporation of India Limited(ICICI), established in 1991.

Main functions : – Providing term  loans in India and foreign currencies, Underwriting  of issues of shares and debentures.

Small Industries Development  Bank of India (SIDBI), established in 1989.

Main Functions  :-Providing assistance to small scale industries through state finance corporations, state industrial development corporations, commercial banks etc.

EXIM BANK (Export Import bank of India ) was established in 1982.

Main functions :- Coordinating the working of institutions engaged in financing export and import trade, financing exports and imports. Networth of the Bank (as on 31.03.2014) was RS-8,310 crore. National Housing Bank (NHB) started operations in 1988.

Main Functions  :- Development of housing finance in the Country.

NABARD (National Bank for Agriculture and Rural Development) was established in 1982. The paid-up capital of NABARD stood at Rs.2,000 crore as on 31 march,2010.

Main functions :- to serve as an apex refinancing agency for institutions engaged in providing agricultural finance to develop  credit delivery system to coordinate rural financing activities.

Insurance

The basic concept of insurance is of spreading the loss of a few over many. Insurance industry includes two sectors-life Insurance and General Insurance. Life Insurance in India was introduced by Britishers. A British firm in 1818 established the oriental life insurance Company at Calcutta, now Kolkata. Life Insurance Corporation (LIC) of India was established in September,1956. General  Insurance Corporation (GIC) was established in November,1972. Indian Insurance sector has low penetration particularly in rural areas. it also has low turnover and profitability despite high premium rate .The committee on Insurance sector Reforms was set-up in 1993 under the chairmanship of R.N.Malhotra which submitted its report in 1994. The insurance sector was opened up for private participation with the enactment of the Insurance Regulatory and Development Authority Act, 1999 (IRDA). The headquarter of IRDA is at Hyderabad.

The life Insurance Corporation has its central office in Mumbai, 8 zonal Offices at Mumbai, Kolkata,Delhi, Chennai, Hyderabad, Kanpur, Bhopal and Patna, 133 Divisional Offices, 73 Customer Zones, 2048 Branch Offices and 1346 Satellite offices as on 31 March,2014,spreads the message of Insurance the length and breadth of India.

At present LIC is operating internationally through Branch offices in Fiji, Mauritius and U.K. and through Joint venture Companies in Bahrain, Nepal, Sri Lanka, Kenya and Saudi Arabia. A wholly owned subsidiary, LIC (Singapore) established in April 2012.

Important Banking Terminology

1-Bank Rate:- Bank rate is the rate at which central bank of the country (e.g. RBI in India) allows finance to commercial banks. Bank Rate is a tool, which centre bank used for short-term purpose. Any upward revision in Bank Rate by Central bank is an indication that banks should also increase deposit rate as well as Base Rate/Benchmark prime Lending Rate .Thus any revision in the Bank rate indicates that it is likely that interest rates on customer’s  deposits are likely to either go up or go down, and it can also indicate an increase or decrease in customer’s EMI.

2-Basis Points:- It is the increase in interest rates in percentage terms. For instance, if the interest rate increases by 50 basis points (bsp), then it means that interest rate has been increased by 0.50%. One percentage point is broken down into 100 basis points. Therefore, an increase from 2 to 3 % is an increase of one percentage point or 100 basis points.

3-CRR(Cash Reserve Ratio):- CRR is the amount of funds that the banks have to keep with RBI. If RBI increases CRR, the available amount with the banks comes down.RBI is using this method (increase of CRR), to drain out the excessive money from the banks.

4-SLR (Statutory Liquidity Ratio) :- SLR is the amount a commercial banks needs to maintain in the form of cash, or gold, or govt. approved securities (Bounds ) before providing credit to its customers. SLR rate is determined and maintained by RBI in order to control the expansion  of the bank credit. Need for SLR :-  With the SLR, the RBI Can ensure the solvency of a commercial banks. SLR : SLR is used to control inflation and propel growth. Through SLR rate the money supply in the system can be controlled effectively.

5- Repo  Rate:- Repo rate is the rate at which commercial banks borrows rupees from RBI.A reduction in the repo rate will help banks to get money at cheaper rate. When the repo rate increases borrowing from RBI become more expensive.

6- Reverse Repo Rate :- Reverse Repo rate is the rate at which RBI borrows money from commercial banks. Banks are always happy to lend money to RBI since their money is in the safe hands with a good interest . An increase in reverse repo rate can cause the banks to transfer more funds to RBI due to this attractive interest rates. Reverse Repo Rate is always 1 percent less than the repo Rate.

7- NEFT (National Electronic Fund Transfer) : NEFT enables funds transfer from one bank to another but works a bit differently  than RTGS. NEFT is slower than RTGS. the  transfer is not direct and RBI acts as the service provider to transfer the money from one account to another. You can transfer any amount through NEFT, even a rupee.

8- RTGS(Real Time Gross Settlement) :- RTGS system is funds transfer system where transfer of money or  security takes from one bank to another on a ‘real time ‘ and on ‘gross’ basis. Settlement in ‘real time’ means payment transaction is not subjected to any waiting period. The transactions are settled as soon as they are processed . Minimum & Maximum Limit of RTGS : 2 Lakh and no upper limit.

9- Liquidity Adjustment Facility (LAF) : is a monetary policy tool which allows banks to borrow money through repurchase agreements. LAF is used to aid banks in adjusting the day to day mismatches in liquidity . LAY consists of repo and reverse repo operations.

10- Marginal Standing Facility (MSF) : MSF rate is the rate at which banks borrow funds overnight  from the Reserve Bank of India (RBI) against approved government securities. MSF is always 1 percent more than the Repo Rate.

11- NOSTRO Account : A Nostro account is maintained by an India Bank in the foreign countries

12- VOSTRO Account : A Vostro account is maintained by a foreign bank in India with their corresponding bank.

13- CRAR  (Capital to Risk Weighted Assets Ratio) : Capital to risk weighted asssets  ratio is arrived at by dividing the capital of the bank with aggregate risk weighted assets for credit risk , market risk and operational risk.

14- SDR (Special Drawing Rights) : SDR are new from  of international reserve assets, created by the International monetary fund in 1967. The value of SDR is based on the portfolio of widely  used countries and they are maintained as accounting entries and not as hard currency or physical assets like Gold.

15-BOND : Publicly traded long term debt securities issued by corporations and governments, whereby the issuer agrees to pay a fixed amount of interest over a specified period of time and to repay a fixed amount of principal maturity.

16- Non Performing Assets (NPA) : An asset (loan), including a leased asset , becomes non performing  when it stops generating income for the bank.

Note : Once the borrower has failed to make interest or principle payments for 90 days the loan is considered to be a non-performing asset.

List of Vitamins

Vitamins, functions and sources

List of Vitamins, function and their sources.

Vitamins Name Function Sources
A It helps to see day and night.

Skin and some body part healthy.

Normal growth and development of

body

Fish, milk, cheese
Energy produce in body Nuts and seeds, whole grains. Enriched grains
B2 Energy produces in body.

Use other vitamins B.

Soybeans, mushrooms,

eggs and liver, meat,

Milk, cheese, yogurt

Enriched grains, whole grains

B3 Helps body to use protein, carbohydrate and fat to make energy.

 

Peanut butter, meat, fish, poultry

Whole grains, enrich

B12 Milk, rice beverages, cheese, yogurt.

Fish, meat, eggs, liver, fortified soy products,

Etc.

C It helps prevent cell damage and reduce risk for certain cancers, heart

Disease etc.

Gums healthy

Citrus fruits (Like: Kiwi, strawberries, mango, Orange,

Lemon, grapes, tomato,

D Calcium and phosphorus absorbs from foods.

 

Milk, some fish, eggs, fish liver oils, organ meats etc
E Maintain healthy immune system and other process.

 

Green leafy vegetables, vegetable oil, peanut butter, nuts, wheat gram, sunflower seeds etc.
K Making body proteins Soybeans, dark green leafy vegetables, broccoli,

Some vegetables( Like: beet greens, turnip,

Kale,collards etc.)

 

Vitamins Chemical Name

Vitamins Name Scientific Name
A Retinal or Retinol
B1 Thiamine
B2 Riboflavin
B3 Niacin, Niacinamide
B5 Pantoththenic acid
B6 Pyridoxine, Pyridoxamine, Pyridoxal
B7 Biotin
B9 Folinic acid, Folic acid
B12 Cynocobalamin, Hydroxycobalamin, Methylcobalamin,
C Ascorbic acid
D Ergocalciferol, Cholecalciferol
E Tocopherols, Tecotrienols
K Phylloquinine, Menaquinomes

 

Water-soluble vitamins

Vitamin B1

Vitamin B2

Vitamin B3

Vitamin B5

Vitamin B6

Vitamin B9

Vitamin B12

Vitamin H

Vitamin C

 

Fat soluble vitamins

Vitamin A

Vitamin D

Vitamin E

Vitamin K

 

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