Business

High-value Rs 2,000 denomination notes worth Rs 5,817 crore remain in circulation, the Reserve Bank of India (RBI) said in data released on Saturday.The central bank had announced the withdrawal of Rs 2,000 notes from circulation on May 19, 2023, while clarifying that the currency continues to remain legal tender, PTI reported.According to the RBI,…

India’s power consumption fell 6% year-on-year to 132 billion units (BUs) in October from 140.47 BUs in the same month last year, mainly due to lower use of cooling appliances and unseasonal rains across several regions, PTI reported.Experts attributed the decline to the combined impact of widespread rainfall and the early onset of winter, which…

India’s gross Goods and Services Tax (GST) collections rose 4.6% year-on-year to about Rs 1.96 lakh crore in October, driven by festive demand and pent-up consumption, according to government data released on Saturday.The increase came despite GST rate cuts on 375 items–from kitchen essentials to electronics and automobiles–that took effect from September 22, coinciding with…

During their latest meeting in South Korea, US President Donald Trump and Chinese President Xi Jinping managed to cool the intense trade stand-off between their countries briefly. The two leaders reached a provisional deal: the US would trim tariffs on Chinese goods by 10%, bringing the rate down to 47%, while China would pause its…

FASTag users will no longer face service disruption for not completing vehicle verification, with the National Highways Authority of India (NHAI) revising the Know Your Vehicle (KYV) process to make it simpler and more user-friendly. FASTag, a device fixed on a vehicle’s windscreen, enables automatic toll payment using Radio Frequency Identification (RFID) technology, allowing motorists…

Global Trade Research Initiative (GTRI) has proposed a three-step strategy to safeguard India’s trade interests as discussions with the United States have stepped into the “advanced stage.” The agency has suggested measures like scaling back Russian oil imports, seeking trade parity and resuming talks on fair terms. ‘Very Good…’: Trump Drops Major Russian Oil Reveal…

Even as Moscow’s crude dominates headlines, it’s not the only Russian oil flowing into India. Russia has now surpassed Ukraine to become India’s biggest supplier of sunflower oil, with shipments soaring twelvefold over the past four years, according to industry data cited by ET.“Russia is the largest and most reliable source of sunflower oil in…

The United States is nearing the longest federal government shutdown in history, having remained closed for the entire month with no resolution in sight. Economists have warned that the longer the impasse drags on, the greater the risk that the economy, already showing signs of strain, could shift from bending to breaking. FULL: ‘Where Are…

MUMBAI: India’s foreign exchange reserve dipped by nearly $7 billion to $695.4 billion during the week ended Oct 24, Reserve Bank of India data showed. Of the total, foreign currency assets were worth $566.5 billion (down $3.9 billion on the week), gold was worth $105.5 billion (down $3 billion), SDRs were worth $18.7 billion (down…

Months after US President Donald Trump settled a $16 million lawsuit with CBS News, he is set to return to “60 Minutes” this Sunday, marking his first appearance on the programme since the dispute.CBS confirmed that Norah O’Donnell conducted the interview at Mar-a-Lago on Friday. The network has, however, not disclosed how this week’s interview…