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Tuesday, 1 June 2021

Gold, silver futures on the rise; check prices in major cities here

Boosted by a weaker dollar, the spot gold price was trading high internationally and there was a rise in the India Gold MCX August futures on Tuesday, 1 June. The Gold August futures were trading at Rs 49,483, high by 0.27 percent at 9.30 am, as reported by Moneycontrol.

The price of gold in the Indian market has also increased today. Ten grams of 22-carat gold and the same quantity of 24-carat gold rate is available for Rs 46,700 and Rs 47,700 respectively.

In Mumbai, 10 grams of 22-carat gold can be purchased for Rs 46,710 and 24-carat gold can be bought for Rs 47,710 per 10 grams.

In Chennai, 22-carat gold can be purchased for Rs 46,290 and the price of ten grams of 24-carat is Rs 50,490.

The price of the precious yellow metal in Bangalore is less as compared to Mumbai. Ten grams of 22-carat gold can be purchased for Rs 45,910 in the city. If buyers want to purchase 24-carat-gold, then it can be bought at Rs 50,080 per 10 grams.

In Kerala, the price of 10 grams of 22-carat gold is Rs 45,910 while the same quantity of 24-carat gold can be bought for Rs 50,080.

On the other hand, July silver futures were trading at Rs 72,565 a kilogram, higher by 0.93 percent. This comes after the price of the metal dipped last week.

On 31 May, the rate of 10 grams of gold was Rs 48,542 on MCX while silver was at Rs 71,611 per kilogram

 



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Ramesh Pokhriyal 'Nishank' admitted to AIIMS due to post-COVID complications

New Delhi: Union Education Minister Ramesh Pokhriyal 'Nishank' was admitted to the AIIMS on Tuesday morning due to post-Covid complications.

According to sources, the minister is admitted under Dr Neeraj Nischal, an associate professor in the Department of Medicine at the All India Institute of Medical Sciences (AIIMS).

"He (Pokhriyal) was admitted due to post-Covid complications on Tuesday morning. He is admitted under Dr Neeraj Nishchal," a source said.

The education Minister had tested positive for COVID-19 on 21 April.



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Karnataka HC verdict on RRB reserve list shows how government job aspirants suffer due to institutional apathy

After three years of clearing the Regional Rural Bank examination, indulging in a two-year-long legal battle and enduring two waves of lockdown without a secure livelihood -- the 12 petitioners along with all other eligible candidates of the 2017 batch are set to get the jobs that they meritoriously deserved three years back.

On 16 April, 2021, the Karnataka High Court ordered Regional Rural Banks (RRBs) and the Institute of Banking Personnel Selection (IBPS) to offer appointments to all eligible students of the 2017 RRB exams whose name appeared in the reserved list. In the course of the case, the court observed that more than 390 seats remained vacant that year, which was more than double the number of people on the reserved list.

IBPS is a premier organisation in the field of employment testing, providing its service to all public sector banks, RBI, NABARD, Regional Rural Banks among others. A probable reserve list consists of the 25 percent seats of the total vacancies, prepared for such scenarios where people qualified in the main list do not opt for the job, in which case banks fill the vacancies with candidates in the reserve list. This is an established norm in service-related jobs.

The results for the 2017 exam were declared on 31 January 2018. These results are valid for a term of one year until which, the eligible students can be offered allotment anytime. Candidates whose names appeared in the reserved list for Karnataka first rejoiced at the little chances of securing a government job. But the rejoice soon subsided into uncertainty for more than 100 aspirants when they were introduced to a reality where just clearing the exam was not enough.

When no allotment came until September, a candidate named Suman Saurabh from Muzaffarpur in Bihar sensed something strange. “I observed that not a single person had been selected from the Reserved List in Karnataka, one of the states with the most number of seats, even though other states regularly updated candidates from the reserved list,” he said.

Speculations led him to file an RTI in the offices of Karnataka Vikas Grameen Bank, Kaveri Grameen Bank and Pragati Krishna Grameen Bank which revealed to him that an ample number of seats were available. Help was sought from the secretary of the All India RRB employee association. But no respite came.

Later, online study groups and Whatsapp groups brought together 12 such students who, on 29 January 2019, just two days before the validity of their results were scheduled to expire, filed a writ petition in Karnataka High Court against the Union of India and the three RRBs mentioned above. Their journey is a tale of a miserable state of examination affairs at ground level.

“We obtained a stay order on 30 January 2019 so that the list stays alive. It was a simple submission before Justice R Devdas that since these candidates are qualified and so many seats are left vacant due to the non-joining of candidates from the main list, not upgrading the candidates from the reserve list is a violation of their fundamental rights and against the service law jurisprudence of reserve lists,” Shashank Shekhar, who worked closely with petitioners to put up a strong case by drafting the writ petition and filing all supporting documents to belie the case of the RRBs, said.

Further on, what began was a saga of revelations and objections and a long course to justice that was marked by two waves of pandemic and a question that, had the process taken shape fairly at the beginning itself, these candidates wouldn’t have faced the brunt of lockdown in a way that they had to.

Talking of lockdown, Kundan Kumar from Sheohar in Bihar remembers how he had been taking tuitions, which too stopped due to COVID-19, leaving him with no source of income in the dark times. “All you can do is imagine the amount and nature of problems that we’ve faced in three years.”

Kaushik Kunal from Ranchi added that the times became so difficult, especially for those who had reached the age limit for appearing in these examinations. “It had taken a mental toll on all of us. If somebody is taking a banking exam, he’s of course not from a big background. They can be small mistakes from the banks and concerned authorities, but for those who reach a position after working hard for two-three years, it’s a matter of life,” said Kunal.

The case was filed under Articles 226 and 227 of the Indian Constitution, which empowers the high court to issue directions to authorities. The petition also mentioned that banks worked in violation of Articles 14 and 15 of the Indian Constitution as the proceedings were a breach of petitioners' fundamental rights of equality and employment and hence a breach of the right to life.

Advocate Sunieta Ojha, who vehemently argued the case of the petitioners said, "IBPS has been successfully arguing before many high courts like those of Meghalaya, Maharashtra, Jharkhand, that being a private body, they are not amenable to 226 jurisdictions. Here, they did the same but we argued that they receive funds from government banks, and as far as banks are concerned, they are public bodies. We focused on discrepancies of banks too, because, in the end, the power of appointment of the eligible candidates lies with them.” In the first incident of its kind, IBPS’ claim was quashed by Justice Maheshan Nagaprasanna in the final order.

After being demanded of a detailed affidavit, the bank sent a written submission to the court, in which it was mentioned that the Karnataka Vikas Grameen Bank initially advertised for 450 seats out of which 106 seats were still vacant. Kaveri Grameen Bank advertised for 367 seats out of which 121 seats were vacant, and The Pragati Krishna Grameen Bank advertised for 731 seats out of which 164 seats remained vacant. Taken together, the vacancy was more than double the candidates in the reserved list.

RRB’s first pushed the blame to IBPS then said that the number of posts indented is only "indicative". The banks also said that no considerable bank expansion has been made in these years since their business position has come down and therefore they have not proceeded with indenting any candidates further. "

In the final order given on 16 April, 2021 by a single judge bench, Justice Nagaprasanna mentioned that banks’ actions are contradictory to their statements because in 2019-2020 a fresh notification was issued to IBPS by the banks, to recruit 1,350 new candidates, which included the vacancies left unfilled last year, therefore, quashing their argument that they didn’t require more staff.

The court stated that the banks presented a false statement in front of the court. Even though the petitioners did not have an indefeasible right, it observed, "The right of petitioners was available and the banks deliberately chose not to operate the reserve list." The court directed the Union of India and the RRBs involved in the matter to consider the case of the petitioners who are found eligible in the reserve list, "offer them appointments" and complete this "exercise" within three months from the date of issuance of this order.

Ojha said, "It will put a check on IBPS and banks who have been flouting the Reserved List, leading to a multiplicity of litigation all over India. Hopefully, with this judgment, IBPS will take the Reserve List seriously and not play with the career of people."

There is also economics fuelling this process, as exams were being conducted twice for the same set of vacancies, thereby doubling the enrollment fee collection.

In an extremely competitive environment of government exams, where job positions are already limited, any notification of selection is, therefore, a respite. Securing jobs is a student’s way forward towards financial stability in life, which also forms the basis for their emotional stability. The RRBs through their arbitrariness compromised on.

“The verdict is in our favour but the process has left us so faithless that until the allotment letter is in our hand, we can’t really rejoice. If wanted, they can still stop that from happening through a multi-division bench, or Supreme Court,” said Kunal.

India has been struggling with unemployment since its genesis as a nation. It’s always been an integral part of the discourse in Indian political spaces. If the country really wants to work towards the problem, then all the institutions and bodies associated with employment ought to be thoroughly inspected by the state for any discrepancy in the process. So that at the grassroots level, they operate to make lives easier, not difficult.



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Monday, 31 May 2021

Petrol, diesel price news (1 June, 2021): Petrol costs Rs 100.72/litre in Mumbai, Rs 94.49 in Delhi

Fuel prices have witnessed a rise across all four metro cities on Tuesday, 1 June, with petrol costing more than Rs 100 per litre in parts of Rajasthan, Madhya Pradesh and Maharashtra, including Mumbai.

Since 4 May, the prices of fuel have been increased for the 17th time. The fuel rates or charges in the country are decided by Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOC), and Hindustan Petroleum Corporation Limited (HPCL).

The revised or fresh fuel rates are decided at 6 am every day after aligning them with the global crude oil prices.

Fuel charges differ in parts of the country because of the addition of other charges like local taxes, value-added tax (VAT) and freight rate.

In Delhi, the petrol price has been raised by 26 paise from Rs 94.23 to Rs 94.49 and diesel price by 23 paise from Rs 85.15 to Rs 85.38 per litre.

The price of petrol in Mumbai has been raised by 25 paise to Rs 100.72 a litre, and diesel by 24 paise to Rs 92.69 per litre for the same quantity.

In Kolkata, petrol costs Rs 94.50 per litre while the same quantity of diesel can be purchased for Rs 88.23. In Chennai, the price of petrol per litre is Rs 95.99 and diesel can be bought at Rs 90.12 for the same quantity.

As per the Indian Oil Corporation website, petrol is currently the costliest at Rs 105.52 per litre in Rajasthan's Sri Ganganagar district, where diesel costs Rs 98.32.



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Global Day Of Parents 2021: History, importance and challenges of parenting during COVID-19 pandemic

Every year on 1 June, the world celebrates Global Day Of Parents. It is a day to celebrate the contribution of parents in the upbringing of their children. The day also acknowledges that the development of children is the primary responsibility of the family. Children should live in a family environment for their personality to grow completely.

The UN states that the day gives us an opportunity to appreciate all parents for the selfless commitment they have towards children and the lifelong sacrifices they make to nurture their relationship with children.

Global Day Of Parents History

In 2012, the United Nations adopted 1 June as the Global Day of Parents. However, the focus on families and the role they play in the development of children started long before that.

The Commission for Social Development had requested the Secretary-General of the UN to increase the awareness of policymakers towards the problems faced by families in a resolution in 1983.

In a 1989 resolution, it was declared that the year 1994 is the International Year of the Family. Years later, in 1993, the UN General Assembly decided that 15 May will be celebrated as the International Day of Families.

Global Day Of Parents during COVID-19

In its official blog, the UN mentions that families are facing difficulties due to the COVID-19 pandemic and parents are primarily responsible for the well-being of their children. The support of parents is required for the emotional and physical well-being of children who would otherwise be at risk.

The organisation has released a set of family-friendly workplace policies. In order to provide support to their employees, workplaces should adopt these policies.



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Sensex jumps over 250 points in early trade; Reliance Industries and SBI track gains

Mumbai: Equity benchmark Sensex jumped over 250 points in early trade on Tuesday, tracking gains in index-heavyweights HDFC twins, Reliance Industries and SBI amid a mixed trend in other Asian markets.

The 30-share BSE index was trading 271.72 points or 0.52 percent higher at 52,209.16 in initial deals, and the broader NSE Nifty rose 69.70 points or 0.45 percent to 15,652.50.

Bajaj Auto was the top gainer in the Sensex pack, rising more than 2 percent, followed by SBI, HDFC, Bajaj Finance, L&T, Reliance Industries and IndusInd Bank.

On the other hand, Infosys, TCS, Nestle India, Dr Reddy’s were among the laggards.

In the previous session, Sensex ended 514.56 points or 1 percent higher at 51,937.44, and the broader NSE Nifty surged 147.15 points or 0.95 percent to its fresh closing record of 15,582.80.

Foreign institutional investors (FIIs) were net buyers in the capital market as they bought shares worth 2,412.39 crore on Monday, as per provisional exchange data.

"The ongoing bull run in the market has taken even the incorrigible optimists by surprise. FIIs, regarded as smart investors, have been caught on the wrong foot," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Their sustained selling from early April to mid-May has proved to be a wrong strategy and, therefore, now they are making amends through heavy purchases. Massive FII buying in the cash market is an indication of the likely direction of this market, he added.

Elsewhere in Asia, bourses in Hong Kong and Seoul were trading in the positive territory in mid-session deals, while Shanghai and Tokyo were in the red.

Equities on Wall Street closed higher in the overnight session.

International oil benchmark Brent crude was trading 1.20 percent higher at $70.15 per barrel.



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COVID-19 pandemic: Union labour ministry announces additional benefits under EPFO, ESIC schemes

New Delhi: The Ministry of Labour and Employment on Sunday announced additional benefits for workers through social securities schemes run by the EPFO and the ESIC amid the COVID-19 pandemic.

These benefits include pension for dependents of insured persons with Employees' State Insurance Corporation (ESIC) who died due to COVID-19 and hike in maximum sum assured under the group insurance scheme Employees' Deposit Linked Insurance Scheme (EDLI), run by Employees' Provident Fund Organisation (EPFO), to Rs 7 lakh from Rs 6 lakh.

"The Ministry of Labour and Employment has announced additional benefits for workers through ESIC and EPFO schemes to address the fear and anxiety of workers about wellbeing of their family members due to increase in incidences of death due to COVID-19 pandemic," a ministry statement said.

Enhanced social security is sought to be provided to the workers without any additional cost to the employer, it added.

Currently, for the insured persons (IPs) under the ESIC, after death or disablement of the IP due to employment injury, a pension equivalent to 90 per cent of average daily wage drawn by the worker is available to the spouse and widowed mother for life long and for children till they attain the age of 25 years.

For the female child, the benefit is available till her marriage.

To support the families of IPs under the ESIC scheme, it has been decided that, all dependent family members of IPs who have been registered in the online portal of the ESIC prior to their diagnosis of COVID disease and subsequent death due to the disease, will be entitled to receive the same benefits and in the same scale as received by the dependents of insured persons who die as a result of employment injury, subject to two conditions, it explained.

First condition is that the IP must have been registered on the ESIC online portal at least three months prior to the diagnosis of COVID disease resulting in death.

Secondly, the IP must have been employed for wages and contributions for at least 78 days should have been paid or payable in respect of deceased IP during a period of one year immediately preceding the diagnosis of COVID disease resulting in death.

The IPs, who fulfil the eligibility conditions, and have died due to COVID disease, their dependants will be entitled to receive monthly payment at the rate of 90 percent of average daily wages of the insured person during their life.

The scheme will be effective for a period of two years from March 24, 2020.

Under the EPFO's Employees' Deposit Linked Insurance (EDLI) scheme, all surviving dependent family members of the members of this scheme are eligible to avail benefits of EDLI in case of death in harness of the member.

At present under this scheme, the benefits extended in case of death of a worker are no requirement of minimum service for payment of Gratuity, family pension is paid as per provisions under EPF & MP Act, sickness benefit of 70 per cent of wages for 91 days in a year is paid in the event of worker falling sick and not attending office.

A notification issued by the ministry has made certain amendments in the scheme.

Firstly, amount of maximum benefit has been increased from 6 lakh to 7 lakh to the family members of deceased employee.

Secondly, the minimum assurance benefit of Rs 2.5 lakh to eligible family members of deceased employees who was a member for a continuous period of 12 months in one or more establishments preceding his death in place of existing provision of continuous employment in the same establishment for 12 months.

It will benefit contractual/casual labourers were losing out on benefits due to condition of continuous one year in one establishment, the ministry explained.

The ministry has also restored provision of minimum 2.5 lakh compensation retrospectively, i.e., from 15th February 2020.

In coming three years, the actuary has estimated that eligible family members will get an additional benefit of Rs 2,185 crore from EDLI fund in the years 2021-22 to 2023-24.

The number of claims on account of death under the scheme has been estimated to be about 50,000 families per year including increase in claims taking into account estimated death of about 10,000 workers, which may occur due to Covid, it said.

These welfare measures will provide the much needed support to the families of workers who have died due to the COVID-19 disease and will protect them from financial hardships in these challenging times of pandemic, it said.



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Kerala Lottery 2022: Akshaya AK-548 lottery result to be declared at 3 pm, first prize Rs 70 lakh

The Kerala Lottery Department will release the results of the Akshaya AK-548 lottery draw at 3 pm today, 11 May. The AK-548 lottery results...