Government Examination Update & Facts

Organization of the Petroleum Exporting Countries Historical Background The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. The five Founding Members were later joined by ten other Members: Qatar (1961) – terminated its membership in January 2019; Indonesia (1962) – suspended its membership in January 2009, reactivated it in January 2016, but decided to suspend it again in November 2016; Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973) – suspended its membership in December 1992, but reactivated it in October 2007; Angola (2007); Gabon (1975) - terminated its membership in January 1995 but rejoined in July 2016; Equatorial Guinea (2017); and Congo (2018). OPEC had its headquarters in Geneva, Switzerland, in the first five years of its existence. This was moved to Vienna, Aus...

WORLD TRADE ORGANIZATION Historical Background From the early days of the Silk Road to the creation of the General Agreement on Tariffs and Trade (GATT) and the birth of the WTO, trade has played an important role in supporting economic development and promoting peaceful relations among nations. This page traces the history of trade, from its earliest roots to the present day. The World Trade Organization (WTO) is an intergovernmental organization that is concerned with the regulation of international trade between nations. The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1948. It is the largest international economic organization in the world. Before the GATT- A single page of text from 1941 is a powerful reminder that the desire for peace and security drove the creation of today’s global economic system. The global ...

WORLD BANK GROUP Historical  Background Founded in 1944, the International Bank for Reconstruction and Development—soon called the World Bank—has expanded to a closely associated group of five development institutions.  Originally, its loans helped rebuild countries devastated by World War II.  In time, the focus shifted from reconstruction to development, with a heavy emphasis on infrastructure such as dams, electrical grids, irrigation systems, and roads.  With the founding of the International Finance Corporation in 1956, the institution became able to lend to private companies and financial institutions in developing countries.  And the founding of the International Development Association in 1960 put greater emphasis on the poorest countries, part of a steady shift toward the eradication of poverty becoming the Bank Group’s primary goal.  The subsequent launch of the International Center for Settlement of Investment Disputes and th...

International Monetary Fund  Created in 1945, the IMF is governed by and accountable to the 189 countries that make up its near-global membership. The International Monetary Fund (IMF) is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. The IMF's primary purpose  is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other. The Fund's mandate was updated in 2012 to include all macroeconomic and financial sector issues that bear on global stability. The International Monetary Fund (IMF) and the International Reconstruction and Development Bank (IBRD) were established in July 1944 together on the basis of Bretton Woods conference that is why they are also know...

RESERVE BANK OF INDIA Basic Knowledge about RBI The Reserve Bank of India (RBI) is India's Central Banking Institution, which controls the Monetary Policy of the Indian Rupee. The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated. Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India. RBI is an institution of national importance and the pillar of surging Indian economy. It is a member of IMF. Recently, RBI has launched a website named ww.paisaboltahai.rbi.org.in. to raise awareness among masses about fake notes in the market. UPSC has asked several questions regarding RBI fu...

The Indian Civil Services exam, commonly referred to as the IAS exam, is conducted by the Union Public Service Commission UPSC  each year. Timetable:- Make time for study and schedule it and follow honestly- Don't rely on last-minute preparations. Analyze the syllabus well in advance, and formulate a study timetable which suits you. Give more time to difficult topics without compromising your other subjects. You might find this easier if you choose to join a good coaching institute that will compartmentalize and schedule your time You should know all the topics mentioned in the UPSC Mains Syllabus. By way of remembering Syllabus topics, you can differentiate the important and irrelevant topics to be covered for Mains exam preparation. Develop a habit of having Mains syllabus on your study table, it will help you to read relevant subject topics.Schedule your daily plan and stick to those plans. It is not necessary you should read 9 to 10 hours on a regular b...