Important Banking Act

Important Banking Act in India:
* Negotiable Instrument Act, 1881
*The Bankers Books Evidence Act, 1891
* The Reserve Bank of India Act, 1934
* The Industrial Finance Corporation of India Act, 1948
* The Banking Companies (Legal Practitioner Clients’ Accounts) Act, 1949
* The Industrial Disputes (Banking and Insurance Companies) Act, 1949
* The Banking Regulation Act, 1949
* The State Financial Corporations Act, 1951
* The Reserve Bank of India (Amendment and Misc. Provisions) Act, 1953
* The Industrial Disputes (Banking Companies) Decision Act, 1955
* The State Bank of India Act, 1955
* The State Bank of India Act, 1955
* The State Bank of India (Subsidiary Banks) Act, 1959
* The Subsidiary Banks General Regulation, 1959
* The Deposit Insurance and Credit Guarantee Corporation Act, 1961
* The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970

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Important Summits of Year 2012-13 Name, Venue

IMPORTANT SUMMITS HELD IN YEARS 2012-13:

BRICS (Brazil, Russia, India, China and South Africa) Summits

• 4th BRICS Summit 2012 – New Delhi, India
• 5th BRICS Summit 2013 – Durban, South Africa

G-8 Annual Summits Group of Eight (G8) Countries – France, Germany, Italy, Japan, United Kingdom, United States of America, Canada, Russia.

• 37th G8 Meeting 2011 – Deauville, France
• 38th G8 Meeting 2012 – David camp, USA
• 39th G8 Summit 2013 – County Fermanagh, UK
• 40th G8 Summit 2014 – Russia

G-20 Summits

• 7th G 20 Meeting 2012 – Los Cabos, Mexico
• 8th G 20 Meeting 2013 – Saint Petersburg, Russia
• 9th G 20 Meeting 2014 – Brisbane, Australia

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Official Books of Countries

Official Books of Countries:
* Blue Book - An official report of the British Government
* Green Book - Official Publications of Italy and Persia
* Grey Book - Official reports of the Government of Japan and Belgium.
* Orange Book - Official publication of the Govt. of Netherlands.
* White Book - Official publications of China, Germany and Portugal.
* White Paper - Official Paper of the Govt. of Britain and India on a particular issue.
* Yellow Book - Official paper of the Govt. of France.

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Carrot and Stick theory by Jeremy Bentham

"Carrot and Stick" approach is one of Motivational theory given by Jeremy Bentham, The English philosopher, whose ideas were developed in the early years of the Industrial Revolution, around 1800, considered that all people are self-interested and are motivated by the desire to avoid pain and find pleasure. Any worker will work only if the reward is big enough, or the punishment sufficiently unpleasant. This view - the ‘carrot and stick’ approach - was built into the philosophies of the age and is still to be found, especially in the older, more traditional sectors of industry. The various leading theories of motivation and motivators seldom make reference to the carrot and the stick. This metaphor relates, of course, to the use of rewards and penalties in order to induce desired behavior. It comes from the old story that to make a donkey move, one must put a carrot in front of him or dab him with a stick from behind.

It is named in reference to a cart driver dangling a carrot in front of a mule and holding a stick behind it. The mule would move towards the carrot because it wants the reward of food, while also moving away from the stick behind it, since it does not want the punishment of pain, thus drawing the cart. Supported by the fact that the mule cannot move away from the stick, and that using a carrot and a stick simultaneously is redundant, some claim that this usage of phrase is erroneous, and that it in fact comes from the figure of a carrot on a stick. In this case, the driver would tie a carrot on a string to a long stick and dangle it in front of the donkey, just out of its reach. As the donkey moved forward to get the carrot, it pulled the cart and the driver so that the carrot would always remain out of reach.

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Google launches "Google Impact" Challenge in India

Ahead of India's Independence Day celebrations this week, Google announced to launch "Google Impact Challenge in India," inviting Indian nonprofits to tell how they would use technology to improve people's lives. At the end of the challenge, four nonprofits will each receive a Rs 3 crore (around USD500,000) Global Impact Award and technical assistance from Google to bring their projects to life, the California-based tech-giant announced on Monday. "On the eve of India’s Independence Day, we’re celebrating the spirit of creativity and entrepreneurship of the world’s largest democracy by spotlighting the best local nonprofits that are using technology to make the world better," Nikesh Arora, senior vice president and chief business officer, Google said on a blog post.
"Today we’re launching the Google Impact Challenge in India, inviting Indian nonprofits to tell us how they’d use technology to improve people’s lives. At the end of the challenge, four nonprofits will each receive Rs 3 crore (around $500,000) Global Impact Award and technical assistance from Google to bring their projects to life," he wrote. Arora said registered Indian nonprofits can apply online until September 5.

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New Company Bill 2012 Highlights | Company Bill 2012 in Pdf

Company Bill 2012: The Parliament has passed the historic Companies Bill 2012, moved by Sachin Pilot, Minister of Corporate Affairs. The Bill was passed by the Rajya Sabha on 8th August which had already been passed by the Lok Sabha in December 2012. The new Companies Bill, on its enactment, will allow the country to have a modern legislation for growth and regulation of corporate sector in India. The existing statute for regulation of companies in the country, viz. the Companies Act, 1956 had been under consideration for quite long for comprehensive revision in view of the changing economic and commercial environment nationally as well as internationally. The new law will facilitate business-friendly corporate regulation, improve corporate governance norms, enhance accountability on the part of corporates/ auditors, raise levels of transparency and protect interests of investors, particularly small investors.

The salient features of the new Companies law are: Business friendly corporate Regulation/ pro-business initiatives; e-Governance Initiatives; Good Corporate Governance and CSR; Enhanced Disclosure norms; Enhanced accountability of Management; Stricter enforcement; Audit accountability; Protection for minority shareholders; Investor protection and activism; Better framework for insolvency regulation; and Institutional structure.

Download New Company Bill 2013 in PDF Format

New Company Bill 2012 Highlights are:
- The concept of One Person Company has been introduced in the new company law.
- The bill increased the number of members of private companies from 50 to 200. This allows companies access to large pool of capital without going public.
- The new bill gives recognition to transfer restrictions on inter-se shareholders – ‘Right of First Refusal’ will be enforceable. This would clear existing ambiguity on legal enforceability on transfer restrictions under JV/shareholder agreements.
- While the old bill only permitted merger of a foreign company with an Indian company, the new bill allows merger of Indian companies into foreign companies which would aid in consolidation of cross-border businesses/assets.
- The new bill permits merger of a listed company with an unlisted one, subject to exit opportunity being offered to shareholders of the listed company.
- While the old bill depended on precedents for merger of a subsidiary with a parent (or between two small companies), the new bill provides a separate and simplified regime for this without any approval from High Court.
- The new bill also gives rights for objections to schemes to only creditors who owed over 5 per cent and minority shareholders with over 10 per cent stake against no thresholds earlier.
- The new bill also has a detailed mechanism for acquisition of shares by majority shareholder from minority shareholders.
- The bill restricts creation of multi-layered holding structures, prohibiting making investments through more than two layers of investment companies.
- The new bill bans holding ‘Treasury Stock’, which is often used by companies to increase shareholding or future monetisation after consolidation.
- The new bill asks that listed companies and other specified companies will have to change individual auditor after five years and audit firm after 10 years. The old bill had no provisions for this.
-  Under the new bill, companies are required to spend at least 2 per cent of their average net profits for the three immediately preceeding financial years on CSR. This is applicable to companies with a networth of Rs 500 crore or more, or Rs 1,000 crore turnover or Rs 5 crore net profits, who have to set up a corporate social responsibility committee. The companies will also have to give preference to the local areas of their operation for such spending.

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India GK Question Paper 25

India GK Question Sample Paper 25: India General Knowledge (GK) Sample Question Paper No. 25 with Collection of India GK Questions under GK Quiz in PDF @  India GK Sample Papers.  

India General Knowledge (GK) and General Science (GS) Questions are also available with LIVE Quiz on daily basis with more than 10 questions each days with some India GK Quiz articles on India GK Facebook page: www.facebook.com/IndiaGK.net

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