NewsBytes

Govt discontinues Gold Monetisation Scheme; banks may continue       

The government has decided to discontinue the Gold Monetisation Scheme (GMS) in view of the evolving market conditions, the finance ministry said. However, the banks may continue their short term gold deposit schemes (1-3 years), the ministry said. Till November 2024, approximately 31,164 kilograms of gold have been mobilised under GMS. The Gold Monetisation Scheme was announced on September 15, 2015, with the objective to reduce country's reliance on the import of gold in the long run and mobilise gold held by households and institutions in the country to facilitate its use for productive purposes. The GMS is comprised of 3 components -- Short Term Bank Deposit (1-3 years); Medium Term Government Deposit (5-7 years), and Long-Term Government Deposit (12-15 years).

Punjab govt mulls restart of traditional bullock cart races in Ludhiana's Kila Raipur  

Formulations of the 'Punjab Prevention of Cruelty to Animals Rules, 2024' is under consideration to resume the traditional annual bullock cart races at the Kila Raipur sports event in Ludhiana, the state Assembly was informed. Replying to a question of AAP MLA Jaswant Singh Gajjanmajra in the ongoing budget session in the assembly here, Agriculture Minister Gurmeet Singh Khudian said the Prevention of Cruelty to Animals (Punjab Amendment) Act, 2019 has been notified by the Government of Punjab for bullock cart races at Kila Raipur village of Punjab in the event of Kila Raipur Rural Sports. "Now to restart bullock cart races in this event, formulation of 'The Punjab Prevention of Cruelty to Animals (Conduct of Kila Raipur Rural Sports Event and Fair) Rules, 2024' is under consideration,” the minister said.

Parliament passes Bill to replace 100 years old Boiler Act

The Lok Sabha passed a Bill to provide for the regulation of boilers, safety of life and property of persons from the danger of explosions of steam-boilers and uniformity in registration. The Boilers Bill, 2024, seeks to repeal the century-old Boilers Act, 1923. The Bill was passed by the Rajya Sabha in December last year. Now it will be sent  for assent of the President of India. The Bill, which has provisions to ensure the safety of persons working inside a boiler and promoting ease of doing business, was cleared in the Lower House by a voice vote. The legislation provides that repair of boilers should be undertaken by qualified and competent persons. Piloting the bill, Commerce and Industry Minister Piyush Goyal said several colonial-era redundant and obsolete provisions have been removed and the bill seeks to do away with the colonial mindset.