Current Affairs India - 10 September 2015

1. The Union Cabinet has approved Gold Monetization Schemes that were first announced by the Union Finance Minister Arun Jaitley in his 2015-16 budget speech earlier this year. Under this initiative, revamped Gold Deposit Scheme (GDS) and the Gold Metal Loan (GML) Scheme will be implemented. These revamped schemes are in addition to the Sovereign Gold Bond Scheme as approved by the Cabinet.

The main objective of these schemes are to mobilize the gold held by households and institutions in the country and to provide a fillip to the gems and jewellery sector in the country by making gold available as raw material on loan from banks.

2. The Union Cabinet has also approved for the Sovereign Gold Bonds Scheme in order to reduce the demand for physical gold and to shift part of the estimated 300 tons of physical bars and coins purchased every year for investment into Demat (Dematerialised) gold bonds. It was first announced by Union Finance Minister Arun Jaitley-s 2015-16 budget speech.

He announced three major initiatives viz., Gold Monetisation Scheme, Sovereign Gold Bond Scheme and Indian Gold Coin to curb demand for physical gold during his budget speech earlier this year.

3. The Union Cabinet has allowed 100% foreign direct investment (FDI) under the automatic route for white label ATM operations (WLAO). This is expected to boost FDI inflows in WLAO further giving a fillip to the government-s ambitious effort to promote financial inclusion in the country, including the Pradhan Mantri Jan Dhan Yojna (PMJDY).

4. US President Barack Obama will honour Indian-American Pulitzer Prize winner Jhumpa Lahiri with the prestigious National Humanities Medal in recognition of her enlarging the human story. The White House said in her works of fiction, Dr Lahiri has illuminated the Indian-American experience.

5. Famous Indian Golfer Anirban Lahiri has become the first Indian to qualify for the prestigious President-s Cup of Golf.  He was qualified to this prestigious cup through automatic qualifications as team member of the International Team which is set to take on United States team in the biennial Presidents Cup 2015 to be held at Incheon, South Korea. He was awarded with Arjuna Award by Indian Government in 2015.