Abhishek kumar aashish jindal

RBI: Inflation linked bonds for sale from December 23, 2013

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RBI: Inflation linked bonds for sale from December 23, 2013

December 22, 2013

The Reserve Bank of India (RBI) will issue Inflation Indexed National Savings Securities Cumulative (IINSS-C) bonds (or inflation linked bonds) for retail investors by opening the subscription on December 23, 2013 and close it on December 31, 2013.

Objective: The move will help to protect retail investors from price rise.

The IINSS-C bonds will offer investors a return i.e. 1.5% more than inflation based on the consumer price index. Interest will be compounded half yearly, enhancing effective yield on investments.

Inflation linked bonds

  • The limit for investment per applicant per annum: Rs 5,000 – Rs 5 lakh.

  • Eligibility for subscription: Individuals, Hindu Undivided Family, charitable institutions and universities.

  • The interest rate on these bonds would be linked to the Consumer Price Index (CPI).

  • The interest rate would comprise two parts — a fixed rate of 1.5% per annum and inflation rate based on CPI with a lag of three months. It would be compounded on the principal on half-yearly basis and paid at the time of maturity.

  • For senior citizens (65 years and above of age),  early repurchase will be allowed after one year from date of issue and other investors can redeem them after three years but with penalty of 50 per cent of the last coupon paid.

  • RBI will act as a central depository, as these securities will be issued in the form of Bonds Ledger Account (BLA) and held with RBI.

  • Distribution or sale of bonds would be through banks: SBI, nationalized banks and three private banks HDFC BankICICI Bankand Axis Bank  and Stock Holding Corporation of India.

India-Venezuela: Signed Cultural Exchange Programme

December 24, 2013

India and Venezuela signed a programme on cultural exchanges in the fields of publication, film and media, image and space arts, stage and music arts. The programme will last for three years and will be renewed automatically thereafter.
Excerpts of the Programme of Cultural Exchange

  • To promote the exchange of bilingual publications (traditional and contemporary stories).

  • To make an issue of the magazine ‘’Actualidades” (a CELARG publication) on the Republic of India or on Indian writers.

  • On a reciprocal basis, participation of India in the Venezuela’sInternational Book Fair.

  • To encourage the participation of Venezuelan and Indian poets and writers in the literature festivals organized by both countries.

  • To encourage the participation of India in the Venezuela’s World Festival of Poetry.

  • To boost the exchange of knowledge with specialists in the field of drawing techniques with natural pigments, specialists in dying with natural inks, as well as the use of enzymes.

  • Participation of a Venezuelan theatre company in the New Delhi’s Festival to diffuse the Venezuelan theatre in the Republic of India.

  • Encourage the acquisition of Distribution Rights of Indian film works by the film distributor Amazonia Films.

  • Encourage the institutional links between the Autonomous National Center of Film Making of the BolivarianRepublic of Venezuela and the Institute of Cinema and Television of the Republic of India.

  • Participation of one dancer or couple of dancers from India at the International Dance Festivals Solos y Duetos (Solos & Duets).

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