Daily Current Affairs for UPSC Civil Services Exam – 07 October 2020

Daily Current Affairs for UPSC Civil Services Exam – 07 October 2020

In Today’s News:

  1. Gold imports down to a 4-month low.

1. Gold imports down to a 4-month low

News Summary

India’s gold import fell to a 4 month low by 59% compared to the previous year.

Prelims GS – Economic Development

Gold imports and Scheme related to Gold:

India is the second-biggest consumer of Gold.

Gold Monetization Scheme, 2015:
  • Gold Monetization Scheme is intended to mobilize gold held by households and institutions of the country and facilitate its use for productive purposes, and in the long run, to reduce the country’s reliance on the import of gold.
  • All Scheduled Commercial Banks excluding RRBs will be eligible to implement the Scheme.
  • Resident Indians can deposit gold under Gold Monetisation Scheme.
  • The deposit will be denominated in grams of gold with purity 995.
  • The deposit will help the depositor earn interest at the rate of interest decided by the Central Government and notified by the Reserve Bank of India from time to time.
  • Persons eligible to make a deposit:
    • Resident Indians [Individuals, HUFs, Proprietorship & Partnership firms, Trusts including Mutual Funds/Exchange Traded Funds registered under SEBI (Mutual Fund) Regulations, Companies, Charitable institutions, Central Government, State Government or any other entity owned by Central Government or State Government] can make deposits under the scheme.
    • Joint deposits of two or more eligible depositors are also allowed under the scheme and the deposit in such case shall be credited to the joint deposit account opened in the name of such depositors. The existing rules regarding the joint operation of bank deposit accounts including nominations will be applicable to these gold deposits.

 

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