Month: April 2025

Source: Government of India

Posted On: 15 APR 2025 7:53PM by PIB Delhi

Indian Renewable Energy Development Agency Ltd. (IREDA) has announced its Audited Standalone and Consolidated financial results for the Quarter and Year ended March 31, 2025, showcasing significant growth across key financial metrics. The company reported its highest ever Annual Profit After Tax of ₹1,699 crore. As the nation’s largest pure-play Green Financing NBFC, IREDA has once again set industry standards by publishing its Audited Financial Results within just 15-days. This milestone positions IREDA as the first company in the NBFC and Banking Sector, and the first PSU, to publish Audited Financial Results in just 15-days.

The Board of Directors of IREDA, during a meeting held today, acknowledged the company’s outstanding performance and approved the Audited Standalone and Consolidated financial results for the Quarter and Year ended March 31, 2025.

Key Financial Highlights (Standalone) – Q4 FY2024-25 vs Q4 FY2023-24:

• Profit After Tax (PAT): ₹502 crore (↑49%)
• Profit Before Tax (PBT): ₹630 crore (↑31%)
• Revenue from Operations: ₹1,904 crore (↑37%)
• Net Worth: ₹10,266 crore (↑20%)
• Loan Book: ₹76,281 crore (↑28%)

Key Financial Highlights (Standalone) – FY2024-25 vs FY2023-24:

• Profit After Tax (PAT): ₹1,699 crore (↑36%)
• Profit Before Tax (PBT): ₹2,104 crore (↑25%)
• Revenue from Operations: ₹6,742 crore (↑36 %)
• Net Worth: ₹10,266 crore (↑20%)
• Loan Book: ₹76,282 crore (↑28%)

Commenting on the results, Shri Pradip Kumar Das, CMD, IREDA, said, “IREDA’s sustained growth in revenue, profitability, and loan book underscores our strategic focus towards financing India’s renewable energy ambitions. We remain committed to being the enabler of India’s green energy transition through innovative financial solutions and strategic partnerships.”

Shri Das also expressed his appreciation for Team IREDA for their unwavering dedication and excellence in achieving these milestones. He further extended his gratitude to Shri Pralhad Joshi, Hon’ble Union Minister of New & Renewable Energy, Consumer Affairs and Food & Public Distribution; Shri Shripad Naik, Hon’ble Minister of State for Power and New & Renewable Energy; Ms. Nidhi Khare, Secretary, MNRE; other senior officials of MNRE and other ministry; and the Board of Directors for their continued support and invaluable guidance.

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Navin Sreejith

(Release ID: 2121943) Visitor Counter : 68

Source: Government of India

The Department of Administrative Reforms and Public Grievances (DARPG) released the 32nd Report Centralized Public Grievance Redress and Monitoring System (CPGRAMS) for States/UTs of March, 2025

59,271 PG cases were received by States/UTs as of 28th March, 2025

A total of 59,523 grievances redressed by States/UTs till 28th March, 2025. Pendency in States/UTs stands at 1,90,976 grievances

Posted On: 15 APR 2025 7:46PM by PIB Delhi

The Department of Administrative Reforms and Public Grievances (DARPG) released the Centralized Public Grievance Redress and Monitoring System (CPGRAMS) 32^nd monthly report for States/UTs for March, 2025. The said report provides a detailed analysis of types and categories of public grievances and the nature of disposal by the States/UTs.

A total of 59,523 grievances were redressed by the States and Union Territories as of 28^th March, 2025. The pendency of grievances on the CPGRAMS portal stands at 1,90,976 grievances across the States/UTs Governments, as of 28^th March 2025.

The report provides the data for new users registered on CPGRAMS through CPGRAMS Portal in the month of March, 2025. A total of 49,912 new users registered by 28^th March, 2025, with maximum registrations from Uttar Pradesh (7,602) registrations.

The said report also provides the state-wise analysis on the grievances registered through Common Service Centres as of 28^th March, 2025. CPGRAMS has been integrated with the Common Service Centre (CSC) portal and is available at more than 5 lakh CSCs, associating with 2.5 lakh Village Level Entrepreneurs (VLEs). 7,150 grievances were registered through CSCs by 28^th March, 2025, in which maximum grievances were filed from Uttar Pradesh (2,073 grievances) followed by Punjab (1409 grievances). It also highlights the major issues/categories for which the maximum grievances were registered through CSCs.

Uttar Pradesh has received the maximum number of grievances as of 28^th March, 2025 with the number standing at 22,369 grievances. 15 States/UTs have more than 1000 pending grievances as of 28th March, 2025. Uttar Pradesh and Maharashtra disposed the maximum number of grievances in March, 2025, with the number standing at 21,113 and 3,785 grievances respectively. 16 States/UTs have disposed more than 1000 grievances in between 1st to 28th March, 2025.

The report also includes the status of grants released under the Sevottam Scheme in the FY 2024-25. In the last three Financial Years (2022-23, 2023-24, 2024-25), 811 training courses have been completed, in which ~26,941 officers have been trained.

 

Key Highlights for the month of March, 2025, are as follows:

1. Status of Public Grievances on CPGRAMS:

• From 1st to 28th March, 2025, 59,271 PG cases were received for the States/UTs and 59,523 PG cases were redressed
• The monthly disposal in States/UTs increased from 50,088 PG cases at the end of February, 2025 to 59,523 PG cases as on 28th March, 2025

2. Status of Pendency of Public Grievances on CPGRAMS

• 23 States/UTs have more than 1000 pending grievances as on 28th March, 2025
• For States/UTs, as on 28th March, 2025, there exists a pendency of 1,90,976 PG cases.

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NKR/PSM

(Release ID: 2121942) Visitor Counter : 16

Source: Government of India

The Department of Administrative Reforms and Public Grievances (DARPG) released the 35th Monthly Report on Centralized Public Grievance Redress and Monitoring System (CPGRAMS) of Central Ministries/ Departments performance for the month of March, 2025

A total of 1,21,065 Grievances were Redressed by Central Ministries/Departments as of 28th March, 2025

For the 33rd month in a row, the monthly disposal crossed 1 lakh cases in the Central Secretariat

Department of Telecommunications, Department of Posts, and Central Board of Indirect Taxes and Customs topped in Group A category in the rankings released for the month of March, 2025

Ministry of Parliamentary Affairs, Ministry of Tribal Affairs and Department of Heavy Industry topped in Group B category in the rankings released for the month of March, 2025

Posted On: 15 APR 2025 7:45PM by PIB Delhi

The Department of Administrative Reforms and Public Grievances (DARPG) released the Centralized Public Grievance Redress and Monitoring System (CPGRAMS) monthly report for March 2025, which provides a detailed analysis of types and categories of public grievances and the nature of disposal. This is the 33^rd report on Central Ministries/Departments published by DARPG.

A total of 1,21,065 grievances were Redressed by Central Ministries/Departments as of 28^th March, 2025. The Average Grievance Disposal Time in the Central Ministries/Departments from 1^st March to 28^th March, 2025 is 16 days. These reports are part of the 10-step CPGRAMS reform process which was adopted by DARPG to improve the quality of disposal and reduce the timelines.

The report provides the data for new users registered through the CPGRAMS Portal in the month of March, 2025. A total of 49,912 new users registered by 28^th March, 2025, with maximum registrations from Uttar Pradesh (7,602) registrations.

The said report also provides the state-wise analysis on the grievances registered through Common Service Centres as of 28^th March, 2025. CPGRAMS has been integrated with the Common Service Centre (CSC) portal and is available at more than 5 lakh CSCs, associating with 2.5 lakh Village Level Entrepreneurs (VLEs). 7,150 grievances were registered through CSCs by 28^th March, 2025. It also highlights the major issues/categories for which the maximum grievances were registered through CSCs.

The following are the Key Highlights of the DARPG’s monthly CPGRAMS report for March 2025 for Central Ministries/ Departments:

1. PG Cases:

• As of 28th March 2025, 1,16,970 PG cases were received on the CPGRAMS portal, 1,21,065 PG cases were redressed and there exists a pendency of 57,456 PG cases.

2. PG Appeals:

• As of 28th March 2025, 24,478 appeals were received and 21,400 appeals were disposed
• The Central Secretariat has a pendency of 25,488 PG Appeals for the period 1st March 2025 to 28th March, 2025.

3. Grievance Redressal Assessment and Index (GRAI) – till 28^th March, 2025

• Department of Telecommunications, Department of Posts, and Central Board of Indirect Taxes and Customs are amongst the top performers in the Grievance Redressal Assessment & Index within the Group A (more than equal to 500 grievances) as of 28th March, 2025.
• Ministry of Parliamentary Affairs, Ministry of Tribal Affairs and Department of Heavy Industry are amongst the top performers in Grievance Redressal Assessment & Index within the Group B (less than 500 grievances) as of 28th March, 2025.

The report also features 4 success stories of effective grievance resolution from Central Ministries/Departments:

1. Grievance of Shri Prakash Kumar Agarwal – Delay in PF Withdrawal Claim

Shri Prakash Kumar Agarwal faced delays in the processing of his PF withdrawal claim (Form 19) despite fulfilling all requirements. Having worked for over 12 years, he submitted his application, ensuring TDS exemption as per regulations. After repeated documentation requests over six months, he filed a grievance on the CPGRAMS Portal. Following that, concerned authorities processed his claim promptly, and the final PF settlement of ₹35,31,303/- was issued, resolving the matter within the same day.

2. Grievance of Shri Vishal Verma – Non-Receipt of LPG Subsidy

Shri Vishal Verma, holding an HP Gas LPG connection registered in the name of Ms. Anita Verma, faced subsidy non-receipt issues for several months. Upon inquiry at the LPG office, he was informed that his Aadhaar was not linked with NPCI, and he was advised to contact his bank. However, the bank confirmed that the Aadhaar was correctly linked with NPCI. Seeking a resolution, he filed a grievance on the CPGRAMS Portal. After verification by concerned authority, the subsidy was transferred to Ms. Anita Verma’s account.

3. Grievance of Shri Souptik Sarkar – NFSC Fellowship Disbursement Delay

Shri Souptik Sarkar, a Ph.D. student at Bidhan Chandra Krishi Viswavidyalaya, faced difficulties in linking his account for the National Fellowship for Scheduled Castes (NFSC) under the UGC NET December session. Despite completing all formalities on the Canara Bank Scholarship Portal, his request was repeatedly rejected due to subject classification issues. Seeking resolution, he filed a grievance on the CPGRAMS Portal. In response, the authorities reviewed the case, and linking request under the NFSC scheme was approved based on an explanation from the Registrar of Bidhan Chandra Krishi Vishwavidyalaya.

4. Grievance of Smt. Bhumika Naresh Gaikwad – National Overseas Scholarship Processing Delay

Smt. Bhumika Naresh Gaikwad, selected under the National Overseas Scholarship (NOS) 2024 for a Master of Commerce (Extension) at the University of Sydney, faced delays in receiving her final award letter. Despite completing all formalities, including income and caste verification, she awaited confirmation for months, leading to uncertainty and the need to defer her university intake. With no clear response from the NOS office, she filed a grievance on the CPGRAMS Portal. Following this, the concerned authority issued her final award letter, ensuring she could proceed without further disruptions. The grievance was promptly resolved within just three days of filing.

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NKR/PSM

(Release ID: 2121941) Visitor Counter : 15

Source: Hong Kong Information Services

Activities for 2025 National Security Education Day were launched at the Convention & Exhibition Centre today.

In his keynote speech, delivered via video link at the opening ceremony, CPC Central Committee Hong Kong & Macao Work Office Director and State Council Hong Kong & Macao Affairs Office Director Xia Baolong said China had achieved historic successes in national security work over the past decade, while Hong Kong had gone through an extraordinary journey from chaos to governance and then from governance to greater prosperity.

Mr Xia highlighted three “beliefs” in his speech. The first belief is that the national security institutions of the Hong Kong Special Administrative Region will resolutely shoulder the sacred mission of maintaining national security and further strengthen the solid barrier for national security.

The second belief is that all sectors of Hong Kong can actively fulfil their obligation to maintain national security and jointly protect the city.

While the third belief is that the business community and entrepreneurs can make Hong Kong their home, build their businesses, and contribute to both Hong Kong and the country with more practical actions.

Mr Xia also mentioned that many Hong Kong officials have been unreasonably sanctioned by the US for their work in maintaining national security, but added that they are steadfastly fulfilling their duties and willing to sacrifice their own interests for the benefit of the country.

He expressed hope that the Hong Kong business community and entrepreneurs would continue to play a leading role in driving economic development, carry forward the tradition of patriotism and love for Hong Kong, correctly understand the relationship between their own enterprises and the development of both Hong Kong and the nation, and uphold righteousness and never forget national interests.

Chief Executive and Hong Kong National Security Committee Chairman John Lee supplemented that the international landscape is complex and fast changing, noting that threats to national security can appear suddenly.

He called for vigilance when embracing immense challenges and making preparations in four areas: resolutely, fully and faithfully implement the “one country, two systems” principle; thoroughly implement the holistic approach to national security; continuously improve the legal system and enforcement mechanisms for safeguarding national security; and actively promote by way of education across society the need to safeguard national security of our own accord.

Liaison Office of the Central People’s Government in Hong Kong Director and National Security Committee National Security Advisor Zheng Yanxiong also attended the activities.

He emphasised in his speech the need to further strengthen the foundation for the awareness of safeguarding national security, to better co-ordinate high-quality development with high-level security, and to actively pursue Hong Kong’s important mission.

To mark the 10th National Security Education Day, the National Security Exhibition Gallery launched an expo last month on national security education advanced by both the country and the Hong Kong SAR Government over the years.

Meanwhile, about 3,000 tutors have completed training under the National Security Education District Tutor Training Scheme launched in November last year and shared national security messages with over 120,000 people in the community. 

Additionally, the “Territory-wide Inter-school National Security Knowledge Challenge” has introduced an English section for non-Chinese speaking secondary school students this academic year.

Source: Hong Kong Information Services

The Security Bureau (SB) and its disciplined services and auxiliary services held a flag-raising ceremony, a national security knowledge challenge and other activities to mark the 10th National Security Education Day today.

The SB and its disciplined services jointly held a flag-raising ceremony at the Police College this morning.

Officiating at the ceremony, Chief Secretary Chan Kwok-ki said that the flag-raising ceremony instils passion and loyalty towards the country and the people as well as deepens the understanding of the responsibility and mission to safeguard national security.

He noted that the Hong Kong Special Administrative Region Government will continue to leverage the strengths of the National Security Law and the Safeguarding National Security Ordinance to build a strong line of defence to maintain security and stability in the Hong Kong SAR, and to provide solid institutional safeguards to promote good governance.

Mr Chan then officiated at the Safeguarding National Security Cup awards presentation ceremony to commend the contestants of the SB, disciplined services and auxiliary services for holding sports competitions, which showcased their vitality and unity to inject impetus to the promotion of safeguarding national security.

In the afternoon, the Department of Justice, the SB, the Education Bureau and the Hong Kong Shine Tak Foundation jointly organised the finals and award presentation ceremony of the Territory-wide Inter-school National Security Knowledge Challenge 2024/25.

The events were held at a shopping mall for the first time to allow more students, teachers, parents and members of the public to participate. This year, an English section was also set up for the first time for non-Chinese speaking secondary school students.

The challenge attracted more than 126,000 students from 610 primary and secondary schools, an increase of over 20% in the number of participants compared to last year.

Chief Executive John Lee said in a video speech that June 30 marks the fifth anniversary of the promulgation and implementation of the National Security Law in the Hong Kong SAR.

He stated that the Government will hold a series of activities to deepen public understanding of the pivotal role the legal framework plays in safeguarding national security as Hong Kong’s anchor of stability over the coming months.

Mr Lee emphasised that safeguarding national security is a constitutional duty of the Hong Kong SAR and a shared obligation of every Hong Kong citizen. He encouraged students to become guardians of national security by integrating the knowledge they gained about national security through the competitions into their daily lives and sharing it with their family and friends.

Also officiating at the ceremony, Secretary for Justice Paul Lam supplemented that he was delighted at the enthusiastic response to the competitions and encouraged young people to continue embracing safeguarding national security as their personal responsibility and to integrate into the country’s development.

The highlights of the finals and the award presentation ceremony will be broadcast at 10.30 tonight and April 20 on HOY Infotainment.

Secretary for Security Tang Ping-keung and Secretary for Education Choi Yuk-lin meanwhile, jointly officiated at the launch ceremony of the new national security comic book Andy & Security Bear.

Produced by SB members, the comic series was published online as part of the National Security Law virtual exhibition from July last year and was well received for its charming characters and engaging storylines.

The SB brought the online stories to print and has distributed the first batch to over 2,000 schools and public libraries in Hong Kong by the end of March.

At the ceremony, Mr Tang and Ms Choi presented the comic books to the principal representatives of secondary schools, primary schools and kindergartens.

To mark National Security Education Day, the disciplined services and auxiliary forces under the SB will hold open days on various weekends and public holidays this month.

Source: Hong Kong Information Services

Chief Executive John Lee

Welcome to Hong Kong, and to the 2025 World Tourism Cities Federation Hong Kong Fragrant Hills Tourism Summit.

Fragrant Hills, as you would all know, is a scenic area in Beijing, where the World Tourism Cities Federation is headquartered. “Fragrant hills” also makes me think of Hong Kong as a “fragrant harbour” – the Chinese name of Hong Kong can literally be translated as “fragrant harbour”.

“Fragrant”, let me add, because of Hong Kong’s redolent history as a major trader for incense, particularly agarwood incense and the wood’s varied byproducts.

Over the centuries, the sweet aroma of agarwood, of incense, drifted from harbour to city – and all around the world. From incense and fragrance, to merchandise and capital, Hong Kong has always been a bridge between cultures, cities and continents, bringing out the best of our products on the global arena.

Today, Hong Kong remains a major global trading centre, a centre of free trade. That’s thanks, too, to the Hong Kong Port in our harbour, to the Hong Kong International Airport, and to our varied and seamless transport links to China, our country.

These seamless links, and our singular status as the city where East has long met West, are not going to change. In a world beset by trade woes and geopolitical crises, Hong Kong is determined to continue its dedication to free and open trade.

That has also led us to become one of the world’s greatest centres for tourism. So it is an honour that the World Tourism Cities Federation has chosen Hong Kong for this year’s Fragrant Hills Tourism Summit. The federation, after all, is the world’s first international tourism organisation to focus its mission and mandate on cities.

Not surprising, then, that this summit welcomes city mayors, vice mayors and other city officials and delegations from over 40 cities from the Mainland and around the world. Together, we embody the spirit of collaboration beyond geographical boundaries. Together, we unite for the future of tourism.

HK as a brand

The theme of this year’s summit, “Innovate City Branding to Elevate Tourism Excellence”, gives us a good start to discuss how our cities could, through collaboration, achieve high-quality development in tourism and more.

For Hong Kong, long an international metropolis, one key development opportunity certainly comes from the Guangdong-Hong Kong-Macao Greater Bay Area.

This cluster city development brings together Hong Kong, Macau and nine southern cities in the Guangdong province, and boasts a population of over 86 million. It also has a combined GDP (Gross Domestic Product) that rivals that of the world’s 10th largest economy.

What it means is a consumer market, and source of tourists, that is over 10 times as large as our own city. What it also means, with our country’s facilitation measures for travellers, is that visitors who choose to visit this part of the world have many more cities to add to their itinerary. We are fast developing in multi-destination tourism for an interconnected world. From a six-day visa for visitors in tour groups led by a Hong Kong travel agent, to the visa-free policy for cruise ship travellers along the country’s coastline.

That said, you can well begin in Hong Kong, where there’s something happening everywhere you look – and at our Victoria Harbour. You need only to see for yourself how open, welcoming and endlessly amazing our city is, to a world of tourism – to you.

Start with Victoria Harbour, and enjoy the refreshing views with our skyline and green hills rising from both sides of the harbour. And do take the Star Ferry. For more than a century, it’s been one of the world’s most unforgettable harbour passages. Leisure travel, timeless memories – in Hong Kong – and for well under US$1 a trip. It’s really good value for money.

Hong Kong, after all, is the world’s mega event city. Last week, UK band Coldplay performed four sold-out concerts at our brand-new, state-of-the-art Kai Tak Sports Park. And through next Monday, it’s the 49th Hong Kong International Film Festival.

Art lovers will want to catch the exhibition “Picasso for Asia: a Conversation”, at M+ museum, in the West Kowloon Cultural District – one of the world’s largest cultural developments. More than 60 masterpieces by Picasso are shown alongside artworks by Asian artists. Also there, is the Hong Kong Palace Museum, which is now showcasing an exhibition that brings together treasures from Beijing’s Forbidden City and the Palace of Versailles in Paris.

Yes, ladies and gentlemen, Hong Kong is where cultures meet and thrive, where creativity is well and alive. And you can also count on hills and sea coasts alive with fabulous hiking, and biking trails. After all, country parks make up some 40% of Hong Kong’s total land area.

And when you’re all hiked and biked out, settle into one of our nearly 80 Michelin-starred restaurants, do yum cha (tea and food) with half of Hong Kong, then toast your good fortune at a local brew pub, or get cozy with milk tea at a classic dai pai dong, our traditional cooked food stalls. And don’t leave Hong Kong without a sky-high cocktail, or two, at hotel and city lounges rising from either side of Victoria Harbour. From dim sum dreams to boozy nights, our food paradise glows with true delights.

Ladies and gentlemen, I’m sure this year’s Fragrant Hills will bring about global thrills. My thanks to the World Tourism Cities Federation, and this Hong Kong Summit. I’m confident we’ll find a well-spring of innovative and inspiring ways to work together, to reimagine travel for this 21st Century packed with promise for global tourism – and for each and every one of our proud and magnificent cities.

Chief Executive John Lee gave these remarks at the 2025 World Tourism Cities Federation Hong Kong Fragrant Hills Tourism Summit on April 15.

Source: Hong Kong Information Services

The Lands Department announced today that it registered 17 lease modifications and four land exchanges in the Land Registry during the quarter ending March 2025, adding that four were technical changes involving no premium.

Of the land transactions, nine are located on Hong Kong Island, five are in Kowloon and seven are in the New Territories.

Another two lots were granted by private treaty during the period.

One was granted for the development of an innovation and technology park and the talent accommodation in the Loop, while the other was granted for an electricity substation in Yuen Long.

The land transactions realised a total land premium of about $2.069 billion.

Source: Hong Kong Information Services

Secretary for Financial Services & the Treasury Christopher Hui today welcomed the move by the London Metal Exchange (LME), a wholly-owned subsidiary of Hong Kong Exchanges & Clearing, to approve the first three applications to establish recognised warehouses in Hong Kong.

The LME included Hong Kong as an approved delivery point within its global warehousing network in January this year, and began accepting applications from warehouse operators to become approved storage entities of LME-registered brands of metals.

The endorsed applications involve four warehouse facilities. 

Mr Hui said: “The approval of the first batch of applications in merely a few months indicated the efforts of the Government and the industry in exploring new growth areas, and allowed LME-approved warehouse operators and local warehouse operators to begin the process of establishing operations early.”

Noting the Chief Executive’s emphasis of the need to explore new growth areas in his 2024 Policy Address, Mr Hui highlighted that the establishment of a commodity trading ecosystem is a new growth point to consolidate and enhance Hong Kong’s status as an international financial centre.

“The establishment of LME-approved warehouses in Hong Kong will provide convenient, cost-effective and safe delivery channels for metals trading in the region.

“This will not only attract relevant enterprises to establish a presence in Hong Kong, turning our city into an operation centre for international commodity trading, storage and delivery, shipping and logistics, risk management, but also promote the development of related financial transactions such as futures, thereby injecting new impetus into consolidating Hong Kong’s status as an international financial centre.”

The Government understands that other operators are applying to become approved warehouses of the LME. Various bureaus and departments will continue to maintain communication with relevant industry players and provide assistance on technical matters as appropriate.

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Minimum Wage Commission:

The Minimum Wage Commission (MWC) will submit to the Chief Executive (CE) in Council its recommendation report on the Statutory Minimum Wage (SMW) rate by the end of February 2026 at the latest.
 
The Secretary for Labour and Welfare, in exercise of the authority delegated by the CE, has required the MWC to submit its recommendation report on the SMW rate on or before February 28, 2026, in accordance with the Minimum Wage Ordinance (Cap. 608).

The CE in Council has approved the implementation of the new annual review mechanism of the SMW including the following formula for deriving the SMW rate:
 
The annual rate of adjustment in the SMW (%) = Headline Consumer Price Index (A) (CPI(A)) inflation# (subject to a lower bound of zero) + [(the growth rate of the real Gross Domestic Product (GDP) in the latest year – the trend growth rate of the real GDP in the latest decade) × 20%] (economic growth factor*) 
# It refers to the year-on-year rate of change in the headline CPI(A).
* The economic growth factor is subject to an upper bound of one percentage point and a lower bound of zero.
 
The Government expects that the first SMW rate derived under the new mechanism will take effect on May 1, 2026. The MWC will assist the Government in implementing the new mechanism.

Source: Hong Kong Government special administrative region