Business

Government May Announce More Relief Measures for MSMEs Amid West Asia Crisis Fresh Support Likely as Inflation Risks Rise New Delhi, March 29: The government is considering additional relief measures for vulnerable sections of the economy, including the MSME sector, as the ongoing West Asia crisis continues to exert pressure on inflation and supply chains, according to sources.Officials indicated that the Centre has already taken multiple steps to shield consumers and businesses and remains prepared to introduce further support if the situation persists.Fuel Duty Cuts and Export Controls to Stabilise Domestic Market As part of its recent interventions, the government reduced excise duty on petrol to ₹3 per litre and fully exempted...

Indian LPG Carriers Safely Transit Gulf, Head Towards Mumbai and Mangalore BW TYR and BW ELM Carry 94,000 Metric Tonnes of LPG to India New Delhi, March 29: Two Indian LPG carriers, BW TYR and BW ELM, have safely navigated the Gulf region and are currently en route to Indian ports, carrying a combined cargo of approximately 94,000 metric tonnes of liquefied petroleum gas.According to a statement issued by the Ministry of Ports, Shipping and Waterways on Sunday, BW TYR is heading towards Mumbai and is expected to arrive on March 31. BW ELM is bound for New Mangalore, with its arrival scheduled for April 1.No Incidents Reported, Seafarers Safe in Gulf Region The government confirmed that all necessary measures have been implemented to...

India-US Economic Partnership Poised for Expansion, Says US Ambassador Sergio Gor Strategic Alignment in Infrastructure, Energy, and Technology New Delhi, March 29: Highlighting the growing convergence between India and the United States, US Ambassador Sergio Gor said the two nations are well-positioned to expand their strategic economic partnership in a mutually beneficial manner.He noted that India’s expanding economy and large-scale infrastructure requirements align closely with American strengths in energy, advanced manufacturing, aviation, and digital infrastructure. According to Gor, this alignment creates a strong foundation for investment-led growth that benefits both countries.Focus on Supply Chains and ‘Pax Silica’...

Non-Resident Indians (NRIs) may occasionally face ex parte income tax assessment orders in India, often without prior knowledge. Such situations typically arise when notices from the Income Tax Department are not received, leading to assessments being completed without the taxpayer’s participation. Here is a clear breakdown of what this means and the remedies available.What Is an Ex Parte Tax Order? An ex parte order is generally passed under Section 144 of the Income-tax Act, 1961, also known as a best judgment assessment. This happens when the assessing officer proceeds without the taxpayer’s response, often due to non-compliance or non-receipt of notices.In many NRI cases, this occurs because the Permanent Account Number (PAN)...

Can Banks Debit Money Without Permission? Here’s What the Rules Allow Many account holders assume that money deposited in a bank account cannot be accessed without their explicit approval. In most situations, that understanding holds true. However, there are specific scenarios where banks are permitted to debit money without seeking fresh consent each time. Understanding these rules can help customers avoid confusion and manage their finances more effectively.When Prior Consent Has Already Been Given A significant portion of automatic deductions happens because customers have already authorized them. These include loan EMIs, insurance premiums, systematic investment plans, and subscription payments.Once a standing instruction or...

New Delhi, Sunday, March 29, 2026 — The Government of India on Sunday issued a comprehensive status update across energy, logistics, and citizen safety amid the ongoing West Asia conflict, asserting that petrol and diesel supplies remain adequate nationwide, while detailing a series of calibrated interventions to maintain stability across critical sectors. The update comes as geopolitical disruptions, including the continued closure of the Strait of Hormuz, raise concerns over global energy supply chains. Authorities emphasized that all refineries are operating at high capacity, with sufficient crude inventories and enhanced LPG production to meet domestic demand. Fuel Availability Stable; Panic Buying Addressed The government confirmed...

Government Explores Tax Relief Measures as West Asia Conflict Drives Up Airline Costs New Delhi, March 29: The Ministry of Civil Aviation is evaluating multiple measures to cushion Indian airlines from the financial strain caused by the ongoing West Asia conflict, with a key focus on reducing taxes on aviation turbine fuel.Talks Underway to Reduce Jet Fuel Taxes According to sources, Civil Aviation Minister K Rammohan Naidu has initiated discussions with chief ministers and state governments to explore the possibility of lowering Value Added Tax on jet fuel. Since VAT on Aviation Turbine Fuel varies significantly across states, the move is being considered as a way to bring immediate relief to airlines facing rising expenses.For...

Anil Agarwal Claims Bid Win Was Reversed Anil Agarwal, Chairman of Vedanta Group, stated that the company was initially declared the highest bidder for acquiring Jaiprakash Associates Ltd (JAL) through the insolvency process, but the decision was later reversed.In a social media post, Agarwal said Vedanta had received written confirmation of winning the bid, calling the process transparent, but added that “the decision was changed” later without elaborating on specifics.Adani Group Emerges as Winning Bidder The rival bidder, Gautam Adani’s group, ultimately secured approval for its resolution plan. The Committee of Creditors (CoC) selected the bid by Adani Enterprises and approached the National Company Law Tribunal (NCLT), which...

Delhi-NCR Housing Sales Drop 17% QoQ in Q1 2026 Amid West Asia Conflict Impact: Anarock Quarterly Decline Reflects Weak Sentiment Housing sales in the Delhi-NCR region declined 17 per cent quarter-on-quarter to 15,985 units in the January to March period, as buyer sentiment weakened amid geopolitical tensions in West Asia, according to data released by real estate consultancy Anarock.The region had recorded sales of 19,250 units in the previous quarter, indicating a notable slowdown in momentum during the first quarter of 2026.Annual Demand Remains Strong on Low Base Effect Despite the sequential decline, housing demand in Delhi-NCR rose sharply by 44 per cent on a year-on-year basis. Sales stood at 11,120 units in the same period...

Tea Association of India Urges Assam Government on Housing Land Transfers Concerns Over Housing Line Land Transfer The Tea Association of India (TAI) has requested the Assam government to address industry concerns regarding the transfer of housing line land to tea garden workers under a newly amended law. While appreciating the government’s intent to provide land deeds, TAI emphasized the need for clear administrative guidelines to prevent financial and legal complications.TAI President Shailja Mehta highlighted that many tea garden lands are mortgaged with banks, and transferring these properties without proper regulation could create challenges. She also noted that the Land Ceiling Act applies only to land, not to company-built...

India’s Supply Chains Remain Stable Amid West Asia Tensions, Says CAIT Adequate Stock of Essentials, No Cause for Concern New Delhi, March 29: India’s supply chain ecosystem continues to remain stable and resilient despite rising geopolitical tensions in West Asia, the Confederation of All India Traders (CAIT) said on Sunday.CAIT Secretary General and Delhi MP Praveen Khandelwal stated that the government has confirmed sufficient availability of essential commodities across the country, assuring that there is no concern regarding supply or distribution.Strong Monitoring and Coordination Ensure Continuity Khandelwal highlighted that proactive monitoring systems and effective coordination between central and state authorities have...

Jio Financial Services Targets 2026 Insurance Launch, Focuses on Secured Lending Strategy Mumbai, March 29: Jio Financial Services (JFS) is preparing to expand its financial ecosystem with plans to launch both general and life insurance businesses in 2026, subject to regulatory approvals, according to a senior company official.Insurance Expansion Plans with Global Partnerships Chief Executive Officer and Managing Director Hitesh Sethia stated that the company aims to begin insurance manufacturing operations this year, pending necessary clearances. JFS, which has already stepped into the reinsurance segment, will collaborate with its joint venture partner Allianz and a French company to roll out its general and life insurance...

New Delhi, March 29: The combined market valuation of seven out of India’s top 10 most valued companies declined by Rs 1.75 lakh crore in the week leading up to the holiday, reflecting a broader weakness in equity markets. Reliance Industries recorded the steepest fall during the period.Benchmark Indices End Lower Amid Volatility The downturn aligned with a negative trend in benchmark indices. The BSE Sensex dropped 949.74 points, or 1.27 percent, while the NSE Nifty declined by 294.9 points, also down 1.27 percent for the week.Market sentiment remained under pressure due to global uncertainties and geopolitical tensions. According to Ajit Mishra, SVP Research at Religare Broking Ltd, the week was marked by heightened volatility...

RBI Mandates Two Factor Authentication for Digital Payments from April 1, 2026 New Delhi, March 29: Digital payments in India are set for a major security upgrade from April 1, 2026, as the Reserve Bank of India introduces stricter authentication norms aimed at curbing rising online fraud.Two Layer Verification Becomes Mandatory Under the new rules, two factor authentication will be compulsory for all digital transactions, including those made via UPI, debit cards, credit cards, and mobile wallets. This marks a shift from existing systems where OTP based verification was often sufficient.Users will now need to complete at least two authentication steps. These may include a combination of OTP, PIN, password, biometric verification...

CII Praises Government Response to West Asia Crisis, Urges Industry Action to Manage Supply Disruptions Coordinated Policy Measures Help Stabilize Economy Amid Global Uncertainty New Delhi, March 29: The Confederation of Indian Industry (CII) on Sunday commended the Indian government for its swift and coordinated response to disruptions triggered by the ongoing West Asia crisis, highlighting that timely interventions have helped stabilize key economic factors.The industry body noted that the crisis has primarily created supply-side pressures, impacting energy costs, logistics, and working capital cycles. While immediate risks have been contained through policy measures, CII emphasized the need for continued collaboration between the...

India’s Key Financial and Regulatory Changes Effective April 1 Introduction of the New Income Tax Act, 2025 Starting April 1, India will implement the Income Tax Act, 2025, replacing the decades-old 1961 legislation. The new law is designed to simplify taxation by using clearer language and removing complex terminology.Key Highlights:Unified Tax Year Concept: Terms like Assessment Year and Previous Year are replaced with a single Tax Year, simplifying compliance. Revised Filing Norms: Updated income tax return procedures and stricter PAN-related rules aim to improve transparency and close loopholes.Labor Law Reforms Impacting Salaries and Benefits Employees will see changes under proposed labor law reforms:Restructured Wage...

CaratLane Plans to Open 40 New Stores in FY27 Expansion Strategy CaratLane, backed by the Tata Group, has announced plans to expand its retail footprint with 40 new stores in the 2026-27 financial year.Currently, CaratLane operates nearly 50 stores across India. The company aims for a measured expansion, focusing on strategic locations rather than rapid rollout.Store Ownership and TimelineCompany-Owned Stores: Approximately 10% of the new stores will be directly owned by CaratLane Expansion Phases:Q1 FY27: Market research and exploration of potential locations Q2 FY27 onwards: Commencement of store openingsStrategic Focus CaratLane’s expansion plan emphasizes sustainable growth, blending company-owned and franchise-based...

India’s Fuel Duty Overhaul: Impact on Reliance SEZ Exports and Refining Margins Uncertainty Over SEZ Export Tax Following India’s fuel duty changes effective March 26, significant uncertainty remains regarding whether Reliance Industries’ SEZ refinery exports will continue to enjoy exemptions from new export duties on diesel and aviation turbine fuel (ATF). The decision is expected to heavily influence refining margins and government revenue.Key Changes in Fuel DutiesDiesel export duty: Rs 21.50 per litre ATF export duty: Rs 29.50 per litre Petrol exports remain exempt Excise duty on petrol and diesel cut by Rs 10 per litreThese changes aim to provide relief to domestic oil marketing companies (OMCs) while addressing government...

Thane Consumer Commission Orders Ola Electric to Replace Defective Scooter or Issue Refund Ola Electric Found Guilty of Deficiency in Service The District Consumer Disputes Redressal Commission in Thane has directed Ola Electric Technologies to replace a defective electric scooter or provide a full refund, citing “gross deficiency” in customer service and “unfair trade practices.”The commission observed that the vehicle suffered from multiple defects and that the company failed to address the issues despite repeated complaints.Case Filed by Navi Mumbai-Based Lawyer The complaint was filed by a lawyer from Navi Mumbai, who purchased the electric scooter in July 2024 for Rs 96,997.According to the complainant, the scooter began...

India Emerges as a Key Growth Engine for ZEISS Vision Business New Delhi, March 29 Global optics and optoelectronics major ZEISS is strengthening its focus on India, identifying it as one of its top three fastest-growing markets for vision products. The company sees strong momentum driven by the country’s expanding youth population and increasing demand for high-quality vision solutions.According to Charlotte Hamel, Vice President and Head of Global Brand Management at Carl Zeiss Vision, and Boris Dejonckheere, Head of Global Sales Operations and Emerging Markets, India stands alongside China and Southeast Asia as a key growth region for the company globally.India and China Compete for Top Growth Position ZEISS noted that India...