Govt scraps windfall tax on petroleum crude as global prices cool

As of September 18, the Indian government has reduced the windfall tax on petroleum crude to zero, following a notification issued on September 17. This decision comes after a steep decline in crude oil prices, with global Brent crude prices dropping to below $75 per barrel from over $92 per barrel in April.

The windfall tax, which is reviewed every two weeks, was last revised on August 30 when the tax on domestically produced crude oil was cut by 11.9% to ₹1,850 per metric ton. This marks the second time since the tax's implementation that it has been set to zero.

Petroleum Secretary Pankaj Jain confirmed ongoing discussions between the Oil Ministry and the Finance Ministry regarding the windfall tax. The final decision will be made by the Department of Revenue, and both ministries will continue to monitor crude prices to assess if they stay low for a longer period. Jain emphasized that short-term price movements alone may not be a reliable basis for decisions

Source: https://www.moneycontrol.com/news/business/economy/govt-scraps-windfall-tax-on-petroleum-crude-12824050.html

Question: What is windfall tax?

No progress in resolution of Demchok and Depsang friction points in two years

Tensions between India and China over the Line of Actual Control (LAC) in eastern Ladakh continue despite some disengagement progress. External Affairs Minister S. Jaishankar reported that 75% of disengagement has been completed, with both sides having agreed to disengage from five of the seven key friction points. These include the Galwan Valley, North and South Banks of Pangong Tso, Patrolling Point (PP) 17 in Gogra-Hot Springs, and PP15. However, there has been no progress on the remaining two friction points, Demchok and Depsang, over the past two years.

Expectations of further disengagement have risen ahead of the BRICS Summit, which both Indian Prime Minister Narendra Modi and Chinese President Xi Jinping will attend. Despite this optimism, both sides remain heavily militarized along the border. China continues to build up infrastructure and deploy new weapons, while India enhances its infrastructure and military capabilities to match. Over 50,000 troops remain stationed near the LAC on both sides, and de-escalation to pre-standoff conditions seems unlikely in the near future

Source: https://www.thehindu.com/news/national/no-progress-in-resolution-of-demchok-and-depsang-friction-points-in-two-years/article68652821.ece

Question: What is the length of India China LAC?

1. 3,488 km
2. 4,056 km
3. 2,567 km
4. 7,864 km