Metallurgy is as old as pre-historic times. Mining of metals was known even in pre-Vedic period and during the Harappa period various metals like cop-per, lead, silver were in use.
During Vedic period, metal (ayas) was chiefly of two kinds—krishna ayas (black metal or iron) used during later Vedic period and loh ayas (copper).
The Jatakas refer to eighteen important handicrafts and industries.
The Vaishyas developed institu-tions like Sreni, Nigama and Puga to regu-late trade and avoid intrusion by other varnas and develop monopoly.
Proper rules of conduct of trade were laid by the head of trade guilds, known as Sarthavaha or Srenipramukha. The rules were called Samay and Srenidharma.
Taxila, Pushkalavati, Kapisa and Vidisha prospered as trade centres, under the Indo-Greek rulers.
Kautilya asked the king to develop measures to stop obstruction of the trade routes by his favourite men (vallabhas). Frontier guards (Antapalas) were also appointed.
The close contacts between the commercial classes and the king's court is very clear from the rules of the settlement layout of the historic city of Patliputra. Here, people lived in various parts, according to their social status.
Kautilya looked upon artisans and traders as big thieves and held them under suspect. He demanded strict con-trol over them, as also with the often indisciplined frontier guards (antapalas).
Guilds of merchants were proper-ly registered and even served as banks.
During Mauryas, most important trade route was from Taxila to Patliputra.
Ships in ancient period were usually of the two-masted type. In the 2nd century A.D., a regular sea-route was in operation for the quest for gold (swarna).
Monsoons (Arabic: Mausam) were discovered by Hippalus (Greek captain) and this discovery in 45 A.D. that mon-soons could sail ships from Alexandria to Western India in just a 40-days period, tremendously increased the Roman sea-trade, due to shortening of trade-route.
Muziris (Cranganore, Kerala) and Puhar (in Cholamandalam) were major sea-ports and foreign settlements.
Among land-routes, the silk-route was very often in use till Kushan period. Later period saw it becomming unsafe, due to robbers.
The Periplus of Erythrean Sea is a travellers' handbook (Erythrean Sea—Red sea). It mentions more than 20 trade ports like: Barygaza (Broach), Suppara (Soparal), Kalliena (Kalyana), Muziris (Pondicherry), Soptama (Madras), Puhar (Orissa), Masalia (Masulipatnam).
The important exports from India were: Fine textiles from Varanasi, Malabathrum (spicy leaves) from Tamralipti (Tamluk, R. Ganges, Bengal), muslins (Pondicherry), pepper (Muziris), ivory (Puhar, Orissa).
Pepper was a very valuable export till 13th century A.D. Marco Polo (Italy) mentions that a ship was measured by the number of pepper baskets contained in it.
Trade suffered a setback in 3rd century A.D. But in the 4th century A.D., silk trade increased and silk was brought within reach of the common man. The decline in the westward trade towards the 2nd-3rd century A.D. was later compen-sated for by the prospering trade now developed with the south-east Asian States like the Suvarnabhumi, Kambuja (Kampuchea), Champa (Annam).
During Guptas, there was no material change in the previous trade-routes, trade practices, organisation, cur-rency system, etc. The one note-worthy change was a decline in the Roman trade and the three major ports of Muziris, Arikamedu and Kaveripattinam.
In his plays, Kalidas potraits a good view of the town markets and trade transactions. The internal trade now expanded to several inland trade centres.
Roman emperor Aurelian declared Indian silk to be its worth in gold. Indians acted as intermediaries to the Chinese silk trade and the Western States.
Among spices, pepper always held the first place and was declared passion of the Yavanas (Romans).
The demand for Roman goods was smaller than that of Indian goods abroad and it suffered an adverse trade balance of trade. To make up this balance, the Romans supplied gold and silver coins to India. This ever-increasing drain of wealth was once complained by the emperor Tiberious (22 A.D.). The author Pliny also laments such losses.
The Kushanas remoulded the Roman coins so that they could be used as currency. Among imports, there were singing boys, virgins for the rulers' harem, slaves and valuable corals (Mediterranean Red Variety), dates, Italian vases and wines, sweet clovers, glass, tin (Spain), emeralds, etc.
The Divyavadana refers to the science of testing gems. The merchants' sons were trained in 64 Angavidyas or finearts, according to Vatsyayana.
Rome, the Chief importer of Indian muslin, once banned it, due to the rising loss of morals of its females.
Narada, Katyayana and Brihaspati gave specific instructions towards the rights and duties of guild members, in their smritis. Gupta sites of Basarh (Vaisali) and Bhita (Allahabad) bear the names Nigama and Sreni Sarthavaha Kulika Nigama at Vaisali.
India obtained brass, lead and gold from foreigners, whereas Indian iron and steel (saikya ayas) was very advanced in quality and was exported.
Milindpanho mentions 75 trades, 60 related to crafts, 8 to metals.
Charaksamhita (on Indian tradi-tional medicine and surgery) recommends the use of saikya ayas for operations.
Nasik cave inscription tells that srenis often acted as law providers also. (Sresthis, are now called as Seths, Settis in South India and also Chettiyars).
Rate of interest fluctuated greatly, but was usually near 15% (higher for loans for sea-trade). The common coins were: Nishka and Pala of Gold, Shatmana of silver, Kakini of copper and brass. The most common coin Karshapana was made of various metals.
The major source of revenue for Guptas was land revenue.
Textiles formed a major industry in this period. Rock cutting also evolved as another important occupation due to the rapid rise in use of statues for prayers.
India imported horses from Arabia, Iran and Bactria.
Ujjain was the most flourishing trade centre in and around the Gupta period.
Agrarian Structure in Post-Gupta period A lot of confusion about agrarian structure of post-Gupta period exists, due to the contradictory picture provided by several Smriti writers and other sources.
There were several land grants, both secular and religious in nature. The secular grants were mostly towards the high officials while religious grants were towards the Brahmins and the temples.
The practice of land grants finally developed feudalism. The peasant, who was initially free was now under severe burden. There were several intermediate classes of land owners.
There was an increase in the forced labour, Vishti, due to the emergence of a "landed aristocratic class".
The peasants were mostly sudras. In fact, peasants were thought of as sudras.
All land was supposed to be under the State ownership, but in practice individuals were owners of land.
Various categories of ownerships existed, like Sakta (land owned by indi-viduals), Prakrsta (tilled by certain individuals), Kaustambakshetra (fields owned by cultivators themselves).
In a few land grants, villages are described as also carrying with them the right towards all traders living in it. The grants were rent-free.
Aprada, Sasana, Chaturvaiya-grama, Brahmadeya, etc are names of land grants. The rights were hereditary.
The Kashmiri ruler Shankaravar-man used to usurp lands from grant holders.
During Harsha, cash payments were usually for military services only.
Agrahara land was granted only to brahmins.
Social Changes Rig Vedic society was chiefly pas-toral and semi-nomadic. Their chief wealth was the gau (cow) and a wealthy person was called gomat, the king or head was called gopati or gopa.
Vedic society in early period had no such serving class like the shudras.
Early literature of the Buddhists provides a picture of a settled agricultural economy and an emerging commerce in urban centres.
Mauryas saw a tremendous increase in trade.
The Gupta period saw changes in agrarian structure due to system of land grants.
Varna Samkara denotes mixed castes, considered ritually impure, includ-ed tribes or descendants of intercaste marriages.
A child born out of brahmin and vaishya combination was called ambastha and that of brahmin and sudra as nisada, vaishya and sudra as ugra, brahmin and sudra as parsava.
In the later vedic period, there were as many as 17 kinds of priests look-ing into various sacrifices. The Brahmin was one such priest, who gradually sur-passed them and became their representative.
Besides the four varnas, there was a Panchamvarna (5th varna), comprising the untouchables.
The principal tax-payers were the vaishyas.
The social transformation of vaishya and sudras was under crisis in the 3rd century A.D., due to refusal to stick to their occupations and pay taxes. The prac-tice of land grants was started by a few rulers to relax the tax collections, now entrusted to grant holders.
The term Rajanya, existing in liter-ary sources as well as in coins, signifies kshatriyas. In the Buddhist texts, the social order is denoted as: kshatriya, brahmin, vaishya and sudra (i.e. brahmins at 2nd place, not first). Vaishyas are called graha-patis or householders.
The samskaras were important religious sacraments for the human body. They are generally 16 in number.
There are eight forms of marriage, according to the Dharmasastras. The approved ones are: Brahma, Prajapatya, Daiva and Arsa. Divorce was severely con-demned. The unapproved ones were: asura, paisacha, rakshasa and gandharva (love marriage). Re-marriage was allowed by the Brahmanical law givers as well as by Kautilya.
Polygamy was generally practiced by the socially upper classes.
Intercaste marriages were gener-ally in Anuloma system (marriage of high caste male with low caste female).
There were several mixed castes also, arising out of tribals and foreigners.
The asura form of marriage (marriage by purchase) was quite preva-lent, even though not approved by the shastras.
The position of women declined during the pre-Gupta and Gupta times and further more in later periods.
The use of veils (purdah) by women can be noticed near Harsha's times (his sister Rajyasri used it) and increased during the advent of Muslims.
Some smritis encourage the prac-tice of sati. The first definite historical inci-dent of sati is recorded in 510 A.D., in the case of wife of Goparaja (a general of Bhanu Gupta). It existed mostly in Deccan and Central India.
Smritis recommend an austere life for widows. The skanda purana advocates the shaving of heads of widows.
During post-Gupta period, Vaishnava Dharma was prevalent in India. Lalitaditya of Kashmir, Sens of Bengal, Chandels and Chauhans were mostly Vaishnavites. However, the epicentre of Vaisnavism was the Tamil region.
Alwar saints brought the worship of Vishnu to new heights, mainly in the 9th and 10th centuries. Two famous female Alwar saints were Andal and Namallalwar.
Among Hindus, Shaivites were most numerous. The Pala rulers of Bengal were Buddhists, but their inscriptions begin with Om Namah Shivaya.
Ganesha became a popular deity of the Hindus in the 10th century A.D., especially in the western States, where Ganapati cult arose and held Ganesha as higher than other deities. Ganesha Chaturthi celebrations (mentioned in Agni Purana) are believed to originate somewhere around 9-10th century A.D.
Huen Tsang, speaks of a flourish-ing Buddhist faith, even in the 7th century A.D., besides other faiths, especially in U.P., Bihar and Bengal.
The Kayastha caste was also born somewhere during Gupta period. They were usually scribes under State service. First mention of Kayasthas is made by Yajyavalkya. During Guptas, they existed only as a social class and later they got converted into a caste.
Antayajas were a class of people living outside the town, as they were con-sidered untouchables. The synonym Chandala has also been used for them. They were considered even lower than the sudras.
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The way in which a company is governed and how it deals with the various interests of its customers, shareholders, employees and society at large. Corporate governance is the set of processes, customs, policies, laws, and institutions affecting the way a corporation (or company) is directed, administered or controlled.Is defined as the general set of customs, regulations, habits, and laws that determine to what end a firm should be run.
·Functions of RBI?
The Reserve Bank of India is the central bank of India, was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Reserve Bank of India was set up on the recommendations of the Hilton Young Commission. The commission submitted its report in the year 1926, though the bank was not set up for nine years.To regulate the issue of Bank Notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage." Banker to the Government: performs merchant banking function for the central and the state governments; also acts as their banker.Banker to banks: maintains banking accounts of all scheduled banks.
·What is monetary policy?
A Monetary policy is the process by which the government, central bank, of a country controls (i) the supply of money, (ii) availability of money, and (iii) cost of money or rate of interest, in order to attain a set of objectives oriented towards the growth and stability of the economy.
·What is Fiscal Policy?
Fiscal policy is the use of government spending and revenue collection to influence the economy. These policies affect tax rates, interest rates and government spending, in an effort to control the economy. Fiscal policy is an additional method to determine public revenue and public expenditure.
·What is Core Banking Solutions?
Core banking is a general term used to describe the services provided by a group of networked bank branches. Bank customers may access their funds and other simple transactions from any of the member branch offices. It will cut down time, working simultaneously on different issues and increasing efficiency. The platform where communication technology and information technology are merged to suit core needs of banking is known as Core Banking Solutions.
·What is bank and its features and types?
A bank is a financial organization where people deposit their money to keep it safe.Banks play an important role in the financial system and the economy. As a key component of the financial system, banks allocate funds from savers to borrowers in an efficient manner.
Regional Rural Banks were established with an objective to ensure sufficient
institutional credit for agriculture and other rural sectors. The RRBs mobilize
financial resources from rural / semi-urban areas and grant loans and advances
mostly to small and marginal farmers, agricultural labourers and rural artisans.
The area of operation of RRBs is limited to the area as notified by GoI covering
one or more districts in the State.
ii. Banking services for individual customers is known as retail banking.
iii. A bank that deals mostly in but international finance, long-term loans for
companies and underwriting. Merchant banks do not provide regular banking
services to the general public
iv. Online banking (or Internet banking) allows customers to conduct financial
transactions on a secure website operated by their retail or virtual bank.
v. Mobile Banking is a service that allows you to do banking transactions on your
mobile phone without making a call , using the SMS facility. Is a term used for
performing balance checks, account transactions, payments etc. via a mobile
device such as a mobile phone.
vi. Traditional banking is the normal bank accounts we have. Like, put your money in the bank and they act as a security and you will get only the normal interests (decided by RBI in our case, FED bank in US).
vii. Investment banking is entirely different. Here, people who are having so much
money (money in excess which will yield only less interest if in Banks) will invest
their money and get higher returns. For example, If i have more money instead of
taking the pain of investing in share market, buying properties etc. I will give to
investment banks and they will do the money management and give me higher
returns when compared to traditional banks.
·What is E-Governance?
E-Governance is the public sector's use of information and communication technologies with the aim of improving information and service delivery, encouraging citizen participation in the decision-making process and making government more accountable,transparent and effective.
·What is Right to information Act?
The Right to Information act is a law enacted by the Parliament of India giving citizens of India access to records of the Central Government and State overnments.The Act applies to all States and Union Territories of India, except the State of Jammu and Kashmir - which is covered under a State-level law. This law was passed by Parliament on 15 June 2005 and came fully into force on 13 October 2005.
·Credit Rating Agencies in India?
The credit rating agencies in India mainly include ICRA and CRISIL. ICRA wasformerly referred to the Investment Information and Credit Rating Agency of India Limited. Their main function is to grade the different sector and companies in terms of performance and offer solutions for up gradation. The credit rating agencies in India mainly include ICRA and CRISIL(Credit Rating Information Services of India Limited)
·What is Cheque?
Cheque is a negotiable instrument instructing a Bank to pay a specific amount from a specified account held in the maker/depositor's name with that Bank.A bill of exchange drawn on a specified banker and payable on demand."Written order directing a bank to pay money".
·What is demand Draft?
A demand draft is an instrument used for effecting transfer of money. It is a Negotiable Instrument. Cheque and Demand-Draft both are used for Transfer of money. You can 100% trust a DD. It is a banker's check. A check may be dishonored for lack of funds a DD can not. Cheque is written by an individual and Demand draft is issued by a bank. People believe banks more than individuals.
·What is a NBFC?
A non-banking financial company (NBFC) is a company registered under the
Companies Act, 1956 and is engaged in the business of loans and advances, acquisition of shares/stock/bonds/debentures/securities issued by government, but does not include any institution whose principal business is that of agriculture activity, industrial activity, sale/purchase/construction of immovable property.
NBFCs are doing functions akin to that of banks; however there are a few differences:
(i)A NBFC cannot accept demand deposits (demand deposits are funds deposited at a depository institution that are payable on demand -- immediately or within a very short period -- like your current or savings accounts.)
(ii) it is not a part of the payment and settlement system and as such cannot issue cheques to its customers; and
(iii) Deposit insurance facility of DICGC is not available for NBFC depositors unlike in case of banks.
·Diff between banking & Finance?
Finance is generally related to all types of financial, this could be accounting, insurances and policies. Whereas banking is everything that happens in a bank only.The term Banking and Finance are two very different terms but are often associated together. These two terms are often used to denote services that a bank and other financial institutions provide to its customers.
·What is NASSCOM ?
The National Association of Software and Services Companies (NASSCOM), the Indian chamber of commerce is a consortium that serves as an interface to the Indian software industry and Indian BPO industry. Maintaining close interaction with the Government of India in formulating National IT policies with specific focus on IT software and services maintaining a state of the art information database of IT software and services related activities for use of both the software developers as well as interested companies overseas. Mr. Som Mittal – President. Chairman-Pramod Bhasin
·What is ASSOCHAM?
The Associated Chambers of Commerce and Industry of India (ASSOCHAM), India's premier apex chamber covers a membership of over 2 lakh companies and professionals across the country. It was established in 1920 by promoter chambers, representing all regions of India. As an apex industry body, ASSOCHAM represents the interests of industry and trade, interfaces with Government on policy issues and interacts with counterpart international organizations to promote bilateral economic issues. President-Swati Piramal
·What is NABARD?
NABARD was established by an act of Parliament on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981. It replaced the Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) of Reserve Bank of India, and Agricultural Refinance and Development Corporation (ARDC). It is one of the premiere agency to provide credit in rural areas. NABARD is set up as an apex Development Bank with a mandate for facilitating credit flow for promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts.
·What is SIDBI?
The Small Industries Development Bank of India is a state-run bank aimed to aid the growth and development of micro, small and medium scale industries in India. Set up in 1990 through an act of parliament, it was incorporated initially as a wholly owned subsidiary of Industrial Development Bank of India.
·What is SENSEX and NIFTY?
SENSEX is the short term for the words "Sensitive Index" and is associated with the Bombay (Mumbai) Stock Exchange (BSE). The SENSEX was first formed on 1-1-1986 and used the market capitalization of the 30 most traded stocks of BSE. Where as NSE has 50 most traded stocks of NSE.SENSEX IS THE INDEX OF BSE. AND NIFTY IS THE INDEX OF NSE.BOTH WILL SHOW DAILY TRADING MARKS. Sensex and Nifty both are an "index". An index is basically an indicator it indicates whether most of the stocks have gone up or most of the stocks have gone down.
·What is SEBI?
SEBI is the regulator for the Securities Market in India. Originally set up by the
Government of India in 1988, it acquired statutory form in 1992 with SEBI Act 1992 being passed by the Indian Parliament. Chaired by C B Bhave.
·What is Mutual funds?
Mutual funds are investment companies that pool money from investors at large and offer to sell and buy back its shares on a continuous basis and use the capital thus raised to invest in securities of different companies. The mutual fund will have a fund manager that trades the pooled money on a regular basis. The net proceeds or losses are then typically distributed to the investors annually.
·What is Asset Management Companies?
A company that invests its clients' pooled fund into securities that match its declared financial objectives. Asset management companies provide investors with more diversification and investing options than they would have by themselves. Mutual funds, hedge funds and pension plans are all run by asset management companies. These companies earn income by charging service fees to their clients.
·What are non-perfoming assets?
Non-performing assets, also called non-performing loans, are loans,made by a bank or finance company, on which repayments or interest payments are not being made on time. A debt obligation where the borrower has not paid any previously agreed upon interest and principal repayments to the designated lender for an extended period of time. The nonperforming asset is therefore not yielding any income to the lender in the form of principal and interest payments.
·What is Recession?
A true economic recession can only be confirmed if GDP (Gross Domestic Product)growth is negative for a period of two or more consecutive quarters.
·What is foreign exchange reservers?
Foreign exchange reserves (also called Forex reserves) in a strict sense are only the foreign currency deposits and bonds held by central banks and monetary authorities.However, the term in popular usage commonly includes foreign exchange and gold,SDRs and IMF reserve positions.
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Metallurgy is as old as pre-historic times. Mining of metals was known even in pre-Vedic period and during the Harappa period various metals like cop-per, lead, silver were in use.
During Vedic period, metal (ayas) was chiefly of two kinds—krishna ayas (black metal or iron) used during later Vedic period and loh ayas (copper).
The Jatakas refer to eighteen important handicrafts and industries.
The Vaishyas developed institu-tions like Sreni, Nigama and Puga to regu-late trade and avoid intrusion by other varnas and develop monopoly.
Proper rules of conduct of trade were laid by the head of trade guilds, known as Sarthavaha or Srenipramukha. The rules were called Samay and Srenidharma.
Taxila, Pushkalavati, Kapisa and Vidisha prospered as trade centres, under the Indo-Greek rulers.
Kautilya asked the king to develop measures to stop obstruction of the trade routes by his favourite men (vallabhas). Frontier guards (Antapalas) were also appointed.
The close contacts between the commercial classes and the king's court is very clear from the rules of the settlement layout of the historic city of Patliputra. Here, people lived in various parts, according to their social status.
Kautilya looked upon artisans and traders as big thieves and held them under suspect. He demanded strict con-trol over them, as also with the often indisciplined frontier guards (antapalas).
Guilds of merchants were proper-ly registered and even served as banks.
During Mauryas, most important trade route was from Taxila to Patliputra.
Ships in ancient period were usually of the two-masted type. In the 2nd century A.D., a regular sea-route was in operation for the quest for gold (swarna).
Monsoons (Arabic: Mausam) were discovered by Hippalus (Greek captain) and this discovery in 45 A.D. that mon-soons could sail ships from Alexandria to Western India in just a 40-days period, tremendously increased the Roman sea-trade, due to shortening of trade-route.
Muziris (Cranganore, Kerala) and Puhar (in Cholamandalam) were major sea-ports and foreign settlements.
Among land-routes, the silk-route was very often in use till Kushan period. Later period saw it becomming unsafe, due to robbers.
The Periplus of Erythrean Sea is a travellers' handbook (Erythrean Sea—Red sea). It mentions more than 20 trade ports like: Barygaza (Broach), Suppara (Soparal), Kalliena (Kalyana), Muziris (Pondicherry), Soptama (Madras), Puhar (Orissa), Masalia (Masulipatnam).
The important exports from India were: Fine textiles from Varanasi, Malabathrum (spicy leaves) from Tamralipti (Tamluk, R. Ganges, Bengal), muslins (Pondicherry), pepper (Muziris), ivory (Puhar, Orissa).
Pepper was a very valuable export till 13th century A.D. Marco Polo (Italy) mentions that a ship was measured by the number of pepper baskets contained in it.
Trade suffered a setback in 3rd century A.D. But in the 4th century A.D., silk trade increased and silk was brought within reach of the common man. The decline in the westward trade towards the 2nd-3rd century A.D. was later compen-sated for by the prospering trade now developed with the south-east Asian States like the Suvarnabhumi, Kambuja (Kampuchea), Champa (Annam).
During Guptas, there was no material change in the previous trade-routes, trade practices, organisation, cur-rency system, etc. The one note-worthy change was a decline in the Roman trade and the three major ports of Muziris, Arikamedu and Kaveripattinam.
In his plays, Kalidas potraits a good view of the town markets and trade transactions. The internal trade now expanded to several inland trade centres.
Roman emperor Aurelian declared Indian silk to be its worth in gold. Indians acted as intermediaries to the Chinese silk trade and the Western States.
Among spices, pepper always held the first place and was declared passion of the Yavanas (Romans).
The demand for Roman goods was smaller than that of Indian goods abroad and it suffered an adverse trade balance of trade. To make up this balance, the Romans supplied gold and silver coins to India. This ever-increasing drain of wealth was once complained by the emperor Tiberious (22 A.D.). The author Pliny also laments such losses.
The Kushanas remoulded the Roman coins so that they could be used as currency. Among imports, there were singing boys, virgins for the rulers' harem, slaves and valuable corals (Mediterranean Red Variety), dates, Italian vases and wines, sweet clovers, glass, tin (Spain), emeralds, etc.
The Divyavadana refers to the science of testing gems. The merchants' sons were trained in 64 Angavidyas or finearts, according to Vatsyayana.
Rome, the Chief importer of Indian muslin, once banned it, due to the rising loss of morals of its females.
Narada, Katyayana and Brihaspati gave specific instructions towards the rights and duties of guild members, in their smritis. Gupta sites of Basarh (Vaisali) and Bhita (Allahabad) bear the names Nigama and Sreni Sarthavaha Kulika Nigama at Vaisali.
India obtained brass, lead and gold from foreigners, whereas Indian iron and steel (saikya ayas) was very advanced in quality and was exported.
Milindpanho mentions 75 trades, 60 related to crafts, 8 to metals.
Charaksamhita (on Indian tradi-tional medicine and surgery) recommends the use of saikya ayas for operations.
Nasik cave inscription tells that srenis often acted as law providers also. (Sresthis, are now called as Seths, Settis in South India and also Chettiyars).
Rate of interest fluctuated greatly, but was usually near 15% (higher for loans for sea-trade). The common coins were: Nishka and Pala of Gold, Shatmana of silver, Kakini of copper and brass. The most common coin Karshapana was made of various metals.
The major source of revenue for Guptas was land revenue.
Textiles formed a major industry in this period. Rock cutting also evolved as another important occupation due to the rapid rise in use of statues for prayers.
India imported horses from Arabia, Iran and Bactria.
Ujjain was the most flourishing trade centre in and around the Gupta period.
Agrarian Structure in Post-Gupta period A lot of confusion about agrarian structure of post-Gupta period exists, due to the contradictory picture provided by several Smriti writers and other sources.
There were several land grants, both secular and religious in nature. The secular grants were mostly towards the high officials while religious grants were towards the Brahmins and the temples.
The practice of land grants finally developed feudalism. The peasant, who was initially free was now under severe burden. There were several intermediate classes of land owners.
There was an increase in the forced labour, Vishti, due to the emergence of a "landed aristocratic class".
The peasants were mostly sudras. In fact, peasants were thought of as sudras.
All land was supposed to be under the State ownership, but in practice individuals were owners of land.
Various categories of ownerships existed, like Sakta (land owned by indi-viduals), Prakrsta (tilled by certain individuals), Kaustambakshetra (fields owned by cultivators themselves).
In a few land grants, villages are described as also carrying with them the right towards all traders living in it. The grants were rent-free.
Aprada, Sasana, Chaturvaiya-grama, Brahmadeya, etc are names of land grants. The rights were hereditary.
The Kashmiri ruler Shankaravar-man used to usurp lands from grant holders.
During Harsha, cash payments were usually for military services only.
Agrahara land was granted only to brahmins.
Social Changes Rig Vedic society was chiefly pas-toral and semi-nomadic. Their chief wealth was the gau (cow) and a wealthy person was called gomat, the king or head was called gopati or gopa.
Vedic society in early period had no such serving class like the shudras.
Early literature of the Buddhists provides a picture of a settled agricultural economy and an emerging commerce in urban centres.
Mauryas saw a tremendous increase in trade.
The Gupta period saw changes in agrarian structure due to system of land grants.
Varna Samkara denotes mixed castes, considered ritually impure, includ-ed tribes or descendants of intercaste marriages.
A child born out of brahmin and vaishya combination was called ambastha and that of brahmin and sudra as nisada, vaishya and sudra as ugra, brahmin and sudra as parsava.
In the later vedic period, there were as many as 17 kinds of priests look-ing into various sacrifices. The Brahmin was one such priest, who gradually sur-passed them and became their representative.
Besides the four varnas, there was a Panchamvarna (5th varna), comprising the untouchables.
The principal tax-payers were the vaishyas.
The social transformation of vaishya and sudras was under crisis in the 3rd century A.D., due to refusal to stick to their occupations and pay taxes. The prac-tice of land grants was started by a few rulers to relax the tax collections, now entrusted to grant holders.
The term Rajanya, existing in liter-ary sources as well as in coins, signifies kshatriyas. In the Buddhist texts, the social order is denoted as: kshatriya, brahmin, vaishya and sudra (i.e. brahmins at 2nd place, not first). Vaishyas are called graha-patis or householders.
The samskaras were important religious sacraments for the human body. They are generally 16 in number.
There are eight forms of marriage, according to the Dharmasastras. The approved ones are: Brahma, Prajapatya, Daiva and Arsa. Divorce was severely con-demned. The unapproved ones were: asura, paisacha, rakshasa and gandharva (love marriage). Re-marriage was allowed by the Brahmanical law givers as well as by Kautilya.
Polygamy was generally practiced by the socially upper classes.
Intercaste marriages were gener-ally in Anuloma system (marriage of high caste male with low caste female).
There were several mixed castes also, arising out of tribals and foreigners.
The asura form of marriage (marriage by purchase) was quite preva-lent, even though not approved by the shastras.
The position of women declined during the pre-Gupta and Gupta times and further more in later periods.
The use of veils (purdah) by women can be noticed near Harsha's times (his sister Rajyasri used it) and increased during the advent of Muslims.
Some smritis encourage the prac-tice of sati. The first definite historical inci-dent of sati is recorded in 510 A.D., in the case of wife of Goparaja (a general of Bhanu Gupta). It existed mostly in Deccan and Central India.
Smritis recommend an austere life for widows. The skanda purana advocates the shaving of heads of widows.
During post-Gupta period, Vaishnava Dharma was prevalent in India. Lalitaditya of Kashmir, Sens of Bengal, Chandels and Chauhans were mostly Vaishnavites. However, the epicentre of Vaisnavism was the Tamil region.
Alwar saints brought the worship of Vishnu to new heights, mainly in the 9th and 10th centuries. Two famous female Alwar saints were Andal and Namallalwar.
Among Hindus, Shaivites were most numerous. The Pala rulers of Bengal were Buddhists, but their inscriptions begin with Om Namah Shivaya.
Ganesha became a popular deity of the Hindus in the 10th century A.D., especially in the western States, where Ganapati cult arose and held Ganesha as higher than other deities. Ganesha Chaturthi celebrations (mentioned in Agni Purana) are believed to originate somewhere around 9-10th century A.D.
Huen Tsang, speaks of a flourish-ing Buddhist faith, even in the 7th century A.D., besides other faiths, especially in U.P., Bihar and Bengal.
The Kayastha caste was also born somewhere during Gupta period. They were usually scribes under State service. First mention of Kayasthas is made by Yajyavalkya. During Guptas, they existed only as a social class and later they got converted into a caste.
Antayajas were a class of people living outside the town, as they were con-sidered untouchables. The synonym Chandala has also been used for them. They were considered even lower than the sudras.
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The way in which a company is governed and how it deals with the various interests of its customers, shareholders, employees and society at large. Corporate governance is the set of processes, customs, policies, laws, and institutions affecting the way a corporation (or company) is directed, administered or controlled.Is defined as the general set of customs, regulations, habits, and laws that determine to what end a firm should be run.
·Functions of RBI?
The Reserve Bank of India is the central bank of India, was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Reserve Bank of India was set up on the recommendations of the Hilton Young Commission. The commission submitted its report in the year 1926, though the bank was not set up for nine years.To regulate the issue of Bank Notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage." Banker to the Government: performs merchant banking function for the central and the state governments; also acts as their banker.Banker to banks: maintains banking accounts of all scheduled banks.
·What is monetary policy?
A Monetary policy is the process by which the government, central bank, of a country controls (i) the supply of money, (ii) availability of money, and (iii) cost of money or rate of interest, in order to attain a set of objectives oriented towards the growth and stability of the economy.
·What is Fiscal Policy?
Fiscal policy is the use of government spending and revenue collection to influence the economy. These policies affect tax rates, interest rates and government spending, in an effort to control the economy. Fiscal policy is an additional method to determine public revenue and public expenditure.
·What is Core Banking Solutions?
Core banking is a general term used to describe the services provided by a group of networked bank branches. Bank customers may access their funds and other simple transactions from any of the member branch offices. It will cut down time, working simultaneously on different issues and increasing efficiency. The platform where communication technology and information technology are merged to suit core needs of banking is known as Core Banking Solutions.
·What is bank and its features and types?
A bank is a financial organization where people deposit their money to keep it safe.Banks play an important role in the financial system and the economy. As a key component of the financial system, banks allocate funds from savers to borrowers in an efficient manner.
Regional Rural Banks were established with an objective to ensure sufficient
institutional credit for agriculture and other rural sectors. The RRBs mobilize
financial resources from rural / semi-urban areas and grant loans and advances
mostly to small and marginal farmers, agricultural labourers and rural artisans.
The area of operation of RRBs is limited to the area as notified by GoI covering
one or more districts in the State.
ii. Banking services for individual customers is known as retail banking.
iii. A bank that deals mostly in but international finance, long-term loans for
companies and underwriting. Merchant banks do not provide regular banking
services to the general public
iv. Online banking (or Internet banking) allows customers to conduct financial
transactions on a secure website operated by their retail or virtual bank.
v. Mobile Banking is a service that allows you to do banking transactions on your
mobile phone without making a call , using the SMS facility. Is a term used for
performing balance checks, account transactions, payments etc. via a mobile
device such as a mobile phone.
vi. Traditional banking is the normal bank accounts we have. Like, put your money in the bank and they act as a security and you will get only the normal interests (decided by RBI in our case, FED bank in US).
vii. Investment banking is entirely different. Here, people who are having so much
money (money in excess which will yield only less interest if in Banks) will invest
their money and get higher returns. For example, If i have more money instead of
taking the pain of investing in share market, buying properties etc. I will give to
investment banks and they will do the money management and give me higher
returns when compared to traditional banks.
·What is E-Governance?
E-Governance is the public sector's use of information and communication technologies with the aim of improving information and service delivery, encouraging citizen participation in the decision-making process and making government more accountable,transparent and effective.
·What is Right to information Act?
The Right to Information act is a law enacted by the Parliament of India giving citizens of India access to records of the Central Government and State overnments.The Act applies to all States and Union Territories of India, except the State of Jammu and Kashmir - which is covered under a State-level law. This law was passed by Parliament on 15 June 2005 and came fully into force on 13 October 2005.
·Credit Rating Agencies in India?
The credit rating agencies in India mainly include ICRA and CRISIL. ICRA wasformerly referred to the Investment Information and Credit Rating Agency of India Limited. Their main function is to grade the different sector and companies in terms of performance and offer solutions for up gradation. The credit rating agencies in India mainly include ICRA and CRISIL(Credit Rating Information Services of India Limited)
·What is Cheque?
Cheque is a negotiable instrument instructing a Bank to pay a specific amount from a specified account held in the maker/depositor's name with that Bank.A bill of exchange drawn on a specified banker and payable on demand."Written order directing a bank to pay money".
·What is demand Draft?
A demand draft is an instrument used for effecting transfer of money. It is a Negotiable Instrument. Cheque and Demand-Draft both are used for Transfer of money. You can 100% trust a DD. It is a banker's check. A check may be dishonored for lack of funds a DD can not. Cheque is written by an individual and Demand draft is issued by a bank. People believe banks more than individuals.
·What is a NBFC?
A non-banking financial company (NBFC) is a company registered under the
Companies Act, 1956 and is engaged in the business of loans and advances, acquisition of shares/stock/bonds/debentures/securities issued by government, but does not include any institution whose principal business is that of agriculture activity, industrial activity, sale/purchase/construction of immovable property.
NBFCs are doing functions akin to that of banks; however there are a few differences:
(i)A NBFC cannot accept demand deposits (demand deposits are funds deposited at a depository institution that are payable on demand -- immediately or within a very short period -- like your current or savings accounts.)
(ii) it is not a part of the payment and settlement system and as such cannot issue cheques to its customers; and
(iii) Deposit insurance facility of DICGC is not available for NBFC depositors unlike in case of banks.
·Diff between banking & Finance?
Finance is generally related to all types of financial, this could be accounting, insurances and policies. Whereas banking is everything that happens in a bank only.The term Banking and Finance are two very different terms but are often associated together. These two terms are often used to denote services that a bank and other financial institutions provide to its customers.
·What is NASSCOM ?
The National Association of Software and Services Companies (NASSCOM), the Indian chamber of commerce is a consortium that serves as an interface to the Indian software industry and Indian BPO industry. Maintaining close interaction with the Government of India in formulating National IT policies with specific focus on IT software and services maintaining a state of the art information database of IT software and services related activities for use of both the software developers as well as interested companies overseas. Mr. Som Mittal – President. Chairman-Pramod Bhasin
·What is ASSOCHAM?
The Associated Chambers of Commerce and Industry of India (ASSOCHAM), India's premier apex chamber covers a membership of over 2 lakh companies and professionals across the country. It was established in 1920 by promoter chambers, representing all regions of India. As an apex industry body, ASSOCHAM represents the interests of industry and trade, interfaces with Government on policy issues and interacts with counterpart international organizations to promote bilateral economic issues. President-Swati Piramal
·What is NABARD?
NABARD was established by an act of Parliament on 12 July 1982 to implement the National Bank for Agriculture and Rural Development Act 1981. It replaced the Agricultural Credit Department (ACD) and Rural Planning and Credit Cell (RPCC) of Reserve Bank of India, and Agricultural Refinance and Development Corporation (ARDC). It is one of the premiere agency to provide credit in rural areas. NABARD is set up as an apex Development Bank with a mandate for facilitating credit flow for promotion and development of agriculture, small-scale industries, cottage and village industries, handicrafts and other rural crafts.
·What is SIDBI?
The Small Industries Development Bank of India is a state-run bank aimed to aid the growth and development of micro, small and medium scale industries in India. Set up in 1990 through an act of parliament, it was incorporated initially as a wholly owned subsidiary of Industrial Development Bank of India.
·What is SENSEX and NIFTY?
SENSEX is the short term for the words "Sensitive Index" and is associated with the Bombay (Mumbai) Stock Exchange (BSE). The SENSEX was first formed on 1-1-1986 and used the market capitalization of the 30 most traded stocks of BSE. Where as NSE has 50 most traded stocks of NSE.SENSEX IS THE INDEX OF BSE. AND NIFTY IS THE INDEX OF NSE.BOTH WILL SHOW DAILY TRADING MARKS. Sensex and Nifty both are an "index". An index is basically an indicator it indicates whether most of the stocks have gone up or most of the stocks have gone down.
·What is SEBI?
SEBI is the regulator for the Securities Market in India. Originally set up by the
Government of India in 1988, it acquired statutory form in 1992 with SEBI Act 1992 being passed by the Indian Parliament. Chaired by C B Bhave.
·What is Mutual funds?
Mutual funds are investment companies that pool money from investors at large and offer to sell and buy back its shares on a continuous basis and use the capital thus raised to invest in securities of different companies. The mutual fund will have a fund manager that trades the pooled money on a regular basis. The net proceeds or losses are then typically distributed to the investors annually.
·What is Asset Management Companies?
A company that invests its clients' pooled fund into securities that match its declared financial objectives. Asset management companies provide investors with more diversification and investing options than they would have by themselves. Mutual funds, hedge funds and pension plans are all run by asset management companies. These companies earn income by charging service fees to their clients.
·What are non-perfoming assets?
Non-performing assets, also called non-performing loans, are loans,made by a bank or finance company, on which repayments or interest payments are not being made on time. A debt obligation where the borrower has not paid any previously agreed upon interest and principal repayments to the designated lender for an extended period of time. The nonperforming asset is therefore not yielding any income to the lender in the form of principal and interest payments.
·What is Recession?
A true economic recession can only be confirmed if GDP (Gross Domestic Product)growth is negative for a period of two or more consecutive quarters.
·What is foreign exchange reservers?
Foreign exchange reserves (also called Forex reserves) in a strict sense are only the foreign currency deposits and bonds held by central banks and monetary authorities.However, the term in popular usage commonly includes foreign exchange and gold,SDRs and IMF reserve positions.
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