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On April 25th, it was reported that on April 24th, 2026, the Peoples Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) held a system-wide warning education meeting and a meeting to promote the study and education on establishing and practicing a correct view of performance. Pan Gongsheng, Secretary of the Party Committee and Governor of the PBOC, delivered a speech and a Party lecture. Pan Gongsheng pointed out that it is necessary to promote the high-quality development of the central banks work. Based on the responsibilities of the PBOC, it is crucial to deeply analyze the performance-related issues behind economic and financial problems, strictly and practically implement the rectification measures following central inspections and audits, continuously address the "involutionary" competition among financial institutions, effectively coordinate the "five major tasks" in the financial sector, actively and steadily promote the resolution of local government financing platform debt and risks of small and medium-sized financial institutions, maintain a high-pressure crackdown on illegal financial activities in related fields, and continuously optimize the central banks management and services for county-level finance.On April 25th, in preparation for King Charles IIIs visit to the United States, the British flag was flown in Washington, D.C., but some residents noticed that many Australian flags were also displayed. A Washington, D.C. official stated that after discovering the error, they quickly replaced the incorrectly displayed Australian flags with British flags, but the cause of the error is still under investigation. A Buckingham Palace spokesperson announced on April 14th that King Charles III would begin a four-day visit to the United States on April 27th.On April 25th, the National Medical Products Administration (NMPA) released its 2026 plan for establishing cosmetic standards, proposing to formulate or revise 27 standards covering raw materials for hair dyes, cosmetic raw materials, and general technical requirements and testing methods for toothpaste, providing more precise technical support for cosmetic regulation in my country. According to the NMPAs Cosmetics Supervision Department, new cosmetic raw materials must be registered or filed before they can be used in my country.Li Auto (LI.O) executives: Europe and Southeast Asia are seen as the companys next export markets.The China Earthquake Networks Center officially reported that a magnitude 3.1 earthquake occurred at 10:19 a.m. on April 25 in Shawan City, Tacheng Prefecture, Xinjiang (43.52 degrees north latitude, 84.93 degrees east longitude), with a focal depth of 16 kilometers.

Indian Government Reduces Tax on Fuel, Key Commodities To Battle Inflation

Charlie Brooks

May 23, 2022 09:52

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India on Saturday announced a series of modifications to the tax system charged on vital commodities in an attempt to buffer customers from rising prices amid high inflation.


Finance Minister Nirmala Sitharaman announced a drop in excise duty on petrol by 8 rupees ($0.1028) per liter, and 6 rupees per liter on diesel.


The new tax policy on fuel and diesel could result in a loss of around 1 trillion Indian rupees to the government in annual revenue due to the decreased collection, she stated in a series of tweets.


The government also reduced the import duty on anthracite, PCI coal and coking coal in an attempt to cut raw material costs for local market demand.


The latest measures will be effective from May 22, the government stated in a notification after the announcement by Sitharaman, who also asked state governments to follow suit with comparable reductions on fuel costs keeping in line with federal plans.


A liter of petrol currently costs 105.41 rupees, while diesel is at 96.67 rupees in New Delhi.


The government would also pay a supplementary subsidy of 200 rupees per cooking gas cylinder to approximately 90 million people under a welfare scheme launched for women below the poverty line.


The subsidy will have an annual income implication of about 61 billion Indian rupees, Sitharaman said.


"Prime Minister Narendra Modi has expressly requested all arms of the government to work with sensitivity and give relief to the common man," she said.


The government was also attempting to minimize taxes on raw materials for plastic items to lower down the cost of final products.


Experts said the recent steps will likely increase fiscal problems and create uncertainties about the government attaining its deficit target of 6.4 percent of GDP for 2022-23.



But inflation has become a huge concern for Modi's government ahead of elections to many Indian state assemblies this year.


A substantial surge in inflation meant input costs rose for businesses.


The rise forced the central bank to hike interest rates during an unexpected policy meeting this month.


"Today's decisions, notably the one relating to a major drop in fuel and diesel prices, will positively impact many industries, offer relief to our folks," Modi wrote on Twitter (NYSE:TWTR) (NYSE:TWTR). "It is always people first for us!"

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