Showing posts with label Education News. Show all posts
Showing posts with label Education News. Show all posts

Important Highlights - Govt's Historic Decision to ban Rs.500 & Rs.1000 Currency Notes

Posted by | Last Updated at 11:15 PM |
In a surprise move the government declared that ₹500 and ₹1000 notes will be illegal from Tuesday midnight.
In his address to the nation, Prime Minister Narendra Modi explained the move as the government’s attack on black money.
These notes can be exchanged for lower denomination notes at post offices and banks from November 10 till the end of March 2017.
Black money worth Rs 1.25 lakh crore brought back to India . 
India was earlier 100 on global ranking of corruption. Today it stands at 76th position

Prime Minister Narendra Modi (Source: Twitter/@ANI_news)
.Modi said the notes of Rs 500 and Rs 1000 “will not be legal tender from midnight tonight” and these will be “just worthless piece of paper.” However, he said that all notes in lower denomination of Rs 100, Rs 50, Rs 20, Rs 10, Rs 5, Rs 2 and Re 1 and all coins will continue to be valid. He also announced that new notes of Rs 2000 and Rs 500 will be introduced.

India New Rs.2000 Note Images HD

India New Rs.2000 Note Images Original

Here are the Important Highlights/Points regarding Government Decision to Abolish 500 and Rs.1000 currency Notes :

  • Airport , Bus ticket Booking Counters to accept old notes till Nov 11
  • All Banks to Remain closed tomorrow
  • Daily Withdrawal Limit set @ Rs.2000 from ATMs
  • Government Hospitals to accept Rs.500 & Rs.1000 notes till Nov 11
  • Rs.500 , Rs.1000 currency no longer legal tenders
  • 50 Day Window to exchange old Rs.500 and Rs.100 notes
  • RBI to issue new Rs.500 and Rs.2000 notes
  • Daily cash withdrawal from banks set @ Rs.10,000
  • Maximum cash withdrawal at Rs.25,000 in a fortnight
There will be no change in any other form of currency exchange be it cheque, DD, payment via credit or debit cards etc

Respite for people for the initial 72 hours, Govt hospitals will accept old Rs 500 and 1000 notes till 11 November midnight

Corruption and black money is something we have fought for immediately after assuming office .

Important Highlights Of Urjit Patel First RBI Monetary Policy Committee Meet - New Repo Rate Oct 2016

Posted by | Last Updated at 5:58 PM |
Reserve Bank of India Governor Urjit Patel cut interest rates by a quarter point as forecast by economists citing softening inflation outlook and retained growth forecast but said outlook is improving with good monsoon. All six of the monetary policy committee unanimously voted in favor of the rate cut. 

Important Highlights Of First RBI Monetary Policy Committee

The RBI cut the short-term lending rate by 25 bps to  to six-year low of 6.25% from 6.50% earlier. The decision of the MPC is consistent with an accommodative stance of monetary policy in consonance with the objective of achieving consumer price index (CPI) inflation at 5%.

The 6-member Monetary Policy Committee, headed by Patel, reduced repo rate or the short term rate at which central bank lends to banks, to 6.25 per cent. Consequently, the reverse repo rate has also come down by a similar percentage point to 5.75 per cent.

New interest repo rates first monetary policy urjit patel commitee oct 2016

The Reserve Bank of India also said that the growth momentum in the economy would continue. "The momentum of growth is expected to quicken with a normal monsoon raising agricultural growth and rural demand, as well as by the stimulus to the urban consumption spending from the pay commission’s award,” it said. 
Taking into account these shocks to the baseline and given the initial conditions in staff projects inflation to ease modestly through 2017-18 and reach 4.5 per cent by Q4 of 2017-18 (2.1 per cent to 7.7 per cent defining the 70 per cent confidence interval). 

India Post Payment Bank will set up 5000 ATMs across the country

Posted by | Last Updated at 3:53 PM |
India Post has been given ‘in-principle’ approval for launching payment bank. IT Minister Ravi Shankar Prasad has declared that India Post shall transform into world’s largest banking network as they will be launching 5000 ATMs across the country.

Yesterday, Union Cabinet approved the proposal to launch India Post’s Payment Bank, thereby removing the last hurdle in the process. As per reports, India Post shall launch their banking operations by March, 2017.

Minister Prasad tweeted, “India Post #PaymentBank will set up 5000 ATMs across the country. It will be the largest banking network in the world.”

India Post Payment Bank will set up 5000 ATMs across the country

As per Minister Prasad, India Post’s entry into the banking domain would be a gamechanger. There are 1.54 lakh post offices spread across India right now, whose reach and penetration goes deep inside rural hinterland.

Once each of these post-offices would start offering banking operations, then it would unleash a new wave of financial inclusion never witnessed in India.
IT Minister Prasad also shared the fact that India Post Bank will aggressively sell financial products as well. Infact, as the reach and power of India Post’s new banking platform is spreading, leading financial product companies have started approaching Indian Govt. for a possible partnership.

Minister said, “50 top names are here including Barclays and others. Talks are on and a huge matrix will be created,”

As of now, Airtel Money-Kotak Mahindra Bank JV is poised to open their first Payment Bank outlet, as RBI has allocated payment bank license to them.

Source : Trak.In

Narendra Modi got first class in MA Political Science From Gujarat University - Marksheet

Posted by | Last Updated at 10:39 AM |
Amid the raging row over Prime Minister Narendra Modi’s educational qualification, the Gujarat University today shared details of his MA degree saying he scored 62.3 per cent as an external student of the varsity. The details were shared by the Gujarat University after the Central Information Commission directed it to provide the same to Delhi Chief
Minister Arvind Kejriwal, who had recently criticised the functioning of the transparency

Modi got first class in MA Political Science

Kejriwal, in a letter to CIC in response to an RTI application seeking details of his electoral photo identity card (EPIC), demanded that while he was ready to share information sought by RTI applicants, the CIC must also order disclosure of educational qualifications of the PM. After Kejriwal’s letter, the CIC had on Friday ordered
Delhi University,from where he pursued his Bachelor of Arts (BA) course, and Gujarat University, from where he completed his MA, to reveal details of his education
qualifications. Vice Chancellor Patel said he has not received any order of CIC till now, but he came to know about it from media, and will give the details to concerned applicants
if he receives the order.

Narendra Modi M.A Marksheet 
  • Modi gave his MA exams as an external candidate.
  • He secured 237 out of 400 marks in MA first year.
  • Got 262 out of 400 marks in MA second year.
  • Secured 64 marks in Political Science, 62 marks in European and Social Political Thoughts, 69 marks in Modern  India/Political Analysis, and 67 marks in Political Psychology
“The details (of Modi’s degree) were sought through several Right to Information (RTI) applications filed before the university, but we were not in a position to share the details under the RTI Act on technical grounds,” Patel said.
“The details of marks can only be provided to the candidate himself, and we do not provide details of university records beyond 20 years,” he said. When asked about the details of Modi’s BA degree, Patel said they do not have it.

Source : TheHINDU

Gold Monetisation Scheme : All you need to know | Important Points Soverign Gold Bond Scheme - IBPS Exams

Posted by | Last Updated at 6:35 PM |
Gold Monetisation Scheme : All you need to know | Important Points Soverign Gold Bond Scheme

The Cabinet today approved Gold Bond and Gold Monetisation schemes to reduce the metal's demand in physical form and fish out idle gold lying with households and other entities. The Gold Bond scheme will have an annual cap of 500 grams per person and such bonds would be issued for a period of 5-7 years.

The Budget 2015-16 had proposed to launch a Sovereign Gold Bond (SGB) scheme to develop a financial asset as an alternative to gold. Speaking to the Press, Finance Minister Arun Jaitley said the Gold Monetisation Scheme will channelise country's idle gold assets.

So how does the scheme work? 

Idle gold can be depositd in banks for either short, medium or long term Depositors of gold will earn interest on their metal accounts Quantity of gold to be credited will depend on the purity of gold. The scheme will let individuals buy gold bonds instead of physical gold Gold can be in any form, bullion or jewellery individuals and institutions can deposit as low as 30 gm of gold Mobilised gold will be used in auctioning and replenishing RBI's gold reserves

How it generally works?

When a customer brings in gold to the counter of specified agency or bank, the purity of gold is determined and exact quantity of gold is credited in the metal account. Customers may be asked to complete KYC (know-your-customer) process. The deposited gold will be lent by banks to jewellers at an interest rate little higher than the interest paid to customer.

How is the interest rate calculated?

Both principal and interest to be paid to the depositors of gold, will be ‘valued’ in gold. For example if a customer deposits 100 gm of gold and gets one per cent interest, then, on maturity he has a credit of 101 gram.

The interest rate is decided by the banks concerned.

Soverign Gold Bond Scheme

The RBI will issue gold bonds on behalf of government Annual cap under this Scheme to be 500 gm per person Such bonds would be issued for a period of 5-7 years.

The bonds will be issued in 2, 5 and 10 grams of gold or other denominations Interest on gold bonds to be decided by govt from time to time On maturity, redemption will only be in rupees

Redemptions can be done through banks, NBFC and Post Offices Capital gains tax treatment will be same as for physical gold for individual investors

Amount raised via SGBS to be used in lieu of govt borrowing Gold Reserve Fund to take care of risk in increase of gold price Risk of increase in gold price to be borne by government Depositor to be given option to roll over bond for 3 years or more if gold price falls Exemption for capital‎ gains on redemption of SGB will be considered in the next 2016-2017

Credits : MoneyControl & The Hindu

IDBI Bank Signs MoU With National Housing Bank Under Pradhan Mantri Awas Yojana - August 2015

Posted by | Last Updated at 9:32 AM |
IDBI Bank Signs MoU With National Housing Bank

Kishor Kharat, MD & CEO, IDBI Bank (R) and Sriram Kalyanaraman, MD & CEO, NHB (L) exchanging the MoU signed between IDBI Bank Ltd. and NHB on August 26, 2015 as a part of the implementation process of the Credit Linked Interest Subsidy scheme under the Pradhan Mantri Awas Yojana, an Affordable Housing initiative.

The objective of the said scheme is to address the funding requirements of the urban poor belonging to the Economically Weaker Section / Lower Income Groups aspiring to acquire / construct residential houses. The subsidy at the rate of 6.5% would be available up to Rs. 6 lakhs for the loan tenure up to a maximum period of 15 years.

About Pradhan Mantri Awas Yojana Housing for All by the year 2022 :

The Pradhan Mantri Awas Yojana was launched by the Prime Minister of India, Narendra Modi on 25th June 2015 that envisages the vision of Housing for All by the year 2022.
The government of India had earlier launched ‘Housing for All’ scheme, which has now been reformed as Pradhan Mantri Awas Yojana.
The scheme comes with an aim of constructing more than two crore houses across the length and breadth of the nation within a span of next seven years.
This means the scheme which is started in year 2015 would conclude successfully in the year 2022. The target beneficiaries of the scheme would be poor and people living under EWS and LIG categories in urban establishments of the country.

Check Out IBPS PO IV 2015 Results - Probationary Officer/Management Trainee IV

Posted by | Last Updated at 11:13 AM |
Institute of Banking Personnel Selection (IBPS) has declared the final results for the posts of Probationary Officer/Management Trainee IV on the official site
You Can Check Out IBPS PO IV 2015 Results - Probationary Officer/Management Trainee IV
 from the link given below.

 IBPS PO IV Result

Maximum & Minimum Scores (Combined Scores in CWE and Interview out of 100)

List Of Winners : 62nd National Film Awards

Posted by | Last Updated at 9:25 AM |

62nd National Film Awards

62nd National Film Awards

Best Feature Film
J. Vignesh
Best Child Artist
Kaaka Mutta
Best Children's Film
Elizabeth Ekadash
Best Children's Film
Kangana Ranaut
Best Actress
Utthara Unnikrishnan
Best Female Playback Singer
Srijit Mukherji
Best Direction
Vivek Harshan
Best Editing
Sukhwinder Singh
Best Male Playback Singer
Daughters of Mother India
Best Film on Social Issues
Mary Kom
Best Popular Film Providing Wholesome Entertainment
Bobby Simha
Best Supporting Actor
Labour of Love
Best First Film of a Director
Nachom-ia Kumpasar
Aparna Raina
Best Production Design
Baljinder Kaur
Best Supporting Actress
Punjab 1984
Best Punjabi Film
Kuttram Kadithal
Best Tamil Film
Chandamama Kathalu
Best Telugu Film
Best Malayalam Film
Best Marathi Film
Aadim Vichar
Best Odiya Film
Best Kannada Film
Nachom - IA Kumpasar
Best Konkani Film
Komal & Behind the Glass Wall
Best Educational Film
Chotoder Chobi
Best Film on Social Issues
Tanul Thakur
Best Film Critic
Sound of Joy
Best Animation Film
Best Short Fiction Film
Life Force - India's Western Ghats
Best Adventure Film
Best Bengali Film
Silent Cinema (1895-1930)
Best Book on Cinema

Highlights Of Land Acquisition Bill Amendments 2015 | Pros and Cons

Posted by | Last Updated at 6:22 PM |

The Lok Sabha on Tuesday(March 17,2015) cleared the contentious land acquisition Bill, along with 9 Amendments proposed by the government.

Land Acquisition Bill :

Land Acquisition Bill Amendments 2015

The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement (Amendment) (RFCTLARR) Act is Popularly Known as Land Bill, Which was passed In Lok Sabha On March 9, 2015 with some amendments.[Source :]

Land Acquisition Bill creates five special categories for usage of land : 
1. Defence
2. Rural infrastructure
3. Affordable housing
4. Industrial corridors
5. Infrastructure projects including Public Private Partnership (PPP) projects where the central government owns the land

Major Amendments Made to Land Acquisition Bill, 2013 :

1. The earlier act provided for consent of 70% of land owners whose land is acquired for PPP projects and 80% for Private projects respectively , Now not required .

2.The Bill states that in calculating this time period, any period during which the proceedings of acquisition were held up: (i) due to a stay order of a court, or (ii) a period specified in the award of a Tribunal for taking possession, or (iii) any period where possession has been taken but the compensation is lying deposited in a court or any account, will not be counted.

3. In case land remains unutilized after acquisition, the new Bill empowers states to return the land either to the owner or to the State Land Bank.

4. According to the new amendments,Compulsory employment will be provided to one member of a farming family that is selling its land

5. While the LARR Act, 2013 was applicable for the acquisition of land for private companies, the Bill changes this to acquisition for ‘private entities’.

6. After the acquired land is sold to a third party for a higher price, 40% of the appreciated land value (or profit) will be shared with the original owners.

7. Limiting the industrial corridor to 1 km on both sides of highways and railway lines. This is limited to industrial corridors being set up by the government only.

8.  The LARR Act, 2013 required land acquired under it which remained unutilised for five years, to be returned to the original owners or the land bank.  The Bill states that the period after which unutilised land will need to be returned will be: 
(i) five years, or 
(ii) any period specified at the time of setting up the project, whichever is later.
9. While the LARR Act, 2013 was applicable for the acquisition of land for private companies, the Bill changes this to acquisition for ‘private entities’.

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Sukanya Samriddhi Account Rules,2014 | MINISTRY OF FINANCE Notiication

Posted by | Last Updated at 6:15 PM |
(Department of Economic Affairs) 

New Delhi, the 2nd December, 2014

G.S.R.863(E).— In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873) , the Central Government hereby makes the following rules, namely:-

1. Short title and commencement .- 

(1) These rules may be called the Sukanya Samriddhi Account Rules,2014.

(2)They shall come into force on the date of their publications in the Official Gazette.

2.Definitions - In these rules, unless the context otherwise require , -

(a)‘account’ means an account opened by a depositor in accordance with the provisions of these rules;
(b)‘Act’ means the Government Savings Banks Act, 1873 (5 of 1873) ;
(c)‘deposit’ means the money deposited by the depositor in an account under the rules;
(d)‘Depositor’ means an individual who - on behalf of a minor girl child of whom he or she is the guardian, deposits money in an account under the rules;
(e)‘post office’ means any post office in India doing savings bank work and authorised to open an account under these rules;
(f)‘Bank’ means any branch of a commercial bank authorised by the Central Government to open an account under these rules;
(g)‘Year’ means financial year i.e. 1st April to 31st March;
(h)‘Interest rate’ means the rate as may be declared by the Government on yearly basis to be applicable on accounts opened under these rules;
(i)Words and expressions used herein and not defined but defined in the Post Office Savings Bank General Rules, 1981 shall have the meanings respectively assigned to them in those rules.

3. Application Of Post Office Savings Bank General Rules, 1981 and the Post Office Savings Account Rules, 1981.-

The provisions of the Post Office Savings Bank General Rules, 1981 and the Post Office Savings Account Rules, 1981 may be applied in relation to matters for which no provision has been made in these rules.

4. Opening of Account :

(1) The account may be opened by the natural or legal guardian in the name of a girl child from the birth of the girl child till she attains the age of ten years and any girl child, who had attained the age of ten years, one year prior to the commencement of these rules, shall also be eligible for opening of the account under these rules.

(2)A depositor may open and operate only one account in the name of a girl child under these rules.

(3)Birth certificate of a girl child in whose name the account is opened shall be submitted by the guardian at the time of opening of the account in post office or bank along with other documents relating to identity and residence proof of the depositor.

(4)Natural or legal guardian of a girl child shall be allowed to open the account for two girl children only:
Provided that the natural or legal guardian of the girl child shall be allowed to open third account in the event of birth of twin girls as second birth or if the first birth itself results into three girl children, on production of a certificate to this effect from the competent medical authorities where the birth of such twin or triple girl children takes place.

5. Deposits .- (1) The account may be opened with an initial deposit of one thousand rupees and thereafter any amount in multiple of one hundred rupees may be deposited subject to the condition that a minimum of one thousand rupees shall be deposited in a financial year but the total money deposited in an account on a single occasion or on multiple occasions shall not exceed one lakh fifty thousand rupees in a financial year.

(2)Deposits in an account may be made till completion of fourteen years, from the date of opening of the

(3)An irregular account where minimum amount as specified in sub-rule (1) has not been deposited may be regularised on payment of a penalty of fifty rupees per year along with the said minimum specified subscription for the year (s) of default any time till the account completes fourteen years.

6. Mode of Deposit .- (1) The deposit in the account opened under these rules may be made -

a)  in cash; or  
b) by cheque or demand draft drawn in favour of the postmaster of the concerned post office or the
Manager of the concerned bank where the account stands and an endorsement on the back of such instrument shall be made and signed by the depositor indicating name of the account holder and account number in which the deposit is to be credited.

(2)Where deposit is made by cheque or demand draft, the date of encashment of the cheque or demand draft shall be the date of credit to the account.

7. Interest on deposit .- (1) Interest at the rate, to be notified by the Government, compounded yearly shall
be credited to the account till the account completes fourteen years.
(2)In case of account holder opting for monthly interest, the same shall be calculated on the balance in the account on completed thousands, in the balance which shall be paid to the account holder and the remaining amount in fraction of thousand will continue to earn interest at the prevailing rate.

8.Operation of account .- (1) The account shall be opened and operated by the natural or legal guardian of a girl child till the girl child in whose name the account has been opened, attains the age of ten years.
(2)On attaining age of ten years, the account holder that is the girl child may herself operate the account, however, deposit in the account may be made by the guardian or any other person or authority.

9.Premature closure of account .- (1) In the event of death of the account holder, the account shall be closed immediately on production of death certificate issued by the competent authority, and the balance at the credit of the account shall be paid along with interest till the month preceding the month of premature closure of the account , to the guardian of the account holder.

(2)Where the Central Government is satisfied that operation or continuation of the account is causing undue hardship to the account holder, it may, by order, for reasons to be recorded in writing, allow pre-mature closure of the account only in cases of extreme compassionate grounds such as medical support in life- threatening diseases, death, etc.

10. Pass book .- (1) On opening an account, the depositor shall be given a pass book bearing the date of birth of the girl child, date of opening of account, account number, name and address of the account holder and the amount deposited.

(2) The pass book shall be presented to the post office or bank, as the case may be, at the time of depositing money in the account and receiving payment of interest and also at the time of final closure of the account on maturity.

11.Transfer of account .- The account may be transferred anywhere in India if the girl child in whose name the account stands shifts to a place other than the city or locality where the account stands.

12.Withdrawal .- (1) To meet the financial requirements of the account holder for the purpose of higher education and marriage, withdrawal up to fifty per cent. of the balance at the credit, at the end of preceding financial year shall be allowed.

(2) The withdrawal referred to in sub-rule (1) shall be allowed only when the account holder girl child attains the age of eighteen years.

13. Closure on maturity .- (1) The account shall mature on completion of twenty-one years from the date of opening of the account :

Provided that where the marriage of the account holder takes place before completion of such period of twenty- one years, the operation of the account shall not be permitted beyond the date of her marriage :

Provided further that where the account is closed under the first proviso, the account holder shall have to give an affidavit to the effect that she is not less than eighteen years of age as on the date of closing of account.

(2) On maturity, the balance including interest outstanding in the account shall be payable to the account holder on production of withdrawal slip along with the pass book.

(3) If the account is not closed in accordance with the provisions of sub-rule (1), interest as per the provisions of rule 7 shall be payable on the balance in the account till final closure of the account.

14. Power to relax .- Where the Central Government is satisfied that the operation of any provision of these rules causes undue hardship to the account holder or account holders, it may, by order and for reasons to be recorded in writing, relax the requirements of that provision in a manner not inconsistent with the provisions of the Act.

[F. No.2/3/2014.NS-II]

Source: rbidocs pdf

Ratan Tata to invest in M-Commerce firm PayTm

Posted by | Last Updated at 6:10 PM |

Mobile commerce (m-commerce) firm Paytm today said Tata Group Chairman Emeritus Ratan Tata has invested an undisclosed amount in the company.

His investment in Paytm is in his personal capacity, the m-commerce firm said in a statement. 

"I am very happy that Mr Tata has put faith and trust in our values and mission. There is no better advisor than him to help us build India's most trusted mobile payment and commerce platform," Paytm Founder and CEO Vijay Shekhar Sharma said.

Mr Tata had also made personal investments in homegrown e-commerce players like Snapdeal and Urban Ladder last year. 

Market analysts said though investments made by Mr Tata in Paytm, Snapdeal and Urban Ladder are not substantial, but it indicates the way investors are looking for growth in the burgeoning e-commerce market in India.

"Investors are increasingly looking at the penetration of mobile Internet and the way it can transform the market in terms of shopping, paying bills and banking," an analyst said.

The investment by Mr Tata comes after the world's biggest e-commerce firm Alibaba announced last month that it will acquire 25 per cent stake in One97 Communications, Paytm's parent firm.

Paytm aims to grow the number of mobile wallets to 100 million by year-end from 25 million active wallets at present.

"Our average wallet balance is Rs. 150 and we do 1 million transactions a day across Paytm app and other merchants (like Uber, Bookmyshow etc)," Paytm said.

Paytm wallet allows consumers to purchase mobile recharges, tickets, deals and shop across 18,000 merchants. It is available across mobile apps like Uber, Bookmyshow, MakeMyTrip and Foodpanda.