Govt. Schemes

Pradhan Mantri Gram Sadak Yojana(PMGSY):

1.     Launched in 2000.

2.     Under ministry of Rural development

3.     It is a nationwide plan to provide good all-weather road connectivity to unconnected villages of more than 500 persons in the rural areas (250 persons in the hilly and desert areas).

4.     It is a 100% Centrally Sponsored Scheme.

·        Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY):

1.     Launched in 2005.

2.     Under ministry of Power.

3.     Under the programme, 90%  grant is provided by Govt. of India and 10% as loan by Rural Electrification Corporation (REC) to the State Governments.

4.     All the BPL families are eligible for free connections under the scheme.

·        Indira Awaas Yojana(IAY):

1.     Launched during 1985-86 as a sub-scheme and delinked from the Jawahar rojgar yojana (JRY) and has been made an independent scheme with effect from January 1, 1996.

2.     Under Ministry of Rural Development

3.     To provide grant for construction of houses to members of Scheduled Castes / Scheduled Tribes.

4.     Funding is shared between the Centre & State in the ratio of 75:25.

·        Bharat Nirman:

1.     Launched in 2005 for Investing 1, 74, 000 crore in next four year for building rural infrastructure.

2.     Phase I - 2005-09 and Phase II - 2009-12.

3.     Under Ministry of Rural Development

4.     Bharat Nirman comprises of six components:

a)     Water Supply-- Cover approximately 55 thousand uncovered habitations and provide safe drinking water to approximately 2.16 lakh villages affected by poor water quality

b)    Housing-- Provide additional 1.2 crore houses at the rate of 24 lakh houses each year to be built by funds allocated to the homeless through Panchayats

c)     Telecommunication and Information Technology -- Increase rural tele-density to 40% and provide broadband connectivity and Bharat Nirman Seva Kendras to all 2.5 lakh Panchayats

d)    Roads-- Provide road connections to remaining 23,000 villages approximately with population of 1000 or 500 in case of hilly or tribal areas

e)     Electrification-- Provide electricity to remaining 40,000 villages approximately and connections to about 1.75 crore poor households

f)      Irrigation -- 6.5 million hectares brought under assured irrigation till 2009. Remaining 3.5 lakh hectares to be completed by 2012

Pradhan Mantri Gram Sadak Yojana (PMGSY), Rajiv Gandhi Vidyutikaran Yojana(RGVY) & Indira Awas Yojana (IWY) come under Bharat Nirman.

·        Pradhan Mantri Adarsh Gram Yojana(PMAGY):

1.     Launched in the Union Budget 2009-10 by the Union Government for developing those 44,000 villages which have ST population more than 50%. But on a trial basis it is started in only 1,000 villages.

2.     If the pilot scheme is successful the scheme will be expanded to remaining villages.

·        National Rural Health Mission (NRHM):

1.     Launched in 2005 till 2012.

2.     Under ministry of health and family welfare.

3.     The NRHM covers the entire country, with special focus on 18 States.

·        Accredited Social Health Activist (ASHA):

1.     ‘ASHA’ or Accredited Social Health Activist is a trained female person appointed on 1000 population to provide basic health facilities under National Rural Health Activist.

2.     ASHA must primarily be a 8th class pass woman resident of the village – married/ widowed/ divorced, preferably in the age group of 25 to 45 years.

·        National Rural Employment Guarantee Act (NREGA):

1.     Act came in 2005 and was launched on February 2, 2006 from Anantapur in Andhra Pradesh. 

2.     Under Ministry of rural development

3.     The scheme provides a legal guarantee for 100 days of employment in every financial year to adult members of any rural household willing to do public work-related unskilled manual work at the statutory minimum wage of Rs.100 per (Budget – 2009-10).

4.     Around one-third work force must be women.

5.     It has been renamed as Mahatma Gandhi Rural Employment Guarantee Act (MGNREGA) on 2nd October, 2009.

6.     From 1 January 2011 Wages has been linked with Consumer Price Index – Agriculture Labour (CPI-AL).

·        Sarva Siksha Abhiyan(SSA):

1.     Launched in 2001.

2.     Under Ministry of Human Resource Development.

3.     For providing 8th class education to all student who comes in 6 to 14 age group by 2010.

·        Rashtriya Madhyamik Shiksha Abhiyan(RMSA):

1.     Under Ministry of Human Resource Development (MHRD)

2.     Announced in 2007 and it is proposed to implement during 11th Five Year plan. In Jan 2009 CCEA (Cabinet Committee on Economic Affairs) approved the implementation

3.     Rs.20, 120 crore has been allocated for the Scheme during the 11th Five Year Plan.

4.     The goal of RMSA is to make secondary education to all young students in the age group 15-16 years (classes IX and X). The major target of the scheme is (a) Universal access of Secondary level education to all students in the age group 15-16 years by 2015 by providing a secondary school within 5 kilometers of any habitation and a higher secondary school within 7 kilometer of any habitation and (b) Universal retention by 2020.

·        Swarna Jayanti Gram Swarozgar Yojana (SGSY):  

1.     Launched as an integrated programme for self-employment of the rural poor with effect from 1 April 1999.

2.     Under Ministry of Rural Development.

3.     IRDP, TRYSEM, DWCRA, SITRA and GKY are merged in SGSY.

4.     Implemented with help of Self- Help Group (SHG). A SHG may generally consist of 10-20 persons.

5.     It is financed on 75:25 cost-sharing basis between the Centre and the states

6.     In Union Budget 2009-10, The Swarna Jayanti Gram Swarozgar Yojana (SGSY) restructured as National Rural Livelihood Mission to make it universal in application, focused in approach and time bound for poverty eradication by 2014-15.

·        Rashtriya Swasthya Bima Yojana (RSBY):

1.     Launched in 2007.

2.     Under Ministry of Labour and Employment.

3.     Objective is to provide insurance cover to BPL households of unorganized sector from major health shocks that involve hospitalization.

4.     In the Union Budget 2009-10, It is proposed that All BPL families to be covered under this scheme.

·        Rajiv Awas Yojana:

1.     It is a new scheme announced in the Union Budget 2009-10 for making slum-free India in five years.

2.     Under Ministry of Housing & Urban Poverty Alleviation.

3.     Rajiv Awas Yojana comes under JNNURM on the lines of Indira Awas Yojana for rural poor.

·        Jawaharlal Nehru National Urban Renewal Mission(JNNUM):

1.     Launched on 2005

2.     Under Ministry of Urban Development.

3.     For development of 63 identified cities.

4.     National Steering Group chaired by urban development minister

5.     It comprises two Sub-Missions:

a)     Urban Infrastructure and Governance (UIG)

b)    Basic Services to the Urban Poor Urban (BSUP)

·        Swarna Jayanti Shahari Rozgar Yojana (SJSRY):

1.     Launched in 1997.

2.     Under Ministry of Urban Affairs and Employment.

3.     It is a unified Centrally Sponsored Scheme specially for Urban Poor after merging Nehru Rojgar Yojana (NRY), Prime Minister's Integrated Urban Poverty Eradication Programme (PMIUPEP) and Urban Basic Services for the Poor (UBSP).

4.     Funding pattern of Centre and State in 75:25 Basis.

·        Rashtriya Krishi Vikas Yojana:

1.     Under Ministry of  Agriculture

2.     Launched by Govt. of India during 2007-08 to incentives states to draw up plans for their agriculture sector.

3.     The fund has been provided to the State as 100% Grant.

4.     The RKVY aims at achieving 4% annual growth in the agriculture sector during the XI Plan period.

·        National Social Assistance Programme:

1.     The programme was launched with effect from 15th August 1985.

2.     Centrally Sponsored Programme under which 100 percent Central assistance is made available to the State/UT.

3.     Under Ministry of Rural Development but now NSAP is transferred to the State Plan along with the Annapurna Scheme from 2002-03.

4.     Under this programme three sub-schemes are under implementation. They are.

a)     National Old Age Pension scheme (NOAP)

b)    National Family Benefit Scheme (NEBS)

c)     National Maternity Benefit Scheme (NMBS)

·        National Old Age pension (NOAP):

1.     Old person above 65 Years. Physically Handicapped persons and Leprosy destitute (Irrespective of Age) who comes under Below Poverty line.

2.     The National Old Age Pension Scheme has been renamed as Indira Gandhi National Old Age Pension Scheme (IGNOPS) and formally launched on 19th November, 2007.

3.     The central contribution of pension under the Indira Gandhi National Old Age Pension Scheme (IGNOAPS) is Rs. 200/- per month per beneficiary and the State Governments may contribute over and above to this amount. At present old age beneficiaries are getting anywhere between Rs. 200/- to Rs. 1000/- depending on the State Contribution.

·        National Family Benefit Scheme (NFBS)

1.     Under this scheme, in the death of primary breadwinner (Age 18-65 years), the head of household is untitled to get the benefit of Rs.10000/- in case normal deaths.

·        Annapurna Scheme

1.     Launched on1st April, 2000.

2.     For providing food security to those Senior Citizens (above 65 years) who though eligible have remained uncovered under the National Old Age Pension Scheme (NOAPS).

3.     Under the Annapurna Scheme, 10 Kg. of food grains per month are to be provided 'free of cost' to the Beneficiary.

4.     From 2002-03, it has been transferred to State Plan along with the National Social Assistance Programme comprising the National Old Age Pension Scheme and the National Family Benefit Scheme.

·        National Maternity Benefit Scheme (NMBS):-

1.     Under the scheme, lump sum cash assistance of Rs. 500/- per pregnancy was provided as a maternity benefit to women (Minimum age 19 years) of BPL households up to 2 live births.

2.     Two new schemes have been introduced in the Interim Budget 2009-10:

a.     'Indira Gandhi National Widow Pension Scheme' to provide pension of Rs.200 to widows  between age groups of 40-64 years and

b.     'Indira Gandhi National Disability Pension Scheme' to provide pension for severely disabled persons.

·        Aam Admi Bima Yojna (AABY):

1.     Launched in 2nd October 2007.

2.     It is an Insurance Scheme which covers the death and permanent disability for the benefit of rural landless households between the age group of 18 to 59 years.

3.     Implemented through the LIC of India and inter alias.

·        Antyodaya Anna yojana

1.     25th December,2000

2.     BPL families in Rural Area and urban area

3.     Food grains 25 Kg per family per month @ Rs.2/- per Kg for wheat and Rs. 3/- per Kg for rice. This quantity has been enhanced from 25 kg to 35 kg from 1 April 2002.

4.     Under the expanded Antyodaya Anna Yojna, exclusive AAY cards are also issued to the Senior Citizens who have no regular means of subsistence or societal support, widows and families headed by widows, terminally ill and physically handicapped even if they are not in possession of any APL or BPL card.

·        Sampoorna Grameen Rozgar Yojana

1.     Launched in 2001 by merging the on-going schemes of EAS and the JGSY

2.     Objective of providing additional wage employment and food security, alongside creation of durable community assets in rural areas.

3.     The programme is self-targeting in nature with special emphasis on women, scheduled castes and scheduled tribes.

·        Training of Rural Youth for Self-Employment (TRYSEM)

1.     Initiated in 1979.

2.     It is a component of IRDP, aims to providing basic technical and entrepreneurial skills to the rural poor in the age group of 18 to 35 years to enable them to take up income generating activities.

3.     The scheme had been merged into Swarnajayanti Gram Swarojgar Yojana (SGSY) in 1999.

·        Integrated Rural Development Programme (IRDP)

1.     Launched in 1978 and extended throughout India by 1980

2.     It is a self-employment program intended to raise the income-generation capacity of target groups among the poor in rural areas. Assistance is provided in the form of subsidy and bank credit.

3.     Scheme is merged with another Scheme named swarnjayanti gram swarozgar yojana (SGSY) since 01.04.1999.

·        Janani Suraksha Yojana

1.     Launched in 2003

2.     Centrally sponsored scheme aimed at reducing maternal and infant mortality rates and increasing institutional deliveries in below poverty line (BPL) families above 19 years of age and up to two live births.

3.     It falls under the overall umbrella of National Rural Health Mission.



·        National Maternity Benefit Scheme (NMBS)

1.     Provision for the payment of Rs. 500 per pregnancy to women belonging to poor households for pre-natal and post-natal maternity care upto first two live births.

·        Mahila Samridhi Yojna

1.     Started on 2 October 1993.

2.     Under this plan, the rural women of 18 years of above age can open their saving account in the rural post office of their own area with a minimum Rs. 4 or its multiplier

·        National Food Security Mission (NFSM)

1.     Lunched in 2007.

2.     Centrally sponsored scheme

3.     Objectives of this scheme is to increase production of wheat, rice and pulses through area expansion and productivity enhancement.

·        Saakshar Bharat

1.     Launched on 8 September 2009

2.     It aims to recast India's National Literacy Mission to focus on literacy of women, which is expected to increase the literate population by 70 million adults, including 60 million women.

·        National Livelihood Mission

1.     Started in 2009-10

2.     To make the Swarnajayanti Gram Swarozgar Yojna more effective government has decided to restructure the scheme under a new name National Livelihood Mission.

3.     To provide self-employment in the rural areas by bringing each household below the poverty line under the net of self-help group (SHG).

·        Rajiv Gandhi Grameen Vidyutikaran Yojana(RGGVY)
1.     Launched in 2005

2.     Objective of providing access to electricity to all households and improving rural electricity infrastructure in entire country.

·        Rajiv Gandhi National Drinking Water Mission

1.     Launched in 1986. It was also called the National Drinking Water Mission (NDWM). The NDWM was renamed Rajiv Gandhi National Drinking Water mission (RGNDWM) in 1991.

2.     The main aim of the scheme is to provide drinking water to the non covered/ partially covered habitations

·        Integrated Child Development Services (ICDS) Scheme

1.     Launched on 2nd October 1975

2.     To improve the nutritional and health status of children in the age-group 0-6 years.

Review of Budget 2012-2013

Key Features of Budget 2012-2013

1.     Total expenditure for 2012-13 => 14,90,925 crore.

2.     Plan expenditure for 2012-13 =>  5,21,025 crore is 18 % higher than 2011-12. This is higher than 15  % projected in Approach to the 12th Plan.

3.     99 % of the total plan outlay met in the 11th Plan.

4.     Non-plan expenditure => 9,69,900 crore.

5.     Fiscal deficit at 5.9 % of GDP in 2011-12.

6.     Fiscal deficit at 5.1 % of GDP in 2012-13.

7.     Central Government debt at 45.5 % of GDP in 2012-13 as compared to Thirteenth Finance             Commission target of 50.5 %.

8.     Effective Revenue Deficit to be 1.8 % of GDP in 2012-13.

9.     Proposal to allow individual tax payers, a deduction of upto 10,000 for interest from savings bank accounts.

10. Senior citizens not having income from business proposed to be exempted from payment of advance tax.

11. Reduction in securities transaction tax by 20 % on cash delivery transactions.

12. Proposal to extend the levy of Alternate Minimum Tax to all persons, other than companies, claiming profit linked deductions.

13. A net revenue loss of 4,500 crore estimated as a result of Direct Tax proposals.

14. Proposal to tax all services except those in the negative list comprising of 17 heads.

15. Service tax rate increased from 10 % to 12 %.

16. Excise duty to be raised from 10 % to 12 %.

17. Indirect taxes estimated to result in net revenue gain of 45,940 crore.

18. Net gain of 41,440 crore in the Budget due to various taxation proposals.

19. 12th Five Year Plan to be launched with the aim of “faster, sustainable and more inclusive growth”.

20. Current account deficit at 3.6 % of GDP for 2011-12.

21. To keep central subsidies under 2 % of GDP in 2012-13. Over next 3 year, to be further brought down to 1.75 % of GDP.

22. Based on recommendation of task force headed by Shri Nandan Nilekani, a mobile-based Fertilizer Management System has been designed to provide end to end information on movement of fertilisers and subsidies.

23. All three public sector Oil Marketing Companies have launched LPG transparency portals to improve customer service and reduce leakage.

24. Endeavour to scale up and roll out Aadhaar enabled payments for various government schemes in at least 50 districts within next 6 months.

25. DTC Bill to be enacted at the earliest after the report of the Parliamentary Standing Committee may be in August.

26. Drafting of model legislation for the Centre and State GST in concert with States is under progress.

27. GST network to be set up as a National Information Utility and to become operational by August 2012.

28. For 2012-13 => 30,000 crore to be raised through disinvestment. At least 51 % ownership and management control to remain with Government.

29. Efforts to arrive at a broadbased consensus in consultation with the State Governments in respect of decision to allow FDI in multi-brand retail upto 51 %.

30. Rajiv Gandhi Equity Saving Scheme to allow for income tax deduction of 50 % to new retail investors, who invest upto 50,000 directly in equities and whose annual income is below 10 lakh to be introduced. The scheme will have a lock-in period of 3 years.

31. To protect the financial health of Public Sector Banks and Financial Institutions, 15,888 crore proposed to be provided for capitalisation. Possibility of creating a financial holding company to raise resources to meet the capital requirments of PSU Banks under examination.

32. A central “Know Your Customer” depository to be developed in 2012-13 to avoid multiplicity of registration and data upkeep.

33. Out of 73,000 identified habitations that were to be covered under “Swabhimaan” campaigns by March, 2012, about 70,000 habitations have been covered. Rest likely to be covered by March 31, 2012. In 2012-13, “Swabhimaan” campaign to be extended to more habitations.

34. As a next step, Ultra Small Branches are being set up at these habitations.

35. Out of 82 RRBs in India, 81 have successfully migrated to Core Banking Solutions and have also joined the National Electronic Fund Transfer system.

36. Proposal to extend the scheme of capitalisation of weak RRBs by another 2 years to enable States to contribute their share.

37. During 12th Plan period, investment in infrastructure to go up to 50 lakh crore with half of this, expected from private sector.

38. Government has approved guidelines for establishing joint venture companies by defence PSUs in PPP mode.

39. First Infrastructure Debt Fund with an initial size of 8,000 crore launched earlier this month.

40. National Manufacturing Policy announced with the objective of raising, within a decade, the share of manufacturing in GDP to 25 % and creating of 10 crore jobs.

41. Direct import of Aviation Turbine Fuel permitted for Indian Carriers as actual users.

42. Proposal to allow foreign airlines to participate upto 49 % in the equity of an air transport undertaking under active consideration of the government.

43. 5,000 crore India Opportunities Venture Fund to be set up with SIDBI.

44. To enable greater access to finance by Small and Medium Enterprises (SME), two SME exchanges launched in Mumbai recently.

45. Initiative of Bringing Green Revolution to Eastern India (BGREI) has resulted in increased production and productivity of paddy. Allocation for the scheme increased to 1,000 crore in 2012-13 from 400 crore in 2011-12.

46. 2,242 crore project launched with World Bank assistance to improve productivity in the dairy sector.

47. Target for agricultural credit raised by 1,00,000 crore to 5,75,000 crore in 2012-13.

48. Interest subvention scheme for providing short term crop loans to farmers at 7 % interest per annum to be continued in 2012-13. Additional subvention of 3 % available for prompt paying farmers.

49. Kisan Credit Card (KCC) Scheme to be modified to make KCC a smart card which could be used at ATMs.

50. A new centrally sponsored scheme titled “National Mission on Food Processing” to be started in 2012-13 in co-operation with State Governments.

51. A national information utility for computerisation of PDS is being created. To become operational by December, 2012.

52. Major initiative proposed to strengthen Panchayats through Rajiv Gandhi Panchayat Sashaktikaran Abhiyan.

53. 6,000 schools proposed to be set up at block level as model schools in 12th Plan.

54. To ensure better flow of credit to students, a Credit Guarantee Fund proposed to be set up.

55.  No new case of polio reported in last one year.

56.  National Urban Health Mission is being launched.

57. Pradhan Mantri Swasthya Suraksha Yojana being expanded to cover upgradation of 7 more Government medical colleges.

58.  Projects approved by National Skill Development Corporation expected to train 6.2 crore persons at the end of 10 years.

59.   1,000 crore allocated for National Skill Development Fund in 2012-13.

60.   “Himayat” scheme introduced in J&K to provide skill training to 1 lakh youth in next 5 years. Entire cost to be borne by Centre.

61.   In the ongoing Indira Gandhi National Widow Pension Scheme and Indira Gandhi National Disability Pension Scheme for BPL beneficiaries, pension amount to be raised from `200 to `300 per month.

62.   Lump sum grant on the death of primary breadwinner of a BPL family, in the age group 18-64 years, doubled to `20,000.

63.   To enhance access under SWAVALAMBAN scheme, LIC appointed as an Aggregator and all Public Sector Banks appointed as Points of Presence (PoP) and Aggregators.

64.   Scheme to create National Population Register likely to be completed within next 2 years.

65.   Enrolment of 20 crore persons completed under UID mission. Adequate funds to be allocated to complete enrolment of another 40 crore persons.

66.   Proposal to lay a White Paper on Black Money in current session of Parliament.

Economic Terminology

ADB: Asian Development Bank

ADR: American Depositary Receipt

AIDWA: All India Democratic Woman’s Association

AITUC: All India Trade Union Congress

AMFI: Association of Mutual Funds in India

APEC: Asia-Pacific Economic Cooperation

APL: Above Poverty Line
APM: Administered Pricing Mechanism

ARC: Asset Reconstruction Company
ARDR: Agricultural and Rural Debt Relief

ASBA: Application Supported by Block Amount
ASEAN: Association of South-East Asian Nations
ASEM: Asia-Europe Meeting
ASSOCHAM: Associated Chambers of Commerce and Industry

ATM: Automatic Teller Machine
BIFR: Board of Industrial and Financial Reconstruction

BCBS: Basel committee for Banking Supervision
BCSBI: Banking Codes and Standards Board of India

BIS: Bureau of Indian Standards

BOLT: BSE On-Line Trading (System)

BOT: Build, Operate and Transfer

BPL: Below Poverty Line
BPO: Business Process Outsourcing
BSE: Bombay Stock Exchange
CA: Chartered Accountant
CABE: Central Advisory Board of Education

CACP: Commission of Agriculture Cost and Price
C & AG: Comptroller & Auditor General

CAMELS: C - Capital adequacy, A - Asset quality, M - Management quality, E – Earnings, L – Liquidity, S - Sensitivity to Market Risk

CAPART: Council for People’s Action and Advancement of Rural Technology

CAR: Capital adequacy ratio

CARE: Credit Analysis & Research Ltd.

CBS: Core banking solution

CCI: Competition Commission of India

CCIL: Clearing Corporation of India limited

CDSL: Central Securities Depository Limited
CECA: Comprehensive Economic Cooperation Agreement

CEPA: Comprehensive Economic Partnership Agreement
CIBIL: Credit Information Bureau (India) Ltd

CII: Confederation of Indian Industry
CIS: Commonwealth of Independent States
CHOGM: Commonwealth Heads of Government Meeting
CITES: Convention on International Trade in Endangered Species
CITU: Centre Of Indian Trade Unions
CMP: Common Minimum Programme
CPI (UNME): The Consumer Price Index for Urban Non-Manual Employees.

CPI (AL): Consumer Price Index for Agricultural Laboures.

CPI (IW): Consumer Price Index for Industrial Workers

CPI (RL): Consumer Price Index for Rural Labourers

CRAR: Capital to Risk (Weighted) Assets Ratio

CRISIL: Credit Rating Information Services of India Limited
CRR: Cash Reserve Ratio
CSIR: Council of Scientific and Industrial Research

CST: Central Sales Tax

CTT: Commodities Transaction Tax
DA: Dearness Allowance; Daily Allowance
DMIC: Delhi-Mumbai Industrial Corridor
DPEP: District Primary Education Programme

ECA: Essential Commodity Act
ECB: External Commercial Borrowings

ECS: Electronic clearing system

EDUSAT: Education Satellite

EEE: Exempt Exempt Exempt
EET: Exempt Exempt Taxation
EFA: Education for All

EFT: Electronic fund transfer
EEFC Accounts: Exchange Earners Foreign Currency Account

EGoM: Empowered Group of Ministers

EMI: Equated Monthly Installment
EMS: European Monetary System
ERNET: Educational and Research Network
ESA: European Space Agency
ESCAP: Economic and Social Commission for Asia and Pacific
ESMA: Essential Services Maintenance Act
ESOP: Employee Stock Option Programme
EU: European Union
FAO: Food and Agriculture Organisation
FCCB: Foreign Currency Convertible Bond
FCNR: Foreign Currency (Non-Resident) Accounts Scheme

EPF: Employees Provident Fund

EPFO: Employees Provident Fund Organization

FDI: Foreign Direct Investment
FEMA: Foreign Exchange Management Act
FERA: Foreign Exchange Regulations Act
FICCI: Federation of Indian Chambers Of Commerce and Industry

FII: Foreign Institutional Investors
FIPB: Foreign Investment Promotion Board (Of India)

FMCG: Fast Moving Consumer Goods

FPO: Follow on Public Offer
FRBM: Fiscal Responsibility And Budget Management
FSSA: Food Safety And Standards Authority (Of India)
FTA: Free Trade Area

GATT: General Agreement On Tariffs And Trade
GCC: Gulf Cooperation Council

GDP: Gross Domestic Product

GDR: Global Depositary Receipt
GEF: Global Environment Fund

GIC: General Insurance Corporation
GNP: Gross National Product

GST: Goods and Service Tax

HDFC: Housing Development Finance Corporation Limited
HDI: Human Development Index

HSBC: Hongkong and Shanghai Banking Corporation Limited

HUDCO: Housing And Urban Development Corporation
IAAI: International Airport Authority Of India

IAAS: Indian Audit and Accounts Service

IADF: International Agricultural Development Fund

IAEA: International Atomic Energy Agency

IAEA: International Atomic Energy Agency

IASB: The International Accounting Standards Board
IBRD: International Bank for Reconstruction And Development

ICAI:  Institute of Chartered Accountants of India

ICAR: Indian Council of Agricultural Research
ICCW: Indian Council for Child Welfare
ICDS: Integrated Child Development Service
ICMR: Indian Council of Medical Research

ICICI: Industrial Credit and Investment Corporation of India

ICOR: Incremental capital output ratio
ICRC: International Committee of Red Cross
IDA: International Development Association

ICRA: Investment information and Credit Rating Agency
IES: Indian Economic Service
IEX: Indian Energy Exchange
IFRS: International Financial Reporting Standard
IFSC: Indian financial system code
IFTU: International Federation of Trade Unions
IFWJ: Indian Federation of Working Journalists
IIP: The Index of Industrial Production
IIPA: Indian Institute of Public Administration
IISS: International Institute of Strategic Studies
ILO: International Labour Organisation
IMF: International Monetary Fund
IMO: International Maritime Organisation

IDR: Indian Depository Receipts
IDBI: Industrial Development Bank of India

IMF: International monetary fund

IMRB: Indian Market Research Bureau

INMARSAT: International Maritime Satellite Organisation
INTERPOL: International Police Organisation
INTUC: Indian National Trade Union Congress
IOC: International Olympic Committee
IPCC: Intergovernmental Panel on Climate Change
IPEC: International Programme on Elimination Of Child Labour

IPO: Initial public offer
IPR: Intellectual Property Right
IRDA: Insurance Regulatory and Development Authority
IREP: Integrated Rural Energy Planning
ISO: International Standardisation Organisation
ISS: International Space Station
ITDC: Indian Tourism Development Corporation
ITO: International Trade Organisation; Income-Tax Officer
ITU: International Tele-Communication Union
JNNURM: Jawahar Lal Nehru National Urban Renewal Mission
KPO: Knowledge Process Outsourcing

KYC: Know your customer

LDC: Least Developed Countries

LIBOR: London Inter Bank Offer Rate
LIC: Life Insurance Corporation (Of India)
LLP: Limited Liability Partnership
MAT: Minimum Alternative Tax

MAIT: Manufacturers’ Association for Information Technology

MCAP: Market capitalization / Mid cap

MDG: Millennium development goals
MEP: Minimum Export Price

MFA: Multi-Fibre Agreement

MFI: Micro finance institution

MFIN: Micro finance institution network
MFN: Most Favoured Nation

MIBOR: Mumbai Interbank offer rate

MIN: Mutual fund identification no.

MNC: Multi-National Corporation
MRTPC: Monopolies and Restrictive Trade Practices Commission
MRTS: Mass Rapid Transit System
MSME: Micro Small and Medium Enterprises

MSP: Minimum support price
MTO: Multilateral Trade Organisation

NABARD: National Bank for Agriculture and Rural Development.

NAEP: National Adult Education Programme

NAFED: National Agricultural Cooperative Marketing Federation of India Ltd
NAFTA: North America Free Trade Agreement

NAM: Non-Aligned Movement
NAMA: Non-Agriculture Market Access
NASDAQ: National Association of Securities Dealers Automated Quotation
NATO: North Atlantic Treaty Organisation
NAV: Net Asset Value

NBFC: Non Banking Finance Companies

NCAER: National Council Of Applied Economic Research
NCERT: National Council Of Education Research And Training

NCPCR: National Commission for Protection of Child Rights

NDC:  National Development Council

NEFT: National Electronic Fund Transfer
NEGP: National E-Governance Plan
NEP: National Education Policy
NFO: New Fund Offers

NHAI: National Highways Authority of India
NHDP: National Highways Development Project
NHRC: National Human Rights Commission
NIFT: National Institute of Fashion Technology
NIO: National Institute of Oceanography
NLMA: National Literacy Mission Authority

NMDC: National Mineral Development Corporation

NNP: Net National Production

NPA: Non Performing Asset
NPR: National Population Register
MGNREGA: National Rural Employment Guarantee Act
NSE: National Stock Exchange
NSDL: National Securities Depository Limited
NSE: National Stock Exchange

NSSO: National Sample Survey Organization
NTPC: National Thermal Power Corporation
ODA: Official Development Assistance
OECD: Organisation of Economic Co-Operation and Development
OGL: Open General License
OIC: Organisation of Islamic Countries
OIL: Oil India Limited

OMCS: Oil Marketing Companies
ONGC: Oil And Natural Gas Commission
OPEC: Organisation Of Petroleum Exporting Countries

OSCE: Organisation For Security And Cooperation In Europe
PAC: Public Accounts Committee
PAN: Permanent Account Number (Of Income-Tax)
PATA: Pacific-Asia Travel Association

PCI: Per capita income

PDS: Public Distribution System
PIL: Public Interest Litigation
PIO: Persons Of Indian Origin
PN: Participatory Note
PoP: Point Of Purchase

PPF: Public Provident Fund

PPP: Public private partnership / Purchasing power parity

PTA: Preferential Trade Area

PURA: Providing urban amenities in rural areas

QIB: Qualified Institutional Buyer

QIP: Qualified Institutional Placement
QR: Quantitative Restriction
RBI: Reserve Bank Of India

RIDF: Rural infrastructure development fund

RRB: Regional Rural Bank
RRPI: Rural Retail Price Index
RTGS: Real Time Gross Settlement System
SAARC: South Asian Association for Regional Co-Operation
SAFTA: South Asian Free Trade Area
SAIL: Steel Authority of India Limited
SAPTA: SAARC Preferential Trading Agreement

SARFAESI ACT: The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
SCO: Shanghai Cooperation Organisation
SCOPE: Standing Conference On Public Enterprises
SDR: Special Drawing Rights
SEBI: Securities And Exchange Board Of India

SEZ: Special Economic Zone
SIDBI: Small Industries Development Bank of India
SEWA: Self employed woman’s association
SLR: Statutory Liquidity Ratio
STT: Securities Transaction Tax
SWIFT: Society for Worldwide Financial Telecommunications
TDS: Tax Deduction at Source

TIFR: Tata Institute Of Fundamental Research
TIN: Tax Information Network
TINXSYS: Tax Information Exchange System
TISCO: Tata Iron and Steel Company

TPDS: Targeted Public Distribution System
TRAI: Telecom Regulatory Authority Of India
TRIMS: Trade Related Investment Measures
TRIPS: Trade Related Intellectual Property Rights
TRYSEM: Training Of Rural Youth For Self Employment
UN: United Nations
UNCTAD: United Nations Conference On Trade And Development
UNDP: United Nations Development Programme
UNEF: United Nations Emergency Force
UNEP: United Nations Environment Programme
UNESCO: United Nations Educational, Scientific And Cultural Organisation

UNFCCC: United nation framework convention on climate change
UNFPO: United Nations Fund For Population Activities
UNHCR: United Nations High Commissioner For Refugees
UNHRC: United Nations Human Rights Commission
UNICEF: United Nations International Children’s (Emergency) Fund
UNIDO: United Nations Industrial Development Organisation
UNRRA: United Nations Relief And Rehabilitation Administration
VAT: Value-Added Tax
VDIS: Voluntary Disclosure Of Income Scheme
VRS: Voluntary Retirement Scheme
WEF: World Economic Forum
WFP: World Food Programme

WHO: World Health Organization

WIPO: World Intellectual Property Organisation
WTO: World Trade Organisation (Previously Called GATT)

Recent Current Date Lines

Top news Based on The Hindu

Third Week of August

1.    The Union Minister for Science and Technology and former Maharashtra Chief Minister, Vilasrao Deshmukh passed away.

2.    National Health Mission (NHM) would be launched by merging the National Rural Health Mission (NRHM) and the National Urban Health Mission (NUHM). At the community level, outreach services will be provided to urban poor slums with the help of Urban Social Health Activists (USHA) — one for every 200-500 households. 

3.    Urdu litterateur Gopi Chand Narang honored by Pakistan with Sitara-i-Imtiaz (Star of Excellence), the third highest civilian honour.

4.    The Securities and Exchange Board of India (SEBI) announced a slew of measures to revamp the capital market by wider participation of retail investors in the initial public offering (IPO) and mutual fund industry, including steps to improve the geographical reach of mutual funds and introducing electronic-IPO.

5.    The Prime Minister’s Economic Advisory Council (PMEAC) projected 6.7 per cent growth rate for the current fiscal year in its ‘Economic Outlook 2012-13’. 

6.    The Obama administration has announced setting up of an institute for manufacturing innovations NAMII (National Additive Manufacturing Innovation Institute - based in Ohio), which will help prevent jobs going to India and China.

7.    China’s Wen Xia Yu was crowned Miss World 2012 while India’s contender, Vanya Mishra, made it to the top seven.

8.    The National Stock Exchange emerged as the world's second- largest bourse in terms of turnover in trading of index as well as stock futures, according to latest data of the World Federation of Exchanges (WEF).

9.    V V S Laxman retired from international cricket.

10.  Algerian diplomat Lakhdar Brahimi was appointed the new UN-Arab League envoy for Syria. He will succeed Kofi Annan, who resigned earlier this month.

11.  Gujarat state Government announced a Comprehensive Ban on Gutka.

12.  Cinematographer Ashok Mehta passed away. 

13.  The 57-member Organisation of Islamic Cooperation (OIC) has suspended Syria in a decision taken in OIC summit meeting in the Saudi holy city of Mecca.

14.  Steel Authority of India (SAIL) will sponsor all medal winners of the London Olympics for the next Olympics to be held in 2016 at Rio De Janeiro (Brazil).

15.  Government has decided to set up National Institute of Sports Sciences and Medicine at the Jawaharlal Nehru Stadium complex in New Delhi to help sportspersons to excel in international events. The Sports Ministry has also proposed to set up a training institute at the National Institute of Sports (NIS), Patiala.

16.  AC double-decker train flagged off by Railway Minister Mukul Roy from Sarai Rohilla station to Jaipur.

17.  Ecuador has granted asylum to Wikileaks founder Julian Assange.

18.  The initial version of the Fifth Generation Fighter Aircraft (FGFA), jointly developed by India and Russia and tipped to be one of the most advanced in the world, will be unveiled in India in 2014. It is slated for induction in the Indian Air Force by 2022.

19.  Retail inflation eased to 9.86 per cent from 9.93 per cent in June CPI (consumer price index) data released by the Central Statistical Organisation (CSO). 

20.  Centre Government has given an ultimatum to micro-blogging site Twitter to remove around 30 web pages still carrying inflammatory content such as morphed pictures and fake videos or face penal action.

21.  The Forbes magazine ranked United Progressive Alliance (UPA) chairperson Sonia Gandhi the sixth most powerful woman in the world, in its list of 100 women. German Chancellor Angela Merkel tops the list for the second year in a row. The other four Indian women in the list are Indira Nooyi (12), Padmashree Warrior (58), Chanda Kochar (59) and Kiran Mazzomdar Shaw (80).

22.  Russia formally becomes member of WTO.

23.  Prime Minister Manmohan Singh, who is in-charge of Space and Atomic Energy, will be at Sriharikota on September 9 to watch the launch of a Polar Satellite Launch Vehicle (PSLV-C21) that will put French remote-sensing satellite SPOT-6 and Japanese micro-satellite PROITERES in orbit. This launch will be the 100th mission of Indian Space Research Organisation (ISRO).

24.  20th Rajiv Gandhi National Sadbhavana Award was presented to D.R. Mehta who popularised Jaipur Foot.

25. IDBI Bank became the first lender to come out with a floating rate deposit FRTD (floating rate interest on retail term deposits) product after the Reserve Bank of India nudged banks to switch to such mode of deposits in July. Country’s largest lender State Bank of India had, in fact, experimented with such a product earlier.

26. Public sector banks across the country were hit as staff and officers launched a two-day strike protesting against reforms in the sector, outsourcing of non-core services to private sector and demanding pension revision.

27. London Olympics silver medalist Vijay Kumar and Bronze medalist Yogeshwar Dutt will be conferred with the country’s highest sporting honour Rajiv Gandhi Khel Ratna Award for the year 2012. Besides, 25 sportspersons will be presented the Arjuna Awards, the second highest sports award in the country.

28. The pilotless target aircraft Lakshya-1 was successfully test-flown from the Integrated Test Range at Chandipur.

29. The expert group set up under the chairmanship of Prime Minister’s Economic Advisory Council (PMEAC) chief, C. Rangarajan, to review the methodology of measuring poverty will submit its report in a year.

30. Ashok Chawla Committee is related to auction of natural resources.

31. Finance Minister P. Chidambaram has been appointed as India's Governor on the Board of Governors of the African Development Bank and African Development Fund in place of Pranab Mukherjee.

32. Apple has won USD 1 billion in a massive victory over South Korean giant Samsung in a patent case.

33. Domestic rating agency ICRA revised down its GDP growth estimate to 5.7 percent.

34. Delhi Government launched Kerosene-free Delhi scheme. Under this scheme, over 3.50 lakh households will get LPG cylinder and a gas stove free of cost in the coming days. 

35. Congress leader PJ Kurien was unanimously elected the Deputy Chairman of Rajya Sabha.

36. JP Morgan projected India’s growth rate 5.3 percent for 2012-13.

37. State Bank of India chairman Pratip Chaudhuri made a strong pitch for the abolition of the cash reserve ratio (CRR), saying that parking the mandatory funds with the Reserve Bank without any interest was costing the banking system about Rs 21,000 crore.

38. Reserve Bank has proposed to conduct field trials of Rs 10 polymer banknotes in five cities Jaipur, Shimla, Bhubaneshwar Mysore and Cochin. Polymer notes were first introduced in Australia to safeguard against counterfeiting of currency.

39. India and Pakistan have agreed to allow two banks each from both the countries to set up branches across the border. The two Indian banks are State Bank of India (SBI) and Bank of India (BoI). And two Pakistani bank are National Bank of Pakistan and United Bank Ltd.

     40. Government said the Reserve Bank is scrutinising the "systems" of HSBC Bank
             and Standard Chartered Bank related with anti-money laundering (AML) and    KYC norms.

Currency and Capital

Currency and Capital

Country	Capital	Currency
Afghanistan	Kabul	Afgani
Argentina	Buenos Aires	Austral, Neuvo Peso
Australia	Canberra	Australian Dollar
Austria	Vienna	Euro
Bangladesh	Dhaka	Taka
Belarus	Minsk	Rouble
Belgium	Brussels	Euro
Bhutan	Thimphu	Ngultrum
Bolivia	La Paz	Boliviano
Brazil	Brasilia	Real
Cambodia	Phnom Penh	Riel
Canada	Ottawa	Canadian Dollar
Chile	Santiago	Chilean Peso
China	Beijing	Yuan
Colombia	Bogota	Colombian Peso
Cuba	Havana	Peso
Denmark	Copenhagen	Danish Krone
East Timor	Dili	U.S. Dollar
Egypt	Cairo	Egyptian Pound
Fiji	Suva	Fiji Dollar
Finland	Helsinki	Euro
France	Paris	Euro
Georgia	Tbilisi	Lari
Germany	Berlin	Euro
Greece	Athens	Euro
Hungary	Budapest	Forint
Iceland	Reykjavik	Icelandic Krona
India	New Delhi	Indian Rupee
Indonesia	Jakarta	Rupiah
Iran	Tehran	Rial
Iraq	Baghdad	Iraqi Dinar
Israel	Jerusalem	Shekel
Italy	Rome	Euro
Japan	Tokyo	Yen
Jordan	Amman	Jordanian Dinar
Kazakhstan	Akmola	Tenge
Kenya	Nairobi	Kenyan Shilling
Korea (North)	Pyongyang	Won
Korea (South)	Seoul	Won
Kyrgyzstan	Bishkek	Kyrgyzstani Som
Latvia	Riga	Lat
Lebanon	Beirut	Lebanese Pound
Libya	Tripoli	Libyan Dinar
Luxemburg	Luxemburg	Euro
Malaysia	Kuala Lumpur	Malaysian Ringgit
Maldives	Male	Rufiyaa
Malta	Valletta	Maltese Lira
Mauritius	Port Louis	Mauritius Rupee
Mexico	Mexico City	Mexican New Peso
Mongolia	Ulan-Bator	Tugrik
Myanmar	Yangon	Kyat
Nepal	Kathmandu	Nepalese Rupee
Netherlands	Amsterdam	Euro
Nigeria	Abuja	Naira
Norway	Oslo	Norwegian Krone
Oman	Muscat	Rial Omani
Pakistan	Islamabad	Pakistani Rupee
Panama	Panamá	Balboa
Peru	Lima	New Sol
Philippines	Manila	Peso
Poland	Warsaw	New Zloty
Portugal	Lisbon	Escudo, now Euro
Qatar	Doha	Qatari Riyal
Romania	Bucharest	Romanian Leu
Russia	Moscow	Rouble
Saudi Arabia	Riyadh	Riyal
Scotland	Edinburgh	Pound Sterling
Singapore	Singapore	Singapore Dollar
South Africa	Cape Town	Rand
Spain	Madrid	Peseta, now Euro
Sri Lanka	Colombo	Sri Lankan Rupee
Sweden	Stockholm	Swedish Kroner
Switzerland	Berne	Swiss Franc
Taiwan	Taipei	New Taiwan Dollar
Tajikistan	Dushanbe	Tajik Rouble
Tajikistan	Dushanbe	Tajik Rouble
Thailand	Bangkok	Baht
Uganda	Kampala	Ugandan Shilling
Ukraine	Kiev	Hryvna
United Arab Emirates	Abu Dhabi	UAE Dirham
United Kingdom	London	Pound Sterling
Uruguay	Montevideo	Uruguayan New Peso
US	Washington D.C.	US Dollar
Uzbekistan	Tashkent	Uzbekistani Som
Uzbekistan	Toshkent/Tashkent	Uzbekistani Som
Vatican City	Vatican City	Italian Lire
Venezuela	Caracas	Bolivar
Vietnam	Hanoi	Dong
Yemen	Sana	Riyal
Yugoslavia	Belgrade	New Dinar
Zimbabwe	Harare	Zimbabwe Dollar