ECONOMY Briefs

Indian Financial System Code (IFSC) ?

The Indian Financial System Code (IFSC) is an alphanumeric code that uniquely identifies a bank-branch participating in the National Electronic Fund Transfer(NEFT) system. This is a 11 digit code with the first 4 alphabetic characters representing the bank, and the last 6 characters (usually numeric, but can be alphabetic) representing the branch. The 5th character is 0 (zero). IFSC is used by the NEFT system to route the messages to the destination banks / branches.

The Asian Clearing Union (ACU) was established on December 9, 1974 at the initiative of the United Nations Economic and Social Commission for Asia and Pacific (ESCAP), for promoting regional co-operation. The main objectives of a clearing union are to facilitate payments among member countries for eligible transactions on a multilateral basis, thereby economizing on the use of foreign exchange reserves and transfer costs, as well as promoting trade among the participating countries.

Who are the members of ACU ? What is the unit of settlement of ACU transactions?

he members of ACU are the central banks of Bangladesh, Bhutan, Iran, India, Maldives, Nepal, Pakistan, Sri Lanka, and Myanmar. The central banking authority of member countries has issued detailed instructions and modalities for channeling the monetary transactions through the ACU. Membership in the ACU is open to central banks located in the geographical area of ESCAP,....

State Central Bank Year 1955
Bangladesh Bangladesh Bank 1974
Bhutan Royal Monetary Authority of Bhutan 1999
India Reserve Bank of India 1974
Iran Central Bank of the Islamic Republic of Iran 1974
Maldives Maldives Monetary Authority 2009
Myanmar Central Bank of Myanmar 1977
Nepal Nepal Rastra Bank 1974
Pakistan State Bank of Pakistan 1974
Sri Lanka Central Bank of Sri Lanka 1974.....

Human Development Report
* published by United Nations Development Programme (UNDP)
*various aspects of human development covered while ranking nations
*since 1990 Human Development Index is broadly an average of social aggregates/averages of longevity, knowledge
and access to resources. To put it more concretely, it is an equi-weighted average of :
1. Life Expectancy Index (LEI)
2. Education Attainment Index (EAI)
3. Standard of Living Index (SLI)
where the sub-indices were to be calculated by the same old method of the PQLI.In other words,
HDI=(1/3)(LEI+EAI+SLI)
* India HDI Rank : 119

CRZ?????

 Disallowing Special Economic Zone(“SEZ”) projects in the CRZ

‎1.CRZ I- ecologically sensitive areas such as mangroves, coral reefs, salt marshes, turtle nesting ground and the inter-tidal zone.
2.CRZ II- areas close to the shoreline, and which have been developed.
3.CRZ III- Coastal areas that are not substantially built up, including rural coastal areas.
4.CRZ IV- water area from LTL to the limit of territorial waters of India

roobinhood tax ?

The Robin Hood tax.... commonly refers to a package of financial transaction taxes , proposed by a campaigning group of civil society NGOs. Campaigners have suggested the tax could be implemented globally, regionally or unilaterally by individual nations. Conceptually similar to the Tobin tax, it would affect a wider range of asset classes including the purchase and sale of stocks, bonds, commodities, unit trusts, mutual funds, and derivatives such as futures and options. The Tobin tax was proposed for foreign currency exchange only.