आजादी के बाद की भारतीय कला यात्रा पर प्रदर्शनी 1 नवंबर से:

➡️आजादी के बाद की देश की कला यात्रा पर केंद्रित एक प्रदर्शनी यहां एक नवंबर से शुरु हो रही है जिसमें एम. एफ. हुसैन, एस. एच. रज़ा, राम कुमार और अन्य कलाकारों की कलाकृतियों प्रदर्शित की जाएंगी।

➡️पिछले 75 वर्षों में भारतीय कलाकारों पर आधारित प्रदर्शनी "कलर्स ऑफ फ़्रीडम" यहां इंडिया हैबिटेट सेंटर नई दिल्ली (आईएचसी) में 1 नवंबर से शुरु होगी जिसमें 53 दिग्गज और समकालीन कलाकारों को शामिल किया जाएगा।

➡️सेंटर ऑफ इंटरनेशनल मॉडर्न आर्ट (सीआईएमए), कोलकाता द्वारा आयोजित इस प्रदर्शनी का मकसद स्वतंत्रता के 75 वर्षों के दौरान कलाकृतियों की एक झलक दिखाना है।

➡️सीआईएमए की निदेशक राखी सरकार ने एक बयान में कहा कि 1947 के बाद की पीढ़ियों में 50 से अधिक प्रमुख कलाकारों की कृतियों को इस प्रदर्शनी में शामिल किया गया है।

➡️बयान के अनुसार 10 दिवसीय इस शो में सोमनाथ होरे, भूपेन खाखर, सनत कार, मंजीत बावा, अर्पिता सिंह, परमजीत सिंह, गणेश पाइन, जोगेन चौधरी, लालू प्रसाद शॉ और परेश मैती जैसे कलाकारों की कृतियों का भी प्रदर्शन किया जाएगा।

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Marginal Standing Facility

📚Definition: Marginal standing facility (MSF) is a window for banks to borrow from the Reserve Bank of India in an emergency situation when inter-bank liquidity dries up completely.

Description: Banks borrow from the central bank by pledging government securities at a rate higher than the repo rate under liquidity adjustment facility or LAF in short. The MSF rate is pegged 100 basis points or a percentage point above the repo rate. Under MSF, banks can borrow funds up to one percentage of their net demand and time liabilities (NDTL).

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DIFFERENT TYPES OF BOND 🔘

🔸PERPETUAL BONDS:- These types of bonds pay a coupon rate on the face value till the life of the company. Though Perpetuity means forever, bonds with maturity above 100 years are also considered to be perpetual bonds.

🔸CONVERTIBLE BONDS:- Convertible bonds are a special variety of bonds which have an inbuilt feature of being converted to equity shares at a specified time at a pre-set conversion price.

🔸FOREIGN CURRENCY CONVERTIBLE BONDS:- Foreign currency convertible bond is a special type of bond issued in the currency other than the home currency. In other words, companies issue foreign currency convertible bonds to raise money in foreign currency.

🔸EXCHANGEABLE BONDS:- These bonds are similar to the convertible bonds but differ in one aspect that they can be exchanged for equity shares but not of the issuer. These can be exchanged for equity shares of another company which the issuer may have stakeholding.

🔸CALLABLE BONDS:- Bonds that are issued with a specific feature where the issuer has the right to call back the bonds at a pre-agreed price and a pre-fixed date are called as callable bonds. Since these bonds allow a benefit to the issuer to repay off the liability before maturity, these bonds usually offer a coupon rate higher than a normal straight coupon-bearing bond.

🔸PUTTABLE BONDS:- Bonds that are issued with a specific feature where the bondholder has the right to return back the bonds at a pre-fixed date before maturity are called as puttable bonds. Since these bonds allow a benefit to the bondholders to ask for the principal repayment before maturity, these bonds usually offer a coupon rate lower than a normal straight coupon-bearing bond.

🔸TREASURY STRIPS:- In the US, Government dealer firms usually break down a coupon-bearing bond into a series of zero coupon bonds by considering each cash flow as a separate bond. For example, a 5-year semiannual coupon-bearing bond can be split into 10 zero coupon bonds with coupon amount as face value and 1 zero coupon bond with principal amount as the face value. The bond stripping usually is done to increase liquidity and facilitate easy tradability.

🔸YANKEE BONDS:- A dollar-denominated bond issued in the US by an issuer who is outside the US is called as Yankee bond.

🔸SAMURAI BONDS:- A yen-denominated bond issued in Japan by an issuer who is outside Japan is called as Samurai bond.

🔸Shogun Bonds: A non-Yen denominated bond issued in Japan by an issuer who is outside Japan is called as Shogun bond.

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The Monetary Policy Process

➖Section 45ZB of the amended RBI Act, 1934 also provides for an empowered six-member monetary policy committee (MPC) to be constituted by the Central Government by notification in the Official Gazette. Accordingly, the Central Government in September 2016 constituted the MPC as under:

1. Governor of the Reserve Bank of India – Chairperson, ex officio;

2. Deputy Governor of the Reserve Bank of India, in charge of Monetary Policy – Member, ex officio;

3. One officer of the Reserve Bank of India to be nominated by the Central Board – Member, ex officio;

4. Shri Chetan Ghate, Professor, Indian Statistical Institute (ISI) – Member;

5. Professor Pami Dua, Director, Delhi School of Economics – Member; and

6. Dr. Ravindra H. Dholakia, Professor, Indian Institute of Management, Ahmedabad – Member.

(Members referred to at 4 to 6 above, will hold office for a period of four years or until further orders, whichever is earlier.)

➖The MPC determines the policy interest rate required to achieve the inflation target. The first meeting of the MPC was held on October 3 and 4, 2016 in the run up to the Fourth Bi-monthly Monetary Policy Statement, 2016-17.

➖The Reserve Bank’s Monetary Policy Department (MPD) assists the MPC in formulating the monetary policy. Views of key stakeholders in the economy, and analytical work of the Reserve Bank contribute to the process for arriving at the decision on the policy repo rate.

➖The Financial Markets Operations Department (FMOD) operationalises the monetary policy, mainly through day-to-day liquidity management operations. The Financial Markets Committee (FMC) meets daily to review the liquidity conditions so as to ensure that the operating target of monetary policy (weighted average lending rate) is kept close to the policy repo rate.

➖Before the constitution of the MPC, a Technical Advisory Committee (TAC) on monetary policy with experts from monetary economics, central banking, financial markets and public finance advised the Reserve Bank on the stance of monetary policy. However, its role was only advisory in nature. With the formation of MPC, the TAC on Monetary Policy ceased to exist.

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Banking Awareness Study Notes 🔰

➡️FCNR (Foreign Currency Non-Resident) Account

An account that can be opened with an Indian bank by a Non Resident Indian or a Person of Indian Origin in foreign currency is FCNR (B) account. The letter B in FCNR (B) stands for the word ‘Bank’. It is an account that allows the NRI to keep his deposits in foreign currency. Hassles of conversion can be reduced through such types of accounts.

💎Salient features of an FCNR account

➖FCNR is a foreign currency-denominated account.

➖FCNR is not a savings account. It is a term deposit with a minimum tenure of 1 year and a maximum of 5 years. 

➖Interest income on FCNR accounts in nontaxable in India.

➖Both principal and interest are freely repatriable in your resident country.

➖It is possible to avail both rupee and foreign currency loans against your FCNR deposits.

💎Currencies are permitted under the FCNR scheme

According to the latest RBI circular in October 2011, FCNR permitted currencies are the ones that are freely convertible. These include the US Dollar, Pound Sterling, Euro, Japanese Yen, Canadian Dollar, Australian Dollar, Swiss Franc, Singapore Dollar, Danish Krone, and Hong Kong Dollar among others. 

💎 FCNR loan

An FCNR loan is a loan in foreign currency that is availed by NRIs or Indian corporates against an FCNR deposit at select Indian banks according to RBI guidelines.

💎 Benefits of holding an FCNR account

The benefits of holding an FCNR account are numerous. 

➖First and foremost, FCNR allows you to invest your earnings in the currency of your residence country. This helps you to protect yourself from the volatility of exchange rates.

➖Second, you don’t need to pay any income tax on your FCNR earnings in India. And the interest and principal are both freely repatriable.

➖Third, you can avail of a loan in any currency you want against your FCNR deposit.

💎Maximum and minimum tenure of FCNR deposits

The minimum tenure of an FCNR deposit is 1 year and the maximum is 5 years. If you withdraw within a year, no interest is paid. If it is withdrawn within the tenure, a penalty may or may not be levied depending on the bank.

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Consumer Price Index

A comprehensive measure used for estimation of price changes in a basket of goods and services representative of consumption expenditure in an economy is called consumer price index.

The calculation involved in the estimation of CPI is quite rigorous. Various categories and sub-categories have been made for classifying consumption items and on the basis of consumer categories like urban or rural. Based on these indices and sub indices obtained, the final overall index of price is calculated mostly by national statistical agencies. It is one of the most important statistics for an economy and is generally based on the weighted average of the prices of commodities. It gives an idea of the cost of living.

Inflation is measured using CPI. The percentage change in this index over a period of time gives the amount of inflation over that specific period, i.e. the increase in prices of a representative basket of goods consumed.

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SVAMITVA Scheme - An Integrated Property Validation Solution for Rural India

✅ Hon'ble PM  Narendra Modi launched the SVAMITVA Scheme (Survey of Villages Abadi and Mapping with Improvised Technology in Village Areas) on National Panchayat Day 24th April 2020 with the aim of survey of inhabited areas of villages using technology to provide an integrated solution for property validation in rural India.

The scheme's intent is to provide the 'record of rights' to village household owners so that they can use their houses as financial assets to take loans and other financial benefits from Banks.

🔷Objective of SVAMITVA Scheme
➖ To maintain accurate land records for rural development planning.
➖ To reduce property disputes, legal cases, and false land acquisition of rural India.
➖ To bring financial stability to the people of rural India by enabling them to use their property as a financial asset for taking loans and other financial benefits.
➖ Creation of survey infrastructure and GIS maps that can be leveraged by any department for their use.
➖ To prepare better-quality Gram Panchayat Development Plan (GPDP) by using GIS maps.
➖ The program is currently being implemented in six states - Haryana, Karnataka, Madhya Pradesh, Maharashtra, Uttar Pradesh and Uttarakhand. The aim of the government is to cover all 6.62 lakh villages in the country by the end of financial year 2023-24.

🔷Details of SVAMITVA Scheme
➖ The scheme is funded by the Central Government of India and Rs 79.65 crores have been allotted for the pilot phase of the project in about 1 lakh villages across 8 states.
➖ Under this scheme SVAMITVA Property cards will be issued to the landowners by the Government authorities, these property cards have all the records of the land owned by the landowners.
➖ The residential area of the village is demarcated and each rural property is marked with limestone (chunna). ➖ Then, drones are used for large scale mapping of rural abadi areas. Based on these images, a GIS database is created, and village maps — Gram Manchitra — are drawn.
➖ Drone Surveying technology and Continuously Operating Reference Station (CORS) will be used for demarcation of rural residential areas.
➖ The mapping of areas using drones will done gradually in different phases for a period of 4 years, starting from 2020, and ending in 2024.


🔷Benefits of SVAMITVA Scheme
➖ A clarity on property rights/ownership will be attained through this project.
➖ No illegal attempt of land acquisition of someone else’s property in the village will be practiced once documents are gathered and strict rules are implemented.
➖ Through regular inspections, and survey via drones will give the Government and the authorities a clearer idea of the land/property distribution.
➖ The SVAMITVA Property card can also be used as a temporary identity for the land-owners and land records.
➖ Official documents for the property will be provided to the land owners so that they can use it for further financial purposes.


🔷Scheme Implementation Process
➖ Drone Survey.
➖ Chunna Marking.
➖ Mapping
➖ Data processing.
➖ Final Map generation.
➖ Property card preparation.
➖ Property card distribution.

The Government is constantly working for the development of the rural Indian population and the  SVAMITVA Scheme is also an initiative for the same which will definitely bring some change in Rural India.


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Sovereign Gold Bond Scheme 2015

✅ The Government of India introduced the Sovereign Gold Bond (SGB) Scheme in November 2015, to offer investors an alternative to physical gold. Over the years, the market has witnessed a considerable decline in the demand for physical gold. SGBs are government securities and are considered safe.

If you are looking to purchase an SGB, all you have to do is approach a SEBI authorized agent or broker. When you redeemed the bond, the corpus (as per the current market value) will be deposited into your registered bank account.

🔷Basic Objective

India has an estimated 20,000 tonnes of gold lying idle with Indian households and institutions. Sovereign Gold Bond schemes aimed at bringing the gold lying with citizens into the economy, and reducing India’s dependence on gold imports.

🔷Features of Gold Bond Scheme

➖ SGBs are government securities denominated in grams of gold, wherein the basic unit is 1 gram. The minimum initial investment is 1 gram of gold, and the upper limit is 4 Kg of gold per individual investor. For entities such as trusts and universities, 20 Kg of gold is permissible. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity.

➖ Sovereign Gold Bond Scheme has a tenure of 8 years which can be withdrawn prematurely after 5 years on interest payment dates.

➖ The Bond is issued by Reserve Bank on behalf of Government of India. They are substitutes for holding physical gold.

➖ The Bonds bear interest at the rate of 2.50 per cent (fixed rate) per annum on the amount of initial investment. Interest will be credited semiannually to the bank account of the investor and the last interest will be payable on maturity along with the principal.

➖ These Gold bonds can be purchased through multiple payment modes such as cheques, cash, DDs or electronic transfer.

➖ The Sovereign Gold Bond Scheme was launched under the Gold Monetization Scheme 2015.

🔷Who should Invest in SGB Scheme

➖ As a low-risk investment, it is perfect for investors with a low-risk appetite. As investor will get a guaranteed return of 2.5% plus current value of gold at the time of maturity.

➖ Those who want to invest in gold and do not want to take any risk of storing physical gold can also go for SGBs. This is because it is easy to store this in Demat form, and nobody can steal it as they are in electronic form.

🔷Who can apply for Sovereign Gold Bond 

➖ Any individual/association/trusts/HUFs having an Indian residency is eligible to invest in the Sovereign Gold Bond scheme. They can also jointly invest in these gold bonds as the eligibility criteria of the scheme.

➖ The benefits of this scheme can also be availed by the minors provided this bond is purchased by the parents on their behalf.

🔷Where to buy Sovereign Gold Bond

Investors can apply for the bonds through scheduled commercial banks and designated post offices. NBFCs, National Saving Certificate (NSC) agents and others, can act as agents and they are also traded on the Stock Exchange.

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Gilt Accounts

✅ A “Gilt Account” means an account opened and maintained for holding Government securities, by an entity or a person including ‘a person resident outside India’ with a “Custodian” permitted by the Reserve Bank of India to open and maintain Constituent Subsidiary General Ledger Account with the Public Debt Office of the Reserve Bank of India. However, in case of a ‘Person resident outside India, the activities in the operations/maintenance of Gilt Account shall be governed by the Foreign Exchange Management Act, 2000 and the regulations

framed thereunder.

 A “Constituent” or a ‘Gilt Account Holder (GAH) means an entity or a person including ‘a person resident outside India’ maintaining a “Gilt Account” with a “Custodian”.

The GAHs permitted by RBI include NBFCs, Provident Funds, Pension Funds, Mutual Funds, Insurance Companies, Cooperative Banks, Regional Rural Banks, Trusts, Corporates, and Individuals etc. who are non-NDS members. A GAH is entitled to open only one Gilt Account having a unique account number with any of the Custodians. A declaration to that effect must be submitted by GAH to the Custodian and a copy thereof may be submitted to the RBI (Public Debt office, Mumbai). A GAH may also maintain a demat account with the Depositories through Depository Participant (DP) for facilitating retail trading in Government Securities through Stock Exchanges.

The Gilt Account Holder (GAH) is permitted to maintain a fund account with its Custodians or designate a fund account with a bank other than the Custodian specifically for settlement of Government Securities transactions, by making available all the details of the designated fund account to the Custodian. The Gilt Accounts are opened/maintained by Custodian shall satisfy the eligibility conditions for holding Government securities as specified in the General Notifications F.No. 4(9)-W&M/ 2000 dated 6th May 2002 and announcements by the RBI relating to investments by Foreign Institutional Investors (FIIs).

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Loro Accounts♻️

♻️ When a bank remits its foreign currency fund to a foreign bank for credit to an account of a third bank it is called a Loro account. It means Their money.

Loro accounts are generally held by a 3rd party bank, other than the account maintaining bank or with whom account is maintained.

For example, BOI wants to transact with HSBC, but doesn’t have any account, while SBI maintains an account with HSBC in U.K. Then BOI could use SBI account. (again may be).

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Ranakpur Adinatha Jain Temple

Ranakpur Adinatha Jain Temple located in Pali (Rajasthan) 90 KM away from Udaipur. 

Constructed in 1437-1458.

👌Over 1444 marble pillars, carved in exquisite detail, support the temple. The pillars are all differently carved and no two pillars are the same. It is also said that it is impossible to count the pillars. Also all the

statues face one or the other statue. There is one beautiful carving made out of a single marble rock where there 108 heads of snakes and numerous tails. One cannot find the end of the tails. The image faces all four cardinal directions. In the axis of the main entrance, on the western side, is the largest image.

Some Amazingly Beautiful Photos of Marble Art from inside Ranakpur Jain Template, (Rajasthan)

This temple was built in 1437- 1457

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