1. RBI allows banks to fix interest rates on gold deposit scheme
Reserve Bank of India (RBI) has allowed banks to fix their own interest rates on gold deposits under the Gold Monetisation Scheme.
Designated banks will accept gold deposits under the Short Term Bank Deposit (1-3 years), Medium (5-7 years) and Long term (12-15 years) Government Deposit Schemes.
In this regard RBI has issued guidelines mentioning Banks are free to set interest rate such as principal and interest on the deposit denominated in gold.
The interest on the gold deposits will be credited in the accounts on the respective due dates and will be periodically withdrawable i.e. at maturity of the deposits. Short term bank deposits will be applicable cash reserve ratio (CRR) and statutory liquidity ratio (SLR).
2. Zimbabwean President Robert Mugabe named 2015 Confucius Peace Prize
Zimbabwean President Robert Mugabe has been awarded 2015 Confucius Peace Prize by China. The Prize is dubbed as Chinese equivalent of the Nobel Peace Prize.
He was chosen for this edition of prize for his inspirational leadership and service to pan-Africanism and African independence.
The prize also has recognised his efforts to overcome difficulties of all kinds and his commitments for constructing his nation’s political and economic order.
The award is bestowed for promotion of world peace from the 21st-century interpretation of Confucianism i.e. universal harmony in the world.
3. Union Government clears first batch of flagship urban projects under AMRUT
Union Government has cleared the first batch of projects under the flagship scheme of Atal Mission for Rejuvenation and Urban Transformation (AMRUT) for 89 cities from 3 states.
These 3 states namely Andhra Pradesh, Gujarat and Rajasthan had submitted around 143 projects which have been approved after a reviewing of Union Urban Development Ministry.
The focus of the urban renewal projects is to establish infrastructure that could ensure adequate robust sewerage networks and water supply.
4. PM lays foundation stone for mobile manufacturing facility
Prime Minister Narendra Modi has laid the foundation stone of Shri Venkateswara Mobile and Electronics Manufacturing Hub in Tirupati, Andhra Pradesh.
It is country’s first dedicated mobile manufacturing electronics cluster to be established in lines with Union Government’s flagship Make in India initiative.
In this hub, Foxconn which is world’s largest contract manufacturer of electronics already has started its operations for manufacturing brands such as Xiomi and Gionee.
Other important mobile brands like Micromax, UTL (Karbonn) and Celkon are also planning to start their manufacturing operations in this hub.
5. Russia to permanently station military unit in the Arctic by 2018
Russia announced that it will permanently station a military unit in the Arctic by 2018.
The defence minister of Russia Sergey Shoygu also announced that Russia is building several new bases in the Arctic as well as rebuilding six Soviet-era air bases in the Arctic.
It was also declared that the nation already has practically finished building bases on the Novosibirsk Archipelago and on Kotelny Island. The nation relies on modern military technology to guard borders in the Arctic.
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