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What is Currency chests? Currency chests are branches of selected banks authorised by the RBI to stock rupee notes and coins. The responsibility for managing the currency in circulation is vested in the RBI. The central bank advises the Centre on the number of notes to be printed, the currency denominations, security features and so on. The number of notes that need to be printed is determined using a statistical model that takes the pace of economic growth, rate of inflation and the replacement rate of soiled notes. The Government has, however, reserved the right to determine the amount of coins that have to be minted. The RBI offices in various cities receive the notes from note presses and coins from the mints. These are sent to the currency chests and small coin depots from where they are distributed to bank branches. The RBI has set up over 4,075 currency chests all over the country. Besides these, there are around 3,746 bank branches that act as small coin depots to stock small c...

 Chandrayaan-3 Landing: India's Ambitious Lunar Mission Set for Redemption  Mission Objectives  Chandrayaan-3's primary objective is to achieve a successful soft landing on the lunar surface and deploy a rover to explore the uncharted regions of Earth's celestial neighbor. The mission aims to conduct detailed scientific investigations, including studying the lunar soil, analyzing the composition of the lunar surface, and mapping the moon's topography. Chandrayaan-3 will also focus on collecting data related to the moon's mineralogy and water ice distribution, which could provide valuable insights into the moon's geological history and potential resources. Key Features and Upgrades  Learning from the challenges encountered during Chandrayaan-2, ISRO has implemented several key upgrades for Chandrayaan-3. The lander and rover have undergone significant improvements to enhance their reliability and robustness. The lander's propulsion system and navi...

What Is Bancassurance? Bancassurance is an arrangement between a bank and an insurance company allowing the insurance company to sell insurance schemes to the bank's clients. This partnership arrangement can be profitable for both companies. Banks earn additional revenue by selling insurance products, and insurance companies expand their customer base without increasing their sales force. What is circular economy? The circular economy is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products as long as possible. In this way, the life cycle of products is extended. In practice, it implies reducing waste to a minimum. When a product reaches the end of its life, its materials are kept within the economy wherever possible thanks to recycling. These can be productively used again and again, thereby creating further value. What is Plastic Money? Plastic money is your debit or cr...

Initial Public Offering (IPO) If a closely held company i.e. a company in which all the shares are held by the promoter wants to raise funds for the first time by selling its shares to the interested investor then it is termed as IPO of that company. For this purpose an application known as Draft Red Herring Prospectus is filed to get the permission with SEBI. The prospectus is named so because the cover page of the prospectus is printed in red. This concept was borrowed from the American Stock Market. Once the permission is granted the company hires merchant banking companies or investment banking companies that evaluate the financial health of the company and even its future prospects. Based on that it is decided that over the value of the share how much premium can be added while selling the shares. Thereafter the company comes out with advertisements. The interested investors transfer money from their bank account directly and the shares are transferred to their Demat a...

In the year 2015, the government introduced Sovereign Gold Bond scheme as well as Gold Monetization Scheme. These were aimed at bringing down the import of gold in physical form so that the outflow of foreign currencies can be prevented. Sovereign Gold Bond scheme-: Sovereign Gold Bond scheme was introduced in order to bring down investment in gold in physical form. Investment in gold in physical form suffers from some basic risks. First of all, the risk is related to the purity of gold in physical form. Secondly the risk is related to its safety. If it is kept in a locker, it will incur cost. If it is kept at home the risk involved will be high. Hence, investment in gold which is in the form of bond is always beneficial. This scheme has following provisions - 1. The bond is issued in the form of paper and even in digital form by the RBI through the permission of Government of India. 2. It is issued with the face value of minimum 1 gram of gold and thereafter in multip...

Subsidies in Agriculture -: Subsidies can be defined as financial assistance provided by the government in order to ensure availability of essential goods and services at a price below the market price to the consumers. Subsidies have always been used as an important tool in order to reduce the impact of poverty over the general consumers. They can be classified into two important types:- 1. Indirect subsidies 2. Direct subsidies In case of indirect subsidies the benefit is provided by the government to the consumers or the beneficiaries but the payment is done by the government to someone else. For Example prior to the scheme of Direct Benefit Transfer- DBT, even in case of LPG cylinders indirect subsidies were given. The consumer was provided cylinder at a subsidized price but the payment was done by the government to the oil marketing companies. Indirect subsidies may lead to misuse of resources. It is mainly because all the beneficiaries may not be real. On the o...

Initially, the World Bank was officially known as International Bank for Reconstruction and Development (IBRD). World Bank was only its popular name. IBRD was set up to reconstruct the entire world destroyed during World War II. However, when the responsibility was fulfilled, it was officially renamed as World Bank, and IBRD was made a part of the World Bank. In the 1960s, International Development Association (IDA) was set up and it was also made a part of the World Bank. Hence, at present World Bank means IBRD + IDA. Later on, 3 more organizations were brought under the purview of the World Bank. Which are as follows:- 1. International Finance Corporation (IFC) 2. Multilateral Investment Guarantee Agency (MIGA) 3. International Centre for Settlement of Investment Dispute (ICSID) When IFC, MIGA, and ICSID are clubbed together with World Bank, it is referred to as World Bank Group. So, World Bank Group means IBRD + IDA + IFC + MIGA + ICSID. International Bank...