Economics CLAT Flashcards
National Rural Employment Guarantee Programme was launched in:
2006 (passed in 2005)
A second round of nationalization of six commercial banks was done in ______
1980
In which year was the Aam Adami Bima Yojana launched?
2007
The largest producer and consumer of black tea in the world is:
India
Who is the author of the book ‘Planned Economy for India’?
M. Visvesvaraya
In 1945, the ‘People’s Plan ‘ for the development of economy was presented by:
MN Roy
The first five year plan of India began on:
April 1, 1951
Which state has the highest production of Rice?
West Bengal
Which of the following Five Year Plan was called The Rolling Plan?
Sixth Five Year Plan
Chelliah Committee constituted in 1991 gave recommendations on:
reform in tax structure
The fourteenth Finance Commission of India has been constituted under the Chairmanship of:
Dr Y.V Reddy
Mid-Day Meal, the largest school lunch programme in the world was launched in:
1995
Bharat Nirman was launched by the Government of India in:
2005
Janani Suraksha Yojana, which was introduced in 2005 covers:
all women of above 19 years age belonging to families below poverty line
The rate at which the central bank lends short term money to banks against government securities is:
Repo rate
The percentage of cash required to be kept in reserves, vis-a-vis a bank’s total deposits, is called the _________
Cash Reserve Ratio
As per Census 2011 of India, India’s population growth rate during 2001-11 stood at:
17.64%
What is meant by Disposal Personal Income?
Personal Income – Direct taxes
Which state is known as the Rice Bowl of India?
Andhra Pradesh
RBI keeps repo rate, reverse repo rate unchanged at:
Repo rate 4% and Reverse repo rate 3.35%
As per Census 2011 of India child sex ratio of India is:
914
Yellow revolution is associated with:
Oil seed production
Land Development Bank provides:
Long term loan
Wheat is a ______ crop
Rabi
Zayad crops are sown in the month of:
March
In India, financial year is counted from:
1st April to 31st March
The RBI currently follows a _________ financial year.
July-June
M. Damodaran committee is associated with:
Banking reform
What is Bull Market?
Where ppl buy shares in anticipation of rising prices
First Jute factory was established in India in:
Rishara in West Bengal
World’s largest producer and exporter of uranium?
Kazakhstan
Which five year plan is known for its complete failure?
Third Five Year Plan
US-based Mellon Bank created the first bad bank in:
1988
World Bank President
David Malpass
largest importer out of whole volume of trade:
USA
‘Blue Chip’ is concerned with such equity shares ___
whose purchase is extremely safe
FICCI President (for 2020-21)
Uday Shankar
SDR (paper gold) is associated with which organisation
International Monetary Fund (IMF)
The Imperial Bank, was later known as:
the State Bank of India
A market is called Buyer’s Market when:
the demand of good is less than supply
current CRR
4%
The FDI flows into the _________ market
primary
FIIs are ______-term investments
short term
_________ is when inflation increases at a slower rate
disinflation
‘Tech for Tribals’ programme is an initiative of:
TRIFED, supported by Ministry of MSME
Debt Service Suspension Initiative is an initiative of:
G20
Plastic Park Scheme is under:
M/o Chemicals and Fertilisers
NBFCs are often called:
shadow banks
MICR code has ___ digits, uniquely identifies the bank
9 digit code
Funds gathered by Elephant bonds are used to:
utilised to finance Infrastructure projects only.
Which is the bank that is launching the digital banking platform “Merchant Stack”?
ICICI Bank
Simultaneous purchase and sale of government securities under OMOs is popularly known as:
Operation twist
Who is the current MD and CEO of the Bombay Stock Exchange (BSE)?
Ashishkumar Chauhan (Ashish Chauhan)
India’s Fiscal deficit for 2020-21 was at ___ per cent or ₹18.21 lakh crore of the gross domestic product (GDP)
9.3%
The Reserve Bank of India was nationalised with effect from 1st January, ______
1949
The Reserve Bank of India will transfer a surplus of _________ to the central government
Rs 99,122 crore (second-highest ever)
In the _________ fiscal year, the RBI had transferred Rs 1.76 lakh crore to the central govt (highest ever)
2018-19
Which South Asian country has recently overtaken India in terms of per capita income?
Bangladesh (Sri Lanka has the highest in South Asia)
_________ is an Indian economist and the current Chief Economic Adviser to the Government of India
Krishnamurthy Venkata Subramanian
The maximum amount of government revenue comes from: (acc to Budget 2021)
Borrowings and other liabilities (36%)
Practice of trading on the stock exchange to one’s advantage through having access to confidential info:
insider trading
Provision of Urban Amenities to Rural Areas (PURA) is a concept was given by:
former president Dr. A.P.J. Abdul Kalam
Which one of the Cellular Mobile Phone companies had taken up the initiative ‘Save our Tigers’?
Aircel
_________ is India’s first genetically modified crop, to be approved for commercialization.
Bt cotton
The Goldman Sachs Group, Inc. is an American multinational _________
investment bank
SEBI in 2014 de-recognised which Stock Exchange on allegations of serious irregularities in its functioning?
Delhi Stock Exchange
Former Prime minister of India P V Narasimha Rao launched Look East policy in which year?
1992
Act East Policy was unveiled at the 12th ASEAN-India Summit in 2014 held in _________
Myanmar
India became a dialogue partner of ASEAN in 1996 and summit level partner in 2002; Strategic Partnership in _
2012
RBI has decided to conduct SLTRO of Rs 10,000 crore at repo rate for small finance banks for fresh lending of up to _________ per borrower.
Rs. 10 lakh
Borrowers w aggregate exposure of upto ___ who haven’t availed restructuring under earlier framework will be considered under Resolution Framework 2.0
Rs 25 crore
A challenge posed by the second wave of covid-19 in India is that consolidated public debt will approach ___ per cent of GDP.
90%
A challenge posed by the second wave of covid-19 in India is that the consolidated public sector borrowing requirements are budgeted above ___ of GDP in FY22
11 per cent
A note of what denomination was the first paper currency issued by RBI in January 1938? It had the portrait of George VI.
Rs 5 note
Though the GST council is required to meet once every _________, the last meeting was held in October last year
once every quarter
Di-ammonium phosphate fertilisers are the second most popular in India after ______, and the govt decided to increase the subsidy on them by 140%.
urea
Electoral bonds are issued by _________ in denominations of Rs 1,000, Rs 10,000, Rs 1 lakh, Rs 10 lakh and Rs 1 crore
the SBI
Public Enterprises Selection Board has picked _________ as the CMD of state-run Bharat Petroleum Corporation Ltd (BPCL).
Arun Kumar Singh
Which Small Finance Bank has announced the launch of the “I choose my number” feature for all its customers across India?
Jana Small Finance Bank
The _________ launched an Asia Pacific Tax Hub to create an open and inclusive platform to promote strategic policy dialogue, improve knowledge sharing
Asian Development Bank (ADB)
_________ aims to launch digital currency pilot later this year with a single stablecoin pegged to the U.S. dollar
Facebook-backed Diem Association
SWAMIH Fund to deliver over 6,000 housing units by end of FY22. Who is the manager for the government’s Rs 25,000-crore stressed-asset fund?
SBICAP Ventures
The Ministry of _________ has launched the Horticulture Cluster Development Programme (CDP) in order to promote the export of horticultural produce.
Ministry of Agriculture and Farmers Welfare
India recorded a rise in gross domestic product of ___% in the final three months of 2020, compared with the same period a year earlier
0.4%
The eight core sector industries include coal, crude oil, natural gas, _________, fertiliser, steel, cement and electricity
refinery products (FRENS 3C)
Indian economy achieved the highest growth rate of 8% during the _________ Five Year Plan, under the leadership of Manmohan Singh.
Eleventh Five Year Plan
Although being a poor country, India is still the world’s ______-largest economy by nominal GDP and the third largest by purchasing power parity (PPP)
fifth
The central bank has scaled down the FY22 (2021-22) gross domestic product (GDP) growth to ___ per cent as against the previous projection of 10.5 per cent
9.5%
Which bank has become the first to go live as a ‘Financial Information Provider’ (FIP) under the new ‘Account Aggregator Framework’ of RBI?
IndusInd Bank
_________ became the 1st PSU in the country to be wound up under the purview of Companies Act through the National Companies Law Tribunal (NCLT)
UP State Mineral Development Corporation (UPSMDC)
Green Climate Fund was established formally as a financing mechanism by UNFCCC in ______, it is headquartered in the Songdo district in South Korea
2010
Cabinet has approved proposal for equity infusion by govt of ________ in NIIF Debt Platform - sponsored by the National Investment and Infrastructure Fund (NIIF).
Rs. 6000 crores
RBI proposed a minimum equity capital of _________ to set up a small finance bank (SFB) under the ‘on tap’ licence regime
Rs 200 crore
India’s first Lithium refinery which will process Lithium ore to produce battery-grade material will be set up in which state?
Gujarat
The country’s foreign exchange reserves crossed the _________ mark for the first time after increasing by $6.842 billion in the week ended June 4
$600 billion
Gift tax is a ______ tax. Gift tax in India is regulated by the Gift Tax Act which was constituted on 1st April 1958
direct
PM CARES for Children includes various measures such as a scheme to create a corpus of _________ when the beneficiary child turns 18 years old
₹10 lakh
RBI imposes Rs 10 crore penalty on _________, after examining a complaint by a whistleblower regarding irregularities in the auto loan portfolio of the lender.
HDFC Bank
_________ is the world’s first bitcoin chess champion after overcoming Wesley So in a thrilling FTX Crypto Cup final
Magnus Carlsen
The Ministry of _________ announced additional benefits for workers through social securities schemes run by the EPFO and the ESIC amid the pandemic.
M/o Labour and Employment
The Centre would provide Rs. 50 lakh medical insurance cover for _________ under PM Garib Kalyan Package
health workers
“_________, Acting Director-General for Health, Ministry of Health of Kenya has been appointed as the Chair of WHO Executive Board,” Vardhan said.
Dr Patrick Amoth
The Indian Govt planned to boost the production of petroleum by mixing ethanol with petrol to produce biodiesel. This led to the ______ revolution
Black Revolution
_________ is the financial turnaround and revival package for electricity distribution companies of India (DISCOMs) initiated by the Government of India
Ujjwal DISCOM Assurance Yojana (UDAY)
_________ (Prime Minister’s Food Security Scheme for the Poor) is a food security welfare scheme announced by the Government of India in March 2020
Pradhan Mantri Garib Kalyan Anna Yojana
Union Minister of Finance presented the Economic Survey. The foundational theme of the survey is “_________”
Saving Lives and Livelihoods
India- Asia’s ______ biggest economy- recorded a rise in GDP of 0.4% in the final three months of 2020, compared with the same period a year earlier
third
The Direct Tax ‘_________’ Act, 2020 was enacted on March 17, 2020, with the objective to reduce pending income tax litigation
Vivad se Vishwas
The first ATM in India was set up in 1987 by ______ in Mumbai. In the following twelve years, about 1500 ATMs were set up in India
HSBC
Central Bank of India was the first public bank to introduce Credit card. ______ is the first bank to provide mobile ATM
ICICI
Cloudtail is one of the biggest sellers on Amazon India and is a joint-venture between Infosys co-founder NR Narayana Murthy’s ___ and Amazon India.
Catamaran Ventures
Cloudtail is owned by a holding company _________, which is owned 76 per cent by Catamaran Venutures and 24 per cent by Amazon.
Prione Business Services
The RBI has paved the way for a joint venture of Centrum and BharatPe to take over the troubled _________
Punjab and Maharashtra Co-operative (PMC) Bank
When RBI sacked the board of PMC Bank in ______, it initially slapped a deposit withdrawal restriction of Rs 1,000 per account which was later increased
2019
Europe’s tiny _________ formally joined the International Monetary Fund, becoming the crisis lender’s 190th member state
Andorra
As per the Reserve Bank of India , the projected GDP growth rate of the Indian economy for the 2021-2022 period is ______.
10.5% (now scaled down to 9.5%)
In ______, Basel III guidelines were released. These guidelines were introduced in response to the financial crisis of 2008.
2010
The Union Budget provides 64,180 crore outlay over 6 years for _________ – a new centrally sponsored scheme to be launched
PM AatmaNirbhar Swasth Bharat Yojana
Acc to the Union Budget, _________ is to be launched, merging the Supplementary Nutrition Programme and the Poshan Abhiyan
Mission Poshan 2.0
According to the Union Budget, Rs. 2,87,000 crore over _________ for Jal Jeevan Mission (Urban) - to be launched
5 years
Acc to the scrapping policy announced in the Budget, Fitness tests in automated fitness centres will be after _________ in case of personal vehicles
20 years (After 15 years in case of commercial vehicles)
Rs. 5.54 lakh crore capital expenditure in BE 2021-22 – sharp increase of ______ over Rs. 4.12 lakh crore allocated in BE 2020-21
34.5%
Acc to the Union Budget, 100% electrification of Broad-Gauge routes is to be completed by December, ______
2023
Western Dedicated Freight Corridor (DFC) and Eastern DFC are to be commissioned by June ______, to bring down the logistic costs
2022
According to the Union Budget, a comprehensive National Hydrogen Energy Mission _________ is to be launched
National Hydrogen Energy Mission 2021-22
According to the Union Budget, ___ more districts will be added to the City Gas Distribution network in next 3 years
100
The Union Budget said the government will infuse _________ into public sector banks (PSBs) in 2021-22 to meet the regulatory norms.
₹ 20,000 crore
Minimum loan size eligible for debt recovery under the SARFAESI Act, 2002 is proposed to be reduced from Rs. 50 lakh to Rs. 20nlakh for NBFCs with _____
minimum asset size of Rs. 100 crore
Acc to the Union Budget, other than _________, two Public Sector Banks and one General Insurance
company are to be privatized
IDBI Bank
Acc to the Union Budget, Rural Infrastructure Development Fund to be enhanced to _________ from Rs. 30,000 crore
Rs. 40,000 crore
New regulations consolidate 44 labour laws under 4 Codes namely, Wage Code; Social Security Code; _________; and the Industrial Relations Code
Occupational Safety, Health & Working Conditions Code
Acc to the Budget, legislation to be introduced to setup _________ as an umbrella body for higher education
Higher Education Commission of India
The Budget allocates Rs. 3000 crore for realignment of existing _________ towards post-education apprenticeship, training of graduates, etc
National Apprenticeship Training Scheme (NATS)
Budget allocated _________ over five years for Deep Ocean Mission survey exploration and conservation of deep sea biodiversity
Rs. 4,000 crore
Acc to the Budget, Net borrowing for the states allowed at ___ of GSDP for the year 2021-2022 as per recommendation of 15th FC
4%
Ease of Doing Business rankings are released by World Bank. India ranked 63, _________ topped and _________ was at the bottom
New Zealand, Somalia
India has been ranked at the ______ position in the latest edition of the World Bank’s annual Human Capital Index. Which country topped?
116th / Singapore topped
Who has been re-appointed as the Chairman of the Panel of External Auditors of the United Nations for the year 2021?
CAG of India, Girish Chandra Murmu
The Central Government has appointed _________ as the new Chief Statistician of India (CSI) for a period of two years. He is India’s fourth CSI
Dr G P Samanta
Apple will make ______ its European Silicon Design Center, adding hundreds of new employees and a new state-of-the-art facility focused on connectivity
Munich
Dubai-based ___ has partnered with RAK bank to form the first independent digital banking platform in the UAE
YAP
_________ in association with the SBI Payments have announced to launch the ‘RuPay SoftPoS’ for millions of Indian merchants
National Payments Corporation of India (NPCI)
‘Wear N Pay’, is the name of India’s first wearable
contactless payment device that has been launched
by __________.
Axis Bank
_________ is the world’s biggest wealth gainer so far in 2021, acc to Bloomberg Billionaires Index. He has added $16.2 billion
Gautam Adani
The _________ is currently the weakest circulating currency, with 1 United States dollar converting to 3,020,510 bolívars as of May 2021
bolívar (Venezuela)
USA has offered temporary legal residency to the citizens of _________ who have fled their country due to economic collapse there
Venezuela
_________ released its plan called “2030 Digital Compass Plan”. It was put forward after the pandemic exposed their reliance on Chinese and US tech
The European Union
Domestic businesses are holding back investments (the second-biggest engine of GDP growth). The third-biggest engine of India’s GDP growth is _________
the government
Many committees have proposed bringing down the government stake in public banks below 51%. The Narasimham Committee proposed ____%.
33% (P J Nayak Committee suggested below 50%)
Nirmala Sitharaman recently (June 2021) announced a slew of measures, including _________ credit guarantee scheme for improving health infrastructure
Rs 1.1 lakh crore
The stimulus package (Jun ‘21) enhances the limit under the ECLGS by ___ per cent to Rs 4.5 lakh crore for the MSME sector facing liquidity crunch
50%
The previous limit for ECLGS scheme, announced as part of Rs 20-lakh crore Atmanirbhar Bharat Abiyan package in May 2020, was _________
Rs 3 lakh crore.
Government unveils _________ stimulus post second COVID wave, in June 2021, announced by Nirmala Sitharaman
₹6.28 lakh cr
Sitharaman also announced (June ‘21) a new ₹7,500 crore scheme to guarantee loans upto _________ to small borrowers through micro-finance institutions.
₹1.25 lakh
_________ has been allocated for public health with a focus on paediatric care, which will also be utilised for increasing ICU beds, oxygen supply (June’21 package)
₹23,220 crore
Indirect support for exports worth ₹1.21 lakh crore over the next five years, free _________ visas for five lakh tourists, were also announced in the June ‘21 package
one-month visas
The first three way merger of the PSU banks was done in 2019 which involved _______ / ______ / _______.
Dena Bank / Bank of Baroda/ Vijaya Bank
At present how many private banks are there in India
and can you name the latest bank to be privatized?
22/ IDBI First Bank
Can you identify the Big Four Banks of the Indian economy?
SBI / ICICI / HDFC Bank / Bank of Baroda
As per the present definition of a PSU Bank, the Govt. must hold a minimum stake of ____ in the bank
51%
Mission Indradhanush was launched in the year ______ with the main focus on _______.
2014/ Immunization
How many districts will be covered under the Mission
Indradhanush 3.0?
250
The main receivers of vaccination under Mission
Indradhanush 3.0 will be _________ & _________
Children / Pregnant ladies
How many vaccine preventable diseases are catered
under the Mission Indradhanush?
12
The present campaign of Mission Indradhanush has a goal of fully immunizing _____ of the districts of India
90%
The first State/ UT to implement the E –Daakhil was
_________
Delhi
Identify the original act that empowers the protection of the consumers
The Consumer Protection Act 1986
First President of the National Consumer Disputes Redressal Commission(NCRDC) was:
V. Balakrishna Eradi
World Consumer Day is celebrated every year on
______.
15th March
_________ is a career banker and Chairman of the State Bank of India
Dinesh Kumar Khara
Ex-bureaucrat _________ to join HDFC Bank as part-time chairperson
Atanu Chakraborty
__ is a window for banks to borrow from the RBI in an emergency situation when inter-bank liquidity dries up
Marginal standing facility (MSF)
Auction of Government securities is done through _________ system
E-kuber
The E-kuber system, implemented in ______, is one of the foremost Core Banking Systems in the world
2012
Technology partner for RBI for launching E-kuber is _________
Polaris Ltd.
The Ministry of Finance, for ECLGS 4.0, extended the scope of ECLGS 3.0 to cover the _________ sector.
Civil Aviation sector
Corporate profit share in India’s GDP hit a 10-year high of _________ in the last financial year.
2.63 per cent
According to Asia money, this Indian bank has been
adjudged as the best SME bank of the country:
HDFC Bank
This company has launched India’s first market
concentration Indices. Can you name the company?
Alt Indices
Can you identify the rank of India in the International
Intellectual Property Index?
40th
India’s first Lithium ion cell unit is coming up at _______ in __________.
Mehbubnagar / Telangana
What is the core purpose of launching the City Innovation Exchange?
To expedite urban innovation
The core philosophy of the City Innovation Exchange (CIX) is _____________
Everyone is an innovator
What is percentage of the small and marginal farmers in the Indian economy presently?
86%
How many Implementing agencies have been appointed for the promotion of FPOs?
Nine (9)
What is the full form of ‘CBBO’, that are an important
tool in the FPO development?
Cluster Based Business Organizations
Youngest person to have become the richest person in the world as per the Hurun Rich List:
Elon Musk
The rank of Mukesh Ambani in the latest Hurun Rich
List - 2021 is ____.
8th
Name the French Billionaire who heads the LVMH and is placed at 3rd rank in the Hurun Rich List 2021?
Bernard Arnault
PMJAY along with ________ are the two major
components of Ayushman Bharat.
Health & Wellness Centers
The year of launch of Pradhan Mantri Jan Arogya Yojana (PMJAY) was ________.
2018
The insurance cover provided for one family in PMJAY is ______
Rs 5 lakh
The hospital coverage in PMJAY includes __ days of pre hospitalization and _ days of post hospitalization.
3 / 15
the image based Cheque Truncation System (CTS) is to be implemented across the country by:
September 30, 2021
Cheque Truncation System (CTS) or Image-based Clearing System (ICS), commenced in ______
2010
___ is an online image-based cheque clearing system undertaken by the RBI for faster clearing of cheques
Cheque Truncation System (CTS)
The digital tax of ___ introduced in April 2020, applies only to non-resident companies with annual revenues (turnover) in excess of _________
2% / ₹2 crore
Name of the segment of the economy and the percentage of the FDI that it received as a part of the total FDI received in FY2020-21?
Computer Software and Hardware segment /44%
This Indian state received the highest FDI in India, with a share of 37%. Can you identify the name of the state in question?
Gujarat
This country was the biggest contributor of FDI in
India in the year 2021. Can you identify the country
and the %age contribution of the country?
Singapore / 29%
Can you identify the amount of Foreign Direct Investment inflow in India during the Financial Year 2021?
$81.72 billion
Shri _________ is the Managing Director & CEO of BSE (Bombay Stock Exchange), the first stock exchange of Asia.
Ashishkumar Chauhan
The Fugitive Economic Offenders Act was passed by the Lok Sabha and the Rajya Sabha in ______ and it received presidential assent the same year
2018
In order to declare an individual a ‘fugitive economic offender’, an application should be filed in a Special Court designated under the:
Prevention of Money-Laundering Act, 2002.
India was one of the first countries to introduce a 6% equalisation levy in ______, but the levy was restricted to online ad services
2016
US announced ___ tariffs on over $2 billion worth of imports from six countries over their digital services taxes, but immediately suspended the duties
25%
Who published a report concluding that the 2% digital services tax introduced by the Indian govt discriminates against US businesses?
United States Trade Representative (USTR)
India expanded the scope of the existing equalization levy to a range of digital services. Any payment made by non-residents in connection w an Indian user will:
attract a 2% levy.
Wrt Digital Services Tax (DST), any company that has a _________ in India is excluded since it is already subject to tax in India.
permanent residence
The agenda to reform international tax law so that digital companies are taxed where economic activities are carried out was formally framed within the:
OECD’s base erosion and profit shifting program.
_________ refers to tax avoidance strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations.
Base erosion and profit shifting (BEPS)
Digital Services Tax (DST) was severely criticized by many countries as a unilateral measure that would result in _________.
double taxation
Experts suggest that DST can be passed on to consumers. While the Indian customer may not pay this as a tax, this could mean _________.
higher prices
The USTR investigations on digital services tax (DST) could pose a threat of _________ tariffs, as similar tariffs were imposed by the US on France.
retaliatory tarriffs
The task force headed by __________ on National Infrastructure Pipeline (NIP), in May 2020, submitted its final report to the Finance Minister.
Atanu Chakraborty
Acc to the task force, investment of _________ over the next five years (2020-2025) is needed to build infrastructure projects and drive economic growth.
₹111 lakh crore
What is the expected share of the Centre, State and Private sector in implementing the National Infrastructure Pipeline (NIP) in India?
39:40:21
Which has become the first state in India to have its own Economic Advisory Council?
Tamil Nadu
TN’s Economic Advisory Council will have 5 members including former Chief Economic Advisor _________ and development economist _________
former Chief Economic Advisor Arvind Subramanian
development economist Jean Dreze
The bad bank is _________ (involved/not) in lending and taking deposits, but helps commercial banks clean up their balance sheets and resolve bad loans.
not involved (RBI Governor has agreed to look at a proposal for creating a Bad Bank)
RBI noted in its recent FSR that the gross NPAs of the banking sector are expected to shoot up to ______% by September 2021, from ___% in September 2020.
from 7.5% in September 2020
to 13.5% by September 2021
In ________, the National Asset Management Agency was established in ______ to respond to the financial crisis.
Ireland
2009
A 2021 ___ survey of central banks found that ___ are actively researching the potential for central bank digital currency (CBDCs)
BIS survey (The Bank for International Settlements) 86% of central banks
Singapore topped the global ranking for the second year in a row in the latest Economic Freedom Index published by:
US conservative think-tank, The Heritage Foundation.
Globally, it rates India’s economy as the 121st freest
In 2012, India brought in legislation mandating retrospective tax demands over deals going back to 1962 in which: (related to Cairn Energy dispute)
shares in non-Indian companies were transferred to an Indian holding company.
In ______, Cairn made a bid to consolidate its Indian assets under a holding company, which was called _________.
2006
Cairn India Limited
When Cairn India divested roughly 30% of its shares through an _________, mining conglomerate _________ acquired most of Cairn Energy
Initial Public Offering
Vedanta Plc
Indian tax officials said that capital gains tax of _________ is payable by Cairn UK for the transactions in ______
over Rs 6,000 crore
2006
SC had ruled against the retrospective reading of the law by tax officials in the case of _________. However, Parliament passed a law mandating:
Vodafone
retrospective taxation over “transfer of Indian assets.”
This retrospective taxation, Cairn argued, was in breach of the _________ which obligated India to treat investment from UK in a “fair and equitable manner”
UK-India Bilateral Investment Treaty
Signed in 1994
In Dec last year, a _____-member international arbitral tribunal ruled unanimously that the Indian government was “in breach of the guarantee of fair and equitable treatment” and ordered compensation of _________.
three member
$1.2 billion
Since the arbitration award of $1.2 billion (Cairn Energy case) was delivered in ______, India has moved an appeal in _________
Hague
the Netherlands
A similar arbitration verdict was delivered in Sep last year in favour of ________. The award requires India to pay _________ as partial compensation.
British telecom company Vodafone
$5.47 million
_________, CEO of BuyUCoin said that the government should note that Indians had already invested around _________ into crypto assets.
Shivam Thakral
$1.5 billion
