The Income Tax Act, 2025 came into force from April 1, marking a major overhaul of India’s tax framework, with the Central Board of Direct Taxes (CBDT) describing it as a step towards simplified compliance and a “new chapter” in tax administration, according to PTI.The new law replaces the six-decade-old Income Tax Act, 1961, and…
The Reserve Bank of India on Wednesday announced fresh restrictions on authorised dealers (ADs) in the foreign exchange market following a “review of evolving market conditions”, as the rupee remains under pressure, according to PTI.In a late-evening notification, the central bank said ADs — banks authorised to deal in foreign exchange — will not be…
The government on Wednesday announced curbs on imports of gold, platinum and silver jewellery with immediate effect, a move aimed at checking misuse of free trade agreements (FTAs). These restrictions will operate irrespective of any prior contract, irrevocable letter of credit, advance payment, shipment status, or any other commitment, the Directorate General of Foreign Trade…
The dollar is on track for its best month since September 2022 as the Iran war upends energy markets, buffets economic forecasts, and sends investors rushing to the world’s primary reserve currency. Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), top center, and the foreign exchange rate between…
Parliament on Wednesday passed amendments to the Insolvency and Bankruptcy Code (IBC) aimed at expediting resolution of stressed companies and reducing case backlogs, with Finance Minister Nirmala Sitharaman underlining that the objective is to revive firms rather than liquidate them, according to PTI.The Rajya Sabha cleared the Insolvency and Bankruptcy Code (Amendment) Bill, 2026 by…
IndiGo has found in William Walsh a CEO who can steer India’s largest airline locally and globally as well, according to co-founder Rahul Bhatia. Willie Walsh, director general, International Air Transport Association (IATA) and incoming CEO of IndiGo airlines. (Reuters) “India represents possibly the last bastion of massive growth in aviation…and I don’t believe we…
SpaceX, the rocketmaker and satellite operator controlled by billionaire Elon Musk, has confidentially filed for an initial public offering, which could pave the way for the biggest stock market listing in history. SpaceX wants early inclusion on Nasdaq 100 index, making it a necessary condition for a potential listing on the tech-heavy exchange. (Reuters) The…
US stock markets traded higher on Wednesday, tracking a global rally as easing oil prices and hopes of a potential end to the Iran war lifted investor sentiment, according to AP.The S&P 500 rose 0.6%, adding to its sharp gains from the previous session, while the Dow Jones Industrial Average was up 292 points, or…
Unified Payments Interface (UPI) transactions touched a record high in March, with both value and volume hitting new peaks, driven by festive spending and financial year-end activity, according to PTI.Data released by the National Payments Corporation of India (NPCI) showed that UPI transactions totalled Rs 29.53 lakh crore in value during March, up 19 per…
Novo Nordisk AS has slashed prices of its blockbuster weight-loss drugs Ozempic and Wegovy in India, amid an onslaught of copycat drugs in the world’s third most overweight population. Many patients are likely to still prefer the original Ozempic and Wegovy over generics if the price gap remains within a 15% margin. (Reuters) Ozempic’s and…
