Alternative Investment
Second edition of gold bond scheme opens
The second edition of sovereign gold bond scheme opened for subscription by resident Indians for five days from Monday, with the value of the commodity fixed at Rs.2,600 per gram of 99.9 percent purity, and an interest rate of 2.75 percent per annum.
 
"The bonds shall be denominated in units of one gram of gold and multiples thereof. The minimum investment in the bonds shall be two grams with maximum limit of subscription of 500 grams per person per fiscal year," the Reserve Bank of India, said announcing the launch.
 
"The scheduled commercial banks, designated post offices and the Stock Holding Corp of India are authorised to receive applications for the bonds either directly or through agents," the central bank added in the statement.
 
These bonds will be repayable on the expiry of eight years from February 8, which will be taken as the the issue date. Pre-mature redemption is permitted from the fifth year. The price taken for redemption will in rupees, taking into account the the previous week’s average.
 
Finance Minister Minister Arun Jaitley had underscored in his federal budget for 2015-16 the need to develop a financial asset ike the gold bond as an alternative to people purchasing metal gold. The first tranche was open for subscription from November 5-20. 
 
The government claimed thereafter that the the response was excellent -- 62,169 applications were received for a total subscription of 915.953 kg gold, amounting to Rs.246.20 crore by banks and Post Offices. 
 
Highlights of the scheme in its second edition:
 
- Issue price fixed at Rs.2,600 per gram of 99.9 percent purity
 
- Maximum subscription is 500 grams per person per fiscal 
 
- Minimum subscription two grams and in multiples of one gram, thereafter
 
- Rate of interest for 2015-16 fixed at 2.75 per annum payable half-yearly
 
- Bonds in both in demat and paper form
 
- Availability at designated banks and post offices
 
- Tenor of eight years, with exit option from 5th year
 
- Exemption from capital gains tax available. 
 
- On maturity, investor to get equivalent value of gold invested at then prevailing price
 
- Bonds may be used as collateral for loans
 
- Bonds can also be traded from such date as may be notified by central bank.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Delhi HC notice on school management quota issue
The Delhi High Court on Monday issued notice to the city government on a petition questioning its decision to scrap management quota in nursery admissions in private schools.
 
Justice Manmohan sought response from the Delhi government and its education department by January 25 and posted the matter for hearing on January 28.
 
Saying the government can't take away the "autonomy of private schools", the court said parents shall fill the nursery admission forms as per the criteria prescribed by the schools, but it will be subject to the final outcome of the case.
 
Meanwhile, the court questioned the government on the condition of public schools in the national capital. 
 
"There is a rush in private schools because the standard is not good in public schools. When can't you improve public schools? You are taking over private schools. Set your house in order," the court said.
 
The court was hearing a bunch of pleas, including one filed by the Action Committee of Unaided Recognised Private Schools that the government circular was "absolutely without jurisdiction" and should be quashed as it completely took away the autonomy of schools.
 
"The order is liable to be quashed in as much as it completely takes away the autonomy of schools, which is part of fundamental right of private unaided educational institutions, as guaranteed to them under the constitution," the plea said.
 
"About 99 percent of private unaided recognised schools functioning in Delhi are following and have specified absolutely fair, reasonable, just and transparent criteria for admissions in their respective schools," it said.
 
Delhi Chief Minister Arvind Kejriwal on January 6 said the decision to scrap the management quota was taken to bring in more transparency in the admission process of private schools.
 
He said the existing provision of 25 percent seats earmarked for students from poor families will remain in place.
 
However, he said, schools were free to grant admission to children of their employees and could allocate points in their criteria.
 
Currently, the schools keep 20 percent or even more seats under the management quota, while 25 percent seats are reserved for economically weaker sections (EWS) students while the remaining are open for the general category children.
 
Lt. Governor Najeeb Jung issued a notification in December 2013, abolishing the management quota in nursery admissions but it was challenged by the affected schools.
 
In November 2014, the high court quashed the admission guidelines issued by the Lt. Governor and gave autonomy to the schools to decide on the criteria as per the Ashok Ganguly Committee guidelines.
 
The city government appealed to refer the matter to a larger bench.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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Many smartphone users unaware of what Android apps are accessing
Many smartphone users are unaware of what their Android apps are accessing and that if they were, they'd like to stop it, according to a study.
 
Using a group of 36 participants, researchers at the University of British Columbia and the University of California-Berkeley, gave each person a handset with a tweaked form of Android that highlighted when information was being accessed or permission was needed.
 
After a week and 27 million data points, 80 percent of participants said they would have liked to block one permission, and on the whole one third of all requests would have been stopped if it had been possible.
 
Only six people in the group were happy to share all data and information all of the time, ctvnews.ca reported on Sunday.
 
The study showed that there needs to be a clearer way of detailing how and why apps need permission and giving users the chance to opt out. But it also highlights a bigger point about the creep of technology into every part of modern life.
 
Consumers are feeling so overwhelmed by requests from their smartphones, PCs and the online services that they habitually use, that they're increasingly blindly clicking 'accept' or 'OK'.
 
The majority of smartphone owners are in the dark or are at least very confused about what they're sharing when they install an app. Permissions are given in list form during the installation process and the only way to refuse a condition is to not install an app.
 
The users of Google's Android operating system, Marshmallow, get new levels of control when it comes to permission -- i.e., being able to say 'yes' or 'no' to an app's need to share or access location or address book. However, its adoption by majority of users will take a long time given that Lollipop, Marshmallow's predecessor, is only running on one third of devices.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Anand Vaidya

11 months ago

Cyanogen OS, based on Android source code, has "privacy guard" feature which can deny applications excessive access to private data such as location, file access etc. Users can choose which app gets what kind of access.

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