Daily Quiz: UPSC Prelims Marathon – April 24, 2018

About New Development Bank

The New Development Bank is a multilateral bank created by BRICS nations viz. Brazil, Russia, India, China and South Africa.

It is headquartered in Shanghai, China.

In the NDB, each participant country has been assigned one vote, and none of the countries have veto power.

 Renowned Indian banker Kundapur Vaman Kamath is the President (first) of NDB.

The BRICS bank will start with an initial paid-in-capital of $50 billion. Each BRICS country will contribute $10 billion. The bank will fund infrastructure projects in developing nations, and will have a $100-billion currency reserve arrangement (CRA) for helping out countries facing short-term liquidity pressures.

India has conveyed the decision to nominate Mr. Kamath for the BRICS bank presidency to other BRICS nations — Brazil, Russia, China and South Africa. Mr. Kamath’s five-year term is to be followed by a Brazilian and then a Russian.

The BRICS had agreed to set up the $100 billion development bank last year, a step that was at the time seen as one that could challenge the dominance of the West in the international financial system. The focus of the international financial system, however, has since then shifted to China’s initiative, the Asian Infrastructure Investment Bank (AIIB).

The BRICS nations had also agreed last year that the New Development Bank, which will fund infrastructure projects in developing nations, would have its headquarters in Shanghai.

Bharat Bill Payment System (BBPS) is an integrated bill payment system which will offer interoperable bill payment service to customers online as well as through a network of agents on the ground. The system will provide multiple payment modes and instant confirmation of payment. Bharat Bill Payment Central Unit (BBPCU) will be a single authorized entity operating the BBPS. The BBPCU will set necessary operational, technical and business standards for the entire system and its participants, and also undertake clearing and settlement activities. To start with, the scope of BBPS will cover repetitive payments for everyday utility services such as electricity, water, gas, telephone and Direct-to-Home (DTH). Gradually, the scope would be expanded to include other types of repetitive payments, like school / university fees, municipal taxes etc. Banks and non-bank entities presently engaged in any of the above bill payment activities falling under the scope of BBPS and desirous of continuing the activity are mandatorily required to apply for approval / authorisation to Reserve Bank of India under the Payment and Settlement Systems (PSS) Act 2007.

Compulsory licensing is when a government allows someone else to produce the patented product or process without the consent of the patent owner.

It is one of the flexibilities on patent protection included in the WTO’s agreement on intellectual property — the TRIPS (Trade-Related Aspects of Intellectual Property Rights) Agreement.

Demands for goods, services by the country and stability of government decides the price of any currency in international market as it has its bearing on the soundness of country’s economic system.

Equilibrium living refers to living a dignified comfortable life in the society. Form the economic points of view. Equilibrium is in the marginal utility derived from the goods consumed and money paid. The consumers would be in equilibrium if he is able his need with a given level of income then the consumer is satisfied.

Supply side economic lays greater emphasis on the point of view of the producer whereas the demand side economics lays. Emphasis on the interest of the consumer.

The economic growth can be effectively generated by lowering barriers to produce goods and service it means reducing government regulation and allowing greater fiexibility in the production process by reducing various direct and indirect taxes. Then finally consumers will be benefitted from a greater supply of goods and services.

Main share price index in famous share market of the world are:

Mumbai – Dolex, Sensex , S & PCNX, Nifty fifty

New York- Dow Jones

Frankfurt (Germany) – midday

Hong-Kong – Hang Seng

Singapore – Simex , Straits Times