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The Government has taken following step to deal with problem of Black Money under a five pronged strategy in 2009-11: 1. Creating an appropriate legislative framework.
Started renegotiation with 75 countries (initially we started
with 65 existing DTAA countries in August, 2009 and this number has now increased to 75 as on date) to broaden the Scope of Article concerning Exchange of Information to allow for Exchange of Banking Information and negotiation of DTAA and Tax Information Exchange Agreement (TIEA) with new countries.
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Proposed GAAR in DTC( General Anti-Avoidance Rules say
that for the investors, a tax treaty would not have preferential status over the Indian domestic law when, the GAAR provisions are invoked. The GAAR provisions are discretionary, have far reaching implications and give the Indian Tax Authorities very broad powers).
2. Setting up institution to deal with illicit funds: 8 more Income Tax Overseas Units are being set up (In addition to existing two overseas units). Computerized Exchange of Information unit (EOI Unit) is set up. Directorate of criminal investigations is notified and is being set up.

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3. Developing systems for implementation:
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New policy for deployment of manpower to Directorate of

Transfer Pricing and International Taxation is implemented.
4. Imparting skills to the manpower for effective action:
51 officers were imparted specialized training abroad in field

5. Joining the Global crusade against Black Money:
of International Taxation and Transfer Pricing in F.Y. 201011.
Issues of tax evasion and Exchange of Information have been
incorporated in G 20 communiqu due to effort India in the recent ministerial meetings in Korea and France. India is playing a key role in Global Forum on Transfer Pricing and Exchange of Information for tax purpose as Vice Chairman of Peer Review Group. Joined FATF, Task Force on financial integrity and Economic Development and Eurasian Group.
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The Supreme Court of India on 5 July 2011 appointed SIT (Special Investigation Team), a committee of two of its retired judges to follow the trail of black money stashed in foreign banks. It also asked the government to reveal the names of those who have accounts in foreign banks and against whom inquiries have been started. SIT Comprised Justice Jeevan Reddy and Justice MB Shah.

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The purpose of this Agreement is to promote international co-operation in tax matters through exchange of information. It was developed by the OECD Working Group. The lack of effective exchange of information is one of the key reasons for harmful tax practices. The TIE agreements are a legal instrument that could be used to establish effective exchange of information. Under the terms of the agreement, both nations are now required to exchange information when requested to help fight tax crime.
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The interim report of the Task Force on Direct Transfer of Subsidies has recommended direct transfer of subsidies on LPG, Fertiliser and Kerosene. Also a core subsidy management platform CMCS in a phased manner has been proposed. The report was submitted by Mr. Nandan Nilekani, the Chairman of the Task Force to the Finance Minister Mr. Pranab Mukherjee, in July, 2011. The recommendations of the interim report would be implemented on a pilot basis. The direct transfer of subsidies on LPG, kerosene and fertilizer will help in curbing pilferage and leakages.

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Pilot projects for such direct such transfers will begin in seven places Tamil Nadu, Assam, Maharashtra, Haryana, Delhi, Rajasthan and Orissa from October, according to the schedule suggested by the Unique Identification Authority of India.

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The Reserve Bank of India released draft guidelines for licensing of new banks in the private sector. The Reserve Bank has sought views by the end of October 2011
Key features of the draft guidelines are:
Eligible promoters: Entities in the domestic private sector
having at least 10 years standing will be eligible. Those with significant (10 per cent or more) income or assets from real estate Construction and / or broking activities will not be eligible. a wholly owned Non-Operative Holding Company (NOHC) Get Complete Online Coaching Materials in Printed Copy
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Corporate structure: New banks will be set up only through
-to be registered with the Reserve Bank as a non-banking finance company (NBFC) which will hold the bank as well as all the other financial companies in the promoter group.
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Minimum
capital requirement: Minimum capital requirement will be Rs 500 crore. NOHC shall hold minimum 40 per cent of the paid-up capital of the bank for a period of five years from the date of licensing of the bank.
the first 5 years.
Foreign shareholding will be limited by 49 per cent cap for
Corporate governance: At least 50 per cent of the

directors of the NOHC should be independent directors.

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A holding company is a company or firm that owns other companies outstanding stock. It usually refers to a company which does not produce goods or services itself. Its purpose is to own shares of other companies. Examples are Sail, Tata Sons etc. A panel headed by RBI deputy governor Shyamala Gopinath suggested that the holding company norm should be pursued as a preferred model for the financial sector in India.

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Committee on Small Savings headed by former RBI Deputy Governor Shyamala Gopinath on 7 June 2011 suggested raising interest rates on Post Office savings bank deposits to 4 per cent. The committee recommended linking returns on other small savings schemes with interest rates on government securities, It went on to suggest that Kisan Vikas Patra (KVP) be withdrawn and the annual investment limit for the popular Public Provident Fund (PPF) he raised to Rs. 1 lakh from Rs.70000 at present.

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The Committee on Allocation of Natural Resources (CANR) under the chairmanship of Shri Ashok Chawla submitted its report in May, 2011.
The committee was appointed in January following a decision by the group of ministers on corruption. The committee looked at possible reforms in the allocation process for eight natural resources: coal, minerals, spectrum, petroleum, natural gas, land, water and forests.

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urgent need to have a comprehensive national legislation on water. This can be either done through bringing water under the Concurrent List and then framing the appropriate legislation; or, by obtaining consensus from a majority of the States that such a framework law is necessary and desirable as a Union enactment. The national legislation should clarify a common position on a number of issues : water as a common property resource; principles of allocations and pricing and so on etc.

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India and the European Union finalised an interim settlement to make sure that Made in India Consignments of generic medicines will not be detained while transiting through Europe. India had moved the WTO after consignments of generic medicines shipped to Latin America were seized by European customs authorities on charges of intellectual property rights violations. About 1 7 detentions took place between October-December 2008 at Amsterdam. As per the bilateral understanding between India and EU. EU would not only stop such detentions but also amend its regulation under which its member countries acted like this.
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The Land Acquisition, Rehabilitation and Resettlement Bill, 2011 The Land Acquisition, Rehabilitation and Resettlement Bill, 2011 was introduced in Lok Sabha. Salient features are:
The Bill proposes a unified legislation for acquisition of
land and adequate rehabilitation and replaces the Land Acquisition Act, 1894. from an unwilling seller and is distinct from a land purchase from a willing seller.
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Land Acquisition refers to the forcible acquisition of land
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The provisions of this Bill shall not apply to 16 existing
legislations that provide for land acquisition. These include The Atomic Energy Act, 1962, The National Highways Act, 1956, SEZ Act, 2005, Land Acquisition (Mines) Act, 1885, The Railways Act, 1989. rehabilitation and resettlement if they acquire land equal to or more than 100 acres in rural areas and 50 acres in urban areas. times in urban areas
The Bill proposes that private companies shall provide for
Compensation is four times market value in rural area and 2

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The Reserve Bank of India panel recommended an increased deposit Insurance cover of Rs.5 lakh. The panel also recommended that banks should not impose exorbitant penal rates towards foreclosure of home loans. Banks should automatically provide annual account statement to home loan customers without request from them. Banks should ensure through government subsidy or insurance that educational loans are properly priced so that no bright student would be denied an educational loan.

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The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. The eurozone (monetary Union) countries : Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. About 300 million use Euro. Since late 2009 the euro has been immersed in the European sovereign debt crisis which has led to the state bonds of three eurozone states to be downgraded to junk status, and the creation of the European Financial Stability Facility.

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From late 2009, fears of a sovereign debt crisis developed in the Eurozone with the situation becoming worse in early 2010,, particularly in
Greece, Ireland, Spain and Portugal (PIGS). In the EU, especially in countries where sovereign debts have increased sharply due to recession since 2008 and the consequent bank bailouts, a crisis of confidence has emerged. While the sovereign debt increases have been most pronounced in only a few euro zone countries they have become a problem for the area as a whole. In May 2011, the crisis resurfaced, concerning in Greece and spread to Spain and is feared to be brewing in Italy too.

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As Europe slows down, our exports will suffer. Stock markets will see turmoil because markets do not like uncertainty. Investors will sell and invest in safer assets- gold etc. When FII flows reduced, our CAD may become a serious problem on the BOP front. When foreign flows move out, rupee may lose value externally seriously compounding the external account balance. Fiscal problems may follow.

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The Union Cabinet gave its approval for setting up a national level security fund NSSF) for unorganized sectors named as National Social Security Fund. The fund is likely to benefit 43.3 crore workers in the unorganized sector. The fund will be administered by the National Social Security Board. The Ministry of Labour & Employment will be the nodal Ministry for the operation of the Fund.

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The UPA Chairperson Sonia Gandhi on 1 June 2011 launched the Janani-Shishu Suraksha Programme at Mewat in Haryana. Janani-Shishu Suraksha programme was sponsored by the Ministry of Health and Family Welfare. The programme was launched for pregnant women with the objective to effectively address the problem of maternal and child mortality. Under the Janani-Shishu Suraksha programme, pregnant mothers can avail government health institutions for free deliveries. Both the mother and her child will get free treatment free drugs and consumables, diagnostics, user charges besides free provision of blood and transportation.
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The government has launched a new Index of Industrial Production (lIP) in June 2011, which seeks to offer a better gauge of the countrys industrial activity. The new index has a revised base of 2004-05. The old index, which had a base of 1993-94, had an outdated basket of items and limited data points. In the new series, constructed according to the structure revealed by the Annual Survey of Industries and national accounts data of 2004-05, the basic construction and methodology remain the same while the items basket has been updated to better reflect production trends.

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Supreme Court wanted answer on the Planning Commissions cap on poverty numbers resulting in many poor being left out from the scope of the Central governments welfare schemes.
The Plan panel in its affidavit had said that an individual spending less than Rs 32 in urban areas and less than Rs 25 in rural areas every day on food, health and education are poor. Social activists termed the daily expenditure limit prescribed to fix national poverty line as inadequate as it was impossible for anyone to sustain oneself.

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It is a Centrally-sponsored scheme and is implemented in 200 selected districts across the country on a pilot basis initially. SABLA aims at empowering adolescent girls of 11-18 years by improvement in their nutritional and health status and upgrading various skills like home skills, life skills and vocational skills. It also aims at equipping the girls on family welfare, health hygiene etc. and information and guidance on existing public services along with aiming to mainstream out of school girls into formal or non-formal education.

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It is a centrally sponsored scheme of Department of School Education and Literacy (DSEL), was launched by the Prime Minister on the International Literacy Day, September 8, 2009. Saakshar Bharat Programme (SBP) aims to further promote and strengthen Adult education. It aims at covering those who missed the Opportunity of formal education earlier and now feel a need for learning of any type, including basic literacy, basic education (equivalency to formal education), vocational education (skill development), physical and emotional development, practical arts, applied science, sports and recreation. By 2012, the Saakshar Bharat Programme will cover 70 million non-literate adults (60 million of them, women) in Get Complete Online Coaching Materials in Printed Copy
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15 plus age group in 365 low female literacy districts. This would redress the gender, social and regional disparities in literacy.
The Programmes main focus group would be Women and adolescents from Socio- economically disadvantaged sections like the SCs, STs, Minorities and other disadvantaged sections in rural areas of low female districts.

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The National Mission for Empowerment of Women has a mandate to achieve inter-sectoral convergence of all prowomen and women centric programmes across Ministries. That is, Women will be helped with information on various schemes operating for them. The National Mission will strive to achieve social, economic and legal empowerment of women by identifying gaps in developmental goals and setting up of an appropriate institutional framework to overcome bottlenecks in the process of ensuring coordinated and effective service delivery to women at the grassroots level. The Mission will focus on: Economic empowerment of women
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Progressive elimination of violence against women Social empowerment of women with particular emphasis
on health and education. Gender mainstreaming of programme policies, institutional arrangements and Processes of participating Ministries, institutions and organizations.
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Maintenance and Welfare of Parents and Senior Citizens Act 2007 aims to help the elderly to live in dignity and peace. It includes provisions to protect our countrys senior citizens besides expressly prescribing the States role in taking care of them. places a legal obligation on children and relatives to maintain the senior citizen or parent in order to enable him to live a normal life. This obligation applies to all Indian citizens, including those living abroad. Children / heirs will henceforth be required to provide sufficient maintenance to senior citizens, while state governments will establish old-age homes in every district.
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The proposed deal will be Indias most ambitious trade pact because the EU is its largest trading partner. It covers goods, services, intellectual property protection, totalization agreement (avoidance of payment of social security taxes in two countries by citizens of any country working in another country as the enjoyment of benefits is only in one country the country of origin).
The BTIA aims to gain from more trade and investment like all other Cepa and Ceca agreements.

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The term Intellectual Property (IP) means creations of mind or the intellect. It needs to be protected as it has commercial applications. For example, a drug discovered, a poem written or a computer language etc. It could be in the form of Patents, Trademarks, Geographical Indications; Industrial Designs, Layout- Designs (Topographies) of Integrated Circuits, Plant Variety Protection and Copyright. The major features that distinguish it from other forms are their intangibility and non-exhaustion by consumption. IP is the foundation of knowledge-based economy. It pervades all sectors of economy and is increasingly becoming important for ensuring competitiveness of the enterprises. It brings revenues to the company and also makes its market standing much more credible which means that it can raise money from the market when it wants.
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Copyright is a legal term describing the economic rights given to creators of literary and artistic works, including the right to reproduce the work, to make copies, and to perform or display the work publicly. Copyrights offer essentially the only protection for music, films, novels, poems, architecture, and other works of cultural value. As artists and creators have developed new forms of expression, these categories have expanded to include them. Computer programs and sound recordings are flow protected.

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Under the terms of patent law, the inventor is given the exclusive right to prevent others from making, using, and selling a patented invention for a fixed period of time in most countries, for up to 20 years in return for the inventors disclosing the details of the invention to the public.

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Trademarks are commercial source indicators, distinctive signs that identify certain goods or services produced or provided by a specific person or enterprise.

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Intellectual property rights were first included in the Uruguay Round negotiations of the General Agreement on Tariffs and Trade (GATT), 1986-1993, with the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). TRIPS require signatories to make it easier for their citizens and others to obtain and enforce IP rights, although it does not deal with domain names as such. TRIPS member countries are aware that cost-effective means to secure, transfer, and enforce IP rights boost cultural development and standards of living, as well as promote public health and safety.

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Department of Industrial Policy and Promotion (DIPP) and Intellectual Property Rights (IPRs) DIPP is concerned with legislations relating to Patents, Trade Marks, Designs and Geographical Indications. These are administered through the Office of the Controller General of Patents, Designs and Trade Marks (CGPDTM) with headquarters at Mumbai and to subordinate offices.

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A UN agency, namely, World Intellectual Property Organization (WIPO) based in Geneva administers treaties in the field of intellectual property. India is a member of WIPO. Department of Industrial Policy & Promotion is the nodal Department in the Government of India for all matters concerning WIPO. India is also member of 2 major treaties: Paris Convention for the Protection of Industrial Property (relating to patents, trademarks, designs, etc.) of 1883 and the Berne Convention for the Protection of Literary and Artistic Works (relating to copyright) of 1886.

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The Patent Cooperation Treaty (PCT) is an international patent law treaty, concluded in 1970. It provides a unified procedure for filing patent applications to protect inventions in each of its Contracting States.

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The proposed amendment to the Copyright Act would mandate film producers sharing 50 per cent of music royalties with lyricists and composers. It would facilitate joint ownership of the copyright for both the producer and the director. Until now, the producers were the sole owners of the copyright.

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2011
Q. In the Union Budget 2011-12, a full exemption from the basic customs duty was extended to the bio-based asphalt (bioasphalt). What is the importance of this material? 1. Unlike traditional asphalt, bio-asphalt is not based on fossil fuels. 2. Bioasphalt can be made from non-renewable resources. 3. Bioasphalt can be made from organic waste materials. 4. It is eco-friendly to use bioasphalt for surfacing of the roads.
Which of the statements given above are correct? (a) 1, 2 and 3 only (c) 2 and 4 only (b) 1, 3 and 4 only (d) 1, 2, 3 and 4

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2012
Q. The endeavour of Janani Suraksha Yojana Programme is 1. 2. 3.
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to promote institutional deliveries to provide monetary assistance to the mother to meet the cost of delivery. to provide for wage loss due to pregnancy and confinement
Which of the statements given above is/are correct?
(a) 1 and 2 only (b) 2 only (c) 3 only (d) 1, 2 and 3

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