1. Vijay Mallya arrested in London, gets bail in connection with a money laundering case
2. Govt reduces basic excise duty on petrol and diesel by Rs 2 per litre
3. Core sector output rises to 4.9% in August vs 2.4% in July
4. Banks may take a Rs 6,000cr haircut on RComm’s debt
5. IDFC, Shriram Group working on a new deal structure
6. US trio win Nobel prize for physics for discovery of gravitational waves
7. North Korea threatens Japan with nuclear destruction as US rejects talk
India is expected to retain its position as the top remittances receiving country, with its diaspora set to pump in a whopping USD 65 billion in the year 2017, the World Bank said on Tuesday.
Ahead of the annual meeting of the International Monetary Fund and the World Bank, a report issued by the global lender said that remittances, which include flows to high-income countries, are projected to grow by 3.9 per cent to USD 596 billion.
BSE has said it will extend the trading session for gold exchange-traded funds (ETF) and Sovereign Gold Bond on October 17 till 7pm on the occasion of Dhanteras, a festival celebrated two days before Diwali.
Besides, the exchange will conduct muhurat trading session on account of Diwali Laxmi Pujan on October 19 from 6.30pm to 7.30pm, the BSE said in a notice.
We have more details about that hack attack. UIDAI and BSE are among 6,000 Indian organisations reportedly affected by a data breach. Find out more here.
BJP President Amit Shah on Tuesday appealed for an end to communism in India, stating that political killings are common in Kerala, West Bengal and Tripura — all states led by Left parties.
"I want to appeal to all the citizens of the nation, not just the citizens of Kerala, to raise their voice against the political violence that is happening in Kerala, West Bengal and Tripura," Shah said in an interview to News18.
Shah kicked off a 15-day march against political violence in Kerala on Tuesday in which hundreds of BJP leaders and workers participated. The 'Janraksha Yatra' (March for Protection of People) that began from Payyanur will pass through several parts of Kerala before concluding in state capital Thiruvananthapuram on October 17.
For the full story on the excise duty cut, go here.
Prices of petrol and diesel will be reduced by the amount of duty cut with effect from Wednesday.
Meanwhile, there are a reports that a hacker has put up for sale the information of more than 6,000 Indian companies. We'll bring you more information on that shortly.
FICCI President Pankaj Patel says the excise duty cut will actually help control inflation and is a signal for RBI to cut rates.
Following the increase in the international prices of petrol and diesel during the last few weeks, the Retail Selling Prices (RSP) of petrol and diesel at Delhi have risen to Rs 70.83/litre and Rs 59.07/litre respectively as of Monday.
The government said this rise in the prices is also reflected in WPI inflation, which has increased to 3.24 percent for August, as compared to 1.88 percent for July, thus prompting it to act "swiftly".
Taneja says he hopes that state governments will take a cue and reduce state levies where they can.
Narendra Taneja of the BJP's Energy Cell says the excise duty cut is an early Diwali gift for consumers.
Former Oil Secretary Saurabh Chandra says the government will have to depend on tax collections, non-tax realisations to make up the shortfall.
Sarraf says he doesn't believe the spurt in crude prices will persist.
DK Sarraf, former ONGC Chairman and Managing Director, says the excise cut is negative for government revenues but positive for consumers. "The government should have waited for some more time," he says.
The cut in excise duty on petrol and diesel will help cushion Indian consumers from the sharp rise in global crude oil prices. Crude prices have jumped more than 10 percent in the last one month and is currently hovering around USD 59 to a barrel.
Pump gate prices of petrol and diesel, which are revised daily in India, are linked to international crude price movements. A cut in excise duty would proportionately reduce oil companies’ tax outgo, helping to keep retail prices from rising for retail consumers.
The government says the revenue loss on account of these reductions in excise duty is about Rs 26,000 crore for the full year and Rs 13,000 crore for the remainder for the current financial year.
This decision has also been taken by the Government of India in order to protect the interest of common man.— Ministry of Finance (@FinMinIndia) October 3, 2017
RS Sharma, former Chairman of ONGC, tells CNBC-TV18 that oil marketing companies will benefit from this decision.
The excise cut has been done to cushion the impact of rising international prices of crude petroleum oil & petrol and diesel on their retail sale prices, says the finance ministry.
AIADMK's Sasikala has been denied parole. Currently in a Bengaluru jail after being convicted in a disproportionate assets case, she had sought parole in order to visit her ailing husband.
For the full lowdown on what happened with regard to Vijay Mallya today, read the full story. Meanwhile, we move on to our regular news coverage in this blog.
The extradition process from the UK involves a number of steps, including a decision by the judge whether to issue a warrant of arrest. In case of a warrant, the person is arrested and brought before the court for preliminary hearing followed by an extradition hearing before a final decision is taken by the secretary of state.
India’s bid to bring back liquor baron Vijay Mallya from the United Kingdom is built around irregularities in the Rs 950 crore IDBI Bank loan to Kingfisher Airlines (KFA) and evidence about alleged illegal overseas fund funnelling of more than Rs 3,200 crore. Find out more here.
A lawyer for the Enforcement Directorate says the agency has evidence of dual criminality against Mallya.
Mallya has repeatedly refused to appear before courts and investigators in India since he secretly fled to Britain last March, after defaulting on loan payments to state-owned banks and allegedly misusing the funds by rerouting them to tax havens.
Here's a timeline of everything that has happened in the Vijay Mallya case so far.
The final hearing in Mallya's extradition case is scheduled for December.
The two agencies are now planning to file chargesheets and present it as evidence in the Westminster Magistrates' Court to expedite his extradition.
The CBI and ED had recently uncovered that Mallya had diverted a major chunk of Rs 6,027 crore loan, taken from a consortium of 17 banks led by SBI, to several countries including US, UK, France and Ireland.