Thursday January 18, 2018
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PM Modi launches three gold-related schemes

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New Delhi: Prime Minister Narendra Modi on Thursday launched three gold-related schemes, including a coin engraved with the images of national emblem Ashok Chakra and Mahatma Gandhi on its two sides, in a bid to put some 20,000 tonnes of idle gold into productive use.

The other two schemes launched here are the gold monetisation scheme to convert jewellery and other yellow metal assets with people into interest-bearing deposits, and the sovereign bond scheme with an eight-year tenure, while allowing an exit option after five years.

We take a look at all three schemes:

Gold coins

-The coins will be available in denominations of 5 and 10 grams. A 20 gram bar or bullion will also be available. About 15,000 coins of 5 gm, 20,000 coins of 10 gm and 3,750 gold bullions will be made available through MMTC outlets.

-The Indian Gold coin is unique in many aspects and will carry advanced anti-counterfeit features and tamper proof packaging that will aid easy recycling.

-These coins will be distributed through designated and recognised MMTC outlets.

Gold Monetisation Scheme

Resident Indians (individuals, HUF, trusts, including mutual funds/exchange traded funds registered under Sebi norms) can make deposits under the scheme. The minimum deposit at any one time will be raw gold (bars, coins, jewellery excluding stones and other metals) equivalent to 30 grams of the precious metal of 995 fineness. There is no maximum limit for deposit under the scheme and the metal will be accepted at the Collection and Purity Testing Centres (CPTC) certified by the Bureau of Indian Standards.

Sovereign Gold Bond

Instead of buying gold in physical form investors can park their money in bonds which are backed by gold. The bonds will be available both in demat and paper form. Sovereign Gold Bond has more or equal advantage against the physical gold. The bond will be issued by RBI on behalf of the Government of India. The bond would be restricted for sale to resident Indian entities and the maximum allowable limit is 500 grams per person per year.
According to the World Gold Council, an estimated 22,000-23,000 tonnes of gold is lying idle with households and institutions in India. The annual imports amount to around 850-1,000 tonnes valued at $35-$45 billion.

These schemes will tap the festive season ahead of Dhanteras and Diwali.

(With inputs from various sources)

 

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15 Amazing Facts About The Revolutionary Bhagat Singh

Bhagat Singh is considered to be a legend. Many of his actions are well-known. Even after his death, his inspiring actions continued to stir the desire for freedom.

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Bhagat Singh belonged to Punjab and popularly referred as legendary revolutionary Shaheed-e-Azam Bhagat Singh. Wikimedia Commons
Bhagat Singh belonged to Punjab and popularly referred as legendary revolutionary Shaheed-e-Azam Bhagat Singh. Wikimedia Commons
  • Bhagat Singh was born on 28 September 1907
  • At a very early age, he got inclined towards socialism and socialist revolutions
  • Bhagat Singh was a very versatile theatre artist

Bhagat Singh stands out to be one of India’s greatest revolutionary freedom fighter who was given the death penalty by the British colonizers. Although he died at a very young age of 23 but his actions inspired the youth of the nation to fight for the nation’s freedom.

Bhagat Singh belonged to Punjab and popularly referred as legendary revolutionary Shaheed-e-Azam Bhagat Singh. He was born on 28 September 1907 in the village of Banga, Lyallpur district (now in Pakistan). Bhagat Singh is considered to be one of the most influential revolutionaries of the Indian independence movement. He inculcated the spirit of martyrdom since his childhood.

Due to the utter influence of Bhagat Singh, Britishers hanged him an hour ahead of the official time. Wikimedia Commons
Due to the utter influence of Bhagat Singh, Britishers hanged him an hour ahead of the official time. Wikimedia Commons

At a very early age, he got inclined towards socialism and socialist revolutions led by Lenin and soon he started to follow and read about them. The leaflet that he threw in the Central Assembly on 9 April 1929, he stated, “It is easy to kill individuals but you cannot kill the ideas. Great empires crumbled while the ideas survived.”

Also Read: 8 must-read works of Rabindranath Tagore

Take a look at the life of one of the most celebrated Indian freedom fighters.

  1. Bhagat Singh was a great actor in college and a theatre artist. He took part in several plays. The most notable plays he was part of were ‘Rana Pratap’, ‘Samrat Chandragupta’ and ‘Bharata-durdasha’.
  2. When the Jalianwala Bagh incident occurred, Bhagat Singh was in school. He immediately left the school and went straight to the place of the tragedy. He collected the mud of that place which was mixed with the blood of Indians and worshipped the bottle every day. At that time, he was just 12 years old.
  3. In his childhood, Bhagat Singh often talked and wanted to grow guns in the fields, so that he could fight the British and push them back.
  4. Being a kid, he never talked about toys or games. He used to speak about driving out Britishers from India.
  5. The bomb that Bhagat Singh and his associates threw in the Central Assembly, were made of low-grade explosives. They were thrown away from people in the corridors of the building and were only meant to startle and not harm anyone. The British investigation report and forensics details also confirmed this.
  6. Bhagat Singh coined the word “political prisoner” during his stay in prison in 1930. He demanded basic amenities for his comrades in the prison which were even given to British looters and goons in the jail.
  7. ‘Inquilab Zindabad’ was the very famous phrase of Bhagat Singh. It fueled the independence vision of the people and later on became the slogan of India’s armed freedom struggle.
  8. Due to the utter influence of Bhagat Singh, Britishers hanged him an hour ahead of the official time. He was then secretly cremated on the banks of the river Sutlej by jail authorities. However, on hearing the news of his execution, thousands of people gathered at the spot of his cremation and took out a procession with his ashes.
  9. When Bhagat Singh was imprisoned in Lahore Jail, he kept a diary with him in which he penned down his fervent thoughts about freedom and revolution.
  10. At the very young age of 14 years, Bhagat Singh took part in a protest against the killing of a large number of unarmed people at Gurudwara Nankana Sahib.
  11. Bhagat Singh debunked Mahatma Gandhi’s philosophy of non-violence. After the 1922 Chauri Chaura incident, he joined the Young Revolutionary Movement and began to advocate for the violent methods to overthrow the British Government in India.
  12. To avoid a forced marriage by his family, Bhagat Singh ran away to Kanpur and left a letter, which read, “My life has been dedicated to the noblest cause, that of the freedom of the country. Therefore, there is no rest or worldly desire that can lure me now.”
  13. When the British police became aware of Singh’s influence on youth, they immediately arrested him on the false pretext of having been involved in a bombing.
  14. After witnessing the Hindu-Muslim riots that broke out after Gandhi disbanded the Non-Cooperation Movement, he began to question religious ideologies of the society. After that point, Singh dropped his religious beliefs. He believed that the religion hinders the revolutionaries’ struggle for independence, and started studying the works of Bakunin, Lenin, Trotsky – all atheist revolutionaries. Later on, Bhagat Singh also wrote an essay titled ‘Why I am an Atheist’ in 1930 in Lahore Central Jail.
  15. Bhagat Singh wrote for Urdu and Punjabi newspapers which used to get published from Amritsar. He also contributed to the publishing of pamphlets by the Naujawan Bharat Sabha that excoriated the British. In his college time, Singh won an essay competition set by the Punjab Hindi Sahitya Sammelan. Bhagat Singh also published a series of articles on anarchism in Kirti and used many pseudonyms such as Balwant, Ranjit and Vidhrohi for publishing his writings.
    ‘Inquilab Zindabad’ was the very famous phrase of Bhagat Singh. Wikimedia Commons
    ‘Inquilab Zindabad’ was the very famous phrase of Bhagat Singh. Wikimedia Commons

     

    Also Read: 10 Facts You Need To Know About Homi Bhabha

    Bhagat Singh is considered to be a legend. Many of his actions are well-known. His execution ignited the feeling of unity in many people to take up the revolutionary path, playing an important role in India’s freedom struggle. On the other hand, many didn’t agree with his radical approach to attain freedom. Even after his death, his inspiring actions continued to stir the desire for freedom.

    Once Bhagat Singh said, “They may kill me, but they cannot kill my ideas. They can crush my body, but they will not be able to crush my spirit.