Trump says India to pay ‘massive tariffs’ if it continues to buy Russian oil
Washington (PTI): US President Donald Trump said that India is going to pay “massive tariffs” if it continues to buy oil from Russia, while reiterating that he got assurance from Prime Minister Narendra Modi that New Delhi is going to halt its oil purchases from Moscow.
Speaking to reporters onboard Air Force One, Trump said India will “continue to pay massive tariffs” if they do not cease buying oil from Russia, adding that “they (India) don't want to do that.”
Trump was replying to a question about India’s recent remarks on oil purchases from Russia.
India last week said it is "broad-basing and diversifying" its sourcing of energy to meet market conditions, hours after Trump claimed that Modi assured him that New Delhi will stop procuring Russian crude oil.
Trump said he does not believe India made such remarks.
“But I don't believe they said that. No, I spoke with Prime Minister Modi of India, and he said he's not going to be doing the Russian oil thing,” the US President added.
Washington has been maintaining that India is helping Putin to finance the war through its purchase of Russian crude oil.
The relations between New Delhi and Washington have been reeling under severe stress after Trump doubled tariffs on Indian goods to a whopping 50 per cent, including a 25 per cent additional duty for India's purchase of Russian crude oil.
India described the US action as "unfair, unjustified and unreasonable".
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Sensex, Nifty tumble as Budget proposes to raise Securities Transaction Tax to 0.05 pc on commodity
Mumbai (PTI): Stock market benchmark indices Sensex and Nifty tumbled on Sunday afternoon trade after the Budget proposed to raise Securities Transaction Tax to 0.05 per cent on commodity futures from 0.02 per cent.
The government will tax buyback proceeds for all types of shareholders as capital gains, Finance Minister Nirmala Sitharaman said on Sunday.
After fluctuating in early trade, the 30-share BSE Sensex later bounced back but pared all gains amid the Budget presentation.
It later plunged 2,370.36 points, or 2.88 per cent, to slip below the 80,000-mark to 79,899.42 during the afternoon trade. The 50-share NSE Nifty tanked 748.9 points, or 2.95 per cent, to 24,571.75.
From the 30 Sensex firms, Bharat Electronics tanked 6.50 per cent. State Bank of India, HCL Tech, Tata Steel, Asian Paints, and Eternal were also among the laggards.
Sun Pharma, Sun Pharma, Kotak Mahindra Bank, and Tata Consultancy Services were the gainers.
"The increase in Securities Transaction Tax (STT), especially in futures and options, is likely to act as a marginal negative for foreign portfolio investor (FPI) flows in the near term, particularly for high-frequency and derivative-focused global funds," Aakash Shah, Technical Research Analyst at Choice Equity Broking, said.
Foreign institutional investors bought equities worth Rs 2,251.37 crore on Friday, according to exchange data.
Asian markets are closed on Sunday due to holidays. US markets ended lower on Friday.
On Friday, the Sensex declined 296.59 points, or 0.36 per cent, to settle at 82,269.78. The Nifty dropped 98.25 points, or 0.39 per cent, to end at 25,320.65.
