finance ministry report

The government has imposed a Rs 3 per litre windfall tax on petrol exports while reducing levies on diesel and aviation fuel. These revised rates, effective May 16, aim to ensure domestic fuel availability and prevent excessive profits from elevated global crude oil prices amid the West Asia conflict.

Prime Minister Narendra Modi has vehemently denied reports suggesting the government was considering a cess or tax on foreign travel. He stated there was no truth to these claims and reiterated the commitment to improving 'Ease of Doing Business' and 'Ease of Living' for citizens, dismissing any notion of imposing such restrictions.

US Secretary of the Treasury, Scott Bessent, on Wednesday, praised Japan's economic resilience and highlighted the importance of economic security during meetings with senior Japanese leaders on Tuesday as part of his Asia visit. The visit came ahead of US President Donald Trump's upcoming summit with Chinese President Xi Jinping in Beijing from May 13-15.

Despite the bullish undertone in equities, several risk factors continue to keep investors on edge. The rupee touched a fresh record low after breaching the 95.8 mark against the US dollar for the first time.

The proposal was suggested by the Reserve Bank of India and is currently under active consideration by the Finance Ministry, sources said. Talks around reducing taxes for overseas investors have accelerated amid efforts to slow the rupee’s decline, they added.

The Supreme Court has taken a firm stand against the Rajasthan government, holding them directly accountable for the illegal extraction of sand within the National Chambal Sanctuary, a crucial habitat for endangered wildlife like gharials and dolphins.

The BJP has accused Rahul Gandhi of a significant financial discrepancy, alleging his foreign travels over two decades cost approximately Rs 60 crore, far exceeding his declared income. The party questions potential Foreign Contribution Regulation Act and tax law violations, demanding transparency regarding the source of funds for his numerous international trips.

For India, however, the core issue remains action rather than acknowledgment, with MEA reiterating New Delhi’s repeated appeals to Ottawa to take effective action against anti-India extremist elements operating from its soil