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Festive Booster: Centre Releases Tax Devolution Of Rs 1,01,603 Crore To State Govts

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Festive Booster: Centre Releases Tax Devolution Of Rs 1,01,603 Crore To State Govts


New Delhi: Amid the ongoing festive season, the Union government has released an additional tax devolution of Rs 1,01,603 crore to state governments, the Finance Ministry said on Wednesday. This is an additional amount to the normal monthly devolution, which is scheduled to be released on October 10.

According to the ministry, the decision was taken in view festive season to enable states to accelerate capital spending and finance their development and welfare-related expenditure.

Uttar Pradesh, the nation’s most populous state, got the highest–Rs 18,227 crore, followed by Bihar (Rs 10,219 crore), Madhya Pradesh (Rs 7,976 crore), West Bengal (Rs 7,644 crore), Maharashtra (Rs 6,418 crore), and Rajasthan (Rs 6,123 crore).

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Andhra Pradesh (Rs 4,112 crore), Odisha (Rs 4,601 crore), Tamil Nadu (Rs 4,144 crore), Karnataka (Rs 3,705 crore), and Jharkhand (Rs 3,360 crore) also received significant additional tax devolution.

Earlier, the Finance Ministry said that the Centre had transferred Rs 4,28,544 crore to state governments as devolution of share of taxes during April-July, which is Rs 61,914 crore higher than the previous year.

Meanwhile, the Central government had received Rs 10,95,209 crore during the period, which comprises 31.3 per cent of the corresponding budget estimates (BE) for 2025-26. Of this, a sum of Rs 6,61,812 crore constitutes net tax revenue to the Centre, Rs 4,03,608 crore was non-tax revenue, and Rs 29,789 crore was part of non-debt capital receipts.

Total Expenditure incurred by the union government during the time frame was Rs 15,63,625 crore, which constitutes 30.9 per cent of the corresponding BE 2025-26. Out of this total amount, Rs 12,16,699 crore was on the revenue account and Rs 3,46,926 crore is on the capital account, which is spent on large infrastructure projects. Interest payments made up Rs 4,46,690 crore of the total revenue expenditure, while major subsidies account for Rs 1,13,592 crore.



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Festive Booster: Centre Releases Tax Devolution Of Rs 1,01,603 Cr To State Govts

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Festive Booster: Centre Releases Tax Devolution Of Rs 1,01,603 Cr To State Govts


New Delhi: Amid the ongoing festive season, the Union government has released an additional tax devolution of Rs 1,01,603 crore to state governments, the Finance Ministry said on Wednesday. This is an additional amount to the normal monthly devolution, which is scheduled to be released on October 10.

According to the ministry, the decision was taken in view festive season to enable states to accelerate capital spending and finance their development and welfare-related expenditure. Uttar Pradesh, the nation’s most populous state, got the highest–Rs 18,227 crore, followed by Bihar (Rs 10,219 crore), Madhya Pradesh (Rs 7,976 crore), West Bengal (Rs 7,644 crore), Maharashtra (Rs 6,418 crore), and Rajasthan (Rs 6,123 crore).

Andhra Pradesh (Rs 4,112 crore), Odisha (Rs 4,601 crore), Tamil Nadu (Rs 4,144 crore), Karnataka (Rs 3,705 crore), and Jharkhand (Rs 3,360 crore) also received significant additional tax devolution. Earlier, the Finance Ministry said that the Centre had transferred Rs 4,28,544 crore to state governments as devolution of share of taxes during April-July, which is Rs 61,914 crore higher than the previous year.

Add Zee News as a Preferred Source


Meanwhile, the Central government had received Rs 10,95,209 crore during the period, which comprises 31.3 per cent of the corresponding budget estimates (BE) for 2025-26. Of this, a sum of Rs 6,61,812 crore constitutes net tax revenue to the Centre, Rs 4,03,608 crore was non-tax revenue, and Rs 29,789 crore was part of non-debt capital receipts.

Total Expenditure incurred by the union government during the time frame was Rs 15,63,625 crore, which constitutes 30.9 per cent of the corresponding BE 2025-26. Out of this total amount, Rs 12,16,699 crore was on the revenue account and Rs 3,46,926 crore is on the capital account, which is spent on large infrastructure projects.

Interest payments made up Rs 4,46,690 crore of the total revenue expenditure, while major subsidies account for Rs 1,13,592 crore.



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Hurricane season brings financial fears in the Caribbean

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Hurricane season brings financial fears in the Caribbean


Gemma HandyBusiness reporter, St Johns, Antigua

Getty Images A home on the Caribbean island of Barbuda that had been torn apart by the high winds generated by Hurricane Irma in 2017Getty Images

Homes in Barbuda were flattened by 2017’s Hurricane Irma

For some Barbudans, thunderstorms still trigger flashbacks of the night in September 2017 when they lost everything they owned to Hurricane Irma’s devastating winds.

Eight years on, while memories may be close to hand, home insurance for many on Barbuda and other islands in the Caribbean’s hurricane belt is more prohibitively expensive than ever.

Across the region premiums have gone through the roof in the past two years, surging by as much as 40% on some islands, according to industry figures.

Experts blame a perfect storm of increasing risk – as the region sees worsening and more rapidly intensifying cyclones – yet tiny populations of people to pay for policies, equating to poor returns for insurance companies.

Dwight Benjamin’s Barbuda home was one of few left relatively undamaged by Irma. After the storm, he invested in a one-room extension topped with a concrete roof that will serve as a shelter for his family should disaster strike again.

“I think the house should be sound enough but that’s my added protection,” he says.

With peak hurricane season now in full swing, Dwight is among many Caribbean people anxiously monitoring weather platforms for activity in the Atlantic. Should a system head his way, he will do as he did during Irma – hope and pray.

“I’ve never had insurance; most Barbudans don’t really think it’s worth it. It’s just an added expense to the meagre resources we have,” he explains.

“Plus, we believe in what we have built and that it should be able to withstand the weather.”

Courtesy Dwight Benjamin Dwight Benjamin, wearing a blue shirt and black jeans, standing in front his his home. Behind him the porch and entrance door can be seen. A bicycle is leaning against the front wall of the. Some gas cylinders are stacked in front of the house. To the left of the house, the newly built extension which serves as a shelter can be seen.Courtesy Dwight Benjamin

Dwight Benjamin built an extension to his home which serves as a shelter during hurricanes

Like Dwight, many Caribbean people build homes “out of pocket”, rather than opting for mortgages that can have high interest rates in this part of the world.

And the majority of homes on islands affected by hurricanes are uninsured. In Jamaica only 20% are reported to have cover, and just half in Barbados.

It is not just storms threatening the region, but earthquakes and volcanos too, points out Peter Levy, boss of Jamaican insurance company BCIC.

As a result of these threats of natural disaster, which Mr Levy calls the Caribbean’s “unique market”, the cost of home insurance will always be high.

One Antiguan insurance firm, Anjo, typically charges premiums of between 1.3% and 1.7% of a home’s value. Whereas in the UK, for example, it can be less than 0.2%.

Getty Images A satellite image of Hurricane Irma hitting the island of Barbuda in September 2017Getty Images

Hurricane Irma, pictured, is the most powerful storm to have hit Barbuda since records began

The Atlantic hurricane season runs from 1 June to 30 November, with the most activity occurring between mid-August and mid-October. The northern Caribbean nations, such as Antigua and Barbuda, the Bahamas, British Virgin Islands, and the Dominican Republic, are among the most at risk of a direct hit.

The peak months can be torturous for people with Irma-related trauma, says Mohammid Walbrook, another Barbudan resident. “Whenever there’s an announcement of a storm coming our way, it brings back bad memories. For some, even thunder and lightning are a trigger,” he says.

Back in 2017, Mohammid took shelter in a bathroom with his mother, father, sister and nephews when Irma’s category five winds tore the roof from his parents’ home.

His own uninsured two-bedroom property was also badly damaged. He was one of several Barbudans to receive a new house through assistance from international donors.

Courtesy Mohammid Walbrook Mohammid Walbrook looks into the camera in this headshot. His head is shaven and he sports a bushy black beard with some grey hairs. Courtesy Mohammid Walbrook

Mohammid Walbrook survived Hurricane Irma

While some Caribbean countries – like British territory Turks and Caicos, also battered by Irma – have emergency cash reserves that can help with post-storm restoration, others do not have that luxury.

For deeply indebted nation Antigua and Barbuda, agencies like the United Nations Development Programme (UNDP) are a lifeline in the aftermath of a natural disaster.

The country’s prime minister Gaston Browne estimated the cost of rebuilding Barbuda after Irma, where 90% of buildings were damaged, topped $200m (£148m). Help came from China, the European Union and Venezuela, among others.

In 2017, the UNDP stumped up $25m for Barbuda and the island country of Dominica, which was ravaged by Hurricane Maria that same month.

The money restored more than 800 wrecked buildings across the two islands. But the body’s intervention was crucial in other ways too.

With livelihoods destroyed, the UNDP’s cash-for-work programme hired hundreds of local residents who had suddenly found themselves unemployed.

They assisted with everything from debris removal to reconstruction of homes and infrastructure, including Barbuda’s hospital and post office, the UNDP’s Luis Gamarra tells the BBC.

“Injecting economic resources into affected families helps reactivate the local economy,” he says.

Almost 1,000 contractors were also trained in more resilient “build back better” techniques, to safeguard structures against future disasters.

“The climate is changing and putting more pressure on governments and communities. Storms are becoming more frequent, more intense and happening earlier in the year too,” Mr Gamarra continues.

He thinks the expansion of partnerships with the private sector and with other countries in the region might help mitigate the impacts.

One such mechanism is the Caribbean Catastrophe Risk Insurance Facility, of which 19 Caribbean governments are members. Set up after Hurricane Ivan in 2004, the first-of-its-kind risk-pooling venture allows member governments to buy disaster coverage at low cost.

Last year it made record payments topping $85m to Hurricane Beryl-hit islands.

In Antigua and Barbuda, hurricane preparedness is a year-round endeavour, explains Sherrod James, director of the country’s office of disaster services.

Assessments of buildings to be used as storm shelters, along with training of volunteers to man them, starts months before the season starts, he says.

“We also meet with the private sector, helping them put policies and preparations in place, looking at the safety and resilience of their buildings. We make sure our critical partners, such as the ports, are prepared.

“And we do a lot of proactive work to address chokepoints within waterways that can exacerbate flooding,” adds Mr James. “These days, storms can go from a category one to five in a day. The new norm has thrown out the old regiment of what has to be done; we have to be much more proactive now.”

For many Barbudans, this time of year will always bring trepidation. Dwight was among dozens who recently attended a Hurricane Irma remembrance service at the island’s Pentecostal Church.

“It was very touching and brought back a lot of memories,” he says. “This time of year, we keep an eye on the weather and our fingers crossed. But we are resilient people and we know how to survive.”



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Gold hits Rs410,278/tola amid global rally | The Express Tribune

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Gold hits Rs410,278/tola amid global rally | The Express Tribune



KARACHI:

Gold prices in Pakistan surged to fresh record highs on Wednesday, tracking the global rally driven by a weaker dollar, safe-haven demand, expectations of a US rate cut following softer jobs data and a looming government shutdown.

According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the local price of gold rose by Rs3,500 per tola to reach Rs410,278, while the 10-gram rate climbed by Rs3,001 to settle at Rs351,747.

On Tuesday, the yellow metal had already posted a sharp rise, with per-tola price touching Rs406,778 after a gain of Rs3,178.

In the international market, spot gold traded within a volatile range as investors weighed uncertainty over the US government’s budget deadlock. Interactive Commodities Director Adnan Agar said gold touched a high of $3,895, a low of $3,853, and was last hovering around $3,864.

“The market has gone so high that it’s now taking a breather,” Agar said, noting that gold’s rally appears exhausted in the short term. “If the US government shutdown continues and jobs data is delayed, safe-haven demand may sustain prices. But if Washington resolves the impasse soon, gold could see a correction, because it needs an economic reason to adjust downwards.”

Spot gold was up 0.2% at $3,864.16 an ounce at 11:20 am ET (1520 GMT) after touching a record peak of $3,895.09, according to Reuters. US gold futures for December delivery gained 0.5% to $3,891.10.

Meanwhile, the Pakistani rupee inched up against the US dollar in the inter-bank market on Wednesday. By the day’s close, the currency stood at 281.31 against the greenback, marking an improvement of one paisa from Tuesday’s close at 281.32.

The dollar weakened against a basket of other leading currencies, making dollar-priced gold more affordable for overseas buyers.

Moreover, the State Bank of Pakistan (SBP) on Wednesday raised a total of Rs2.13 trillion through the auction of Pakistan Investment Bonds – Floating Rate (PFL) and Market Treasury Bills (MTBs).

According to the central bank’s Domestic Markets & Monetary Management Department, the auction of 10-year floating-rate PIBs (semi-annual) attracted bids worth Rs394 billion. Out of these, the SBP accepted Rs244 billion in competitive bids at a cut-off price of 94.5465, along with Rs2.75 billion in non-competitive bids. The total accepted amount stood at Rs246.75 billion.

Separately, the SBP sold MTBs worth Rs1.88 trillion, including both competitive and non-competitive bids, across different maturities. Data breakdown shows that Rs310.2 billion was raised through one-month bills at a cut-off yield of 11.15%, Rs43.5 billion in three-month bills at 11.05%, Rs66.8 billion in six-month bills at 11.05%, and Rs220.9 billion in 12-month bills at 11.19%.

The latest auction results indicate that yields have remained largely stable around the 11% mark, reflecting steady market expectations on the interest rate outlook. The government continues to rely heavily on short-term borrowing while maintaining demand for longer tenor floating-rate PIBs.



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