Thousands stranded as Mumbai rail services disrupted by fire

New Delhi, Mar 5: Retirement fund body EPFO on Thursday lowered interest rate on provident fund deposits to 8.5 per cent for the current financial year, said Labour Minister Santosh Gangwar on Thursday.

The EPFO had provided 8.65 per cent rate of interest on EPF for 2018-19 to its around six crore subscribers. The decision was taken at a meeting of the the Employees' Provident Fund Organisation's (EPFO) apex decision making body -- the Central Board of Trustee.

"The EPFO has decided to provide 8.5 per cent interest rate on EPF deposits for 2019-20 in the Central Board of Trustees (CBT) meeting today," Gangwar told reporters after the meeting here.

Now, the labour ministry requires the finance ministry's concurrence on the matter. Since the Government of India is the guarantor, the finance ministry has to vet the proposal for EPF interest rate to avoid any liability on account of shortfall in the EPFO income for a fiscal.

The finance ministry has been nudging the labour ministry for aligning the EPF interest rate with other small saving schemes run by the government like the public provident fund and post office saving schemes.

The EPFO had provided 8.65 per cent rate of interest to its subscribers for 2016-17 and 8.55 per cent in 2017-18. The rate of interest was slightly higher at 8.8 per cent in 2015-16.

It had given 8.75 per cent rate of interest in 2013-14 as well as 2014-15, higher than 8.5 per cent for 2012-13.

Jul 1: Gold prices in India hit an all-time high on Wednesday, tracking a global rally, as surging coronavirus cases in many countries raised the metal's safe-haven appeal.

Local gold futures hit an all-time high of Rs 48,871 ($646.66) per 10 grams in early trade, taking their gains to 25% in 2020 so far. The contract had gained nearly 25% in 2019.

However, this dampened the retail demand for gold in India, the world's second-largest consumer of the precious metal.

"Retail demand is negligible. Buyers are postponing purchases anticipating a correction in prices," said a Mumbai-based bank dealer with a bullion importing bank.

In thin trade, dealers were offering a discount of up to $22 an ounce over official domestic prices on Wednesday afternoon, up from the last week's $18. The domestic price includes a 12.5% import tax and 3% sales tax.

The country's gold imports in May plunged 99% from a year earlier as international air travel was banned and jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus.

In overseas market, spot gold firmed near an eight-year peak on Wednesday, as a spike in coronavirus cases in the United and States and many other countries has cast a shadow on hopes for a quicker global economic recovery, driving inflows into safe-haven assets.

According to a latest Reuters tally, the coronavirus has infected more than 10.48 million people worldwide so far.

New Delhi, Jun 13: Petrol price on Saturday was hiked by 59 paise per litre and diesel by 58 paise as oil companies for the seventh day in a row adjusted retail rates in line with costs since ending an 82-day hiatus in rate revision.

Petrol price in Delhi was hiked to Rs 75.16 per litre from Rs 74.57, while diesel rates were increased to Rs 73.39 a litre from Rs 72.81, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

This is the seventh daily increase in rates in a row since oil companies on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus.

In seven hikes, petrol price has gone up by Rs 3.9 per litre and diesel by Rs 4.

The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of a decline in international oil prices.