Breakfast GK Updates for 3 Sep 2015



Government decides to place 69 oil fields on the block.

  • The govt. has decided to allot 69 small and marginal oil fields to private and foreign companies by way of bidding.
  • Presently 63 are owned by ONGC and 6 are owned by Oil India.
  • This is expected to unlock reserves speculated to be around Rs 70,000 crore.
  • The government has decided to shift from issuing production sharing contracts to issuing revenue sharing contracts.
  • In production sharing , the private companies are allowed to extract oil and gas equal to their investment.
  • The Reliance KGD6 saga where Reliance deliberately tried to hoard gas to sell it at a higher price later was one of the reasons behind the shift.
  • In revenue sharing , the govt. and private corporations share the revenue from the oil generated from the very first batch itself.
  • From now onwards , the companies are free to set their prices.

EU Refugee crisis increases.

  • The ongoing civil war in Syria has led to the displacement of millions.
  • The refugees are trying to enter countries like Britain , France through Turkey , Greece and Eastern europe.
  • Hungary has shut down all its train services for migrants.
  • Macedonia has imposed a state of emergency.
  • This serves as a grim reminder of the casualties of war.
  • Closer to home , The migrants from Rakhine region are still suffering and are migrating from one country to another in search of a home.

Govt to merge SEBI with FMC

    • FMC stands for Forward Markets Commission.
  • The Forward Markets Commission (FMC) is the chief regulator of commodity futures markets in India. Overseen by Ministry of Finance.
    • Securities and Exchange Board of India (SEBI) is the regulator for securities market in India.
  • This move seeks to strengthen the regulation of commodity forward markets.

Minimum Alternative tax to be waived for FIIs.

  • MAT is imposed on companies that declare a profit but pay minimal or no tax.
  • MAT has been imposed retrospectively many times.
  • It is one of the reasons why companies are hesitant to invest in India.
  • Financial Institutional Investors that do not have a place of business in India will be exempt.
  • This move signals the acceptance of Justice AP Shah committee on MAT on FPI investors.

Trade Union Strike

  • The strike was against labour reforms proposed by the government which will increase flexibility in hiring and firing labourers.
  • The trade unions aggressively demanded the preservation of labour rights as a constitutional guarantee.
  • These reforms were long sought after by the Industrialist lobby and is seen as crucial in bringing more FDI in the country.
  • The expected losses due to disruptions in bank and trade activities due to the strike are expected to be around Rs 25000 crores.

GK Questions of the day

Check your current affairs knowledge by answering the questions in the comment section below. Also challenge your friends by sharing these questions.

1.Which is the only place in the world that is home to Bengal Tiger , Clouded leopard , Common Leopard and Snow Leopards ?

a) Sunderbans b) Great Himalayan National Park c) Nandadevi National Park d) Namdapha National Park

2. I am a city that is located opposite the old Assyrian capital of Nineveh on the banks of river Tigris.  Saddam Hussein built a dam on the river Tigris inside me.  I am also famous for the Ummayad Mosque. I was recently captured by the ISIS. Which City am I?

a)Aleppo b)Raqqa c) Mosul d)Cairo

3. Khardung La is a strategic location that leads to Siachen Glacier from Nubra and Shyok valleys. La is originally a Tibetan word whose use was adopted in the Western and Eastern Himalayas. What does La mean??

a) Mountain b)road c) Mountain pass d) military camp

4. Also known as one of the roughest seas in the world. Unobstructed by land mass , the speed of the wind here is legendary making it a annual spot for sailing competitions.  On moving further south , the landscape here is dominated by Iceburgs and whales.There is 24×7 sunshine in the month of December.Which sea is this??

a)Drake’s passage b)Arabian Sea c)Mediterranean sea d)Okhtosk sea

You can answer the questions in the comments section below. Be sure to checkout the answers in Sep 4 GK updates.