EPFO lowers interest rate on PF deposits to 8.1% for 2021-22

14 March 2022
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EPFO lowers interest rate on PF deposits to 8.1% for 2021-22

The retirement fund body, Employees Provident Fund Organisation (EPFO) has slashed the interest rate on provident fund deposits to 8.10% for 2021-22. This rate is 0.4% lower than the previous year. The interest rate on PF deposits was 8.5% in 2020-21 and 2019-20.

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Key points:

• This is the lowest in more than four decades. EPFO had credited 8.0% as interest rate in 1977-78. Since then, it has been either 8.25% or more.
• The interest rate of 8.1% has been declared based on EPFO’s estimated income for the year at Rs 76,768 crore and this will leave the retirement fund body with a surplus of Rs 450 crore.
• The move is expected to hit the earnings of over sixty million EPFO subscribers.

Previous rates:

• EPFO had provided 8.65 % interest rate to its subscribers in 2016-17 and 8.55 % in 2017-18.
• The rate of interest was slightly higher at 8.8 % in 2015-16.
• It had given 8.75 % rate of interest in 2013-14 as well as 2014-15, higher than 8.5 % for 2012-13.
• The rate of interest was 8.25 % in 2011-12.

India’s 1st ever GI-tagged Kashmir carpets flagged off to Germany

14 March 2022
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India’s 1st ever GI-tagged Kashmir carpets flagged off to Germany

The Government of Jammu and Kashmir has launched quick response (QR) code for its GI-tagged Kashmiri carpet, to preserve the authenticity and genuineness of the hand-knotted carpets. The main objective of this QR Code attached to the GI tag is to help in reviving the sheen and glory of the Kashmiri carpet industry.

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Key points:

• The QR code will contain relevant information of the artisans, manufacturer, weaver, district, raw material used etc.
• Since the QR code label cannot be copied or misused, it will discourage the counterfeit production of carpets.
• Meanwhile, the first-ever consignment of GI-tagged hand-knotted carpets were exported to Germany from New Delhi on March 11, 2022.
• It must be noted that the Kashmiri carpets were granted GI-tag in June 2016 by the Geographical Indication Registry of the Department of Industry Promotion and Internal Trade, Ministry of Commerce and Industry, but the registered carpets were certified from 2022.

Important takeaways for all competitive exams: 

• J&K Lieutenant Governor: Manoj Sinha;
• J&K Formation (Union territory): 31 October 2019.

PM Narendra Modi dedicates Rashtriya Raksha University in Gandhinagar, Gujarat

14 March 2022
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PM Narendra Modi dedicates Rashtriya Raksha University in Gandhinagar, Gujarat

Prime Minister Narendra Modi has dedicated to the nation a new campus building complex of the Rashtriya Raksha University (RRU) at Lavad village near Gandhinagar, Gujarat. PM also addressed the first convocation of RRU Gandhinagar as a Chief Guest. The University, which is an Institution of National Importance, commenced its operations from 1st October 2020.

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RRU offers academic programs from diploma to doctorate level in various areas of policing and internal security such as police science and management, criminal law and justice, cyberpsychology, information technology, artificial intelligence and cyber security, crime investigation, strategic languages, internal defence and strategies, physical education and sports, coastal and maritime security. Currently, 822 students from 18 States are enrolled in these programs.

Key points:

• PM Modi said, Rashtriya Raksha University, National Law University and National Forensic Science University in Gujarat should come together for periodic symposiums, which will help in creating a better security environment and criminal justice system. He said, Gujarat has National Forensic Science University and National Children University- two such universities first in the world.
• The Prime Minister highlighted the role of the first batch of any such institute in taking the vision of the institution forward. He noted the contribution of the old pharmacy college in Gujarat to turn the state into a leader in the pharmaceutical field. Similarly, IIM Ahmedabad led the creation of a robust MBA education system in the country.

About the University:

• Rashtriya Raksha University (RRU) was set up to meet the need for high quality trained manpower in various wings of policing, criminal justice and correctional administration.
• The government set up a national police university named Rashtriya Raksha University by upgrading the Raksha Shakti University which was established by the Government of Gujarat in 2010.
• The University, which is an Institution of National Importance, commenced its operations from 1st October 2020. The University will develop synergies with the private sector by leveraging knowledge and resources from the industry and would also set up Centres of Excellence in various fields relating to police and security.