The Things You Should Know

Pay Commission of India: Central Pay Commission of India is appointed by the Central Government, most probably once in every decade. The Central Pay Commission is appointed by the government to analyse and revise the salary and pension structure of the central government employees. The first Central Pay Commission was appointed in January 1946 and submitted its report in May 1947 to the then interim government headed by Pandit Jawaharlal Nehru. The chairman of the 1st Pay Commission was Srinivasa Varadachariar. Till date total seven Pay Commissions are set up by the government to take recommendations on the salary structure of central government employees. 7th Central Pay Commission: The 7th Central Pay Commission was constituted in 2013 by the then Finance Minister P Chidambaram and Prime Minister Dr Manmohan Singh. In September 2013, Mr P Chidambaram made official announcement regarding the constitution of 7th Pay Commission and also declared that the recommendations will be i...

Currently there are 7 national parties in India. The status of political parties are periodically reviewed by the Election Commission of India. The new parties that wish to contest local, state or national elections are required to be registered by the Election Commission of India. The registered parties are upgraded as recognised state or national parties based upon the criteria set by the Election Commission. The recognised party has reserved party symbol. It can consult in setting of election dates and give inputs in setting electoral rules and regulations. In the current amendment of the symbols order the commission has mentioned that the party that loses its recognition will not immediately lose its party symbol but will be given facility to use its symbol some time to try and retrieve its status. However the grant to use the party symbol will not give parties other facilities such as free time in Doordarshan/AIR, free supply of copies of electoral rolls etc.   ...

Bank Rate: The rate at which RBI lends money to commercial banks or financial institution for long term. The current value of bank rate is 7%. Balance of Payment (BoP): The BoP records the transactions in goods, services and assets between residents of the country with rest of the world. There are two main accounts in BoP, current account and capital account . Broad Money: Money in any form including bank or other deposits as well as coins and notes are considered as broad money. Budget Deficit: When government spends more than it collects by revenue, then it incurs budget deficit. Call Rate:   The interest rate applied to interbank loans, or loans between financial institutions, on money not deposited for a fixed period of time. Cash Reserve Ratio (CRR): Banks are required to hold certain proportion of their deposits in form of cash. Banks deposit this cash with RBI which is considered as the equivalent to holding cash with themselves. The part of the total deposit...

The Cabinet finally approved the much awaited civil aviation policy 2016. The Minister of Civil Aviation Mr Ashok Gajapathi Raju released the Civil Aviation Policy 2016 in New Delhi on 15th June. The Regional Connectivity Scheme (RCS) will come into effect in the second quarter of 2016-17. Key Objectives of Civil Aviation Policy 2016: To create an eco-system to make flying affordable for the masses and to enable 30 crore domestic ticketing by 2022 and 50 crore by 2027, and international ticketing to increase to 20 crore by 2027. Similarly, cargo volumes should increase to 10 million tonnes by 2027. Provide safe, secure, affordable and sustainable air travel for passengers and air transportation of cargo with access to various parts of India and the world. Establish an integrated eco-system which will lead to significant growth of civil aviation sector,which in turn would promote tourism, increase employment and lead to a balanced regional growth.  Ensure safety, sec...

Today the polls on 27 seats of Uttar Pradesh (11 seats), Karnataka (4 seats), Haryana (2 seats), Rajashtan (4 seats), Madhya Pradesh (3 seats) and Uttrakhand (1 seat) Jharkhand (2 seats) took place for the Upper House of the Parliament(Rajya Sabha). In the evening the results were declared by the election commission. The results generated mixed feelings for the the BJP and the Congress.  While 30 of the total 57 seats in the current round of biennial elections had been decided without a contest, today’s polls decided the fate of the remaining 27.   Results: Out of 27 seats, 11 went to BJP, 6 to Congress, 7 to Samajwadi Party, 2 to BSP and one Independent. Uttar Pradsh: Out of 11 seats, the rulling Samajwadi Party fielded its 7 candidates, main opposition Bahujan Samaj Party fielded its 2 candidates, Congress and BJP fielded 1-1 candidates and one independent candidate and wealthy socialist Preeti Mahapatra filed her nomination for Upper House polls from Uttar Pradesh....