Agriculture and Farmer’s welfare

1. Agricultural credit target for this fiscal year will be Rs.9 lakh crore.

2. Govt to allocate Rs 5,500 crore for crop insurance scheme.

3. Paramparagat Krishi Vikas Yojana to bring 5 lakh acres under organic farming.

4. 5 lakh hectares of land will to be brought under irrigation.

5. Govt will reorganise agricultural policy to double farmer income in next five years.

6. There will be four new schemes for the animal welfare .

Personal Finance

1. No changes have been made to existing income tax slabs

2. Rs 1,000 crore allocated for new EPF (Employees’ Provident Fund) scheme

3. The Government will pay EPF contribution of 8.33% for all new employees for first three years.

4. Deduction for rent paid will be raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses.

5. Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh.

6. Service tax exempted for housing construction of houses less than 60 sq. m

7. 15 per cent surcharge on income above Rs. 1 crore

Union Budget 2016 highlights

Tax

1. Infrastructure and agriculture cess to be levied.

2. Excise duty raised from 10 to 15 per cent on tobacco products other than beedis

3. 1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchaseof goods and services over Rs. 2 lakh.

4. SUVs, Luxury cars to be more expensive. 4% high capacity tax for SUVs.

5. Companies with revenue less than Rs 5 crore to be taxed at 29% plus surcharge.

6. Excise 1 per cent imposed on articles of jewellery, excluding silver.There fore rates of gold jewellary will go up.

7. 5 per cent Krishi Kalyan Cess to be levied on all services.

8. Pollution cess of 1 per cent on small petrol, LPG and CNG cars, 2.5 per cent on diesel cars of certain specifications, 4 per cent on higher-end models.

9. Dividend in excess of Rs. 10 lakh per annum to be taxed at additional 10 per cent.

Some Important Banking Terms

>>Margin - Amount of profit added to cost price of each unit of a product

>>Margin call - Margin call term is used in two situations. First - Whenever a lender gives a secured loan and loan value is a fixed percentage of loan then whenever the value of security decrease below the decided ratio then lender given a margin call to borrower to bring loan to security ratio to decided level. Second , in stock exchanges traders trades in various securities by paying 20-30% of the value of securities. Whenever the value of security goes below that margin,broker gives margin call to trader to bring the margin to desired level. 

>>Mark-to-market - As explained above while defining margin call, value of assets in case of securities is measured on daily basis. If the trader's asset value increased, increased value is transferred to his account. In case the value of assets decreased margin call is made to adjust the margin.

>>ROI - Rate on investment is return divided by value of investment

>>Redemption - Maturity date of a security or a bond

>>Recession - An economic situation of negative growth

>>Repo rate - Rate at which Central bank (RBI in case of India) lends money to commercial banks

>>Reverse repo rate - Rate at which commercial banks lends to central bank

Banking Awareness

>>IPO - Initial public offer is issue of stocks for the first time in the market.

>>Intangible assets – Assets which can’t be seen but have value for business. For example – Goodwill.

>>Indemnity – A legal contract under which one party promises to pay another for any losses incurred to them by their acts.

>>Interest rate risk – Risk that value of financial assets will deteriorate because of fall in interest rate. For example value of bonds decreases with decrease in interest rate.

>>Junk fund – A fund which invests investor’s money in junk investments means high risk investments which high returns.

>>Monopoly - A situation in market where there are many buyers but a single seller exist.

>>Money market - Market dealing in short term lending and borrowing of funds. Also known as Cash market.

>>Monetary policy - Set of actions by Central bank of a country ( RBI in case of India) to control the supply of money. These actions included increase in interest rate, open market purchases,changing commercial bank's reserve funds ratio (SLR) etc.

>>Marginal cost - Additional cost to produce an extra unit of product.

Some Important Banking Terms

Asset turnover ratio - This ratio can be explained as Net assets / Total turnover or sales. Thisratio measures the operational efficiency of business assets. In simple terms this measures how many time total assets turned in a year and how efficiently the assets are used in a business.

Amortization - It is an accounting technique by which intangible assets are written off over a period of time. For example provision for doubtful debts or preliminary expenses are written off over a certain period of time.

>>Audit - Financial statement and physical stock is checked annually by professional auditor(Chartered Accountant affiliated by ICAI in India)

>>Capital gain - Gain by selling a capital asset in which a person is not doing business. Income byselling a house by a bank employee is a capital gain whereas when a builder do the same thing it is Income from business and professional.

>>Current asset - An asset that can be converted into cash with 12 months. For example - debtors,stock etc.

>>Credit rating - A ranking applied to an individual, business or a nation based upon its credit history and current financial position. There are various credit rating companies in India such as Crisil.

>>CPI - Consumer price index is measure to find price of a bundle of commodities.CPI is used to measure the inflation in a country.

>>Depreciation - Depreciation is reduction in value of an asset due wear and tear over a period of time. For example a company purchased a machine in 2005 and planned to charge 20% depreciation. In 2010 the machine will be written off from the books of account.

>>Dividend - Dividend is the amount per share paid by a company to its shareholders. Dividend value is based upon company's profitability

>>GDP - Gross domestic product is the aggregate value of goods and services produced by every person of a nation.

>>GST - Goods and services tax is the same tax system for everything. It is proposed that GST will replace the multi tax system in India by 2015. 

List of Important Days in March

1. March 4 - National Safety Day,World Day of the Fight Against Sexual Exploitation, National Security Day

2. March 8 - International Womens’ Day

3. 2nd Monday of March - Commonwealth Day

4. 2nd Thursday of March - World Kidney Day

5. March 15 - World Consumer Rights Day, World Disabled Day, World Contact Day

6. March 16 - National Vaccination Day

7. March 18 - National Ordinance Factories Day

8. March 20 - International Day of Happiness, World sparrow day

9. March 21 - World Forestry Day, International Day for the Elimination of Racial Discrimination, World Poetry Day, World Down Syndrome day, World Puppetry day

10. 3rd Friday of March - World Sleep Day

11. March 22 - World Water Day

12. March 23 - World Meteorological Day

13. March 24 - World TB Day, International Day for Achievers

14. March 25 - International Day of Remembrance – Victims of Slavery and Transatlantic Slave Trade

15. March 27 - World Drama Day or World Theater Day

List of Important Days in February

1. 2 February — World Wetland Day

2. 4 February — World Cancer Day

3. 6 February — International Day of Zero Tolerance to Female Genital Mutilation

4. 13 February — World Radio Day

5. 14 February — Valentine’s Day

6. 20 February — World Day of Social Justice

7. 21 February — International Mother Language Day

8. 28 February — National Science Day

List of Important Day in January

1. 9 January --- Parvasi Bhartiya Divas

2. 10 January --- World Hindi Day ,World Laughter Day

3. 12 January --- National Youth Day

4. 15 January--- 68th Army Day of India

5. 18 January--- National Immunization day(Polio)

6. 23 January --- Birth Anniversary Netaji Subhash Chandar Bose

7. 24 January--- National Girl Child Day

8. 25 January--- Indian Tourism Day

9. 26 January--- National Republic Day

10. 28 January--- Birth Anniversary of Lala Lajpat Rai

11. 30 January--- Death Anniversary of Mahatma Gandhi (Also Known as Martyr's Day or Sarvodaya Day)

Sports- Tournament

Sania Mirza and her Swiss partner Martina Hingis won the 2016 WTA Apia International Sydney title of Tennis in the women’s doubles category in Sydney, Australia.

The Russian Tennis Federation announced that former World No.1 tennis player Marat Safin joined the International Tennis Hall of Fame. The official ceremony to induct Safin has been scheduled for 16 July 2016.

Ronaldinho announced as Brand Ambassador of Nagjee International Club Football Tournament

The FIFA Emergency Committee decided to dismiss Jerome Valcke from the position of FIFA Secretary General with immediate effect. 

Barcelona forward Lionel Messi won the Ballon d'Or trophy for the world’s best football player for the fifth time overall. In the 2014-15 season, Messi had played 61 games in which he scored 52 goals, and gave 26 assists.

SPORTS

 World No. 22 Viktor Troicki from Serbia has won the 2016 WTA Apia International title of Tennis in the men’s single category

 Ronnie O'Sullivan won his sixth Snooker Masters title after defeating Barry Hawkins 10- 1 in the final at the Alexandra Palace in London

 BCCI banned Ajit Chandila & Hiken Shah for involvement in 2013 IPL spot-fixing scandalAjit Chandila was banned for life, while Hiken Shah was banned for 5 years

 Sahara Force India Academy racer Jehan Daruvala won one of New Zealand's most prestigious events, the Lady Wigram Trophy.

 Delhi Acers emerged victorious over Mumbai Rockets by 4-3 in the summit clash to clinch the Premier Badminton League (PBL) title. The match was held at the Siri Fort Sports Complex in New Delhi.

Indian Space Research Organization (ISRO)

The team, led by Pierre Maxted of the Keele University in Staffordshire of UK, discovered five new Jupiter-like planets that orbits very close to their host stars. The discovered planets exhibits similar characteristics that of our solar systems biggest planet.

Engineers belonging to the University of Utah, the USA, discovered a new kind of 2D semiconducting material for electronics that is made up of the elements tin and oxygen or tin monoxide (SnO).

Japan Aerospace Exploration Agency (JAXA) successfully launched astronomy satellite ASTRO-H from the Tanegashima Space Center in Kagoshima Prefecture.

The satellite was launched on-board the H-IIA rocket, which was previously known as the New X-ray Telescope (NeXT), and is expected to operate in low Earth orbit for three years.

The Indian Space Research Organisation (ISRO) successfully tested high-thrust cryogenic engine CE-20 at its Propulsion Research Centre in Mahendragiri, Tamil Nadu.

The Indian Space Research Organization (ISRO) launched the country’s sixth Indian Regional Navigational Satellite System (IRNSS)-1F, on board the trusted launch vehicle PSLV C-32.

The other four IRNSS satellites which were launched

• IRNSS-1A Mission launched by PSLV C-22 in July 2013

• IRNSS-1B Mission launched by PSLV C-24 in April 2014

• IRNSS-1C Mission launched by PSLV C-26 in October 2014

• IRNSS-1D Mission launched by PSLV C-27 in March 2015

ZikaVac vaccines

Indian biotechnology company Bharat Biotech claimed that it has achieved a breakthrough in developing a vaccine to fight the mosquito-borne Zika virus. Bharat Biotech developed world’s first, two promising candidates ZikaVac vaccines for Zika infection.

The company is probably the first in the world to file for global patent for the two vaccines.

NASA’s New Horizons mission spotted the nitrogen ice glaciers on Pluto appeared to carry numerous isolated hills which are likely to be the fragments of water ice, as per the press release of NASA.

The first machine harvestable chickpea variety, NBeG 47 was released in Andhra Pradesh. It was released by International Crops Research Institute for the Semi-Arid-Tropics (ICRISAT).

The US space agency NASA announced that the first flight of its new rocket, the Space Launch System (SLS), carrying 13 CubeSats and an uncrewed Orion Spacecraft will be launched in 2018.

The Union Cabinet gave in-principal approval to the Laser Interferometer Gravitationalwave Observatory (LIGO) - India project to study gravitational waves.

LIGO-India is a part of the IndIGO (Indian Initiative in Gravitational-wave Observations) initiative and seeks to move one Advanced LIGO detector from Hanford to India.

World Health Organisation (WHO)

India and the National Aeronautics and Space Administration (NASA) entered into a partnership to explore the environment of Ladakh under NASA’s Spaceward Bound programme.

 World Health Organisation (WHO) declared Public Health Emergency of International Concern over the explosive spread of the mosquito-borne Zika virus, which is linked to birth defects in the Americas.

The Human Fertilization and Embryology Authority (HFEA) of United Kingdom granted license to the Francis Crick Institute to use new gene editing techniques on human embryos.

Dr Harsh Vardhan, the Union Minister for Science, Technology and Earth Sciences inaugurated the construction work of Borehole Geophysics Research Laboratory (BGRL) at Hazarmachi, Karad of Maharashtra.

Council for Scientific and Industrial Research (CSIR) launched the BGR-34, the country's first anti-diabetic ayurvedic drug for Diabetes. BGR is acronym for blood glucose regulator.

Spatial Technology

The National Aeronautics and Space Administration (NASA) launched the SpaceX Falcon 9 rocket from California’s Vandenberg Air Force Base in the USA.

National Highway Authority of India (NHAI) signed Memorandum of Understanding (MoU) with National Remote Sensing Centre (NRSC) under Indian Space Research Organization (ISRO) and North East Centre for Technology Application and Research (NECTAR) to use spatial technology for monitoring and managing National Highways.

An international team of scientists led by Indian-American Sukanya Chakrabarti devised a new method, galactoseismology, to detect dwarf galaxies dominated by dark matter. The method also explains ripples on the outer disk of the galaxy.

Scientists at Central Institute for Research on Buffaloes (CIRB) in Hisar on claimed to have successfully produced a cloned buffalo offspring Cirb Gaurav.

CIRB Director Dr. Inderjeet Singh stated that the scientists achieved the success on 11 December 2015.

The International Union of Pure and Applied Chemistry (IUPAC) announced discovery and assignment of elements with atomic numbers 113, 115, 117 and 118. The decision was taken by the IUPAC as the four elements met the discovery of elements of the IUPAP/IUPAC Transfermium Working Group (TWG) 1991 Discovery Criteria.

Planetary Defense Coordination Office (PDCO)

Konstantin Batygin and Michael E. Brown, the researchers at the California Institute of Technology claimed it as a possible ninth planet and their research papers were published in The Astronomical Journal with the title ‘Evidence for a distant Giant Planet in the Solar System.’

Japanese astronomers’ team discovered the second largest black hole in Milky Way.

They mapped high-velocity compact cloud called CO-0.40-0.22 with a mass 100000 times that of the Sun around 200 light years away from the centre of the Milky Way.

National Aeronautics and Space Administration (NASA) announced that it had formalized its ongoing program for detecting and tracking near-Earth objects (NEOs) as the Planetary Defense Coordination Office (PDCO).

Main functions of PDCO:

- It will supervise all NASA-funded projects to find and characterize asteroids and comets that pass near the orbit of the Earth around the sun.

- It will also issue notices of close passes and warnings of any detected potential threats, based on credible science data.

The Indian Space Research Organisation (ISRO) successfully launched the Indian Regional Navigational Satellite System (IRNSS) 1-E satellite. The satellite will provide navigation, tracking and mapping services to the Indian sub continent.

The satellite is the fifth of the IRNSS constellation. It was launched from the Satish Dhawan Space Centre (SHAR), Sriharikota in Andhra Pradesh on-board the PSLV-C31.

A mosquito-borne virus called Zinka was in news. It was found that the virus is spreading rapidly through the American continent.

The first case was confirmed in Texas, USA when a traveler returning from Latin America.

Science and Technology

National Aeronautics and Space Administration (NASA) has successfully launched the SpaceX Falcon 9 rocket carrying Jason-3 Ocean-monitoring satellite. It was launched from California’s Vandenberg Air Force Base and the satellite has been successfully
inserted it in the desired orbit. 
Widest Planet System comprising of lonely planet 2MASS J2126 and its distant star TYC 9486-927-1 discovered
Intelsat, the commercial satellite giant, announced that Inteslat 29e, the first of the Intelsat EpicNG high throughput satellites, was successfully launched. The satellites were launched from French Guiana aboard an Ariane 5 vehicle.
Indian Bureau of Mines (IBM) and National Remote Sensing Centre (NRSC) signed Memorandum of Understanding (MoU) for monitoring mining activity through satellite technology. The MoU was signed by IBM Controller General R K Sinha and NRSC Director V K Dadhwal in the presence of joint secretary, Union Ministry of Mines, Subhash Chandra.
The Bombay Stock Exchange (BSE) launched Algorithm Trading Test Environment (ATTE) service in partnership with Symphony Fintech Solutions Pvt Ltd.The BSE is Asia’s oldest stock exchange and, at present, is the world’s fastest stock exchange with a speed of 6 microseconds.

United Nations Children's Emergency Fund (UNICEF)

The United Nations Population Fund (UNFPA) and the United Nations Children's Emergency Fund (UNICEF) jointly launched the Global Programme to Accelerate Action to End Child Marriage.

The Board of Governors of International Atomic Energy Agency (IAEA) approved a 2.3 million euro initiative to help Latin American and the Caribbean countries fight against Zika virus

US and South Korean troops began their largest ever military exercises off the coast of the Korean peninsula. The bilateral exercises come just days after the UN passed new sanctions against Pyongyang, North Korea following its recent nuclear test and rocket launch.

UNHCR, UNICEF launched a Twenty Child and Family Support Hubs, known as Blue Dots. These support centers will acts as a special support centers for children and families along the most frequently used migration routes in Europe.

World's most expensive train station, the World Trade Centre Transportation Hub, opened in New York, the United States of America.

Union Ministry of Shipping

Union Ministry of Shipping exported a batch of six metro coaches to Australia  from Mumbai. The shipment was made as part of a deal with Australian government to export 450 made-in-India coaches in two and a half year period.

The Union Cabinet gave its approval for entering into the Memorandum of Understanding (MoU) between India and the IMF for setting up of South Asia Regional Training and Technical Assistance Center (SARTTAC) in India.

Union Cabinet, presided by Prime Minister Narendra Modi, gave its approval for a Memorandum of Understanding (MoU) between India and Bahrain on cooperation for prevention of human trafficking, especially trafficking in women and children, rescue,

recovery, repatriation and re-integration of victims of trafficking.

The Union Cabinet, presided by Prime Minister Narendra Modi, gave its approval for signing and ratification of the Bay of Bengal Initiative on Multi Sectoral Technical and Economic Cooperation (BIMSTEC) Convention on Mutual Legal Assistance in Criminal

Matters.

India and Bangladesh signed a 2 billion US dollar Line of Credit (LOC) to implement socio-economic development projects in Bangladesh and strengthen bilateral relations. The LOC was extended by Export-Import Bank of India (Exim Bank) on behalf of the Government of India.

European Molecular Biology Organisation (EMBO)

India through the Department of Biotechnology, Ministry of Science and Technology signed a Cooperation Agreement to acquire the status of the Associate Member State European Molecular Biology Organisation (EMBO).

World Health Organisation (WHO) recommended all governments to rate movies with smoking scenes to protect children and adolescents from tobacco addiction in Geneva.

All twelve Pacific Rim countries signed the US-led Trans-Pacific Partnership (TPP) agreement in New Zealand. This is one of the biggest trade deals in history.

India and Afghanistan inked a pact for visa-free travel by their diplomats. The agreement was signed after Afghan Chief Executive Officer (CEO) Abdullah Abdullah's meeting with Prime Minister Narendra Modi during which they discussed key bilateral and regional issues including security cooperation.

Bangladesh Cabinet approved the draft of a proposed Citizenship Law, 2016 that was framed by amalgamating two existing laws and expanding scopes for dual citizenship for expatriate Bangladeshi nationals.

North Atlantic Treaty Organization (NATO)

The Ministry of Railways and the Ministry of Enterprise and Innovation of the Kingdom of Sweden inked a Memorandum of Understanding (MoU) on technical cooperation in rail sector.

India and United Arab Emirates (UAE) signed nine agreements. The agreements covered a wide range of sectors like the sphere of cyber security, infrastructure, renewable energy and finance.

The UAE's national oil company Abu Dhabi National Oil Company (ADNOC) agreed to store crude oil in India's maiden strategic petroleum storage. The strategic reserve will

help guard against global price shocks and supply distribution.

The North Atlantic Treaty Organization (NATO) and the European Union (EU) signed an agreement to improve cooperation in cyber defense.

United Nations (UN) Secretary-General Ban Ki-Moon launched a report titled One Humanity: Shared Responsibility. The report called for a global campaign to prevent the erosion of humanitarian law and protect civilians in conflict.