CURRENT AFFAIRS 29th JUNE, 2014

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1. Government is actively looking into the issue of monetising gold following representations from the banking sector to consider gold deposits as part of cash reserve ratio (CRR). Monetising gold will utilise the yellow metal which is sitting idle with the public and also helps in reducing its imports.

2. The RBI had asked banks to remit deposits classified as unclaimed to the Depositor Education and Awareness Fund (DEAF) by June 30, 2014. The DEAF was first announced in the annual monetary policy by the RBI in May, 2013, with a view to use unclaimed deposits with banks for depositor education and awareness. An unclaimed deposit is one wherein an account is not operated for 10 years or refers to any deposit or any amount remaining unclaimed for more than 10 years

3. The Union Commerce Ministry is trying to modify the Price Stabilisation Fund Scheme so as to lower the price threshold at which the fund gets activated. The fund will help traders to stay in business when prices fall below a certain level. It applies for tea, coffee, natural rubber and tobacco commodities.

5. North Korea tested precision guided short range ballistic missiles. The country has been in constant confrontation with South Korea, Japan and the West over its missile and nuclear programmes.

6. Centre plans to provide insurance cover to nuclear power plants and an insurance pool is created with General Insurance Corporation for this purpose. Atomic Energy Commission Chairman R.K. Sinha said this on the sidelines of a function flagging off the first consignment of equipment for the world’s largest high-altitude gamma ray telescope in Hanle, Ladakh, built by the Electronics Corporation of India Limited (ECIL).