 "Top headlines: 7% Indians want doctors to prescribe generic drugs and more")
GST Council's fitment committee clarity on SUV ground clearance soon
The Goods and Services Tax (GST) Council’s fitment committee, composed of revenue officials from both the Centre and states, is expected to provide an explanation of the “ground clearance”criterion and its implementation in the context of utility vehicles (UVs) for purposes of taxation. A ground clearance (also known as ride height) of above 170 millimetres (mm) is one of the three key parameters for categorising a UV and attracting a 22 per cent compensation cess. Read more
I-CRR move to prevent 'asset price bubble': RBI's state of economy report
The Reserve Bank of India’s (RBI’s) state of the economy report on Thursday warned of asset price bubbles emanating from excess liquidity in the banking system due to weakening lending standards, while commenting on its recent incremental cash reserve ratio (I-CRR) mandate for banks. During the August review of the monetary policy, the RBI mandated scheduled banks to maintain an additional 10 per cent CRR on the increase in their net demand and time liabilities between May 19, 2023 and July 28, 2023. The I-CRR mandate came into effect from August 12, and the decision will be reviewed on or before September 8. Read more
Power demand heats up to record high of 233 Gw due to rising temperatures
India experienced a new peak in power demand, reaching a record 233 gigawatt (Gw) on Wednesday due to rising temperatures as the monsoon retreats across the country. As the formidable El Niño weather phenomenon reaches India, power demand is projected to remain elevated until October. This is also expected to exert pressure on domestic coal supply, as the months of August to October are crucial for the coal supply chain. Typically, during these months, coal supply decreases due to a reduction in power demand. However, with changing climatic patterns and warm to hot temperatures expected across the country in the months to come, coal demand is set to rise. Read more
Future Retail resolution professional moves NCLT against Kishore Biyani
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The Resolution Professional (RP) of Future Retail Ltd (FRL) has filed an application before the NCLT against Kishore Biyani, his brother Rakesh Biyani and eight other entities alleging their involvement in a "fraudulent transaction" in the company. This application "has been filed pursuant to the findings in the report received from Nangia & Co. LLP, which was appointed as 'Transaction Review Auditor' by the RP," said a regulatory filing from Future Retail Ltd (FRL). Read more
Just 7% Indians want doctors to prescribe only generic drugs: Survey
Just seven per cent of Indians support guidelines by the National Medicine Commission (NMC) asking doctors to prescribe only generic medicines, according to an online survey. As many as 85 per cent Indians supported guidelines that prohibit doctors from receiving gifts and commissions from various establishments, said LocalCircles, a social media platform for community-building. Read more