Business
No wheat-like export restriction for rice immediately
India does not plan to curb rice exports as the world’s biggest exporter of the staple has sufficient stocks and local rates are lower than state-set support prices, trade and government sources said. India banned wheat exports on May 14, just days after New Delhi forecast record shipments of...
Quad initiative to monitor Indo-Pacific maritime activities
Four-nation grouping Quad on Tuesday launched a major new initiative for the Indo-Pacific that allows the partner countries to fully monitor the waters on their shores and help ensure peace and stability in the region, a move that comes amid China’s increasingly intimidatory behaviour. The announcement on the rollout...
M’rashtra, Kerala, R’sthan cut fuel VAT after central cut
Maharashtra, Rajasthan and Kerala have decreased VAT on petrol and diesel after Finance Minister Nirmala Sitharaman’s call to provide further relief to consumers following a cut in excise duty by the Centre, though some other states appeared reluctant citing their inability to take more strain on revenue. Senior Congress...
RBI to pay Rs 30,307 crore dividend to govt for FY22
Reserve Bank of India (RBI) on Friday said its board has approved a dividend payment of Rs 30,307 crore to the government for the financial ended March 2022. The board approved the transfer of Rs 30,307 crore as surplus to the central government for the accounting year 2021-22...
Another hike takes LPG price beyond Rs1,000
The price of 14.2-kg domestic liquefied petroleum gas or LPG cylinder has crossed Rs 1,000 in most of the places in India from Thursday. The oil marketing companies have increased the price of cooking gas by Rs 3.5. This was the second hike in the price of domestic cooking...
Export curbs relaxed for outbound wheat consignments
The government on Tuesday announced a relaxation on its orders restricting wheat exports. It has been decided that wherever wheat consignments have been handed over to Customs for examination and registered into their systems on or before May 13, such consignments would be allowed for export, according to an official...
Wheat export banned with immediate effect
India has put a ban on the export of wheat with immediate effect, the ministry of commerce said in a notification in a late Friday night notification. The Directorate General of Foreign Trade (DGDT) in the notification dated May 13 has said that the wheat export ban was...
Rupee slumps to all-time low of 77.42 against dollar
The rupee extended its losses and touched an all-time low of 77.42 against the US dollar in early trade on Monday weighed down by the strength of the American currency in the overseas market and unabated foreign fund outflows. At the interbank foreign exchange, the rupee opened at 77.17...
Mumbai areas plunge into darkness in another outage
Many pockets of Mumbai plunged into darkness on Monday evening in a power outage caused by what was termed as a “technical fault”. The outage comes amid a series of disruptions in power supply faced by the financial capital over the last month amid a severe shortage of electricity...
