Department Financial News

Washington-based U.S. District Judge James Boasberg has given the administration until noon (1600 GMT) to either provide specifics on when the deportation flights took off and landed so he can determine whether they violated his order, or to invoke a legal doctrine involving state secrets to avoid sharing those details and explain their reasons for doing so. Boasberg gave the Justice Department the option of giving him the flight details under seal, meaning they would not be made public. But the judge expressed skepticism that the state secrets doctrine — which protects sensitive national security information from being disclosed in civil litigation — was applicable, given that U.S. Secretary of State Marco Rubio posted details of the flights on social media.

direct tax demand is «difficult to collect», Income Tax Department has informed a Parliamentary panel. When the Standing Committee on Finance expressed concern over the huge arrears of demand and desired to know the possible steps, including a moratorium, that can be taken to address this, the Chairman of CBDT told the panel that arrears are a cause for concern. «We have around Rs 43,00,000 crore of arrear demand which is a cause of concern for us. Partly, this is a legacy issue. This arrear pertains to mid-90s also because earlier what used to happen was there was essentially a manual registers that we were keeping,» the CBDT Chairman told the panel. The report of the Standing Committee on Finance has been tabled in Parliament. The Revenue Secretary informed the panel that a lot of this demand is also «fictitious». The Committee found that in respect of Direct Taxes, Rs 10,55,906 crore tax arrears are pending for five or more years.

Emkay Investment Banking said on Thursday. While volatility has slowed activity on the deal street, the government’s divestment drive is expected to revive momentum. The Department of Investment and Public Asset Management (DIPAM) has set a divestment target of Rs 47,000 crore for fiscal year 2026, creating a significant opportunity for investment banks, Emkay said on the industry outlook.

University of Pennsylvania over its inclusion of transgender athletes in women’s college sports. The University of Pennsylvania’s campus, nestled in the heart of Philadelphia, is known for its academic excellence but now it is embroiled in a political showdown with the White House. On Wednesday, the Trump administration announced the suspension of $175 million in federal funding to the university over its policies regarding transgender athletes. ALSO READ: Why Trump did not meet Sunita Williams, Butch Wilmore after they returned to Earth

The appointment is effective from March 19. Prior to his promotion as ED, Bhattacharyya was serving as Adviser in the Monetary Policy Department of the RBI.

Delhi Transport minister Pankaj Kumar Singh said the e-bus service will operate from Sarai Rohilla, Anand Vihar and Kamla Market. However, the frequency and the routes will be decided later, a senior official told TOI. «The buses will not drop passengers at a location near the airport, but will go to the airport terminal,» he added. Currently, Delhi Transport Corporation (DTC) operates bus services to Indira Gandhi International (IGI) Airport. It also maintains bus services between Delhi and Noida across 12 routes, extending to Noida Electronic City. Initially, the buses will be introduced on a trail run to assess daily passenger traffic. More buses will be added after a few months of evaluation. Women can travel for free with ‘pink passes' while men may face a modest fare increase.

Subscribe to enjoy similar stories. The Trump administration is crafting plans to reorganize the U.S. Agency for International Development, which had been dismantled by Elon Musk’s Department of Government Efficiency, according to a memo detailing the plans.

Trump last month ordered the US Commerce Department to investigate US imports of copper as a likely precursor to imposing duties. Since then, US prices have spiked and traders have scrambled to send metal to America ahead of any tariffs, in turn reducing supply in the rest of the world.

With the recent spike in egg prices, fueled by outbreaks of bird flu, restaurants now have another headache: beef prices are increasing, and they worry about how it will affect their menus, according to Daily Mail. Based on recent figures, prices for beef and veal have jumped 5.5% higher in January than they did in the same period last year, more than inflation in the rest of the American economy, Daily Mail reported.

Ottawa has put in place new rules limiting the fees banks can levy on customers who don’t have enough in their accounts to cover a cheque or other pre-authorized charges.

This will be his second visit to Thailand, following his 2019 trip to the ASEAN Summits, where he was accompanied by External Affairs Minister S Jaishankar and Commerce and Industries Minister Piyush Goyal. The BIMSTEC Summit will take place in Bangkok from April 2 to 4. Under Thailand's chairmanship, BIMSTEC aims to achieve a «Prosperous, Resilient, and Open» region, known as «PRO BIMSTEC,» by 2030. The BIMSTEC Summit aims to foster regional cooperation between South and Southeast Asia, with seven member states: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand. The summit will focus on key deliverables, including the BIMSTEC Bangkok Vision 2030, the Report of the Eminent Persons' Group on the Future Direction of BIMSTEC, and the BIMSTEC Summit Declaration.

income-driven repayment plans used by millions of student loan borrowers. The American Federation of Teachers in a lawsuit filed in federal court in Washington late Monday took aim at the Education Department's decision last month to halt borrowers' ability to enroll in the affordable repayment plans. The department made the change after a federal appeals court ruled that Democratic President Joe Biden's administration lacked authority to pursue a student debt relief program designed to lower monthly payments for millions of borrowers and speed up loan forgiveness for some. The court's decision, issued after Biden left office, had set back his administration's efforts to address what his White House described as a broken student debt system that can financially burden Americans seeking higher education. The Biden-era Saving on a Valuable Education (SAVE) Plan provided more generous terms than past income-based repayment plans, with monthly payments dropping for some borrowers to as low as $0. It also provided debt forgiveness for some smaller loans in as few as 10 years.

Justice Department lawyers said in a court filing that Washington-based U.S. District Judge James Boasberg was improperly intruding on presidential discretion to handle sensitive diplomatic and national security matters. Boasberg has issued an order temporarily banning the administration from removing migrants from the United States under the 18th century law that Trump invoked in proceeding with the deportations. Trump invoked the law, the Alien Enemies Act of 1798, to declare that the Venezuelan prison gang Tren de Aragua was conducting irregular warfare against the United States, subjecting its alleged members to deportation without a final order from an immigration judge, as generally required. «The pending questions are grave encroachments on core aspects of absolute and unreviewable Executive Branch authority,» the Justice Department lawyers wrote. The filing on Wednesday came a day after U.S. Chief Justice John Roberts rebuked Trump for calling for the judge's impeachment.

beneficial bacterial strains with potential industrial applications. Panitenga is a staple in Assamese cuisine, made by fermenting mustard seeds with acidic extracts from mangosteen, tamarind, or lime juice, the mixture is kneaded into a dough, wrapped in banana leaves, and left to ferment in bamboo containers for one to two weeks. This traditional preparation method not only enhances the flavour and texture but also promotes the growth of beneficial bacteria. While fermented foods are widely recognized for their probiotic benefits, such as aiding digestion and improving gut health, certain bacteria present in these foods also have the capability to produce valuable industrial chemicals or compounds. The research team at IIT Guwahati, led by Prof. Lalit Mohan Pandey, Associate Professor, Department of Biosciences and Bioengineering, identified Bacillus subtilis SMP-2, as a significant bacterial strain present in Panitenga. This strain has the unique ability to produce biosurfactants, which are natural compounds with diverse industrial and environmental applications. Surfactants are substances that help mix materials that do not naturally combine, such as oil and water. They are commonly used in products such as soaps, detergents, and shampoos, allowing them to remove grease and dirt. Unlike chemical surfactants, which can be harmful to the environment, biosurfactants are biodegradable, eco-friendly, and effective even under extreme conditions.

Subscribe to enjoy similar stories. US Republicans have long thought that what the federal government does can be done better, faster or cheaper by the private sector. So it should not shock anyone that US Treasury Secretary Scott Bessent recently revealed a larger agenda that sheds light on the Trump administration’s seemingly indiscriminate cuts to federal workers and agencies.

Road transport and highways minister Nitin Gadkari on Wednesday said the government will soon come up with a new policy for toll charges on national highways, offering a reasonable concession to consumers. Replying to queries in Rajya Sabha, the minister also said that the apex committee and high-level empowered committee have recommended further deliberations for satellite-based tolling in view of security and privacy considerations, breach and overall operational control. The ministry of road transport and highways is firming up annual and lifetime charges for toll on national highways likely to be around Rs 3000 for a year and Rs 30,000 for 15 years, paid in one-go. The move is aimed at maintaining cash flow for the government while ensuring seamless travel experience at toll plazas by highway users. Responding to a question, the minister asserted that the government is spending a lot on building road infrastructure and therefore toll charges are necessary. “It is the policy of the department that when you want a good road, you have to pay for it,” Gadkari said. According to the rules of 2008, toll plaza on the same section of the national highway and in the same direction cannot be established within 60 kilometers.

Donald Trump's reciprocal tariffs against other countries come into effect may not be as menacing as it seems because there is little clarity on how the tariffs will be imposed and Treasury Secretary Scott Bessent has put a twist in Trump's policy. It seems the policy is a work in progress, and nobody is yet sure how it will take effect. Reciprocal tariffs roughly mean hiking rates on imports to match the level that other countries apply to US products.

Elon Musk, tech billionaire and US President Donald Trump's close ally, has claimed that his life was at risk over his role in the Trump administration and drastic cuts made to the federal workforce by a newly created department- DOGE. The Department of Government Efficiency (DOGE) has been created by US President Donald Trump and led by the world's richest man has been tasked with cutting US government jobs and other spending. Musk is leading the effort to drastically reduce the federal workforce and weed out what he sees as taxpayers' money being wasted. In an exclusive interview to Fox News, Musk said, «They basically want to kill me,» over the drastic and potentially illegal cuts made at DOGE has made to the federal government and workforce. ALSO READ: Canada under siege: Is Trump planning a 'Canschluss'?

Punjab Kings, one of the founding franchises of the Indian Premier League (IPL), continue their quest for a maiden title since their debut in 2008. Punjab have consistently struggled to find success in the league, only reaching the final once (in 2014) in their 17 attempts so far. Last season was yet another disappointment as they finished ninth, just ahead of Mumbai Indians. However, the franchise has made significant changes in a bid to finally claim the coveted trophy. ALSO READ:Delhi Capitals in IPL 2025: Team, key players, and season outlook

Royal Challengers Bangalore (RCB) head into the 18th edition of the IPL still in pursuit of their first-ever title. In the previous season, they made an incredible late surge, winning six straight matches to secure a playoff spot, narrowly surpassing Chennai Super Kings (CSK) on net run rate. Their journey, however, came to an end in the Eliminator against Rajasthan Royals (RR). With Rajat Patidar stepping up as captain and a number of key signings strengthening the team, RCB is optimistic that this could be the year they finally clinch the title. A major shift for RCB this season is the appointment of Rajat Patidar as captain. Moving away from their usual reliance on international stars for leadership, the franchise has placed its trust in a rising Indian talent. In addition, RCB has prioritized squad balance over chasing big-name players. Their bowling department, once a weak spot, has been significantly strengthened with the signings of Josh Hazlewood and Bhuvneshwar Kumar for a total of INR 23.25 crore.