5 November 2022 Daily Current Affairs: Uniform Gold Price, Malabar Exercise, Closest Black Hole to Earth

Kerala has become the First State in India to Introduce Uniform Gold Price Based on Bank Rate. The uniform gold price will first be applicable to the 916 purity 22-carat gold.

Important Points regarding Gold Price in India

• To those unaware, the Bank rate on gold, GST and other taxes including import duty is the same across India.
• But still, gold is sold at different rates across different states.
• It has been found that in most states, people are charged Rs. 150-300 extra per gram of gold over and above the notified bank rate.

Confusing? Let's understand with an example!

• For example, on November 4, 2022, the bank spot rate of 22 carats of gold was Rs. 1,640 per ounce, the bank premium was Rs. 3.50, the import duty was Rs. 6,67,467 per kg and the bank cost per gram of gold was Rs. 5,008.
• Adding all these, the bank rate of November 4, 2022, amounts to Rs. 4610 per gram of gold.

Benefits

• Thanks to price standardization, gold consumers of Kerala will pay the same price as the notified bank rate for gold.

Also Read: 4 November 2022 Daily Current Affairs: Ethiopia Civil War, NATO expansion, new courses in BIMTECH & IIT Madras

Scroll Down to know about: Malabar Exercise, closest known black hole to Earth, Army Commanders Conference, and More

National Affairs

2nd Army Commanders Conference 2022 to happen from 7 to 11 November at New Delhi

It's a formal forum for the senior leadership of the Indian Army to interact with the senior officials of the Department of Military Affairs and the Department of Defence. The motive is to analyze the progress on capability development & modernisation, develop the framework for enhanced operational effectiveness, promote Atmanirbharta, implementation of the new Human Resource management policy, and deliberate on how to deal with emerging security and administrative challenges the Indian Army face.

The Election Commission of India holds a first-ever National Conference of PwD Icons

The motive is to make the election process more disabled-friendly so that participation of old, frail, sick and physically handicapped voters can be ensured and increased. On this occasion, ECI launched PwD App 2.0 with more user-friendly & accessible features aimed to facilitate various services to PwDs from the process of registration to availing pick and drop facility on the poll day. ECI has also unveiled a training Module to sensitize election personnel towards PwDs and senior citizens.

Uttarakhand to be the second state after Madhya Pradesh to impart MBBS in Hindi medium

From the next academic session, willing students can take their MBBS course in Hindi medium. English, however, will continue to be the medium of teaching for the rest. Madhya Pradesh is the first state in the country to impart MBBS education in Hindi in the country.

Jharkhand to build children's libraries for government primary schools

Students of government primary schools in Jharkhand will soon have access to child-friendly libraries where they will get books of their interest, which would help develop their learning skills and reading habits. The Jharkhand Education Project Council (JEPC) has already piloted 50 such well-decorated libraries with low-height chairs and tables in the state in association with a non-profit organisation working for children's literacy and girls' education. Why this unusual move? An analysis of the Annual Status of Education Report (ASER) suggests that reading ability among state government school students declined between 2008 and 2018. Notably, a mere 29.4 per cent of children in government schools in Class 5 in Jharkhand were able to read a Class-2 level textbook in 2018, while the count was 51.9 per cent in 2008.

Shyam Sharan Negi, the First voter of independent India, passes away

Negi had become the first voter of independent India by casting his vote through postal ballot on October 23, 1951, in the first general election of the country. Though that election primarily took place in January and February of 1952, it was held a few months earlier in Himachal Pradesh considering the extreme weather in the state during the months of January and February.

International Affairs

Kerala Literature Festival 2023 to be held from Jan 12-15

Over 400 eminent speakers including world-renowned writers, thinkers, historians, Nobel laureates, and actors are expected to take part in the 6th edition of the Kerala Literature Festival (KLF). Widely considered to be one of the largest literature festivals in Asia, it will be held at Kozhikode beach from January 12-15, 2023. People from Turkey, Spain, the US, Britain, Israel, New Zealand, the Middle East, the Far East, and other parts of the world are expected to arrive for the festival.

The closest known black hole to Earth spotted by astronomers

Astronomers have discovered the closest known black hole to Earth, just 1,600 light-years away. Not only this black hole is 10 times more massive than our sun, but it's also 3 times closer than the previous nearest black hole to earth. The name of this black hole is Gaia BH1 and it's located in the constellation Ophiuchus, the serpent-bearer.

Indian Navy Chief leaves for Japan to participate in the Malabar exercise

Navy Chief Admiral R Hari Kumar has left for a 5-day visit to Japan to participate in the Malabar exercise. He will also take part in the International Fleet Review and the 18th Western Pacific Naval Symposium (WPNS), together with holding several high-level meetings to expand bilateral maritime ties between the 2 nations. The Indian Navy's two frontline warships, Shivalik and Kamorta, have reached Yokosuka to participate in the Malabar exercise which is scheduled from November 8 to 18, 2022. The IFR (International Fleet Review) is being hosted to mark the 70th anniversary of the Japan Maritime Self-Defence Force (JMSDF). Apart from India, the navies of Australia, Brunei, Canada, Indonesia, Malaysia, Pakistan, the Republic of Korea, Singapore, Thailand, the UK and the USA are also attending it. The Malabar exercise - to happen off the coast of Yokosuka - will have 40 ships and submarines from various countries engaged in a mock naval battle drill.