Petrol price hiked by 36 paise/litre, diesel cut by 7 paise
New Delhi: Petrol price was on Friday hiked by 36 paise a litre, the third increase in two months, but that of diesel was cut by 7 paise per litre in line with international trends. Petrol will cost Rs 64.57 a litre in Delhi from midnight tonight as against Rs 64.21 currently. Similarly, diesel will cost Rs 52.52 a litre as compared to Rs 52.59 at present. This is the third increase in rates in petrol in two months, while in the case of diesel, it is the second price reduction this month. Indian Oil Corp (IOC), the nation’s largest fuel retailer, said petrol price is being hiked by 28 paise per litre (excluding state levies) and diesel rate is being cut by 6 paise (excluding state levies). After including a VAT of 27 per cent on petrol, the effective hike in petrol price in Delhi came to 36 paise a litre. In case of diesel, the cut came to 7 paise a litre after including VAT of 17.42 per cent.
RBI proposes norms for investments in overseas startups
Mumbai: Reserve Bank on Friday came out with a draft framework to facilitate investment in overseas technology funds which deploy money in startups overseas. The RBI said such investments do not meet the eligibility norms for making overseas direct investments under the automatic route at present. It elaborated that regulation 6 and 7 of a July 2004 Foreign Exchange Management Act (FEMA) notification pose the difficulties, which can be overcome using regulation 9 of the same notification. The RBI laid down a slew of conditions to be met for the Indian party wishing to invest in the fund, including a minimum networth of Rs 500 crore, exclusion from the ‘caution list’ it prepares, total overseas investment is under 400 per cent of the networth and earning net profit in last 3 years.
DGCA eases restrictions on Galaxy Note 7 use in planes
New Delhi: Aviation regulator DGCA has eased restrictions on use of Samsung Galaxy Note 7 on flights, allowing passengers to use the ones purchased after September 15 which have green battery icon. The ban remains on Galaxy Note 7 devices purchased before September 15 which have seen battery overheating and have a white battery charge indication on the screen. On September 9, the Directorate General of Civil Aviation (DGCA) prohibited their use on board flights as also carrying them in checked-in baggage following a series of incidents of the smart phone’s battery exploding in various countries. restrictions do not apply to “Samsung Galaxy Note 7 purchased after September 15, 2016, which have green battery charge indication on their screen”, DGCA said in a notice.