FinMin approves 8.7% interest on EPF for 2015-16

     The Finance Ministry has approved 8.7 per cent interest on PF deposits for over 5 crore subscribers of retirement body EPFO, lower than 8.8 per cent decided by the Central Board of Trustees (CBT).

 This is probably the first time that the Finance Ministry has not given concurrence to the rate of interest on EPF as decided by CBT. 

• EPFO had provided 8.75 per cent rate of interest in 2013-14 and 2014-15, which was higher than 8.5 per cent in 2012-13 and 8.25 per cent in 2011-12. 

The EPFO pays rate of return to its subscribers on the basis of returns it generates from its investments.

Employees' Provident Fund Organisation:

• The Employees' Provident Fund Organisation (EPFO), is a statutory body of the Government of India under the Ministry of Labour and Employment.
•  It administers a compulsory contributory Provident Fund Scheme, Pension Scheme and an Insurance Scheme. 

India, France launch $1 Trillion Potential Solar Programme under ISA

 

India and France have launched a programme with $1 trillion Potential Solar Programme under the International Solar Alliance (ISA).

• It is a solar finance programme that aims at helping developing countries to fully harness their solar resources for a clean energy future.
•  It was announced by Minister of State for Power Piyush Goyal and French Environment Minister Segolene Royal at the ministerial side event on ISA at the United Nations.

 International Solar Alliance (ISA) :

Purpose - Bring together a group of nations to endorse clean energy, sustainable environment, public transport and climate

Headquarters- New Delhi, India

Announced at Paris Climate Summit

Region served- countries between the tropic of Cancer and Capricorn

NABARD Lends Rs 1,000 Crore to HSWC for Wheat Procurement

    National Bank for Agriculture and Rural Development (NABARD) has sanctioned a loan of Rs 1,000 crore to Haryana State Warehousing Corporation for purchase of wheat during the ongoing rabi marketing season.

"The (Rs 1,000 crore) loan is going to help the corporation for payment of wheat purchased from farmers in various mandis/outlets in Haryana, in line with the government's resolve to pay the farmers' dues at the earliest," 

• The objective of foodgrain procurement by the government agencies is to ensure that farmers get remunerative price for their produce and do not have to resort to distress sale and build buffer stocks.

National Bank for Agriculture and Rural Development ( NABARD ):

• Headquarters Mumbai, Maharashtra, India
• Established 12 July 1982
• Chairman Dr. Harsh Kumar Bhanwala

India's first small finance bank launched

 

 Capital Small Finance Bank, India's first small finance bank, was launched.

Capital Small Finance Bank opens 10 branches in Punjab; to add nine more in FY17.

• The Jalandhar-headquartered bank had been operating as Capital Local Area Bank since January 2000 with 47 branches in five districts of Punjab.

It is among the 10 entities that were given the in-principle approval by the Reserve Bank of India (RBI) to set up small finance banks.

Guidelines to be met by small finance banks:

•   75 % of Adjusted Net Bank Credit to be extended to priority sector - 50 % of loan portfolio to constitute loans & advances of upto Rs 25 lakh .
•  25 branches must be in unbanked rural areas .
•  Maximum loan size & investment limit to single obligor restricted to 10 percent of capital funds.

Huge coral reef discovered at Amazon river mouth

  

  A huge 3,600 sq mile (9,300 sq km) coral reef system has been found below the muddy waters off the mouth of the river Amazon, astonishing scientists, governments and oil companies who have started to explore on top of it.

The existence of the 600-mile long reef, which ranges from about 30-120m deep and stretches from French Guiana to Brazil’s Maranhão state, was not suspected because many of the world’s great rivers produce major gaps in reef systems where no corals grow.

Coral reef :

• Coral reefs are diverse underwater ecosystems held together by calcium carbonate structures secreted by corals.
•  Coral reefs are built by colonies of tiny animals found in marine waters that contain few nutrients. 
• Most coral reefs are built from stony corals, which in turn consist of polyps that cluster in groups. 

Parliament passes Sikh Gurdwaras (Amendment) Bill, 2016

    The Parliament has passed the Sikh Gurdwaras (Amendment) Bill, 2016.

• The Bill amends the Sikh Gurdwaras Act, that regulates administration of Sikh Gurdwaras in Chandigarh, Haryana, Himachal Pradesh and Punjab.
• The Bill proposes removing an exception made for Sahajdharis in 1944 that allowed them to vote in elections for the Board and committees instituted under the Act.

Sikh Gurdwaras Act, 1925 :

• The Sikh Gurdwaras Act, 1925 was a piece of legislation in British India, which legally defined Sikh identity and brought Sikh gurdwaras (houses of worship) under the control of an elected body of orthodox Sikhs. 
• Under the 1925 Act, every Sikh who is above 21 years of age and is registered as a voter is entitled to vote in the SGPC elections.
•  This Act had created an exception for Sehjdhari Sikhs who trim or shave their beard or hair, and allowed them to vote.

SGPC poll controversy :

The SGPC elections were last held in 2011, which were challenged by the Sehajdhari Federation after the Sehajdharis’ right to vote in the gurdwara elections was withdrawn by the Centre, reportedly on the advice of the ruling SAD.

Jeetendra, Ranveer Singh, Sanjay Leela Bhansali conferred Dinanath Mangeshkar Awards

Veteran actor Jeetendra, filmmaker Sanjay Leela Bhansali and Bollywood star Ranveer Singh were today honoured with '74th Master Dinanath Mangeshkar Awards'.

• Jeetendra got the Lifetime Achievement Award while Bhansali and Ranveer got special award for direction and acting for their  'Bajirao Mastani.'
• The top honour was given by legendary singer Asha Bhosle.

Deenanath Mangeshkar :

• Deenanath Mangeshkar (29 December 1900 – 24 April 1942) was a well-known Marathi theatre actor, a renowned Natya Sangeet musician and a Hindustani classical vocalist.
• He is also the father of well-known singers Lata Mangeshkar, Asha Bhosle, and Usha Mangeshkar as well as composers Hridayanath Mangeshkar and Meena Khadikar.