Gujarat HC pulls up CBDT for 11-year non-compliance on ITR utilities, seeks affidavit; warns of strict action
Court flags failure to follow 2015 order mandating April 1 release of e filing utilities, directs remedial roadmap.
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India caps refinery margins after windfall export tax to cushion fuel losses
India has capped refinery margins to cover losses on domestic fuel sales. This follows a windfall tax on fuel exports. The move aims to balance costs as international oil prices surge. Retail fuel rates have remained unchanged, impacting oil marketing…
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Only 10 vessels cross Strait of Hormuz since US-Iran truce as world's oil lifeline remains frozen
Few ships are using the Strait of Hormuz after a ceasefire. Lingering fears and Iranian demands are impacting traffic. Hundreds of ships remain stuck. The war has severely disrupted oil supplies. Iran has announced alternative routes. Many shipowners are hesitant…
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India Inc ramps up exports as Iran ceasefire reopens Middle East trade
Pharma companies reported a pickup in export demand as countries sought to replenish medicine inventories, while packaged food makers said supplies are normalising, with distributors willing to absorb higher freight costs to avoid shortages.
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Banks exit bulk of India rupee arbitrage positions ahead of RBI deadline, sources say
Banks have largely exited Indian rupee arbitrage trades. The Reserve Bank of India imposed limits on onshore positions to curb volatility. These measures targeted arbitrage trades between onshore and non-deliverable forward markets. Most of these positions have now been unwound.…
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CBI registers FIR in Rs 550 crore IDFC bank embezzlement case
The CBI has taken over the investigation into a Rs 550 crore embezzlement case from Haryana government accounts. Funds were allegedly siphoned off through fraudulent banking operations and fictitious transactions. Shell entities and associated firms are under scrutiny. The Haryana…
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