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Govt hikes windfall tax on petroleum crude to Rs 4,250 per tonne from Aug 1

The Indian government has hiked windfall tax on petroleum crude to 4,250 Indian rupees ($51.68) per tonne from 1,600 Indian rupees with effect from Aug. 1. A windfall tax on diesel has been increased to 1 rupee per litre from nil earlier, according to a government notification on Monday. The windfall tax on petrol and aviation turbine fuel has been left unchanged. Earlier this month, the government raised the windfall tax on petroleum crude to 1,600 Indian rupees per tonne from zero. Read more...

India likely to see below-normal monsoon rains in August, says IMD 
India is expected to receive ‘normal’ rainfall in the August-September period after excess precipitation in July. However, monsoon rains in August are projected to be ‘below normal’ at less than 94 per cent of the long-period average (LPA), the India Meteorological Department (IMD) said on Monday. Below-normal rains in August, which accounts for almost 30 per cent of the seasonal rainfall, could have an adverse impact on standing kharif crops, particularly in areas which are water-stressed and where crops are at the maturing stage. LPA for the month of August is 254.9 millimetres, while it’s 422.8 millimetres for the August-September period. Read more...

Go First refund case: NCLT issues notice to lenders, next hearing on Aug 7 
The National Company Law Tribunal (NCLT), Delhi on Monday issued notice to the Company of Creditors (CoC) of Go First to reply if they have given their approval to refund passengers for their advanced bookings since the insolvent airline’s grounding on May 3. According to the resolution Professional (RP), Go First has to refund Rs 597.54 crore to 15.5 lakh passengers, which includes advanced bookings till June 7. As many as 15,25,862 passengers have booked tickets through travel agents amounting to Rs 582.77 crore and 23,711 passengers have booked tickets on the company website amounting to Rs 14.77 crore. Read more...

Nuh violence: Schools, colleges in Gurugram to remain closed today

All educational institutions including schools, colleges, and coaching centres will remain closed on Tuesday in Haryana's Gurugram, District Information and Public Relations Officer, Gurugram stated on Monday. The order has been issued by District Magistrate Nishant Kumar Yadav. This came in the wake of clashes between two groups on Monday. Two home guards were shot dead and about a dozen policemen were injured after a clash broke out between two groups in Haryana's Nuh district on Monday, the police officials said. Read more...
Allegra, Dolo-650 among 300 pharmaceutical brands to have QR codes
The top 300 pharmaceutical brands in the country will now bear a quick response (QR) code on their packaging to rein in spurious drugs and ensure better traceability. Batches manufactured on and after August 1 will have QR codes printed on the packaging of the selected 300 brands, said Viranchi Shah, national president of the Indian Drug Manufacturers’ Association. Some of the popular brands impacted by this government move are Dolo-650 (Micro Labs), Allegra (Sanofi), Asthalin (Cipla), Augmentin (GSK), Saridon (Bayer Pharmaceuticals), Limcee (Abbott), Calpol (GSK), Corex (Pfizer), Thyronorm (Abbott), Unwanted-72 (Mankind Pharma), etc. These high-selling brands have been shortlisted based on their moving annual turnover value or annual sales. Read more...

First Published: Aug 01 2023 | 07:39 AM IST

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