Titbits: Meets Annually To Discuss Issues Such As Global Economic Governance, International Security, and Energy Policy

TitBits
1. CCI is under Ministry of Corporate affairs.

2. MSP fixed on recommendation of Commission for agricultural costs and prices.
Geography
1. Composition of earth’s crust: Asal Calcium Mess ka hai: O Si Al Ca Mg S K
2. Composition of Earth: Iros me se nikal gaya: Iron O Si Mg S Ni Ca Al
Economics
Read all ‘Words’ in Sriram
1. G20: Forum (not organization) of developing and developed countries. Started as

meeting of finance ministers after Asian Crisis. Brazil, China, Russia, India, South
Africa, Australia, Argentina, Canada, France, Indonesia, Germany, Italy, Mexico,
Japan, Saudi Arabia, Turkey, South Korea, United Kingdom (UK), United States (US)
and European Union (EU). First time held in China.
2. G-Zero world: one in which no single country or bloc of countries has the political and
economic leverage — or the will — to drive a truly international agenda
3. G7:Developed Economies. US, UK, Germany, France, Canada, Japan, Italy. meets
annually to discuss issues such as global economic governance, international
security, and energy policy.
4. G8 = G7 + Russia
5. Base Erosion and Profit Shifting: Transfer money to low/no tax locations by
exploiting gaps in tax rules.
Tax
6. Tax Expenditure: Revenue foregone from exepmtions
7. Phillip’s curve: B/w inflation and unemployment
8. Tax incidence: Ginpe tax lagaenge
9. Tax Burden: Jo lagae gae tax ko bharenge. Eg. Oil pe excise duty laga di and rate
badh gaye to incidence to comapnay pe hua but burden consumer pe.
10. Tax base: Goods and services being taxed.
11. Tax Shelter: legal tax avoidance schemes.
12. Ad valorem: On the basis of value. Eg. Jewellery.
13. Specific duty: On the basis of weight/number
14. Pigovian tax: extra tax for negative externalities. Eg. Carbon tax.
15. Tobin Tax: proposed on all forex transactions to check speculations.Financial
Transaction Tax / Tobin tax / Robin Hood tax: On sale of bonds, securities and
derivatives. Eg. STT
16. Tax buoyancy: % change in tax revenue with change in national income
17. Tax elasticity: % change in revenue with change in tax
18. Book Profit (in MAT): Profit is notionally made but not realized. Eg. Value of stock
rises but still being held. Profit me hai but paise nai ae hain. So book profit but no
taxable income. Inpe MAT lagta hai. 18.5%
19. Presumptive Tax: using indirect means to calculate tax liability.
20. Laffer Curve:
21. Withholding Tax: TDS
22. Death Tax: Inheritance tax
23. NAIRU: Non-accelerating Inflation rate of unemployment. WRT phillips’s curve.
When govt. tries to reduce unemployment rate below a natural rate of
umemployment, inflation rises.
24. Hysterisis: Effect of an incident deeply influence the economy. Eg. With high
inflation, people adjust, unemployment becomes socially acceptable. So even after
economy stabilizes, unemployment rates stay high.
Banking
25. PSB in India: 22 [21 + SBI]. Bhartiya mahila bank included hai?
26. Non-scheduled banks are also subject to the statutory cash reserve
requirement. But they are not required to keep them with the RBI;
they may keep these balances with themselves. They are not entitled
to borrow from the RBI for normal banking purposes, though they may
approach the RBI for accommodation under abnormal circumstances.
27. Central Cooperative Bank: at District level
28. Gross NPA: Amount due + amount provisioned. Net = only due
29. Asset classification
a. NPA: Non payment of interest/principle for >90 days
b. Sub standard asset: NPAs for <12 months
c. Doubtful assets: NPA >12 months
d. Loss Assets: considered uncollectible but not been written off.
30. Foreclosure: taking over property
31. MyGov.in: to promote the active participation of Indian citizens in their country's
governance and development.[4] It is also aimed at creating a common platform for Indian
citizens to "crowdsourcegovernance ideas from citizens".[5] The users shall be allowed to
discuss and to contribute on various government projects and plans
32.
33. Lorenz Curve. Ginni Coefficient 1 for complete inequality, 0 for perfect equality
UN
34. WIPO: Part of UN. Headquaters-Geneva
Technology
1. SpaceX’s Falcon Heavy, world’s most powerful rocket sent 2008 Tesla Roadster in
space. It can launch 64 tonnes payload to low earth orbit (ISRO sends 10 tonne). The
cost of sending is low too. Its boosters are not discarded an reused.
2. Mission on Cyber Physical Systems: CPS are systems that combine Algorithms with
physical activities. Dept of S&T will launch it for research, training and skilling in
robotics, AI, digital manufacturing, big data analytics, quantum communicaton and
IoT
Health
Bedaquiline and Delaminid are new generation TB drugs not much available as companies
didn’t license Indian manufacturers

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TitBits

1. CCI is under Ministry of Corporate affairs.

1. G20: Forum (not organization) of developing and developed countries. Started as

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