Top Headlines: Windfall tax revision, Jio's purchase of 700 MHz, and more

The government on late Tuesday increased the windfall tax on domestically produced crude to Rs 17,750 a tonne from Rs 17,000 a tonne earlier, a move that will hit producers like ONGC and Vedanta Ltd. Meanwhile, Reliance Jio’s decision to acquire 700 MHz in combination with the possible use of an advanced standalone (SA) 5G network could give it an edge over its rivals. Read more on these in our top headlines.

Govt cuts windfall tax on fuel export, raises levy on domestic crude oil

The government on late Tuesday increased the windfall tax on domestically produced crude to Rs 17,750 a tonne from Rs 17,000 a tonne earlier, a move that will hit producers like ONGC and Vedanta Ltd. Also, government lowered the export tax on diesel and aviation turbine fuel in line with softening international petroleum product prices. Read more

Reliance Jio's purchase of 700 MHz likely to give it edge over rivals

Reliance Jio’s decision to acquire 700 MHz in combination with the possible use of an advanced standalone (SA) 5G network could give it an edge over its rivals, according to most analysts. The dissenters argue that the stiff price tag touching Rs 40,000 crore to grab 10 MHz of spectrum in 700 to provide coverage for its SA 5G network. Read more

Delhi, Mumbai may lead as Jio eyes 5G launch in 9 cities by January

Reliance Jio is considering plans to offer 5G services in nine cities in the country by January 2023, probably starting with Delhi and Mumbai sometime later this year, said sources who have held discussions with the telecom player. The other cities are Chennai, Kolkata, Bengaluru, Hyderabad, Jamnagar, Ahmedabad, and Lucknow. Read more

Vodafone Idea to target premium customer base for its 5G services

On the brink of bankruptcy until recently, Vodafone Idea (Vi) has won the 5G spectrum for Rs 18,800 crore in 17 circles. But this will not be enough for the telecommunication (telecom) operator to retain its customer base, observe analysts. Telecom analysts say the industry is moving into a duopoly with Reliance Jio (Jio) and Bharti Airtel (Airtel) taking the lead, while laggards like Vi and owned Bharat Sanchar Nigam compete for customers at the bottom of the pyramid. Read more

I-T dept likely to make PAN mandatory for cryptocurrency investors

The income-tax department may make a permanent account number (PAN) mandatory for cryptocurrency investors, in line with the demat account rules for stock market transactions, according to two people privy to the discussion. At present, disclosure of crypto holdings and related gains is voluntary. Read more

Serum Institute plans pandemic facility to stockpile vax for the world

The drive through the sprawling 100-acre campus of Serum Institute of India (SII) at Manjari on the outskirts of Pune is striking as you see pride in the eyes of people who’ve contributed to the making of Covid vaccine some way or the other. The world’s largest vaccine maker, which supplied about 80 per cent of the doses used in India’s Covid vaccination programme, is now working on the next plan. Read more