Department Financial News

Indian Premier League season opener may take a back seat as a relentless drizzle upon Kolkata on Friday evening, brought an abrupt halt to the practice sessions of the Kolkata Knight Riders (KKR) and Royal Challengers Bengaluru (RCB). Just a day before their highly anticipated IPL 2025 opener at the iconic Eden Gardens, the weather turned gloomy with gusty winds, likely to affect the big clash. The teams had kicked off their training at 5 PM, but by 6 PM, the rain forced grounds staff into action to cover the field, while players quickly wrapped up their drills.

interest equalisation scheme and its merger with the export promotion mission is going to adversely affect the Indian exporters and it should be extended till the operationalisation of the mission, according to a report of a Parliamentary panel. The mission which was announced in the budget has an outlay of Rs 2,250 crore. The Department of Commerce has informed the Standing Committee of Parliament on Commerce that under the export promotion mission (EPM), it is working to carve out an umbrella scheme with various components, in consultation with the ministries of Finance and MSME. «Once the cabinet approves the scheme, additional funds required will be sought from the Department of Expenditure,» the commerce department has informed the committee.

IPL 2025 Opening Ceremony LIVE: Indian Premier League season 18 is all set to begin with the opening match between Kolkata Knight Riders and Royal Challengers Benglauru on Saturday. Ahead of the marquee clash, BCCI has also scheduled the IPL 2025 opening ceremony, which is expected to be graced by many notable stars, including Shreya Ghoshal, Disha Patani and Shraddha Kapoor.IPL 2025 opening ceremony will begin at 6 PM IST at Eden Gardens on Saturday, March 22.

Donald Trump is invoking emergency powers to boost the ability of the US to produce critical minerals-and potentially coal-as part of a broad effort to ramp up the development of domestic natural resources and make the country less reliant on foreign imports. An executive order signed by the president Thursday taps the Defense Production Act as part of an effort to provide financing, loans and other investment support to domestically process critical minerals and rare earth elements, according to a White House official. The US International Development Finance Corporation, working with the department of defense, will provide financing for new mineral production projects. The order, which also encourages faster permitting for mining and processing projects and a directive for the interior department to prioritise mineral output on federal land, comes as a direct response to long-held concerns among the US and allies that China overwhelmingly controls the processing of some of the most important critical minerals. These elements are used in a number of products from batteries to defence systems that are seen as crucial to the nation's energy and security.

Pentagon spokesman Sean Parnell rejected a report in the The New York Times which claimed that billionaire Elon Musk would be briefed about U.S. military plans against China on Friday. Appearing on Fox & Friends, Parnell invalidated the magazine story while asking the NYT to remove its article.

The disruption could go on for days, Heathrow said, as it warned passengers not to travel to the airport «under any circumstances» until it reopens. More than 1,300 flights have been affected, tracking website Flightradar24 said, and passengers have been told not to travel to the airport until further notice. Thousands of passengers faced inconvenience after the power outage and their travel plans were thrown into disarray after Heathrow Airport shut on Friday. Many passengers who were already in the air spoke about the massive disruption that ensued after they were diverted to other airports, or turned back to where they had departed from.

Telecom equipment sales have reached Rs 78,672 crore under the production linked incentive (PLI) scheme, of which exports contributed Rs 14,963 crore till January 31, 2025, the government has informed Parliament. As part of the scheme, companies have invested Rs 4,081 crore and generated employment for 26,351 individuals as on January 31, 2025, Pemmasani Chandra Sekhar, Minister of state for communications and rural development, said in a written reply in the Rajya Sabha yesterday. The Department of Telecommunications (DoT) had notified the PLI scheme on February 24, 2021, to boost domestic manufacturing of telecom and networking products in India with an outlay of Rs 12,195 crore.

United States President Donald Trump is invoking emergency powers to boost the ability of the U.S. to produce critical minerals — and potentially coal — as part of a broad effort to ramp up the development of domestic natural resources and make the country less reliant on foreign imports.

Tesla trade-ins at dealerships (excluding Tesla’s own trade-in program).

non-resident Indians (NRIs) those who claimed benefit of lower or nil rate of taxation under the Double Taxation Avoidance Agreement (DTAA) are receiving income tax notice(s) for failing to file Form 10F. The Income Tax Act, 1961, allows NRI taxpayers to declare their income and file ITR by applying for lower or nil rate of income tax (in some cases) under DTAA. For availing the benefit of lower or nil taxes under DTAA, NRIs must submit a Tax Residency Certificate (TRC) and Form 10F. This form could be filled any time before filing Income Tax Return (ITR). As per the existing Indian tax law, there is no deadline to file Form 10F and it can be filed electronically by all NRIs who may or may not have a PAN card. The mentioned income tax notice given to NRIs read as follows: “Incorrect claim u/s 143(1)(a)(ii): Adjustment to total income has been done as per Schedule Capital gains & Special Income, and for this DTAA benefit is to be claimed then relevant statutory form shall be filed. This required adjustment to the income within the meaning of Section 143(1)(a) and accordingly this is an opportunity provided to respond within the time allowed.”

Karnataka Assembly on Friday passed the bill providing 4 per cent reservation for Muslims in public contracts amid protests by BJP. The SC/ST contractors enjoy a 24.1% reservation in government contracts and the government later extended the benefit to communities coming under Category 1.

Maharashtra State Legal Service Authority (MSLSA) is organising a Lok Adalat in the state tomorrow, March 22, 2025, in Mumbai and also across all the other three benches of the Bombay High Court, namely Nagpur, Aurangabad, and Panaji (Goa), from 10 am onwards. In addition to this, these Lok Adalats will also be conducted across all Maharashtra state district courts and family courts. Daman and Diu also have their Lok Adalat scheduled for tomorrow.

Subscribe to enjoy similar stories. New Delhi: The India Meteorological Department (IMD) is enhancing its forecasting capabilities by developing a high-resolution model that will increase its current 12-km grid spacing to 6 km by 2026. This move aims to improve weather predictions at the panchayat level, offering farmers more precise forecasts.

Donald Trump announced on Friday that individuals caught damaging Tesla vehicles could face imprisonment for up to twenty years. He shared this information through a post on Truth Social. Trump's Truth Social post stated, «People that get caught sabotaging Teslas will stand a very good chance of going to jail for up to twenty years, and that includes the funders. WE ARE LOOKING FOR YOU!!!» This announcement follows US Attorney General Pam Bondi's declaration that recent aggressive attacks on Tesla property constitute domestic terrorism. She promised thorough investigations with strict penalties for all participants, including those who organise and finance these activities. Bondi declared, «The swarm of violent attacks on Tesla property is nothing short of domestic terrorism. The Department of Justice has already charged several perpetrators with that in mind, including in cases that involve charges with five-year mandatory minimum sentences.»

“If you read the news, it feels like Armageddon,” he told employees in a meeting that lasted past 10 p.m. local time, according to Bloomberg. During the meeting, which was streamed live on his social media platform X, Musk further appealed: “I can’t walk past a TV without seeing a Tesla on fire. I understand if you don’t want to buy our product, but you don’t have to burn it down.” Musk also advised Tesla employees to “hang onto” their stock despite the «rocky moments.» Notably, Tesla shares have plunged more than 40% this year, erasing gains from a stock surge that followed President Donald Trump’s inauguration.

Michael Seibel, a longtime group partner at startup accelerator Y Combinator, has transitioned to a "partner emeritus" role after more than 12 years. He confirmed the news on X.

The Next Generation Air Dominance (NGAD) program will replace Lockheed Martin's F-22 Raptor with a crewed aircraft built to enter combat alongside drones. The plane's design remains a closely held secret, but would most likely include stealthiness, advanced sensors and cutting-edge engines. Lockheed and Boeing are competing for the winner-take-all engineering and manufacturing development contract, worth more than $20 billion. The winner will eventually receive hundreds of billions of dollars in orders over the contract's multi-decade lifetime. For Boeing, a win would mark a sharp reversal of fortunes for a company that has struggled on both the commercial and defense sides of its business; a loss could be devastating. A victory for Lockheed Martin, the world's largest defense contractor, would keep its high-end offerings — it also makes the stealthy F-35 — on an upward trajectory. An Air Force spokesperson and Boeing and Lockheed representatives did not immediately respond to requests for comment.

Hamas ties. The detention of Badar Khan Suri, a postdoctoral fellow at Georgetown University in the US capital, came as fears mount in the academic world that freedom of research and speech is being challenged two months into US President Donald Trump's new term. Suri's lawyer demanded his release and denounced the arrest as a «targeted, retaliatory detention» that was intended «to silence, or at the very least restrict and chill, his speech» as well as that of others who «express support for Palestinian rights.» Early Thursday evening Judge Patricia Tolliver Giles of the Eastern District of Virginia Court ordered Suri «shall not be removed from the United States unless and until the court issues a contrary order.» The American Civil Liberties Union (ACLU), which has also filed an emergency motion to stop the deportation, said Suri was being held at an immigration detention center in Louisiana.

video conference call on February 14. The agency cited workforce planning as the reason for the terminations. Employees were informed about the decision during a 20-minute virtual meeting. They later received official emails confirming their dismissal.

Tesla and SpaceX CEO Elon Musk has raised concerns about the U.S. government’s financial operations, claiming that several government computers are making payments with little to no oversight. Speaking on a podcast hosted by Senator Ted Cruz, Musk called the situation “insane.” Musk claimed that 14 such computers, mainly located at the Treasury Department, were responsible for issuing payments without clear accountability. “Any computer which can just make money out of thin air, that’s magic money,” he said. According to Musk, the government’s financial systems are not well-tracked, leading to significant inefficiencies and potential misuse of funds.

In written replies to questions in the Rajya Sabha, Minister of State in the Prime Minister's Office (PMO) Jitendra Singh said the first task force comprises members from the Department of Atomic Energy, Atomic Energy Regulatory Board, Nuclear Power Corporation of India Limited (NPCIL), Niti Aayog, Ministry of Law and Justice and Ministry of External Affairs. «The Task Force is looking into various aspects like build, own, operation of nuclear power plants by the private sector, nuclear safety, security, safeguards, fuel procurement/fabrication, waste management, spent fuel reprocessing,» Singh said. He said a separate task force is also looking into the Civil Liability for Nuclear Damage (CLND) Act to address the concerns raised by private suppliers. The CLND Act is considered to be the biggest hurdle to private sector participation due to a provision in it that pins liabilities on nuclear suppliers, in addition to the operator, in case of damage.