The Central government’s fiscal deficit at the end of the first two months of FY24 stood at Rs 2.1 lakh crore or 11.8% of the budget target of Rs 17.87 lakh crore.  The fiscal deficit narrowed from 12.3% or Rs 2 lakh crore reported in the year-ago period.

Though the net tax revenue of Centre during April-May 2023 contracted 9.6% to Rs 2.78 lakh crore, the overall coffer got a boost due to a 172% increase in non-tax revenues, thanks to `RBI dividend of Rs 87,400 crore.  Total expenditure incurred by the government in the first two months of the financial year is Rs 6.25 lakh crore compared with Rs 5.85 lakh crore in the same period last year.

Revenue expenditure saw a marginal decline of 4.3% year-on-year at Rs 4.58 lakh crore. However, capex spending of the government during the period soared by 57% to Rs 1.68 lakh crore. A fiscal deficit is the difference between the total expenditure and revenue of the government. 

The government  has raised interest rates on select saving schemes by up to 0.3% for the July-September quarter in a bid to align them with high-interest rates in the banking system.

Previously, the rates on these schemes were hiked for the April-June quarter by 0.1-0.7%. As per the notification issued by the Union Finance Ministry, The highest increase of 0.3% was for the five-year recurring deposit (RD). During the second quarter of the current fiscal, RD holders would get 6.5% against the existing 6.2%, as per the finance ministry notification.

With the revision, a one-year term deposit with post offices will now earn 0.1 percentage higher point at 6.9% and for the two years tenor - 7%, up from 6.9%. However, interest rates on term deposits for three years and five years have been retained at 7% and 7.5%. The interest rates for popular PPF and savings deposits are retained at 7.1% and 4%, respectively.

The interest rate on the National Savings Certificate (NSC) remained unchanged at 7.7% for July 1 to September 30, 2023, period. The new rate for the girl child savings scheme Sukanya Samriddhi too stood at the existing level of 8%.

The interest rate on the senior citizen savings scheme and Kisan Vikas Patra (KVP) is 8.2% and 7.5%, respectively. There is no increase in interest rate for Monthly Income Scheme, and this will earn 7.4% for the investors.

Congress leader Rahul Gandhi's convoy was stopped by the Manipur police at Bishnupur, about 20 kilometres from Imphal .

After arriving at Imphal, he was travelling in a convoy to Churachandpur to visit relief camps in the area.

Police officials claimed the convoy was stopped fearing violence along the route. They also claimed that tyres were burnt on the highway near Utlou village in Bishnupur district and a few stones were thrown at the convoy.

Rahul will be in Manipur on June 29 and 30 during which he is scheduled to visit relief camps and interact with civil society representatives in Imphal and Churachandpur.

Congress has been vocal on Manipur since the outbreak of violence started in the BJP-ruled state.

Clashes first broke out on May 3 after a 'Tribal Solidarity March' was organised in the hill districts to protest against the Meitei community's demand for Scheduled Tribe (ST) status.

Meiteis account for about 53 per cent of Manipur's population and live mostly in the Imphal Valley.

Tribals -- Nagas and Kukis -- constitute another 40 per cent of the population and reside in the hill districts.

The Bihar government has asked staffers of the state education department not to wear casual outfits such as jeans and T-shirts in the office as the ongoing practice goes against the culture at workplaces.

The state department has issued an order to this effect reminding officers and employees of the dress code.

As per the order, all officers and employees have been asked to come to the office in formal dress only.

This order has been issued by the Director (Administration), Education Department, Subodh Kumar Chowdhary .

AIUDF MLA arrested for assaulting BJP worker in Assam

AIUDF MLA Nijam Uddin Choudhury has been arrested for allegedly assaulting a BJP worker and others and preventing police personnel from performing their duties in an outpost in Assam's Hailakandi district.

Ataur Rahman Laskar, a member of the BJP's minority cell, lodged a complaint, alleging that the Algapur MLA and three others had assaulted him near Dholeswari point in Panchgram

In a major crackdown, the Enforcement Directorate (ED) arrested a 2008-batch IRS officer, working as an additional commissioner of customs and GST, in connection with a money laundering investigation against him linked to alleged possession of disproportionate assets.

According to an ED statement Sachin Balasaheb Sawant, who earlier worked with the ED at its Mumbai zonal office as a deputy director, was taken into custody under the provisions of the Prevention of Money Laundering Act (PMLA)  following raids at his premises in Mumbai and some other locations.

As thousands of new vehicles enter the roads every year in Jammu and Kashmir, India's BPCL and HPCL, the leading PSU Oil Marketing Companies (OMCs. ), would be setting up 677 new petrol pumps in Jammu and Kashmir and Ladakh Union Territories to cope up with the increase in demand of fuel

An official said 643 new fuel stations would be set up in Jammu and Kashmir Union Territory. Of the 643 new petrol pumps, 342 would be set up in the Jammu region and 301 in Kashmir.

“In Ladakh, a total of 34 new fuel stations would be set up,” he said.

At present, Jammu and Kashmir has 646 fuel stations and Ladakh UT has 32 petrol pumps.

France braced for another eruption of urban rioting  on Jun 29  night after the deadly police shooting of a 17-year-old, with tens of thousands of officers hitting the streets and commuters rushing home before transport services closed down early for safety reasons.

Despite government appeals for calm and vows that order would be restored, smoke from cars and garbage set ablaze was already billowing over the streets of the Paris suburb of Nanterre following a peaceful afternoon march in honour of the teen identified only by his first name, Nahel.

French President Emmanuel Macron held an emergency security meeting about the violence.

Government officials condemned the killing and sought to distance themselves from the police officer’s actions.

Christine King Farris, the last living sibling of the Rev. Martin Luther King Jr., has died.

For decades after her brother's assassination in 1968, Farris worked along with his widow, Coretta Scott King, to preserve and promote his legacy. But unlike her high-profile sister-in-law, Farris' activism — and grief — was often behind the scenes.

Farris was born Willie Christine King on Sept. 11, 1927, in Atlanta. She was the first child of the Rev. Martin Luther King Sr. and Alberta Christine Williams King.