WEEKLY
GENERAL
AWARENESS
TONIC
Dear Readers,
This is the new series which have been started by us in which we will provide you weekly
compilation of the current affairs. Every Sunday we will publish our new document named
WEEKLY GA TONIC.
We really hope that you all will like this new initiative by our team. This document contains the
important current affairs from 1st week of September, ie 9th September to 16th September.
Draft GMS:
1. The minimum quantity of gold that a customer
can bring is proposed to be set at 30 grams, so
that even small depositors are encouraged. Gold
can be in any form (bullion or jewellery).
2. Opening of Gold Savings Account with the
banks: When the customer produces the
certificate of gold deposited at the Purity Testing
Centre, the bank will in turn open a Gold Savings
Account for the customer and credit the quantity
of
gold
into
the
customers
account.
Simultaneously, the Purity Verification Centre will
also inform the bank about the deposit made.
3. Interest payment by banks: The bank will commit
to paying an interest to the customer which will be
payable after 30/60 days of opening of the Gold
Savings Account. The amount of interest rate to be
given is proposed to be left to the banks to decide.
Both principal and interest to be paid to the
depositors of gold, will be valued in gold. For
example if a customer deposits 100 gms of gold
and gets 1 per cent interest, then, on maturity he
has a credit of 101 gms.
4. Redemption:The customer will have the option
of redemption either in cash or in gold, which will
have to be exercised in the beginning itself (that
is, at the time of making the deposit).
5. Tenure: The tenure of the deposit will be
minimum 1 year and with a roll out in multiples of
one year. Like a fixed deposit, breaking of lock-in
period will be allowed.
6. Tax Exemption: Transfer of Gold to the
Refiners In the Gold Deposit Scheme (1999), the
customers received exemption from Capital Gains
Tax, Wealth tax and Income Tax.
SOVEREIGN GOLD BOND SCHEME (SGBS):
Sovereign Gold Bonds will be issued on payment of
money and would be linked to the price of gold.
Objective:
Need for a Sovereign Gold Bond
1.
Features:
1. The Government will issue bonds with a nominal
rate of interest (which will be linked to
international rate for gold borrowing).
2. An indicative lower limit of 2% may be given but
the actual rate will have to be market determined.
On maturity, the investor receives the equivalent
of the face value of gold in Rupee terms.
3. The rate of interest on the bonds will be payable
in terms of grams of gold. The interest will be
calculated on 10,000 at a certain per cent say 2 or
3%.
4. The price of gold may be taken from NCDEX/
London Bullion Market Association/RBI and the
Rupee equivalent amount may be converted at the
RBI Reference rate on issue and redemption.
Banks/NBFCs/Post Offices may collect money /
redeem bonds on behalf of government (for a fee,
the amount would be as decided).
5. Gold bonds will be issued in denominations of 5,
10, 50, 100 grams of gold.
6. The tenor of the bond could be for a minimum of 5
to 7 years so that it would protect investors from
medium term volatility in the gold prices. Since
the bond will be a part of the sovereign borrowing,
these would need to be within the fiscal deficit
target for 2015-16 and onwards.
7. Bonds to be used as collateral for loans. The Loan
To Value ratio be set equal to ordinary gold loan
mandated by RBI from time to time.
8. Bonds to be easily sold, traded on commodity
exchanges.
9. KYC norms to be the same as that for gold.
10. Bonds to have a sovereign guarantee.
11. Capital gains tax treatment will be the same as for
physical gold. This will ensure that an investor is
indifferent in terms of investing in these bonds
www.bankersadda.com | www.sscadda.com |
States News
In a good news to farmers, Andhra Pradesh Chief
Minister N Chandrababu Naidu will release water
of river Godavari into Krishna on Wednesday to
mark the formal linking of the two rivers.
IFCs Lighting India program that aims to provide
safe, affordable, and quality solar lights to people
with limited or no access to electricity, is
increasing the availability of solar lighting
products in rural parts of Rajasthan through a
consumer awareness campaign, Suryoday.
Rajasthan has become the first state in the
country to submit State Annual Action Plan under
Atal Mission for Rejuvenation and Urban
Transformation (AMRUT). AMRUT is the new
avatar of the Jawaharlal Nehru National Urban
Renewal Mission (JNNURM).
Haryana Assembly has passed Haryana
Panchayati Raj (Amendment) Bill, 2015 that seeks
to fix matriculation as minimum educational
qualification for elections to Panchayati Raj
institutions (PRIs).With this Haryana became
second state in India after Rajasthan to fix
educational and other qualifications for the
candidates contesting Panchayat elections.
The Jharkhand Government on 8 September 2015
approved the formation of an Anti-Terrorism
Squad (ATS) in the state. The State cabinet also
gave its approval to create 243 ATS posts.
Miscellaneous News
Indian Institute of Science (IISc), Bangalore and
Indian Institute of Technology (IIT) Delhi are two
India institutes to figure in the top 200 in QS
World University Rankings of 2015-16.In this
edition of annual global university ranking list,
IISc Bangalore ranked 147th and IIT- Delhi
ranked 179th respectively. It was the 12th edition
QS World University Rankings, has been topped
by Massachusetts Institute of Technology (MIT) of
United States (US) for record fourth time.
India and Pakistan have started a three-day
Director General (DG)-level border dialogue in
New Delhi.
Union Government has announced to extend eTourist Visa Scheme to 37 more countries in
Women
s Double
Mixed
Double
Mens
Double
Martina Hingis
(Switzerland)
& Sania Mirza
(India)
Leander
Paes(India) &
Martina
Hingis(Switzerla
n)
P. Herbert and N.
Mahut. (French
Pair)
Casey Dellacqua
(Australia) Yaroslava
Shvedova(Kazakhsta
n)
Bethanie MattekSands and Sam
Querrey (Both are
from USA)
Note:
1. shortly after collecting her trophy, Pennetta,
announced her retirement from tennis
2. The 33-year-old Italian became the oldest woman
to win a debut Major championship in the modern
era.
Aditi Ashok clinched the Singha Thailand
Amateur Championship after carding a one-over
73 to finish the tournament at two-under 286,
five shots ahead of Australian Gennai Goodwin
and Thailand's Chakansim Khamborn.
Human resource development minister Smriti
Irani on Thursday launched the national web
portal for promotion of a national apprenticeship
scheme.
The
scheme,
which
provides
opportunities for practical training, is for
graduates, diploma holders and 10+2 pass
vocational certificate holders. A slogan
"Sashakt Yuva, Samarth Bharat" was also
released for the portal.
After picking up minority stake in the Goa
franchise of the Hero Indian Super League (Hero
ISL) last year, Indian test captain Virat Kohli has
now invested in the Dubai frnachise of Mahesh
Bhupati-promoted
Coca-Cola
International
Premier Tennis League (IPTL). The franchise,
called UAE Royals
Deepak Lather: Indian weightlifters on 8
September 2015 won a gold medal in the 62 kg
category of the 2015 Commonwealth Youth
Games (CYG) being held in Apia, Samoa.
Anirban Lahiri : Ace Indian Golfer has become
the first Indian to qualify for the prestigious
Presidents Cup of Golf. Presidents Cup is a series
of mens golf matches between a team
representing the USA and an International Team
representing the rest of the world minus Europe.
The International team is set to take on United
States team in the biennial Presidents Cup 2015
to be held at Incheon, South Korea.
Abitha Mary Manuel and Anamika Das on
9 September 2015 won bronze medals at the 5th
Commonwealth Youth Games (CYG) in Apia in
Samoa. Manuel won the medal in girls 800m
Imp. Days
September-9: Himalaya Diwas was celebrated in
Uttarakhand with noted environmentalist
Sundarlal Bahuguna administering an oath to
children to conserve the Himalayas.
September-10: The Tenth World Hindi
Conference has begun in Bhopal, Madhya
Pradesh with the theme of Hindi Jagat-Vistar
and Sambhavnaye.
September 14: National Hindi Day. The day was
observed to promote the Matra Bhasha the
mother tongue of India and show its importance
as a language in the country and the world at
large.
September-15: International Day of Democracy
,theme of this year is: Space for Civil Society
September-15: celebrated as "Engineers' Day",
theme of this year is: Engineering
Challenges for Knowledge Era.
September-16: International Day for the
Preservation of the Ozone Layer, Theme of
this year is: 30 Years of Healing the Ozone
Together - "Ozone: All there is between
you and UV.
Obituary
Ramaswamy R. Iyer: Renowned water policy
expert passed away. He was from Thakkalai
district of Tamil Nadu.
Kalamandalam Sathyabhama: doyen of
classical dance form Mohiniyattam passed away
in Palakkad district of Kerala.
Brian Close: Former Yorkshire and England
captain, one of the most physically courageous
players in cricket history, has died
Abbreviations:
LTV: Loan to Value
BOATs: Board of Apprenticeship Training
BOPTs: Board of Practical Training
REER: Real Effective Exchange Rat
NEER: Nominal Effective Exchange Rate
IRRC: India Rapid Reaction Cell
Important Days of 2nd & 3rd Week From
September
8th September
World Literacy Day
14th September
Hindi Divas
15th September
Engineers Day
16th September
Ozone Day