Knowledgist 4 Banking 🎯

SUMMITS AND VENUE

1. G-20 SUMMIT:

🔗 15th Edition (2020) :
Riyadh, South Africa
🔗 16th Edition (2021) :
Italy
🔗 17th Edition (2022) :
Indonesia
🔗 18th Edition (2023) :
India
🔗 19th Edition (2024) :
Brazil

2. BRICS SUMMIT:

🔗 12th Edition (2020) :
Russia
🔗 13th Edition (2021) :
India

3. G-7 SUMMIT :

🔗 46th Edition (2020) :
United States
🔗 47th Edition (2021) :
United Kingdom
🔗 48th Edition (2022) :
Germany
🔗 49th Edition (2023) :
Japan
🔗 50th Edition (2024) :
Italy

4. ASEAN SUMMIT :

🔗 36th Edition (June 2020) :
Vietnam
🔗 37th Edition (Nov 2020):
Vietnam
🔗 38th Edition(April/May 2021):
Brunei
🔗 39th Edition (Oct/Nov 2021):
Brunei

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❇️ Important Sections of RBI Act 1934 ❇️

There are total 61 Sections in the RBI Act 1934.

👉🏻Important Sections in the RBI Act 1934
Section 3: Establishment and incorporation of Reserve Bank.

Section 4: Capital of the Bank. The capital of the Bank shall be five crores of rupees.

Section 6: Establishment of Offices, branches and agencies

Section 8: The composition of central board of Reserve Bank of India

Section 17: The business that RBI can carry out

Section 20: Obligation of the Bank to transact Government business.

Section 21: Bank to have the right to transact Government business in India.

Section 21A: Bank to transact Government business of States on agreement.

Section 22: Right to issue bank notes.

Section 24: Denominations of notes. (1) Subject to the provisions of sub-section (2), bank notes shall be of the denominational values of two rupees, five rupees, ten rupees, twenty rupees, fifty rupees, one hundred rupees, five hundred rupees, one thousand rupees, five thousand rupees and ten thousand rupees or of such other denominational values, not exceeding ten thousand rupees.

Section 27: Re-issue of notes. The Bank shall not re-issue bank notes which are torn, defaced or excessively soiled.

Section 26 (1): Defines legal tender of notes

Section 26(2): Withdrawal of legal tender of notes

Section 42: Cash reserves of scheduled banks to be kept with the Bank.

Section 45(U): Defines repo, reverse repo, derivative, money market instruments and securities.

The first schedule of the RBI Act 1934 defines the 4 areas under which the Indian states should come. The 4 areas are Western Area, Eastern Area, Northern Area, Southern Area

The second schedule of the Act lists all the SCHEDULED BANKS in India.

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Knowledgist 4 Banking 🎯

✅ Sovereign Gold Bond Scheme 2015 - Complete Details

The Government of India introduced the Sovereign Gold Bond (SGB) Scheme in November 2015, to offer investors an alternative to physical gold. Over the years, the market has witnessed a considerable decline in the demand for physical gold. SGBs are government securities and are considered safe.

If you are looking to purchase an SGB, all you have to do is approach a SEBI authorized agent or broker. When you redeemed the bond, the corpus (as per the current market value) will be deposited into your registered bank account.

🔷Basic Objective
India has an estimated 20,000 tonnes of gold lying idle with Indian households and institutions. Sovereign Gold Bond schemes aimed at bringing the gold lying with citizens into the economy, and reducing India’s dependence on gold imports.

🔷Features of Gold Bond Scheme
➖ SGBs are government securities denominated in grams of gold, wherein the basic unit is 1 gram. The minimum initial investment is 1 gram of gold, and the upper limit is 4 Kg of gold per individual investor. For entities such as trusts and universities, 20 Kg of gold is permissible. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity.

➖ Sovereign Gold Bond Scheme has a tenure of 8 years which can be withdrawn prematurely after 5 years on interest payment dates.

➖ The Bond is issued by Reserve Bank on behalf of Government of India. They are substitutes for holding physical gold.

➖ The Bonds bear interest at the rate of 2.50 per cent (fixed rate) per annum on the amount of initial investment. Interest will be credited semiannually to the bank account of the investor and the last interest will be payable on maturity along with the principal.

➖ These Gold bonds can be purchased through multiple payment modes such as cheques, cash, DDs or electronic transfer.

➖ The Sovereign Gold Bond Scheme was launched under the Gold Monetization Scheme 2015.

🔷Who should Invest in SGB Scheme
➖ As a low-risk investment, it is perfect for investors with a low-risk appetite. As investor will get a guaranteed return of 2.5% plus current value of gold at the time of maturity.
➖ Those who want to invest in gold and do not want to take any risk of storing physical gold can also go for SGBs. This is because it is easy to store this in Demat form, and nobody can steal it as they are in electronic form.

🔷Who can apply for Sovereign Gold Bond
➖ Any individual/association/trusts/HUFs having an Indian residency is eligible to invest in the Sovereign Gold Bond scheme. They can also jointly invest in these gold bonds as the eligibility criteria of the scheme.
➖ The benefits of this scheme can also be availed by the minors provided this bond is purchased by the parents on their behalf.

🔷Where to buy Sovereign Gold Bond
Investors can apply for the bonds through scheduled commercial banks and designated post offices. NBFCs, National Saving Certificate (NSC) agents and others, can act as agents and they are also traded on the Stock Exchange.

1.38K views09:40