To stem Rupee slide, boost forex inflows, RBI eases FPI, NRI deposit norms

• The move comes as persistent capital outflows and a widening trade deficit have led to a sharp depreciation in the Indian rupee to new lows against the dollar.
• In order to further diversify and expand the sources of forex funding so as to mitigate volatility and dampen global spillovers, it has been decided to undertake measures to enhance forex inflows while ensuring overall macroeconomic and financial stability.
• As part of the measures, banks have been exempted from maintaining the stipulated Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR) on incremental FCNR(B) and NRE term deposits mobilised up to November 4.
• It also freed banks to temporarily raise fresh FCNR(B) and NRE deposits without reference to extant regulations on interest rates, with effect from July 7 and up to October 31, 2022.
• To encourage foreign portfolio investment into debt, the RBI said the choice of government bonds available for investment under the fully accessible route (FAR) would be widened, with all new issuances of G-Secs of 7-year and 14-year tenors, including the current issuances of 7.10% GS 2029 and 7.54% GS 2036, designated as specified securities.
• The RBI also temporarily doubled the annual limit for External Commercial Borrowings (ECB) to $1.5 billion or its equivalent.

Revenue deficit grant of Rs 7183 cr released to 14 states

• The States for which Post Devolution Revenue Deficit (PDRD) Grant had been recommended by the 15th Finance Commission during FY23 are Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tripura, Uttarakhand and West Bengal.
• The 15th Finance Commission had recommended a total PDRD Grant of ₹86,201 crore to 14 States for FY23.

Election to the Office of the Vice-President of India

• Article 63 of the Constitution states that “there shall be a Vice-President of India”.
• Under Article 64, the Vice-President “shall be ex officio Chairman of the Council of the States” (Rajya Sabha).
• Article 65 says that “in the event of the occurrence of any vacancy in the office of the President by reason of his death, resignation or removal, or otherwise, the Vice-President shall act as President until the date on which a new President…enters upon his office”.
• Article 66 lays down the process of the election of the Vice-President.
• It says the Vice-President “shall be elected by the members of an electoral college consisting of the members of both Houses of Parliament in accordance with the system of proportional representation by means of the single transferable vote and the voting at such election shall be by secret ballot”.
• Article 66(3) says “No person shall be eligible for election as Vice-President unless he — (a) is a citizen of India; (b) has completed the age of thirty-five years; and (c) is qualified for election as a member of the Council of States”.

P.T. Usha, Ilayaraja Among Government''s Four Nominees to Rajya Sabha

• Philanthropist and administrator of the Dharmasthala temple Veerendra Heggade and noted screen writer V Vijayendra Prasad were also nominated to the Upper House of Parliament.
• The Rajya Sabha had vacancies in the nominated category.
• Twelve members are nominated to the Rajya Sabha by the President of India for six-years term for their contributions towards arts, literature, sciences, and social services. This right has been bestowed upon the President according to the Fourth Schedule (Articles 4(1) and 80(2)) of the Constitution of India.

Restoring the Sun temple''s exquisite carvings

• The pilot project started in 2019 with a study of the stones at the temple and an analysis of the historic drawings and photos from the 19th century onwards.
• Starting in 1901, the British government had placed plain stones across the site and filled the jagmohan with sand to preserve the structure of the 13th century temple. The Archaeological Survey of India (ASI) carried out conservation works after the site was handed over to it in 1936.
• According to the National Conservation Policy (2014), Restoration may be undertaken on monuments with high architectural value and only in parts of a monument wherein there are missing geometric or floral patterns, or structural members of a monument which have been damaged recently.
• Konark Sun Temple is a 13th-century CE Sun temple at Konark about 35 kilometres (22 mi) northeast from Puri city on the coastline in Puri district, Odisha. The temple is attributed to king Narasimhadeva I of the Eastern Ganga dynasty about 1250 CE.

PM inaugurates Akhil Bhartiya Shiksha Samagam on implementation of NEP

• The Samagam is being organized by the Education Ministry in association with University Grants Commission and Banaras Hindu University.
• The three-day event will bring together over 300 Vice-Chancellors and Directors from public and private universities, educationists, policymakers, as also industry representatives.
• The summit will provide a platform for leading Indian Higher Educational Institutions to discuss, deliberate, and share insights on strategies, success stories, and best practices in implementing the National Education Policy-2020.
• The key highlight of the Akhil Bharatiya Shiksha Samagam will be the adoption of the Varanasi Declaration on Higher Education which will showcase India’s extended vision and a renewed commitment to help achieve the goals of higher education system.