2.5% Increase Projected in Remittances to India in 2015 by the World Bank
- Remittances to India are projected to increase by 2.5 per cent this year, the World Bank has said in its latest report, even as weak economies in Europe, especially Russia, are slowing the growth of remittance flows.
- In 2014, India is estimated to have received remittances worth USD 70.3 billion or nearly Rs. 4.5 lakh crore.
- In its latest report, the World Bank said remittances to India, South Asia’s largest economy and the world’s largest remittance recipient, are projected to increase by 2.5 per cent in 2015, below the regional average but well above the 0.6 per cent increase in 2014.
- According to the Reserve Bank of India, about 35 per cent of remittances to India originate in North America, and another 35 per cent in the GCC countries.
- The Bank said the recent depreciation of the Indian rupee may have boosted investment-oriented remittances to India.
- In its report, the Bank said remittances to developing countries are expected to reach USD 435 billion in 2015, registering a modest growth rate of two per cent from last year.
- This represents a significant slowing in the growth of remittances from the rise of 3.3 per cent in 2014 and of 7.1 per cent per year from 2010 -13.
- Global remittances, sent home from some 250 million migrants, are projected to grow by 1.3 per cent to USD 588 billion.
Banks can now fix interest rates on gold deposit scheme : RBI
- Banks can set interest rate along with principal and interest on the gold deposit.
- Designated banks will accept gold deposits under the Short Term Bank Deposit (1-3 years), Medium (5-7 years) and Long term (12-15 years) Government Deposit Schemes.
- There is no bar on maximum amount of gold that can be deposited but the minimum deposit should be raw gold equivalent to 30 grams of 995 fineness standard.
- The raw gold should be in the form of coins, bars, jewellery excluding stones and other metals.
President of Zimbabwe Robert Mugabe awarded 2015 Confucius Peace Prize by China
- The Prize is dubbed as Nobel Peace Prize of China. He was chosen for this edition of prize for his inspirational leadership and service to Africa and it’s independence.
- This prize was established in 2010 by China’s Communist Government after it was angered by Nobel Peace Prize being awarded to imprisoned Chinese dissident Liu Xiaobo.
- Previous Recipients of this prize are: Vladimir Putin (2011), Kofi Annan and Yuan Longping (2012) and Fidel Castro (2014).