Daily Quiz: UPSC Prelims Marathon – March 5, 2019

Government of India is implementing Nutrient Based Subsidy (NBS) policy w.e.f. 1st April 2010. The notable features of this scheme are as follows:

• This scheme is for 22 grades of decontrolled fertilizers namely DAP, MAP, TSP, DAP Lite, MOP, SSP, Ammonium Sulphate and 15 grades of complex fertilizers.
• These fertilizers are provided to the farmers at the subsidized rates based on the nutrients (N, P, K & S) contained in these fertilizers.
• Additional subsidy is also provided on the fertilizers fortified with secondary and micronutrients as per the Fertilizer Control Order such as Boron and Zinc.
• The subsidy given to the companies is fixed annually on the basis of its nutrients content (i.e. Nitrogen, Phosphate, Potash and Sulphur).
• Under this scheme, Maximum Retail Price (MRP) of fertilizers has been left open and manufacturers/marketers are allowed to fix the MRP at reasonable level.
• Urea does not come under NBS.

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.

The Eighth Five year Plan (1992- 97 was based on john W. Millar model. It recognized human resource development as the core of all developmental initiatives. The theme of this plan was plan with a human face.

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.

The Capital Account Convertibility  of the Indian rupee can be exchanged for any major currency for the purpose of trading financial assets without any restrictions.

Economics, deflation is a general price level of goods and service. Deflation occurs when the inflation rate falls below 0% ( a negative inflation rate ) this should not be confused with disinflation , a slow –down the inflation rate(i.e. when inflation decline to lower level) Inflation reduces the values of money over time; conversely deflation increase the real value of money – the currency of a national or regional economy. This is allows one to buy more goods with the same amount of money over time.

Cash Reserve Ratio (CRR) is the amount of funds that the banks have to keep with the RBI. If the central bank decides to increase CRR, the available amount with the bank comes down. The RBI uses the CRR to drain out excessive money from the system. The aim here is to ensure that banks do not run out of cash to meet the payment demands of their depositors.