The duty hike on cigarettes by 16 per cent announced in the Union Budget 2023-24 would have a nominal impact of around 7-12 paise per stick across cigarette categories, according to experts. This upward revision in National Calamity Contingent Duty (NCCD) would have negligible impact on smokers and the companies could easily absorb the shock as it may not also have any resultant impact on margins, they said. Finance Minister Nirmala Sitharama in the Union Budget for 2023-24 on Wednesday proposed to revise and increase the duty on cigarettes to about 16 per cent.
'Strong regulations are crucial for the orderly development of the market.'
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
Instead of only focusing on the tenure for which the best interest rate is available, investors should also focus on their own investment horizon.
The finance ministry on Thursday raised concerns over the possible impact of El Nio conditions on India this year, saying if recent forecasts came true, the country could see lower agricultural output and higher inflation. "Some meteorological agencies predict the return of El Nio conditions in India this year. "If these predictions are accurate, then monsoon rains could be deficient, leading to lower agricultural output and higher prices," the ministry said in its monthly economic review.
Foreign portfolio investors (FPIs) are likely to seek from the finance ministry a six-month extension of the date for complying with the amendments to the Prevention of Money-Laundering Act (PMLA), citing implementation challenges. Sources said FPIs, through their custodians, were planning to approach the ministry, highlighting key concerns and seeking more clarification. The ministry, through a notification on March 7, lowered the threshold for reporting ultimate beneficial ownership (UBO) for non-profit organisations and politically exposed persons to 10 per cent from 25 per cent.
The finance ministry has set up two committees of state finance ministers which would rework rate slabs, review GST exempt items and identify potential evasion sources. Four years after the roll out of the national Goods and Services Tax (GST), which replaced the complex indirect tax structure, the centre and states have started work on moving towards a "simpler rate structure in GST" by reviewing the current rate slabs, including special rates and merger of rate slabs. The Group of Ministers (GoM) on rate rationalisation would also review items under inverted duty structure to help minimise refund payout, and review the supply of goods and services exempt under GST with an objective to expand the tax base and eliminate breaking of input tax credit (ITC) chain.
'If Urjit Patel had resigned after the five-state elections results people would have taken a different view. So this was the right time for him to resign.' 'He rightly resigned as he felt the differences with the government were not getting settled.'
Expelled AIADMK leader Sasikala has said that she is ready to face all enquiries against her over the death of former Tamil Nadu chief minister Jayalalithaa.
The Congress Legislature Party, which met at a private hotel in Bengaluru on Sunday evening, passed a unanimous resolution authorising the party chief to pick its leader.
Finance Minister Nirmala Sitharaman on Friday flagged concerns about possible cartelisation in markets and stressed on the need to look into the causes of short supply of commodities. Speaking at the 13th annual day function of the Competition Commission of India (CCI), the minister also said that the regulator needs to have a "proactive understanding" of mergers and acquisitions. "Cartelisation is going to be a challenge...," the minister said.
As Madhya Pradesh goes to polls, all eyes will be on 29 key assembly seats, out of the total 230, where the contest will be keenly watched.
The current estimate, however, largely covers only the cost of infrastructure such as pipes, construction of borewells, overhead costs among others and not the expenditure to be incurred on operation and maintenance.
The two could be offered a yearly contract," confided a high-ranking BCCI official.
IOC raises prospect of boxing being pulled from Paris Games
The cement sector may be looking at better realisations and higher volume offtake going by the trends of the October-December quarter of the 2022-23 financial year (Q3FY23), a recent price hike, and the promise of a continued infrastructure thrust in FY24. In Q3, revenues rose by an aggregate of 17 per cent year-on-year (YoY), but Ebitda (earnings before interest, tax, depreciation and amortisation) per tonne, fell by 14 per cent YoY while profit after tax (PAT) rose by 23 per cent YoY. Expenses were up 30 per cent per tonne YoY - power and fuel costs in particular - and that's no surprise given the rise in fossil fuel prices.
'We had tremendous faith in honorable Modiji in his second term as he was well-settled. Sadly that has been belied.'
A draft proposal by the sub-committee of the insolvency law committee has recommended that the corporate debtor (CD) may initiate the prepack since it may prove difficult to implement if creditors are allowed to do so without the willingness of the promoter.
Indian society may be more advanced than we think it is, notes Ajit Balakrishnan.
St John's church was set ablaze on Sunday night as protesters demanded justice for the killing of Floyd, a 46-year-old man who was pinned to the ground in Minneapolis last week by a white police officer who kneeled on his neck as he gasped for breath.
It also assured that the amount of medical insurance coverage under the Ayushman Bharat scheme would be doubled from Rs 5 lakh to Rs 10 lakh.
No longer a discretion of the tax administrator, the audit of returns filed by taxpayers is now based on a selection by algorithms, notes Tarun Bajaj.
In the audio clip, he is heard directing the attack on Chabad House during Mumbai 26/11 terror attacks.
"We call on Pakistan to stop cleansing their own minorities including Hindus, Christians, Sikhs, Buddhists and others," Bhat said.
Jaishankar, who presided over the UNSC Briefing: Global Counterterrorism Approach: Challenges and Way Forward, described terrorism as an existential threat to international peace and security and said it knows no borders, nationality, or race.
He said despite efforts by the UN, the threat of terrorism is only growing and expanding, particularly in Asia and Africa.
Hafiz Talha Saeed is a senior leader of the LeT and is the head of the cleric wing of the terrorist organisation.
ICICI Bank, the second-largest private sector lender and state-owned Indian Bank on Monday raised their lending rates across all tenors in anticipation of a rate hike by the RBI later this week. The rates have been increased across all tenors under the marginal cost of funds-based lending rate (MCLR) system, a move that will make EMIs expensive for those who availed loans benchmarked against the MCLR. Under the revised rates, effective August 1, ICICI Bank's one-year MCLR has increased by 15 basis points or 0.15 per cent to 7.90 per cent, while the overnight MCLR rose to 7.65 per cent, as per information posted on the bank's website.
Believe it or not, the regulator is even stretching its arm to identify stressed borrowers and gauge the 'distance to default' as a measure of a particular bank's fragility, reveals Tamal Bandyopadhyay.
Finance Minister Nirmala Sitharaman on Tuesday said the government is working out a new Bill on cryptocurrency which will be placed in the ongoing session of Parliament after approval of the Union Cabinet. The ongoing winter session is scheduled to end on December 23. Replying to a series of questions in the Rajya Sabha, she said the new Bill takes into account the rapidly changing dimensions in virtual currency space, and incorporate features of the earlier Bill that could not be taken up.
Pakistan is yet to comply with 13 conditions out of the 27-point Action Plan of the FATF including curbing terror financing, enforcement of the laws against the proscribed organisations and improving the legal systems.
Over the past several weeks, the Trump administration has come out in support of India against China.
It is learnt that China placed a hold on the proposal by India and the US to designate Mahmood as a global terrorist under the 1267 Al Qaeda Sanctions Committee of the UN Security Council.
HDFC Bank was the top loser in the Sensex pack, shedding over 3.5 per cent, followed by Bajaj Finance, L&T, HDFC, Bajaj Finserv, HDFC and Kotak Bank.
The exit of CPN-UML may not immediately affect the Prachanda-led government, which is supported by the Nepali Congress which has 89 lawmakers in the House.
The government on Wednesday extended the tenure of Enforcement Directorate Director Sanjay Kumar Mishra by a year till November 18, 2022, days after the Centre brought ordinances to allow ED and Central Bureau of Investigation directors to occupy the office for up to five years.
The difference between what the banks play in the US and India is not that of soccer and football but rugby and football. SVB also has a unique character. But when risks are mispriced, the fallout could be very similar, points out Tamal Bandyopadhyay.
Rajasthan Chief Minister Ashok Gehlot on Friday announced his government's decision to form 19 new districts and three new divisions in the state, earmarking Rs 2,000 crore for development of infrastructure for them.
Former Union minister and Congress leader Rajeev Shukla was re-appointed chairman of the powerful IPL Governing Council on Monday, ending a month-long suspense over the selection for the top post in the cash-rich Twenty20 league.
