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The Print
4 hours ago
- The Print
Foreign Secretary Vikram Misri meets Nepal PM Oli in Kathmandu
Misri is in Kathmandu on a two-day official visit at the invitation of his Nepali counterpart, Foreign Secretary Amrit Bahadur Rai. Misri met Prime Minister Oli at his office in Singha Durbar, according to a statement from the PM's secretariat. During the meeting, Chief Advisor to the Prime Minister Bishnu Prasad Rimal, Indian Ambassador to Nepal Naveen Srivastava, and other officials from Nepal's Foreign Ministry were present. Kathmandu: Visiting Foreign Secretary Vikram Misri on Sunday paid a courtesy call on Prime Minister KP Sharma Oli, kick-starting his two-day visit to the Himalayan nation. The Foreign Secretary, who arrived in Kathmandu this morning, is scheduled to hold several high-level meetings throughout the day. These include meetings with Nepali President Ram Chandra Paudel, former Prime Minister and Nepali Congress President Sher Bahadur Deuba, Foreign Minister Arzu Rana Deuba, and former Prime Minister and CPN-Maoist Centre Chairman Pushpa Kamal Dahal. The visit comes as part of preparations for an upcoming official trip by Nepal's Prime Minister KP Sharma Oli to India, scheduled for August 29. Discussions are expected to focus on setting the agenda for that visit. During Misri's stay, the foreign secretaries of both countries will review and discuss various aspects of Nepal-India relations, including cooperation in trade, connectivity, energy, and regional development. The Indian Ministry of External Affairs (MEA) described the visit as part of the tradition of regular high-level exchanges between the two neighbours, stating, 'This visit will provide an opportunity to further strengthen and advance bilateral relations. Nepal holds a high priority under India's Neighbourhood First Policy.' The visit also lays the groundwork for a planned meeting between Indian Prime Minister Narendra Modi and Nepali Prime Minister KP Sharma Oli in Bodh Gaya, Bihar, a site of deep spiritual and cultural significance believed to be where Lord Buddha attained enlightenment. (ANI) This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content. Also read: Foreign Secy Misri to brief Tharoor-led House panel on India-Pakistan tensions on 19 May
Hans India
4 hours ago
- Hans India
Revenue loss from GST changes may touch ₹1.1 trillion; UBS downplays fiscal impact
The fiscal impact of the proposed Goods and Services Tax (GST) rate rationalisation remains acceptable and will result in an estimated GST revenue loss of 1.1 trillion per year or 0.3 percent of GDP according to according to a UBS report revealed. In the year 2026's financial year the company anticipated a deficit of Rs 430 billion which is 0.12 percent of GDP that could be covered by surplus cess collection and an increase in dividends than budgeted by the Reserve Bank of India. The UBS GST report, which was reported by ANI pointed out the fact that the GST overhaul India would be more effective in promoting consumption than personal tax cuts or tax cuts for corporations, since it directly affects the spending on the spot of purchasing. In a report of the National Institute of Public Finance and Policy which stated the fact that "the GST multiplier stands at -1.08, higher than the multipliers for personal income tax (-1.01) and corporate tax (-1.02)." The Independence Day speech from the Red Fort, Prime Minister Narendra Modi announced his intention to announce that "upcoming next-gen India tax reform 2025 before Diwali" will be beneficial to small businesses, consumers and MSMEs. In the following days the finance ministry announced its proposal to simplify the GST structure, based around three pillars: restructuring the tax system, fiscal cost of GST changes and a more comfortable way of life. Sources have now discovered that the Centre proposes to eliminate the current 28% and 12 percent slabs, while keeping the 5 percent and GST rates of 18. Government sources have said the majority of items in the the 12% slab is proposed to be moved into 5% slabs and the majority of things within the 28% slab have been planned to be moved in the 18 percent slab. The GST Council meeting is expected between September and October, to review the plan, ANI reported.
News18
5 hours ago
- News18
MCX revises Nickel futures specifications to enhance market efficiency
Mumbai (Maharashtra) [India], August 18 (ANI): The Multi Commodity Exchange of India Ltd has announced modifications to the contract specifications of Nickel futures contracts. The changes that took effect from today, are designed to enhance market efficiency, improve delivery flexibility, and bring Indian contracts in line with global practices, the commodity exchange said in a statement modifications include changes to the trading unit, expiry date, and delivery arrangements. The trading unit will be reduced from 1500 kgs to 250 kgs, effective from the September 2025 expiry contract onwards. The last trading day of the contract will be shifted from the last calendar day of the expiry month to the third Wednesday of the expiry month, or the preceding working day in case of a holiday. Additionally, there will no longer be designated additional delivery centres at Chennai, NCR, and Kolkata; however, as per SEBI's circular, exchanges may accredit warehouses within a 100 km radius of the existing delivery centre at Thane, revised contract specifications for the Exchange will include a trading unit of 250 kgs, a minimum tick size of Rs 0.10 per kg, daily price limits of 4 per cent, and margins set at a minimum of 10 per cent or SPAN, whichever is higher. The modified contract specifications and trading parameters will be binding on all members of the Exchange and their Rai, Managing Director, and Chief Executive Officer of MCX, said, 'These modifications are part of MCX's ongoing efforts to make Nickel futures contracts more efficient, transparent, and aligned with evolving market needs. By reducing the trading unit, revising expiry schedules, and streamlining delivery processes, we are providing market participants with greater flexibility, improved liquidity, and a product structure that matches global benchmarks." (ANI)
