1. Statement: "But out of A, B, C and D products, you buy B which alone is based on the international technology."- A shopkeeper tells a customer. Assumptions: The customers normally accept the recommendation of the shopkeeper. Use of international technology is supposed to ensure better quality standards.






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MCQ->Statement: "But out of A, B, C and D products, you buy B which alone is based on the international technology."- A shopkeeper tells a customer. Assumptions: The customers normally accept the recommendation of the shopkeeper. Use of international technology is supposed to ensure better quality standards.

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MCQ-> Read carefully the four passages that follow and answer the questions given at the end of each passage:PASSAGE I The most important task is revitalizing the institution of independent directors. The independent directors of a company should be faithful fiduciaries protecting, the long-term interests of shareholders while ensuring fairness to employees, investor, customer, regulators, the government of the land and society. Unfortunately, very often, directors are chosen based of friendship and, sadly, pliability. Today, unfortunately, in the majority of cases, independence is only true on paper.The need of the hour is to strengthen the independence of the board. We have to put in place stringent standards for the independence of directors. The board should adopt global standards for director-independence, and should disclose how each independent director meets these standards. It is desirable to have a comprehensive report showing the names of the company employees of fellow board members who are related to each director on the board. This report should accompany the annual report of all listed companies. Another important step is to regularly assess the board members for performance. The assessment should focus on issues like competence, preparation, participation and contribution. Ideally, this evaluation should be performed by a third party. Underperforming directors should be allowed to leave at the end of their term in a gentle manner so that they do not lose face. Rather than being the rubber stamp of a company’s management policies, the board should become a true active partner of the management. For this, independent directors should be trained in their in their in roles and responsibilities. Independent directors should be trained on the business model and risk model of the company, on the governance practices, and the responsibilities of various committees of the board of the company. The board members should interact frequently with executives to understand operational issues. As part of the board meeting agenda, the independent directors should have a meeting among themselves without the management being present. The independent board members should periodically review the performance of the company’s CEO, the internal directors and the senior management. This has to be based on clearly defined objective criteria, and these criteria should be known to the CEO and other executive directors well before the start of the evolution period. Moreover, there should be a clearly laid down procedure for communicating the board’s review to the CEO and his/her team of executive directors. Managerial remuneration should be based on such reviews. Additionally, senior management compensation should be determined by the board in a manner that is fair to all stakeholders. We have to look at three important criteria in deciding managerial remuneration-fairness accountability and transparency. Fairness of compensation is determined by how employees and investors react to the compensation of the CEO. Accountability is enhanced by splitting the total compensation into a small fixed component and a large variable component. In other words, the CEO, other executive directors and the senior management should rise or fall with the fortunes of the company. The variable component should be linked to achieving the long-term objectives of the firm. Senior management compensation should be reviewed by the compensation committee of the board consisting of only the independent directors. This should be approved by the shareholders. It is important that no member of the internal management has a say in the compensation of the CEO, the internal board members or the senior management. The SEBI regulations and the CII code of conduct have been very helpful in enhancing the level of accountability of independent directors. The independent directors should decide voluntarily how they want to contribute to the company. Their performance should decide voluntarily how they want to contribute to the company. Their performance should be appraised through a peer evaluation process. Ideally, the compensation committee should decide on the compensation of each independent director based on such a performance appraisal. Auditing is another major area that needs reforms for effective corporate governance. An audit is the Independent examination of financial transactions of any entity to provide assurance to shareholder and other stakeholders that the financial statements are free of material misstatement. Auditors are qualified professionals appointed by the shareholders to report on the reliability of financial statements prepared by the management. Financial markets look to the auditor’s report for an independent opinion on the financial and risk situation of a company. We have to separate such auditing form other services. For a truly independent opinion, the auditing firm should not provide services that are perceived to be materially in conflict with the role of the auditor. These include investigations, consulting advice, sub contraction of operational activities normally undertaken by the management, due diligence on potential acquisitions or investments, advice on deal structuring, designing/implementing IT systems, bookkeeping, valuations and executive recruitment. Any departure from this practice should be approved by the audit committee in advance. Further, information on any such exceptions must be disclosed in the company’s quarterly and annual reports. To ensure the integrity of the audit team, it is desirable to rotate auditor partners. The lead audit partner and the audit partner responsible for reviewing a company’s audit must be rotated at least once every three to five years. This eliminates the possibility of the lead auditor and the company management getting into the kind of close, cozy relationship that results in lower objectivity in audit opinions. Further, a registered auditor should not audit a chief accounting office was associated with the auditing firm. It is best that members of the audit teams are prohibited from taking up employment in the audited corporations for at least a year after they have stopped being members of the audit team.A competent audit committee is essential to effectively oversee the financial accounting and reporting process. Hence, each member of the audit committee must be ‘financially literate’, further, at least one member of the audit committee, preferably the chairman, should be a financial expert-a person who has an understanding of financial statements and accounting rules, and has experience in auditing. The audit committee should establish procedures for the treatment of complaints received through anonymous submission by employees and whistleblowers. These complaints may be regarding questionable accounting or auditing issues, any harassment to an employee or any unethical practice in the company. The whistleblowers must be protected. Any related-party transaction should require prior approval by the audit committee, the full board and the shareholders if it is material. Related parties are those that are able to control or exercise significant influence. These include; parent- subsidiary relationships; entities under common control; individuals who, through ownership, have significant influence over the enterprise and close members of their families; and dey management personnel.Accounting standards provide a framework for preparation and presentation of financial statements and assist auditors in forming an opinion on the financial statements. However, today, accounting standards are issued by bodies comprising primarily of accountants. Therefore, accounting standards do not always keep pace with changes in the business environment. Hence, the accounting standards-setting body should include members drawn from the industry, the profession and regulatory bodies. This body should be independently funded. Currently, an independent oversight of the accounting profession does not exist. Hence, an independent body should be constituted to oversee the functioning of auditors for Independence, the quality of audit and professional competence. This body should comprise a "majority of non- practicing accountants to ensure independent oversight. To avoid any bias, the chairman of this body should not have practiced as an accountant during the preceding five years. Auditors of all public companies must register with this body. It should enforce compliance with the laws by auditors and should mandate that auditors must maintain audit working papers for at least seven years.To ensure the materiality of information, the CEO and CFO of the company should certify annual and quarterly reports. They should certify that the information in the reports fairly presents the financial condition and results of operations of the company, and that all material facts have been disclosed. Further, CEOs and CFOs should certify that they have established internal controls to ensure that all information relating to the operations of the company is freely available to the auditors and the audit committee. They should also certify that they have evaluated the effectiveness of these controls within ninety days prior to the report. False certifications by the CEO and CFO should be subject to significant criminal penalties (fines and imprisonment, if willful and knowing). If a company is required to restate its reports due to material non-compliance with the laws, the CEO and CFO must face severe punishment including loss of job and forfeiting bonuses or equity-based compensation received during the twelve months following the filing.The problem with the independent directors has been that: I. Their selection has been based upon their compatibility with the company management II. There has been lack of proper training and development to improve their skill set III. Their independent views have often come in conflict with the views of company management. This has hindered the company’s decision-making process IV. Stringent standards for independent directors have been lacking....
MCQ-> Read the following passage based on an Interview to answer the given questions based on it. Certain words are printed in bold to help you locate them while answering some of the questions.A spate of farmer suicides linked to harassment by recovery agents employed by micro finance institutions (MFLs) in Andhra Pradesh spurned the state government to bring in regulation to protect consumer interests. But, while the Bill has brought into sharp focus the need for consumer protection, it tries to micro-manage MFI operations and in the process it could scuttle some of the crucial bene ts that MFIs bring to farmers, says the author of Micro nance India, State Of The Sec-for Report 2010. In an interview he points out that prudent regulation can ensure the original goal of the MFIs - social uplift of the poor. Do you feel the AP Bill to regulate Mils is well thought out? Does it ensure fairness to the borrowers and the long-term health of the sector? The AP Bill has brought into sharp focus the need for customer protection in four critical areas. First is pricing. Second is lender's liability whether the lender can give too much loan without assessing the customer's ability to pay. Third is the structure of loan repayment - whether you can ask money on a weekly basis from people who don't produce weekly incomes. Fourth is the practices that attend to how you deal with defaults. But the Act should have looked at the positive bene ts that institutions could bring in, and where they need to be regulated in the interests of the customers. It should have brought only those features in. Say, you want the recovery practices to be consistent with what the customers can really manage. If the customer is aggrieved and complains that somebody is harassing him, then those complaints should be investigated by the District Rural Development Authority. Instead what the Bill says is that MF1s cannot go to the customer's premises to ask for recovery and that all transactions will be done in the Panchayat of ce. With great dif culty, MFIs brought services to the door of people. It is such a relief for the customers not to be spending time out going to banks or Panchayat of ces, which could be 10 km away in some cases. A facility which has brought some relief to people is being shut. Moreover, you are practically telling the MFI where it should do business and how it should do it. Social responsibilities were inbuilt when the MIrls were rst conceived. If kills go for profit with loose regulations, how are they different from moneylenders? Even among moneylenders there are very good people who take care of the customer's circumstance, and there are really bad ones. A large number of the MF1s are good and there are some who are coercive because of the kind of prices and processes they have adopted. But Moneylenders never got this organised. They did not have such a large footprint. An MFI brought in organisation, it mobilized the equity, it brought in commercial funding. It invested in systems. It appointed a large number of people. But some of them exacted a much higher price than they should have. They wanted to break even very fast and greed did take over in some cases.Are the for-profit 'Ms the only ones harassing people for recoveries? Some not-for-profit out ts have also adopted the same kind of recovery methods. That may be because you have to show that you are very ef cient in your recovery methods and that your portfolio is of a very high quality if you want to get commercial funding from a bank. In fact, among for-profits there are many who have sensible recovery practices. Some have fortnightly recovery, some have monthly recovery. So we have differing practices. We just describe a few dominant ones and assume every for-profit MFI operates like that. How can you introduce regulations to ensure social upliftment in a sector that is moving towards for-profit models? I am not really concerned whether someone wants to make a profit or not The bottom-line for me is customer protection. The rst area is fair practices. Are you telling your customers how the loan is structured ? Are you being transparent about your performance? There should also be a lender's liability attached to what you do. Suppose you lend excessively to a customer without assessing their ability to service the loan, you have to take the hit. Then there's the question of limiting returns. You can say that an MFI cannot have a return on assets more than X, a return on equity of more than Y. Then suppose there is a privately promoted MFI, there should be a regulation to ensure the MFI cannot access equity markets till a certain amount of time. MFIs went to markets perhaps because of the need to grow too big too fast. The government thought they were making profit off the poor, and that's an indirect reason why they decided to clamp down on MF1s. If you say an MFI won't go to capital market, then it will keep political compulsions under rein.Which of the following best explains "structure of loan repayment" in this context of the rst question asked to the author ?....
MCQ-> Read the following passage carefully and answer the questions given below it. Certain words/phrases have been printed in ‘’bold’’ to help you locate them while answering some of the questions.As increasing dependence on information systems develops, the need for such system to be reliable and secure also becomes more essential. As growing numbers of ordinary citizens use computer networks for banking, shopping, etc., network security in potentially a ‘’massive’’ problem. Over the last few years, the need for computer and information security system has become increasingly evident, as web sites are being defaced with greater frequency, more and more denial-of-service attacks are being reported, credit card information is being stolen, there is increased sophistication of hacking tools that are openly available to the public on the Internet, and there is increasing damage being caused by viruses and worms to critical information system resources.At the organizational level, institutional mechanism have to be designed in order to review policies, practices, measures and procedures to review e-security regularly and assess whether these are appropriate to their environment. It would be helpful if organizations share information about threats and vulnerabilities, and implement procedures of rapid and effective cooperation to prevent, detect and respond to security incidents. As new threats and vulnerabilities are continuously discovered there is a strong need for co-operation among organizations and, if necessary, we could also consider cross-border information sharing. We need to understand threats and dangers that could be ‘’vulnerable’’ to and the steps that need to be taken to ‘’mitigate’’ these vulnerabilities. We need to understand access control systems and methodology, telecommunications and network security, and security management practise. We should be well versed in the area of application and systems development security, cryptography, operations security and physical security.The banking sector is ‘’poised’’ for more challenges in the near future. Customers of banks can now look forward to a large array of new offerings by banks, from an ‘’era’’ of mere competition, banks are now cooperating among themselves so that the synergistic benefits are shared among all the players. This would result in the information of shared payment networks (a few shared ATM networks have already been commissioned by banks), offering payment services beyond the existing time zones. The Reserve Bank is also facilitating new projects such as the Multi Application Smart Card Project which, when implemented, would facilitate transfer of funds using electronic means and in a safe and secure manner across the length and breadth of the country, with reduced dependence on paper currency. The opportunities of e-banking or e-power is general need to be harnessed so that banking is available to all customers in such a manner that they would feel most convenient, and if required, without having to visit a branch of a bank. All these will have to be accompanied with a high level of comfort, which again boils down to the issue of e-security.One of the biggest advantages accruing to banks in the future would be the benefits that arise from the introduction of Real Time Gross Settlement (RTGS). Funds management by treasuries of banks would be helped greatly by RTGS. With almost 70 banks having joined the RTGS system, more large value funds transfer are taking place through this system. The implementation of Core Banking solutions by the banks is closely related to RTGS too. Core Banking will make anywhere banking a reality for customers of each bank. while RTGS bridges the need for inter-bank funds movement. Thus, the days of depositing a cheque for collection and a long wait for its realization would soon be a thing of the past for those customers who would opt for electronic movement of funds, using the RTGS system, where the settlement would be on an almost ‘’instantaneous’’ basis. Core Banking is already in vogue in many private sector and foreign banks; while its implementation is at different stages amongst the public sector banks.IT would also facilitate better and more scientific decision-making within banks. Information system now provide decision-makers in banks with a great deal of information which, along with historical data and trend analysis, help in the building up of efficient Management Information Systems. This, in turn, would help in better Asset Liability Management (ALM) which, today’s world of hairline margins is a key requirement for the success of banks in their operational activities. Another benefit which e-banking could provide for relates to Customer Relationship Management (CRM). CRM helps in stratification of customers and evaluating customer needs on a holistic basis which could be paving the way for competitive edge for banks and complete customer care for customer of banks.The content of the passage ‘’mainly’’ emphasizes----
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MCQ-> Read the following passage carefully and answer the questions given below it. Certain words/phrases have been given in bold to help you locate them while answering some of the questions: In every religion, culture and civilization feeding the poor and hungry is considered one of the most noble deeds. However such large scale feeding will require huge investment both in resources and time. A better alternative is to create conditions by which proper wholesome food is available to all the rural poor at affordable price. Getting this done will be the biggest charity.Our work with the rural poor in villages of Western Maharashtra has shown that most of these people are landless laborers. After working the whole day in the fields in scorching sun they come home in the evening and have to cook for the whole family. The cooking is done on the most primitive chulha (wood stove) which results in tremendous indoor air pollution. Many of them also have no electricity so they use primitive and polluting kerosene lamps. World Health Organization (WHO) data has shown that about 300,000 deaths/ year in India can be directly attributed to indoor air pollution in such -nuts. At the same time this pollution results in many respiratory ailments and these people spend close Rs. 200-400 per month on medical bills. Besides the pollution, rural poor also eat very poor diet. They eat  whatever is available daily at Public Distribution System (PDS) shops and most of the times these shops are out of rations. Thus they cook whatever is available. The hard work together with poor eating takes a heavy toll on their health. Besides this malnutrition also affects the physical and mental health of their children and may lead to creation of a whole generation of mentally challenged citizens. So I feel that the best way to provide adequate food for rural poor is by setting up rural restaurants on large scale. These restaurants will be similar to regular ones but for people below poverty line (BPL) they will provide meals at subsidized rates. These citizens will pay only Rs. 10 per meal and the rest, which is expected to be quite small, will come as a part of Government subsidy. With existing open market prices of vegetables and groceries average cost of simple meal for a family of four comes to Rs. 50 per meal or Rs. 12.50 per person per meal. If the PDS prices are taken for the groceries then the average cost will be Rs. 7.50 per person per meal. This makes the subsidy approximately Rs. 2.50 per person per meal only and hence quite small. The buying of meals could be by the use of UID (Aadhar) card by rural poor. The total cost should be Rs. 30 per day for three vegetarian meals of breakfast, lunch and dinner. The rural poor will get better nutrition and tasty food by eating  in these restaurants. Besides the time saved can be used for resting and other gainful activities like teaching children. Since the food will not be cooked in huts, this strategy will result in less pollution in rural households. This will be beneficial for their health. Besides, women's chores will be reduced drastically. Another advantage of eating in these restaurants will be increased social interaction of rural poor since this could also become a meeting place. Eating in restaurants will also require fewer utensils in house and hence less expenditure. For other things like hot water for bath, making tea, boiling milk and cooking on holidays some utensils and fuel will be required. Our Institute NARI has developed an extremely efficient and environment-friendly stove which provides simultaneously both light and heat for cooking and hence may provide the necessary functions. Providing reasonably priced wholesome food is the basic aim and program of Government of India (GOI). This is the basis of their much touted food security  program.However in 65years they have not been able to do so. Thus I feel a public private partnership can help in this. To help the restaurant owners the GOI or state Governments should provide them with soft loans and other line of credit for setting up such facilities. Corporate world can take this up as a part of their corporate social responsibility activity. Their participation will help ensure good quality restaurants and services. Besides the charitable work, this will also make good business sense. McDonald's-type restaurant systems for rural areas can be a good model to be set up for quality control both in terms of hygiene and in terms of quality of food material. However focus will be on availability of wholesome simple vegetarian food in these restaurants.More clientele (volumes) will make these restaurants economical. Existing models of dhabas, udipi type restaurants etc. can be used in this scheme. These restaurants may also be able to provide midday meals in rural schools. At present the midday meal program is faltering due to various reasons. Food coupons in western countries provide cheap food for poor. However quite a number of fast food restaurants in US do not accept them. Besides these coupons are most of the times used for non-food items, it will be mandatory for rural restaurants to accept payment via UID cards for BPL citizens. Existing soup kitchens, lagers and temple food are based on charity. For large scale rural use it should be based on good social enterprise  business model. Cooking food in these restaurants will also result in much more efficient use of energy since energy/ kg of food cooked in households is greater than that in restaurants. The main thing however will be to reduce drastically the food wastage In these restaurants. Rural restaurants can also be forced to use clean fuels like LPG or locally produced biomass-based liquid fuels. This strategy is very difficult to enforce for individual households. Large scale employment generation in rural areas may result because of this activity. With an average norm of 30 people employed/ 100-chair restaurant, this program has the potential of generating about 20 million jobs permanently in rural areas. Besides the infrastructure development in setting up restaurants and establishing the food chain etc will help the local farmers and will create huge wealth generation in these areas. In the long run this strategy may provide better food security for rural poor than the existing one which is based on cheap food availability in PDS - a system which is prone to corruption and leakage.In accordance with the view expressed by the writer of this article, what is the biggest charity ?
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