Daily NEWS/Currents……

1. IPCC Report:Chairperson of the Intergovernmental Panel on Climate Change (IPCC) R.K. Pachauri said that the scientific community had done its job and rest is on politicians and decision-makers.

2. Free SMS Service(AIR) : Free SMS Service Launched by AIR in 4 more languages. Those languages were Assamese, Malayalam, Tamil and Gujarati. Aim is to provide news updates to the people. It was launched in New Delhi by Prakash Javadekar Union Formation and Broadcasting Minister.

3. Pushkar Fair : The World largest Camel Fair as Pushkar Fair has began in Rajasthan.

4. Road Transport and Highways Minister Nitin Gadkari today launched the Electronic Toll Collection (ETC) system FASTag on Mumbai – Delhi National Highway, at a function in New Delhi.

5. According to UN climate change panel report, the world must stop almost all greenhouse gas emissions through a phased elimination of fossil fuels by 2100.

6. Scorpene, the Indigenously built submarine to carry critical DRDO system.

7. Mudgal panel which was formed for probing the betting and spot fixing scandals in the Indian Premier League (IPL) submitted its report to SC.

8. Return Mission to the Moon: First Return Mission to the Moon completed by China. Mission return to Moon with its unmanned orbiter landing back on Earth. After US and former Soviet Union, china became the 3rd country to complete this project.

9. State Nutrition Mission: launched by Uttar Pradesh Chief Minister Akhilesh Yadav. The project would help end malnutrition among children and women as concerted efforts helped curb polio in the state.

10. Kora: Indian Naval Ship Kora scraped by a foreign merchant vessel about 300 NM at sea from Visakhapatnam which resulted in minor damages to the ship.

11. Prof Lokesh Chandra was appointed as chairman of ICCR (India Council for Cultural Relations) by President Pranab Mukherjee for three years term period.

12. Swachh Bharat Abhiyan cleanliness drive: Oil and Natural Gas Corp (ONGC) has adopted the historic monument ‘Jantar Mantar‘ as a part of this programme.

13. Extra Cover:
(a) Double Taxation Avoidance Agreement (DTAA) .
(b) Banking Secretary: G S Sandhu.
(c) Udai Narain Chaudhary: Bihar Assembly Speaker.

The Depositor Education and Awareness Fund(DEAF) Scheme, 2014..

Things you should know about it…..!

Q. What is this Fund?
Ans. According to provision, the amount to the credit of any account in India with any bank which has not been operated upon for a period of ten years or any deposit or any amount remaining unclaimed for more than ten years shall be credited to the Fund, within a period of three months from the expiry of the said period of ten years.

Q. Is it a legal fund?
Ans. Yes,It is defined under Section 26A of Banking Regulation Act, 1949.

Q. who maintains this fund?
Ans. Reserve Bank of India.

Q. what is the purpose of this fund?
Ans. . The Fund shall be utilized for promotion of depositors’ interest and for such other purposes which may be necessary for the promotion of depositors’ interests as specified by RBI from time to time.

Q. Can Depositor claim from the bank his/her deposit even after such amount has been transferred to the Fund?
Ans. Yes, the depositor would be entitled to claim from the bank her/his deposit or any other unclaimed amount or operate her/his account after the expiry of ten years, even after such amount has been transferred to the Fund. The bank would be liable to pay the amount to the depositor/claimant and claim refund of such amount from the Fund.

Q. which deposit accounts with the Bank comes under this schemes?
Ans. (a) Savings bank deposit accounts;
(b) fixed or term deposit accounts;
( c) cumulative/recurring deposit accounts;
(d) current deposit accounts;
(e) cash credit accounts;
(f) loan accounts after due appropriation by the banks;
(g) other deposit accounts in any form or with any name.

Q. Whether depositors who claim their deposits earn interests from this Fund?
Ans. Yes, In case of demand from a customer/ depositor whose unclaimed amount/deposit had been transferred to Fund, banks shall repay the customer/depositor, along with interest if applicable, and lodge a claim for refund from the Fund for an equivalent amount paid to the customer/depositor.

Q. Who decides the Rate of interest on such deposits?
Ans. Reserve Bank of India from time to time.

Q. How it is in the case of a claim for refund of foreign currency denominated deposit accounts?
Ans. In the case of a claim for refund of foreign currency denominated deposit accounts, irrespective of whether the banks have paid the depositor/customer in Indian rupees or foreign currency, the banks shall be entitled to claim refund of the eligible amount from the Fund, in Indian rupees only.

Q. How does RBI manages this Fund?
Ans. RBI manages through a committee, which administers and manages the Fund in accordance with the Scheme. The Committee shall consist of an ex-officio Chairperson and not more than six members as decided by the Reserve Bank.

Q. who Heads this committee ?
Ans. Deputy Governor of Reserve Bank is ex-officio Chairperson of the Committee, and holds office for a period of two years.