Nai Manzil’ Scheme Launched in Jammu and Kashmir
Nai Manzil’ Scheme Launched in Jammu and Kashmir
The ‘Nai Manzil’ scheme has been launched, for the first time in Jammu and Kashmir for girls. Under the scheme girls from minority communities will be imparted three month skill development training in seven identified sectors relevant to the region. These include training in saffron processing, food processing, embroidery, computers IT (both software and hardware), Tourism/hospitality, electronics and plumbing. Trainees will also be given stipend of Rs.4500/-for the course.
Nai Manzil Scheme is an integrated Education and Livelihood Initiative for the Minority Communities. The scheme aims to benefit the minority youths who are school-dropouts or educated in the community education institutions like Madrasas, by providing them an integral input of formal education (up till Class VIII or X) and skill training along with certification. This will enable them to seek better employment in the organised sector and equipping them with better lives. The scheme covers the entire country.
RBI makes its Master Direction on Gold Monetization Scheme more customer-friendly
RBI amends its circular on Gold Monetization Scheme and stated that participating banks will get total commission of 2.5% including 1.5% handling charges and 1% commission under the scheme
The Reserve Bank of India has made a few amendments to its Master Direction on Gold Monetization Scheme. The modifications have been made in consultation with Central Government to make the Scheme more customer-friendly. The depositors will be able to withdraw medium term and long term government deposits pre-maturely after the minimum lock-in period of three years in the case of medium term deposits and after five years in the case of long term deposits. However, there will be penalty in the form of lower rate of interest for premature withdrawals depending upon the actual period for which the deposit has run. In the case of large tenders of gold, gold can be deposited directly with refiners wherever they have the assaying capacity. This will reduce the time lag between the time the raw gold is deposited and it starts bearing interest.
The Reserve Bank of India has made a few amendments to its Master Direction on Gold Monetization Scheme. The modifications have been made in consultation with Central Government to make the Scheme more customer-friendly. The depositors will be able to withdraw medium term and long term government deposits pre-maturely after the minimum lock-in period of three years in the case of medium term deposits and after five years in the case of long term deposits. However, there will be penalty in the form of lower rate of interest for premature withdrawals depending upon the actual period for which the deposit has run. In the case of large tenders of gold, gold can be deposited directly with refiners wherever they have the assaying capacity. This will reduce the time lag between the time the raw gold is deposited and it starts bearing interest.
In exercise of the powers conferred under Section 35A of the Banking Regulation Act, 1949, the Reserve Bank of India hereby directs that the Reserve Bank of India (Gold Monetisation Scheme, 2015) Master Direction No.DBR.IBD.No.45/ 23.67.003/ 2015-16 dated October 22, 2015 be modified as under:
(i) The existing sub-paragraph 2.1.1 (iii) shall be amended to read as follows:
The principal and interest on STBD shall be denominated in gold. In the case of MLTGD, the principal will be denominated in gold. However, the interest on MLTGD shall be calculated in Indian Rupees with reference to the value of gold at the time of the deposit.
(ii) The existing sub-paragraph 2.1.1 (iv) shall be amended to read as follows:
Persons eligible to make a deposit – Resident Indians (Individuals, HUFs, Proprietorship & Partnership firms, Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations and Companies) can make deposits under the scheme. Joint deposits of two or more eligible depositors are also allowed under the scheme and the deposit in such case shall be credited to the joint deposit account opened in the name of such depositors. The existing rules regarding joint operation of bank deposit accounts including nominations shall apply to these gold deposits.
The principal and interest on STBD shall be denominated in gold. In the case of MLTGD, the principal will be denominated in gold. However, the interest on MLTGD shall be calculated in Indian Rupees with reference to the value of gold at the time of the deposit.
(ii) The existing sub-paragraph 2.1.1 (iv) shall be amended to read as follows:
Persons eligible to make a deposit – Resident Indians (Individuals, HUFs, Proprietorship & Partnership firms, Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations and Companies) can make deposits under the scheme. Joint deposits of two or more eligible depositors are also allowed under the scheme and the deposit in such case shall be credited to the joint deposit account opened in the name of such depositors. The existing rules regarding joint operation of bank deposit accounts including nominations shall apply to these gold deposits.
(iii) The existing sub-paragraph 2.1.1 (v) shall be amended as under:
All deposits under the scheme shall be made at the CPTC.
Provided that at their discretion, banks may accept the deposit of gold at the designated branches, especially from the larger depositors.
Provided further that banks may, at their discretion, also allow the depositors to deposit their gold directly with the refiners that have facilities to carry out final assaying and to issue the deposit receipts of the standard gold of 995 fineness to the depositor.
All deposits under the scheme shall be made at the CPTC.
Provided that at their discretion, banks may accept the deposit of gold at the designated branches, especially from the larger depositors.
Provided further that banks may, at their discretion, also allow the depositors to deposit their gold directly with the refiners that have facilities to carry out final assaying and to issue the deposit receipts of the standard gold of 995 fineness to the depositor.
(iv) The existing sub-paragraph 2.1.1 (ix) shall be amended to read as under:
Designated banks shall inform the RBI of their decision to participate in the Scheme as soon as the policy to implement the Scheme is approved by their Board. They shall also report to the RBI the gold mobilized under the Scheme by all branches in a consolidated manner on a monthly basis as per the format given.
Designated banks shall inform the RBI of their decision to participate in the Scheme as soon as the policy to implement the Scheme is approved by their Board. They shall also report to the RBI the gold mobilized under the Scheme by all branches in a consolidated manner on a monthly basis as per the format given.
(v) A para No.2.1.1 (x) shall be included as under:
Tax implications on GMS shall be as notified by the Central Government from time to time.
Tax implications on GMS shall be as notified by the Central Government from time to time.
(vi) A para No.2.1.1 (xi) shall be included as under:
The quantity of gold will be expressed up to three decimals of a gram.
The quantity of gold will be expressed up to three decimals of a gram.
(vii) The existing sub-paragraph 2.2.2 (iv) shall be amended to read as under:
The Medium Term Government Deposit (MTGD) can be made for 5-7 years and Long Term Government Deposit (LTGD) for 12-15 years or for such period as may be decided by the Central Government from time to time.
The Medium Term Government Deposit (MTGD) can be made for 5-7 years and Long Term Government Deposit (LTGD) for 12-15 years or for such period as may be decided by the Central Government from time to time.
The rate of interest on such deposit will be decided by Central Government and notified by Reserve Bank of India from time to time. The current rate of interest as notified by the Central Government are as under:
(i) On medium term deposit – 2.25% p.a.
(ii) On long term deposit – 2.50% p.a.
The designated banks may allow whole or part premature withdrawal of the deposit subject to minimum lock-in period and penalties as under:
(i) Minimum lock-in period
A Medium Term Government Deposit (MTGD) is allowed to be withdrawn any time after 3 years and a Long Term Government Deposit (LTGD) after 5 years.
(ii) Penalty on premature withdrawal
The amount payable to the depositor on premature withdrawal shall be calculated as a sum of (A) and (B), as indicated below:
(A) Actual market value of the gold deposit on the day of withdrawal.
(B) Interest payable on the value of the gold at the time of deposit as under.
(i) On medium term deposit – 2.25% p.a.
(ii) On long term deposit – 2.50% p.a.
The designated banks may allow whole or part premature withdrawal of the deposit subject to minimum lock-in period and penalties as under:
(i) Minimum lock-in period
A Medium Term Government Deposit (MTGD) is allowed to be withdrawn any time after 3 years and a Long Term Government Deposit (LTGD) after 5 years.
(ii) Penalty on premature withdrawal
The amount payable to the depositor on premature withdrawal shall be calculated as a sum of (A) and (B), as indicated below:
(A) Actual market value of the gold deposit on the day of withdrawal.
(B) Interest payable on the value of the gold at the time of deposit as under.
viii) A para No.2.2.2 (ix) shall be included as under:
Central Government has decided that for initial period of one year from the date of launch of the Scheme i.e. November 5, 2015, designated banks will be paid handling charges (including gold purity testing, refining, transportation, storage and any other relevant costs) for MLTGD at a flat rate of 1.5% and commission at the rate of 1% of the rupee equivalent of the amount of gold mobilized under the scheme.
Central Government has decided that for initial period of one year from the date of launch of the Scheme i.e. November 5, 2015, designated banks will be paid handling charges (including gold purity testing, refining, transportation, storage and any other relevant costs) for MLTGD at a flat rate of 1.5% and commission at the rate of 1% of the rupee equivalent of the amount of gold mobilized under the scheme.
UN World Economic Situation and Prospects 2016 was launched in New Delhi
World Economic Situation and Prospects 2016: Global Economic Outlook
The world economy stumbled in 2015 and only a modest improvement is projected for 2016/17 as a number of cyclical and structural headwinds persist. Global growth is estimated at a mere 2.4 per cent in 2015, marking a downward revision by 0.4 percentage points from the UN forecasts presented six months ago. Amid lower commodity prices, large capital outflows and increased financial market volatility, growth in developing and transition economies has slowed to its weakest pace since the global financial crisis of 2008/2009. Given the much anticipated slowdown in China and persistently weak economic performances in other large emerging economies, notably the Russian Federation and Brazil, the pivot of global growth is partially shifting again towards developed economies.
The world economy is projected to grow by 2.9 per cent in 2016 and 3.2 per cent in 2017, supported by generally less restrictive fiscal and still accommodative monetary policy stances worldwide.
India Signs Financing Agreement with World Bank for US$ 250 Million for Jhelum and Tawi
India Signs Financing Agreement with World Bank for US$ 250 Million for Jhelum and Tawi Flood Recovery Project
Government of India has signed and the Financing Agreement with the World Bank for US$ 250 million for Jhelum and Tawi flood recovery project. It is a loan for an implementation period of 5 years and Government of Jammu and Kashmir is the implementing agency.
The main objectives of the project are:
· To support the recovery and increase disaster resilience in Project Areas
· To increase the capacity of the Project Implementing Entity to respond promptly and effectively to an eligible crisis or emergency.
· To increase the capacity of the Project Implementing Entity to respond promptly and effectively to an eligible crisis or emergency.
The project will focus on restoring critical infrastructure using international best practice on resilient infrastructure. The primary beneficiaries would be the communities in the districts of Jammu & Kashmir that were affected by loss of public service infrastructure that will be restored and improved under the project. By strengthening disaster risk management systems and institutions, the project will benefit the entire affected region.
The project has seven components:
(i) Reconstruction and strengthening of critical infrastructure
(ii) Reconstruction of roads and bridges
(iii) Restoration of urban flood management infrastructure
(iv) Restoration and strengthening of livelihoods
(v) Strengthening disaster risk management capacity
(vi) Contingency Emergency Response
(vii) Implementation Support
(ii) Reconstruction of roads and bridges
(iii) Restoration of urban flood management infrastructure
(iv) Restoration and strengthening of livelihoods
(v) Strengthening disaster risk management capacity
(vi) Contingency Emergency Response
(vii) Implementation Support
GIFTING OF INTERCEPTOR BOAT TO SEYCHELLES
The Director General (ICG) Indian Coast Guard Vice Admiral
HCS Bisht, AVSM, today gifted a high speed Interceptor Boat to
the Seychelles Coast Guard as a goodwill gesture at a formal
ceremony at Mahe, Seychelles. The president of Seychelles HE Mr.
James Michel also graced the occasion. The boat, which was
constructed by M/s L&T shipyard Mumbai is technological marvel
and
is equipped with state of the art navigation and communication
equipment. It is designed to do a speed of 45 Knots and has an
endurance of 500 NM at 20 Knots. The capability of the boat is
well established by the fact that she sailed under own power to
the island nation covering a distance of 1525 nm under the escort
of Indian Coast Guard Ship Samarth.
The friendly gesture by the Government of India comes with
an aim to assist the Seychelles in capacity enhancement for
ensuring safe seas in the IOR(Indian Ocean Region) thereby
reinforcing the long and friendly relationship between the two
countries
The boat alongwith ICGS Samarth arrived at Seychelles
(Mahe) on the 13 Jan to a warm reception. The ceremony of
handing over included the decommissioning of the boat by
striking down the Tricolour and the ICG Ensign by the Indian crew
and thereafter commissioning it in the active service of Seychelles
Coast Guard by hosting their 7ag by their crew. The name of the
boat has been rechristened as SCG Hermes from ICGS C-405. The
designated crew of Seychelles have undergone 3 weeks training
onboard the boat in India and further 5 weeks of training will be
imparted by the Indian a7oat support team at Seychelles. This
goodwill gesture is seen as a big step towards Indias resolve to
enhance the safety and security of the littoral states in the IOR
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Aman Raj wins PGTI Qualifying School 2016
Thirty-five players earn full cards for 2016 season
Kensville Golf & Country Club, Ahmedabad, January 22, 2016: Patna-based amateur Aman Raj (74-74-74-72) won the PGTI’s Final Qualifying Stage for the 2016 season being held at Kensville Golf & Country Club near Ahmedabad. Aman Raj’s final round of even-par-72 meant he ended up with a tournament total of six-over-294 which helped him secure a comfortable four-stroke victory. Noida’s Raju Singh finished second at 10-over-298.
At the end of round four, the top 35 players earned their cards for the 2016 PGTI season.
Aman Raj, who started the final day, one off the lead in second position, was steady through the first five holes with pars. He then dropped a shot on the sixth but came roaring back with birdies on the ninth and 11th. The 20-year-old, who was India’s top amateur in 2015, made a brilliant chip-putt from 50 yards on the ninth before draining an eight-footer on the 11th.
Aman missed an up and down from the bunker for his second bogey of the day on the 17th. Nonetheless, the three-time winner on the amateur circuit last year, cruised to victory having posted the day’s best score of 72.
The Patna lad is now all set to turn professional in April after representing India at the 2016 Bonallack Trophy.
Aman said, “I’ve had a good week in Ahmedabad. But I know that I need to work harder and get better if I have to make an impression on the professional stage. I got the momentum going with the two birdies on the ninth and 11th today. That stretch helped me all but seal the title. I missed a couple of pars from 100 yards out but overall it was a steady performance. It’s great to start the year with a win at the Qualifying School.”
Raju Singh finished runner-up after a final round of 75.
Delhi’s Wasim Khan was third at 12-over-200 while Bengaluru’s Syed Saqib Ahmed finished a further shot back in fourth place.
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I am THIS excited:
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