Friday, 27 February 2015

UNION BUDGET AND ITS IMPORTANT FACTS


THE WORD BUDGET : INTRODUCTION

THE WORD BUDGET WAS DERIVED FROM THE MIDDLE ENGLISH BOWGETTE, WHICH CAME FROM MIDDLE FRENCH BOUGETTE, WHICH IN TURN IS A DIMINUTIVE OF BOUGE, MEANING A LEATHER BAG.

BUDGET : BRIEF HISTORY

  • BUDGET WAS FIRST INTRODUCED IN INDIA ON 7TH APRIL, 1860 FROM EAST-INDIA COMPANY TO BRITISH CROWN.
  • THE FIRST FINANCE MEMBER, WHO PRESENTED THE BUDGET IN INDIA, WAS JAMES WILSON ON 7TH APRIL, 1860.

UNION BUDGET OF INDIA

  • THE UNION BUDGET OF INDIA, REFERRED TO AS THE ANNUAL FINANCIAL STATEMENT IN ARTICLE 112 OF THE CONSTITUTION OF INDIA, IS THE ANNUAL BUDGET OF THE REPUBLIC OF INDIA,
  • PRESENTED EACH YEAR ON THE LAST WORKING DAY OF FEBRUARY BY THE FINANCE MINISTER OF INDIA IN PARLIAMENT.
  • THE BUDGET, WHICH IS PRESENTED BY MEANS OF THE FINANCIAL BILL AND THE APPROPRIATION BILL HAS TO BE PASSED BY THE HOUSE BEFORE IT CAN COME INTO EFFECT ON APRIL 1, THE START OF INDIA'S FINANCIAL YEAR.

SOME IMPORTANT FACTS OF BUDGET AFTER INDEPENDENCE

  • AFTER INDEPENDENCE, INDIA’S FIRST FINANCE MINISTER R.K. SHANMUKHAM CHETTY, PRESENTED THE FIRST BUDGET AT 5 PM ON 26TH NOVEMBER, 1947.
  • THE FIRST BUDGET OF THE REPUBLIC OF INDIA WAS PRESENTED BY JOHN MATHAI ON FEBRUARY 28, 1950.
  • JAWAHARLAL NEHRU WAS THE FIRST INDIAN PRIME MINISTER TO PRESENT THE UNION BUDGET- FINANCIAL YEAR 1958-59.
  • INDIA'S ONLY WOMAN FINANCE MINISTER WHO PRESENTED THE BUDGET– INDIRA GANDHI.
  • INDIRA GANDHI WAS THE SECOND INDIAN PRIME MINISTER TO PRESENT THE UNION BUDGET.
  • MORARJI DESAI, THE FORMER FINANCE MINISTER OF INDIA, PRESENT THE BUDGET A RECORD 10 TIMES. THIS IS THE MOST BY ANY FINANCE MINISTER IN THE HISTORY OF INDIA.
  • RAJIV GANDHI BECAME THE THIRD PRIME MINISTER TO PRESENT A BUDGET AFTER HIS MOTHER AND GRANDFATHER- IN 1987-88.
  • R. VENKATARAMAN IS THE FIRST FINANCE MINISTER OF INDIA WHO LATER BECAME THE PRESIDENT OF INDIA FROM 1987-92.
  • PRANAB MUKHERJEE BECAME THE SECOND FINANCE MINISTER OF INDIA WHO LATER SERVED AS THE PRESIDENT OF INDIA.
  • C.D. DESHMUKH THE FIRST INDIAN GOVERNOR OF THE RESERVE BANK OF INDIA AS WELL AS THE FINANCE MINISTER, PRESENTED AN INTERIM BUDGET FOR 1951-52. 

GENERAL BUDGET 2015-16 HIGHLIGHTS AND SUMMARY

  • BUDGET 2015-16 MARKS THE BEGINNING OF CO-OPERATIVE FEDERALISM AND EMPOWERMENT OF THE STATES.

SEVERAL NEW SCHEMES ANNOUNCED

  • MICRO UNITS DEVELOPMENT REFINANCE AGENCY (MUDRA) BANK TO REFINANCE MICRO FINANCE INSTITUTIONS
  • PRADHAN MANTRA SURAKSHA BIMA YOJANA TO COVER ACCIDENTAL DEATH RISK OF Rs. 2 LAKH FOR JUST Rs. 12 PER YEAR PREMIUM
  • ATAL PENSION YOJANA FOR DEFINED PENSION, GOVERNMENT TO CONTRIBUTE 50% OF THE PREMIUM
  • PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA TO COVER BOTH NATURAL AND ACCIDENTAL DEATH RISK
  • PROPOSAL TO CREATE SENIOR CITIZEN WELFARE FUND
  • NATIONAL INVESTMENT AND INFRASTRUCTURE FUND PROPOSED
  • TAX FREE INFRASTRUCTURE BONDS FOR PROJECTS IN RAIL, ROAD AND IRRIGATION SECTORS
  • SETU (SELF-EMPLOYMENT AND TALENT UTILISATION) MECHANISM TO SUPPORT START-UP BUSINESSES
  • 5 NEW ULTRA MEGA POWER PROJECTS TO BE SET UP
  • GOLD MONETISATION SCHEME TO REPLACE PRESENT GOLD DEPOSIT AND GOLD METAL LOAN SCHEMES
  • ANOTHER RS. 1,000 CRORE FOR NIRBHAYA FUND
  • NEW INSTITUTIONS INCLUDING AIIMS, IIT AND IIM TO BE SET UP
  • TOTAL EXPENDITURE ESTIMATED TO BE Rs. 17,77,477 CRORE, FISCAL DEFICIT TO BE 3.9% OF GDP
  • OBJECTIVE OF STABLE TAXATION POLICY AND A NON-ADVERSARIAL TAX ADMINISTRATION
  • FIGHT AGAINST SCOURGE OF BLACK MONEY TO BE TAKEN FORWARD
  • EFFORTS ON VARIOUS FRONTS TO IMPLEMENT GST FROM NEXT YEAR
  • NO CHANGE IN RATE OF PERSONAL INCOME TAX.
  • PROPOSAL TO REDUCE CORPORATE TAX FROM 30% TO 25% OVER THE NEXT FOUR YEARS, STARTING FROM NEXT FINANCIAL YEAR.
  • RATIONALIZATION AND REMOVAL OF VARIOUS TAX EXEMPTIONS
  • INCENTIVES TO REDUCE TAX DISPUTES AND IMPROVE ADMINISTRATION
  • EXEMPTION TO INDIVIDUAL TAX PAYERS TO CONTINUE TO FACILITATE SAVINGS
WITH BEST WISHES FROM

TEAM OF PUNJAB GK EXAM

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DETAILS ON RAILWAY BUDGET 2015

Railway Budget 2015

  • Railway Budget was presented by Union Railway Minister Suresh Prabhakar Prabhu on 26-02-2015

What is Railway Budget

  • Railway Budget also referred as Rail Budget is the Annual Financial Statement of the state Indian Railways, which handles rail transport in India.
  • It is presented every year by the Minister of Railways, representing the Ministry of Railways, in the parliament.
  • The Railway Budget is presented every year, a few days before the Union budget of India.

Narendra Modi on Railway Budget 2015

  • "Rail budget 2015 is a forward looking, futuristic and passenger centric budget, combining a clear vision and a definite plan to achieve it."

Key features of Railway Budget 2015

  • The most-expected part about this year's Railway Budget - there is no increase in passsenger rail fares.
  • Rs.8.5 lakh crore will be invested in Railways in next 5 years.
  • 'Operation 5 mins', wherein passengers travellling unreserved can purchase a ticket in 5 minutes.
  • Bio toilets and airplane-type vaccum toilets in trains.
  • Surveillance cameras in select coaches and ladies compartments for women's safety without compromising on privacy.
  • Rail tickets can now be booked 120 days in advance.
  • Speed on nine railway corridors to go up to 200 km per hour. 
  • Wi-Fi in more stations, mobile phone charging facilities in all train compartments.
  • Facility of online booking of wheelchair for senior citizens.
  • Satellite railway terminals in major cities.
  • Centrally managed Rail Display Network is expected to be introduced in over 2K stations over the next 2 years.
  • All india 24/7 helpline - 138 from March 2015 ; Toll free No.182 for security.
  • 917 road under-bridges and over-bridges to be constructed to replace 3,438 railway crossings; at a cost of Rs. 6,581 crore.
  • Four Railway Research Centres to start in four universities.

General Knowledge and Current Affairs on Railway

  • India's first train was flagged off on Saturday, April 16, 1853 from Bori Bunder, Mumbai to Thane for a distance of 33.81 kms. 400 passengers first experienced the travel in the train of 14 coaches.
  • On Feb 3, 1925, first electric train made debut between Bombay (Victoria Terminus) and Kurla, a distance of 16 kms.

High-speed rail

In July 2014, India's first semi-high speed bullet train or high-speed train had a successful trial run from Delhi to Agra in 90 minutes only. It is likely to be fully operational in 2015, with the name of "Gatimaan Express", with a maximum speed of 200 km/h.
  • The current fastest train in India is the Bhopal Shatabdi that runs with a top speed of 150 km/h.
  • In 2000, Mamata Banerjee became the first women Railway Minister of India.
  • In the year 2002, she also became the first female Minister of Railways to present the Railway budget.
  • She holds the record of being the only women who presented the railway budget for two different governments in the centre (NDA and UPA).
  • First live telecast of railway budget took place on 24 March 1994. Lalu Prasad Yadav, who remained Railways Minister from 2004 to May 2009, presented the railway budget six times in a row.
  • In 2014 railway budget was presented by, Railway Minister D. V. Sadananda Gowda.
  • The Minister of State for Railways(feb 2015), Shri Manoj Sinha
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The Team of Punjab GK Exams.

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Sunday, 22 February 2015

GK ASSIGNMENT FOR PUNJAB EXAMS


VERY IMPORTANT ASSIGNMENT OF GENERAL KNOWLEDGE FOR THE STUDENTS PREPARING FOR DIFFERENT COMPETITIVE EXAMS

i) Important for Punjab Exams
ii) Important for Bank PO and Clerical Exam
iii) Important for Staff Selection Commission (SSC) Exam
iv) Important for Other Clerical Exams of Chandigarh, Punjab and Haryana

Prithvi-II missile

  • ON FEBRUARY 19, 2015 INDIA TEST FIRED THEIR NUCLEAR CAPABLE PRITHVI-II MISSILE.
  • THIS TEST WAS CONDUCTED FROM A MILITARY BASE SITUATED AT CHANDIPUR IN ODISHA.
  • STRIKING RANGE OF PRITHVI-II IS 350 KILOMETERS.
  • THE TEST FIRE OF THE MISSILE WAS CONDUCTED BY THE STRATEGIC FORCE COMMAND (SFC).
  • THE ENTIRE LAUNCHING PROCESS WAS MONITORED AND TAKEN CARE BY THE SCIENTISTS AND THE RESEARCH WING OF MINISTRY OF DEFENCE KNOWN AS THE DEFENCE RESEARCH AND DEVELOPMENT ORGANIZATION (DRDO).

IMPORTANT INFORMATION/FACTS ABOUT PRITHVI MISSILES :

  • IN 1983 THE GOVERNMENT OF INDIA LAUNCHED “THE INTEGRATED GUIDED MISSILE DEVELOPMENT PROGRAM” (IGMDP).
  • PRITHVI WAS THE FIRST MISSILE TO BE DEVELOPED UNDER THE INTEGRATED MISSILE DEVELOPMENT PROGRAM.
  • THE OBJECTIVE OF THE INDIAN ARMY WAS TO ACHIEVE SELF-SUFFICIENCY IN THE DEVELOPMENT OF NUCLEAR CAPABLE WIDE RANGE BALLISTIC MISSILES.

THREE CATEGORIES OF PRITHVI MISSILES

  • PRITHVI I (SS-150) THIS IS THE ARMY VERSION ( RANGE 150 KM ; WITH LOAD CARRYING CAPACITY OF 1,000 KG)
  • PRITHVI II (SS-250) THIS IS THE AIR FORCE VERSION ( RANGE 250 KM ; WITH LOAD CARRYING CAPACITY OF 500 KG)
  • PRITHVI III (SS-350) THIS IS NAVAL VERSION ( RANGE 350 KM ; WITH LOAD CAPACITY OF 1,000 KG)
DHANUSH IS ANOTHER VERSION OF THE PRITHVI MISSILE USED EXCLUSIVELY BY THE INDIAN NAVY.

We would like to wish all the candidates Best of Luck for the upcoming exams of session 2014-15

Some very important upcoming exams of session 2014-15

  • UGC NET June 2015
  • PCS Exam
  • Food Supply Inspector Exam Punjab
  • Municipal Corporation Clerk Chandigarh
  • UGC NET December 2015
  • Punjab and Haryana High Court Clerk.
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Tuesday, 17 February 2015

NOTES FOR FOOD INSPECTOR EXAM PUNJAB

  

 BRIEF ON MAHARAJA RANJIT SINGH.THIS ASSIGNMENT IS SPECIALLY DESIGNED FOR THE STUDENTS WHO ARE PREPARING FOR PUNJAB GOVERMENT EXAM.

BEST OF LUCK TO ALL THE STUDENTS FOR THE UPCOMING EXAMS OF PUNJAB GOVERNMENT

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