The G20 was foreshadowed at the Cologne Summit of the G7 in June 1999, and formally established at the G7 Finance Ministers' meeting on 26 September 1999 with an inaugural meeting on 15–16 December 1999 in Berlin.
The First Summit of leaders held at Washington (2008).
CERT -In is established at Ministry of Electronics and Information Technology.
CERT-IN is a Digital India Initiative. CERT-In was formed with an aim to secure Indian cyber space. CERT-In provides Incident Prevention and Response services as well as Security Quality Management Services. CERT-In has been designated under Section 70B of Information Technology (Amendment) Act 2008 to serve as the national agency to perform the following functions in the area of cyber security:
• Collection, analysis and dissemination of information on cyber incidents
• Forecast and alerts of cyber security incidents
• Emergency measures for handling cyber security incidents
• Coordination of cyber incident response activities
• Issue guidelines, advisories, vulnerability notes and whitepapers relating to information security practices, procedures, prevention, response and reporting of cyber incident.
The DDA refers to the concessional and development package given to the poor and developing countries.
‘Shaping an Inter-connected World’ was the theme of the 12th G20 Summit held at Hamburg, Germany.
Which of the following statements are not correct about Small Saving Schemes (SSSs)?
I. Interest rates of SSSs are tied with that of Government securities.
II. Funds from SSSs are kept with National Small Savings Fund that is kept at Public Account of India.
III. States are excluded from using the proceeds of SSSs.
The Small Savings Schemes are nine and can be grouped under three:
(i) Post office Deposits: Post Office Savings Account, Post Office Time Deposits (1,2,3 and 5 years), Post Office Recurring Deposits, Post Office Monthly Account,
(ii) Savings Certificates: National Savings Certificate (VIII Issue) and Kisan Vikas Patra (iii) Social Security Schemes: Public Provident Fund, Senior Citizens Savings Scheme, and Sukanya Samriddhi Account.
National Small Savings Fund (NSSF)
National Small Savings Fund (NSSF) was established in 1999 within the Public Account of India for pooling the money from different SSSs. Collections from all small savings schemes ae credited to the NSSF. Similarly, withdrawals under small savings schemes by the depositors are made out of this Fund.
Administration of Small Savings or NSSF
The NSSF is administered by the Government of India, Ministry of Finance under National Small Savings Fund Rules, 2001, which is derived from Article 283(1) of the Constitution.
Funds collected under SSS are the liabilities of the Union government accounted for in the Public Accounts of India and the government acts like a banker or trustee.
Use of proceeds from NSSF
As per the recommendations of the Fourteenth Finance Commission, the government has excluded states (except four states) from the use of Small Saving Scheme money. This is because the SSSs have slightly higher interest rate than the loans procured by states.
The NSSFs will be used by the centre and the interest and principal will be the liability of the central government. Previously, states have used the proceeds from NSSF.
Rationalizing the interest rate structure of Small Saving Schemes
Since April 2016, interest rates of all small saving schemes have been revised on a quarterly basis. Interest rate will be fixed on the basis of G-Sec yields of the previous three months.
Interest rate on social development oriented small saving schemes
There are some social development oriented SSSs like- Sukanya Samriddhi Yojana, the Senior Citizen Savings Scheme and the Monthly Income Scheme. Government is allowing an interest spread (higher interest rate) for these instruments over their corresponding maturity government securities. These schemes enjoy interest rate spread of 75 bps, 100 bps and 25 bps over the G-sec rate of comparable maturity. The interest rate on the senior citizens scheme is paid quarterly.