Saturday, 3 January 2015

Practice Question Set on Quantitative Aptitude for SBI Clerk Exam 2014-2015

Directions (Q. 1-9): What should come in place of question mark (?) in the following questions? 

1. -84 x 29 + 365 = ? 
 
(1) 2436  

(2) 2801  

(3) 2801
 
(4) 2071  

(5) None of these

2. (21.69)2 - √324 =? 
(1) 440.4615  

(2) 425.4561  

(3) 452.4561

(4) 442.4651  

(5) None ofthese

3. (800 ÷ 64) x (1296 ÷ 36) = ? 

(1) 420  

(2) 460  

(3) 500

(4) 540  

(5) None of these

4. (42 x 229)÷(9261)1⁄3 =? 

(1) 452  

(2) 448  

(3) 458

(4) 456  

(5) None of these

5. (35423 +7104 +41720)-(317 x 89)=? 

(1) 28213  

(2) 84307  

(3) 50694

(4) 54096  

(5) None of these

6. (9% of 386) x (6.5% of 144) = ? 

(1) 340.1664  

(2) 325.1664  

(3) 333.3333
 
(4) 328.0065  

(5) None of these

7 . 4+4.44+44.4+4.04+444=? 
(1) 500.88  

(2) 577.2  

(3) 495.22

(4) 472.88  

(5) None of these

8. 3√? = (36x24)÷9 

(1) 884736  

(2) 804036  

(3) 854734

(4) 814736  

(5) None of these

9. (43% of 2750)- (38% of 2990) = ? 

(1) 49.3  

(2) 44.7  

(3) 43.6

(4) 46.3  

(5) None of these

Directions (Q. 10-13): What should come in place of question.mark (?) in the following number series? 

10. 13 14 30 93 376 1885 ? 

(1) 10818  

(2) 10316

(3) 11316

(4) 11318  

(5) None of these

11. 4 6 9 13.5 20.25 30.375.? 

(1) 40.25  

(2) 45.5625  

(3) 42.7525

(4) 48.5625  

(5) None ofthese

12. 400  240  144  86.4  51. 84  31.1 04 ? 

(1) 19.2466  

(2) 17.2244  

(3) 16.8824

(4) 18.6624  

(5) None of these

13. 9 4.5 4.5 6.75 13.5 33.75 ? 

(1) 101.25  

(2) 103.75  

(3) 99.75

(4) 105.50  

(5) None of these

14. The profit earned after selling an article for Rs 625 is the same as the loss incurred after seIling the article for Rs 435. What is the cost price ofthe article? 

(1) Rs 530  

(2) Rs 520  

(3) Rs 540

(4) Rs 550  

(5) None of these

15. A sum of Rs 817 is divided among A, Band C such that 'A' receives 25% more than 'B' and 'B' receives 25% less than 'C'. What is A's share in the amount? 

(1) Rs228

(2) Rs247

(3) Rs285

(4) Rs 304  

(5) None of these

16. Ms Sujata invests 7% ie Rs 2170, of her monthly salary in mutual funds. Later she invests 18% of her monthly salary in recurring deposits. Also, she invests 6% of her salary on NSC's. What is the total annual amount in- vested by Ms Sujata? . 
(1) Rs 1,25,320

(2) Rs 1,13,520  

(3) Rs,I,35,120

(4) Rs 1,15,320  

(5) None of these

17. What is 30% of 40% of 2/5 2500? 
(1) 500  

(2) 400  

(3) 360

(4) 120  

(5) None of these

18. A, B, C and D are four consecutive even numbers respectively and their average is 65. What is the product of A and D? 

(1) 3968  

(2) 4216  

(3) 4092

(4) 4352  

(5) None of these

19. The sum offive numbers is 555. The average of the first two numbers is 75 and the third number is liS. What is the average of the last two numbers? 

(1) 145  

(2) 290  

(3) 265

(4) 150  

(5) None of these

20. A car covers the first 35 km of its journey in 45 minutes and the remaining 69 km in 75 minutes. What is the average speed of the car? 

(1) 42 kmlhr  

(2) 50 km/hr  

(3) 52 kmlhr

(4) 60 km/hr  

(5) None of these

21. In how many different ways can the letters of the word 'PRIDE' be arranged? 
 
(1) 60  

(2) 120  

(3) 15

(4) 360  

(5) None of these

22. The ages of Samir and Tanuj are in the ratio of 8 : 15 years respectively. After 9 years the ratio of their ages will be II : 18. What is the difference in years between their ages?
(1) 24 years

(2) 21 years.

(3) 20 years

(4)  33 years

(5)  None of these

Directions (Q. 23-27): What approximate value should come in place of the question mark (?) in the following questions?
23. 724.998+24.048+ 14.954=?    
(1) 8    
(2) 13    
(3) 2    
(4) 10    
(5) 16
24. (848.999+274.052)÷ 3.0054=?    
(1) 940    
(2) 836    
(3) 184    
(4)298    
(5)374
25.  3√184900 =?            
(1) 56    
(2) 44    
(3) 67    
(4) 33    
(5) 21
26. 18.5% of 425 + 16.2% of 388 =?    
(1) 141    
(2) 224    
(3) 116    
(4) 183    
(5) 215

27. 18.345 x 19.068 x ? = 11538.93375    
(1) 46  

(2) 61  

(3) 27  

(4) 33  

(5) 55


Directions (Q. 28-32): In the following number series only one number is wrong. Find out the wrong number. "

28. 529 841 961 1296 1681 1849 2209 

(1) 1296      

(2) 841   

(3) 961

(4) 1681      

(5) None ofthese

29. 13   14  27  45  68  109   177 
 
(1) 27      

(2) 109      

(3) 45

(4) 68      

(5) None of these

30. 14 22 34.5 55.5 87.25 13.875 209.125 
 
(1) 55.5  

(2) 34.5  

(3) 135.875

(4) 87.25  

(5) None of these

31. 274 301 426 769 1498 2824 5026 

(1) 301  

(2) 426  

(3) 79
 
(4) 2824  

(5) None of these

32. 4  28  160   990   6970   55832   502560 

(1) 160  

(2) 990  

(3) 55832

(4) 6970  

(5) None of these

Directions (Q. 33-37): What s Would come in place of the question mark (?) in the following questions? 

33. 89.4 x 412.8 x 648.1 =16? 

(1) 41.8  

(2) 16.2  

(3) 18.4

(4) 25.6  

(5) None of these

34. 12% of 840 x 0.25% of 148 =? 

(1) 37.296

(2) 101.17  

(3) 68.432

(4) 97.046.  

(5) None of these

35. A shopkeeper sells 200 metres of cloth for Rs 9,000 at a profit of Rs 5 per metre. What is the cost price of 1 metre of cloth? 
(1) Rs45  

(2) Rs40  

(3) Rs35

(4) Rs30  

(5) None of these

36. the area of a circle is.1386 sq cm. What is the circumfer- ence of the circle? 

(1) 142cm  

(2) 160cm  

(3) 130cm

(4) 132 cm  

(5) None of these

37. In a college a total number of 27 professors are appointed for all the faculties; viz Arts, Commerce and Science. If , equal number of professors are appointed for each of the faculties, how many professors are assigned to each faculty? 

(1) 9  

(2) 12  

(3) 6

(4) 3  

(5) None of these   

38. Sridhar invests Rs 3,750 in shares, which is 25% of his monthly income. What is his monthly income? 
(1) Rs 12,000  

(2) Rs 15,000  

(3) Rs 10,000

(4) Rs 16,000  

(5) None of these

39. Find the average of the following setof scores. 

302, 152, 132, 122, 112 
 
(1) 184      

(2) 165  

(3) 152

(4) 176      

(5) None of these

40. A bus covers a distance of 172 kms in 4 hours. What is the speed of the bus? 
(1) 52km1hr  

(2) 47km1hr  

(3) 43km1hr

(4) 38 kmIhr  

(5) None of these

41. The total number of students in a school is 4800, out of which 60% are girls. What is the total number of boys in this school?

(1) 1920  

(2) 1934  

(3) 1980

(4) 1910  

(5) None of these

Directions (Q. 42-43): Each question below is followed by two statements A and B. You are to determine whether the data given in the statement is sufficient to answer the question. You should use the data and your knowledge of Mathematics to choose between the possible answers. 

Give answer (1) if the statement A alone is sufficient to answer the question, but the statementit alone  not sufficient

Give answer 2) if the statement C alone is sufficien, to an we: the question, but the statement A alone is not sufficient.

Give answer 3) ifboth statements A and B together are needed to answer the question.

Give answer 4) if either the statementAalone or the statement B ,alone IS sufficient to-answer the question.

Give answer 5) if you cannot get the answer from the statements A and B together, but need even more data.

42. How many women can complete a piece of work in 15 days? 

A . 12 women can complete the same piece of work in 20 days.

B. 10 men can complete rhe same piece of work in 12 days.
43. What is the rate of interest p.c.p.a. on an amount of Rs 12,000/- deposited in a bank?
A. The difference between the simple interest and the compound interest is Rs 172.80.
B. The simple interest for two years is Rs2,880.
Directions (Q. 44-48): What approximate value should come in place of question mark (?) in the following questions? (You are not expected to calculate the exact value.) 
44. (4576+3286+5639)÷(712+415+212)=? 

(1) 18  

(2) 22  

(3) 34

(4) 10  

(5) 46

45.  675.456+ 12.492 x 55.671 =? 

(1) 971  

(2) 1071  

(3) 1171

(4) 1271

(5) 1371

46. (447.22) 2=? 

(1) 200000  

(2) 210000  

(3) 220000
 
(4) 230000  

(5) 240000

47. 4374562 x 64 = ? x 7777 
(1) 360  

(2) 3600  

(3) 36000

(4) 360000  

(5) 3600000

48. (872% of 659) ÷ 543 = ? 

(1) 17  

(2) 11  

(3) 21
 
(4) 27  

(5) 31

Directions (Q. 49-53): What should come in place of question mark (?) in the following number series?

49. 5 9 18 34 59 95 ? 

(1) 272  

(2) 168  

(3) 116

(4) 148  

(5) 144

50. 1200 480 192 76.8 30.72 12.288 ? 

(1) 4.9152  

(2) 5.8192  

(3) 6.7112

(4) 7.6132  

(5) 8.5172

51. 963 927 855 747 603 423  ? 

(1) 209

(2) 208  

(3) 207

(4) 206  

(5) 205

52. 841 .961 1089 1225 1369 1521. ? 

(1) 1581          

(2) 1681      

(3) 1781

(4) 1881          

(5) 1981

53. 18  20  44  138  560  2810 ? 

(1) 16818      

(2) 16836      

(3) 16854
 
(4) 16872       

(5) 16890

Directions (Q. 54-58): What should come in place of question mark (?) in the following questions?

54. 74+.12x0.75-6 =? 
 
(1) 72  

(2) 67  

(3) 62

(4) 77  

(5) None of these

55. 8888 + 848 + 88 - ? = 7337 + 737

(1) 1750  

(2) 1650  

(3) 1550

(4) 1450  

(5) None of these

56. 515.15-15.51-1.51-5.11-1.11=? 

(1) 491.91

(2) 419.91  

(3) 499.19

(4) 411.19  

(5) None of these

57. (?) 2 + (123) 2 = (246)  2 - (99)  2 - 2462 

(1) 184  

(2) 186   

(3) 182

(4) 180  

(5) None of these

58. 414 x? x7=127512 

(1) 36  

(2) 40  

(3) 44

(4) 48  

(5) None of these

59. [(84) 2 ÷28 x 12]÷24 =7 x ? 

(1) 15  

(2) 17  

(3) 19

(4) 21  

(5) None of these
Directions (Q. 60-65): What approximate value should come in place of question mark (?) in the following questions? (You are not expected to calculate the exact value.
60. 561204 x 58 =? x 55555
(1) 606
(2) 646   
(3) 556
(4) 716 5)586
61. 459.008 + 3.0056 x 88.862 =?
(1) 738
(2) 725   
(3) 695
(4) 752
(5) 666
62. (444%of531)÷972 =? 
(1) 4.5
(2) 0.5   
(3) 2.5    
(4) 8.5 5)6.5
63. (9321 +5406+ 1001)÷(498+929+660)=?
(1) 13.5
(2) 4.5   
(3) 16.5
(4) 7.5
(5) 10.5
64. 9654 /21 +7638 / 44 =? 
 
(1) 633  

(2) 600  

(3) 643

(4) 621  

(5) 598
65. (621.52)2=?
(1) 386300
(2) 379300
(3) 398300
(4) 365300
(5) 356300

Directions (Q. 66-70): What SilUUili come in place of question mark ('?) in the following number series ?
66. 444 467 513 582 674 789 ?
(1) 950   
(2) 904    
(3) 927
(4) 881   
(5) 973
67. 23 25 53 163 657 3291 ?
(1) 16461  
(2) 13169    
(3) 9877
(4) 23045   
(5) 19753
68. 3 13 65 585 7605 129285 ?
(1) 2456415   
(2) 2235675    
(3) 2980565
(4) 2711985   
(5) 2197g45
69. 1 16 81 256 625 1296 ?
(1) 4096   
(2) 2401    
(3) 1764
(4) 3136   
(5) 6561
70. 12 12 18 45 180 1170 ?
(1) 12285   
(2) 10530    
(3) 11700
(4) 12870   
(5) 7605

Directions (Q.71-80): What should come in place of question mark(?) in the following questions?
71 .4+4.44+0.4+44.04+444=?
(1) 497.24   
(2) 487.66    
(3) 496.88
(4) 469.88   
(5) None of these
72. [(130)2÷ 25 x 15] ÷ 30 =?
(1) 352   
(2) 314    
(3) 326
(4) 338   
(5) None of these
73. 38+16x0.8=?
(1) 43.2   
(2) 50.8    
(3) 44.8
(4) 1.9   
(5) None of these
74. (?)2 +(65)2 = (160)2 -(90)2 -7191
(1) 75   
(2) 77    
(3) 79
(4) 81   
(5) None of these
75. 398 x ? x 7 = 47362
(1) 15   
(2) 13    
(3) 17
(4) 19   
(5) None of these
76. 1485x?=594
(1) 2/5
(2) 3/4
(3) 3/5
(4) 5/6
(5) None of these
77. 2116+692-?=1111
(1) 1667    
(2) 1677    
(3) 1687
(4) 1697    
(5) None of these
78. 6.896 + 3.753 - 2.005 + 1.004 =?
(1) 9.486    
(2) 9.648    
(3) 9.864
(4) 9.846    
(5) None of these
79. (6.5% of 375)-(0.85% of 230)=?
(1) 23.42    
(2) 24.24    
(3) 21.64
(4) 25.76    
(5) None of these
80. (13)54 x (13)-51 =.?
(1) 2197     .    
(2) 39    
(3) 169
(4) 130       
(5) None of these
81. 93. 2/7 x 5/6 x 3/8 x ? = 790 

(1) 8848

(2) 8246

(3) 8484

(4) 8868
(5) None of these
82. 968 x 445 ÷ ?=17230.4 
(1) 60

(2) 40

(3) 25

(4) 35

(5) None of these

83. (0.05 x 6.25) ÷ 2.5 =? 

(1) 0.105

(2) 0.95

(3) 0.115

(4) 1.25 5)

(5) None of these

84. (41) 2 + (38) 2X (0.15) 2 =? 

(1) 3125.0225  

(2) 1713.49

(3) 3125.15

(4) 59204.0225  

(5) None of these
85. In an election between two candidates, one got 72% of the total valid votes. 25% of the total votes are invalid. If the total votes are 8200, what is the number of valid votes the other person got?

(1) 1835  

(2) 1722 

(3) 2050 
 
(4) 4428     

(5) None of these 

86. In how many different ways can the letters of the word 'WEDDING' be arranged?

(1) 5040     

(2) 2500 

(3) 2520

(4) 5000     

(5) Noneofthese 

87. Milind takes as much time in running 15 metres as a car takes in covering 40 metres. What will be the distance covered by Milind during the time the car covers 2 km?
 
(1) 1000 metres     

(2) 600 metres     

(3) 650 metres 

(4) 750 metres     

(5) None of these

88. Four milkmen rented a pasture. A grazed 15 cows for 4 months, B grazed lQ cows for 2 months, C grazed 18 cows for 6  months, and D grazed 16 cows for 5 months. If A's share of rent is Rs 1,020, whatis C's share of rent?

(1) Rs 1,836     

(2) Rs 1,360  

(3) Rs816 

(4) Cannot be determined

 (5) None of these 

Directions (Q. 89-92): Study the following data carefully and answer the questions given below. Out of 6500 students from the Arts wing of a college, 21 % of the total number of students have majored only in Psychology. 12% of the total number of students have majored only in English Literature, and 15% of the total number of students have majored only in Politics. 7% of the total number of students have majored only in Philosophy, and 10% of the total number of students have majored only in History. 8% of the total number of students have majored in both 'Psychology and Philosophy. 4% of the total number of students have majored in History as well as Politics, and 11 % of the total number of students have majored in English Literature as well as Politics. 9% of the total number of students have majored in Psychology and English Li .rature, and 3% of the total number of students have majored in History and Philosophy.

89.What is the ratio of the number of students majoring in Philosophy to the number of students majoring only in Psychology ?

(1) 4:5 

(2) 5:6 

(3) 6:7

(4) 7:8

(5) None of these 

90. Students majoring in History are approximately what percent of the total number of students majoring in Politics?

(1) 48     

(2) 61     

(3) 52     

(4) 57     

(5) 45 

91.How many students have majored only in Politics?

(1) 650 

(2) 975     

(3) 780 

(4) 455 

(5) None of these 

92. What is thetotal number of students majoring in English Literature?

(1) 780 

(2) 1495 

(3) 1300 

(4) 2050 

(5) None of these

93. Lowest number of students have majored in which subject?

(1) History     

(2) Philosophy     

(3) Politics 

(4) English Literature      

(5) Psychology
94. 9654 /21 +7638 / 44 =?
  
(1) 633    

(2) 600     

(3) 643 

(4) 621   

(5) 598 

95. (4.36) 2 x 66.5 - 371 = ?

(1) 902     

(2) 893     

(3) 871 

(4) 888     .

(5) 880 
Directions (Q. 96-100): What approximate value should come in place ofthe question mark (?) in the following questions? (You are not expected to calculate the exact value.) 
96. 3√7469 x√ 668 =? 

(1) 300  

(2) 350  
                                            
(3) 505

(4) 425  

(5) 575

97. 2.5 x 0.08 ÷ (1.9)2 =? 

(1) 1.5  

(2) 0.8  

(3) 0.010

(4) 0.06  

(5) 2.1
Directions (Q. 98-99): Each qu stion below is followed by two statements A and B. You are to determine whether the data given in the statement is sufficient to answer the question. You should use the data and your knowledge of Mathematics to choose between the possible answers.
Give answer I) if the statement A alone is sufficient to answer the question, but the Statement A alone is not sufficient
Give answer 2) if the statement C alone is sufficien, to an we: the question, but the statement A alone is not sufficient.
Give answer 3) ifboth statements A and B together are needed to answer the question. Give answer 4) if either the statement Aalone or the statement B alone IS sufficient to-answer the question. Give answer 5) if you cannot get the answer from the statements A and 8 together, but need even more data.

98. How many women can complete a piece of work in 15 days?
A. 12 women can comnlete the same piece of work in 20 days.
B. 10 men can complete rhe same piece of work in 12 days.

99.  What is the rate of interest p.c.p.a. on an amount of Rs 12,000/- deposited in a bank?  

A. The difference between the simple interest and the compound interest is Rs 172.80.
B. The simple interest for two years is Rs2,880.
100. In how many different ways can the letters of the word 'WEDDING' be arranged?
(1) 5040    
(2) 2500
(3) 2520
(4) 5000    
(5) Noneofthe

Answer
1.(4)26.(2)51.(2)76.(1)
2.(3)27.(5)52.(4)77.(4)
3.(5)28.(2)53.(4)78.(2)
4.(3)29.(1)54.(1)79.(2)
5.(5)30.(4)55.(1)80.(5)
6.(2)31.(1)56.(3)81.(1)
7.(2)32.(3)57.(3)82.(3)
8.(1)33.(5)58.(3)83.(5)
9.(1)34.(4)59.(5)84.(2)
10.(4)35.(4)60.(5)85.(4)
11.(3)36.(4)61.(5)86.(5)
12.(2)37.(1)62.(2)87.(1)
13.(4)38.(2)63.(3)88.(3)
14.(1)39.(4)64.(4)89.(4)
15.(1)40.(4)65.(1)90.(2)
16.(3)41.(566.(3)91.(5)
17.(4)42.(3)67.(5)92.(1)
18.(4)43.(5)68.(4)93.(3)
19.(2)44.(3)69.(2)94.(5)
20.(1)45.(1)70.(1)95.(4)
21.(3)46.(2)71.(3)96.(1)
22.(3)47.(4)72.(4)97.(1)
23.(4)48.(5)73.(2)98.(3)
24.(3)49.(1)74.(5)99.(5)
25.(5)50.(3)75.(1)100.(5)

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Banking Awareness For SBI Associated Bank Exam

1) What important recommendation was given by a committee constituted in 2010 to design future currency notes as disclosed by Union Finance Minister Arun Jaitley on 5 December 2014? – No other national leader’s image should be put on banknotes except Mahatma Gandhi
Explanation: The committee in its report said that it would be improper to put image of other national leader on country’s currency notes as no other personality could better represent the ethos of India than Mahatma Gandhi. On the advice of the Government, the RBI had, in October 2010, constituted a Committee to design future currency notes.
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2) The Reserve Bank of India (RBI) on 5 December 2014 gave what relaxations in norms for White Label ATM (WLA) operators? – They can now accept international cards and also source cash supply from other than banks
Explanation: The RBI provided a breather to WLA operators by allowing them to accept international credit/debit/prepaid cards. The cards issued under card payment network schemes (authorized under the PSS Act 2007) will be allowed for the purpose. The WLA operators have to ensure that they have established technical connectivity with the respective card network operators either directly or through their sponsor banks. In addition, RBI enabled delinking of cash supply from sponsor banks. WLA operators would now be able to tie up with other commercial banks for cash supply at WLAs. Earlier, the cash supply had to be managed only through a sponsor bank which limited the scope of cash management for the operators. During 2012 the RBI had allowed corporates to set up white label ATMs to increase the penetration of ATMs in several areas of the country. These ATMs are being operated by non-banking corporates and organisations and are providing ATM services to customers of all banks.
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3) Which Indian bank has become the first in India to have developed its own economic index on lines of HSBC India Services Purchasing Managers’ Index (PMI) and HSBC India Manufacturing PMI?  – State Bank of India (SBI)
Explanation: SBI’s economic index has been named ‘SBI Composite Index’ and will be released in January 2015. It will have both monthly and yearly indices. The short-term report, to be released in the first week of every month, will forecast the state of the economy two months down the line. The annual index will make year-on-year forward predictions. This index has gone through eight years of back-testing (2007-2014) and during this index accurately predicted economic direction 72% of the time. SBI Composite Index will take into account the credit demand and other indicators of economic activity like consumer spending, mining activity, interest rates, inflation, exchange rate and other thematic indices and service and manufacturing activities.
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4) Wholesale price inflation (WPI) in India hit the zero level in November 2014 as stated in data released by the Union Govt. on 15 December 2014. This was mainly on account of a decline in prices of food, fuel and manufactured items. When WPI was lower than this level? – July 2009
Explanation: This is probably the first time when WPI inflation has hit the exact zero level. In July 2009, the WPI-based inflation was (-) 0.3% (negative 0.3%). The inflation rate thus recorded during November 2014 was the lowest in about five-and-a-half years. The WPI-based inflation was at 1.77% in October 2014 and 7.52% in November 2013.
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5) The Supreme Court-backed Special Investigation Team (SIT) on black money lead by Justice M.B. Shah recently made what important recommendation pertaining to high value purchases? – Quoting of permanent account number (PAN) in addition to submitting an identity proof such as Aadhaar should me made compulsory for purchases over Rs. 1 lakh
Explanation: The SIT recommended that quoting of PAN and Aadhaar should be made mandatory for purchases over Rs. 1 lakh and should cover purchases made by cash as well as cheque. It further recommended that a central “Know Your Customer” (KYC) database be set up which captures details of PAN, passport number or driving licence number, which are often quoted for transactions. Other important SIT recommendation is that the amount of cash in possession should be capped at Rs 10 or 15 lakh and any amount beyond the threshold should be confiscated.
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6) The Lok Sabha on 9 December 2014 passed the Payments and Settlement Systems (Amendment) Bill. What is the main objective of this bill? – To bring India’s banking payment system in sync with international practices
Explanation: The Bill seeks to improve the payment and settlement systems by increasing transparency and stability of Indian financial market. Amendment to the Payment and Settlement Systems Act, 2007 was proposed to update the regulations in line with globally accepted standards. The amendment seeks to protect funds collected from the customers by the payment system providers and to extend the Act to cover trade repository and legal entity identifier issuer. A Legal Entity Identifier is a unique ID associated with a single corporate entity. It was felt that numerous obsolete laws exist in the Indian financial system and they are needed to be rectified.
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7) During December 2014 Union Govt. took an important decision to decrease subsidy load by scrapping the supply of subsidised kerosene through the Public Distribution System (PDS). Under this decision, from now on subsidised kerosene would be supplied to only one category of households. Which category is this? – Households without electricity connection
Explanation: According to information given by Union Finance Minister Arun Jaitley the Centre is in the process of writing to States asking them to provide subsidised kerosene only to un-electrified households. States which have achieved near 100% electrification will be incentivised to become kerosene-free. In the remaining States, un-electrified households will be given the choice between cash subsidy in lieu of kerosene allocation and upfront subsidy for greener solar lighting systems. This decision comes close on the heels of cuts in the Centre’s social sector spending allocations aimed at aligning plan expenditure with subdued revenue collections. The allocation of kerosene subsidy will now be in accordance with Census 2011 data, which shows that it’s no longer a fuel of choice for cooking but is used for lighting purposes. The Census showed that kerosene has been almost completely replaced by LPG in urban and semi-urban areas and biomass is the cooking fuel of choice in the rural areas. Less than 2% of India’s rural households use kerosene as cooking fuel, according to the Census.
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8) Government of India is kicking off its ambitious divestment programme for the current fiscal year from 5 December 2014 with the sale of a 5% stake in a PSU. Govt. is expected to raise $275 million through this stake sale. Which PSU was this? – Steel Authority of India Ltd (SAIL)
Explanation: SAIL thus became the first PSU to be divested for meeting the proposed budget deficit target. The government, which owns an 80% stake in SAIL, sold up to 206.5 million shares through an auction on the stock exchanges from 5 December. The floor price for the share auction of SAIL was set at 83 rupees apiece. Union Govt. had planned to raise $9.5 billion from divestments in the fiscal year ending in March 2015. However, it is likely to miss this target due to slow speed of the divestment programme.
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9) Union Govt. on 3 December 2014 constituted a high level committee with the objective of bringing about clarity on tax laws. Who is heading this committee? – Ashok Lahiri (Former Chief Economic Advisor)
Explanation: This committee has been constituted in line with Finance Minister Arun Jaitley’s announcement during the 2014-15 Budget speech pertaining to bringing about clarity in tax laws in the country. This committee will interact with trade and industry to ascertain where clarity on tax laws is required. Other members of the committee include retired Settlement Commission Member Sidhartha Pradhan and Gautam Ray, retired Director General (Audit) of Customs and Central Board of Excise and Customs (CBEC).
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10) During December 2014, what important decision was taken by the Union Govt. in the area of FDI in construction sector? – The lock-in period for foreign investments in the construction sector has been diluted
Explanation: A note released on 3 December 2014 by DIPP stated, while foreign investment cannot be repatriated before three years following completion of minimum capitalisation, an investor may be allowed to exit earlier by getting approval from the Foreign Investment Promotion Board (FIPB). This decision has been taken following Union Cabinet’s nod to allow FDI in construction development in October 2014.
Following are the important points associated with above decision:
– The minimum capital requirement for such projects (for joint ventures with Indian partners) has been halved from $10 million to $5 million. For wholly owned subsidiaries of foreign companies, the requirement is $10 million.
– At least 50% of each project must be developed within a period of five years from the date of obtaining all mandatory clearances. The investor would not be allowed to sell under developed plots.
– The minimum area to be developed is 10 hectares of land area for serviced housing plots and 50,000 sq meters of built-up area for construction development projects. For combined projects, any one of the two conditions is sufficient
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