Reduce prices or expect demand to sink, India warns OPEC

Reduce prices or expect demand to sink, India warns OPEC

New Delhi, Jul 11: The world’s fastest growing crude consumer – India – has a warning for OPEC: Start reducing prices, or waning demand will mean a curb in purchases from the crude cartel. At least that’s the suggestion from Sanjiv Singh, chairman of Indian Oil Corporation, the country’s biggest refiner. If prices continue rising […]

Tax dept sold $216m of Vedanta stock: Cairn Energy

  New Delhi, Jul 10: The income tax (I-T) department has sold about 40 per cent of British oil firm Cairn Energy’s shares in Vedanta to recover a part of the Rs 10,247-crore demanded as retrospective tax. Weeks before an international arbitration tribunal begins final hearing in Cairn’s challenge to the retrospective tax, the I-T […]

Govt proposes changes to GST law

Govt proposes changes to GST law

New Delhi, Jul 10: The government has proposed several amendments to the GST law to make it more business-friendly and allow tax credits that will help lower the burden. Several genuine transactions, which were earlier not eligible for input tax credit (ITC), will now be eligible. For instance, the draft amendments provide that employers will […]

‘June retail inflation to hit near 2-year high’

‘June retail inflation to hit near 2-year high’

Bengaluru, Jul 10: Retail inflation likely rose to a near two-year high in June, driven by surging oil and food prices, a Reuters poll showed, a development that would strengthen calls for more monetary policy tightening by the Reserve Bank of India (RBI). According to a July 4-9 Reuters poll of 37 economists, retail prices […]

Sebi mulls compulsory delivery for metal derivatives contracts

  New Delhi, Jul 10: The markets regulator is considering a proposal for delivery-based settlement of metal derivatives contracts. Both the Multi Commodity Exchange (MCX) and National Commodity and Derivatives Exchange (NCDEX) had proposals in this regard and these are being discussed with the Securities and Exchange Board of India (Sebi). Sebi has been emphasising […]