From IDS-II to China seizes US vessel: 5 key developments

In other news, Supreme Court refuses to stay demonetisation

Business Standard brings to you a list of five key developments across the country.

New income disclosure scheme to start 17 December

Reaching out to whistleblowers to curb the black money menace, the government on Friday unveiled an e-mail address to allow people to send information about tax evaders. The government also notified the disclosure scheme, Pradhan Mantri Garib Kalyan Yojana (PMGKY), a three-and-a-half-month window opening on Saturday (till March 31, 2017), to declare income by paying 50 per cent tax and lock in a quarter of the deposits for four years.

Demonetisation: No interim relief from SC

The Supreme Court (SC) on Friday decided to examine all aspects of demonetisation. The apex court drafted nine questions and referred them to a five-judge Constitution bench. It also stayed the hearing of all petitions related to demonetisation filed in various high courts, saying the SC alone will hear the petitions to avoid multiplicity of decisions.

Padmanabhan on Tata Power board

In a curious development, the Tata Power board met on Friday to appoint S Padmanabhan, head of group HR of Tata Sons, as an additional director, without withdrawing Cyrus Mistry’s nomination as chairman. Ahead of the December 26 extraordinary general meeting (EGM) of Tata Power, where promoters hold 33 per cent stake, it was necessary to induct a “suitable person” on the board for him to take over as interim chairman, replacing Mistry, in case Tatas win the vote, a source said.

Petrol price hiked by Rs 2.21/litre

Petrol price was today hiked by Rs 2.21 a litre and diesel by Rs 1.79 per litre, excluding local levies. The price revision was to come into effect yesterday, but was deferred possibly to save the demonetisation-battered government from any blushes in Parliament. The revised rates will be effective from midnight tonight. This increase excludes local levies. The actual hike after considering VAT would be Rs 2.84 per litre in Delhi for petrol and Rs 2.11 for diesel.

China seizes US vessel: Pentagon

The US on Friday asked China to "immediately" return its unmanned naval probe in international waters in the South China Sea which it alleged has been "unlawfully" seized by them. "Using appropriate government-to-government channels, the Department of Defense has called upon China to immediately return an unmanned underwater vehicle (UUV) that China unlawfully seized on December 15 in the South China Sea while it was being recovered by a US Navy oceanographic survey ship," Pentagon Press Secretary Peter Cook said.