11 Feb, 2016
305 Times Read.
RSS Feed for this Article
Worksheets on Current Topics for Banking English Test Papers – XXI
Nirdeshak is developing tailor made comprehension section from the recent news articles published in leading newpapers across the world. It is important to recognizing letters and words in the passage, as it is the first step in learning to read. For students it is vital that students comprehend, or understand, what they are reading. They must be able to get the meaning of the text: What is the author telling the reader?
Government Hikes Excise duty on Petrol
Government today hiked excise duty on petrol by Rs 0.37 per litre and by Rs 2 a litre on diesel, the second increase in duties in just over two weeks, to mop up a little less than Rs 4,400 crore.
However, there will be no increase in retail selling price of petrol and diesel as state-owned oil firms had not passed on the full benefit of a reduction in international oil prices to consumers on January 1. Basic excise duty on unbranded or normal petrol has been increased from Rs 7.36 per litre to Rs 7.73 and the same on unbranded diesel from Rs 5.83 to Rs 7.83 per litre, a notification of the Central Board of Excise and Customs ( CBEC) said. The increase in excise duty will fetch the government over Rs 4,300 crore on diesel and about Rs 80 crore on petrol.
This is the second time in less than three weeks that excise duty is being hiked to make use of the slump in oil prices to garner resources for the government without burdening consumers.
The government had from December 17 raised excise duty on petrol by Rs 0.30 per litre and Rs 1.17 a litre on diesel to garner Rs 2,500 crore. Taken together with the November 7, 2015 increase in excise duty on petrol of Rs 1.60 per litre and diesel by 30 paise to raise Rs 3,200 crore, this is the third hike in levies this fiscal.
In the three increases, the government is expected to mop up over Rs 10,000 crore to meet its budgetary deficit. Prior to these, the government had in four installments raised excise duty on petrol and diesel between November 2014 and January 2015 to lessen the reduction in retail rates, which followed falling international oil rates. The four excise duty hikes during this period totalled Rs 7.75 per litre on petrol and Rs 6.50 a litre on diesel. It led to about Rs 20,000 crore in additional revenue to the government, helping it meet its fiscal deficit target. If the government would not have raised these duties, consumer price of petrol and diesel should have been lower by 10.02 a litre and Rs 9.97 per litre respectively. Petrol currently cost Rs 59.35 per litre in Delhi while diesel costs Rs 45.03 a litre. “The increase in excise duty on petrol by 37 paise and in diesel by Rs 2 per litre will not result in any increase in the current price,” Revenue Secretary Hasmukh Adhia tweeted.
a) Had a ride
Q2. Mop up
a) Washed away
c) Set the ball rolling
d) Completion of an action
The Swedish newspaper was recently asked it to delete the reference made by President Pranab Mukherjee to the Bofors scam in an interview to it, as a claim protested by the Indian Government on 27 May 2015. India has expressed disappointment over the disrespect shown to the President, the newspaper has defended its right to publish what was said during the interview.
Know, who is Vijay Kelkar and what is PPP !
Vijay Kelkar is a renowned economist and a former Finance Secretary. He was appointed head of newly constituted committee to give recommendations to recast the model of Public-Private-Partnership (PPP) model in India. India is one of the largest PPP market with over 900 projects. The Kelkar committee will review the PPP policy, suggest a better risk-sharing mechanism between private developers and the government after analysing such projects.
Know, who is Yaduveer Krishnadatta Chamaraja Wadiyar !
Yaduveer Krishnadatta Chamaraja Wadiyar was crowned as the new Maharaja of of Mysuru (Mysore) royal family. He is the 23-year old grandson of Princess Gayathri Devi, who was the eldest daughter of the last Maharaja of Mysore, Sri Jayachamarajendra Wadiyar. The coronation was held at Mysuru’s famous Amba Vilas Palace, which was decked up for the occasion.
Know about Sepp Blatter!
Swpp Blatter, was re-elected as FIFA president for a fifth term at the 65th Annual Congress of FIFA held at Zurich for four year term.
Prince Ali bin al-Hussein of Jordan stood against Blatter in this election. It is worth mentioning that FIFA is going through a major controversy regarding corruption in the organisation with two FIFA vice presidents and a recently elected FIFA executive committee member still in custody.