- Under the Gold Monetization Scheme, banks will collect gold for up to 15 years to auction them off or lend to jewellers from time to time. They will pay 2.25-2.50 percent interest a year, higher than previous rates of around 1 percent.
- People can deposit a minimum 30 grams of raw gold – bars, coins, jewellery excluding stones and other metals. There is no maximum limit for deposits under the scheme.
- A Gold Sovereign Bond Scheme offers 2.75 percent interest to domestic investors to cut physical buying. Interest on gold bonds, which can be used as collateral for loans, will be payable every six months.
- Investors will have to disclose their permanent account number, registered with the income tax department if the value of gold is worth more than Rs. 50,000.
- The country has amassed about 20,000 tonnes of gold worth over $800 billion (Rs 52.40 lakh crore) in family lockers and temples and previous attempts at mobilising this gold have been unsuccessful.
- Huge gold imports pushed India’s current account deficit to a record $190 billion (R12.48 lakh crore) in 2013, prompting the government to hike its duty on imports to a record 10 percent. Imports fell to an estimated $34 billion (Rs. 2.23 lakh crore) in 2014-15.
The Compensatory Afforestation Fund Bill, 2015 was introduced in Lok Sabha by the Minister for Environment, Forest and Climate Change, Mr. Prakash Javadekar on May 8, 2015.
Permanent National Compensatory Afforestation Fund will be established under the public account of India. It also allows states to establish State Compensatory Afforestation Funds.
The central government will appoint a State CAMPA (Compensatory Afforestation Fund Management and Planning Authority) in each state. The State CAMPA will be responsible for the management of the State Fund.
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Map shows the details of Public employment reservation quota for Other Backward Classes implemented in different states.
In the Indian Constitution, OBCs are described as “socially and educationally backward classes”, and the Government of India is enjoined to ensure their social and educational development — for example, the OBCs are entitled to 27% reservations in public sector employment and higher education. The list of OBCs maintained by the Indian Ministry of Social Justice and Empowerment is dynamic, with castes and communities being added or removed depending on social, educational and economic factors.
National Commission for Backward Classes and the individual states maintains the list of OBC. Central lists and state lists are different. A caste identified as a nationally recognized OBC in the NCBC central list may be so recognized only in specific states or only in limited areas within specific states. Occasionally, it is not an entire community that is thus classified but rather some parts within it.