National policy on safety, health and environment at workplace

The Union Cabinet has approved the National Policy on Safety, Health and Environment at Workplace to address the issue of securing health and safety of workers in the country as envisaged in the Constitution.
It provides general guidelines for all stakeholders such as Governments, inspection authorities employers, research and development institutions, educational institutions, etc. for developing a safety culture and environment at all work places.
The policy envisages actions for improving safety, health and environment at workplace by providing for a statutory framework, administrative and technical support, system of incentives, prevention strategies and their monitoring and inclusion of safety health and environment aspects in other related national policies.
It also spells an action programme comprising development of standards and codes of practices, encouraging compliance by stakeholders, increasing awareness, promoting and proving for research and development, knowledge and skill development, practical guidance and providing financial and non-financial incentives.
The provisions of the policy would be reviewed every five years, if necessary.

Payment of Interest on Savings Bank Account on a Daily Product Basis

RBI/2008-09/452

DBOD. No. Dir. BC.128/13.03.00/2008-09

April 24, 2009

All Scheduled Commercial Banks (Excluding RRBs)

Dear Sir

Payment of Interest on Savings Bank Account on a Daily Product Basis

Please refer to paragraph 88 of the Annual Policy Statement announced by Governor on April 21, 2009 (extract enclosed), in terms of which it has been proposed that payment of interest on savings bank accounts by scheduled commercial banks would be calculated on a daily product basis with effect from April 1, 2010. In terms of extant guidelines, as per paragraph 2.2B of the Master Circular dated July 1, 2008 on Interest Rates on Rupee Deposits held in Domestic, Ordinary Non-Resident (NRO) and Non-Resident (External) (NRE) Accounts, banks have been advised that in the case of savings deposits, interest should be calculated on the minimum balance to the credit of the deposit account during the period from the 10th to the last day of each calendar month and credited to the account only when it is Re.1/- or more. Several banks had suggested that interest on savings bank accounts may be calculated either on the minimum balances in the deposit accounts during the period from the first to the last day of each calendar month or on a daily product basis. The matter was referred to the Indian Banks' Association, which was of the view that payment of interest on a daily product basis would be feasible only when computerisation in banks is completed. 2. We advise that on a review, and in view of the present satisfactory level of computerisation in commercial bank branches, it is proposed that payment of interest on savings bank accounts by scheduled commercial banks would be calculated on a daily product basis with effect from April 1, 2010. In order to ensure a smooth transition, banks may work out the modalities in this regard.

Yours faithfully

(P. Vijaya Bhaskar) Chief General Manager

Encl: as above

Reserve Bank of India Annual Policy Statement 2009-10

Part B. Developmental and Regulatory Policies 2009-10

II. Interest Rate Policy

(b) Payment of Interest on Savings Bank Account on a Daily Product Basis

88. At present, interest on savings bank accounts is calculated on the minimum balances held in the accounts during the period from the 10th day to the last day of each calendar month. Several banks have suggested that interest on savings bank accounts may be calculated either on the minimum balances in the deposit accounts during the period from the first to the last day of each calendar month or on a daily product basis. The matter was referred to the IBA, which was of the view that payment of interest on a daily product basis would be feasible only when computerisation in banks is completed. In view of the present satisfactory level of computerisation in commercial bank branches, it is proposed that: • payment of interest on savings bank accounts by scheduled commercial banks (SCBs) would be calculated on a daily product basis with effect from April 1, 2010. Modalities in this regard will be worked out in consultation with banks.

US seek access to India's traditional knowledge database

New Delhi, Apr 24 (PTI) The US is in talks with India seeking to gain access to the country's rich database on unani, ayurveda and yoga, country's traditional health and medical practices.
"We are in talks with the Council of Scientific and Industrial Research (CSIR) for giving access to its Traditional Knowledge Digital Library (TKDL) to the US authorities,"Dominic Keating, First Secretary for Intellectual Property at the US Embassy in India, told PTI.

According to Keating, who is involved in talks, American officials and CSIR would hold a meeting in May to resolve the issues in the draft agreement on accessing TKDL data by the United States Patent and Trademark Office (USPTO).

TKDL is a joint project between the apex scientific research organisation of the country CSIR and Department of Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homeopathy (AYUSH) to preserve the old knowledge of India.

When asked about the delay in agreement, Keating said "We had some issues with the agreement document of CSIR and we are trying to resolve it, so that patent examiner can access the database in order to avoid any duplication of innovation." PTI