Industry

ITC Warns of ₹21,000 Crore Annual Tax Loss Due to Smuggled Misbranded Cigarettes

By BPN News Desk January 9, 2025

ITC Ltd, India’s leading cigarette manufacturer, has raised concerns over the rampant smuggling of misbranded Indian cigarettes into the country. In a letter to the Union Finance Ministry, the company highlighted that this illicit trade results in an estimated annual tax revenue loss of ₹21,000 crore and may be financing organized crime networks. Smuggling Routes

Finance

Rupee Hits Record Low Amid Strengthened Dollar

By BPN News Desk January 9, 2025

The Indian Rupee has hit an all-time low against the US Dollar, reflecting heightened global economic uncertainties and domestic market volatility. The currency’s sharp decline has raised concerns among policymakers and market participants, with broader implications for inflation and trade. Dollar Strength and Market Volatility The rupee’s depreciation is primarily

Industry

Revised November Gold Import Data Shows Notable Trends

By BPN News Desk January 8, 2025

The gold import data for November has been revised, shedding new light on India’s trade patterns and the underlying economic factors influencing them. The updated figures highlight key trends in gold demand, trade balances, and the impact of regulatory measures on the precious metal market. Gold Imports Witness Adjustments The revised data reveals a notable […]

Business

U.S. Congressman Questions Biden Administration’s Investigation into Gautam Adani

By BPN News Desk January 8, 2025

A U.S. Congressman has expressed concerns over the Biden administration’s recent decision to investigate Indian billionaire Gautam Adani, suggesting that such actions could have implications for diplomatic relations between the United States and India. Background The U.S. Department of Justice and the Securities and Exchange Commission have initiated investigations

Finance

HMPV Scare in Bengaluru Sends Sensex Plummeting 800 Points

By BPN News Desk January 6, 2025

Investor sentiment took a hit as news of a detected case of the Human Metapneumovirus (HMPV) in Bengaluru led to heightened concerns about potential health crises and their economic fallout. The benchmark Sensex plunged 800 points in response, reflecting growing unease among market participants. HMPV Detection Sparks Fear The Human Metapneumovirus, which has been making

Business

India May Reduce US Dollar Dependence Within BRICS Trade

By BPN News Desk January 6, 2025

India is reportedly exploring options to reduce its dependence on the US dollar in trade within the BRICS bloc. This move aligns with efforts by member nations—Brazil, Russia, India, China, and South Africa—to enhance economic cooperation through localized currency use. Push for Localized Currency Usage The transition away from the US dollar in BRICS trade […]

Finance

GST Notice to Pani Puri Vendor Sparks Online Uproar

By BPN News Desk January 4, 2025

A pani puri vendor recently received a Goods and Services Tax (GST) notice for transactions amounting to ₹40 lakh, drawing widespread attention and amusement on social media. The incident highlights the growing scrutiny of unorganized businesses and their tax compliance. The Notice and Its Implications The GST department issued the notice after detecting high-value

Business Finance

India Inc Starts 2025 with Record ₹7.6 Lakh Crore Cash Reserves

By BPN News Desk January 3, 2025

India Inc has entered 2025 with a record-high ₹7.6 lakh crore in cash reserves, reflecting a remarkable 51% increase since the onset of the COVID-19 pandemic. This robust cash position underscores the resilience and strategic financial management of Indian companies amid global economic challenges. Significant Post-Pandemic Recovery The cash pile is attributed to a

Finance

UPI Transactions Surge to Record 16.73 Billion in December

By BPN News Desk January 3, 2025

Unified Payments Interface (UPI), India’s flagship digital payment system, achieved a historic milestone in December 2024, clocking 16.73 billion transactions, according to data released by the National Payments Corporation of India (NPCI). This figure underscores the rapid growth and widespread adoption of digital payments across the country. UPI Growth Accelerates

Finance

India’s GST Collections Rise by 7.3% in December, Totaling ₹1.77 Lakh Crore

By BPN News Desk January 3, 2025

India’s Goods and Services Tax (GST) revenue for December 2024 has shown a significant increase, reaching ₹1.77 lakh crore. This marks a 7.3% rise compared to the same period last year, reflecting sustained economic activity and improved tax compliance. Breakdown of GST Revenues The December collections comprise: Central GST (CGST): ₹32,836 crore State GST (SGST):