Business
Centre to share 70% GST income from vaccine with states, says FM
Finance minister Nirmala Sitharaman on Saturday announced tax relief on various Covid-19 medicines and equipment. However, the Goods and Services Tax (GST) on Covid-19 vaccine to remain same at 5 per cent. Explaining the rationale behind this, Sitharaman said, “5 per cent GST on Covid vaccines will stay. The...
Traders body seeks probe against Amazon, Flipkart
The Confederation of All India Traders (CAIT) on Saturday urged the government to revisit the foreign direct investment norms for e-commerce players and start investigation immediately against e-commerce giants Amazon and Flipkart “without any delay”. The Karnataka High Court on Friday dismissed the plea by e-commerce giants Amazon and...
Satya Nadella elevated as Microsoft chairman
Microsoft named its chief executive officer Satya Nadella as board chairman, an additional role in which he will lead the work to set the agenda for the board. Microsoft Corp on Wednesday announced that the board’s independent directors unanimously elected Nadella to the role of board chair, and unanimously...
Adani says NSDL account freeze report wrong, meant to mislead
Adani Group on Monday clarified that a report claiming National Securities Depository Ltd (NSDL) had frozen accounts of three foreign funds that together own shares worth ₹43,500 crore in its companies are “blatantly erroneous and is done to deliberately mislead the investing community.” “This is causing irreparable loss of...
WPI inflation at record high of 12.94% in May
The wholesale price-based inflation accelerated to a record high of 12.94 per cent in May, on rising prices of crude oil and manufactured goods. Low base effect also contributed to the spike in WPI inflation in May 2021. In May 2020, WPI inflation was at (-) 3.37 per cent....
Higher bank FD interest for vaccinated depositors
A few state banks are offering higher interest rates on fixed deposits to those customers who have received the Covid vaccine. The offer is available even to those who have got their first Covid jab. In April, the Central Bank of India launched the Immune India Deposit Scheme. Through...
GST Council meet today to discuss tax cut on COVID essentials
IPA Webdesk The Goods and Services Tax (GST) Council will meet on Saturday to discuss the tax waivers on COVID-19 essential items and medicines. This will be the second GST meeting of this fiscal. Finance Minister Nirmala Sitharaman chaired GST Council meeting on May 28, after a gap of...
Forex reserves cross $600 billion mark for first time
The country’s foreign exchange reserves crossed the $ 600 billion mark for the first time after increasing by $ 6.842 billion in the week ended June 4, RBI data showed on Friday. The reserves surged to a record $ 605.008 billion in the reporting week, helped by a rise...
Paddy MSP hiked by Rs 72 per quintal to Rs 1,940
The government on Wednesday raised the minimum support price (MSP) of paddy by Rs 72 per quintal to Rs 1,940 per quintal for the 2021-22 crop year. Rates of other kharif crops have also been raised. Paddy is the main kharif crop, the sowing of which has begun with...
Additional 1.7 Lakh vials of Amphotericin-B to states, UTs
IPA Webdesk The government has allocated an additional 1.7 lakh vials of Amphotericin-B drug, used to treat black fungus infection, to states and union territories, Union Minister Sadananda Gowda said on Wednesday. “Ensuring adequate availability and smooth supply of #Amphotericin-B across the country, additional 1,70,000 vials of the drug...
Rs 25,000-cr makeover for Railways to run faster, safer trains
The Union Cabinet on Wednesday approved allotment of 5 MHz Spectrum in 700 MHz frequency band to Indian Railways for public safety and security services at stations and in trains. The estimated investment in the project is more than Rs. 25,000 crore, the ministry of railways said in a...
Mumbai Hyatt Regency shuts doors after payment defaults
Hyatt Regency Mumbai has suspended all operations and attributed the action due to lack of funds from the owners. “This is to inform all the on-roll staff of the hotel that no funds are forthcoming from Asian Hotels (West) Ltd., the owner of Hyatt Regency Mumbai, to enable payment...
Petrol, diesel prices at record high, hiked 16 times in last one month
With the latest round of increase, the price of both petrol and diesel has reached new highs across the country. In the last one month alone, prices of both key fuels witnessed a hike 16 times, which saw a collective increase of nearly Rs 5 per litre in petrol...
Nandan Nilekani again backs cryptocurrencies
NandanNilekani Aadhaar architect Nandan Nikelani has once again called for encouraging the use of cryptocurrencies as an asset class, to be bought and sold like a commodity amid reports of India relooking at regulating the market. “Just like you have some of your assets in gold or real estate,...
Old Rs 500 Note Can Get You Rs 10,000. Here’s How
If you are stuck with demonetised notes of Rs 500 and Rs 1,000, you may still be able to not only redeem them, but earn more than their face value. The demonetization announced on November 8, 2016, had put an end on the acceptance of Rs 500 and Rs...
Govt Eases Procedure for Import of Oxygen Cylinders, Tankers
The government on Wednesday further eased the process of registration and approval for importing oxygen cylinders and cryogenic tankers amid shortage of the life-saving gas due to a spike in Covid-19 cases in the country. The government has done away with the norm of physical inspection of global manufacturers...
RBI Says Monitoring 2nd Covid Wave Situation
IPA Webdesk Reserve Bank of India said Governor Shaktikanta Das as part of his unscheduled speech on Wednesday, said that the RBI is monitoring the situation very closely and added that localised containment measures is keeping demand buoyant as compared to last year. Thsi comes at a time when...
Petrol, Diesel Price Up Second Day in Row
IPA Webdesk Petrol and diesel prices were raised for the second day in a row on Wednesday as state-owned fuel retailers resumed daily rate revision after a more than two-week long hiatus during assembly elections in states like West Bengal. Petrol price was increased by 19 paise per litre...
