Reliance Capital becomes first company to suspend gold sales

June 21, 2013

Reliance_Capital21New Delhi, Jun 21: Amid growing concerns over huge gold imports hurting the country's economic strength, financial services major Reliance Capital today became the first company to suspend gold sales across all its businesses.

The decision includes suspension of sale of gold coins and other physical forms of the yellow metal, as also as an investment product across all its businesses and subsidiaries, Reliance Capital said in a statement.

Part of Anil Ambani-led Reliance Group, the company said the decision has been taken in view of the government's "publicly stated objective of minimising gold imports that are seriously hurting the country's economic interests".

The government has been consistently asking for measures to curb flow of household savings into idle assets like gold and channelise these funds towards financial market assets.

Besides suspension of gold sales, Reliance Capital's Commercial Finance Division has also decided to suspend financing against gold as a security.

Further, Reliance Capital Asset Management (RCAM) has decided to suspend new subscriptions in Reliance Gold Savings Fund. Existing SIP investors will not be affected by this decision.

The fund is estimated to have a total Asset Under Management of over Rs 2,200 crore.

Commenting on the move, Reliance Capital CEO Sam Ghosh said, "Reliance Capital is committed to support all policy objectives of the government and the RBI.

"We sincerely hope that all stakeholders across business, trade and industry will act in a responsible manner to minimise gold imports that have placed an unbearable burden on the Current Account Deficit (CAD), and are severely hurting the country's growth prospects," he added.

The suspension would also apply to supply of gold coins by Reliance Capital for sale through India Post, the company said.

India is estimated to have imported 860 tonnes of gold in 2012 and the figure is expected to cross 900 tonnes this year.

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News Network
March 2,2020

New Delhi, Mar 2: The Supreme Court on Monday dismissed a curative petition filed by convict Pawan Kumar Gupta who was sentenced to death in the 2012 Nirbhaya gang rape and murder case.

A five-judge bench headed by Justice N V Ramana said that no case is made out for re-examining the conviction and the punishment of the convict.

Other members of the bench were justices Arun Mishra, R F Nariman, R Banumathi and Ashok Bhushan.

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News Network
February 14,2020

Feb 14: R K Pachauri, a former chief of The Energy and Resources Institute, passed away on Thursday after a prolonged cardiac ailment, TERI Director General Ajay Mathur said.

He was 79.

"It is with immense sadness that we announce the passing away of R K Pachauri, the founder Director of TERI. The entire TERI family stands with the family of Dr Pachauri in this hour of grief," Mathur said in a statement issued by the TERI.

"TERI is what it is because of Dr Pachauri's untiring perseverance. He played a pivotal role in growing this institution, and making it a premier global organisation in the sustainability space," said Mathur, who succeeded Pachauri at TERI in 2015. Pachauri was admitted to Escorts Heart Institute in the national capital where he underwent open heart surgery and was put on life support on Tuesday, sources said.

In the statement issued by TERI, its Chairman Nitin Desai hailed Pachauri's contribution to global sustainable development as "unparalleled".

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Agencies
July 23,2020

Ahmedabad, Jul 23: Private schools in Gujarat have suspended online classes for an indefinite period from Thursday, after a state government order said they should not collect fees from students until the schools reopen.

In a notification issued last week, the Gujarat government directed self-financed schools in the state not to collect tuition fees from students as long as they remain shut in the wake of the COVID-19 pandemic.

It also asked these schools not to hike fees for the academic year 2020-21.

Unhappy with the move, a union of representing nearly 15,000 self-financed schools in Gujarat decided to put on hold online classes, an alternative arrangement started earlier this month for students.

Majority of these schools informed the parents through SMS on Wednesday night that there will not be any online classes for their wards from Thursday.

Self-financed School Management Association's spokesperson Dipak Rajyaguru on Thursday said almost all the self-financed schools in the state refrained from imparting online education.

"If the government believes online education is not real education, then there is no meaning of imparting such unreal education to our students. Online education will remain suspended until the government withdraws that notification," Rajyaguru said in a statement.

He said the association will also approach the high court against state government's decision.

Jatin Bharad, a prominent educationist and member of the association, said there is no alternative to online education in the present scenario.

"Self-financed schools need to pay salaries to the teachers and other staff. No state in India has taken such decision that fees cannot be collected despite conducting online classes. If we adhere to the state notification, it will be impossible for us to pay salaries and run the school.

Thus, we have decided to suspend the online classes," said Bharad said.

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