(FE) The central government on Wednesday hiked the windfall profit tax on exports of diesel and Aviation Turbine Fuel (ATF). Besides, windfall gains tax on domestically-produced crude oil was also hiked in line with the hardening of global prices. The revised rates are effective today (1 September). At the fourth fortnightly review, the government raised the windfall profit tax on the export of diesel to Rs 13.5 per litre from Rs 7 per litre earlier, and on Aviation Turbine Fuel (ATF) exports to Rs 9 from Rs 2 per litre, according to a Ministry of Finance notification. The tax on domestically-produced crude…
Author: Aruna Sharma
(ET) The Reserve Bank on Monday said it has imposed penalty on eight cooperative banks, including Rs 55 lakh on The Visakhapatnam Co-operative Bank, for deficiencies in regulatory compliances. The central bank informed about the penalties through multiple statements. A penalty of Rs 10 lakh has been imposed on Bharat Heavy Electricals Employees’ Co-operative Bank, Kailasapuram, Tiruchirappalli, Tamil Nadu; Rs 5 lakh on The Ottapalam Co-operative Urban Bank Ltd, No.F. 1647, Ottapalam, Palakkad District, Kerala; and Rs 10 lakh on The Darussalam Co-operative Urban Bank, Hyderabad, Telangana.
(FE) Oil Marketing Companies (OMCs) in India are likely to record losses in Q2 which may affect government’s share of dividend. As per the report, if the current situation prevails, the government may not get any dividend. These losses are expected to continue in the September quarter as well. Furthermore, under recovery on diesel has come down to Rs 18 per litre from Rs 38-40 per litre previously. The Oil Ministry is also expecting the global as well as domestic demand for diesel to surge in the Oct-Nov period owing to multiple reasons. During the period of rising international crude oil prices…
(News18) Union Home Minister Amit Shah will be in Bihar next month on his first trip to the state since a political upheaval stripped the BJP of power, a senior party leader said here on Monday. According to the BJP leader, Shah, considered the party’s principal strategist, will be visiting the Seemanchal region, which shares borders with Bangladesh and has a heavy concentration of Muslim population, on September 23-24. The honourable Home Minister will be covering the districts of Purnea and Kishanganj as part of his two-day programme. Besides interaction with party workers, public meetings are also scheduled, the BJP…
(Times Now) Uttar Pradesh Chief Minister Yogi Adityanath attended the foundation day of Mahayogi Goraknath University, as its Chancellor, on Sunday. Yogi addressed the students of Mahayogi Goraknath University. “We’ve to prepare for challenges in education and health sectors. We should focus more on research and development. PM Modi wants India to get top position in global ranking in education and health sectors,” UP CM Yogi Adityanath, on Foundation day of Maha Yogi Gorakhnath University. The Uttar Pradesh Chief Minister inaugurated the statue of Late Prem Narayan Srivastava at the Mahatma Gandhi College. He was the late founder of the college. Earlier, on Saturday, Yogi had said…
(FE) Jio 5G services will be rolled-out in India across four key metropolitan cities, Delhi, Mumbai, Chennai, and Kolkata by Diwali, aka end of October, Reliance Industries Limited (RIL) announced today. Jio plans to roll-out full pan-India coverage by December 2023. The announcement was made by chairman Mukesh Ambani at Jio’s 45th Annual General Meeting. Jio True 5G will be expanded to other cities and towns in phases rapidly to cover entire India in 18 months by December 2023. Jio claims the 5G rollout plan to be the fastest in the world. Unlike other operators, Jio’s 5G network will be Stand-alone with zero…
(PTI) India’s flagship overseas firm ONGC Videsh Ltd has got the seventh extension to explore for oil and gas in a Vietnamese block in the contested waters of the South China Sea, officials said. OVL, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has secured extension of the exploration phase upto June 15, 2023, they said. The company has not found any commercially recoverable oil and gas reserves in the block in the 16 years it has been exploring there but has continued presence there because of India’s strategic interest in the South China Sea. Vietnam too wants the…
(ET) Prime Minister Narendra Modi on Sunday reassured the world that by 2030, 50 per cent of India’s energy production will be met by non-fossil fuel, and by 2070 it plans ‘Net Zero’. The Prime Minister was addressing a public rally on the completion of 40 years of Japan’s Suzuki Motor Corp. at Gandhinagar in Gujarat. He said that a silent revolution is taking shape in India with rising demand for electric vehicles (EV). The state and Central governments have extended incentives and subsidies for the EV sector.
(AT) इंटरनेशनल मार्केट में कच्चे तेल के भाव में एक बार फिर तेजी देखने को मिल रही है. ब्रेंट क्रूड 100 डॉलर प्रति बैरल के पार पहुंचने के बीच राष्ट्रीय बाजार में तेल की कीमतें स्थिर हैं. दिल्ली, मुंबई, कोलकाता, चेन्नई समेत देश भर के विभिन्न राज्यों में पेट्रोल-डीजल की कीमतों में 3 महीने से अधिक वक्त सेबदलाव नहीं हुआ है| अंतरराष्ट्रीय बाजार में बेंचमार्क ब्रेंट क्रूड का दाम (Brent Crude Oil Price) एक बार फिर 100 डॉलर प्रति बैरल के पार पहुंच गया है. कच्चे तेल के भाव में उछाल के बीच भारतीय बाजार में आज (सोमवार), 29 अगस्त 2022 को भी पेट्रोल-डीजल…
(FE) The government has banned exports of wheat flour and related products to keep domestic supplies steady and curb a price rise. Nevertheless, it will allow exports of such products to food-deficit nations, based on requests from their governments. With this, the export policy for wheat products has been brought on a par with that of wheat. According to a notification dated August 27 by the Directorate General of Foreign Trade, exports of wheat flour (atta), maida, semolina (rava/ sirgi), wholemeal atta and resultant atta are now prohibited. The move follows an irrational spike in outbound shipments of wheat products…