Mumbai: In a bid to help NRIs access old age income security, the Reserve Bank of India (RBI) on Monday enabled the National Pension System (NPS) as an investment option for them.
NRIs can subscribe to the NPS, governed and administered by the Pension Fund Regulatory and Development Authority (PFRDA), provided such subscriptions are made through normal banking channels and the person is eligible to invest as per the provisions of the PFRDA Act, said the RBI.
“The subscription amounts shall be paid by the NRIs either by inward remittance through normal banking channels or out of funds held in their NRE/FCNR/NRO account,” the RBI notification said.
There will be no restriction on the repatriation of the annuity or accumulated savings, India’s central bank added.
Mumbai, Oct 28: In what could be a bizarre situation, the Reserve Bank Of India (RBI) does not seem to have any official records to prove that it had authorised the issue of new currency notes in denominations of Rs 2,000 and Rs 200, after demonetisation, according to documents available through RTI.
“As per RTI replies provided by the RBI, the country’s central bank has apparently not published any Government Resolution (GR) or a circular till date to issue the new Rs 2,000 and recently, the Rs 200 currency notes,” says Mumbai-based RTI activist M.S. Roy.
A May 19, 2016 document — roughly around six months before demonetisation — shows that the RBI’s Central Board of Directors approved a proposal put forth by its Executive Director on May 18, 2016.
This (proposal) pertained to the new designs, dimensions and denominations of future Indian bank notes, and the Board resolved to forward it to the central government for approval, as per extracts of the minutes of that Board meeting.
Essentially, this was carrying forward an earlier such proposal made on July 08, 1993 to introduce a new family of Indian bank notes of Rs 10, Rs 20, Rs 50, Rs 100 and Rs 500 of reduced sizes.
This old proposal (July 08, 1993) was approved at an RBI Central Board Of Directors meeting on July 15, 1993 as per a memorandum dated August 3, 1993 sent from RBI’s Central Office, Mumbai, to the Chief Officer, Department Of Currency Manager (RBI Mumbai), which was signed by the then Executive Director, A P Aiyer.
As per that proposal (of July 8, 1993), these new Indian currency notes of reduced size were to incorporate several fresh and enhanced security features in order to check counterfeiting, according to the same August 3, 1993 memorandum (quoted above).
Roy had also filed a separate RTI query on February 27, 2017, asking for documentation about photographs of Mahatma Gandhi which are not being printed on the Re 1 notes, but were being printed on all currency notes of denominations ranging from Rs 5 to Rs 2,000.
In reply to this particular query, the RBI provided resolutions of its board meetings held on July 15, 1993, July 13, 1994 and May 19, 2016.
However, these resolutions talk about design features merely for Rs 10, Rs 20, Rs 50, Rs 100 and Rs 500, all of which bear the photographs of the Father of the Nation.
None of these RBI board resolutions make any references about design features or Mahatma Gandhi photographs for denominations of Rs 1,000, Rs 2,000 and now, the latest entrant to the Indian bank notes family, the Rs 200 currency note.
Hence, Roy said that if the RBI board resolutions never even discussed design features or Mahatma Gandhi photographs to be incorporated in Rs 1,000 notes (discontinued after demonetisation), Rs 2,000 denomination notes (introduced on November 8, 2016) and the subsequent Rs 200 notes (introduced in mid-2017), it clearly indicates that no official approval was granted.
He questioned that if no approval was granted for issuing these denominations, who authorised these denominations, their design, printing and distribution.
“If there has been no approval by the RBI Board, no supporting GR or any other known documentation in the public domain, then there is a big question mark about the legal validity and official (monetary) status of these notes — namely Rs.200 and Rs.2,000. The matter merits an independent investigation,” Roy said.
However, if such approvals do indeed exist, then the RBI and government must explain why these documents were not made available despite an RTI query or why they were not in the public domain. (IANS)
Efforts are required for training and skill up-gradation of women in traditional, new andemerging areas to promote women’s employment
In November the government will honor 100 women achievers
Gender Equality is still not reflected in ‘participation in economic activities’ which is not a good thing for women empowerment
New Delhi (India), September 7, 2017: Rakesh Srivastava, Secretary, Ministry of Women and Child Development said that very soon a law will be finalized which will protect Indian women who are abandoned by their NRI husbands or foreign partners. He said this on 6th September 2107. It will be a praiseworthy step for women empowerment.
Srivastava was present for the inauguration ceremony of 2nd Conference on Women at the workplace- “Role of Leadership”, New Delhi. The Conference was organized by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).
Women Empowerment by increasing job opportunities for women
According to ANI report, Rakesh Srivastava said “India has taken a lead role in gender budgeting in the world. Efforts are also required for training and skill up-gradation of women in traditional, new and emerging areas to promote women’s employment in both organized/unorganized sectors, including entrepreneurial development.”
Women Achievers will be honored
Srivastava also informed that in November the government will honor 100 women achievers. The event will be held in Hyderabad and will possibly be attended by The US President Donald Trump’s daughter Ivanka Trump. The government decided to honor women achievers will inspire other women to reach great heights of success, this step will foster women empowerment.
Equal Opportunities for Women
He further added that if suitable strategies and also laws which help in women empowerment are implemented- it will ensure equal opportunities for women to enter as well as enjoy decent work in a healthy work environment. This will also include fair and equal wages, health measures, social security measures and occupational safety.
Knowledge about Gender Equality will increase Women Empowerment
He cited that gender equality is critical for the development of any country. Srivastava said that by removing barriers which prevent women from having the same access to economic opportunities, education, and productive inputs as men will lead to productivity gains. It is a crucial step to be taken in today’s globalized and competitive world.
Srivastava said, “India has been ranked 87 out of 144 countries on the latest World Economic Forum’s Gender Gap Report 2016, but in the economic sphere, much work remains to be done as India ranks 136 in this pillar out of 144 countries.” He added that gender equality is still not reflected in ‘participation in economic activities’ which is not a good thing for women empowerment.
Workforce Participation Rate in Men v/s Women
“In 2011, the workforce participation rate at all India level is 25.51% for women as compared to 53.26% for men. While there is no urban-rural gap for males (53%), there is a considerable rural-urban gap for females, when workforce participation rate for rural women is 30% it is only 15.4% for urban women,” Srivastava said, mentions ANI report.
Women Empowerment by building women’s Hostels for widows and women in distress
Rakesh Srivastava, the secretary of Ministry of Women and Child Development also shared that the government is working on women’s hostels that can also be utilized by the widows and women in distress in India.
Srivastava said “Women form an integral part of the Indian workforce. They need to be equal partners in the society for them to be equal participants in work. Women have to contend with discriminatory laws, institutions and attitudes that restrict their leadership and full participation in public life.” He added that what prevents women from becoming effective leaders is unequal access to resources.
October 15 will be observed as ‘Women Farmer’s Day’ all thanks to Krishna Raj, Minister of State for Agriculture and Farmers Welfare. This move by a minister, noticing rural women’s contribution in farming paves way for women empowerment of rural women.
Krishna Raj said, “Women can make enormous contributions to economies, whether in businesses, on farms, as entrepreneurs or employees, or by doing unpaid care work at home.”
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United Nations June 15, 2017: Indians working overseas sent home $62.74 billion last year, an increase of 68.6 percent in the last decade, according to a UN agency.
India received the most overseas remittances last year, a report by the International Fund for Agricultural Development (IFAD) issued on Tuesday said.
The money sent by Indians overseas amounted to 3.3 percent of India’s gross domestic product, the report said.
Gulf countries were the primary destination for Indian workers going abroad and the US was a “popular destination”.
The US was the country from which most remittances – $3.6 billion – were made, the IFAD said.
Releasing the report, “Sending Money Home: Contributing to the SDGs (Sustainable Development Goals), One Family at a Time”, IFAD President Gilbert F. Houngbo spoke of the impact the remittances had on improving the living standards of families in the home countries.
“The small amounts of $200 or $300 that each migrant sends home make up about 60 per cent of the family’s household income, and this makes an enormous difference in their lives and the communities in which they live,” he said.
More than 800 million family members are benefiting from the remittances by over 200 million migrant workers, the IFAD said. This year every one-in-seven persons in the world will either send or receive a share of the $450 billion transferred globally.
“Remittances are expected to remain a stable source of finance to meet the immediate needs and aspirations of millions of families around the world,” the report added.
Even though the average cost of sending money home has decreased from about 10 percent in 2008 to 7.45 percent, it still takes a big chunk out of the remittances. The UN development goals want it to be brought down further to 3 per cent by 2030, the IFAD mentioned in its report.
“If legal and regulatory frameworks facilitate the use of technology and innovation, mobile phones, digital money, Internet-based mobile and Web applications will continue to drive costs down, strengthen financial access, and improve the possibility to deliver additional services,” the report added. (IANS)