Currency Chest

Recently Reserve Bank of India (RBI) has issued guidelines for banks to set up new currency chests.

Currency chests are branches of selected banks authorized by the RBI to stock rupee notes and coins.

According to the guideline the currency chests should have Chest Balance Limit (CBL) of Rs 1,000 crore, subject to ground realities and reasonable restrictions, at the discretion of the Reserve Bank.

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.

National Pension System and Changes approved in it

✓ Changes approved in the National 
Pension System:
•Mandatory contribution by the 
Central Government enhanced by 4 
percent from the existing 10 percent to 
14 percent for employees covered 
under NPS Tier-I
•Central government employees will be 
provided with freedom of choice for 
selection of Pension Funds and pattern 
of investment.
•Payment of compensation for non-
deposit or delayed deposit of NPS
contributions during 2004-2012
•Contribution by Government 
employees under Tier-II of NPS will now 
be covered under Section 80 C for 
deduction up to Rs 1.50 lakh for the 
purpose of income tax at par with 
schemes such as General (PF), 
Contributory PF, Employees PF and 
Public PF, with lock-in period of 3 years.
•The entire withdrawal will now be 
exempt from income tax as the tax 
exemption limit for lump sum 
withdrawal on exit has been enhanced 
to 60 percent.

✓ About National Pension System 
(NPS)?
•National Pension System (NPS) is a 
government-sponsored pension scheme. 
It was launched in January 2004 for 
government employees. However, in 
2009, it was opened to all sections.
•The scheme allows subscribers to 
contribute regularly in a pension 
account during their working life. On 
retirement, subscribers can withdraw a 
part of the corpus in a lumpsum and use 
the remaining corpus to buy an annuity 
to secure a regular income after 
retirement.
•This system is managed by PFRDA 
(Pension Fund Regulatory and 
Development Authority).
✓ Who can join NPS?
•Any Indian citizen between 18 and 60 
years can join NPS. The only condition is 
that the person must comply with 
know your customer (KYC) norms.
✓ Can a Non Resident Indian (NRI) join 
NPS?
•Yes, an NRI can join NPS. However, the 
account will be closed if there is a 
change in the citizenship status of the 
NRI.

Noney Bridge

The bridge is going to be constructed 
by the Northeast Frontier Railway (NFR) 
across the river Ijai in the state of 
Manipur.
• It is set to get the World's tallest 
railway bridge and it is expected to be 
over 142 meters tall.
• It will connect Manipur with the rest of 
the Country.
• It will be twice the height of Qutub 
Minar which is the tallest minaret made 
up of brick in the world.
• Mala-Rijeka viaduct bridge (139 
meters) in Europe currently holds the 
tallest railway bridge record.

"KAMSALE "

It is a unique folk art performed by the devotees of God Shiva

Kamsale also refers to a brass (metal) stick made musical instrument.

It is a group dance form performed by the menfolk in villages in the Mysore, Nanjanagudu, Kollegala and Bangalore areas  in Karnataka.

The Kamsale nritya is performed by the haalu kuruba community.

Global Agricultural Heritage Systems (GIAHS) Sites in India

1) Koraput, Odisha State

1. Region has rich biodiversity

2. Best suited region for growing varieties of crops like paddy, millets, pulses, oilseeds, vegetables.

3. Losing the richness of biodiversity due to shifting cultivation and deforestation.

4. Burden of large family size on small land holding size and all these happens due to illiteracy.

5. Approx. 84% of the population are in extreme poverty, absolute poverty, destitution, or penury.

2) Kashmir Valley, Pampore region

1. Also known as a Saffron Heritage Site of Kashmir in India.

2. Best suited region for growing varieties of crops like Grains such as maize, rice, rajmah/lentils, fruit and vegetable crops and pulses.

3. Popularly used a set of unique low-tillage traditional agricultural practices.

4. Region is also best suited for Agra-forestry and this practice are prevalent in a fallow period for growing fruit, fodder and mulberry trees along the farm boundaries.

5. Region is agricultural management practices for growing productivity.

6. Efforts from the younger generation to appreciate and conserve heritage

3) Kuttanad ,Kerala

1. It is a delta region of about 900 km2 in the west coast of Kerala.

2. It only places in India where rice is cultivated below sea level (Backwater paddy cultivation (Kayal cultivation).

3. People have a unique system of agricultural techniques that contributed to the conservation of biodiversity and ecosystem services including several livelihood services for local communities.