The Indian government has imposed a new windfall gains tax of Rs 3 per litre on petrol exports, while simultaneously reducing the levy on diesel to Rs 16.5 per litre and aviation turbine fuel (ATF) to Rs 16 per litre, effective May 16.
The authority has termed it an unfair trade practice under the Consumer Protection Act, 2019, pointing out that only applicable taxes can be added to the price mentioned in the menu.
Ebrahim Azizi, Head of the Iranian Parliament's National Security Committee, warned the US against interfering with the Strait of Hormuz, asserting Iran's sovereignty after former President Donald Trump threatened to 'take over' the strategic waterway. Despite the heated rhetoric, Iran and the US have established a direct communication line to prevent incidents during a 60-day negotiation period.
Air India and Air India Express are introducing a fuel surcharge on domestic and international flights due to rising jet fuel prices, impacting travel costs for passengers.
Monthly gold imports have declined to 25-30 tonnes from 70-80 tonnes while recycling of old jewellery has increased following the recent hike in import duties.
Tamil Nadu Governor RV Arlekar announced that the TVK regime, led by Chief Minister C Joseph Vijay, will take steps to ensure fair financial devolution from the Centre, including pursuing the matter in the Supreme Court. The government also plans to conduct a 'Social Justice Survey' and address the state's severe financial deterioration.
Loss-making Air India has introduced a new 'Basic Fare' category for select domestic flights, which does not include complimentary meals, as part of its efforts to trim expenses amid rising operational costs.
The Reserve Bank of India has imposed a penalty of Rs 41.8 lakh on Canara Bank for non-compliance with KYC norms and incorrect account classification, and Rs 3.1 lakh on Puran Associates Pvt Ltd for asset classification violations.
Prime Minister Narendra Modi has strongly refuted a media report suggesting the government is considering levying a tax, cess, or surcharge on foreign travel, calling the news "totally false".
As the 2026 FIFA World Cup comes to the United States, Bay Area soccer clubs and supporters hope the tournament will inspire a new generation of fans and strengthen the region's thriving grassroots football culture.
The diplomatic intervention follows various media reports which attributed comments to Iranian lawmaker Alaeddin Boroujerdi, suggesting that merchant vessels were being charged USD 2 million for safe passage through the "conflict-hit Hormuz."
Two members of the People's Liberation Front of India (PLFI), an outlawed Maoist splinter group, were arrested in Jharkhand's Khunti district, police said on Sunday.
'There has to be a safe harbour for licensed entities, which have followed all the norms prescribed by the RBI.'
Chennai Super Kings captain Ruturaj Gaikwad has been fined after his team maintained a slow over-rate during their IPL match against Gujarat Titans, resulting in a penalty of INR 24 lakhs.
Delhi Police busted a counterfeit garment manufacturing racket in Naraina Industrial Area, seizing over 3,400 fake branded jeans, forged labels, and stitching machines.
The National Payments Corporation of India (NPCI) is set to consider linking the ATM interchange fee to the Wholesale Price Index (WPI), alongside a potential hike from the current 19 to 21-22, which could impact customer charges for transactions beyond the free limit.
US President Donald Trump announced a new global levy on imported items, resulting in a lower tariff rate for India, following a Supreme Court verdict against his previous sweeping tariffs.
'Customers do not recover the original making charges paid on old jewellery. Sentimental value is lost when heirlooms are exchanged.'
The Economic Offences Wing (EOW) has attached properties worth Rs 4 crore belonging to suspended IAS officer Sameer Vishnoi, an accused in a coal levy scam, for allegedly amassing assets beyond his known sources of income.
Yuvraj Sandhu made the cut at the Soudal Open, while Shubhankar Sharma missed out. South Africa's Zander Lombard and France's Tom Vaillant share the lead.
Authorities in Chhattisgarh have attached properties worth Rs 4 crore belonging to suspended IAS officer Sameer Vishnoi, an accused in the coal levy scam, for allegedly amassing assets beyond his known sources of income.
Bharti Airtel reported a 33.5 per cent decline in consolidated net profit to Rs 7,325 crore for the March 2026 quarter, primarily attributed to one-time provisions for statutory and tax liabilities.
The NTA has also confirmed that the upcoming re-examination, scheduled for June 21, 2026, will be conducted entirely free of cost for all previously registered candidates, funded fully through the agency's internal reserves.
Commerce and Industry Minister Piyush Goyal announced that a US team is expected to visit India next month for trade talks, following an earlier Indian delegation's visit to Washington, DC, in April to finalise an interim pact and advance negotiations for a broader bilateral trade agreement.
Petrol and diesel prices in India have seen their fourth increase in less than two weeks, pushing cumulative hikes to nearly Rs 7.5 per litre since May 15, reaching their highest levels since May 2022. This surge, driven by global crude oil costs and the Iran conflict, is expected to exacerbate inflationary pressures and raise transportation costs across the economy.
Yuvraj Sandhu carded a 4-under 68 to lead the Indian golfers at the Estrella Damn Catalunya Championship, four shots behind the leader Shaun Norris.
Based on the official NTA statement and government directives issued on Tuesday, May 12, 2026, here is a guide for students and parents about what they can do now.
These new tariffs were imposed by Trump on all countries, including India, on February 24 for 150 days following a Supreme Court verdict that struck down his earlier sweeping levies.
Despite a sharp increase in import duties on gold and silver to 15 per cent, the precious metals are trading at significant discounts in the domestic market, with gold seeing discounts of up to $200 an ounce and silver up to $6 an ounce.
Finance Minister Nirmala Sitharaman on Monday introduced two bills in the Lok Sabha to levy excise duty on tobacco and tobacco products, and a new cess on manufacturing of pan masala, which will replace the GST compensation cess on such sin goods.
The Indian government has marginally exceeded its indirect tax collection target for fiscal year 2025-26, with strong performances in customs, excise, and GST revenues.
With duties at 15%, GST at 3%, and making charges running as high as 20% -- the gap between a smart purchase and a careless one can easily be Rs 30,000 to Rs 50,000 on every Rs 1 lakh invested. And most of that gap is entirely avoidable. Ramalingam Kalirajan explains the math.
'Once the currency goes out of the hand, then possibly your major challenge is that it will not come back.'
The Indian government has revised the application fee for the Overseas Citizen of India (OCI) card and introduced changes to the application process, including abolishing the six-month continuous stay requirement.
Air India, IndiGo and SpiceJet have told the government that the country's airline industry is under extreme stress and on the verge of "stopping operations", as they sought revision in ATF pricing and financial support.
The Reserve Bank of India has updated its e-mandate framework, allowing card issuers to map existing mandates to reissued cards and clarifying rules around transaction limits and customer grievance redressal.
Police in Lucknow busted a gang that misused the Mudra loan scheme to create fake GST firms and commit input tax credit fraud worth approximately Rs 1.3 crore.
Trump criticised Iran for attempting to use international waterways for leverage, stating that the United States had restrained itself only to allow space for negotiations.
India should not stay on the margins of this initiative. There should be a serious debate about what would be in India's best interests asserts former foreign secretary Shyam Saran.
An Iranian missile strike on Haifa has resulted in casualties and intensified conflict between Iran and Israel, prompting search operations and ceasefire discussions.
