Tag Archives: Indian Economy

RBI Launches new 500 and 2000 series banknotes

The Reserve Bank of India (RBI) introduced new design banknotes in the denomination of ₹ 500 and ₹ 2000 as part of Mahatma Gandhi(New) series, after the Prime Minister Narendra Modi made a surprise announcement of demonetization of ₹ 500 and ₹ 1,000 note to break the back of black money hoarders and counterfeiters. ₹500 notes new series: The… Read More »

Important Terms Related to Banking

Reserve Bank of India (RBI) may control money supply in the market through following operations: Bank Rate Policy Open Market Operations (OMO) Cash Reserve Ratio (SRR) Statutory Liquidity Ratio Liquidity Adjustment Facility operating through Repo and Reserve Repo. Selective Credit Controls Moral Suasion Bank Rate Bank Rate has been defined as the standard rate at which RBI is… Read More »

Taxes – Value Added Tax (VAT), Service Tax

Article 265 of the Constitution of India says that ‘no tax shall be levied or collected except by the authority of law‘. In India , the Parliament is the only authority to enact the law in the country. Direct Tax: This the tax whose impact and incidence is on the same person and shifting to tax burden is… Read More »

About Reserve Bank of India (RBI)

The Reserve Bank of India (RBI) was established on April 1, 1935 in accordance with the provisions of the reserve bank of India Act, 1934. RBI was established with 5 crore as its capital as private shareholders bank. RBI was nationalised on January 1, 1949.  The central office of the Reserve Bank of India was initially established in… Read More »

Monitorable Socio-Economic Targets of Eleventh Five Year Plan

Monitorable Socio-Economic Targets of the eleventh Five Year Plan (2007-12) are Income & Property, Education, Health, Women and Children, Infrastructure and Environment. Income and Property: Accelerate growth rate of GDP from 8% to 10% and then maintain at 10% in the 12th Plan in order to double per capita income by 2016-17. Increase agricultural GDP growth rate to… Read More »