Do you observe teacher's day or Guru purnima?

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To-day is a special full moon day to celebrate the " Guru-Shisya" tradition or "Mentor-protege" lineage. It is called Guru Purnima.The word " Guru" means the dispeller of darkness. Guru dispels ignorance and gives us the light of knowledge.It is much beyond teacher-student relationship.Do you celebrate similar type of function for teacher at your place? What is its significance?