BUSINESS
No increase in fuel prices for 2nd consecutive day on Tuesday
With no revision, the price of petrol in Delhi remained Rs 105.84 a litre and Rs 111.77 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel rates also remained static at Rs 102.52 a litre; while in Delhi it costs Rs 94.57, the same as on Sunday. The price pause comes after the rates rose for four straight days when the rates of both petrol and diesel rose by Rs 1.40 paise per litre. There was no change in the rates also on October 12 and 13.
Economy healing but still digging out of deep economic contraction: RBI
The RBI Bulletin for October 2021 noted that India was amongst the first hit and our recovery started late, towards October-November 2020. The bulletin, however, noted that hiring prospects have already brightened-up ahead of the festivals, with entry level hiring growing at the fastest pace.
RBI imposes penalty worth Rs 1.93 cr on Standard Chartered Bank India
According to the RBI, a statutory inspection for supervisory evaluation (ISE) of the bank was conducted with reference to the bank's financial position as on March 31, 2020. Besides, risk assessment and inspection reports were examined which revealed the non-compliance with directions.
Relief for consumers as petrol, diesel prices remain unchanged on Monday
The prices of petrol and diesel have been paused after the daily hike for four consecutive days. The fuel prices were not hiked on October 12 and 13 but for the next four days, there was a daily hike in petrol, diesel prices. As a result, the petrol price in Delhi remained Rs 105.84 a litre. Similarly, the petrol price in Mumbai continued at 111.77 per litre. As for diesel, the price remained at Rs 94.57 in Delhi per litre and Rs 102.52 a litre in Mumbai.
Multiple rates, applications make GST more complicated, Revenue Dept pushed to issue clarifications
The GST regime with five major different rates and few more for certain special products had created more confusion for taxpayers than bringing about simplicity. This confusion often results in litigation that affects both the authorities and well as taxpayers. In order to remove some of confusion created by differential tax rates and it applications, the Revenue Department has issued a circular directed at all the operative officials giving clarifications
US lawmakers protest more intensely than Indians over Amazon's rigging in India: CAIT
CAIT said this attitude gives enough strength to the possibility that Amazon and other foreign companies have the protection of some people within the government administration for allowing it to violate the law at the cost of gross neglect of the domestic trading community.
India's oil import bill at 67% of FY21 in just 5 months of FY22
The sharp increase in the bill has come amidst a V-shaped economic recovery following rising demand after the second wave of Covid coupled with a spike in global oil prices. However, this may pose a greater challenge for the government in FY22 to maintain fiscal discipline amid good growth in tax revenue.
Sitharaman's marathon meeting sessions with US businesses continues in NY
As part of this, Sitharaman on Saturday met Scott Sleyster, Executive Vice President and Chief Operating Officer of Prudential Financial and Philip Vassiliou, Chief Investment Officer, Legatum, in New York. Her discussions with Sleyster revolved around the reforms towards capital bond market, investor charter and other initiatives.
No additional borrowing by Centre to meet GST compensation of states in FY22
Government officials said the current revenue position, where both direct and indirect tax kitty of the government had seen a sharp rise, will prevent it from additional borrowing even if it meets full GST compensation shortfall for states during FY22. The centre has pegged its gross borrowing target for FY22 at Rs 12.5 lakh crore in the Union Budget 2021-22, presented by Finance Minister Nirmala Sitharaman
Fuel rates hiked again, petrol at Rs 105.84/ltr in Delhi
The price of petrol in Delhi rose to its highest-ever level of Rs 105.84 a litre and Rs 111.77 per litre in Mumbai, according to a price notification of the state-owned fuel retailers. In Mumbai, diesel now comes for Rs 102.52 a litre; while in Delhi, it costs Rs 94.57. Diesel prices have now increased 19 out of the last 23 days taking up its retail price by Rs 5.95 per litre in Delhi.
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