Plastic Ban in India and Saudi Aramco on Fire.
Whatâs happening this week?
- Indiaâs 1st self-made Fight-Jet, now Combat Ready
- US Fed cuts interest rate for the second time since 2008 crisis
- Netflix paid $500M to get sitcom hit âSeinfeldâ
- Youtuber Lilly Singh to Premier as Late Night TVâs leading Lady.
Hey,
India banâs e-cigarettes over health risks and plans to ban single-use plastic in India.
Get pocket-sized weekly dose of investments, taxes, finance & more. Subscribe to Quicko Bytes.
No Plastic
The BanâŠÂ India is expected to impose a nationwide ban on single-use plastic, as a part of PM Narendra Modiâs efforts to reduce the usage of pollution causing plastic, as announced in the Independence Day speech. Meaning⊠no more plastic bags, cups, bottles, straws and certain sachets from next month.
Who is affected? How big is Indiaâs plastic industry you ask â with revenue worth of INR 3.5 lakh crore in FY 2019. Good forâŠÂ Amidst the news for the plastic ban, paper and jute stock prices surged from the lows in August.
Goodbye plastic and ITR filing season. The due date to file ITR was 31st August 2019, when tax audit is not applicable. In case, a tax audit is applicable, the due date is 30th September 2019.
Filed your ITR? What Next?
- E-verify your ITR
- Check ITR status
- Track ITR refund status â excited?!
Where do you plan to use your refund?
Havenât filed ITR yet? Get CA assisted ITR filing with Quicko and get the maximum refund.
Flammable
Drones and MissilesâŠÂ attack the worldâs largest oil producer â Saudi Aramco on Saturday, affecting nearly half of its production capacity â which accounts for roughly 5% (~ 5 million barrels) of the worldâs oil supply.
Who did it? Houthi rebels in Yemen have claimed the responsibility for the attack. The Houthiâs have been in conflict with the Saudi-led coalition since they had backed the president who the Houthi rebels forced to flee in March 2015 when conflicts in Yemen escalated. But, the US suspects Iran was behind the attacks, they issued satellite images to back their claims.
What now? The kingdom sent a SWAT team to control the fire and get production back on track in a few daysâ time. Saudi Arabia says 50% of the oil production is restored and it is expected to reach normal levels by the end of this month. In the meantime, Saudi could use its emergency oil reserves.
Rise Rise RiseâŠÂ Oil prices rose to nearly 15% on Monday after markets opened following the weekend attack on Aramcoâs oil facilities. Markets witnessed volatile oil prices this week, and finally seem to stabilize after the oil kingdom assures to restore output by September.
Back homeâŠÂ India imports over 80% itâs oil â making us the worldâs 3rd largest oil consumer. Yesterday, petrol and diesel prices rose in a single day â highest in 2 months. India tried diversifying sources for imports, from Africa and the US, but the Middle East remains the primary source. We do have a buffer stock for oil reserves. Phew! Which will be used if the crisis persists.
Byte of the Week
âCurrent Account under threat if oil surge continuesâ â Shaktikanta Das