New

Banknotes of the denomination of Rs.2,000 will be in circulation.The Reserve Bank of India has very nearly completed preparations for introducing this new high-value currency.

The notes have already been printed and their despatch from the currency printing press in Mysuru has commenced.

GST (goods and service tax)

 GST

As the name suggests, it is a tax levied when a consumer buys a good or service. It is meant to be a single, comprehensive tax that will subsume all the other smaller indirect taxes on consumption like service tax, excise duty etc. This is how it is done in most developed countries. It will be a comprehensive nationwide indirect tax on the manufacture, sale, and consumption of goods and services. The aim is to have one indirect tax for the whole nation, which will make India a unified common market. GST will be levied and collected at each stage of sale or purchase of goods or services based on the input tax credit method and would make not just manufacturing but also the interstate transportation of goods more efficient.

 How will GST work and what all will it subsume?

GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.

At the central level, the following taxes will be subsumed: Central Excise Duty, Additional Excise Duty, Service Tax, Countervailing Duty (Additional Customs Duty), and Special Additional Duty of Customs.

At the State level, the following taxes will be subsumed: State Value Added Tax/Sales Tax, Entertainment Tax, Central Sales Tax, Octroi and Entry tax, Purchase Tax, Luxury tax, and Taxes on the lottery betting and gambling.

How will GST be beneficial?

The benefits of GST can be summarized as under:

• For business and industry

     1.    Easy compliance
2. Uniformity of tax rates and structures
3. Removal of cascading
4. Improved competitiveness
5. Gain to manufacturers and exporters

• For Central and State Governments

     1.    Simple and easy to administer
2. Better controls on leakage
3. Higher revenue efficiency

• For the consumer

     1.    Single and transparent tax proportionate to the value of goods and services
2. Relief in overall tax burden

2.    What are the Earlier Opposition’s objections?

 The opposition party 'Congress' wants a provision capping the GST rate at 18 percent to be added to the Bill itself. It also wants to scrap the proposed 1 per cent additional levy (over and above the GST) for manufacturing states. This levy was demanded by manufacturing states who argued that they needed to be compensated for the investment they had made in improving their manufacturing capabilities. The Centre had agreed to this demand to encourage the states to support the GST Bill.

 The next demand by the Congress was to change the composition of the GST council—the body that decides the various nitty-grittys like rates of tax, period of levy of an additional tax, principles of supply, special provisions to certain states, etc. The proposed composition is for the Council to be two-thirds comprised from states and one-third from the Centre.

The Congress also wants the Centre’s share to be reduced to one-fourth. This demand, however, was rejected by even the Rajya Sabha Standing Committee.

·         By when will it be implemented?

·         Assuming the Constitution Amendment Bill does pass in the Monsoon Session, GST will still not be in force before April 1, 2017. And that is putting it optimistically. Apart from the legislative process mentioned above, the states, India Inc, and industries and service providers big and small, will also have to prepare themselves for a completely new nationwide tax regime.

·         How would GST be administered in India?

·         There will be two components of GST – Central GST (CGST) and State GST (SGST). Both Centre and States will simultaneously levy GST across the value chain. The tax will be levied on every supply of goods and services. Centre would levy and collect Central Goods and Services Tax (CGST), and States would levy and collect the State Goods and Services Tax (SGST) on all transactions within a State.

·          

·         The input tax credit of CGST would be available for discharging the CGST liability on the output at each stage. Similarly, the credit of SGST paid on inputs would be allowed for paying the SGST on output. No cross utilization of credit would be permitted.

      etc...... thanks

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Economics theory & their writers name

Theory	Writer Name
theory of clubs	james buchanan
imposibility therom	kenneth arrow
political of decision making model	anthony downs
optimum provison of local public goods	charles tiebout
swarn like cluster	schumpeter
organic composation of capital	karl mark
sustainable development	brundtland report
vicious circle of poverty	ragner nurkse
low level of equilibrium trap	nelson
inverted v shaped income distribution hypothesis	simon kuznets
endogenous growth theory	robert solow
unlimited supply of labour	arthur lewis
example of dimond and water	adam smith
the screening hypoothesis	paul w. miier and paul a. volcker
job market signalling	m. spencer
the problem of moaral hazard in case of	J.k. arrow
medical insurance
the market of lemons	george A.Akerlof
liquidity trap	j.m. keynes
demostration effect	james duesenberry
permanent income hypothesis	milton friedman
wealth effect	A.C. pigou
concept of X-efficiency	H.leibenstein in 1966
golden age	mrs. joan robinson
goleden rule of accumulation	edmund phelfs
steady state growth	robert solow
financial dualism theory	h.myint
portfolio approch to demand money	j.m. keynes
the capicty creating aspect of investment	r.m. solow
in the growth model theory
role of non economic factor in explaing growth	r.m. solow
backward and forward linkages	unbalanced growth
turnpike theorem	von neumann model
organic composation of capital	marxian model
a.k. producation funcation	endogenous growth model
law level equilibrium trap	nelson R
critical minimum effect	leibenstein H.
big push	Rodan R
unbalanced growth	Hirchman A
voluntary exchange approch	wicksell-lindahll
the theory of local public goods	charles tiebout
time pattern of public expenditure growth	peacock-wiseman
principle of least aggregate sacrifice	A.C. pigou
principle of absolute advantage	adam smith
effect of factor of endowment change on trade	samuelson
theory of reciprocal demand	j.s mills
factor price equalisation	Rybczynski
highbrid index number	Yule
association of attributes	Gulton
rank correlation	marshall -edgeworth
regression	spearman
wages goods model	p.r. brahmananda
circuler flow of economic life	Joseph-schumpeter
stability of demand funcation for money	milton friedman
demand inflaton theory	Bent henson
interest elasticity of transactions demand for cash	james tobin
real balance effect	don patinkin
absolute income hypothesis, genral theory	j.m. keynes
rational expectation hypothesis	robert lucas
relative income hypothesis	james duesenberry
the new keynesian model	N.Gregory mankiew....   ........etc

TIPS ON HOW TO COMPLETE CLOZE TESTS

TIPS ON HOW TO COMPLETE CLOZE TESTS

• First, slowly read all the text without filling any of the gaps. Read it two or three times until you have a clear understanding of what the text is about.
• Then only complete the gaps you are absolutely sure of.
• Next try and find out what the missing words in the remaining gaps are. See which part of speech may fit in each gap (article?, pronoun?, noun?, adverb?, adjective?, preposition?, conjunction?, verb?) and pay special attention to the grammar around the words in each gap.
Many of the gaps may include the following:
- preposition following a noun, adjective or verb. (Example: good at languages)
- prepositional phrase. (Example: in spite of )
- adverb. ( Example: He moved to Londontwo years ago )
- connector. (Example: First, he arrives; then he sits down; finally, he leaves.)
- conjunction. (Example: Although he is five, he can speak five languages.
- auxiliary verb . (Example: He has won 2 matches)
- an article or some other kind of determiner. (Example: I have no time)
- a relative . (Example: Bob, who I met two years ago, is my best friend)
- a pronoun , either subject or object. (Example : it is difficult to know)
- is there a comparative or superlative involved? (Example: she's taller than me)
• Some sentences may seem to be complete and contain gaps that appear to be unnecessary. If you find gaps like this, you will probably need the following:
- an adverb. (Example: He is always late)
- a modal verb . (Example: They can swim very well)
- a word to change the emphasis of the sentence: She's good enough to be queen
- The problems are too difficult

• A few gaps may demand a vocabulary item consistent with the topic of the text; or a word which is part of an idiomatic expression (example: Good heavens!); or a word which collocates with another one (example: do a job); or a word which is part of a phrasal verb (example: I was held up by traffic). 

Important Days

Important Days

Important Days in January
Jan 1	Army Medical Corps Establishment Day
Jan 8	African National Congress Foundation Day
Jan 10	World Laughter Day
Jan 9	Pravasi Bharatiya Divas
Jan 11	Death anniversary of Lal Bahadur Shastri
Jan 12	National youth Day (Birth Day of Swami Vivekanand)
Jan 15	Army Day
Jan 23	Netaji Subhash Chandra Bose's birth anniversary
Jan 25	International Customs Duty Day, India Tourism Day, Indian Voter Day
Jan 26	Republic Day
Jan 28	Birth anniversary of Lala Lajpat Rai
Jan 30	(Martyr's day) Mahatma Gandhi's Martyrdom Day;World Leprosy Eradication Day
Jan 31	World Leprosy Eradication Day
Inportant Days in February
Feb 2	World Wetlands Day
Feb 4	National Day of Srilanka
Feb 5	Kashmir Day (Organised by Pakistan)
Feb 13	Sarojini Naidu's Birth Anniversary
Feb 14	St. Valentine's Day
Feb 24	Central Exise Day
Feb 28	National Science Day
Important Days in March
Mar 3	National Defence Day
Mar 4	National Security Day
Mar 8	International Women's Day
Mar 9	CISF Raising Day
Mar 12	Mauritius Day;Central Industrial Security Force Day
Mar 15	World Consumer Day
Mar 16	National Vaccination Day
Mar 21	World Forestry Day
Mar 22	World Day of Water
Mar 23	World Meterological Day
Mar 24	World TB Day
Mar 26	Bangaladesh Liberation Day
Important Days in April
April 1	Orissa Day
April 5	National Meritime Day
April 7	World Health Day
April 11	National Safe Motherhood Day
April 13	Jallianwallah Bagh Massacre Day (1919)
April 14	B.R. Ambedkar Remembrance Day
April 17	World Haemophilia Day
April 18	World Heritage Day
April 21	National Civil Service Day
April 22	World Earth Day
April 23	World Books Day
April 24	Panchayat Raj Day
April 26	World Intellectual Property Day
Important Days in May
May 1	International Labour Day, Maharashtra Day
May 3	International Press Freedom day; International Energy Day
May 4	Coal Miners Day
May 7	Worlds AIDS Orphans day
May 8	International Red Cross Day (It is celebrated to commemorate the birth anniversary of the founder of the Red Cross Organization Jean Henry Dunant)
May 11	National Technology Day
May 15	International Family Day
May 17	World Telecom Day
May 18	International Museums Day
May 22	International Bio Diversity Day
May 24	Commonwealth Day
May 25	Worlds Thyroid Day
May 29	International Day of UN Peace Keepers
May 30	Hindi Journalism Day
May 31	World No Tobacco Day
Important Days in June
June 1	World Milk Day (FAO)
June 5	World Environment Day
June 8	World Oceans Day
June 12	World Day Against Child Labour / Child Labour Prohibition Day
June 14	World Blood Donor Day
June 15	World Elder Abuse Awareness Day
June 17	World Day to Combat Desertification
June 20	World Refugee Day
June 21	International Day of Yoga
June 23	United Nations Public Service Day
June 26	International Day Against Drug Abuse and Illicit Trafficking
June 29	National Statistics Day
Important Days in July
July 1	Doctor's Day
July 2	World UFO Day
July 4	American Independence Day
July 7	International Day of Cooperatives
July 11	World Population Day
July 17	World Day for International Justice
July 18	Mandela Day
July 26	Kargil Victory Day
July 27	Central Reserve Police Force Foundation Day
July 28	World Hepatitis Day
Important Days in August
Aug 6	Hiroshima Day
Aug 9	Quit India Movement Day
Aug 12	International youth Day
Aug 14	Pakistan's Independence Day
Aug 15	India's Independence Day
Aug 19	World Photography Day
Aug 20	Sadbhavana Diwas
Aug 29	National Sports Day of India (Dhyanchand's Birth Day)
Aug 30	Small Industry Day
Important Days in September
Sept 5	Teacher's Day (Dr. Radhakrishnan's Birth Day)
Sept 7	Forgiveness Day
Sept 8	International Literacy Day
Sept 14	Hindi day,World First Aid Day
Sept 16	World Ozone Day
Sept 21	International Day of Peace, World Alzheimer's day
Sept 25	Social Justice Day
Sept 27	World Tourism Day
Important Days in October
Oct 1	International Day for the Elderly(UN)
Oct 2	Gandhi Jayanti, International Day of Non-Violence
Oct 3	World Nature Day, World Habitat Day
Oct 4	World Animal Day
Oct 5	World Teacher's Day
Oct 6	World Wildlife Day, World Food Security Day
Oct 8	Indian Air-force day
Oct 9	World Postal Day
Oct 10	World Mental Health day;National Post Day
Oct 11	International Girl Child Day
Oct 12	World Sight day
Oct 13	World Calamity Control Day(UN)
Oct 14	World Standard Day
Oct 15	World White cane day(guiding the blind)
Oct 16	World Food Day
Oct 17	International poverty
Oct 20	National Solidarity Day (China attacked India on that day)
Oct 24	United Nations Day
Oct 30	World Thrift Day
Oct 31	Rastriya Ekta Diwas (Sardar Patel), National Integration Day (In memory of Indira Gandhi)
Important Days in November
Nov 7	Infant Protection day;World Cancer Awareness Day
Nov 9	Legal Service Day
Nov 10	Transport Day
Nov 14	Children's day/ World Diabetics day
Nov 17	Guru Nanak Dev's Birth Anniversary
Nov 26	Law Day
Nov 30	Flag Day
Important Days in December
Dec 1	World AIDS Day
Dec 3	World Disability Day
Dec 4	Navy Day
Dec 7	Armed Force Flag Day
Dec 10	Human Rights day
Dec 11	UNICEF Day
Dec 14	National Energy Conservation Day
Dec 19	Goa's Liberation day
Dec 23	Kisan Divas (Farmer's Day)