PM's visit to Ireland and United States of America(USA) schedule

Mr Narendra Modi 's  Ireland and United States of America(USA)  visit from September 23, 2015 to September 29, 2015.

In a series of Facebook posts the Prime Minister said:

"On 23rd September 2015 I will visit Ireland. It is after almost 60 years that an Indian Prime Minister will visit Ireland. In Ireland I will hold talks with Mr. Enda Kenny, the Taoiseach of Ireland. We hope to further develop strong people-to-people and economic ties with Ireland in the years to come. In Ireland I will also interact with the Indian community.

On 24th September 2015, I will commence my visit to USA. This visit seeks to build on the substantial ground covered during my last visit to USA and President Obama's visit to India early this year.

I am going to USA at a historic moment when the United Nations is celebrating its 70th anniversary. India attaches great importance to the United Nations. In July, I had written a letter to heads of governments of 193 nations outlining India’s vision for UN agenda and reforms. I am glad that leaders of several nations wrote back appreciating our vision.

In New York City, I will address the UN Sustainable Development Summit for formal adoption of post-2015 new sustainable development agenda. Coming from a culture that regards harmony as central to its ethos, I am glad to have an opportunity to address this forum. The new goals are closely aligned with India’s vision for sustainable development and our flagship programs for the same.

I will also participate in a summit hosted by President Obama on peacekeeping. India has historically been one of the largest contributors to the UN peacekeeping forces. Over 180,000 Indian troops have participated in UN peacekeeping missions - more than from any other country. We are proud of our peacekeeping forces spread across the world, ensuring peace in difficult circumstances. I will pay homage to all those brave men and women who sacrificed their lives for peace. And I look forward to sharing my thoughts on how to make peacekeeping more effective. This year, India will host a summit of G-4 leaders in New York where the main agenda would be the UNSC reforms. The 70th anniversary of the UN is an apposite moment for reform discussions to be accelerated. Recently, the UN General Assembly finally adopted a document after over 20 years that would form the basis of formal discussions on this matter.

I will be meeting several world leaders during the visit. Also, I will have interactions with leading investors and financial sector firms. There will be a working dinner where major Fortune-500 companies will be present to deliberate on investment opportunities in India. We have been interacting with several American business leaders over the last year and the outcomes have been encouraging.

During my USA visit I will be visiting the West Coast on 26th and 27th September, where I will join several programmes. It would be after a gap of almost 33 years that an Indian PM would be visiting the west coast – the home of start-ups, innovation and technology.

I will be part of a Townhall Q&A at the Facebook HQ along with Mr. Mark Zuckerberg. We will discuss some global issues and issues relating to India, particularly on the economy and society. This is a Townhall you shouldn’t miss. I have already invited you all to share your questions through Facebook or the ‘Narendra Modi Mobile App.’ I will also see some recent technological innovations at the Google (Alphabet) campus and Tesla Motors. I will address a Renewable Energy Roundtable with USDOC and Stanford University.

An event that I am enthusiastic about is the ‘India-US Start-up Konnect.’ India is emerging as a hub of start-ups in a wide range of areas and we aspire to take this further. We want the world to see our innovation capabilities in the start-up sector. At this event, a group of Indian start-ups will showcase their innovations and forge partnerships with the vibrant American start-up industry.

In San Jose, I will interact with the Indian community on the 27th September. The Indian diaspora has left no stone unturned in strengthening India-USA ties. We are very proud of the accomplishments of our diaspora that has made immense contributions to both our societies. I am sure my US visit will be fruitful and further deepen the bond between the world’s oldest and largest democracies."

Indian Railways- Hybrid Vacuum Toilets

Indian Railways Develops Hybrid Vacuum Toilets

One Prototype is Fitted in a Coach of Dibrugarh Rajdhani for Trail

Minister of Railways has made a statement in the Budget Speech 2015 that Indian Railways shall fit Vacuum toilets on trains. Development Cell of the Railway Board has come up with a design that combines the advantages of Vacuum toilets and those of Biotoilets to create a new design of “Hybrid Vacuum Toilet”. A prototype has been made by modifying the standard flushing protocol of a vacuum toilet so as to create water seal and additional post flush cycles and this concept has been converted into a working prototype by Indian Railways as a first ever system of its kind to have been developed and built by any railway system in the world. This newly developed toilet has been fitted in one coach No. 153002/C FAC that is running in Dibrugarh Rajdhani for trail.

The prototype consists of a custom designed Vacuum toilet adapted from a commercially available vacuum toilet that is used in aircrafts which evacuates its discharge into a biodigester tank which is now successfully proven in the biotoilets of Indian Railways. The biodigester tank is fitted underneath the coach and contains anaerobic bacteria that converts human fecal matter into water and small amount of gases before discharging the same on the ground/track.

Typically, a conventional toilet or Biotoilet uses 10 – 15 liters of water per flush whereas the vacuum toilet consumes only appx. 500 ml of water for flushing. Water is a very precious natural resource therefore this innovation shall save water to the tune of at least 1/20th of the quantity that is used in the current design of biotoilets/conventional toilets. Further, in foreign countries where the train coaches that are fitted with Vacuum toilets, there is a “retention tank” underneath the coach that holds all the human waste that is flushed out by the toilet. These are very large tanks that need to be evacuated at the terminals stations. Since Indian Railways trains traverse the length and breadth of the country with journey times as long as 72 hours and generally over 50 passengers per coach, it is nearly impossible to hold the human waste in retention tanks on trains that travel such long distances. Also, the stationary facilities for evacuation of these holding tanks need to be maintained very carefully and meticulously or else their malfunction will render the entire train’s toilets unusable. The Municipal Corporations at cities where these ground-handling facilities are to be created have to be taken into confidence to allow one-shot rapid discharge of human waste of an entire train into their sewer systems, which may not be possible at all stations due to constraints in existing sewer system that are already in place.

By transferring the discharge of the vacuum toilets into biodigester, the need to create separate ground handling installation and creating additional sewer load on the Municipal Corporation will be done away with.

Bihar 2015-Legislative Assembly Elections

General Election to the Legislative Assembly of Bihar, 2015 – Revised Schedule for Fifth Phase of Election – Regarding.

                        The Election Commission of India vide its Press Note ECI/PN/53/2015, dated 9^th September, 2015 has announced General Election to the Legislative Assembly of Bihar, 2015. Now, keeping in view the provisions of Section 30 of the Representation of the People Act, 1951, the Commission has decided to revise the date for scrutiny of nominations for the fifth phase of election as 16.10.2015. The revised schedule of the fifth phase of election is as under:

1	Date of Notification	08.10.2015 (Thursday)
2	Last date of making Nominations	15.10.2015 (Thursday)
3	Date of Scrutiny	16.10.2015 (Friday)
4	Last date of withdrawal	19.10.2015 (Monday)
5	Date of Poll	05.11.2015 (Thursday)
6	Date of Counting	08.11.2015 (Sunday)
7	Date before which the election shall be   completed	12.11.2015 (Thursday)

Pradhan Mantri Khanij Kshetra Kalyan Yojana (PMKKKY) scheme

Minister of Mines & Steel calls it a revolutionary and unprecedented scheme

The Central Government today announced the launch of the Pradhan Mantri Khanij Kshetra Kalyan Yojana (PMKKKY). This is a new programme meant to provide for the welfare of areas and people affected by mining related operations, using the funds generated by District Mineral Foundations (DMFs).

 
The objective of PMKKKY scheme will be (a) to implement various developmental and welfare projects/programs in mining affected areas that complement the existing ongoing schemes/projects of State and Central Government; (b) to minimize/mitigate the adverse impacts, during and after mining, on the environment, health and socio-economics of people in mining districts; and (c) to ensure long-term sustainable livelihoods for the affected people in mining areas. Care has been taken to include all aspects of living, to ensure substantial improvement in the quality of life. High priority areas like drinking water supply, health care, sanitation, education, skill development, women and child care, welfare of aged and disabled people, skill development and environment conservation will get at least 60 % share of the funds. For creating a supportive and conducive living environment, balance funds will be spent on making roads, bridges, railways, waterways projects, irrigation and alternative energy sources. This way, government is facilitating mainstreaming of the people from lower strata of society, tribals and forest-dwellers who have no wherewithal and are affected the most from mining activities.

The Mines and Minerals (Development & Regulation) Amendment Act, 2015, mandated the setting up of District Mineral Foundations (DMFs) in all districts in the country affected by mining related operations. The Central Government today notified the rates of contribution payable by miners to the DMFs. In case of all mining leases executed before 12th January, 2015 (the date of coming into force of the Amendment Act) miners will have to contribute an amount equal to 30% of the royalty payable by them to the DMFs. Where mining leases are granted after 12.01.2015, the rate of contribution would be 10% of the royalty payable. Using the funds generated by this contribution, the DMFs are expected to implement the PMKKKY.

The Central Government has issued a directive to the State Governments, under Section 20A of the MMDR Act, 1957, laying down the guidelines for implementation of PMKKKY and directing the States to incorporate the same in the rules framed by them for the DMFs.

The DMFs have also been directed to maintain the utmost transparency in their functioning and provide periodic reports on the various projects and schemes taken up by them. 

Click here to see Order – PMKKKY :

Click here to see Order for date of DMF establishment :

Election Commission of India to Conduct Special Training Programme for Asian Election Officials

ECI Chairs Executive Board Meeting of Association of Asian Election Authorities

Election Commission of India hosted the 2015 Executive Board meeting of the Association of Asian Election Authorities (AAEA) in New Delhi today, coinciding with the International Day of Democracy (September 15), as declared by the United Nations. Dr. Nasim Zaidi, being chairperson of AAEA for two years term presided over the meeting as the current Chair of the Executive Board. Senior representatives from Election Commission of Bhutan, Mongolia and Republic of Korea participated in the deliberations of the Executive Board.

Dr. Zaidi stressed that AAEA should make itself truly representative by admitting more Asian countries. He also reiterated ECI’s commitment to experience sharing and capacity building of EMBs in the region. The Executive Board decided to invite Election Authorities from other Asian countries to seek membership of the Association. The Executive Board also agreed on an updated Work Plan for 2015-16, which would include exchange of experiences through election visits, conferences and seminars on election-related themes and capacity building of Election Authorities in the region. As part of the agreed Work Plan, ECI will conduct a special training programme in 2016 for AAEA members.

The Executive Board meets annually to discuss important issues and report to the General Assembly of the Association which meets every two years.

After the Executive Board meeting, ECI also hosted a half-day seminar on election-related themes where presentations were made by delegates from Bhutan, Mongolia and India. The presentations from Bhutan and India focussed on voter education and inclusiveness in the electoral process, while Mongolia’s presentation focussed on the use of automated systems in voter enrolment, voting and counting. Besides Dr. Nasim Zaidi, Election Commissioners, Mr. A.K. Joti and Mr. O.P. Rawat and senior officers of ECI participated in the Seminar. The participants acknowledged the seminar as an extremely useful way of sharing experiences and learning from one another.

adminton players under the TOP Scheme

B

Badminton players Jwala Gutta, Ashwini Ponnappa, Sumeeth Reddy and Manu Atri have been selected under the TOP Scheme . These players are entitled to receive funding from NSDF for training and competition in preparation for Rio Olympics 2016.

In a communication sent to these players, the Ministry of Youth Affairs and Sports has asked them to start making their training plan in consultation with the Chief Coach of Doubles and list out their requirements.

PM invites the questions for Townhall Question and Answer(Q&A) session at Facebook Headquarters on September 27, 2015

The Prime Minister, Shri Narendra Modi has invited the questions for Townhall Question and Answer(Q&A) session at Facebook Headquarters on September 27, 2015.

The Prime Minister wrote in his Facebook post:

"I thank Mr. Mark Zuckerberg for the invite to visit the Facebook HQ. I look forward to the Townhall Q&A on Sunday 27th September at 10 PM IST (9:30 AM Pacific time).

The interaction will cover a wide range of issues and will surely be a memorable one.

This programme will be incomplete without your participation! Share your questions on Facebook.

I urge you all to share your questions on the 'Narendra Modi Mobile App.' Your questions will make this a programme to be remembered."

Joint Press Statement on Bi-Annual talks-2015 between Director Generals of BSF and Pakistan Rangers held at New Delhi from 9th to 12th Sept 2015

During the Home Secretary Level Talks held at Islamabad, Pakistan in May 1989, in it was decided that officials of the Border Security Force (BSF) and Pakistan Rangers would hold Bi-Annual talks and review the implementation of the agreed norms of cooperation between the two Border Guarding Forces. It was envisaged that the top leadership of both the Border Guarding Forces will meet periodically and discuss issues of relevance to both the forces. Issues requiring coordinated efforts like dealing with Drug menace, smuggling, simultaneous coordinated patrolling, timely exchange of information etc were to form the core of discussions.

The Pakistan Rangers are on a 4 day visit to India from 9th to 12th Sept 2015. Formal talks between the Border Security Force and Pakistan Rangers this year began on 10th September at BSF head quarters, New Delhi. Major General Umar Farooq Burki, Director General, Pakistan Rangers (Punjab) led a 16 members Pakistani delegation to India. The 23 members’ Indian delegation was led by Shri D K Pathak, IPS, DG BSF. Both the delegations also had 2 representatives from respective home & foreign ministries along with officers from narcotics control & survey department.

The talks were held in a constructive atmosphere. The need for cooperation to maintain the sanctity of the borders was stressed upon. The meeting took up specific issues of concern. Incidents of firing at the borders, smuggling of narcotics, infiltration attempts and defence construction activities were discussed. The issue of inadvertent crossing over by border population and on how to facilitate their return on both the sides was also discussed. The security of the border population being a primary concern of the both sides, it was felt that utmost caution and care would be taken to deal with the civilians. The need for confidence building measures including timely exchange of information, at the field level and mobile communication, simultaneous coordinated patrolling, and sporting events etc. were also discussed.

The Joint Record of Discussion charting a future route map of cooperation between the two Border Guarding Forces was signed earlier in the day today at 1100 hrs on September 12, 2015. It was mutually agreed to hold the next talks in the first half of 2016 in Pakistan. The talks ended on a optimistic note with both sides agreeing on constant endeavor to maintain peaceful and tranquil borders.

Kharif Crop Sowing Crosses 1012 Lakh Hectares Mark
Area of Pulses and Sugarcane exceeds Normal Area

           The total area sown under kharif crops as on 11^th September, 2015 has reached to 1012.01 lakh hectares as compared to 994.49 lakh hectare last year at this time.

             Rice has been sown/transplanted in 368.41 lakh hectares, pulses in 110.08 lakh hectare coarse cereals in 180.95 lakh hectares, oilseeds in 181.19 lakh hectares and cotton in 114.75 lakh hectares.

             The details of the area covered so far and that covered during last year this time given as follows:

                                                                                                                              Lakh hectare 

Crop	Area sown in 2015-16	Area sown in 2014-15
Rice	368.41	366.51
Pulses	110.08	99.14
Coarse Cereals	180.95	171.16
Oilseeds	181.19	175.52
Sugarcane	48.84	48.74
Jute & Mesta	7.80	8.13
Cotton	114.75	125.29
Total	1012.01	994.49

Delegation of News Broadcasters meets Secretary (I&B)

A delegation of News Broadcasters led by Shri Rajat Sharma, President News Broadcasters Association (NBA) and comprising of Shri Narayan Rao of NDTV, Shri Ashok Venkatramani of ABP News, Smt. Anuradha Prasad of News 24, Shri Ashish Bagga of India Today, Shri A.P. Parigi of Network 18 and Smt. Annie Joseph Secretary General, NBA had an interactive session with Shri Sunil Arora, Secretary (I&B) on 10th Sept. 2015. Special Secretary, Shri J.S. Mathur was also present in the meeting. 

After apprising the Secretary about the initiatives taken by the Broadcasting industry in the direction of self-regulation which includes working of News Broadcasters Standards Authority (NBSA), an independent authority set up by NBA and the two tier mechanism of complaints redressal relating to News Channel followed by them, the following ongoing issues were flagged: 

(i) Carriage issues with MSOs and Cable Operators. 

(ii) Revenue models for growth of the industry 

Highest number of tourists arrived on e-Tourist Visa from USA during Jan-Aug 2015

Government of India launched Tourist Visa on Arrival (TVoA) enabled by Electronic Travel Authorization (ETA), presently known as e-Tourist Visa scheme on 27th November 2014. At present e-Tourist Visa facility is available for citizens of 113 countries (including 36 countries for which the facility was extended on 15th August, 2015) arriving at 16 Airports in India (includes 7 airports added from 15th August, 2015). 

The following are the important highlights of e-Tourist Visa during August, 2015: 

(i) During the month of August, 2015 a total of 22,286 tourist arrived on e-Tourist Visa as compared to 2,705 during the month of August, 2014 registering a growth of 723.9%. 

(ii) During January- August, 2015 a total of 1,69,976 tourist arrived on e-Tourist Visa as compared to 17,120 during January-August, 2014 registering a growth of 892.9% . 

(iii) This high growth may be attributed to introduction of e-Tourist Visa for 113 countries as against coverage of earlier TVoA scheme for 12 countries. 

(iv) The percentage shares of top 10 source countries availing e-Tourist Visa facility during August 2015 were as follows: 

USA (25.93%), Germany (10.00%), UAE (8.92%), France (8.76%), Australia (7.20%), Canada (6.39%), Republic of Korea (4.23%), Japan (3.41%), Russian Federation (2.37%) and Singapore (2.22%).

(v) The percentage shares of different ports in tourist arrivals on e-Tourist Visa during August 2015 were as follows: 

New Delhi (42.67%), Mumbai (23.40%), Bengaluru (10.37%), Chennai (9.07%), Kochi (5.44%), Hyderabad (4.21%), Kolkata (2.38%), Trivandrum (1.87%) and Goa (0.58%).

Introduction of Sovereign Gold Bonds Scheme

The Union Cabinet  gave its approval for introduction of the Sovereign Gold Bonds Scheme, as announced in the Union Budget 2015-16. 

The scheme will help in reducing the demand for physical gold by shifting a part of the estimated 300 tons of physical bars and coins purchased every year for Investment into gold bonds. Since most of the demand for gold in India is met through imports, this scheme will, ultimately help in maintaining the country's Current Account Deficit within sustainable limits. 

The issuance of the Sovereign Gold Bonds will be within the government's market borrowing programme for 2015-16 and onwards. The actual amount of issuance will be determined by RBI, in consultation with the Ministry of Finance. The risk of gold price changes will be borne by the Gold Reserve Fund that is being created. The benefit to the Government is in terms of reduction in the cost of borrowing, which will be transferred to the Gold Reserve Fund.

The salient features of the scheme are:- 

i. Sovereign Gold Bonds will be issued on payment of rupees and denominated in grams of gold. 

ii. Bonds will be issued on behalf of the Government of India by the RBI. Thus, the Bonds will have a sovereign guarantee. 

iii. The issuing agency will need to pay distribution costs and a sales commission to the intermediate channels, to be reimbursed by Government. 

iv. The bond would be restricted for sale to resident Indian entities. The cap on bonds that may be bought by an entity would be at a suitable level, not more than 500 grams per person per year. 

v. The Government will issue bonds with a rate of interest to be decided by the Government. The rate of interest will take into account the domestic and international market conditions and may vary from one tranche to another. This rate of interest will be calculated on the value of the gold at the time of investment. The rate could be a floating or a fixed rate, as decided. 

vi. The bonds will be available both in demat and paper form. 

vii. The bonds will be issued in denominations of 5,10,50,100 grams of gold or other denominations. 

viii. The price of gold may be taken from the reference rate, as decided, and the Rupee equivalent amount may be converted at the RBI Reference rate on issue and redemption. This rate will be used for issuance, redemption and LTV purpose and disbursement of loans. 

ix. Banks/NBFCs/Post Offices/ National Saving Certificate (NSC) agents and others, as specified, may collect money / redeem bonds on behalf of the government (for a fee, the amount would be as decided). 

x. 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 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. 

xi. Bonds can be used as collateral for loans. The Loan to Value ratio is to be set equal to ordinary gold loan mandated by the RBI from time to time. 

xii. Bonds to be easily sold and traded on exchanges to allow early exits for investors who may so desire. 

xiii. KYC norms will be the same as that for gold. 

xiv. Capital gains tax treatment will be the same as for physical gold for an 'individual' investor. The Department of Revenue has agreed that amendments to the existing provisions of the Income Tax Act, for providing 'indexation benefits to long term capital gains arising on transfer of bond'; and for 'exemption for capital gains arising on redemption of SGB' will be considered in the next budget (Budget 2016-17).This will ensure that an investor is indifferent in terms of investing in these bonds and in physical gold- as far as tax treatment is concerned. 

xv. The amount received from the bonds will be used by Gol in lieu of government borrowing and the notional interest saved on this amount would be credited in an account "Gold Reserve Fund" which will be created. Savings in the costs of borrowing compared with the existing rate on government borrowings, will be deposited in the Gold Reserve Fund to take care of the risk of increase in gold price that will be borne by the government. Further, the Gold Reserve Fund will be continuously monitored for sustainability. 

xvi. On maturity, the redemption will be in rupee amount only. The rate of interest on the bonds will be calculated on the value of the gold at the time of investment. The principal amount of investment, which is denominated in grams of gold, will be redeemed at the price of gold at that time. If the price of gold has fallen from the time that the investment was made, or for any other reason, the depositor will be given an option to roll over the bond for three or more years. 

xvii. The deposit will not be hedged and all risks associated with gold price and currency will be borne by Gol through the Gold Reserve Fund. The position may be reviewed in case 'Gold Reserve Fund' becomes unsustainable. 

xviii. Upside gains and downside risks will be with the investor and the investors will need to be aware of the volatility in gold prices. 

xix. In order to ensure wide availability, the bond will be marketed through post offices/banks/NBFCs and by various brokers/agents (including NSC agents) who will be paid a commission. 

Introduction of Gold Monetization Schemes

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval for introduction of Gold Monetization Schemes (GMS), as announced in the Union Budget 2015-16.

The objective of introducing the modifications in the schemes is to make the existing schemes more effective and to broaden the ambit of the existing schemes from merely mobilizing gold held by households and institutions in the country to putting this gold into productive use. The long-term objective which is sought through this arrangement is to reduce the country's reliance on the import of gold to meet domestic demand.

GMS would benefit the Indian gems and jewellery sector which is a major contributor to India's exports. In fiscal year 2014-15, gems and jewellery constituted 12 per cent of India's total exports and the value of gold items alone was more than $13 billion (provisional figures).

The mobilized gold will also supplement RBI’s gold reserves and will help in reducing the government's borrowing cost.

The revamped Gold Deposit Scheme (GDS) and the Gold Metal Loan (GML) Scheme involves changes in the scheme guidelines only. The risk of gold price changes will be borne by the Gold Reserve Fund that is being created. The benefit to the Government is in terms of reduction in the cost of borrowing, which will be transferred to the Gold Reserve Fund.

The scheme will help in mobilizing the large amount of gold lying as an idle asset with households, trusts and various institutions in India and will provide a fillip to the gems and jewellery sector. Over the course of time this is also expected to reduce the country's dependence on the import of gold. The new scheme consists of the revamped GDS and a revamped GML Scheme.

Revamped Gold Deposit Scheme

Collection, Purity Verification and Deposit of Gold under the revamped GDS:

Out of the 331 Assaying and Hallmarking Centres spread across various parts of the country, those which will meet criteria as specified by Bureau of Indian Standards (BIS) will be allowed to act as Collection and Purity Testing 1 Centres for purity of gold for the purpose of this scheme. The minimum quantity of gold that a customer can bring is proposed to be set at 30 grains. Gold can be in any form (bullion or jewellery). The number of these centres is expected to increase with time.

Gold Savings Account:

In the revamped scheme, a Gold Savings Account will be opened by customers at any time, with KYC norms, as applicable. This account would be denominated in grams of gold.

Transfer of Gold to Refiners:

Collection and purity testing centres will send the gold to the refiners. The refiners will keep the gold in their ware-houses, unless banks prefer to hold it themselves. For the services provided by the refiners, they will be paid a fee by the banks, as decided by them, mutually. The customer will not be charged.

The banks will enter into a tripartite Legal Agreement with refiners and Collection and Purity Testing Centres that are selected by them to be their partners in the scheme.

Tenure:

The deposits under the revamped scheme can be made for a short-term period of 1-3 years (with a roll out in multiples of one year); a medium-term period of 5-7 years and a long-term period, of 12-15 years (as decided from time to time). Like a fixed deposit, breaking of lock-in period will be allowed in either of the options and there would be a penalty on premature redemption (including part withdrawal).

Interest rate:

The amount of interest rate payable for deposits made for the short-term period would be decided by banks on basis of prevailing international lease rates, other costs, market conditions etc. and will be denominated in grams of gold. For the medium and long-term deposits, the rate of interest (and fees to be paid to the bank for their services) will be decided by the government, in consultation with the RBI from time to time. The interest rate for the medium and long-term deposits will be denominated and payable in rupees, based on the value of gold deposited.

Redemption:

For short-term deposits, the customer will have the option of redemption, for the principal deposit and interest earned, either in cash (in equivalent rupees of the weight of deposited gold at the prices prevailing at the time of redemption) or in gold (of the same weight of gold as deposited), which will have to be exercised at the time of making the deposit. In case the customer will like to change the option, it will be allowed at the bank's discretion. Redemption of fractional quantity (for which a standard gold bar/coin is not available) would be paid in cash. For medium and long-term deposits, redemption will be only in cash, in equivalent rupees of the weight of the deposited gold at the prices prevailing at the time of redemption. The interest earned will however be based on the value of gold at the deposit on the interest rate as decided.

Utilization:

The deposited gold will be utilized in the following ways:

·        Under medium and long-term deposit

•    Auctioning

•    Replenishment of RBIs Gold Reserves

•    Coins

•    Lending to jewelers

·        Under short-term deposit

•    Coins

• Lending to jewelers

·        Tax Exemption: Tax exemptions, same as those available under GDS would be made available to customers, in the revamped GDS, as applicable.

·        Gold Reserve Fund: The difference between the current borrowing cost for the Government and the interest rate paid by the Government under the medium/long term deposit will be credited to the Gold Reserve Fund.

·        Revamped Gold Metal Loan Scheme

·        Gold Metal Loan Account: A Gold Metal Loan Account, denominated in grams of gold, will be opened by the bank for jewelers. The goldmobilized through the revamped GDS, under the short-term option, will be provided to jewelers on loan, on the basis of the terms and conditions set-out by banks, under the guidance of RBI.

·        Delivery of gold to jewelers: When a gold loan is sanctioned, the jewelers will receive physical delivery of gold from refiners. The banks will, inturn, make the requisite entry in the jewelers’ Gold Loan Account. Interest received by banks: The interest rate charged on the GML will be decided by banks, with guidance from the RBI.

Tenor: The tenor of the GML at present is 180 days. Given that the minimum lock-in period for gold deposits will be one year, based on experience gained, this tenor of GML may be re-examined in future and appropriate modifications made, if required.

E-Auction of First Batch of Private FM Radio Phase III Channels completion

E-Auction of the first batch of private FM radio phase III channels comprising 135 channels in 69 existing cities of Phase II, which had commenced on 27th July 2015, got over today on 9th September 2015 with the completion of Frequency Allocation Stage.

E-auction of the first batch consisted of two stages- Channel allocation stage and Frequency allocation stage. After the Channel allocation stage got completed on 8th September, 2015 after 125 Rounds of Bidding spread over 32 days, the Frequency allocation stage commenced on 9th September 2015 at 10.00 AM. In this Stage, total three rounds of half an hour duration each took place. There was no time gap between two consecutive rounds.

During the Frequency Allocation Stage, the provisional winning bidders were allowed to select FM Frequency for the winning channel(s) from the frequencies already identified in the respective city & as mentioned in the Notice Inviting Applications (NIA) dated 2^nd March, 2015 read with its subsequent amendment(s). Frequency selection preference was based upon the rank of the bidders i.e. Rank 1 bidder had the first preference to choose from the frequencies already identified.

At the closure of the e-Auction, 97 channels in 56 cities became provisional winning channels with cumulative provisional winning price of about Rs 1156.9 Crore against their aggregate reserve price of about Rs 459.8 Crore. Thereby the summation of provisional winning prices surpassed the cumulative reserve price of the corresponding 97 channels by Rs 697.05 Crore or 151.58%. Overall, cumulative provisional winning price exceeded the total reserve price of the first batch i.e. Rs 550.18 Crore by Rs 606.72 Crore or 110.27%. 

 The list of successful bidders shall be notified by the Government on the Ministry’s website www.mib.nic.in.

 The current auction is indicative of the future growth of the private FM radio sector. This also shows that a transparent and fair bidding system can help realize the real value of the natural resources. This is the first time that private FM channels have been offered through Simultaneous Multiple Round Ascending (SMRA) e-auction. This auction design has enabled bidders to take informed decisions while placing bids and consider alternatives dynamically.

 Another noteworthy feature is that out of 15 channels in J&K and NE states, 12 channels have got provisional winners with the city of Guwahati getting provisional winning price more than10 times its reserve price. 

It may be noted that many steps were taken to enhance transparency as well as to remove barriers to participation which include:

1.     To oversee the entire process of FM Phase-III roll out including the e-auctions, the Government had appointed an Independent External Monitor in consultation with the Central Vigilance Commission.

2.     A pre-bid conference with all stakeholders was held on 28.01.2015 post issuance of the Information Memorandum of the first batch dated 21.01.2015. Government received 85 queries and suggestion in this pre-bid and all queries were duly replied on 17.2.2015. Government also accepted some of industry’s suggestions prominent among them being the display of aggregate and excess demand, auction closure rule as per DOT’s auctions, relaxation in cut-off date for determining the net worth of an applicant Company, identification all possible frequencies for 135 channels.

3.     After the issuance of the Notice Inviting Applications (NIA) for bidding for the first batch on March 2, 2015, another pre bid conference with prospective bidders was held on March 10, 2015. Government received 76 queries in this conference and again all queries were duly replied, followed by an amendment to NIA.

4.     To create awareness for the bidders, Government conducted a training session on 22, April, 2015.

5.     The Government conducted second training session with all the eligible bidders on 17.07.2015.

6.     Three day mock auction was arranged for bidders from 22-24 July 2015.

7.     During the bidding days, daily auction report was published on the Ministry’s website.

President Presents Gandhi Peace Prize 2014 to ISRO

The President of India, Shri Pranab Mukherjee presented the Gandhi Peace Prize for the year 2014 to Indian Space Research Organization (ISRO) today (September 9, 2015) at a function at Rashtrapati Bhavan. The Chairman of ISRO Shri A S Kiran Kumar received the honour on behalf of the organization. The Hon’ble Vice President Of India Shri Mohammad Hamid Ansari, Hon’ble Prime Minister of India Shri Narendra Modi, Hon’ble Minister of  State for Culture (IC), Tourism (IC) & Civil Aviation Dr Mahesh Sharma, members of Jury & a distinguished gathering including eminent Gandhians were present at the  function.

Speaking on the occasion, the President congratulated each and every member of the Indian Space community on ISRO being awarded the coveted Gandhi Peace Prize. He said Science and Technology is a key driver for shaping the destiny of nations and people across the globe. Technology is built not so much by individuals but by organizations. The characteristics of organizations – their leaders, their structures and their cultures have a great bearing on catalyzing innovations and putting them to use for the benefit of society. ISRO is one such Indian organization, which has nurtured, developed and demonstrated world class capabilities. Even as it has sought to encompass the globe and reach for the stars, it has remained rooted in its core mission of national regeneration and improving the life of the common man, a goal set for the nation by Mahatma Gandhi. 

Dr Mahesh Sharma said I congratulate the ISRO on behalf of the nation. Gandhi Peace Prize is being awarded to an institution which followed the footstep of Mahatma Gandhi. ISRO has contributed to the nation through the application of space technology. ISRO has changed the life of common man while bringing space to the service of people. He also said that ISRO is working on 170 projects in coordination with various departments of the Government of India. ISRO’s space technologies have been of great help during the natural disasters and have been helpful in the service of the humanity and the nation He added.

Speaking at the award ceremony, Shri A. S. Kiran Kumar, Chairman, ISRO said that this is the recognition of the visionary Dr Vikram Sarabhai and the successive leaders of ISRO and their contribution. He said that ISRO pledges and rededicates to bring the fruits of space technology to the people of the country.

Indian Space Research Organisation is engaged in making space technology a catalyst of development to bring about societal transformation. The Indian Space Research Organisation (ISRO)’s mission is to provide the nation with space based services and to develop the technologies to achieve the same. Through the years, ISRO has upheld its mission of bringing space to the service of the common man and in the service of the nation. In the process it has become one of the six largest space agencies of the world. 

ISRO contributes to the nation’s development through satellite based education, health care and connectivity to community activities for sustainable economic development. Besides this, ISRO through space technology has allowed for improved mapping of agricultural land and water-shed areas, providing advisories to fishing communities, giving information support for decentralised planning, creating data base of heritage sites, better climate and disaster management support and promoting a knowledge-based society, which has led to social, economic and political transformation through non-violence. 

ISRO also has through tele-medicine, one of the communication technology applications, has enhanced the healthcare services delivery, wherein a satellite tele-medicine network through INSAT system links the rural hospitals in the country with specialty hospitals to enable the rural populace to access the specialist medical consultations. Similarly, Tele-Education has demonstrated the unique capability of satellites in virtually taking the best teachers in the country to teach students in the rural villages. 

The Gandhi Peace Prize was instituted by the Government of India in 1995 on the occasion of the 125th birth anniversary of Mahatma Gandhi. This annual award is given to individuals and institutions for their contributions towards social, economic and political transformation through non-violence and other Gandhian methods. The Award carries an amount of Rupees one crore in cash, a plaque and a citation.