Sharing of Central tax proceeds: Commission invites public submissions on discussion papers on Centre State fiscal relations.
The Commission has posted thematic discussion papers on its website to inform formulation of recommendations on the sharing of net proceeds of Central taxes and other aspects of Centre State fiscal relations for the forthcoming award period, and, as part of a structured consultative process, invites written views and suggestions from individuals, institutions and experts to assist in framing its recommendations.

Foreign Direct Investment inflows increase, reflecting sectoral shifts and major source-country contributions despite economic slowdown.
FDI equity inflows rose notably in July 2009, exhibiting sequential monthly growth and a year on year increase; cumulative April-July 2009 inflows are compared with prior periods showing a substantial rise despite economic headwinds. The press release identifies principal recipient sectors-services, housing and real estate, construction, telecommunications and automobiles-and major source jurisdictions for April-June 2009. It further summarizes multi year trends of consistently increasing FDI equity inflows since 2004-05 and distinguishes equity inflows from aggregate inflows that include reinvested earnings and other capital.

Cost Inflation Index updated for the financial year to adjust basis for capital gains indexation and tax computation.
Notification No. 67/2009 dated 9-9-2009 notifies the Cost Inflation Index for the Financial Year 2009-2010 to be used for computing indexed cost of acquisition for capital gains and publishes the schedule of Cost Inflation Index values from 1981-1982 through 2009-2010 as the official reference.

Seizure of contraband pharmaceutical shipment uncovered concealment and intended cross-border smuggling, prompting customs enforcement action.
Intelligence-led interception uncovered a commercial vehicle concealing a large consignment of Phensedyl cough linctus beneath agricultural cargo; the shipment was identified as contraband intended for cross-border smuggling and seized for enforcement under revenue and customs control.

Trade contraction: exports and imports fell, narrowing the trade deficit and reflecting steep declines in oil imports.
India's merchandise trade contracted in July 2009 and cumulatively April-July 2009, with exports and imports falling sharply year on year in both US dollar and rupee terms; imports fell more steeply than exports, reducing the April-July 2009 trade deficit. Both oil and non oil imports declined materially in July and for April-July 2009. The release provides provisional US dollar and rupee values, percent growth comparisons, and notes 2008-09 figures are revised while 2009-10 figures are provisional.