Government Schemes Current Affairs - 2019
Latest Government Schemes Current Affairs 2019 for UPSC Exams, Bank Exams, Civil Services, SSC and other Competitive Exams. This category comprises current affairs related to various welfare schemes of Government of India and State Governments.
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Delhi government has launched Chief Minister’s Urban Leaders Fellowship Programme that seeks to attract young leaders across the country to work with it on addressing some of the most pressing urban challenges. It was announced by Delhi Deputy Chief Minister Manish Sisodia.
Chief Minister’s Urban Leaders Fellowship Programme
The fellowship aims to provide unique opportunity to young leaders across India to work within the Delhi government to address some of the most pressing urban challenges in India. It also seeks to attract youth who are passionate about public service and are willing to work for two years. Fellows selected under this programme will be assigned to work with ministers or senior officials across various departments Delhi government such as health, education, water, transport, art and culture. The fellows will be paid remuneration of Rs 1.25 lakh per month and Rs 75,000 per month to Associate Fellows.
Union Government has opened new series of sovereign gold bonds scheme for subscription. Under this scheme, sovereign gold bonds will be issued every month from October 2018 to February 2019. This bond will be sold through Stock Holding Corporation of India Limited, Post Office, Stock Exchange (NSE and BSE).
Sovereign Gold Bond (SGB) Scheme
It is aimed at providing alternative to buying physical gold. Under it, bonds are denominated in units of one gram of gold and multiples thereof. These gold denominated bonds are restricted for sale to resident Indian entities, including individuals, Hindu undivided families (HUF), trusts, universities and charitable institutions.
The minimum subscription for individual and HUF is 1 gram and maximum is 4 kg. For trusts and similar entities, maximum subscription is 20 kg per fiscal. Price of bond is fixed in rupees on basis of simple average of closing price of gold of 999 purity published by India Bullion and Jewellers Association Limited for last 3 working days of week preceding the subscription period.
The tenor of SGB bonds is 8 years with provision of premature cancellation after 5 years on interest payment dates. Investors in SGB bonds have been provided with option of holding them in physical or dematerialised form. RBI has notified rate of interest of 2.50% per annum on SGB bonds is payable on half yearly basis.
The bonds can be used as collateral for loans and loan-to-value ratio is set equal to ordinary gold loan mandated by RBI from time to time. Individual investing in it are exempted from capital gains tax arising on redemption of SGB. The indexation benefits are also provided to long-term capital gains arising to any person on transfer of bond.