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The Union Council of Ministers on 17 June 2013 was expanded with the induction of four new Cabinet Ministers and four Ministers of State. MallikarjunKharge was given the charge of Railways Ministry. The newly appointed ministers were administered the oath of office and secrecy by the President of India, List List E of Sisram Oscar Girija Dr of Vyas K newly S appointed Minister Pranab newly Ola Fernandes Rao State of of Ministers for State of of State Social for State for Mukherjee appointed at RastrapatiBhawan Ministers and and Urban and Health and Transport on and 17 their Employment Highways Poverty Textiles their and and for Commerce June 2013.

Cabinet Road

departments Ministry Ministry Alleviation Ministry departments Empowerment Welfare and Industry Family Finance and

Labour Housing

ManikraoGavit Santosh M S JesudasuSeelam

State

Justice

Chowdhury Natchiappan

Minister

Minister Minister

Important

Information

In the Article 74 of the Constitution of India it is mentioned that their shall be a Council of Ministers with the Prime Minister as its head to aid and advise the President for exercising his functions. It is mentioned under Article 75 of the Constitution of India that the President is the person who can appoint, the Prime Minister and the other ministers shall be appointed by the President following the advice the Prime Minister.

In the 91st Amendment of Constitution of India, insertion of Article 75 (1 A) took place and it states that total number of Ministers in the list of council of ministers including the Prime Minister shall not exceed 15 percent of the total strength of the members of LokSabha (House of People). Comment

The induction of the Council of Ministers took place due to the exit of DMK Ministers from the UPA Government followed by the resignation of Pawan Kumar Bansal, Ashwani Kumar, Ajay Maken and Dr. C P Joshi.

How Does A CRR Hike Help In Lowering Inflation?

Whenever the RBI hikes the CRR rate, a lot of excess liquidity is sucked out of the markets. Banks have lesser cash available with them to deploy as loans. Consequently, to maintain their profit margins, they have to increase the lending rates at which they disburse loans.

As loan rates go up, consumers tend to borrow less and eventually spend less. Thus the demand for goods and services goes down. All inflated prices start coming down due to the decrease in demand. And as prices start moving downwards, inflation starts coming down.

But as is the case with every antibiotic, CRR also comes with its own share of side effects. Let us understand the effect that CRR has on various sectors in the industry.

379 2 3
Previous Story Next Story Union Railway Minister Pawan Kumar Bansal presented the Union Railway Budget for 2013-14 in LokSabha on 26 February 2013. Some of the New Plans and Schemes proposed in Railway Budget 2013-14 are as under: Proposal for setting up of Railway Tariff Regulatory Authority formulated and at interministerial consultation stage. To provide a memorable experience to the visitors especially the children, a revamp plan will be rolled out for National Railway Museum in 2013-14.

 To create a corpus for meeting IRs committed liabilities for debt servicing of JICA and World Bank loans taken for the DFC Project, it is proposed to set up a new Debt Service Fund. In order to meet the growing demand, 72 additional services in Mumbai and 18 in Kolkata are being introduced. Besides, rake length is being increased from 9 cars to 12 cars for 80 services in Kolkata and 30 services in Chennai. A target to complete 500 km of new lines has been set for 2013-14. There is target to convert 450 km of MG/NG lines to broad gauge during 2013-14. Announcement of resumption of work on new line projects of Chickmagalur Sakleshpur and Bengaluru - Satyamangalam, which were pending for want of resources and other mandatory clearances, after State Government of Karnataka agreed to give land free of cost and bear 50% of the cost.

Railway budget 2013-14: New Initiatives

Suggested Readings: Economy, 2013 Current Affairs, February 2013 Current Affairs Published on: 28-FEB-2013

5 382 1 1

Previous Story Next Story Union Railway Minister Pawan Kumar Bansal presented the Union Railway Budget for 2013-14 in LokSabha on 26 February 2013. Some of the major Initiative proposed in Railway Budget 2013-14 are as under: Anubhuti Indian Railways will introduce one coach in select trains which will provide an excellent ambience and latest modern facilities and services responding to the Increased Popularity of Shatabdi and Rajdhani Trains. Such coaches will be named Anubhuti with commensurate fare structures.

Amenities for Differently-abled Passengers To facilitate the boarding of trains and exit from the stations for the differently-abled and the elderly, there is a proposed provision of 179 escalators and 400 lifts at A- 1 and other major stations, affixing Braille stickers indicating the layout of coaches including toilets, provision of wheel chairs and battery operated vehicles at more stations and making coaches wheel-chair friendly. In order to provide an employment avenue to the disabled people, there is proposal to reserve a specified number of Jan Sadharan Ticket Booking Sewak (JTBS) for them, keeping in view the fact that the PCOs at stations have become largely redundant after the mobile revolution in India. IT Initiatives for passenger benefits There will be now Use of Aadhar scheme by Indian Railways. The database generated, can be extensively and efficiently used by railways not only to render more user friendly services such as booking of tickets, validation of genuine passengers with GPS enabled handheld gadgets in trains, but also to provide a better interface with its employees in regard to their salaries, pension, allowances etc. Some of the other measures proposed under IT Initiative of Railways are: Extending availability of the facility of internet ticketing from 0030 hours to 2330 hours Making e-ticketing possible through mobile phones as a follow up to overwhelming response to IR website and Integrated Train Enquiry Service under 139, a project of SMS Alerts to passengers providing updates on reservation status is being rolled out shortly. Covering larger number of trains under Real Time Information System (RTIS), whereby rail-users will be able to access information through nominated websites and mobile phones. Some measures taken to curb malpractices in reserved tickets including Tatkal are:

 Mandatory carrying of ID cards by passengers with reserved tickets Rigorous drive leading to prosecution of more than 1800 touts in the current year In case of tatkal, reduction of advance reservation period to one day, issue of tickets only on production of ID proof at PRS counters, issue of only one tatkal ticket per train per day to web service agents; Denial of access to agents to internet booking between 0800 to 1000 hrs. Other Major Initiatives A Centralised Catering Services Monitoring Cell with a Toll free number 1800 111 321 has started functioning w.e.f. 18th January, 2013 to facilitate redressal of complaints/suggestions on real-time basis. For effective quality control, arrangements are being tied up with food testing laboratories in addition to third party audit. State-of the- art base kitchens are proposed to be set up in railway premises for better monitoring of quality of meals. ISO certification will now be insisted upon for all base-kitchens. Green Energy Initiatives Some of the new steps that have been taken or are proposed to be taken include: Setting up of Railway Energy Management Company (REMC) to harness potential of solar and wind energy Setting up of 75 MW windmill plants and energizing 1000 level crossings with solar power Deployment of new generation energy efficient electric locomotives and electrical multiple units (EMUs) saving about 60 crore units in 2011-12. Railways have also won the National Energy Conservation Award Encourage more usage of agro-based and recycled paper and ban use of plastic in catering.

Railway Budget 2013-14: 67 New Express Trains Announced

Suggested Readings: Economy, 2013 Current Affairs, February 2013 Current Affairs Published on: 27-FEB-2013

22

648 98 5
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Railway Minister Pawan Kumar Bansal on 27 February 2013 proposed the introduction of 67 new express trains and 26 new passenger trains. He also asserted the introduction of 22 new lines in 2013-14. Highlights of the new Trains announced 67 new Express trains to be introduced. 26 new passenger services, 8 DEMU (Diesel Electric Multiple Unit) services and 5 MEMU services to be introduced. Run of 57 trains to be extended. Frequency of 24 trains to be increased. Metropolitan Projects/Sub-urban Services Introduction of first AC EMU rake on Mumbai suburban network in2013-14. Introduction of 72 additional services in Mumbai and 18 in Kolkata. Rake length increased from 9 cars to 12 cars for 80 services in Kolkata and 30 services in Chennai.

State wise break up of new Trains announced Karnataka gets 3 new lines, 8 express trains Goa gets 3 New Express trains Andhra Pradesh got 8 New Trains 13 New Trains for UP, 7 out of which went to Lucknow Only Region Wise Break up of New Train Announced Eight new express trains, 11 originating trains and eight pass-through trains, six extension trains apart from 20 new lines and doubling projects fell in South Central Railways kitty in the Railway Budget announced. As per the budget, Central Railway (CR) and Western Railway (WR) will get a total of 17 new mail/express trains, of which 14 trains will serve either the city or state passengers. Further, 72 additional services of local trains, augmentation of AC local trains at WR, have also been announced.

Economic Survey of India 2012-13: Highlights

Suggested Readings: Economy, 2013 Current Affairs, February 2013 Current Affairs Published on: 27-FEB-2013

23 1403 135 3

Previous Story Next Story

Union Finance Minister P. Chidambaram on 27 February presented the Economic Survey 2012-13 in the LokSabha of the Parliament. India's Economic Survey for 2012-13 pegs the country's growth at 6.1-6.7% and inflation at 6.2-6.6% for the next fiscal 2013-14 and made a strong call for cutting subsidies. Economic Survey is presented every year, just before the Union Budget. It is a flagship annual document of the Ministry of Finance, Government of India. Economic Survey reviews the developments in the Indian economy over the previous 12 months. It summarizes the performance on major development programmes, and highlights the policy initiatives of the government and the prospects of the economy in the short to medium term. The economic survey 2012-13 was prepared by a team of economists led by Chief Economic Advisor RaghuramRajan, and pitches for speeding up economic reforms to activate a sluggish economy. It serves as an indicator of what is likely to be contained in the General Budget proposals.

Following are the major Higlhlights of the Economic Survey 2012-13 GDP growth seen at 6.1-6.7 percent in 2013/14 Government target for fiscal deficit is 4.8 pct of GDP in 2013/14 Government target for fiscal deficit is 3 pct of GDP in 2016/17 Headline WPI inflation may decline to 6.2-6.6 pct by March2013 Focus on curbing imports, making oil prices more market determined to reign in

current account deficit Foreign Institutional Investors (FIIs) flows need to be targeted towards long-term rupee instruments Prioritisation of expenditure seen as key ingredient of credible medium-term fiscal consolidation plan Raising tax to GDP ratio to more than 11 percent seen as critical for sustaining fiscal consolidation Room for accommodative monetary policy with expected fiscal consolidation India likely to meet fiscal deficit target of 5.3 pct of GDP in 2012/13, despite significant shortfall in revenues Recommends curbing gold imports to reign in current account deficit Room to increase exports in the short run limited Industrial output seen growing around 3 pct in 2012/13 Govt priority to fight inflation by reducing fiscal impetus to demand as well as by focusing on incentivizing food production. More jobs in low productivity construction sector Balance of Payments under pressure with net exports decline Service sector has shown more resilience despite global slowdown Pitches for hike in price of diesel and LPG to cut subsidy burden Railway freight grows by 5.1 per cent in 2012-13 Foreign Exchange reserves remains steady at USD 295.6 Billion at December 2012 end.

Railway Budget 2013-14 Presented in LokSabha : Highlights

Suggested Readings: Economy, 2013 Current Affairs, February 2013 Current Affairs Published on: 26-FEB-2013

3 625 175 0

Previous Story Next Story

Union Railway Minister Pawan Kumar Bansal presented the Union Railway Budget for 2013-14 in LokSabha on 26 February 2013. The major highlights of the budget are the introduction 106 new trains with no fare hikes. The present year railway budget laid emphasis on host of proposals for travel safety and comfort, such as escalators at key stations, a new e-ticketing system and a high-class coach in select trains. Railway Budget 2013-14 at a Glance: The Thrust of this year Railway Budget was on Safety, Consolidation, Passenger Amenities and Fiscal Discipline. Deployment of new generation energy efficient electric locomotives and EMUs. Five Percent Increase in freight to push Inflation. Elimination of 10797 level crossings during the 12th Plan and no addition of new LCs to the IR system henceforth. Introduction of Train Protection Warning System on Automatic Signalling Systems. Rigorous trials of the indigenously developed Train Collision Avoidance System. Four companies of women RPF personnel set up and another 8 to be set up to strengthen the security of rail passengers, especially women passengers Recruitment to RPF with 10% vacancies reserved for women. No increase in passenger fares 500-km new lines to be completed in 2013-14 Diesel price hike added 3300 crore rupees to fuel bill of Railways

 Railways hopes to end 2013-14 with a balance of 12506 crore rupees Concessional fare for sportspersons Five fellowships to be announced to motivate students Seek to fill 1.52 lakh vacancies in railways this year. 47000 vacancies for weaker sections and physically challenged to be filled up soon Target of 4000 crore rupees for railway production units in 2014 Induction of e-ticketing through mobile phones, SMS alerts to passengers Free wi-fi facilities in select trains. 60 more 'adarsh' stations The number of passenger trains has increased from 8000 in 2001 to over 12000 in 2012 - yet losses continue to mount. It is estimated to be Rs. 24000 crore in 2012-13 Proposal for setting up of Railway Tariff Regulatory Authority formulated and at interministerial consultation stage. Supplementary charges for super fast trains, reservation fee, clerkage charge, cancellation charge and tatkal charge marginally increased. Complimentary card passes to Olympic medalist and Dronacharya Awardees for RajdhaniShatabdi Trains. Announcement Facility and Electronic display boards in train. Categories
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Union Budget 2013-14 presented by P. Chidambaram in LokSabha: Highlights

Suggested Readings: Economy Published on: 28-FEB-2013

39

1023 236 6
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Union Finance Minister P Chidambaram on 28 February 2013 tabled the Union budget in the Parliament for the financial year 201314. P. Chidambaram was presenting his 8th Union Budget. The union Budget of 2013-14 emphasized fast track economic growth with due importance on infrastructure development, skill development, employment generation and funding for social schemes. Three factors of Economic Concern discussed in the Union Budget 2013-14 were high fiscal deficit, slow growth and high inflation. Expressing his confidence on India returning back to the higher growth path Chidambaram advocated for support from all quarters to navigate through economic crisis. The Union Budget of year 2013-14 stressed on achieving a growth of 8 per cent on an immediate effect.

The finance minister expressed his worry on Current Account deficit (CAD). CAD which required 75 billion Dollars to finance was high because of high import in Oil, coal and gold imports. The Highlights of the Union Budget 2013-14 are as Follows: Total budget expenditure was Estimated at 16.65 trillion rupees in 2013-14 India's 2013-14 plan expenditure seen at 5.55 trillion rupees To allocate 801.94 billion rupees to rural development in 2013-14 Plan to allocate 270.49 billion rupees for agriculture in 2013-14 RBI expected GDP growth of 5.5% for Financial Year 2013-14 80194 crore rupees allocation have been made for rural development schemes including MGNAREGA, PMGSY, INDIRA AWAS YOYANA. The Jawaharlal Nehru National Urban Renewal Mission will to continue during the 12th plan period. 3511 crore allocation to minorities which is 12 per cent hike over budget estimates, 110 crore rupees allotted for welfare of disabled. 65867 crore rupees have been allocated to the Ministry of Human resources development which is 17 per cent hike over the revised estimates. 500 Crore rupees have been earmarked for high tech crop diversification program. Allocations also include 13215 crore rupees for mid day meal programme. 27,049 crore rupees for agricultural ministry and additional 200 crore to women and child Welfare Ministry. 14000 crore Rupees will be provided for PSB recapitalization. He will constitute a panel on transaction costs, and financial policies. Education gets 65867 crore rupees, an increase of 17 percent over RE for 2012-13. ICDS gets 17700 crore rupees. This is 11.7 percent more than the current year. Drinking water and sanitation will receive 15260crore rupees. 1,400 crore was provided for setting up water purification plants to cover arsenic and fluoride affected rural areas. Health and Family Welfare Ministry had been allotted 37330 crore rupees. Small Industries Development Bank of India (SIDBI) Refinance Fund doubled to an amount of 10000 crore rupees. Plans of Government are to encourage PPP projects along with Coal India.

 P Chidambaram announced setting up of a new all-women's bank. 1000 crore Rupees initial capital for a new women's bank which will be another public sector bank. The Bank will be set up by October 2013. An amount of additional 10000 crore rupees allotted for Food Security Bill in FY14. 3000 km of road projects will be awarded in first six months of FY14. Finance ministry approved 50000 crore Rupees tax-free bonds in FY14. The government expects to raise 25000 crore rupees via tax-free bonds in FY13. Refinancing capacity of SIDBI raised to Rs. 10,000 crore. Technology Upgradation Fund Scheme (TUFS) for textile to continue in 12th Plan with an investment target of 151000 crore Rupees. 14000crore Rupees will be provided to public sector banks for capital infusion in 2013-14. A grant of 100 crore each has been made to 4 institutions of excellence including Aligarh Muslim University, Banaras Hindu University, Tata Institute of Social Sciences, Guwahati and Indian National Trust for Art and Cultural Heritage (INTACH). New taxes to yield 18000 crore Rupees. A surcharge of 10 percent on persons (other than companies) whose taxable income exceeds Rs.1 crorehave been levied. Tobacco products, SUVs and Mobile Phones to cost more. Relief of Rs. 2000 for the tax payers in the first bracket of 2 to 5 lakhs. Voluntary Compliance Encouragement Scheme launched for recovering service tax dues. 9000 crore Rupees earmarked as the first installment of balance of CST compensations to different States/UTs. Budget in Indian Constitution Budget in Indian Constitution is an annual financial statement. It is included in part V, Chapter 2 of PARLIAMENT Procedure in Financial Matters of Constitution of India. As per the article 112 of Indian Constitution The President shall in respect of every financial year cause to be laid before both the

Houses of Parliament a statement of the estimated receipts and expenditure of the Government of India for that year, in this Part referred to as the annual financial statement. (2) The estimates of expenditure embodied in the annual financial statement shall show separately(a) The sums required to meet expenditure described by this Constitution as expenditure charged upon the Consolidated Fund of India; and (b) The sums required to meet other expenditure proposed to be made from the Consolidated Fund of India, and shall distinguish expenditure on revenue account from other expenditure.

nion Budget 2013-14: Allocations of Funds to Infrastructure and Energy Sector

Suggested Readings: March 2013 Current Affairs, Economy, 2013 Current Affairs Published on: 05-MAR-2013

3 72 6 1

Previous Story Next Story The Union Finance Minister announced different proposals for Infrastructure and Energy Sector in India while tabling the Union Budget 2013-14 in the LokSabha on 28 February 2013. The proposals as announced by the Union Finance Minister are as follows: Power Investment allowance of 15% for investment in plant & machinery 30% increase in plan expense CCI to take up decisions on more Power projects

 Power transmission system from Srinagar to Leh at an expense of INR 228 Crore in 2013-14

Oil and Gas Natural gas pricing policy to be reviewed Move to revenue-sharing from profit-sharing policy in oil and gas sector The oil and gas exploration policy will be reviewed to move from profit sharing to revenue sharing contracts NELP blocks that were awarded but are stalled will be cleared Coal Proposal for Public-private partnership (PPP) policy framework, with CIL as one of the partners, in order to increase the production of coal for supply to power producers and other consumers. More focus on coal import, coal blending and price pooling of coal in short to medium term. Infrastructure Road Regulator to be introduced Over 3000 km road projects across Maharashtra, Gujarat, MP to be awarded in 6 months time in 2013-2014 2 new major ports announced in AP and WB. Infrastructure Debt funding - 4 of these to be in place to extend funding at lesser rate Tax-free infrastructure bonds of Rs 50,000 crore to be issued Renewable Energy GBI re-introduced in Wind Sector with allocation of 800 cr. Low interest bearing funds from the National Clean Energy Fund (NCEF) to IREDA to on-lend to viable renewable energy projects. The scheme will have a life span of 5 years.

Union Budget 2013-14: Allocation of Funds to the Defence Sector

Suggested Readings: March 2013 Current Affairs, Economy, 2013 Current Affairs Published on: 05-MAR-2013

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Previous Story Next Story In the Union Budget 2013-14, which was tabled in the LokSabha on 28 February 2013 by the Union Finance Minister P. Chidambaram, there is a hike of 14% on Defence Budget over the last year 2012-13, thus promising more funds required for national security. Some of the prominent features of the defence budget 2013-14 are as under:

The Revenue expenditure budget increase for defence is relatively less than the overall Non-Plan Revenue expenditure budget growth between RE 2012-13 and BE 2013-14; Gross Revenue budget for Navy declined from 12748 crore rupees in BE 2012-13 to 12394 crore rupees in BE 2013-14 (there are reductions under salaries, transportation and miscellaneous heads while there are negligible increases for repairs & re-fitment works and in respect of Coast Guard); Capital budget support for the Indian Coast Guard will be less in 2013-14 740 crore rupees in BE 2013-14 vis--vis. 899 crore rupees in BE 2012-13; The value of supplies of stores (not classified as Capital assets) from Ordnance factories to the Services will only marginally increase from 11213 crore rupees as per BE 2012-13 to 12141crore rupees provided in BE 2013-14; Ex-Servicemen Contributory Health Scheme (ECHS) a welfare oriented organisation for ex-Servicemen and their dependants in the defence set-up has been allocated less budget (Capital and Revenue taken together) for the next year as compared to the actual expenditure of 2011-12 and RE of 2012-13; and

 Virtually no funds have been earmarked for development of prototype stores in association with indigenous trade sources (a token provision of Rs. one crore has been made for the next year as against 29 crore rupees actually spent in 2011-12 and a BE 2012-13 of 89 crore rupees)

Union Budget 2013-14: Tax Proposals at a Glance

Suggested Readings: March 2013 Current Affairs, Economy, 2013 Current Affairs Published on: 02-MAR-2013

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Previous Story Next Story The Union Finance Minister announced tax proposals while tabling the Union Budget 2013-14 in the LokSabha on 28 February 2013. The tax proposals as announced by the Union Finance Minister are as follows:

Relief for taxpayers in the bracket of 2 lakh Rupees to 5 lakh Rupees tax credit of 2000 Rupees to every person with total income up to 5 lakh Rupees The Union Budget 2013-14 proposed a relief of 2000 Rupees to every person with a total income up to 5 lakh Rupees in the financial year. He announced that the income slabs which were introduced in 2012-13 financial year were same and that there was no provision of revising the slabs or the rates, apart from some relief to the taxpayers in the first bracket of 2 lakh Rupees to 5 lakh Rupees. INCOME In RUPEES WORKING MEN WORKING WOMEN Old Tax New Tax Old Tax New Tax Old Tax New Tax SENIOR CITIZENS

2 Lakh 5 Lakh 8 Lakh 10 Lakh 25 Lakh 50 Lakh 100 Lakh 110 Lakh

0 30900 92700 133900 597400

0 28840 92700 133900 597400

0 30900 92700 133900 597400

0 28840 92700 133900 597400

0 25750 87550 128750 592250 1364750 2909750 3218750

0 23690 87550 128750 592250 1364750 2909750 3540625

1369900 1369900 2914900 2914900 3223900 3546290

1369900 1369900 2914900 2914900 3223900 3546290

Surcharge of 10 percent on persons with taxable income exceeding 1 crore rupees The Union Budget 2013-14 proposed a surcharge of 10 percent on persons whose taxable income exceeded 1 crore Rupees every year. This tax proposal would be applicable to individuals, HUFs (Hindu Undivided Families), firms and entities with the same tax status. The Finance Minister also proposed to increase the surcharge from 5 percent to 10 percent on the domestic companies whose taxable income exceeded 10 crore Rupees every year. In case of the foreign companies, there would be an increase of surcharge from 2 percent to 5 percent.

In other cases like tax on distributed income or dividend distribution tax, the present surcharge of 5 percent was increased to 10 percent. This additional surcharge would be imposed only for 2013-14 fiscal year.

Additional deduction of interest up to 1 lakh rupees on home loan for first home buyer

In the Union Budget 2013-14, it was proposed that the additional tax benefit would be facilitated to first- home buyers who would take the loan for an amount that does not exceed 25 lakh Rupees. There would be an additional deduction interest of 1 lakh Rupees. TDS at the rate of 1 percent applied on the value of transfer of immovable property exceeding 50 lakh Rupees The Union Budget 2013-14 proposed levying TDS at the rate of 1 percent on the value of the transfer of immovable property where the consideration exceeded 50 lakh Rupees. Securities Agricultural Transaction land Tax was (STT) exempted. reduced

The Union Budget 2013-14 proposed reducing rates of Securities Transaction Tax (STT) in respect of certain transactions. P. Chidambaram proposed the following reductions in the Equity MF/ETF futures: redemptions at rates From fund 0.017 counters: of to From 0.01 0.25 to per 0.001 STT: cent percent

MF/ETF purchase/sale on exchanges: From 0.1 to 0.001 percent, only on the seller Commodities Transaction Tax (CTT) introduced in a limited way; agricultural commodities will be exempted

In the Union Budget 2013-14, Commodities Transaction Tax (CTT) was introduced in a limited way. The Finance Minister announced levying CTT on non-agricultural commodities future contracts at the same rate as on equity futures that is at 0.01 percent of the price of the trade. Agricultural commodities were exempted. Tax administration reforms commission to be set up

In the Union Finance 2013-14, setting up Tax Administration Reforms Commission (TARC) was proposed. The proposed commission shall be responsible for reviewing the application of tax policies and tax laws. Periodic reports will be submitted by TARC and

the suggestions will be implemented for strengthening the capacity of the tax system. Clarity in tax laws, stable tax regime, non-adversarial tax administration, dispute resolution and independent judiciary the theme of tax proposals The major theme of the tax proposals was based on following parameters: Securitisation Fair An trust to be Clarity Stable Non-Adversarial mechanism for independent exempted from income in tax tax dispute tax laws regime administration resolution judiciary tax

The Union Budget 2013-14 proposed to exempt the Securitisation Trust from Income Tax. This will help the financial institutions to securitise their assets through a special purpose vehicle. The tax will be levied at the time of distribution of income by the Securitisation Trust at the rate of 30 percent in case of companies and 25 percent in the case of an individual or HUF. No tax shall be levied on the income received by the investors from the Securitisation Trust. There are severe important questions that might be asked based upon feedback from previous interviews. Some are

If you are working, why you want to leave your current job ? Why banking sector and how you are the right person for it ? What is your father's Job Background ? What are NPA (Non-Performing Assets), how can u use technical knowledge in correcting the balance sheet? How Can NPA be reduced ? For unemployed people, which plans are addopted by government ? Tell us About your native place and famous places near to it. What was the Headline in Today's Newspaper?(Main Page and Financial Page Both). What are functions of Banks and How does banking effect the economy of the country? Difference between Fiscal and MoinetaryPolicy ? Number of Districts in Your and Nearby States ? Governor, Chief Minsiter and Other Ministers of Your State (Like Education, Tourism Ministers )?

Latest Noble Prize Winners, Padam Awards Winners, Miss India, Miss World Miss Universe Etc. How is Future growth of commercial banks in India and any hurdles to it ? Banks VS NBFCs (Non Banking Finance Companies) ? Questions About Budget 2013 - 14 and current five year plan. Difference between Cheques, DD, Bill of Exchanges and Certificate of Deposit ? Direct and Indirect Taxes In India. Important Banking Terms o o o o o o o o o o o
GAAR (General Anti - Avoidance Rule) and GST (Goods and Service Tax) CAR (Capital Adequacy Ratio) Balance Sheet and NPA ? BASEL Norms (Basel 1,2,3) SARFAESI ACT (The Securitisation and Reconstruction of Financial Assets Roles of RBI, NABARD, SEBI, IRDA. Bank Account Types and Rate of Interests on Them CTS (Cheque Truncation System ) What is INFLATION ? It is good or Bad ?and how can it be controlled ? What is FDI ?Is it Good or Bad ? Limit of FDI in various Sectors in India What is Stock Exchange ? How many are there in India ? Number of Shares

and Enforcement of Security Interest Act)

?How is it Different From FII ? on NSE and BSE ?

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