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The central government has reduced <keyword id="20442280" type="General" weightage="20" keywordseo="windfall-tax" source="keywords">windfall tax</keyword> on crude petroleum, according to a government notification. The special additional <keyword id="20253895" type="General" weightage="20" keywordseo="excise-duty" source="keywords">excise duty</keyword> (<keyword id="20211971" type="General" weightage="20" keywordseo="saed" source="keywords">SAED</keyword>) on crude petroleum has been slashed from Rs 9,600 per tonne to Rs 8,400 per tonne. The new <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> will come into immediate effect. The taxes on <keyword id="6356109" type="General" weightage="20" keywordseo="diesel" source="Orion">diesel</keyword>, petrol and aviation turbine fuel will continue to remain nil. The government had on April 16 raised the windfall tax on <keyword id="20201860" type="General" weightage="100" keywordseo="petroleum-crude" source="keywords">petroleum crude</keyword> to Rs 9,600 per cent tonne from Rs 6,800. A tax levied on an unforeseen or unexpectedly large profit is called a windfall tax. Meanwhile, bringing a measure of respite to the people, <keyword id="19979741" type="General" weightage="20" keywordseo="oil-marketing-companies" source="keywords">oil marketing companies</keyword> have slashed the prices of <keyword id="21488887" type="General" weightage="20" keywordseo="commercial-LPG-gas-cylinders" source="keywords">commercial LPG gas cylinders</keyword> by Rs 19 per unit with immediate effect. The retail sales price of a 19 kg commercial LPG cylinder would be now Rs 1745.50 in Delhi, sources said. Last month, the price was cut by Rs 30.50 for a 19-kg commercial cylinder at Rs 1764.50. While the precise reasons behind the <keyword id="21488889" type="General" weightage="20" keywordseo="price-decrease" source="keywords">price decrease</keyword> remain undisclosed, various factors, such as changes in <keyword id="21488888" type="General" weightage="20" keywordseo="international-oil-prices" source="keywords">international oil prices</keyword>, shifts in taxation policies, and supply-demand dynamics, likely contribute to such adjustments. Revisions for both commercial and domestic LPG (liquefied petroleum gas) cylinders typically occur on the first day of each month. (ANI)

India slashes windfall tax on crude petroleum

<keyword id="6402706" type="ORGANIZATION" weightage="80" keywordseo="oil-marketing-companies">Oil marketing companies</keyword> (<keyword id="88586" type="COMPANY" weightage="80" keywordseo="OMCs">OMCs</keyword>) reduced the price of non-subsidised cooking gas, which customers buy after using up their quota of 12 subsidised cylinders. The price was slashed by Rs 23.50 per cylinder from June 2. 

	OMCs cut the price after appreciation of the rupee and reduction in international crude oil prices.
 The price of a non-subsidised 14.2 kg <keyword id="4431230" type="UNKNOWN" weightage="80" keywordseo="cooking-gas-cylinder">cooking gas cylinder</keyword> in Delhi is now Rs 905, down from Rs 928.50. A subsidised gas cylinder costs Rs 414. <keyword id="6354412" type="COMPANY" weightage="80" keywordseo="indian-oil">Indian Oil</keyword>, a state-owned oil and gas corporation, said that losses on <keyword id="6360114" type="ORGANIZATION" weightage="80" keywordseo="LPG">LPG</keyword> have come down to Rs 432.71 per subsidised cylinder from Rs 449.14 in the previous month. The fuel retailers revise <keyword id="59783" type="UNKNOWN" weightage="80" keywordseo="Jet-fuel">jet fuel</keyword> and non-subsidised cooking gas prices on the first of every month, based on the average international prices in the preceding month. Oil marketing companies are now incurring combined daily under-recovery of about Rs 262 crore on the sale of <keyword id="6356109" type="COMPANY" weightage="80" keywordseo="diesel">diesel</keyword>, <keyword id="6482075" type="UNKNOWN" weightage="80" keywordseo="kerosene">kerosene</keyword> and domestic cooking gas below cost.

Non-subsidised LPG Cylinder Price Slashed By Rs 23.50

New Delhi [India], March 1 (ANI): Oil marketing companies have announced a significant increase in the prices of commercial Liquified Petroleum Gas (LPG) gas cylinders, effective from March 1. Sources reveal that the rate of 19 kg commercial LPG gas cylinders has been raised by Rs 25.50, impacting consumers across various metro cities. The revision in prices comes amid ongoing fluctuations in fuel costs and market dynamics. According to the latest updates, the retail sales price of a 19 kg commercial LPG cylinder in Delhi will stand at Rs 1795 from March 1 onwards. This adjustment reflects the evolving landscape of fuel pricing and its implications for consumers. Comparing the revised prices with previous rates offers insights into the extent of the increase. In metro cities like <keyword id="19896626" type="General" weightage="20" keywordseo="kolkata" source="keywords">Kolkata</keyword>, <keyword id="19895282" type="General" weightage="20" keywordseo="mumbai" source="keywords">Mumbai</keyword>, and <keyword id="19895758" type="General" weightage="20" keywordseo="chennai" source="keywords">Chennai</keyword>, the prices of 19 kg <keyword id="20787104" type="General" weightage="20" keywordseo="indane" source="keywords">Indane</keyword> gas cylinders have also been revised upwards. Kolkata will witness a price hike to Rs 1911, while Mumbai and Chennai will see prices rise to Rs 1749 and Rs 1960.50, respectively. The escalation in prices follows a series of consecutive revisions in recent months. Previous prices of 19 kg Indane gas cylinders on January 1 and February 1, highlight the upward trajectory of fuel costs. On February 1, the prices of Indane gas cylinders varied across metro cities, with Delhi, Kolkata, Mumbai, and Chennai each having distinct rates. In Delhi, the price stood at Rs 1769.50, while Kolkata recorded Rs 1887, <keyword id="20787105" type="General" weightage="20" keywordseo="mumbai-rs" source="keywords">Mumbai Rs</keyword> 1723.50, and Chennai Rs 1937. These prices served as the baseline for consumers at the beginning of the month. However, with the advent of March 1, consumers witnessed a notable increase in the prices of Indane LPG gas cylinders across all metro cities. In Delhi, the price surged by 1.44 per cent (Rs 25.5), reaching a new rate of Rs 1795. Similarly, Kolkata experienced an increase of 1.27 per cent (Rs 24), resulting in a revised price of Rs 1911. Mumbai saw a rise of 1.48 per cent (Rs 25.5), bringing the price up to Rs 1749, while Chennai witnessed an increase of 1.21 per cent (Rs 23.5), setting the new rate at Rs 1960.50. The impact of these price hikes is felt across various segments of society, highlighting the broader economic ramifications of fluctuations in fuel prices. The increases underscore the challenges faced by consumers amidst fluctuating fuel prices and economic uncertainties. While the precise reasons behind the price hike remain undisclosed, various factors such as changes in international oil prices, shifts in taxation policies, and supply-demand dynamics likely contribute to such adjustments. The consecutive revisions emphasize the volatile nature of the energy market and its implications for households and businesses reliant on commercial LPG cylinders. (ANI)

Fuel price surge: Oil companies spike commercial LPG rates, impacting metro consumers

<ul class="summary-list"><li>Hong Kong customs officials discovered 146 kilograms of suspected gold on board a freight plane headed for Japan. </li><li>They say it is the largest gold-smuggling case on record in terms of value.</li></ul>Hong Kong customs officials have seized 146 kilograms of suspected gold, worth more than $10 million, on board a freight plane headed for Japan.The discovery is the largest <a target="_blank" href="https://www.businessinsider.com/russia-economy-putin-wagner-group-gold-smuggling-sanctions-ukraine-moscow-2023-7">gold-smuggling</a> case on record in Hong Kong in terms of seizure value, according to the Customs Department.The precious metal was discovered on 27 March while officials at Hong Kong International Airport examined two air compressors scheduled to be shipped by air freight to Japan.Air compressors have various industrial and mining uses and are commonly used to fill gas cylinders used in diving. They are typically made of cast iron or aluminum.But during an x-ray of the air compressors, officials discovered that gold had been carefully molded and "concealed in the integral parts" of the machinery.The gold parts had been painted silver to match the machine parts, officials told local news outlet, the <a target="_blank" href="https://www.scmp.com/news/hong-kong/law-and-crime/article/3258206/hong-kong-customs-seizes-precious-metal-disguised-machine-parts-worth-hk84-million-their-biggest">South China Morning Post</a> (SCMP).<div type="image" title="Hong Kong Customs on March 27 detected a suspected case of large-scale gold smuggling involving air freight, and seized about 146 kilograms of suspected gold with an estimated market value of about $84 million, at Hong Kong International Airport. Photo shows two air compressors used to conceal the batch of suspected smuggled gold." height="2666" width="4000" msid="109164573" hostid="261"></div>Acting Senior Superintendent Jason Lau Yuk-lung said it was the first time the department had discovered smugglers using this method of hiding gold, according to SCMP.The gold was likely hidden to avoid Japan's import tariffs of around 10%, he said."Smugglers could have evaded about HK$8.4 million ($1 million) in taxes if the precious metal was successfully smuggled into the country," Lau told the outlet.A 31-year-old man was arrested on April 3 in Hong Kong in connection with the case, officials said <a target="_blank" href="https://www.customs.gov.hk/en/customs-announcement/press-release/index_id_4147.html?p=1&amp;y=&amp;m=">in a statement</a>. He has been released on bail pending further investigation.The man was the director of a local company, but Lau said there was a possibility it was a shell company.Anyone found guilty of importing or exporting unmanifested cargo could be fined up to $2 million and imprisoned for up to seven years under Hong Kong laws.Gold is seen as a valuable commodity by investors, with many turning to the precious metal as a more reliable alternative to stocks during economic downturns.The metal has been on <a target="_blank" href="https://markets.businessinsider.com/news/commodities/gold-outlook-rally-fed-interest-rates-bitcoin-dollar-bond-yields-2024-4">a record-setting surge</a> since February, with prices up by more than 13% in 2024.Its stable value also makes it attractive to criminal networks, and gold is one of the most commonly laundered assets.Its transformable nature makes it easy to break down into different forms, disrupting trails and enabling criminal groups to trade anonymously — unless caught by the Hong Kong Police.

Suspected smugglers were caught trying to hide $10 million of gold by painting it silver and disguising it as machinery on a cargo plane

Chennai, Tamil Nadu's ruling <keyword id="19897149" type="General" weightage="20" keywordseo="dmk" source="keywords">DMK</keyword>, a key constituent of the INDIA bloc, in its manifesto released on Wednesday promised to repeal the Citizenship Amendment Act, 2019 if the opposition alliance wins the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> polls. Restoration of statehood to Jammu and Kashmir and holding polls there, scrapping the New Education Policy 2020, slashing fuel prices, annulling Article 361 of the Constitution that provides protection to governors from legal action and appointment of Governors following consultation with Chief Ministers, were among the key promises made by the DMK. The recommendations of the M S Swaminathan committee will be adopted to ensure that MSP for agricultural products "is set at total production cost plus 50 per cent," the DMK said. Also, it announced that if voted to power, the INDIA bloc will withdraw the Agnipath scheme and reintroduce "permanent recruitment service" in the Indian Armed forces. "From now on, population census, including caste-wise census and census concerning people below the poverty line, will be conducted by the Union government once every five years simultaneously." The DMK will firmly insist on the removal of Article 356, which allows the dismissal of duly elected state governments and imposition of President's rule. The Congress party's ally in Tamil Nadu said that "new constraints" on States' borrowing capacity, imposed by the union government beyond the limits in each state's FRBM-equivalent Act will be eliminated. "A recommendation to share cess revenues with states will be made. It will be proposed that the Finance Commission increase the horizontal devolution of tax revenue (to all States together) from 42 per cent to 50 per cent." The Union government's financial contributions to states will be based on the income tax and GST collected in those states. Thus, financial contributions will be assured based on the taxes collected within each state. The finance provided to states will be permanently determined based on the 1971 population. A 33 per cent reservation for women in Parliament and legislative assemblies will be implemented immediately. "DMK will insist that the Union government enact a law providing menstrual leave to women, emphasizing the journey towards gender equality." Petrol and diesel prices "will be set at Rs 75, Rs 65 (per litre)" and cooking gas cylinders shall be made available at Rs 500 (per cylinder). "The introduction of the Uniform Civil Code will be strictly prevented" to preserve India's secular nature as stated in the Constitution's preamble. "The 2019 CAA law will be repealed, and all minorities will be treated equally without any discrimination. The recommendations of the Sachar Committee for the improvement of the lives of Muslims and other minority communities will be implemented." Facilitation will be provided for <keyword id="21027983" type="General" weightage="20" keywordseo="sri-lankan-tamil" source="keywords">Sri Lankan Tamil</keyword> refugees to get Indian citizenship. Assistance will be provided to those who wish to return to Sri Lanka. Also, the manifesto said efforts will be made to implement reservation for minorities at the all-India level, similar to Tamil Nadu. "The financial assistance previously provided to minority educational institutions has now been stopped. Action will be taken to resume this assistance." For "political" reasons, funding from foreign countries to non-governmental organisations (NGOs) has currently been stopped. "The Foreign Exchange Regulation Act will be properly amended, and measures will be taken to ensure these financial aids continue to reach NGOs without any problems." The proposal of 'One Nation, One Election' will be abandoned, and for the allocation of Lok Sabha seats to states, the current practice, based on the 1971 census will continue. All "people-unfriendly" laws introduced by the BJP government over the last 10 years will be reviewed immediately by the INDIA alliance government. The "labour-hostile laws" introduced by the BJP government will be "reformed." Through the Employees' Provident Fund (EPF), the Union government will ensure a minimum pension of Rs 5,000 per month. The number of working days under the Mahatma Gandhi National Rural Employment Guarantee Act will be increased from 100 to 150 days. "A wage of Rs 400 will be provided across states/ union territories nationwide." Disbanding the current NITI Aayog, set up by the BJP regime and establishing again the Planning Commission to draft plans based on the requests of state governments is another assurance the DMK has made. "Measures will be taken to reclaim Kachchatheevu to ensure India's security and to protect the welfare of the fishermen." A mandatory "cooling-off period" of 2 years will be introduced for retired judges and secretaries before they could join private companies or political parties, the manifesto said. Waiving loans and interests for farmers in nationalised and scheduled banks, waiver of educational loans for students, monthly entitlement of Rs 1,000 for all women in every state and formation of <keyword id="21027984" type="General" weightage="20" keywordseo="state-development-council" source="keywords">State Development Council</keyword> by including Chief Ministers were among the promises made by the DMK. Exemption for Tamil Nadu from the NEET exam and complete removal of toll booths on national highways, forms part of poll promises of the Dravidian party. Further, the DMK said amendments will be made to relevant laws to ensure that state governments, elected by the people, appoint Vice-Chancellors to state-run universities, rather than Governors. Stopping government's divestment from public sector enterprises, implementing the Sethusamudram project, law to ban online gambling, setting up a <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> branch in Chennai, providing statehood for <keyword id="19901639" type="General" weightage="20" keywordseo="puducherry" source="keywords">Puducherry</keyword>, equal funding for all state languages including Tamil, were among the host of other promises made by the DMK. Establishment of Tamil departments in varsities and stopping construction of <keyword id="19950851" type="General" weightage="20" keywordseo="mekedatu" source="keywords">Mekedatu</keyword> dam were also promised by the DMK. "The <keyword id="19996334" type="General" weightage="20" keywordseo="vishwakarma-scheme" source="keywords">Vishwakarma Scheme</keyword>, introduced by the BJP government to encourage caste-based occupations, will be restructured on the basis of social justice."

DMK vows to repeal CAA if INDIA bloc is voted to power

New Delhi, People have reposed their faith in "<keyword id="19699064" type="General" weightage="20" keywordseo="modis-guarantees" source="Orion">Modi's guarantees</keyword>," BJP leaders chimed together on Sunday as the party appeared set on the path of victory in Rajasthan, Madhya Pradesh, and Chhattisgarh assembly elections. "The election results show people accept Prime Minister Narendra Modi's guarantee of delivering on guarantees," BJP leader and Union Minister Pralhad Joshi said here. Joshi, who was BJP's election-in-charge for Rajasthan, took a dig at the Congress and promises it made in the run up to the elections. "People have blessed BJP in three states, endorsed Prime Minister Modi's leadership and rejected Congress' false promises," Joshi said. Former Chhattisgarh Chief Minister and BJP leader Raman Singh said in Raipur,"People have reposed their trust in Modi's guarantees." Singh said the people have voted in the name of Modi and for his work over the past nine-and-half years. Madhya Pradesh Chief Minister Shivraj Singh Chouhan -- who is looking at his fifth term -- gave Modi's aggressive campaign ahead of the assembly election the credit for the party's performance. "Our Prime Minister Narendra Modi ji is in the hearts of the people of Madhya Pradesh. The state is also in the heart of Modi ji. There is immense faith towards him. He held public meetings here and appealed to the people which has touched the people's hearts," Chouhan said in Bhopal. Former Rajasthan Chief Minister Vasundhara Raje said it was Modi's belief in taking everyone together that worked for the party. "This victory is of the mantra of 'Sabka saath, sabka vishwas and sabka prayaas' given by Prime Minister Modi. It is the victory of the guarantee given by the Prime Minister. It is also the victory of the strategy given by Amit Shah and the able leadership provided by Nadda ji," she said. "Most importantly, it is a victory for our party workers," Uttar Pradesh Chief Minister Yogi Adityanath hailed the party's victory as a result of guidance of PM Modi. "Under the leadership and guidance of respected Prime Minister Shri @narendramodi ji, BJP's hattrick of huge majority in terms election results in three of the four states, is a 'guarantee of people's trust' on the 'guarantee of Modi,'" he wrote on X. Union Information and Broadcasting Minister Anurag Thakur said the victory was an indicator of what is to come in 2024. "The Ghamandiya alliance's arrogance has been shattered. The INDI alliance has neither leaders, nor policy... For 2024, the indication is clear, the world has faith in India and India's leadership. If India progresses, the world will progress," Thakur said. In Chhattisgarh, the BJP manifesto -- 'Modi ki Guarantee 2023' -- promised cooking gas cylinders at Rs 500 to poor families, one lakh government jobs, and a Rs 12,000 annual financial assistance to married women. The BJP had also promised to procure paddy at Rs 3,100 per quintal and an annual assistance of Rs 10,000 to land less farm labourers. Free food grain, income assistance for farmers, housing for all, 100 per cent electrification of villages, and tap water to every home, were listed by the party as some of Modi's guarantees. "All promises made to you will be fulfilled. This is my guarantee," Modi had said addressing a rally in MP last month. During several of rallies he took a dig at the Congress for its set of promises. "Those who do not have any guarantee about themselves are offering guarantees to the people," Modi had said at a rally in MP. "Modi's guarantees begin from where hope from others ends. That is why Modi's guarantees are popular," the prime minister had said on the campaign trail. In Jaipur, Union Minister Gajendra Singh Shekhawat took a jibe at Rajasthan Chief Minister Ashok Gehlot, saying people have come out of the spell of the "magician." "The 'magic' has ended and Rajasthan has come out of the spell of the magician. People have voted for the honour of women and for the welfare of the poor," he said. Gehlot was born into a family of magicians and assisted his father during his tours. Congress had unleashed the politics of guarantee during Karnataka assembly elections in May, making five distinct promises to the electorate - monthly cash assistance to women head of families, 200 units of free electricity, unemployment allowance to youth, free food grains, and free travel for women on state transport buses. The party tried to replicate the template in Madhya Pradesh, Chhattisgarh, Telangana and Rajasthan. Modi turned on the heat on the Congress by projecting himself as a leader who has delivered on the promises made by him to help the common man meet his aspirations. "Modi Yaani Har Guarantee Poori Hone Ki Guarantee (Modi means the guarantee to fulfill every guarantee)," the prime minister had said in an article last week. "'Modi Ki Guarantee' denotes Prime Minister Narendra Modi's commitment to the aspirations of the common man. It echoes the resolution of his government to serve the last man standing. It allows us to witness a political phenomenon, hitherto missing, where promises carry meaning and are executed meaningfully," he had said. Jammu and Kashmir BJP chief Ravinder Raina said, "Today, the Congress headquarters in MP, Rajasthan and Chhattisgarh are wearing a deserted look. The Congress and National Conference will face the same fate during assembly polls in J-K." The race amongst political parties to offer freebies to the voters triggered a debate on burden on the state exchequer.

You Searched For "gas cylinder" and got 6 results

India slashes windfall tax on crude petroleum

ANI

Non-subsidised LPG Cylinder Price Slashed By Rs 23.50

BI India Bureau

Fuel price surge: Oil companies spike commercial LPG rates, impacting metro consumers

ANI

Suspected smugglers were caught trying to hide $10 million of gold by painting it silver and disguising it as machinery on a cargo plane

Polly Thompson

DMK vows to repeal CAA if INDIA bloc is voted to power

PTI

Victory of Modi's guarantees, say BJP leaders as party sweeps states states

PTI

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