Source: Click here News: Reserve Bank of India’s(RBI) Monetary Policy Committee(MPC) has announced its bi-monthly monetary policy review for the month of December. Facts: Key Takeaways: Repo Rate: It is the rate at which the RBI lends money to the banks for a short term.It remains unchanged at 4%. Reverse Repo Rate: It is the short term borrowing… Continue reading RBI monetary policy Explained: Why have rates been kept unchanged yet again?
Author: ForumIAS
Malayan Giant squirrel could vanish from NE after 2050: ZSI
Source : Click here News: Zoological Survey of India (ZSI) has projected that numbers of the Malayan Giant Squirrel could decline by 90% in India by 2050 and it could be extinct by then if urgent steps are not taken. Facts: Malayan giant squirrel or Black Giant Squirrel: It is one of the world’s largest squirrel species… Continue reading Malayan Giant squirrel could vanish from NE after 2050: ZSI
State of the Global Climate Report
Source: Click here News: The World Meteorological Organization(WMO) has released the annual State of Global Climate Report,2020 to keep a track of global warming. Facts: Key Highlights from the report: Hottest Year: 2020 will be one of the three hottest years just behind 2016 and 2019. Rise in Global Temperature: The global mean surface temperature for January-October 2020… Continue reading State of the Global Climate Report
Ending plan and non-plan expenditure
Government of India has now scrapped the plan and non-plan expenditures in budget exercise and their place has been now taken by capital and revenue spending classifications The plan to drop plan and non-plan expenditure came after the government had dismantled the Planning Commission. In the earlier system, more emphasis was on planned expenditure, but… Continue reading Ending plan and non-plan expenditure
Shifting Budget presentation date
The presentation of the Union Budget has been advanced by a month, from last date of February to first date of February. The objective is to have the Budget constitutionally approved by Parliament and assented to by the President, and all allocations at different tiers disseminated to budget-holders, before the financial year begins on April… Continue reading Shifting Budget presentation date
Merger of Railway Budget
Railway Budget has been separated by General budget based on the Acworth Committee recommendation on 1921. The Government has decided to merge Rail Budget with the Union Budget from budget year 2017-18. The merger of Railway Budget with General Budget is based on the recommendations of the Committee headed by Shri Bibek Debroy The salient… Continue reading Merger of Railway Budget
Comptroller and Auditor General of India
Article 148 to 151 deals with the CAG of India. The CAG is an independent body. He audits all the expenditures of union and states and ascertains whether moneys shown in the accounts as having been disbursed were legally available for and applicable to the purpose for which they have been used. Therefore, indian auditing… Continue reading Comptroller and Auditor General of India
Types of Audit
Audit is an examination of accounts with a view to determine the correctness of these accounts and of the transaction they embody. Audit examines the formal legality, economy and propriety of financial transactions.
What are the functions of Committee on Public Understanding?
The functions of the committee are: To examine the reports and accounts of public undertakings To examine the reports of the Comptroller and Auditor General on public undertakings To examine (in the context of autonomy and efficiency of public undertakings) whether the affairs of the public undertakings are being managed in accordance with sound business… Continue reading What are the functions of Committee on Public Understanding?
What are the functions of Estimates Committee?
The function of the committee is to examine the estimates included in the budget and suggest ‘economies’ in public expenditure. Its major functions are: To report what economies, improvements in organisation, efficiency and administrative reform consistent with the policy underlying the estimates, can be affected To suggest alternative policies in order to bring about efficiency… Continue reading What are the functions of Estimates Committee?
