Plan and Policy

Plan & Policy

Import duty on wheat doubled to 20%

The central government on Wednesday doubled the import duty on wheat to 20 per cent to curb cheap shipments and give positive price signal to farmers in the ongoing rabi season. It also imposed import duty of 50 per cent on peas to check cheaper shipments from countries like Canada.

The central board of excise and customs in a notification said it seeks “to increase rate of basic customs duty on peas, from zero to 50 per cent and wheat from 10 per cent to 20 per cent.”

Don’t allow dubious promoters to submit rehab plan: Jindal

To prevent the misuse of the insolvency and bankruptcy code (IBC), dubious prom­oters should not be allowed to submit rehabilitation plan under the insolvency law, JSW Steel chairman Sajjan Jindal said in a tweet on Wednesday.

The JSW chief’s remark comes a day after the Insolvency and Bankruptcy Boa­rd of India (IBBI) anno­u­nc­ed putting in place strict no­r­ms for resolution plan approval under the insolvency law, wherein an applicant’s antecedents and credit worthiness will be checked.

CoD transactions in e-commerce dip

Increased levels of activation, offers and discounts by e-wallets and credit/debit card companies in the past one year have seen the share of cash on delivery (CoD) for e-commerce transactions significantly coming down from around 70 per cent to 10 per cent

A survey by cash-back and coupons provider Cashkaro, which is backed by Ratan Tata, finds that net banking and credit/ debit cards now account for 60 per cent of the transactions and the share of e-wallets have gone up to 30 per cent, while cash on delivery shrunk to 10 per cent.

Another round of petrol, diesel excise duty cut on the cards

The government may soon consider another round of excise duty cut on petrol and diesel. It is to prevent rising crude oil prices from adversely affecting the retail price of these two consumer-sensitive products.

Sources said that a decision to cut duty would be taken after a review of oil prices next month, post the Gujarat elections.

“If the price of Indian basket of crude breaches the $65 mark by then, another Rs 2 per litre cut in excise duty on petrol and diesel cannot be ruled out,” a source privy to the discussions in the finance ministry said.

CBI unearths Rs 396 cr of alleged slush funds after note ban

Continuing with government steps to clamp down on black money, the CBI has unearthed Rs 396 crore of alleged slush funds in 84 cases registered by it relating to illicit currency exchange that took place after the government announced demonetisation of Rs 1,000 and Rs 500 notes a year ago.

The CBI found the illicit cash acting on references from the general public and other agencies.

1952 London redux: Toxic smog suffocates Delhi

Delhiites breathed poison on Wednesday with pollutants touching calamitous levels, as a thick grey smog hung low across the region, prompting the government to declare closure of schools till Sunday, halt construction activities and ban entry of trucks in the city.

Note ban hit realty sector hard, made it transparent: Experts

Housing sales were hit badly and prices fell post demonetisation but the realty sector benefited from the move as it led to greater transparency in the market, say property developers and consultants.

Land and luxury housing deals were severely affected after the demonetisation of Rs 500 and Rs 1,000 notes, announced on November 8 last year, as such transactions generally involved black money component.

A step forward has been taken and the vision is to make India a USD 10-15 trillion economy, DLF CEO Rajeev Talwar said when asked about the impact of notes ban.

Manmohan flays Modi over DeMo; Jaitley responds in kind

Finance minister Arun Jaitley on Tuesday challenged former prime minister Manmohan Singh’s description of demonetisation as ‘organised loot,’ saying the note ban was an ethical drive and moral step. The two leaders traded barbs exactly a year after prime minister Narendra Modi banned high currency notes in a surprise decision on November 8, 2016. The Congress has decided to observe November 8 as black day while the ruling BJP is celebrating it as anti-black money day.