The Reserve Bank of India (RBI) announced on Monday that the Regulations Review Authority (RRA) has recommended the withdrawal of another 225 redundant circulars, as reported by a news agency.

The RRA 2.0 was established by the Reserve Bank of India with the goal of reducing the compliance burden on regulated entities (REs).

"Regulations Review Authority (RRA 2.0) has recommended withdrawal of additional 225 circulars in the third tranche of recommendations," the central bank said in a statement.

During the two years of the pandemic, there were sky-rocketing sales of Covid-19 portfolio of drugs, sometimes even severe shortages. But now the industry is saddled with a huge inventory of raw materials and medicines used in Covid-19, and staring at potential losses and write-offs running into hundreds of crores.

Drug companies have huge stocks of Covid-19 drugs including antivirals -- Favipiravir, Molnupiravir and Remdesivir, and others like tocilizumab, due to multiple reasons including a demand mismatch. A huge inventory of raw materials and unsold stocks of steeply-priced finished formulations like Remdesivir and Tocilizumab, estimated around Rs 1,000-1,200 crore could impact profitability of companies, experts told TOI.

Mukesh Ambani is preparing to launch initial public offerings (IPOs) for Reliance Jio and Reliance Retail Ventures, according to a report. The Reliance Industries Ltd (RIL) chairman may make an important announcement in this regard during the company's annual general meeting (AGM), the report says.

Mukesh Ambani's mega plan involves separate initial share sales for his telecom venture Reliance Jio Platform (RJPL) and subsidiary Reliance Retail Ventures Limited (RRVL).

Both companies will be eyeing raising a staggering amount of Rs 50,000 crore to Rs 75,000 crore each through IPOs, according to the Hindu Business Line report.

Here is the response by countries regarding purchases of Russian oil following Moscow's invasion of Ukraine on Feb. 24, and how companies have acted.

Australia, Britain, Canada and the United States have imposed outright bans on Russian oil purchases but the 27 members of the European Union have not been able to agree on the embargo.

The EU aims to reduce its dependence on Russian oil and gas by two-thirds by the end of the year and to zero by the end of 2027, EU Economic Commissioner Paolo Gentiloni has said.

The Cabinet on Wednesday approved an additional subsidy of Rs 40,000 crore for phosphate-based fertilisers for the kharif season (April-Sept), seeking to cushion farmers from a rise in input costs globally.

With supply of nearly half of the country's potash requirement hit due to sanctions against Belarus and Russia, Indian entities have tapped Canada, Israel and Jordan to import the fertiliser to ensure that farmers aren't hit by the war in Ukraine during the kharif season, which started from this month, report Dipak Dash & Sidhartha.

Supplies have been secured with 12 lakh tonne expected to be imported from Canada and another 8.8 lakh expected to be shipped from Israel and Jordan, a government official told TOI. While India needs over 20 lakh tonnes of potash during April-September, it began the period with an estimated stock of five lakh tonne and needs to import the rest with the situation getting more complex due to the war in Ukraine.