Weekly CA Quiz: November 2017 4th week

Explanation: According to a report released recently by the Organisation for Economic Co-operation and Development (OECD), India has slipped from a rating of ‘compliant’ to an overall rating of ‘largely compliant’ as regards its meeting international standards for exchange of tax information, according to a peer review.

The Royal Bank of Canada is the first Canadian lender to be added to the Financial Stability Board’s list of global systemically important banks, which are deemed too big to fail.

Explanation: Union Agriculture Minister Radhan Mohan Singh said while addressing a conference on the occasion of World Fisheries Day stated that combining the production of all types of fisheries (capture and culture), the total fish production has reached at about 11.41 million tonnes in 2016-17 and India has become the second largest fish producing country in the world.

During the International Fraud Awareness week, Axis Bank in association with Mumbai Police has launched its latest campaign #MuhPeTaala to promote safe banking. #MuhPeTaala is the mantra that needs to be followed to prevent cyber banking crimes. 12 to 18 November 2017

Explanation: In a first, a woman has been inducted as a pilot in the Indian Navy. Shubhangi Swaroop, who hails from Uttar Pradesh, will soon be flying Maritime Reconnaissance aircraft.

Explanation: Manipur hosted the first ever North East Development Summit (NEDS) 2017 in Imphal from November 21-22. Primary objective of organising the festival was to showcase the existing economic potential and to attract outside investors in terms of food processing industry, bamboo industry, fisheries, real estate, etc.

Explanation: Andhra Bank has launched a new scheme for self-help groups (SHGs) to encourage entrepreneurship. The scheme, Pattabhi Sitaramayya — Self Business Group (PS-SBG), has been introduced to commemorate the 138th birth anniversary of its founder Bhogaraju Pattabhi Sitaramayya, and the Silver Jubilee of the SHG-Bank linkage programme in the country.

Explanation: Bajaj Allianz General Insurance has launched ‘Pro-fit’, a platform that will act as a one-stop solution to all the health-record tracking needs of customers.

Explanation: The International Seminar on Indian Space Programme: ‘Trends and Opportunities for Industry’ was inaugurated n New Delhi. The seminar is being organised by Indian Space Research Organisation (ISRO), Antrix Corporation Limited (the commercial arm of ISRO), in coordination with Federation of Indian Chambers of Commerce and Industry (FICCI).

Explanation: According to the state-wise analysis of state of women entrepreneurship in the country by Sheatwork, a knowledge hub for women entrepreneurs, Tamil Nadu has the highest number of women entrepreneurs in India, followed by Kerala and West Bengal.

Explanation: The information and broadcasting (I&B) ministry appointed Ira Joshi as the director general (DG) of Doordarshan News, a post which has been vacant ever since former DG Veena Jain retired earlier in August.

Explanation: Prime Minister Narendra Modi launched a new mobile app — UMANG (Unified Mobile Application for New-age Governance) which will allow citizens to access Government services on a single platform.

Explanation: The government also approved expanding the Beti Bachao, Beti Padhao scheme from 161 districts to 640 districts in the country, as well as 150 additional one stop centres for the survivors of sexual violence along with seven other programmes that are part of the umbrella scheme — the National Mission for Empowerment of Women.

Explanation: The RBI has decided to allow asset reconstruction companies to have higher holding than the 26 per cent cap set earlier with regard to limits on shareholding of the post-converted equity of a borrower company under reconstruction. The extent of shareholding will be in accordance with the permissible foreign direct investment limit for the sector.

Explanation: State Bank of India (SBI) has launched comprehensive digital service platform ‘You Only Need One’ also known as YONO which is a omni digital platform that offers just about everything related to financial services and lifestyle products or services.

Explanation: Private sector lender Axis Bank has launched an instant international payment services using Ripple’s enterprise blockchain technology solution for retail and corporate customers.

Explanation: JM Financial Home Loans, a step-down subsidiary of Mumbai-based JM Financial, has received certificate of registration from the National Housing Bank for carrying out housing finance activities.

Explanation: Rating agency Standard & Poor’s (S&P) maintained India’s sovereign ratings at ‘BBB-/A-3’ with stable outlook. It said the stable outlook reflects its view that, over the next two years, growth will remain strong, India will maintain its sound external accounts position, and “fiscal deficits will remain broadly in line with our forecasts.”

Explanation: Odisha government has launched a new scheme Nabakrushna Choudhury Seccha Unnayan Yojana to provide irrigation facility to about 55,000 hectare of agricultural land across the state. The scheme has been named after former chief minister and freedom fighter Nabakrushna Choudhury.

Explanation: Paytm has picked up a majority stake in CreditMate, a Mumbai-based startup that facilitates two-wheeler loans for customers with no formal credit history. The company uses data-driven algorithms to disburse loans through its dealer partners.

Odisha government has launched Nabakrushna Choudhury Seccha Unnayan Yojana worth Rs 635 crore. Under the scheme, 46,296 hectare command area of 14 major and medium irrigations and 284 minor irrigation projects will be revived.

Explanation: Myanmar and Bangladesh have signed a memorandum of understanding for the return of over six lakh Rohingya Muslims who had fled to Bangladesh to escape a violent crackdown by the Myanmar military. The crisis started in August after Rohingya insurgents attacked Myanmar’s security forces, triggering the crackdown which had been dubbed an “ethnic cleansing” by the United Nations.

Explanation: The Union Home Minister Shri Rajnath Singh chaired the 12th meeting of the Standing Committee of Inter-State Council (ISC) in New Delhi. ISC considered the 118 recommendations contained in the Punchchi Commission report and finalised it.

Explanation: The Indian football team remained static at 105th in the latest FIFA rankings. India drew with Myanmar 2-2 at home in the AFC Asian Cup qualifiers during this ranking period. World champions Germany are on top of world rankings. Among the Asian Football Confederation countries, the Indian team occupies 15th position, ahead of the likes of Jordan, North Korea and Bahrain. Iran led the Asian rankings

Explanation: The Ministry of Home Affairs (MHA) conducted Multi State Mega Mock Tsunami Exercise 2017 along the entire East Coast in 31 coastal districts across four states-West Bengal, Odisha, Andhra Pradesh and Tamil Nadu and Puducherry (UT) on November 24. It was conducted through National Disaster Management Authority (NDMA) and Indian National Centre for Ocean Information Services (INCOIS).

Explanation: A two-day Korea festival showcasing Korea’s rich art, culture and heritage was inaugurated by Korea Tourism Organisation (KTO) Executive Vice President Min Hong Min at the Ambience Mall in Gurugram, Haryana along with Joint Secretary in the Ministry Of Tourism Suman Billa.

Explanation: World youth women’s boxing championship, which saw the participation of players from more than 30 countries, was hosted in Guwahati’s Md Tayabullah Hockey Stadium amid much fervour. The championship was inaugurated by Assam Chief Minister Sarbananda Sonowal.

Explanation: Defence of Andaman and Nicobar Islands Exercise (DANX) was conducted under the aegis of Andaman & Nicobar Command. The five day exercise started on 20 Nov 2017 and culminated on 24 Nov 2017. Main objective of the exercise was to practice & validate procedures and drills of all the Command forces aimed at defending Andaman & Nicobar Islands.

Explanation: A biographical film on the Aam Aadmi Party(AAP) supremo and Delhi chief minister Arvind Kejriwal titled ‘An Insignificant Man’ was finally released on November 17, 2017. The film has been directed by Khushboo Ranka and Vina Shukla. The film is all about the rise of Kejriwal from relative obscurity to virtual national stardom as a corruption fighter that finally led to him being appointed the Chief Minister of Delhi.

Explanation: Indian Navy Chief Admiral Sunil Lanba is visiting Bangladesh to participate in the International Multilateral Maritime Search and Rescue Exercise (IMMSAREX), the first ever operational exercise held under the aegis of Indian Ocean Naval Symposium (IONS) in Bangladesh, from November 26 to 28.

Explanation: The term of Indian Ambassador to the US, Navtej Sarna, a 1980 batch Indian Foreign Service officer, who was supposed to retire November end, has been extended by a year.

Explanation: Kotak Mahindra Bank (Kotak) has launched 24 hour accessible e-Lobbies in the Mumbai suburbs of Juhu and Powai. Keeping the convenience of customers in mind, Kotak is expanding the touchpoints available for customers with a new format – “Smart Banking 24×7” e-Lobbies.

Explanation: Foreign direct investment (FDI) in the country increased by 17 per cent to USD 25.35 billion during April-September this fiscal.

Explanation: India’s foreign-language Oscar hopeful ‘Newton’ bagged two wins at the Asia Pacific Screen Awards in Brisbane, with Rajkummar Rao winning the best actor, and writer Mayank Tewari and director Amit V. Masurkar grabbing the best screenplay honour.

Explanation: Defence Minister Nirmala Sitharaman has been elected President of the Institute for Defence Studies and Analysis (IDSA).

Explanation: Gopi Thonakal became the first Indian man to win the Asian Marathon Championship held at China’s Dongguan.

Explanation: ‘Ayodhya Mahotsav’ would be staged in Seoul and Gimhe cities of South Korea next year to depict the cultural heritage of the temple town. In return, a ‘Korea Festival’ will be held in Lucknow and Ayodhya.

Explanation: The 36th International Geological Congress (IGC) will be held in Delhi, India in the year 2020. India won the bid in 2012 at Brisbane, Australia to host the Congress in 2020. 

Explanation: India will help Mauritius to set up the Digi Locker service. The government will offer technical support and advisory services to Mauritius.

Explanation: Indo–United Kingdom joint army training exercise Ajeya Warrior 2017 will be conducted between the Indian and United Kingdom Army from 01 to 14th December 2017.

Explanation: Rajasthani ‘Maand’ folk singer Mangi Bai Arya passed away following an heart attack.

Explanation: Ajeya Warrior 2017 will be held at Mahajan field firing ranges in Rajasthan.

Explanation: The 15th Finance Commission to recommend on the sharing of revenue between the Centre and states for a five-year period was constituted by the government on 27th November, 2017. The Commission will be headed by former Union Secretary and ex-MP NK.Singh.

Explanation:Amazon India collaborated with hardware accelerator “HAX” and crowd-funding community “Kickstarter” to announce “Startup C-Cube” — a multi-level challenge for the startups that will commence in Bengaluru on December 5.

Explanation: Manipur Chief Minister N. Biren Singh inaugurated a two-day India-Myanmar media interaction programme in Imphal and said his government is trying to introduce a bus service between the two places to bring the people closer.

Explanation:State-run lender Bank of Baroda launched digital Supply Chain Finance solution which aims to accelerate working capital loan opportunities for the small and medium enterprises and large corporate clients.

Explanation:Mercedes’ Finnish driver Valtteri Bottas won the Abu Dhabi Grand Prix, the 20th and final race in the 2017 Formula One season held in Abu Dhabi.

Explanation: South Africa’s Demi-Leigh Nel-Peters was crowned Miss Universe at the pageant held in Las Vegas, with Miss Colombia and Miss Jamaica making it to the final three. She helps train women in self-defense.

Explanation: Shri Shaktikanta Das, Former Secretary, Department of Economic Affairs, has been appointed as India’s G 20 Sherpa till December 31, 2018 for the Development Track of the G20.

Explanation: Tata Power Solar has commissioned India’s first rooftop solar car port at Unity One mall in Rohini, in association with Delhi Metro Rail Corporation (DMRC), to offer provide 300KW of solar electricity. The plant is estimated to set off 438 tons of carbon emission annually.

Explanation: Developing countries will receive $540 million to continue their work in phasing out ozone-depleting chemicals, according to UN Environment Programme (UNEP). The funds will be provided by developed countries for three years starting from 2018 through the Multilateral Fund for the Implementation of the Montreal Protocol, which has disbursed over $3.7 billion since 1991 to support developing countries to phase out chemicals that destroy the ozone layer.

Explanation:The national sports icons and celebrities came together to honour the sports personalities of the country in the inaugural edition of Indian Sports Honours 2017 held in Mumbai. Team of the Year – The Indian Women’s Cricket Team

Explanation:Popular stage, Malayalam TV and film actress Thodupuzha Vasanthi has passed away at 65.

Explanation: Asian Development Bank (ADB) will raise annual funding to India to up to $4 billion from existing $2.7 billion, from next year. The loans up to $4 billion will be provided on annual basis including non-sovereign or private debt during 2018-22. In this, annual sovereign funding will increase from $2 billion to $3 billion while private sector funding would be doubled to $1 billion totaling to $4 billion.

Explanation: IndiaFirst Life Insurance (IndiaFirst Life) has launched an unique micro-insurance plan ‘insurance khata’ targeted at those in the informal sector and agricultural labourers with seasonal incomes.

Explanation: A new Payments Bank ‘Paytm Payments Bank’ was formally launched at the hands of the Union Finance Minister Arun Jaitley in New Delhi. It is India’s only mobile first bank providing zero balance accounts and zero digital transaction charges

Explanation: Singapore’s DBS Bank lowered India’s GDP growth forecast for the current fiscal to 6.6 per cent from the previous 6.8 per cent, citing that businesses were “still adjusting” to the new GST regime and there were “limited room” for fiscal support. The bank, however, expects that the Indian economy will recover in fiscal 2019 and achieve a growth rate of 7.2 per cent.

Explanation: ICICI Prudential Life Insurance Company Limited (ICICI Pru Life) announced that, it has implemented the Electronic – National Automated Clearing House (e-NACH) service of the National Payment Corporation of India. With this it has become the first life insurance company in India to offer this service to its customers.

Explanation: Uhuru Kenyatta, the 55-year-old son of the Kenya’s founding President, won a second five-year term as President, defeating veteran opposition leader and longtime rival Raila Odinga in a tense contest.

Explanation:Amazon India announced the launch of Amazon Saheli, a new pioneering program aimed at empowering and enabling women entrepreneurs across the country to sell their products on the Amazon.in marketplace.

Explanation: India has pledged to contribute about USD 2.87 million to Afghanistan in its latest financial assistance to the neighbouring country. The assistance will be used to repair around 350 public buses in the country.

Explanation: ‘Mitra’, a made-in-India robot developed by Bengaluru-based Invento Robotics, declared the start of the Global Entrepreneurship Summit in Hyderabad today (28th Nov).

Explanation: The Indian men’s kabaddi teams was crowned the champions of Asia after beating Pakistan in Gorgan, Iran.

Explanation: Snehlata Shrivastava has been appointed as the new Secretary General of the Lok Sabha.
She will be the first woman secretary general of the Lok Sabha and will assume charge on 1 December.
Her tenure will end on 30 November, 2018.
She will take over a day after current incumbent Anup Mishra resigned.

Explanation: Scientists have developed the world’s first artificial intelligence politician that can answer a person’s queries regarding local issues such as policies around housing, education and immigration. The virtual politician, called SAM, was created by Nick Gerritsen, a 49-year-old entrepreneur in New Zealand.

Explanation:It has come to the notice of Reserve Bank of India (RBI) that some co-operative Societies are using the word “Bank” in their names. So, the RBI has asked co-operative societies not use the word ‘Bank’ in their names as it violates the Section 7 of Banking Regulation Act.

Explanation:Robin Campillo’s French film ‘120 Beats Per Minute’, which deals with the subject of AIDS, won the Golden Peacock Award for best film at the 48th International Film Festival of India (IFFI) held in Goa.

Explanation: World’s first Sanskrit 3D film ‘Anurakthi’ was among the main attraction in 3D category at the 48th International Film Festival of India in Panaji in Goa.

Explanation: France have won their 10th Davis Cup title after a 3-2 victory in the final against Belgium. The Davis Cup is the premier international team event in men’s tennis.

Explanation: The Indian women’s kabaddi teams was crowned the champions of Asia after beating South Korea in Gorgan, Iran.

Explanation: The Eastern Railways has pressed India’s first Swarna Rajdhani rake. Indian Railways decided to upgrade Premium Rajdhani and Shatabdi trains under Project ‘Swarna’. The first rake of Sealdah – New Delhi Rajdhani with improved features has been pressed into service on November 28, 2017.

Explanation: The Centre has sanctioned Rs 275 crore for establishing a Global Centre for Security and Counter-Terrorism in Jaipur, Rajasthan. Central Government will allocate Rs. 165 crore and Rajasthan State Government will bear Rs 110 crore for setting-up this centre.

Explanation:The Re 1 currency note has completed 100 years after the first note, which was printed in England, was issued on November 30, 1917 in India. Since 1917 to 2017, there have been 125 different One Rupee notes that have been issued for circulation with different serial numbers and signatures.

Explanation: The US Agency for International Development (USAID) announced $1 million to create awareness about Tuberculosis (TB) to help India in its fight against the disease. The move would support Prime Minister Modi’s ultimate goal of securing a TB-free India by 2025.

Explanation:The data released by the Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation estimated GDP for the second quarter (July-September) Q2 of 2017-18. According to it, India’s Gross Domestic Products (GDP) surged by 6.3 percent in the September quarter, thus indicating healing in the Indian economy from the shake off of Demonetisation and Goods and Services Tax (GST) last year.

Explanation: Mirabai Chanu scripted history by becoming the first Indian woman in over two decades to clinch gold at the 2017 World Weightlifting Championship in Anaheim, USA. She won the Championship by creating a new world record of 194-kg – lifting 85 kg snatch and 109 kg in clean-and-jerk.

Explanation:Popular Malayalam actor and mimicry artist Abi has passed away. The actor, who is best known for films like Mazhavil Koodaram, Kireedamillatha Rajakkanmar, Mimics Action 500, Aniyathipraavu and Rasikan, etc.

Explanation: Multilateral funding agency Asian Development Bank (ADB) will provide a $500 million loan to improve rural road connectivity in five states – Assam, Madhya Pradesh, Chhattisgarh, Odisha and West Bengal.

Explanation:Global Entrepreneurship Summit 2017 was held in Hyderabad between November 28 and November 30. The Summit  highlighted the theme ‘Women First, Prosperity for All’, and focused on supporting women entrepreneurs and fostering economic growth globally.

Explanation: Technology Giant Google announced the launch of Datally App that will help users understand, control and save on their mobile data.