Modifications in the Gold Monetisation Scheme

Government had launched the Gold Monetisation Scheme (GMS) on 5th November, 2015. Thereafter a number of suggestions have been received to make the scheme easier for the customers to participate. Accordingly, in consultation with Government, RBI has issued a Master Direction on GMS on 21st January, 2016, which amends the Master Direction dated 22nd October, 2015 earlier issued by RBI on GMS.The changes made in the scheme are given below:-

1) Premature redemption under Medium and Long Term Government Deposits (MLTGD) Any Medium Term Deposit will be allowed to be withdrawn after 3 years and any Long Term Deposit after 5 years. These will be subject to a reduction in the interest payable.

2). Fees to be paid to Banks for their services i.e. gold purity testing charges, refining, storage and transportation charges etc. on Medium and Long Term Gold Deposits. Effectively the banks would be getting a 2.5 % commission for the scheme which will include the charges payable to the Collection and Purity Testing Centres/Refiners.

3). Gold depositors can also give their gold directly to the refiner rather than only through the Collection and Purity Testing Centres (CPTCs). This will encourage the bulk depositors including Institutions to participate in the scheme.

4) Bureau of Indian Standards (BIS) has modified the licensing condition for refiners already having National Accreditation Board for Testing and Calibration Laboratories (NABL) accreditation from the existing three years refining experience to one year refining experience. This is likely to increase the number of licensed refiners.

5) BIS has published an Expression of Interest (EOI) on its website inviting applications from the more than 13,000 licensed jewellers to act as a CPTC in the scheme, provided they have tie-up with BIS’s licensed refiners.

6). The quantity of gold collected under the scheme will be expressed up to three decimals of a gram. This will give the consumer better value for the gold deposited.

7). Gold to be deposited with the CPTCs/Refineries can be of any purity. The CPTC/Refiner will test the gold and determine its purity which will be basis on which the deposit certificate will be issued.

8). Banks are free to hedge their positions in the case of short-term deposits.

9). Issues like the method of interest calculation and mechanism for taking loans against GMS deposits have also been clarified.

Indian Banks Association (IBA) will communicate the list of the BIS licensed CPTCs and refiners to the banks.To increase awareness among depositors, Government had continued the Media campaign in AIR and FM radio. Print media and Mobile SMS campaign is also being undertaken.Government has also launched the dedicated website www.finmin.nic.in/swarnabharat and toll free number 18001800000, which provide all the information of the schemes.

It is again clarified that Tax exemptions under the GMS include exemption of interest earned on the gold deposited and exemption from capital gains made through trading or at redemption. It is also reiterated that as per CBDT instructions No. 1916 dated 11th May, 1994, in course of IT Search u/s 132, gold jewellery to the extent of 500 gms per married lady, 250 gms per unmarried lady and 100 gms per male member of the family, need not be seized by tax authorities.

As on 20.01.2016, total of 900.087 kilo grams of gold have been mobilized through the scheme.

It is expected that the above modifications will make the scheme more attractive for potential depositors.

Pandey's debut ODI ton helps India avoid whitewash

SYDNEY : Manish Pandey struck his maiden one-day century in a high-scoring thriller to secure India a pride-salvaging six-wicket victory against Australia in the fifth and final ODI in Sydney on Saturday.
Staring at a series whitewash after four defeats, India rode Pandey's scintillating 104 off 81 balls to chase down a 331-run victory target with two balls to spare.
Centuries from David Warner (122) and Mitchell Marsh (102) helped Australia post 330-7 but Pandey's knock in his only fourth one-dayer clinched the contest for India.
India needed a strong start from their openers to stay on course to chase down such a big total and the visitors got just that from Shikhar Dhawan (78) and Rohit Sharma (99).
Dhawan posted his third successive 50-plus score and Rohit fell agonisingly short of his third century in the series as they raised 123 runs in 18.2 overs.
John Hastings dismissed Dhawan and Virat Kohli (eight) in quick successions to halt India's progress and Rohit left leaving India needing exactly 100 runs from 91 balls to win the contest.

With the required run-rate skyrocketing and skipper Mahendra Singh Dhoni (34) struggling to time the ball at the other end, Pandey's crisp hitting left India needing 13 runs off the last over from Marsh.
Marsh began with a wide and had his next hit out of the ground by Dhoni but the Indian captain fell immediately to inject fresh drama in the contest.
Pandey, however, was unfazed and he hit the next ball for a boundary to first complete his century and then scurried for two for the winning run.

Earlier, Warner struck his fifth ODI century and Mitchell Marsh notched up his first to set up yet another runfest in a series that has provided 3,159 runs.
India's much-maligned bowlers did well to reduce Australia to 117-4 in the 22nd over before Warner and Marsh combined to add 118 runs in 17.3 overs.
Warner had fallen seven runs short of a century in Wednesday's fourth ODI at Canberra but there was no such heartbreak this time as the southpaw brought up his run-a-ball century.

The 27-year-old opener was eventually dismissed for 122, that included thee sixes and nine boundaries, but Marsh carried on to remain not out on 102 off 84 balls.
For India, Jasprit Bumrah made an impressive debut, the right-arm paceman with an unorthodox bowling action sending down 10 tidy overs to claim 2-40 with some tight death bowling.
Pandey was adjudged man-of-the-match, while team mate Rohit won the man-of-the-series award for the 441 runs he amassed in five matches.

(Reporting by Amlan Chakraborty in New Delhi; editing by Patrick Johnston)

4th India-Africa Hydrocarbons Conference ends; paves the way for strengthening India Africa relations

The 4th India Africa Hydrocarbons Conference concluded in New Delhi today with a resolve to strengthen the relations between India and Africa in all its dimensions, particularly in the Hydrocarbons sector .

In her valedictory address, the Minister of External Affairs, Smt Sushma Swaraj called for working together and moving towards energy justice from energypoverty.She alluded to the centuries old relationship between India and the African continent, and gave a call for injecting new dynamism in India-Africa ties by pursuing win-win opportunities in all areas for the larger common good of the people of both regions.

Expressing a great degree of satisfaction over the conduct of the conference, the Minister of State (Independent Charge) for Petroleum and Natural Gas, Shri Dharmendra Pradhan called it a rewarding event. He said that, during the calendar year the Ministry plans to mount composite delegations comprising upstream, downstream and EPC service providers from both public and private sector to countries where we assess potential for future co-operation. He also announced additional 250 fully funded scholarships for African nationals for technical and professional courses in the Hydrocarbons sector in Indian institutes. Shri Pradhan also said that India recognizes Africa as a valued partner for the comprehensive development of our peoples

The 4th India ¬Africa Hydrocarbons Conference was organized in New Delhi on January 21¬- 22, 2016. A total of 21 African countries participated in the event. The event saw enthusiastic representation from Africa at various levels including Ministers of Petroleum, Petroleum regulators, CEOs of National Oil Companies and experts in the field of petroleum. The delegations of 9 African countries ¬ Mauritius, Morocco, Algeria, Sudan, South Sudan, Tunisia, Senegal, Equatorial Guinea and Liberia ¬ - were headed by the respective Ministers. Senior officials led the delegations from Nigeria, Ghana, South Africa, Egypt, Tanzania, Kenya, Mozambique, Uganda, Libya, Cote d’Ivory, Gabon & Sierra Leone.

The conference aimed to give a renewed thrust to India’s engagement with African nations in the hydrocarbon space, and carried forward the vision of a multidimensional, comprehensive India¬ Africa partnership spelt out by Hon’ble Prime Minister Shri Narendra Modi at the 3rd India¬ Africa Forum Summit held in New Delhi in October 2015.

Many of the participating African countries made crisp presentations highlighting opportunities in their hydrocarbon sector. The two¬ day conference also afforded an opportunity for India to showcase its accomplishments and techno¬ commercial capabilities spanning across upstream, midstream and downstream sectors as also India’s unique value proposition for the rapid development of the African hydrocarbon industry. Two panel discussions on “Emerging challenges and mitigating measures in hydrocarbon sector and beyond” and “Regulatory and Fiscal Regime challenges and potential solutions to stimulate investment in Upstream and Downstream sectors” were held.

It was noted that India’s engagement with African countries in the petroleum sector has been on an upswing in the past few years. India imports crude oil nearly 16% from Africa now, with the majority coming from Nigeria and Angola. Besides, Indian public and private sector companies have interests in oil and gas fields across Africa, including Sudan, South Sudan, Mozambique, Gabon and other countries.

Shri Pradhan held bilateral meetings with his counterparts from nine African countries as well as with the delegations from the other visiting countries. The Minister referred to India’s thrust for achieving a geographically diversified energy basket and said that India will try to increase its oil and gas sourcing from Africa even further. The African countries evinced specific interest in using India’s expertise and assistance in refining, capacity building and training of their manpower for the petroleum industry.

During the bilateral meetings, it was also agreed to provide facilitating framework, wherever required, for public and private sector companies of India and the African countries to undertake oil and gas projects. A number of Indian companies from the petroleum industry – including leading public and private sector players – held Business¬ to ¬Business meetings with their African counterparts on the sidelines of the conference. ONGC Videsh Limited signed an MoU with Equatorial Guinea for co¬operation in pursuing E&P activities.

UN chief announces first-ever High-Level Panel on Women’s Economic Empowerment

At World Economic Forum in Davos, Switzerland, Secretary-General Ban Ki-moon (left) announces creation of first ever UN High-Level Panel on Women’s Economic Empowerment . Also pictured Justine Greening, Development Secretary, United Kingdom (centre) and Jim Yong Kim, President of the World Bank (right).

21 January 2016 – United Nations Secretary-General Ban Ki-moon today announced the first-ever High-Level Panel on Women’s Economic Empowerment to provide leadership and mobilize concrete actions aimed at closing economic gender gaps that persist around the world.

“The empowerment of the world’s women is a global imperative,” said Mr. Ban in a press release, issued while he attends dozens of events at the World Economic Forum in Davos, Switzerland.“Yet despite important progress in promoting gender equality, there remains an urgent need to address structural barriers to women’s economic empowerment and full inclusion in economic activity,” he added. “If the world is to achieve the Sustainable Development Goals (SDGs), we need a quantum leap in women’s economic empowerment.”According to UN Women, the UN Entity for Gender Equality and the Empowerment of Women, the panel will provide recommendations for the implementation of the 2030 Agenda for Sustainable Development to improve economic outcomes for women and promote women’s leadership in driving sustainable and inclusive, environmentally sensitive economic growth. It is backed by the United Kingdom, the World Bank Group and UN Women, with the President of Costa Rica, Luis Guillermo Solis, and the CEO of IKEA Switzerland, Simona Scarpaleggia, as the panel co-chairs. They will be joined by a diverse range of eminent gender and equality actors, economics experts, academics, trade union leaders, business and government representatives from all regions.
“Investing in girls and women isn’t just about basic human rights, it’s about fully unlocking the potential of half the world’s population,” said UK International Development Secretary Justine Greening, a founding member of the panel. “Strong economies need the contribution of everyone – including women – and this panel will spearhead a movement to put women’s economic empowerment on the global agenda like never before.”
World Bank Group President Jim Yong Kim, also a founding member of the panel, said “no society, community or economy can achieve its full potential – or meet the escalating challenges of the 21st century – until all its people can achieve theirs.” The High-Level Panel will have its inaugural meeting during the 60th session of the Commission on the Status of Women at UN Headquarters in New York next March. Meanwhile, the UN chief also announced the first members of the High-level Advisory Group for Every Woman Every Child who will help provide leadership and inspire actions for women, children adolescents’ health.The group will advise the Secretary-General and guide the transition of the Every Woman Every Child movement and the newly launched Global Strategy for Women’s, Children’s and Adolescents’ Health.Co-chaired by Chilean President Michelle Bachelet and Prime Minister Hailemariam Desalegn of Ethiopia, the group aims to end all preventable deaths of women, children and adolescents by 2030 and to support the achievement of the SDGs.

Prime Minister Releases First Set of 100 Declassified Files Relating to Netaji Subhas Chandra Bose

On the occasion of 119th Birth Anniversary of Netaji Subhas Chandra Bose, the Prime Minister Shri Narendra Modi released the First set of 100 Declassified files relating to Netaji at a function held in the National Archives of India here today. The function was attended Dr. Mahesh Sharma, Minister of State (I/C) for Culture & Tourism, Shri Babul Supriyo, Minister of State for Urban Development & HUPA and the family members of Netaji Subhas Chandra Bose. The Prime Minister also launched the digital version of these files through web portal www.netajipapers.gov.in. The selected papers were displayed in an exhibition which the Prime Minister took keen interest to go through. The Prime Minister interacted with the family members and said that his government’s commitment made on 14 Oct, 2015 was fulfilled today. The family members in turn thanked the Prime Minister for taking the initiative and expressed satisfaction that the files which remained classified for nearly 70 years has now come in the public domain.

These files, papers are also available in the E Kiosks/Flipbook and Tablets for the public to go through till 15 February, 2016 in the exhibition hall of the National Archives of India in Janpath, New Delhi. These papers contain 36 files of Prime Minister’s office, 18 files of Ministry of Home Affairs and 46 files from Ministry of External Affairs covering the period 1956 to 2013. It has fulfilled the long-standing public demand to access these files and will also facilitate scholars to carry out further research on Netaji.

The National Archives of India further plans to release digital copies of 25 declassified files on Netaji in public domain every month. It may be added that in 1997 the National Archives of India had received 990 declassified files pertaining to the Indian National Army (Azad Hind Fauj) from the Ministry of Defence, and in 2012, 1030 files/ items pertaining the Khosla Commission (271 files/ items) and Justice Mukherjee Commission of Inquiry (759 files/ items) from the Ministry of Home Affairs. All these files/ items are already open to the public under the Public Records Rules, 1997.

India roars back to Davos to seek overseas investment

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 Finance Minister Arun Jaitley gestures during the session 'India's Next Decade' in the Swiss mountain resort of Davos January 23, 2015.

                                                                  

DAVOS, Switzerland : Colourful lions adorn a salon on the main street of Davos, inviting visiting business leaders to "Make in India".

Optimism about the world's fastest growing economy contrasts with the economic gloom facing other emerging markets and Prime Minister Narendra Modi's mantra encapsulates a renewed confidence among Indian business and political leaders at the 2016 World Economic Forum.
This year's Davos push, led by Finance Minister Arun Jaitley, has stirred memories of the ill-fated and extravagant 2006 "India Everywhere" marketing campaign that had aimed to showcase a resurgent India as a destination for foreign investment to rival China.
But the ruling party was routed soon after in elections and subsequent years laid bare India's frailties; its woeful infrastructure, inability to deliver reforms and a huge balance of payments deficit put it in the Fragile Five group of emerging markets seen at most risk of financial crisis.
That has all changed, and the 140-plus strong India contingent at Davos is confident the turnaround this time is for real, driven by efforts at reform and falling oil import costs.
"India will be a shining star, the I in the BRICs constellation is giving hope to the rest of the world that we won't fall in the same trap that most of the world is in, that of slow growth," Indian telecommunications tycoon Sunil Bharti Mittal told a panel at the World Economic Forum,
Indeed, the other BRIC emerging economies - Brazil, Russia, India and China - are wrestling with problems. The first two are in a second year of recession, while this week China posted its weakest growth in 25 years.
India has finally taken on the mantle of the world's fastest growing big economy; its equities and bonds are favourites with emerging market investors who are betting that growth will accelerate further.
What's more, direct bricks-and-mortar foreign investment flows into India jumped 75 percent over 2015, according to a report this week from United Nations trade body UNCTAD.

Davos regulars feel India may actually have something to crow about. A PWC survey of more than 1,400 global CEOs found India to be the rare bright spot among big economies, with rising confidence in short-term sales growth.
"I think they are doing it (Davos) more quietly this time, I think that's good. Let China take all the heat and just keep your head down," said Martin Gilbert CEO of Aberdeen Asset Management, who counts India as one of his favourite markets.

SLOW REFORM
But India has plenty to worry about. Key reforms on land and tax remain elusive. Latest data, showing a 15 percent year-on-year decline in exports, is proof enough that India cannot escape the fallout of a global slowdown stemming from China

Neeraj Kanwar, vice chairman of Apollo Tyres, should be rejoicing in falling costs of rubber and energy. Instead, he is fretting about the weakening yuan and the possibility of more competitive currency devaluations in China and the rest of Asia.
Chinese tyres account for a third of the Indian market, he told Reuters on the sidelines of the WEF, up from 15-20 percent a year ago. Meanwhile India's tyre industry is running at 60 percent capacity, Kanwar said, adding:
"The writing is on the wall for Make in India."
Apollo will start producing tyres at its new plant in Hungary from 2017, for easier access to Western European markets but Kanwar said an investment process that took a few weeks in Hungary could have consumed up to 18 months in India.
Critics would note India ranked 130th in the World Bank's latest survey on ease of doing business and Kanwar said clearances for Apollo's planned facility in Hungary took a few weeks, a process that would have taken up to 18 months in India.

"There are still too many barriers to doing business in India," he added.

DOUBLING DOWN
But in today's bleak emerging markets, Western businesses may have little choice but to gravitate towards India with its 7 percent growth and billion-plus eager consumers.
"There is increased opportunity in India, while (reform) progress has been slow we are seeing progress and that's the key," KPMG chairman John Veihmeyer told the Reuters Global Markets Forum this week, adding that India was the consultancy's fastest-growing market.
And John Chambers, executive chairman of IT giant Cisco Systems reckons India, with its software industry, is well placed to capitalise on increasingly digitalised business.
"We all got excited about India before, but the market didn't develop as we hoped," Chambers said. "Cisco doubled down in India two years ago and we will double down again..We cannot miss this opportunity."

President of India hosted a lunch for 100 Women Achievers

The President of India, Shri Pranab Mukherjee hosted a lunch for 100 women achievers today (January 22, 2016) at Rashtrapati Bhavan on the occasion of first anniversary of ‘Beti Bachao, Beti Padhao’ scheme. These 100 women achievers were selected by the Ministry of Women and Child Development in collaboration with Facebook through a nationwide contest and public nominations. 

The President, Shri Pranab Mukherjee meeting the special invitees and jury of 100 Women Achievers Contest of Women and Child Development Ministry in collaboration with Facebook, at Rashtrapati Bhavan, in New Delhi on January 22, 2016. The Union Minister for Women and Child Development, Smt. Maneka Sanjay Gandhi is also seen.

Women Achievers of India

The Union Minister for Women and Child Development, Smt. Maneka Sanjay Gandhi with the Women Achievers of India selected by the Ministry of Women & Child Development in collaboration with Facebook vide contest through Public Nominations, at Rashtrapati Bhavan, in New Delhi on January 22, 2016.

4th India-Africa Hydrocarbons Conference, in New Delhi on January 22, 2016

The Minister of State for Petroleum and Natural Gas (Independent Charge), Shri Dharmendra Pradhan addressing at the concluding session of the 4th India-Africa Hydrocarbons Conference, in New Delhi on January 22, 2016.

Greenfields Public School wins Youth Parliament Contest for Delhi schools

Greenfields Public School, Dilshad Garden, Delhi has won the 50th Youth Parliament Competition, 2015-16 for Delhi Schools and was presented with Pandit Motilal Nehru Running Parliamentary Shield today. Shri Bratin Sen Gupta, former Member of Parliament felicitated the winning team with the Shield at a function organized in the Parliament Library Building.

Delhi Tamil Education Association Senior Secondary School, Sector-4, R.K.Puram, New Delhi stood first among the new entrants in the Youth Parliament Competition, organized by the Ministry of Parliamentary Affairs.

Air Force Senior Secondary School, Race Course, Government Co-education Senior Secondary School, Dwarka, Happy School, Darya Ganj, St.Giri Senior Secondary School, Rohini, Navyug School, Lodhi Road, Nab Bharat Senior Secondary School, Shree Nagar Colony and St.Paul School, Hauz Khas were also felicitated for meritorious performance in the competition.

The number of schools under the Directorate of Education, Government of NCT of Delhi and New Delhi Municipal Council, participating in the Youth Parliament Competition has increased to 1,200 from just 16 when the competition was started in 1966.

The Youth Parliament Scheme aims at familiarizing the students with practice and procedures of Parliament, techniques of discussion and debate and develop in them leadership qualities, the spirit of self discipline and tolerance of diverse opinions and healthy competition which are all the hallmarks of democracy.