Plan and Policy

Plan & Policy

Govt mulls windfall cess on upstream oil firms

Grappling with various options to arrive at a long-term solution to rising fuel prices, the government is considering taxing the upstream oil companies, including ONGC and Oil India, once the crude price touches $70 per barrel through a cess on the windfall these companies make on higher crude prices. In a knee-jerk reaction, stocks of upstream oil companies slid by up to 7 per cent. Oil India plunged 6.83 per cent to close at Rs 214.80 and ONGC fell by 4.50 per cent to settle at Rs 167.65 on BSE.

Award-winning Major Gogoi held after scuffle in Srinagar hotel

Controversial army officer major Leetul Gogoi of the Army’s 53 Rashtriya Rifles, who had tied a civilian to the bonnet of his vehicle in Budgam last year using him as a human shield to ward off stone pelters, is being probed by the authorities after he was detained by Jammu and Kashmir police following a fracas in a hotel. A local girl and two other persons are also being questioned.

Risks of servicing Basel II debt up for some PSBs: Icra

Risks of servicing Basel II debt capital instruments have increased for several public sector banks due to their weak capital ratios.

Servicing of debt capital instruments under Basel II norms is contingent upon banks meeting tier 1 capital of 7 per cent and hence overall regulatory capital adequacy ratio (CAR) of 9 per cent.

TN orders probe into Vedanta violence, HC stalls expansion

Vedanta,  one of the wor­ld's largest diversified natural resources companies, onWednesday urged the government to ensure safety and security of employees at its copper smelter facility at Tuticorin in Tamil Nadu wh­ile expressing “regret and so­rrow” over incidents of people being killed in protests.

The Thootukudi copper smelter at Tuticorin is run by Vedanta’s Sterlite Copper unit where a man was killed on Wednesday in new round of police firing on people protesting against the plant’s expansion on fears of rising pollution.

DoT brings mobile tower firms under licence for rolling out infra

The department of tele­communication (DoT) has through a clarification in the licensing rules eased the rolling out of telecom networks. It has included infrastructure providers in the ‘right of way’ (RoW) rules allowing them to carry out tower building without state or civic bodies hindrances and without too many levies or permissions across the country.

4,072 telecom towers to be set up in Naxal-hit areas for Rs 7,330 crore

The cabinet on Wednesday approved the home minis­try’s proposal to set up 4,072 mobile towers to improve the telecom network in 96 districts of the 10 Naxal-affected states at a cost of Rs 7,330 crore. The network would be used by the security personnel deployed in are­as affected by left wing extremism (LWE).

Project will also provide mobile services in unconne­cted villages and help imp­r­o­ve econ­o­mic activities. It will boost e-governance in backward and LWE-affected are­as, said an official statement.

Billionaires’ number set to rise 3 times to 357 in India by 2027

India has the third largest number of billionaires in the world, and in the next de­cade, as many as 238 additional ultra high net worth individuals will join this elite club, says a report.

According to AfrAsia Ba­nk Global Wealth Migration Review, India currently has 119 billionaires, and this number is expected to swell to 357 by 2027. Over the next 10 years, while India is expected to create 238 more billionaires, China is likely to add as 448 such individuals.

Homebuyers to get refunds quickly

The government on Wedn­e­sday approved promulgation of an ordinance to am­end the 16-month-old Insolvency and Bankruptcy Code (IBC), which proposes to classify homebuyers as “fin­a­ncial creditors” at par with lenders to help them get refunds from defaulting firms.

The move also allows exemptions to MSMEs (micro, small & medium enterprises) to save them from liquidation and reduction in the threshold limit of approval for lenders’ committee for faster resolution.

Tech capital hosts a political show; BJP has reasons to worry

It was all smiles and laughter, a few hugs and unparalleled bonhomie. Burying their hatchet, political rivals from the length and breadth of the county came on one platform to take on the common foe — a BJP that’s led by Amit Shah and prime minister Narendra Modi. The occasion was swearing-in of new Karnataka chief minister HD Kumaraswamy.

Index of opposition unity

The swearing-in ceremony of HD Kumaraswamy became the foundation laying ceremony of the third front as the entire opposition swore to stop prime minister Narendra Modi’s election winning chariot in 2019.

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