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08 May keywords



8 th MAY 2017

1.      "Cobweb phenomenon"

  • After the prices of a particular agricultural commodity shoot through the roof during a season of scarcity, farmers resort to boosting the production on the premise of the pre-existing demand and prices, leading to a problem of plenty.

2.      Minimum Support Price (MSP)

3.      Shell Companies

4.      Round-tripping

  • sending money to tax havens abroad in the guise of payments for fake imports through shell companies and bringing back that money, showing it as "foreign investment".

5.      Prevention of Money Laundering Act

6.      Benami Transactions (Prohibition) Act

7.      Non-Functional Upgrade (NFU)

  • NFU entitles all officers of a batch who are not promoted to draw the salary and grade pay that the senior-most officer of their batch would get after a certain period.

8.      Chabahar port

9.      Gwadar port

10.  Asian Development Bank (ADB)

  • regional development bank
  • established in 1966,
  • headquartered in Manila, Philippines.
  • was modeled closely on the World Bank
  • admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) and non-regional developed countries.
  • ADB now has 67 members, of which 48 are from within Asia and the Pacific and 19 outside.

11.  Foreign Account Tax Compliance Act (FATCA)

  • It is a United States federal law
  • It requires United States persons, including U.S. citizens who live outside the United States, to report their financial accounts held outside of the U.S
  • It requires foreign financial institutions to report to the Internal Revenue Service (IRS) about their U.S. clients.
  • India had signed an agreement with the U.S. on July 9, 2015 which enables automatic exchange of financial information between India and the U.S. The agreement came into effect on August 31, 2015.
  • The agreement provides that Indian Financial Institutions will provide the necessary information to the Indian tax authority i.e. Central Board of Direct Taxes (CBDT), which information will then be transmitted to the U.S. automatically in the case of FATCA.
  • The compliance is needed for bank accounts, mutual fund, national pension scheme and other such transactions.

12.  Fuel cell

  • a devices that split the hydrogen atoms into protons and electrons and get the electrons to flow through a circuit - flow of electrons is electricity.

13.  Cold fusion

  • It is a Low Energy Nuclear Reaction (LENR)
  • It is not yet an established science
  • It generates energy from fusion of sub-atomic particles at near room temperatures
  • An Italian engineer called Andrea Rossi came up in 2011 with a device ‘E-Cat' that he claimed produces more energy than it consumes. His ‘E-Cat' is a small box with a pinch of nickel, hydrogen and lithium.

14.  Barbary macaque monkey

  • the only species of macaque outside Asia
  • lives on leaves and fruits and can weigh up to 20 kg,
  • once found throughout North Africa and parts of Europe.
  • now restricted to the mountainous regions of Algeria and Morocco's northern Rif region and in Gibraltar Today, the only native primate north of the Sahara, apart from humans
  • in danger of extinction, according to IUCN.
  • Conservationists blame illegal poaching, tourists who feed the monkeys and overexploitation of the cedar and oak forests that form the species' natural habitat.
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