New Delhi, Apr 17 (ANI): Praising the fresh measures of Reserve Bank of India (RBI) to soften the blow by coronavirus pandemic, the Federation of Indian Chambers of Commerce and Industry (FICCI) said the second set of central bank's measures such as reducing the reverse repo rate would have positive impact on sentiments and liquidity.  "FICCI warmly welcomes the 2nd set of RBI steps to address the COVID situation. These would have positive impact on both liquidity and more importantly on sentiments," said Dilip Chenoy, Secretary General, FICCI.

Fresh RBI measures to have positive impact on liquidity, sentiments: FICCI

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State-owned Indian Oil Corporation (IOC) has begun a probe into allegations of a US speciality chemicals firm bribing its officials 15 years back to obtain contracts to supply catalysts, according to a company's regulatory filing.
Albemarle Corporation, a global speciality chemicals supplier that develops and sells catalysts used in the operation of oil refineries, allegedly "paid approximately USD 1.14 million in commission to India intermediary company relating to Indian Oil Corporation business and obtained approximately USD 11.14 million in profits on that business between approximately 2009 and 2011," according to a US SEC order dated September 28, 2023.
Albemarle was caught for bribery by the US authorities in 2017 and then settled the case in September 2023 by paying a hefty fine of more than USD 198 million to avoid prosecution.
In a filing, IOC said it is "neither party to nor is there any allegation against the company in relation to the proceedings" in the US SEC.
"Howev

Between 2009 and 2017, Albemarle also paid Indian agent an excessive commission to obtain catalyst orders from Indian private customers

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On the occasion of the 246th Remount Veterinary Corps Day, the Indian Army gifted twelve retired military dogs to Asha Schools and benevolent Samaritans

The state saw a combined growth of 683.62 sq km in forest cover, securing the topmost position in the country

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The GST Council, in its meeting on Saturday, is likely to decide on reducing tax rates on life and health insurance premiums, but a decision on big-ticket rate rationalisation, including a higher tax on sin goods, may be deferred.
The GoM on GST rate rationalisation had proposed rate rejigs in 148 items in its recommendations, but sources said that consensus is needed to be built on some of the tax changes that the panel has suggested and some more time may be needed for that.
The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, is also likely to deliberate on bringing Aviation Turbine Fuel (ATF), a major component for airline industry's operation cost, in the Goods and Services Tax (GST) fold.
The GST rate is also proposed to be cut on food delivery platforms like Swiggy and Zomato, to 5 per cent (without input tax credit), from the current 18 per cent (with ITC).
However, the Fitment Committee (comprising tax

Also, the Group of Ministers (GoM) on GST compensation cess is likely to get a six month extension till June, 2025, to submit its report. The compensation cess regime comes to an end in March, 2026

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Fresh RBI measures to have positive impact on liquidity, sentiments: FICCI

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