The Union Cabinet cleared major financial proposals including the launch of a sovereign gold bond scheme.
In a development that could give a boost to several sectors, the Union Cabinet cleared a string of proposals including the launch of a sovereign gold bond scheme.
Gold Bond and Gold Monetisation schemes aim to reduce the metal’s demand in physical form and fish out idle gold lying with households and other entities.
The gold bond scheme will have an annual cap of 500 grams per person and such bonds would be issued for a period of 5-7 years.
The Cabinet also approved a six per cent hike in dearness allowance for central government employees. The move, effective from July 1, 2015, would benefit more than 1 crore employees.
Cabinet approved spectrum trading guidelines and permitted trading in all bands in a bid that could see reduced call drops.
"Cabinet has approved spectrum trading today. Telecom sector has been demanding it for optimum utilisation of spectrum," Telecom Minister Ravi Shankar Prasad said.
Spectrum trading has been allowed in all bands. Though, the government will still own the spectrum.
"The ownership right will be of government of India. That right of trade he can trade with someone else fully between two service providers," Prasad further said.
Cabinet also cleared the policy to put up offshore wind farms
And lastly, the government has decided to prorogue the Monsoon Session of Parliament.