The ministry had permitted ministries and departments to issue such 'Letters of Comfort' in 2017. Many infrastructure ministries such as the Railways had been using these letters even though the instrument itself does not have legal sanctity.
The index of eight core industries rose 5.8% in February compared with 4% in the month before and -3.3% in February last year.
Facing widespread discontent from its pilots — whose Covid time pay cuts continue — after giving ESOPS worth several crores to management brass, IndiGo has decided to partially restore their salaries from Friday April 1. They will first get a 8% hike and then another 6.5% from November 1, 2022, if there are no further flight disruptions for reasons like Covid or geopolitical tensions.
India's electricity shortage from March 1 to March 30 was its worst since October, a Reuters analysis of government data shows. A surge in power demand in March has forced India to cut coal supplies to the non-power sector and put on hold plans for some fuel auctions for utilities without supply deals due to a slump in inventories. read more
You can now ride in the iconic London black cab in India, albeit in an electric avataar. The London Electric Vehicle Company (LEVC) has brought the TX electric shuttle to India earlier this year for around Rs 80 lakh-1 crore and so far has sold 8-10 of these iconic vehicles.
Several income tax proposals, including 30 per cent tax on income from trade in cryptocurrencies will come into effect from Friday. Also, the revised norms for levy of 1 per cent TDS (tax deducted at source) on sale of immovable property exceeding Rs 50 lakh will come into effect from April 1, the beginning of the new financial year.
Equity indices logged their best month since August 2021 with the benchmark BSE sensex scaling over 3,000 points or 4.13 per cent in March. The performance comes in the back of a ragging war between Russia and Ukraine that has spooked stock markets globally, forcing investors to move to safe haven assets.
"In order to mitigate the inconvenience to the taxpayers ... a window of opportunity has been provided to the taxpayers upto 31st of March, 2023 to intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions," the apex direct taxes body said in statement late Wednesday. The CBDT has issued a notification to this effect.
The new payments system will likely be installed at the headquarters of both the RBI and the VEB, the latter also known globally as the State Development Corporation.