NEW APPOINTMENTS IN MAY 2019

✅ Air Marshal Rakesh Kumar Singh BhadauriaVice Chief of Indian Air Force

✅Kumar Sangakkara First Non-British President of MCC

✅Jayshree VyasFirst Independent Woman Director of BSE

✅ Dr Krishnamurthy Subramanian Advisory Council Member Finance Commission

✅ Laurentino Cortizo New President Of Panama

✅ Dragan Mihailovic Volleyball Federation Coach

✅Jagjit PavadiaRe-elected to International Narcotics Control Board (INCB)

✅ Igor Stimac India’s Football Coach

✅Dia Mirza One of the 17 New SDG

✅ Advocates BMC Ajoy MehtaChief Secretary of Maharashtra

✅R. Gandhi  Additional Director of Yes Bank

✅Justice A.K. Sikri Chairperson of News Broadcasting Standards Authority (NBSA)G.S

✅ Ms. Padmaja High Commissioner to Republic of Nauru

✅ Joko WidodoRe-Elected President of Indonesia

✅Jagan Mohan Reddy Chief Minister of Andhra Pradesh

✅Naveen PatnaikCM of Odisha for 5th Time

✅ Lieutenant General Shailesh Tinaikar New Force Commander of the United Nations Mission in South Sudan (UNMISS)

✅Prem Singh TamangChief Minister of Sikkim

✅ Maithripala SirisenaDefence Secretary of Sri Lanka

✅Naruhito Japan’s New Emperor

✅Tod Wolters Supreme Allied NATO Commander, Europe

✅ Justice PR Ramachandra Menon Chief Justice of the Chhattisgarh High Court

✅  Sujatha V Kumar Head of Marketing for India and South Asia for Visa

✅ Rakesh SharmaVice President of IMMA (International Motorcycle Manufacturers Association)

✅ Dinesh PangteyCEO of LIC Mutual Fund

✅Sanjiv PuriChairman of ITC

✅Cyril RamaphosaPresident of South Africa

✅Kazim Raza Khan CEO of IL&FS Engineering and Construction Company Ltd

✅Moin ul HaquePakistan’s High Commissioner to India

✅ Muhammadu Buhari Nigeria's president

✅ James Marape Prime Minister of Papua New Guinea

✅ Dilip Kumar Officer On Special Duty In Office Of Lokpal

✅ Kumar Sangakkara1st Non-British President of MCCSanjay UbaleIndia Policy Head of Bill & Melinda Gates Foundation

✅ Virat Kohli, Anushka SharmaFirst Brand Ambassadors of Myntra

✅Subhash Chand
Next Ambassador of India To State of Eritrea

✅ Professor Tijjani BandeNew President of the United Nations General Assembly

✅ Salman Khan Brand Ambassador of BharatPe

✅Major General AK Dhingra First head of country’s first tri-services Special Operations Division comprising commandos

✅ Nitin Chugh MD and CEO of Ujjivan Small Finance Bank

✅Jeffrey Rosen United States’ latest deputy attorney general by the US Senate

✅ Volodymyr Zelenskiy President of Ukraine

✅Suresh Kumar Chief Technology Officer of Walmart

✅Karambir Singh Navy Chief

✅ Dragan Mihailovic india head coach of Volleyball  men's team

✅Akshay Kumar  Brand  ambassador  of TAFE

✅ Scott Morrison Australia's Prime Minister 

✅Peter Mutharika President of Malawi

✅  Former SC justice MB Lokur Supreme Court of Fiji for three years ( non - resident panel )

✅Justice  K S Radhakrishanan Member of Commonwealth Secretariat Arbitral Tribunal

✅Justice D N Patel  Chief Justice of Delhi High Court

✅Himanta Biswa Sarma  Vice - President of Badminton Asia Council

✅stevo Pendarovski North Macedonian President

Quant Algebra Formulas and Tricks - How to Solve Difficult Algebra Questions in Seconds!

Quant section plays an important role in most of the competitive exams be it Banking exams, SSC exams or Railway exams. Though the quant section is scoring for most of the students, it may be scary for others. To make it a scoring topic for all of you, our experts have prepared these Quant Algebra formulas and tricks. Go through the quant algebra formulas and tricks to know how can you solve the difficult algebra questions in seconds?

Quant Algebra Formulas/Identities

Algebra may seem difficult to most of you, but we will help you make it your trump card! Quickly go through the Basic algebra formulas to brace yourselves for the questions that follow.

BASIC ALGEBRA IDENTITIES 

(a + b)² = a² + b² + 2ab
(a – b)² = a² + b² – 2ab
a² – b² = (a + b) (a – b)
(a + b)³ = a³ + b³ + 3ab (a + b)
(a – b)³ = a³ – b³ – 3ab (a – b)
a³ + b³ = (a + b) (a² + b² – ab)
a³ – b³ = (a – b) (a² + b² + ab)
(a + b + c)² = a² + b² + c² + 2 (ab + bc + ca)
(a + b + c)³ = a³ + b³ + c³ + 3(a + b) (b + c) (c + a)
a³ + b³ + c³ – 3abc = (a + b + c) (a² + b² + c² – ab – bc – ca)
= ½ (a + b + c) [(a – b)² + (b – c)² + (c – a)²]

Now that you have revised the important algebra identities, try your hands at the following questions before we give you the cheat sheet. We have picked these questions from the previous year papers.

Directions: What should come in place of ‘?’ in the following questions?

abc

a + b + c

ab + bc + ca

3

 Commonly Used Detailed Method

⇒ bc + a (b + c) =?
∴ Answer = bc + ab + ac
Option – 3

Lengthy isn’t it?  Want to know how you can solve this question in a few seconds? Read further to know the short trick.

Quant Algebra Short Trick – Know How to Solve in Seconds?

Time plays a very important part in any exam and using the above conventional method would easily eat up your 5-10 mins. Learn how you can solve this difficult algebra question in just a few seconds.

The above equation is a perfect example of homogeneous expressions because all the expressions have the same degree.

Degree of overall expression = 2

Now if you check the degrees of the options:

abc: Degree = 3

a + b + c: Degree = 1

ab + bc + ca: Degree = 2

3: Degree = 0

∴ option 3 i.e. ab + bc + ca is the right answer.

Note

1) While calculating the degree of expression, keep in mind that we add the values of exponents if the variables are multiplied, we subtract the values if the values are divided and if the variables are added or subtracted then the highest degree is taken.

2) A degree is the highest power of the expression.

How to find the degree of an expression?

ExpressionCorresponding DegreeExplanationa³3Value of exponentb or c1Value of exponent(b + c), (a– b) or (a-c)1Highest Degreea³ (b + c)3 + 1 = 4Values are added because they are multiplied(a – b) (a-c)1 + 1 = 2Values are added because they are multiplied.4 – 2 = 2Values are subtracted because they are dividedabc1 + 1 + 1 = 3Values are added because they are multiplied.a + b + c1Highest Degreeab + bc + ca1 + 1 = 2Values are added firstly because they are multiplied,
and the highest value is taken.30Variable is having 0 exponents.

Quant Algebra Questions

Its time you should try out a few questions, to strengthen the concept you’ve just read. Solve the following quant Algebra questions

Q.1 

1) a + b + c

2) 3

3) a² + b² + c²

4) abc

 Check Answer & Solution Here

The above equation is a perfect example of homogeneous expressions because all the expressions have the same degree.

Degree of overall expression = 1

Checking options:

Degree = 1

Degree = 0

Degree = 2

Degree = 3

∴ option 1 i.e. a + b + c is the right answer.

Q.2 (bc + ca + ab)³ – b³c³ – c³a³ – a³b³ = ?

1) 3abc (a + b) (b + c) (c + a)

2) (a + b) (b + c) (c + a)

3) (a – b) (b – c)(c – a)

4) 24abc

 Check Answer & Solution Here

The above equation is a perfect example of homogeneous expressions because all the expressions have the same degree.

Degree of (bc + ca + ab)³ = 2 × 3 = 6

Degree of b³c³ = 3 + 3 = 6

Degree of c³a³ = 3 + 3 = 6

Degree of a³b³ = 3 + 3 = 6

Degree of overall expression = 6

Checking options:

Degree = 6

Degree = 3

Degree = 3

Degree = 3

∴ option 1 i.e. 3abc (a + b) (b + c) (c + a) is the right answer.

Q3. 

1) 1

2) x/y

3) (xyzw)^m

4) (xyzw)^m/2

 Check Answer & Solution Here

Checking options:

Degree = 0

Degree = 0

Degree = 4m

Degree = 2m

∴ option 4 i.e. (xyzw)^m/2 is the right answer.

Q4. (x + y + z)³ – (x + y – z)³ – (y + z – x)³ – (z + x – y)³ = ?

1) 8(x + y + z)

2) 24xyz

3) 12

4) 24

 Check Answer & Solution Here

The above equation is a perfect example of homogeneous expressions because all the expressions have the same degree.

Degree of (x + y + z)³= 3

Degree of (x + y – z)³ = 3

Degree of (y + z – x)³ = 3

Degree of (z + x – y)³= 3

Degree of overall expression = 3

Checking options:

Degree = 1

Degree = 3

Degree = 0

Degree = 0

∴ option 2 i.e. 24xyz is the right answer.

Economic and Social Issues

NABARD 2019 Phase I Study Note

Chapter-01
A Brief on India

Introduction- 

India, a South Asian nation, is the seventh-largest country by area, the second-most populous country with over 1.33 billion people, and the most populous democracy in the world. India boasts of an immensely rich cultural heritage including numerous languages, traditions, and people. The country holds its uniqueness in its diversity and hence has adapted itself to international changes with poise and comfort. While the economy has welcomed international companies to invest in it with open arms since liberalization in the 1990s, Indians have been prudent and pro-active in adopting global approach and skills. Indian villagers proudly take up farming, advanced agriculture, and unique handicrafts as their profession on one hand while modern industries and professional services sectors are coming up in a big way on the other.

Thus, the country is attracting many global majors for strategic investments owing to the presence of vast range of industries, investment avenues, and a supportive government. Huge population, mostly comprising the youth, is a strong driver for demand and an ample source of manpower.

Location: India lies to the north of the equator in Southern Asia

Neighbouring Countries: Pakistan and Afghanistan share political borders with India on the West while Bangladesh and Myanmar stand adjacent on the Eastern borders. The northern boundary comprises the Sinkiang province of China, Tibet, Nepal, and Bhutan. Sri Lanka is another neighbouring country which is separated by a narrow channel of sea formed by the Palk Strait and the Gulf of Mannar.

Capital: New Delhi

Coastline: 7,517 km, including the mainland, the coastlines of Andaman and Nicobar Islands in the Bay of Bengal and Lakshadweep Islands in the Arabian Sea.

Climate: Southern India majorly enjoys tropical climate but northern India experiences temperatures from sub-zero degrees to 50 degrees Celsius. Winters embrace northern India during December to February while springs blossom in March and April. Monsoons arrive in June and stay till September, followed by autumn in October and November.

Area: India measures 3,214 km from north to south and 2,933 km from east to west with a total area of 3,287,263 sq km.

Natural Resources: Coal (fourth-largest reserves in the world), iron ore, manganese, mica, bauxite, rare earth elements, titanium ore, chromite, natural gas, diamonds, petroleum, limestone, arable land.
Land: 2,973,190 sq km
Water: 314,070 sq km

Political Profile- 

Political System and Government: The world's largest democracy implemented its Constitution in 1950 that provided for a parliamentary system of Government with a bicameral parliament and three independent branches: the executive, the legislature and the judiciary. The country has a federal structure with elected governments in States.

• Administrative Divisions: 29 States and 7 Union Territories
• Constitution: The Constitution of India came into force on 26th January 1950
• Executive Branch: The President of India is the Head of State, while the Prime Minister is the Head of the government and runs the office with the support of the Council of Ministers who forms the  Cabinet.
• Legislative Branch: The Federal Legislature comprises of the Lok Sabha (House of the People) and the Rajya Sabha (Council of States) forming both the Houses of the Parliament.
• Judicial Branch: The Supreme Court of India is the apex body of the Indian legal system, followed by other High Courts and subordinate Courts.
• Chief of State: President, Mr. Ram Nath Kovind (since 25th  July 2017)
• Head of Government: Prime Minister, Mr. Narendra Modi (since 26th May 2014)

Demographic profile- 

• Population: 1,326,801,000
• Population Growth Rate: 1.2 percent (2015)
• Religions: Hinduism, Islam, Christianity, Sikhism, Buddhism, Jainism
• Languages: Hindi, English and at least 16 other official languages
• Literacy: Total population: 74.04 per cent (provisional data-2011 census)
• Male: 82.14 percent
• Female: 65.46 percent
• Suffrage: 18 years of age; universal
• Life expectancy: 66.9 years (men), 69.9 years (women) (2015 – WHO 2016 Report)

Economic Profile

Indian Economy- 

• India’s GDP is estimated to have increased by 7.2 percent in 2017-18 and 7 percent in 2018-19. Gross Value Added (GVA) Composition by Sector (2017-18 2nd Advance Estimate)
• Services: 53.9 percent
• Industry: 29.1 percent
• Agriculture: 17.1 percent
• Forex Reserves: US$ 405.64 billion in the week up to March 15, 2019.
• Gross Fixed Capital Formation (GFCF) at current prices: Gross Fixed Capital Formation (GFCF) at current prices is estimated to be Rs 40.61 trillion (US$ 587.09 billion) between Apr-Dec 2019.
• Value of Exports: India's exports stood at US$ 483.92 billion in 2018-19 (up to February 2019.
• Export Partners: US, Germany, UAE, China, Japan, Thailand, Indonesia, and the European Union. India is also tapping newer markets in Africa and Latin America.
• Currency (code): Indian rupee (INR)
• Exchange Rates: Indian rupees per US dollar - 1 USD = 69.1713 INR (March 29, 2019)
• Fiscal Year: 01st April to 31st March

Cumulative FDI Equity Inflows: US$ 409.15 billion (April 2000 to December 2018)
Share of Top Investing Countries FDI Equity Inflows: Mauritius (32 per cent), Singapore (19 per cent), Japan (7 per cent), UK (6 per cent), Netherlands (6 per cent), USA (6 per cent), Germany (3 per cent), Cyprus (2 per cent), France (2 per cent), UAE (1 per cent)

Major Sectors Attracting Highest FDI Equity Inflows: Services Sector (17 per cent), Computer Software and Hardware (9 per cent), Telecommunications (8 per cent), Construction Development (6 per cent), Trading (5 per cent), Automobiles (5 per cent), Drugs and Pharmaceuticals (4 per cent), Chemicals (4 per cent), Construction Activities (4 per cent), Power (3 per cent)

Transportation in India

• Airports: Airports Authority of India (AAI) manages 129 airports in the country, which includes 23 international airports and 20 civil enclaves at defence airfields.
• International Airports: Ahmedabad, Amritsar, Bengaluru, Chennai, Goa, Guwahati, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Thiruvananthapuram, Port Blair, Srinagar, Jaipur, Nagpur, Calicut.
• Railways: The Indian Railways network is spread over 108,706 km, with 12,617 passenger and 7,421 freight trains each day from 7,172 stations plying 23 million travellers and 3 million tonnes (MT) of freight daily.
• Roadways: India’s road network of 4.87 million km is the second largest in the world. With the number of vehicles growing at an average annual pace of 10.16 percent, Indian roads carry about 65 percent of freight and 85 percent of passenger traffic.
• Waterways: 14,500 km
• Major Ports of Entry: Chennai, Ennore, Haldia, Jawaharlal Nehru Port Trust (JNPT), Kolkata, Deen Dayal, Kochi, Mormugao, Mumbai, New Mangalore, Paradip, Tuticorin, and Vishakhapatnam.

Chapter-02
Growth and Development
(About Indian Economy Growth Rate & Statistics)

Introduction

The two words ‘growth’ and ‘development’ were often used interchangeably in economic discussion. As soon as ‘development eco­nomics’ emerged as a distinct field of study after the World War II, it ‘had the appearance of being a bastard child of growth economics’ and, in fact, this child did not differ from what could be expected from a genuine ‘son of growth economics’. But, technically speak­ing, they are not the same.

Economic growth is defined in positive terms. It is measured by the sustained increase in real, national or per capita income of a nation over time. Economic growth is usually measured in terms of an increase in real GNP or GDP over time or an increase in income per head over time. Growth is desirable as it ena­bles a society to consume more goods and services.

That is why growth is considered to be the basis of advancing real living standards or human welfare. At the same time, it is also true that growth does not necessarily lead to an increase in human welfare. Economic de­velopment is more fundamental than eco­nomic growth. 

India has emerged as the fastest growing major economy in the world and is expected to be one of the top three economic powers of the world over the next 10-15 years, backed by its strong democracy and partnerships.

Market size-

India’s GDP is estimated to have increased by 7.2 percent in 2017-18 and 7 percent in 2018-19. India has retained its position as the third largest startup base in the world with over 4,750 technology start-ups.

India's labour force is expected to touch 160-170 million by 2020, based on the rate of population growth, increased labour force participation, and higher education enrolment, among other factors, according to a study by ASSOCHAM and Thought Arbitrage Research Institute.

India's foreign exchange reserves were US$ 405.64 billion in the week up to March 15, 2019, according to data from the RBI.

Recent Developments-

With the improvement in the economic scenario, there have been various investments in various sectors of the economy. The M&A activity in India reached record US$ 129.4 billion in 2018 while private equity (PE) and venture capital (VC) investments reached US$ 20.5 billion. Some of the important recent developments in the Indian economy are as follows:

• During 2018-19 (up to February 2019), merchandise exports from India have increased 8.85 percent year-on-year to US$ 298.47 billion, while services exports have grown 8.54 percent year-on-year to US$ 185.51 billion.
• Nikkei India Manufacturing Purchasing Managers’ Index (PMI) reached a 14-month high in February 2019 and stood at 54.3.
• Net direct tax collection for 2018-19 had crossed Rs 10 trillion (US$ 144.57 billion) by March 16, 2019, while goods and services tax (GST) collection stood at Rs 10.70 trillion (US$ 154.69 billion) as of February 2019.
• Proceeds through Initial Public Offers (IPO) in India reached US$ 5.5 billion in 2018 and US$ 0.9 billion in Q1 2018-19.
• India's Foreign Direct Investment (FDI) equity inflows reached US$ 409.15 billion between April 2000 and December 2018, with maximum contribution from services, computer software, and hardware, telecommunications, construction, trading, and automobiles.
• India's Index of Industrial Production (IIP) rose 4.4 percent year-on-year in 2018-19 (up to January 2019).
• Consumer Price Index (CPI) inflation stood at 2.57 percent in February 2019.
• Net employment generation in the country reached a 17-month high in January 2019.

Government Initiatives-

The interim Union Budget for 2019-20 was announced by Mr. Piyush Goyal, Union Minister for Finance, Corporate Affairs, Railways and Coal, Government of India, in Parliament on February 01, 2019. It focuses on supporting the needy farmers, economically less privileged, workers in the unorganized sector and salaried employees while continuing the Government of India’s push towards better physical and social infrastructure.

Total expenditure for 2019-20 is budgeted at Rs 2,784,200 crore (US$ 391.53 billion), an increase of 13.30 percent from 2018-19 (revised estimates).

Numerous foreign companies are setting up their facilities in India on account of various government initiatives like Make in India and Digital India. Mr. Narendra Modi, Prime Minister of India, has launched the Make in India initiative with an aim to boost the manufacturing sector of Indian economy, to increase the purchasing power of an average Indian consumer, which would further boost demand, and hence spur development, in addition to benefiting investors. The Government of India, under the Make in India initiative, is trying to give a boost to the contribution made by the manufacturing sector and aims to take it up to 25 percent of the GDP from the current 17 percent. Besides, the Government has also come up with the Digital India initiative, which focuses on three core components: the creation of digital infrastructure, delivering services digitally and to increase digital literacy.

Some of the recent initiatives and developments were undertaken by the government are listed below:

• In February 2019, the Government of India approved the National Policy on Software Products – 2019, to develop the country as a software hub.
• The National Mineral Policy 2019, National Electronics Policy 2019 and Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME II) have also been approved by the Government of India in 2019.
• Village electrification in India was completed in April 2018. Universal household electrification is expected to be achieved by March 2019 end.
• The Government of India released the maiden Agriculture Export Policy, 2018 which seeks to double agricultural exports from the country to US$ 60 billion by 2022.
• Around 1.29 million houses have been constructed up to December 24, 2018, under Government of India’s housing scheme named Pradhan Mantri Awas Yojana (Urban).
• Prime Minister's Employment Generation Programme (PMEGP) will be continued with an outlay of Rs 5,500 crore (US$ 755.36 million) for three years from 2017-18 to 2019-20, according to the Cabinet Committee on Economic Affairs (CCEA).

Road Ahead- 

• India's gross domestic product (GDP) is expected to reach US$ 6 trillion by Financial Year 2027 and achieve upper-middle income status on the back of digitisation, globalization, favourable demographics, and reforms.
• India's revenue receipts are estimated to touch Rs 28-30 trillion (US$ 385-412 billion) by 2019, owing to Government of India's measures to strengthen infrastructure and reforms like demonetization and Goods and Services Tax (GST).
• India is also focusing on renewable sources to generate energy. It is planning to achieve 40 percent of its energy from non-fossil sources by 2030 which is currently 30 percent and also have plans to increase its renewable energy capacity from to 175 GW by 2022.
• India is expected to be the third largest consumer economy as its consumption may triple to US$ 4 trillion by 2025, owing to shift in consumer behaviour and expenditure pattern, according to a Boston Consulting Group (BCG) report; and is estimated to surpass USA to become the second largest economy in terms of purchasing power parity (PPP) by the year 2040, according to a report by PricewaterhouseCoopers.

Exchange Rate Used: 1 United States Dollar equals to 69.46 Indian Rupee (as on 11th June 2019)

All the Best BA'ians!!

Facebook Announces Libra Cryptocurrency - Know Details Here!

Facebook Announces Libra Cryptocurrency! Cryptocurrencies are gradually percolating to the grass root levels in various economies. The recent announcement of Libra Cryptocurrency added another name in the list. While Zuckerberg claims the new cryptocurrency will help millions of people in carrying out transactions in a much better and safe manner, there are still a lot of speculations revolving around the pros and cons of the same. Read this article to know in detail as Facebook Announces Libra Cryptocurrency! Know about Libra, Cryptocurrecy, Pros & Cons of Libra Cryptocurrency and more.

Facebook Announces Libra Cryptocurrency!

Facebook won’t be having full control over Libra. Facebook will have a single vote in its governance alike other founding members of the Libra Association including Visa, Uber, and Andreessen Horowitz.

The founding members have invested at least $10 million each into the project’s operations.

The agenda of the association is to promote the open-sourced Libra blockchain and developer platform with its own Move programming language.

They also aim at signing up with businesses to accept Libra for payment and even give customers discounts or rewards.

Source: TechCrunch

Libra Cryptocurrency Salient Features

Libra is the brand new Facebook backed digital currency.

The name ‘Libra’ was inspired by Roman weight measurements, the astrological sign for justice and the French word for freedom.

Libra will be available starting 2020 to the billions of people who use Facebook services like Messenger, WhatsApp, & Instagram.

Facebook has joined forces with 28 partners in a Geneva-based entity called the Libra Association, which will govern the new digital coin.

Facebook has also created a subsidiary called Calibra, which will offer digital wallets to save, send and spend Libras.

The digital currency will be backed by a reserve of existing currencies from around the world, likely including the US Dollar, the Euro and the Yen.
Also, It has been backed by Visa and Mastercard, as well as businesses such as Uber, Spotify and eBay.

About Libra Cryptocurrency

A Libra is a unit of the Libra cryptocurrency.

It is represented by a three wavy horizontal line unicode character ≋ like the dollar is represented by $.

The value of a Libra is meant to stay largely stable.

It’s a good medium of exchange since merchants can be confident they won’t be paid a Libra today that’s then worth less tomorrow.

What is Cryptocurrency?

In layman terms, virtual currency or cryptocurrency is digital or electronic currency that is revolutionizing the way people transact. There are many different versions of the origins of cryptocurrency, but most experts would point at the Netherlands as the origin of cryptocurrency.

Most cryptocurrencies in the world are not regulated by the national governments as they are considered to be as alternative currencies.
Bitcoin was the first cryptocurrency that caught the imagination of thousands of people.

Study Notes & Short Tricks: Statement and Assumptions

                STATEMENT AND ASSUMPTIONS

This chapter plays an important role in logical part of an examination. “2–3” questions comes from this chapter in every “PO” level exam. Clear concept, right thinking and sufficient practice can help you to do questions from this chapter easily. Questions in this chapter consists of a statement (which consists of facts, observations, advertisements, appeals, advices, notices) and followed by assumptions, of which the validity is to be checked. 

Format of question :-

Directions : In each question below a statement is followed by two assumptions numbered I and II. An assumption is something supposed or taken for granted. You have to consider the statement and the following assumptions and then decide which of the assumptions is implicit in the statement. Give answer :-

(a) if only assumption I is implicit. 

(b) if only assumption II is implicit. 

(c) if either assumption I or II is implicit. 

(d) if neither assumption I nor II is implicit.

(e) if both assumption I and II are implicit.

Statement : More commuters now travel by this route, but there is no public demand for more buses. 

Assumptions : I. The number of buses depends upon the number of passengers. 

II. Usually people do not tolerate inconvenience. 

→ So, to attempt this type of question, you have to first read statement carefully and to analyze the assumption to decided which assumption will follow. 

Now question arises what is an assumption? 

Assumption :- An assumption is the hidden part of the statement which is assumed/supposed and taken for granted. Something that is not clearly mentioned in the statement, but is an integrated part of it. when somebody says something he does not put everything, every aspect of his idea into words. There is a lot which he leaves unsaid. That which he leaves unsaid, that which he takes for granted, may be defined as an assumption. 

For example :- Let’s take an example of a five storey building made of glass and steel pillars. Now, the glass, the steel pillars can be clearly seen, but the foundation or base of the building is hidden or not clearly seen. This analogy can be used to explain the question type. The glass, pillars which can be clearly seen are parts of the building. This building is the statement of the question. On the other hand, the foundation is the hidden part, not clearly seen, which is the assumption. So, the assumption is the hidden or the implicit part of the statement without which the statement cannot exist. 

Important Notes :- (1) Always check whether an assumption is implicit or not by “keeping yourself in the shoes of the subject”.

(2) Think from the perspective of the person saying the line in the statement, the person giving the advertisement, the person advising someone etc. 

(3) Always be careful of the key words used in the sentence, such as, most, only, all, best, definitely etc. The statement are supposed to be read carefully to pick the right assumption. 

→  As you know, in examination every second is precious.

So, now we are providing you some important key points which will help you to analyze the assumption in less time. 

(1) Some words like only, each, any, every, all, question indicating words (why, what), answer indicating words (therefore), Definitely, But, Certainly exist in the assumption and that assumption will always be explicit (False)

(2) Some words like some, to large extent, many much exist in the assumption and that will always be implicit (True).

(3) Any assumption that is conveying the message of advertisement, notice and appeal, that assumption will always be implicit (True). 

(4) Any assumption that’s talking about the social welfare (positive), govt. policies that assumption will always be implicit (True).

(5) If any assumption showing the word like suggestion, order, request that will always be implicit (True). 

→  Now we are providing you some example for better understanding :-

(1) Statement :-

“We offer the best training in the field of computers” –an advertisement. 

Assumptions :- I. People are interested in getting training in computers. 

II. People want the best training. 

Solution :- Since an advertisement offers “best training” in the field of “computers”, it must have been assumed by the advertisers that people want “computer training and that they want the “best training”. So, both assumptions are implicit.

(2) Statement :-

An advertisement in a newspaper – “wanted unmarried, presentable matriculate girls between 18 and 21, able to speak fluently in English, to be hired as models”. 

Assumptions :- I. Fluency in English is a prerequisite for good performance a model.  

II. Height does not matter in performing as a model. 

Solution :- Since the advertisement wants girls “able to speak fluently in English” it must have assumed that fluency in English is a requirement for a good model. But height as a criteria is not described in the statement so, only 1st assumption will implicit. 

      
(3) Statement :- “Hungry stomachs do not understand high values and economic ethics. They will vote a man who gives them rice”. – A political analyst on why a particular party won the election. 

Assumptions :- I. A lot of people are hungry. 

II. Rice was not available previously. 

III. Rice was available only in limited quantity. 

Solution :- The analyst talks of hungry stomachs, so people with hungry stomachs must be existing. It means that 1st is implicit. II is not implicit although it looks otherwise. Some rice must have been available only in limited amount (otherwise people wouldn’t have been hungry). Hence, III is implicit. 

      
(4) Statement :- “Why should we not protest ? When we ask for drinking water they give us Pepsi and Coca-Cola”. –A politician in an interview. 

Assumptions :- I. Only drinking water is good for people’s health. 

II. Providing people with drinking water is more important than providing Pepsi and Coca-Cola. 

III. Pepsi and Coca-Cola do not contain healthy drinking water.

Solution :- Only IInd assumption will implicit. 

Politician consider drinking water more important than Pepsi and Coca-Cola than only he shows anger. And 1st and IIIrd cannot be assumed because in 1st assumption “only” is mentioned and we cannot assume that Pepsi and Coca-Cola do not contain healthy drinking water. 

      
(5) Statement :- Students at school ‘A’ must get a better education than students at school ‘B’ because the grade point average of students at school ‘A’ is higher than that of students at school ‘B’. 

The claim above depends upon which of the following assumptions ? 

I. The average grade earned by students is a good measure of the quality of education that a student’s receives. 

II. Extracurricular activities at school ‘A’ are given more emphasis than at school ‘B’.

III. The grading standards at the two high schools are roughly the same. 

Solution :- The conclusion about better education at school A is made by comparing the grades. But grades in the two schools are awarded separately. Hence the conclusion couldn’t be valid unless it was assumed that the grading systems of the two schools were alike. Hence III is implicit. Now if better grading means better education, I is implicit. II is not because nothing is mentioned of extra – curricular activities. 

Negotiable Instruments - Know In Detail About Meaning, Types & Differences

Competitive banking exams like IBPS PO, IBPS SO, SBI PO, SBI Clerk, IDBI PO place a lot of emphasis on general awareness specifically pertaining to banking services. Candidates must prepare this subject well and ensure some assured marks. This article covers the concepts and important descriptions of Negotiable Instruments. Read on to find out in more detail!

What are Negotiable Instruments?

Negotiable instruments in India are governed under the Negotiable Instruments Act, 1881. Under this act, the instruments are defined and their usage is governed. With reference to Section 13(A) of the Act, a negotiable instrument means ‘a promissory note, bill of exchange or cheque payable either to order or to bearer, whether the word “order” or “bearer” appears on the instrument or not.’  To explain things further, a negotiable instrument is a document that guarantees the payment of a specified sum of money either on demand or after a stipulated period of time.

There are many Negotiable Instruments. However, the Act takes into consideration only three.

The Act does not include demand drafts and hundis which are also popular negotiable instruments. Negotiable instruments can be categorized into two main types:

Order to pay– Drafts and cheques

Promise to pay– bills of exchange and promissory notes.

Negotiable Instruments Criteria

The instrument must be in written form;

Promise or order to pay must be unconditional;

The payment must be of a specified sum of money to which interest may be added;

The payment must either be made after a set time or on demand;

The instrument must be payable to bearer or to order;

The instrument must not require the person promising payment to perform any other action other than payment.

Types of Negotiable Instruments

Bill of Exchange

An instrument containing an unconditional order and signed by the maker, directing a certain party to pay a certain sum of money to the bearer of the instrument. They are issued by banks, thus making this a three-party affair.

The payee is the party receiving the payment (the creditor)

Drawee is the party making the payment (the debtor)

Drawer obliges the drawee to pay the payee (bank)

Banks can choose to perform the function of discounting the bill of exchange. Banks provide short term credit to the holder of the bill based on these bills of exchange. This discount rate includes the interest rate and other nominal charges. The interest rate increases in proportion to the maturity period of the bill. The earnings of the bank are termed as proceeds which is the difference between the face value and the discount value. At maturity, the bank receives the original face value as reimbursement and the payee receives the discounted value.

Promissory Note

Promissory notes are legal instruments in which one party promises to pay in writing a specific sum of money to the other party, either after a stipulated time period or on demand under specific terms.

Promissory notes are sometimes signed as part of a student loan process.

The bank holds on to that promissory note until the loan is paid back in full.

Promissory notes transform into financial instrumentswhen the creditors have enough payments pending to be made, leading them to a situation where their own liquidity is questionable, approach banks for short term credit where they encash the promissory note at a discounted value and make their due payments.

At the time of maturity, the issuer of the promissory note pays the bank directly in full. The difference is the profit of the bank for rendering their services.

Cheque

Cheques are negotiable instruments used to make payments as part of the day to day business transactions. It is the most popular one and used by businesses and individuals to make and receive payments on a daily basis. Three parties are involved in a cheque transaction.

Drawer– The party issuing the cheque and holding an account with the bank;

Drawee– The party which is directed to make the payment ie. bank;

Payee– The party which receives the payment made by the drawee. If the drawer has drawn the cheque in favor of self then the drawer becomes the payee.

The cheque acts as a written order made by the drawer to the drawee to pay the payee the amount of money specified on the cheque. The drawer’s account will be debited by the amount mentioned on the cheque. The bank earns the nominal feecharged to the customers for granting them checkbooks. Different types of cheques issued are Bearer Cheque, Order Cheque, Crossed Cheque, Stale Cheque, Anti Dated Cheque and Post Dated Cheque.

Features of Negotiable Instruments

A negotiable instrument can be transferred in a hassle-free manner through delivery or endorsement. Formalities such as preparing a transfer deed, payment of stamp duty, etc are absent. Transfer does not even mandate notifying the previous holder of the instrument.

The instrument is in written form. It can be handwritten, typed, engraved or printed.

The time period after which payment is made is certain and unambiguous. Also, the holder anticipates prompt payment because dishonor would imply the ruin of credit of all parties involved. Every instrument contains an unconditional promise or order of payment.

The payee is specified in the instrument. There may be situations where there is more than one payee. The payee can be an institution or organization too.

For a negotiable instrument to be considered valid, the signature of the maker or the drawer needs to be present on the document.

A person or party receiving the negotiable instrument has indisputable ownership.

A negotiable instrument is not complete until and unless it has been delivered to the payee.

Negotiable Instruments Utility

Negotiable instruments are of utmost importance in the commercial world. It has consistently increased in tandem with development in international trade.

The right of property which implies complete ownership accompanies the promissory right.

The transferability from one person to another happens with ease and without much formality which facilitates its heavy use in the business world.

The transfer can be done through endorsement or delivery, which is a common occurrence in business transactions.

Payments made through instruments are immediate, thus minimizing loss of time.

Even after an electronic revolution in the banking sphere, negotiable instruments are still used widely. They may face obsolescence once people develop their banking habits and overcome the problems faced due to the digitization of banks.

Figures of Speech

There are two ways of using a language – Figuratively and literally. When we talk in terms of figurative language, the meaning of any phrase/meaning will depend on the situation in which they are used. The literal language uses the exact definition and real meanings of phrases and words. A figure of speech relies on such rhetoric and figurative language.

To give a more stylized and specialized meaning the words diverge from their literal meanings when we use figures of speech. Let us, for instance, consider the phrase “fast like lightning”. This phrase clearly implies great speed, but, it does not literally mean as fast as lightning. Example: “Seeing the Dogs following, he ran as fast as lightning”.  Let us learn more about figures of speech.

Types of Figures of Speech

There are many figures of speech, but here in this article, we will be discussing five main figures of speech we use in our daily prose.

1. Figures of Speech: Simile

A simile is a figure of speech that uses comparison. Two specific words “like” and “as” are used in a simile to compare two unlikely things, that have nothing in common. This is generally done to highlight the dramatic behaviour of the prose and put into effect comparisons and vivid image. It is the commonest forms of a figure of speech and is used in everything life.

Let us see some examples of simile. “she is as cute as a kitten”. Here you will notice a girl and her cuteness is being compared to a Kitten. This is an illogical and unusual comparison, but it brings out an imagination quality in the sentence. The literal sentence would have read “She is cute”, but using the simile makes it sound much better. Other such examples can be

As bold as brass

As bright as a button

As shiny as a new pin

2. Figures of Speech: Metaphor

Simile and metaphor are very similar. Metaphor generally compares to things that are not at all similar. This helps in bringing out the symbolism. A metaphor is a phrase or word used that is used to show its similarity to another thing. It helps in explaining an idea, but a metaphor, when taken with its literal meaning, sounds completely absurd.

An example of a metaphor is “Bob is a hungry wolf, he can eat a lot.” Literally, this sounds absurd. But this is a metaphor which suggests that Bob can eat a lot. It compares or implies that Bob is a Wolf to bring out the symbolism.

While a metaphor and simile seem to be very similar, there is one simple difference between the two. In a simile, we use the words “as” and “like” for comparison,  A metaphor will not have either of those two words.

3. Figures of Speech: Personification

Another very interesting figure of speech is Personification.  When we talk about personification, a non-human entity is generally represented as human. We give an intangible idea or an inanimate object of human qualities such as gestures, emotions or even speech. This is generally done to portray the object as alive. This helps the reader or listener paint a vivid picture. On the contrary,  if the words are taken at their literal meaning, they will surely sound absurd.

“My alarm clock yells at me to get out of bed every morning”. Here we have taken an object, clock, and personified it as a living thing by claiming that it yells. Other such examples could be, “My flowers were begging for water”. “The ivy wove its fingers around the fence.”

4. Figures of Speech: Hyperbole

In the Greek language, Hyperbole means ‘excess’. And the main purpose of using it is to symbolise that it exaggerates. Hyperbole is generally used to lay stress on the significance or overstate something. These exaggerated statements should not be taken at their literal meaning. Hyperboles are mostly used to create a distinct and enduring impression.

An example would be “I’ve told you to clean your room a million times!”. Obviously, he must have not asked to clean the room million times, we only exaggerate to emphasize on how many times he might have asked. Some other examples are, “I am so hungry I could eat a horse”. “I have a million things to do today.”

5. Figures of Speech: Onomatopeia 

Onomatopoeia is the use of words (such as hiss or murmur) that imitate the sounds associated with the objects or actions they refer to. It is a figure of speech where words or phrases indicate sounds. Often to better describe a setting and bring about more imagery writers use words to involve all five of our senses.

For example “The best part about music class is that you can bang on the drum”. Here the word ‘bang’ is indicating the sound coming from the drum. Some other examples are “It is not unusual for a dog to bark when visitors arrive”. “Silence your cellphone so that it does not beep  during the movie.”

Hope you liked this article on Figures of Speech. If you have any doubts regarding this article, do mention in the comments section.