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PIB News 29th June 2020

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1)Govt to scrap bulk data sharing policy over privacy, misuse concerns:-

News:The Government of India has decided to scrap a year-old Bulk data sharing policy.

Facts:

  • Bulk Data Sharing Policy: Itwas introduced by the Government of India in 2019.
  • What was the policy? Under this, the government could share and sell vehicle details of registered vehicles and driving licences to the automobile industry to help in service improvements and wider benefits to citizens and government.
  • Concerns: However, the government has now decided to scrap the policy following concerns over privacy and misuse of personal data

2) ASEAN states warn of S. China Sea tensions

News: The 36th Association of Southeast Asian Nations(ASEAN) Summit was held via video conference.

Facts:

  • Chaired by: The Summit was chaired by Vietnam which is holding the chairmanship of ASEAN currently.
  • Theme: “Cohesive and Responsive ASEAN”
  • ASEAN Covid-19 response fund: The fund was established with a reserve for medical supplies to meet urgent needs during epidemics.

Additional Facts:

  • ASEAN: It is a regional grouping which was established in 1967 with the signing of the Bangkok Declaration.
  • Members: Indonesia, Thailand, Singapore, Malaysia, The Philippines, Vietnam, Myanmar, Cambodia, Brunei, and Laos.
  • Headquarters: Jakarta, Indonesia.
  • Chairmanship: It rotates annually based on the alphabetical order of the English names of Member States.

3)Government launches 7.15% floating rate bonds

News: Union Finance Ministry has launched Floating Rate Savings Bonds 2020 (Taxable) in place of 7.75 percent Savings (Taxable) Bonds,2018 which was discontinued for subscription.

Facts:

                 Item                 Details
             Scheme nameFloating Rate Savings Bonds, 2020 (Taxable)
IssuanceTo be issued by Reserve Bank India on behalf of the Government of India.
Eligibility for investmentOpen to investment by individuals (including Joint Holdings) and Hindu Undivided Families.NRIs are not eligible for making investments in these Bonds.
Minimum and Maximum LimitThere will be no maximum limit for investment in the bonds. The minimum investment starts from Rs 1,000 and in multiples of Rs 1,000, thereof.
Tenure of the BondsThe bonds shall be repayable on the expiration of seven years from the date of issue. Premature redemption shall be allowed for specified categories of senior citizens
Interest Rate( Floating)The interest rate of the bond would be reset half yearly starting with Jan 1st, 2021 and thereafter every July 1st and Jan 1st. The coupon rate for the first coupon period payable on January 1, 2021 is fixed at 7.15%.
          Tax TreatmentInterest on the Bonds will be taxable under the Income-tax Act, 1961as amended from time to time and as applicable according to the relevant tax status of the Bonds holder.
Tradability /AdvancesThe Bonds shall not be tradable in the secondary market and shall not be eligible as collateral for loans from banks, financial Institutions and Non-Banking Financial Company (NBFC) etc.

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