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Business/Economy- One Liners

1-National Agricultural Insurance Scheme replacing Comprehensive Crop Insurance Scheme was introduced in the year 1999

2-Fiscal deficit in the Union Budget means the sum of budgetary deficit and net increase in internal and external borrowings.

3-Devaluation of currency will be more beneficial if prices of exports remain constant

4-The banks are required to maintain a certain ratio between their cash in the hand and totals assets. This is called Statutory Liquid Ratio (SLR)

5-The co-operative credit societies have a three-tier structure

6-The Board of Industrial and Financial Reconstruction (BIFR) came into existence in 1987

7-Debenture holders of a company are its creditors.

8-Excise duty is a tax on manufacture or production of goods. Excise duty on alcohol, alcoholic preparations, and narcotic substances is collected by the State Government and is called ‘State Excise’ duty. The Excise duty on rest of goods is called “Central Excise” duty and is collected in terms of Section 3 of the Central Excise Act, 1944.

9-Essar Oil is the first Indian private company to sign an accord with Government of Myanmar for oil exploration in two offshore blocks in that country.

10-Sales Tax is different from the Excise duty as former is a tax on the act of sale while the latter is a tax on the act of manufacture or production of goods.

11-The currency convertibility concept in its original form originated in Bretton Woods Agreement

12-The central co-operative banks are in direct touch with state co-operative banks.

13-The first wholly Indian Bank was set up in 1894.

14-States earn maximum revenue through commercial taxes.

15-On July 12, 1982, the ARDC was merged into NABARD.

16-Gross domestic capital formation is defined as net addition to stock after depreciation.

17-India changed over to the decimal system of coinage in April 1957

18-The association of the rupee with pound sterling as the intervention currency was broken in 1992

19-In the second nationalization of commercial banks, 6 banks were nationalized.

20-Animal husbandry,Poultry, Drinking water and sanitation have been included in the ambit of MGNREGA.

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