India Boosts Crude Windfall Tax by Rs 1,000; Nullifies Diesel, ATF Taxes
What is the windfall tax? A windfall tax is a levy imposed on domestic crude oil producers and exporters of petroleum products when the global oil prices or refining margins rise above a certain threshold. The tax is aimed at capturing the excess profits of the energy companies and discouraging exports of fuel. What are […]
Mandatory B2B E-invoice Details for E-way Bill Generation from March 1
From March 1, 2024, businesses with turnover above Rs 5 crore will not be able to generate e-way bill without including e-invoice details for all B2B transactions. This is a new rule introduced by the government to ensure better compliance and prevent tax evasion under the GST regime. What is an e-invoice? An e-invoice is […]
Investing in the Future: REC’s Rs. 35,000 Cr for Multi-Modal Projects with Rail Vikas Nigam
REC Limited, a Maharatna CPSE under the Ministry of Power, has signed a memorandum of understanding (MoU) with Rail Vikas Nigam Limited (RVNL), a Navratna CPSE under the Ministry of Railways, to finance up to Rs. 35,000 Crores for infrastructure projects to be executed by RVNL over the next five years . Multi-modal logistics hub […]
India Proposes ‘Bharat Park’ Trade Zone in UAE for Global Trade Exhibition
India is planning to set up a dedicated trade zone called ‘Bharat Park’ in the UAE to showcase its products and services at the upcoming Dubai Expo 2024, a global trade exhibition that will run from October 2024 to March 2025. The proposed trade zone will be located in Jebel Ali Free Zone (Jafza), a […]
Government to Reform Tunnel Construction SOPs in Wake of Silkyara Tunnel Mishaps
The Silkyara-Barkot tunnel is a 4.5 km-long two-lane bidirectional tunnel that is part of the Char Dham all-weather road project, which aims to connect important Hindu pilgrim sites in Uttarakhand, North India. The tunnel is being constructed by Navayuga Engineering Company Ltd under the supervision of the National Highways and Infrastructure Development Corporation Ltd (NHIDCL). […]
Road Ministry’s Proposal: Empowering Truckers with Tech System for Accident Reporting
The Ministry of Road Transport & Highways (MoRT&H) has proposed a new system to empower truck drivers and owners with technology for reporting road accidents. The system aims to streamline the process of investigation, documentation and settlement of claims by the Motor Accident Claim Tribunal (MACT). How will this system help truckers? The proposed tech […]
RBI’s Introduction of Card Tokenisation: A Leap Forward for Bank-Level Security
The Reserve Bank of India (RBI) has recently introduced a new feature for card transactions, called card tokenisation, which aims to enhance the security and convenience of customers. Card tokenisation is the process of replacing the actual card details, such as the card number, expiry date and CVV, with an alternate code called the “token”, […]
Centre’s Digi Yatra Initiative: Enrolment Surge Amidst Consent Controversy
The Digi Yatra initiative, launched by the Ministry of Civil Aviation in 2022, is a biometric boarding system that uses facial recognition technology to provide a seamless and hassle-free experience for air travellers. The initiative aims to eliminate the need for verification of ticket and ID at multiple touch points and to achieve better throughput […]
Railway MoU with USAID Gets Cabinet Approval: A Step Towards Energy Efficiency
The Indian government has approved a Memorandum of Understanding (MoU) between Indian Railways and the United States Agency for International Development/India (USAID/India) to collaborate on clean energy and energy efficiency solutions. The MoU, which was signed on June 14, 2023, aims to reduce the carbon footprint of Indian Railways and help it achieve its net-zero […]
The Reason Behind FIU IND’s Crackdown on Virtual Asset Providers
On December 28, 2023, the Financial Intelligence Unit India (FIU IND) issued show-cause notices to nine offshore virtual digital asset service providers (VDA SPs), including Binance, Kucoin, Huobi, Bitfinex and MEXC Global, among others . The FIU IND also wrote to the Secretary at the Ministry of Electronics and Information Technology to block the URLs […]