The Times of India

India's digital payments are getting a security boost from April 1 with stricter RBI authentication rules, requiring two-factor verification for all transactions to combat rising fraud. Beyond digital payments, changes affect credit cards, FASTags, RuPay cards, PAN applications, and banking services, alongside a new income tax framework, aiming for a safer financial ecosystem.

Some of the changes affect credit card users, FASTag subscribers, RuPay debit cardholders. Here are some of the key revisions scheduled for implementation from the start of the new financial year.

Asian nations, facing an energy crunch due to Middle East conflict and Strait of Hormuz disruptions, are increasingly turning to Russian oil. Benefiting from US sanction waivers, countries like the Philippines and South Korea are receiving Russian crude and naphtha. This shift offers a vital alternative for energy-starved economies, with more nations potentially following suit as the situation unfolds.

Domestic GST revenue reached Rs 1.46 lakh crore, registering a growth of 5.9%, while revenue from imports was recorded at Rs 0.54 lakh crore, rising sharply by 17.8% during the period.

European Union energy chief Dan Jorgensen stated that energy prices will remain high for the foreseeable future. He noted that even if peace is achieved tomorrow, a return to normal levels is not expected soon. The EU is preparing measures to assist families and businesses. Efforts are underway to diversify energy sources and reduce reliance on Russian gas.

Even prior to the conflict, the rupee was facing downward pressure due to widening external imbalances and persistent capital outflows. The surge in oil prices has intensified these challenges for the worlds third-largest crude importer.

The government has limited the rise in jet fuel prices for domestic airlines to 25 percent. This decision aims to ease the financial burden on airlines and air travelers. International routes will face the full price increase. Meanwhile, non-scheduled operators are experiencing a more than double surge in jet fuel costs.

Asian shares surged Wednesday as hopes for an end to the Iran conflict grew, with US President Trump suggesting a resolution within weeks. Strong economic data further boosted South Korean and Japanese markets, while US futures also climbed. This positive sentiment overshadowed a slight dip in cryptocurrencies.

Oil prices surged on Wednesday, with Brent crude surpassing $100 per barrel and WTI also climbing. This rise is attributed to ongoing supply risk concerns, despite potential diplomatic progress. Analysts highlight that even a swift end to the conflict may not immediately ease tight supplies due to infrastructure damage and the critical Strait of Hormuz.

Stock market today: Nifty50 and BSE Sensex rallied in opening trade on Wednesday on hopes of an end to the US-Iran war. While Nifty50 went above 22,800, BSE Sensex was up over 1,600 points.