UPSC GK Questions 2026

The word Society is the key, because SWIFT is a cooperative society owned by its member financial institutions rather than a company or a public authority.

CIF stands for cost, insurance and freight: the seller pays the cost of the goods, contracts and pays for the freight to the named destination port, and takes out marine insurance for the buyer's benefit.

In March 2018 the Reserve Bank discontinued the issuance of letters of undertaking and letters of comfort for trade credit relating to imports into India.

The Export-Import Bank of India was established under an Act of Parliament passed in 1981 and commenced operations in 1982, taking over the international financing business of the Industrial Development Bank of India.

Packing credit is a pre-shipment advance given against a confirmed export order or a letter of credit, so that the exporter can procure raw material, manufacture, process and pack the consignment.

Here the export credit received by the middleman or manufacturer is used as the security for a second, usually smaller, credit issued in favour of the supplier of the goods or the raw material.

It lays down that the surety's liability is coextensive with that of the principal debtor unless it is otherwise provided by the contract, which is why a bank that gives an unconditional guarantee can be called upon for the whole amount without the creditor first exhausting its remedies against the…

On the day a guarantee is issued no money leaves the bank. The bank lends only its name, earns commission as fee income, and records the amount as a contingent liability that will become a real outflow only if the beneficiary invokes the guarantee and the bank has to pay.

Section 126 of that Act defines a contract of guarantee as a contract to perform the promise or discharge the liability of a third person in case of his default, and names the three parties: the surety who gives the guarantee, the principal debtor whose default is covered, and the…

Article 3 of UCP 600 states this in so many words, and Article 10 adds that an irrevocable credit can be amended or cancelled only with the agreement of the issuing bank, the confirming bank if any, and the beneficiary.

Article 14(b) of UCP 600 gives the issuing bank, a confirming bank and any nominated bank a maximum of five banking days following the day of presentation to determine whether the presentation is complying.

The applicant is the importer or buyer, who approaches its own bank, asks it to issue a credit in favour of the overseas seller, agrees the terms and documents that will be required, and pays the issuing commission.

The Uniform Customs and Practice for Documentary Credits is the International Chamber of Commerce code that banks worldwide incorporate into their letters of credit.

Faced with a steep fall in the water table around Chennai, the state amended its building rules in 2003 to require a rainwater harvesting structure in buildings, and it is cited as the first state in the country to make such harvesting compulsory.

The plan, released in 2008, set up eight national missions, among them the National Solar Mission, the National Mission for Enhanced Energy Efficiency, the National Water Mission, the National Mission for Sustaining the Himalayan Ecosystem, the National Mission for a Green India, the National Mission for Sustainable Agriculture, the National…

Mission Amrit Sarovar was launched on 24 April 2022, National Panchayati Raj Day, as part of the celebration of seventy-five years of independence, and the number 75 in the target of seventy-five ponds in every district of the country comes from that anniversary.

Atal Bhujal Yojana, launched in 2019 under the Ministry of Jal Shakti, is a central sector scheme part funded by the World Bank.

In 2019 the Ministry of Water Resources, River Development and Ganga Rejuvenation was merged with the Ministry of Drinking Water and Sanitation to create a single Ministry of Jal Shakti, so that irrigation, river basins, groundwater, drinking water supply and sanitation would be handled by one ministry.

A surangam is a tunnel about two metres high cut nearly level into the side of a laterite hill until it meets a seepage zone; the water that oozes out of the rock trickles along the floor of the tunnel and is collected in a pit outside, so the structure…

In the cold desert of Ladakh there is very little rain, so the water that matters is glacier melt.