The Know India Programmes (KIP) recently unveiled its 51st edition, scheduled for January 5 to January 29, 2019. The program, which serves to expose the Indian diaspora to the rich culture and heritage of India, is a joint effort by Gujarat and the Ministry of External Affairs. On another note, a few tweaks have also been made to The Gold Monetisation Scheme by the Reserve Bank of India.
Connecting the Diaspora through the Know India Programmes (KIP)
Established in 2004, the KIP is a 25-day orientation program that aims to engage and connect students and young professionals of the Indian Diaspora aged 18 to 30 with their home country. Through a myriad of activities centered around India’s art, heritage, and culture, participants learn and gain awareness about the different facets of life in India and the nation’s progress in various fields.
Over the course of 49 editions, more than 1600 Indian youths hailing from overseas have participated in the KIP, a testament to its effectiveness and appeal. The upcoming 51st edition promises to continue this legacy in fostering stronger bonds between the Indian diaspora and their homeland.
The Evolution of the Gold Monetisation Scheme
First introduced in 2015, the Gold Monetisation Scheme (GMS) has seen a recent revamp, with the inclusion of charitable institutions, state and central government entities, and other government-owned entities as eligible depositors. This change paves the way for these agencies to deposit gold they had previously confiscated.
At its core, the GMS allows gold depositors to earn interest on their metal accounts. Depositors can expect an annual interest of 2.25% for short-term deposits spanning one to three years, and 2.5% for medium and long-term deposits. To generate revenue, the deposited gold is loaned to jewellers at a slightly higher interest rate.
The overarching goal of the GMS is to mobilise gold held by households and institutions, putting it to productive use and reducing the nation’s reliance on imported gold. The GMS replaced the Gold Deposit schemes and Gold Metal Loan Schemes, symbolising a shift in monetary policy.
Gold Monetisation Scheme at a Glance
| Year of Introduction | Interest for Short Term Deposit | Interest for Medium and Long Term Deposit |
|---|---|---|
| 2015 | 2.25% | 2.5% |
The Indian Gold Coin: A National Offering
In tandem with the GMS, the Sovereign Gold Bond Scheme and the development of the Indian Gold Coin were announced as part of the effort to reduce reliance on foreign-minted coins. Launched in 2015, the Indian Gold Coin is the first national gold coin offered by the Government of India. Made from 24 karat gold, the coin features an engraving of the Ashok Chakra on one side and Mahatma Gandhi on the other, making it a symbol of national pride and heritage. Its introduction aligns with the ‘Make in India’ initiative and plays an important role in recycling the country’s available gold resources.
