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My notes 18-09-2015

 

18 Sep 2015

Refusal of Health care benefits under emergency circumstances

 

1.       Supreme Court in Parmanand Katara vs Union of India passed a landmark judgement that no medical facility can refuse or turn away any critically ill or emergency patient on any grounds. It unambiguously declared that , such a refusal will be considered as a violation of Right to health under Art 21 of the constitution of India.

2.       In Indian helath care scenario, a systemic reform is necessary in managing the first point of contact and quality of care offered there.

3.       Srilanka is enoromously succesful with Anti malarial campaign , because of its enoromous focus on health system, communities, human resources and various other aspects of public infrastructure.

 

Mayors stumble on smart cities missions

a.       Smart cities involves a shift in Indian Urban governance. Municipal bodies will directly receive the financial transfers from Centre. It decreases necessary Bureaucratic delays. The municipal commissioners shall transform themselves from arm chair Bureaucrats to on ground managers.

b.      The Centre has asked the states to generate half the funding through PPP. It is the major challenge. JNNURM also partially relied on private investments. Out of 2900 Jnnurm projects only 50 received private investments accounting to .2%. It is worse in the case of Small and medium towns.  Similarly, sewage treatment, solid waste management generally do not attract the investors.

 

Infrastructure

a.       National Investment infrastructure fund was created

b.      Skills India aims to provide necessary human resources.

 

On the road to recovery

a.       Road and power sectors were able to attract maximum investments.

b.      These sectors have multiplier effect

c.       World economic forum s global competitiveness index placed India in the bottom half of 144 countries

d.      Revival of the stalled projects can also improve the situation of NPA of Banks.

e.       Golden quadrilateral projects has many positive externalities and it unlocked the rural urban connectivity.

f.        Improvement of safety record of the roads shall be of urgent concern.

 

UN Report on Srilanka

 

·       It called on Colombo to create a special court to try the horrific abuses committed by the authorities and rebels in the last phase of the war.

·       OISL said for an accountability to succeed in srilanka, it requires more than a domestic mechanism. So, it recommended to create the court with a special legislation to involve the participation of International judges, prosecutors, lawyers and investigators.

·       Srilankan conflict always had an international dimension, many countries involved supporting war and peace. The new proposal strikes a balance between the demand for an international probe and the need to involve the domestic institutions.

India economic challenges and way out -

a.       East Asian economies were a global miracle in 1975-95 period. They all failed in 1997.

Latin america in the 1970s, East Asia in 1990s, USA in 1930s and 2008 all have a reason to worry. But, History is repeating again and again. There are no proper preventive steps to minimise these effects.

b.      India can also face such a crisis and it needs a crisis management team in place to predict and manage such a crisis situation.

India - Major challenges

a.       Falling exports

b.      NPA s of Banks

c.       Decreasing House hold savings - They fell from 34% in 2005 to 28% in 2015

d.      Decreasing investments in Infrastructure

e.       Low growth in manufacturing sector

 

Solutions

1.       Abolish personal income tax

2.       Reduce bank interest rates below 10%

3.       Bring back black money

4.       Rupee Funding of infrastructure

5.       Transforming agriculture in to a globalised sector

6.       Tapping thorium reserves to tap electricity

7.       Desalination plants

8.       Linking of rivers

9.       Hydrogen fuel cells

10.   Technology transvers

11.   National security strategy to facilitate growth

12.   Minimalist state

13.   Modern education system

14.   Community sensitivity

15.   Development of ethos of philanthropy

 

Sustainable development goals

 

·       They are a set of 17 goals and 169 targets covering next 15 years and will replace MDG.

·       The SDGs are Universal applying universally to all the countries rather than just to the developing world.

·       They emphasise the need to urgently tackle climate change.

·       New goals such as responsible consumption, ensuring peace and justice, innovation and infrastructure, conserve life below water, promote life on land, protect the planet has come in to existence.

Mobilisation of resources

Saturday, September 12, 2015

8:34 PM

Gold Bonds

 

1.       Under this scheme instead of buying physical gold, Indian residents can buy the gold bonds which will be related to the weight of the gold.

 

 

2.       The bonds will be issued in 10gm, 50 gm, 100gm for a term of five years and 7 years.

3.       There will be a cap of 500 grams that a person can purchase in a Year.

 

Gold monetisation scheme

The scheme allows a minimum deposit which can be as low as 30 grams by individuals and even talks of exempting gold deposit from capital gains tax, income tax and wealth tax. - See more at:

 

 

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 The prime objective of these plans is to curtail gold import into the country.

This will help in reducing the demand for physical gold by shifting a part of the estimated 300 tonnes 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.

Gold Monetisation Scheme

The gold monetisation scheme is aimed to mobilise the surplus gold holdings held with Indian households and institutions as deposits.  “Under the scheme, gold lying idle with people can be deposited in banks and generate interest.

The return from these deposits is totally tax free. The deposited gold will be melted and make available for jewelers as raw material so as to restrict the increased dependence of imported gold.”

Sovereign Gold Bond Scheme

Under the Sovereign Gold Bond Scheme, instead of buying gold in physical form investors can park their money in bonds which are backed by gold. The bonds will be available both in demat and paper form. These bonds will be issued in denominations of 5, 10, 50 and 100 grams of gold or other denominations.

Sovereign Gold Bond has more or equal advantage against the physical gold. The bond will be issued by RBI on behalf of the Government of India. The bond would be restricted for sale to resident Indian entities and the maximum allowable limit is 500 grams per person per year.

The government will issue bonds with an appropriate rate of interest and which shall be payable in terms of grams of gold. Banks/NBFCs/Post offices may be authorised to transact on these bonds on behalf of the Government for a fee. The bonds will be available in various denominations and the minimum tenor of the bond could be around 5 to 7 years.

These 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. They can be easily sold and traded on exchanges to allow early exits for investors who may so desire. Capital gains tax treatment will be the same as for physical gold for an ‘individual’ investor.

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.

KYC norms will be the same as that for gold.

 

Factors necessary for low cost of funds

·       Sustained low inflation

·       Robust banking

 

 

 

 

 

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