24 JULY 2015: SAARC sat @ rs 235 crore

Ø  The Union government on Thursday proposed to strip the Reserve Bank Governor’s veto vote on India’s monetary policy. The government also proposed to grant itself the power to appoint four of the six members of the Monetary Policy Committee, whose remit will include decisions on setting interest rates to maintain inflation at the targeted level. The revised draft of the Indian Financial Code, put out by the Union Finance Ministry for comments, proposes that the Reserve Bank “Chairperson” shall head the committee, with no reference to the Governor. It is not clear from the draft if a re-designation is planned. An earlier draft had proposed to give the Governor the right to overrule the monetary policy committee decision. If the inflation target is not met, then the Reserve Bank will have to explain the reasons and propose remedial actions.

Ø  The launch of the South Asian Association for Regional Cooperation (SAARC) satellite has been pegged at an estimated Rs. 235 crore and the cost associated with the launch will be met by the country, Parliament was informed. It will enable full range of applications and services to the member-nations in the areas of telecommunication and broadcasting applications namely television, direct-to-home, very small aperture terminals, tele-education, telemedicine and disaster management support, Minister of State for Atomic Energy and Space Jitendra Singh said in the Rajya Sabha. The satellite was announced by Prime Minister Narendra Modi at the SAARC summit in Nepal in November last. The Indian Space Research Organisation will build the satellite with 12 Ku-band transponders and launch it using the Indian Geostationary Launch Vehicle Mk-II.

Ø  The Maldives government’s move to allow foreign ownership of its islands will not affect India’s strategic interests, Maldives President Abdullah Yameen said on Thursday, after ratifying the constitutional amendment on freeholds.