Daily Quiz: UPSC Prelims Marathon – January 2, 2018

Non tax Receipts are those Revenue Receipt which are not generated by Taxing the public. Money which the Government earns as “Dividends and profits” from its profit making public enterprises (PSUs). Interest which the Government earns on the money lent by it to external or internal borrowers.

Sale of Assets, Borrowing and Recovery of loans are comes under Capital Receipts since these are not recurring.

FATF was formed in1989. It’s an Inter governmental organisation and its purpose is to combat money laundering and terrorism financing.

It has 36 members and HQ is located in Paris.

It was founded by the initiatives of G7. Important policies issued by FATF are 40 recommentations on money laundering and 9 recommentations on terrorism financing.

Inflation discourages export because domestic attracts seller, there by it leads to trade account deficit and CAD and BOP crises.

Inflation reduces external competitiveness of domestic products because of less exports.

Tight money policy will be adopted which will increase interest rate, so demand will go down.

It is a measure of level of prices all newly domestically produced final goods and services in an economy. It measures nominal GDP(current price) to real GDP(base year).

Nominal GDP of the year is computed used in that year price.

Real GDP is computed using base year price.

GDP Deflator = Nominal GDP/Real GDP *100

GDP Deflator in India is reported by Ministry of Statistics and Programme implementation.

National e-Governance Services Ltd (NeSL) has become India’s first information utility (IU) for bankruptcy cases. It will be regulated by the Insolvency and Bankruptcy Board of India (IBBI).

The information utility will store data on borrowing, default and security interest with safeguards like authenticating the terms of contract. It will store the details digitally in a central server.

Information with NeSL will serve as evidence for the courts, financial creditors, operational creditors and borrowers about the amount of outstanding debt so that they are able to adhere to the 180-days resolution timeline.

Many times during court hearings, the facts are contested, the information stored in the IU will serve as a irrefutable proof about the debt levels.

NeSL is owned by State Bank of India, Life Insurance Corporation Ltd, Canara Bank, Bank of Baroda, HDFC Bank, ICICI Bank and Axis Bank, among others. Suvan Law Advisors along with SNG & Partners are the law firms advising NeSL, while Indira Gandhi Institute of Development Research (IGIDR) provides research inputs.

Union Minister of Consumer Affairs, Food and Public Distribution today launched the Web Portal of Warehousing Development and Regulatory Authority (WDRA) & “Electronic Negotiable Warehouse Receipt (e-NWR) System”. Addressing the gathering on the occasion minister lauded the initiatives taken by the WDRA in simplifying the Warehouse Registration Rules, digitizing the entire process of registration, monitoring and surveillance as well as creation and management of Negotiable Warehouse Receipts (NWRs) in electronic form through two repositories.

Minister informed that the e-NWRs would have no chances of any tempering, mutilation, fudging, loss or damage and with no possibility of any multiple financing. Hence, these NWRs will not only facilitate an easy pledge financing by banks and other financial institutions but also smooth trading on various trading centres like commodity exchanges, electronic National Agriculture Markets (e-NAM) and other electronic platforms. He felt that these e-NWRs will save expenditure in logistics as the stocks could be traded through multiple buyers without physical movement and can be even split for partial transfer or withdrawal.