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Monetary Policy Commitee

  1. is a committee of the Reserve Bank of India that is responsible for fixing the benchmark interest rate in India.
  2. Members:- Total 6
    1. 3 from RBI and 3 Nominated by GOI
    2. RBI Governor is the ex-officionchairperson
    3. Current mandate of the committee is to maintain 4% annual inflation until March 31, 2021 with an upper tolerance of 6% and a lower tolerance of 2%
    4. Setting up of a committee to decide on Monetary Policy was first proposed by the Urjit Patel Committee
    5. The Financial Markets Operations Department (FMOD) operationalises the monetary policy, mainly through day-to-day liquidity management operations. The Financial Markets Committee (FMC) meets daily to review the liquidity conditions so as to ensure that the operating target of monetary policy (weighted average lending rate) is kept close to the policy repo rate.
    6. Constituted under RBI ACT, 1934

Golaith Fish

  1. Critically Endangered as per IUCN
  2. Keystone Species
  3. Found in Visakhpatnam coast


  1. Lord Bahibali associated with Jainism (son of Adinath, the first tirthankara of Jainism)
  2. Maha-Mastak-Abhishek is held every 12 yrs at Shravanabelagola in Karnataka
  3. He is also known as Gommeteswara
  4. The standing posture of the statue is known as Kayotsarga
  5. It is a giant Monolithic statue built in 981 AD
  6. Built by the Ganga dynasty minister and commander Chavundaraya.
  7. Apart from Shravanabelagola, there are 4 other Bahubali statues across Karnataka, namely-
    1. Karkala in Udupi District
    2. Dharmasthala in Dakshina Kannada District
    3. Venur in Dakshina Kannada District
    4. Gommatagiri in Mysore District

TaliPeru River

  1. Tributary of Godavari.


  1. Surface to Surface
  2. 350 km range
  3. Tested from Chandipur, Odisha
  4. Capable of carrying nuclear war heads

Operation Cactus

  1. Code name of India’s military operation in Maldives during 1988. It was against PLOTE- People’s Liberation Organization of Tami Eelam.
  2. Maldives is part of SAARC but not part of Commonwealth and BIMSTEC (Bhutan, Bangladesh, India, Nepal, Thailand, Sri Lanka and Myanmar.)


  1. India is home to more than 24 Crore households out of which about 10 Crore households are still deprived of LPG as cooking fuel and have to rely on firewood, coal, dung – cakes etc. as primary source of cooking.
  2. As per a WHO report, smoke inhaled by women from unclean fuel is equivalent to burning 400 cigarettes in an hour. In addition, women and children have to go through the drudgery of collecting firewood.
  3. PMUY aims to safeguard the health of women & children by providing them with a clean cooking fuel – LPG, so that they don’t have to compromise their health in smoky kitchens or wander in unsafe areas collecting firewood.
  4. Launched by Hon’ble Prime Minister Shri Narendra Modi on May 1st, 2016 in Ballia, Uttar Pradesh
  5.  Under this scheme, 5 Cr LPG connections will be provided to BPL families with a support of Rs.1600 per connection in the next 3 years.
  6. Identification of the BPL families will be done through Socio Economic Caste Census Data. 
  7. Cabinet also approved proposal to expand scheme to cover all SC/ST households, beneficiaries of Antyoday Anna Yojana (AAY), PMAY (Gramin), forest dwellers.
  8. Under Ministry of Petroleum and Natural Gas
  9. According to the World Health Organization, solid fuel use is responsible for about 13% of all mortality and morbidity in India (measured as Disability-Adjusted Life Years), and causes about 40% of all pulmonary disorders, nearly 30% of cataract incidences, and over 20% each of ischemic heart disease, lung cancer and lower respiratory infection.

Motion of Thanks

  1. The President makes an address to a joint sitting of Parliament at the start of the Budget session, followed by Motion of Thanks
  2. During the session, political parties discuss the motion of thanks also suggesting amendments.
  3. President’s Address and Motion of Thanks are governed by Articles 86 (1) and 87 (1) of the Constitution and Rules 16 to 24 of the Rules of Procedure and Conduct of Business in Lok Sabha.

Commission for Agricultural Costs and Prices (CACP)

  1. Based on recommendations of Commission for Agricultural Costs and Prices (CACP), the Cabinet Committee on Economic Affairs has given its approval for increase in the Minimum Support Price (MSP) for Fair Average Quality (FAQ) of “Milling Copra” to Rs.7500 per quintal for 2018 season from Rs. 6500 per quintal in 2017
  2. Commission for Agricultural Costs & Prices (CACP) is an attached office of the Ministry of Agriculture and Farmers Welfare, Government of India.
  3.  Commission comprises a Chairman, Member Secretary, one Member (Official) and two Members (Non-Official). The non-official members are representatives of the farming community and usually have an active association with the farming community.
  4. It is mandated to recommend minimum support prices (MSPs) to incentivize the cultivators to adopt modern technology, and raise productivity and overall grain production in line with the emerging demand patterns in the country. However, the Cabinet Committee on Economic Affairs (CCEA) of the Union government takes a final decision on the level of MSPs and other recommendations made by CACP.

Village Resource Centres (VRCs)

  1. To demonstrate the potential of satellite technology for development of rural areas, ISRO established Village Resource Centres (VRCs) on a pilot scale.
  2. The project is running in association with selected NGOs, Trusts and State Government Departments.
  3. VRCs provide various space technology enabled services such as tele-healthcare, tele-education, natural resources information, advisories related to agriculture, career guidance to rural students, skill development and vocational training etc.

Minamata Convention

  1. The Union cabinet has approved a proposal for ratification of the Minamata Convention, a global treaty to protect human health and the environment from adverse effects of mercury. After joining the Convention, it will now be easier for India to get technological or financial assistance to address issues related to mercury.

Change in the basis of classifying Micro, Small and Medium enterprises

  1.  Section 7 of the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 will accordingly be amended to define units producing goods and rendering services in terms of annual turnover as follows:
    • A micro enterprise – annual turnover is <5 crore
    • A small enterprise – annual turnover is >5 crore<75 crore
    • A medium enterprise –  annual turnover is >75 crore<25 crore
    • Additionally, the Central Government may, by notification, vary turnover limits, which shall not exceed thrice the limits specified in Section 7 of the MSMED Act.


  1. Benin, Nigeria, Albania is NOT landlocked where as Macedonia is.
  2. Inverted Duty Structure, which adversely impacts manufacturing, refers to-Inputs being taxed at higher rates than on finished products
  3. The Court of Arbitration for Sport (CAS)
    1. created in 1984 and is placed under the administrative and financial authority of the International Council of Arbitration for Sport (ICAS).
    2. Handles any disputes directly or indirectly linked to sport
    3. Sets up non-permanent tribunals for many major events that include the Olympic Games and the Commonwealth Games



February 9, 2018

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