National News
TN CM, FM blame Centre for fuel price hike
Tamil Nadu Chief Minister M.K. Stalin and Finance Minister Palanivel Thiaga Rajan on Thursday blamed the BJP-led central government for hiking the petrol and diesel prices.
Speaking in the state Assembly, Stalin said as the excise duty has to be shared with the state, the Central government reduced that while hiking the cesses and surcharges which are not shared with the states.
The two Ministers were responding to Prime Minister Narendra Modi’s call on Wednesday to states to reduce the Value Added Tax (VAT) on fuel “in the spirit of cooperative federalism”.
Modi on Wednesday lit the fuse citing the Central government reducing petrol and diesel prices by Rs 5/litre and Rs 10/litre, respectively, while many states have not followed suit.
Stalin said hiking the cesses and surcharges the Central government increased the burden on the common man while earning for itself lakhs of crore of rupees.
As per the figures of Petroleum Planning and Analysis Cell (PPAC), the total contribution of the petroleum sector to the central exchequer galloped from Rs 172,065 crore in 2014-15 to Rs 419,884 crore in 2020-21 and for the nine month period in FY22, it was Rs 310,155 crore.
On the other hand, the state’s revenue went up from Rs 160,554 crore in FY15 to Rs 217,650 crore in FY21 and Rs 207,658 crore for the nine month period in FY22.
“While both, the Central and the state governments, say that they get the revenue for investments in infrastructure, the PPAC figures show that the Central government has further leeway to reduce the rates,” an industry official told IANS on the condition of anonymity.
According to Stalin, owing to some state elections, the central government reduced the oil prices and after winning the polls, the prices were hiked fast.
Meanwhile Rajan urged the Centre to remove cesses and surcharges on petrol and diesel revert to the 2014 rates, an act which is fair and simple.
“We have repeatedly urged the Union government to reduce the cesses and surcharges being levied and merge them with the basic tax rates so that states get their rightful share from the proceeds of the Union taxes,” Rajan said.
According to Rajan, since Tamil Nadu levies ‘ad valorem’ taxes which are applied after Central taxes, this move by the Centre will cause an additional loss of about Rs 1,050 crore in annual revenue to the state.
“Given that the Union Government’s taxes continue to be exorbitant, it is neither fair nor feasible for the State Government to further reduce taxes.”
He hoped that the Central government would heed to this reasonable request in the “true spirit of cooperative federalism”.
He said the Centre’s levies on petrol have gone up substantially in the past seven years since Modi took charge for the first time in 2014.
Listing out the basic points and the tax rates on petrol and diesel, Rajan said on August 1, 2014, the basic price was Rs 48.55 per litre for petrol and Rs.47.27 per litre for diesel.
On November 4, 2021, the basic price of petrol was Rs 48.36 per litre while that of diesel was Rs 49.69 per litre.
On August 1, 2014, the Centre’s taxes were Rs 9.48 per litre on petrol and Rs 3.57 per litre on diesel. At that time, the state government taxes were at Rs 15.67 per litre on petrol and Rs 10.25 per litre on diesel.
“Prior to the reduction of taxes on petrol and diesel by Union Government, the levy of tax, including cesses and surcharges by Union Government on petrol was Rs 32.90 per litre and Rs 31.80 per litre on diesel,” he said.
“This has been reduced to Rs 27.90 per litre for petrol and Rs 21.80 per litre for diesel after the cut. So, when compared to 2014 (when basic price was roughly the same), the Union government still levies an additional tax of Rs 18.42 per litre for petrol (an increase of roughly 200 per cent) and Rs 18.23 per litre for diesel (an increase of over 500 per cent) compared to the taxes in effect when it took office in 2014.
“Though the revenue to the Union government has increased manifold, there has not been a matching increase in the revenues to States. This is because the Union government has increased the cess and surcharge on petrol and diesel while reducing the basic excise duty that is shareable with the states.
“In 2020-21, the revenue to the Union government from levies on petrol and diesel was Rs 3,89,622 crore which was 63 per cent higher than the revenue of Rs 2,39,452 crore in 2019-20. On the other hand, the government of Tamil Nadu in 2020-21 received only Rs 837.75 crore as share of the tax devolution from the Union Excise Duties on petrol and diesel as against the Rs 1,163.13 crore received in 2019-20,” the Minister added.
According to Rajan, after the advent of the Goods and Services Tax (GST) regime, the states have lost substantial powers to levy their own taxes and raise revenue.
“Further, the GST compensation regime comes to an end on June 30 and most states including Tamil Nadu have already requested the compensation to be extended considering the strain caused by the pandemic on state finances. However, there is no clarity from the Union government on whether the compensation will continue or not after June 30.”
On bringing petrol and diesel under the GST regime, Rajan had earlier said it can be done provided the Central government scraps the cess and surcharge levied on them.
On the other hand, AIADMK’s late Chief Minister J. Jayalalithaa was a strong advocate for changing the fuel pricing formula.
She had argued that the fuel rates should be determined based on import costs and refining charges and rates of domestic crude oil and the refining charges for the same instead of basing it on trade parity Price.
National News
Mumbai: BMC-Run KEM Hospital Commissions Ultra-Modern Modular OTs For Heart Transplants And Complex Surgeries

Mumbai, Dec 26: Mumbai’s BMC-run KEM Hospital has strengthened its advanced healthcare infrastructure with the commissioning of ultra-modern steel modular operation theatres (OTs) designed for heart transplants and other complex surgeries. Following the completion of sterilisation protocols, cardiac surgeries have already commenced in the new facility.
The newly installed modular OTs feature steel walls, ceilings, frames and panels, making them resistant to dust, moisture and water. This design significantly improves cleanliness and simplifies sterilisation, thereby reducing the risk of post-operative infections.
“Equipped with laminar airflow systems and HEPA filters, the operation theatres ensure a continuous supply of clean, controlled air by filtering out bacteria, viruses, dust particles and other airborne contaminants,” said hospital officials, adding that the advanced setup will support not only heart transplants but also other organ transplants, surgeries for congenital disorders and complex paediatric procedures.
To further enhance efficiency, especially in emergency organ transplant cases, the hospital has developed special internal connectivity and separate entry points. These allow donor organs to be transported directly to the designated operation theatre, minimising time delays and reducing associated risks.
With this upgrade, KEM Hospital is expected to play a more significant role in organ transplantation and advanced surgical care in Mumbai and across Maharashtra.
Business
Keralites gulped liquor worth over Rs 332 crore during Christmas

Thiruvananthapuram, Dec 26: The Kerala State Beverages Corporation (BEVCO) recorded a sharp surge in liquor sales during the Christmas week, with revenues touching a record Rs 332.62 crore, according to official figures.
The Christmas week sales are calculated for the four days from December 22 to December 25, and officials said this year witnessed a significant jump compared to previous years.
Data shows a 19 per cent increase in sales over the corresponding period last year, underlining a strong festive demand.
The sharpest spike was recorded on Christmas Eve, when liquor sales alone amounted to Rs 114.45 crore.
In comparison, sales on the same day last year stood at Rs 98.98 crore, indicating a substantial year-on-year rise.
Officials attributed the surge not only to the festive season but also to improved consumer facilities introduced by BEVCO over the past year.
The corporation had expanded its premium retail infrastructure, including the launch of new premium counters aimed at offering a better purchasing experience and a wider selection of high-end products.
Premium outlets were recently opened in key centres such as Thrissur and Kozhikode, and officials said these had a positive impact on overall sales figures.
The enhanced facilities helped reduce crowding at regular outlets and encouraged higher-value purchases, contributing to the increase in revenue.
The Corporation has traditionally seen a spike in sales during festival periods such as Onam and Christmas, but this year’s figures mark one of the highest Christmas week turnovers recorded by the state-run corporation.
The rise in liquor sales is expected to provide a significant boost to the State exchequer, as the corporation is a major contributor to Kerala’s revenue through taxes and duties.
Liquor is sold through state-run 325 retail outlets.
Studies have shown that around 10 per cent of the 3.30 crore Kerala population are tipplers, including around three lakh women.
In 2024–25, Kerala’s liquor sales rose to Rs 19,730.66 crore, up from Rs 19,069.27 crore in 2023–24, marking an annual growth of 3.5 per cent.
Business
Govt drive returns Rs 2,000 crore unclaimed savings to rightful owners

New Delhi, Dec 26: The government has succeeded in returning to the rightful owners a total amount of nearly Rs 2,000 crore that was stuck as “unclaimed savings” across banks, insurance, mutual funds, dividends, shares, and retirement benefits held within the regulated financial system, according to an official statement issued on Friday.
The funds have been restored through the Centre’s “Your Money, Your Right” nationwide awareness and facilitation initiative, launched in October 2025 to help citizens identify and reclaim unclaimed financial assets. The initiative is being coordinated by the Finance Ministry’s Department of Financial Services, with financial sector regulators reaching across digital portals with district-level facilitation.
Across generations, Indian families have saved carefully through opening bank accounts, purchasing insurance policies, investing in mutual funds, earning dividends from shares, and setting aside money for retirement. These financial decisions are taken with a hope and responsibility, often to secure children’s education, support healthcare needs, and ensure dignity in old age.
Yet, over time, a significant portion of these hard-earned savings has remained unclaimed. The money has not vanished, nor has it been misused. It lies safely with regulated financial institutions, separated from its rightful owners due to a lack of awareness, outdated records, changes in residence, or missing documentation. In many cases, families are simply unaware that such assets exist.
The volume of unclaimed financial assets in India is significant and spans multiple segments of the formal financial system. Indicative estimates suggest that Indian banks together hold around Rs 78,000 crore in unclaimed deposits. Unclaimed insurance policy proceeds are estimated at nearly Rs 14,000 crore, while unclaimed amounts in mutual funds are about Rs 3,000 crore. In addition, unclaimed dividends account for around Rs 9,000 crore, according to official figures.
Together, these amounts underline the scale of unclaimed savings belonging to citizens that continue to remain unused, despite being securely held within the financial system.
Your Money, Your Right is a nationwide effort to reconnect citizens with these forgotten financial assets and ensure that money that belongs to individuals and families ultimately finds its way back to them.
These unclaimed financial assets arise when money held with financial institutions is not claimed by the account holder or their legal heirs for a prolonged period. Such assets include:
*Bank deposits such as savings accounts, current accounts, fixed deposits, and recurring deposits that have not been operated for ten years or more.
*Insurance policy proceeds that remain unpaid beyond the due date
*Mutual fund redemption proceeds or dividends that could not be credited due to reasons such as a change in bank account, bank account closure, incomplete bank account in records, etc.
*Dividends and shares that remain unclaimed and are transferred to statutory authorities
*Pension and retirement benefits that are not claimed within the normal course
In most cases, assets may become unclaimed because of routine life events such as migration for work, changes in contact details, closure of old bank accounts, or lack of information among family members and legal heirs.
The Government is coordinating with the Reserve Bank of India (RBI), the Insurance Regulatory and Development Authority of India (IRDAI), the Securities and Exchange Board of India (SEBI), the Investor Education and Protection Fund Authority (IEPFA), and the Pension Fund Regulatory and Development Authority (PFRDA) to help citizens identify, access and reclaim financial assets that legally belong to them, using simple processes and transparent systems.
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