Public Sector Banks and eligible Private Sector Banks authorised to implement and operationalise Mahila Samman Savings Certificate, 2023 (GS Paper 3, Economy)
Why in news?
- Recently, the Department of Economic Affairs, Ministry of Finance, permitted all Public Sector Banks and eligible Private Sector Banks to implement and operationalise the Mahila Samman Savings Certificate, 2023.
- This aims at enabling enhanced access of the scheme for girls/women.
Mahila Samman Savings Certificate:
- Mahila Samman Savings Certificate, 2023 scheme was announced in the Union Budget FY 2023-24 by the Central Government to provide financial security to every girl and woman in India.
- The scheme has been in operation since April 1, 2023 through the Department of Post.
Key Features of the Scheme.
- Provides attractive and secured investment option to all girls and women
- An account can be opened under this scheme on or before the March 31, 2025 for a tenure of two years
- The deposit made under MSSC will bear interest at the rate of 7.5% per annum which will be compounded quarterly. Therefore, the effective interest rate will be roughly 7.7 percent.
- Minimum of ₹1000 and any sum in multiple of 100 may be deposited within the maximum limit of ₹200,000.
- Maturity of the investment under this scheme is two years from the date of opening of the account under the scheme.
- It envisions flexibility not only in investment but also in partial withdrawal during the scheme tenor. The account holder is eligible to withdraw maximum up to 40% of the eligible balance in the scheme account.
Way Forward:
- With this, Mahila Samman Savings Certificate scheme will now be available for subscription in Post Offices, and eligible Scheduled Banks.
Government to Develop National Maritime Heritage Complex in Lothal, Gujarat
(GS Paper 3, Economy)
Why in news?
- Under the Sagarmala programme, the Ministry of Ports, Shipping and Waterways is developing a National Maritime Heritage Complex (NMHC), a world-class facility at Lothal, Gujarat.
Key Features:
- NMHC would be developed as an international tourist destination, where the maritime heritage of India from ancient to modern times would be showcased and an edutainment approach using the latest technology would be adopted to spread awareness about India’s maritime heritage.
- The maritime complex will include world’s highest light house museum, world’s largest open aquatic gallery, India’s grandest naval museum and is envisaged to be one of the biggest international tourist destinations in the world.
- It will have several innovative and unique features such as Lothal mini recreation to recreate Harappan architecture and lifestyle; four theme parks - Memorial theme park, Maritime and Navy theme park, Climate theme park and Adventure and Amusement theme park; fourteen galleries highlighting India’s maritime heritage starting from the Harappan times till now; Coastal states pavilion displaying diverse maritime heritage of states and UTs; among others.
Way Forward:
- The complex, work which started in March 2022, is being developed at a cost of around Rs 4500 crores.
- The boost to the tourism potential through this project will also augment the economic development of the region.
About Lothal:
- Lothal was one of the southernmost sites of the Indus Valley civilization, located in the Bhal region of Gujarat. The port city is believed to have been built in 2,200 BC.
- Lothal was a thriving trade centre in ancient times, with its trade of beads, gems and ornaments reaching West Asia and Africa.
- The meaning of Lothal (a combination of Loth and (s) thal) in Gujarati is “the mound of the dead”.
Transponders to be installed in sea vessels across India's coastal areas to protect marine life
(GS Paper 3, Science and Technology)
Why in news?
- The central government has approved a project for national rollout of vessel communication and support systems including transponders on approximately 100,000 fishing vessels in all coastal states and Union territories of India.
- Transponders are wireless tracking devices that use radio frequencies to operate.
- The project has been approved on the request of Odisha government and in consultation with coastal states and UTs.
How transponder will help?
- The devices will help the vessels avoid sea creatures that suffer injuries coming in contact with boats and fishing trawlers.
- A prominent example is the case of the Olive Ridley Sea turtles, an endangered species, that visit the beaches in Odisha in the millions to nest.
- Many of them are caught in the fishing nets cast by the trawlers and die. Gahiramatha in Kendrapara district, Rushikulya river mouth in Ganjam district and Devi River mouth near Astaranga in Puri district in Odisha have been identified as the major mass nesting sites of the Olive Ridley turtles.
Implementation:
- The project will be implemented under the Pradhan Mantri Matsya Sampad Yojana scheme with 100 per cent government funding on a 60:40 cost-sharing basis between the Centre and state.
- The central government has entrusted New Space India Ltd, a central public sector undertaking under the Department of Space, as the implementing agency for the project.
