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BusinessFinance Minister Nirmala Sitharaman announced that the GST Council has introduced reforms to ease refund processes, simplify registration, and reduce litigation. She stated that 99% of GST rate and process issues have been addressed, but further reforms remain possible. These changes are expected to take effect from April 1, 2027.
Hindu Business·
PoliticsThe U.S. Justice Department charged former Venezuelan leader Nicolás Maduro and his wife, Cilia Flores, with torturing detainees, including Americans, to suppress opposition and maintain power. Already facing drug trafficking charges, they are set for trial in June 2027. Prosecutors allege torture methods such as electric shocks, rape, isolation, and starvation to repress dissent and undermine Venezuela's democracy.
Deccan Herald·
BusinessThe Reserve Bank of India's Monetary Policy Committee has raised interest rates by 25 basis points to address rising inflation. Retail inflation is projected at 4.9% in Q2, rising to 6% in Q3, then easing to 5.7% in Q4. Global oil prices have surpassed $100 per barrel, pressuring fuel costs. A deficient monsoon is also pushing food prices higher, limiting the impact of rate hikes on inflation.
Hindu Business·
PoliticsThe US imposed sanctions on two Mumbai-based firms, SSPL Solutions Private Limited and Samudra Marine Services Private Limited, along with five Indian nationals linked to them for involvement in trading petroleum products from Iran. The sanctioned individuals include Dhwani and Nisarg Vora from SSPL and Ketan Kochikar, Bhupendrasingh Sahu, and Harishyam Hariharan Chundakattil from Samudra Marine. This move is part of the US Operation Economic Outcast targeting Iranian oil trade.
HT World··Mumbai
PoliticsThe Trump administration imposed new sanctions on Iran targeting individuals, networks, and 17 vessels involved in transporting crude oil, oil products, and petrochemicals. This move is part of the Treasury Department's "Operation Economic Outcast," aiming to cut Tehran's funding for war, missile construction, cyberattacks, and the IRGC. It significantly disrupts Iran's illicit maritime operations and intensifies pressure on Iranian oil sales after the US reimposed a blockade on Iranian ports in July.
Deccan Herald·
BusinessOngoing conflicts in the Black Sea region have disrupted Russia's exports of yellow peas and sunflower oil to India. Prices for yellow peas have increased from ₹40 to ₹46 per kg over the past two months due to shipment delays. Importers report no recent shipments from Russia, affecting availability and causing expectations of further price rises for sunflower oil.
Economic Times·
Hindu Business·
Finance Minister Nirmala Sitharaman announced that the GST Council has introduced reforms to ease refund processes, simplify registration, and reduce litigation. She stated that 99% of GST rate and process issues have been addressed, but further reforms remain possible. These changes are expected to take effect from April 1, 2027.
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