Public sector bank reform reshapes creditor recovery and accountability, emphasising IBC-led resolution and an EASE performance index.
Public sector bank reform aims to restore financial health to preserve credit flow and liquidity while balancing public-interest responsibilities with greater functional autonomy. The Insolvency and Bankruptcy Code is credited with enabling creditor-led recovery and reshaping creditor-debtor relations by limiting executive interference. The EASE Reforms Index institutionalises oversight by translating six reform agendas into measurable parameters to serve as a report card for PSBs, and recent trends show reductions in non-performing assets and notable recoveries linked to enhanced disclosure, governance and resolution processes.

Tax search and seizure uncovers undisclosed transactions and non-filing pointing to alleged funding links with separatist activities.
Coordinated search and seizure operations uncovered documentary and electronic evidence of large-scale undisclosed transactions from businesses and cash expenditure on residential reconstruction, alongside non-filing of income tax returns by the principal and family, indicating willful tax evasion; seized electronic media will be forensically analysed to trace illegal funding linked to separatist activities.

Direct Benefit Transfer via PFMS enabled rapid, authenticated electronic credit to millions of eligible farmers under PM-KISAN.
Operationalisation of Direct Benefit Transfer for PM-KISAN used PFMS's web-based payment and MIS system, integrated with banks to validate beneficiary account details, issue payment orders, transfer funds to sponsor banks and NPCI, and electronically credit beneficiaries without manual intervention, supported by interagency coordination to scale to nationwide disbursements.

Banking sector reform agenda urges tech-led financial inclusion and stronger cyber and governance safeguards to expand credit access.
Policy priorities emphasize technology-led expansion of banking to improve access and efficiency, targeted skilling of bank personnel for new credit and technology practices, strengthened fraud and cyber security preparedness, and vigilance mechanisms to distinguish deliberate misconduct from error. Strategic discussions covered specialised banking, the social-banking role of public sector banks, the need for larger banks for global competitiveness, and increased India-specific banking research to inform reforms.

Future of Indian Banking conference to explore regulatory and technological measures shaping sector evolution and credit support.
Conference examines policy and operational challenges in the Indian banking sector with emphasis on technological adoption to enhance banks' capacity to support the economy's credit needs; includes panels of policy-makers and practitioners, academic paper sessions, and a concluding presentation on the role of technology in banking.

Startup share subscription exemption expanded; recognition, asset restrictions and filing requirement enable broader angel investment relief.
Start up share subscription exemption is expanded by lengthening start up eligibility (time and turnover), restricting investment in specified asset categories to qualify, imposing an aggregate ceiling on exempt consideration while allowing an additional exemption for shares issued to qualifying listed investors, excluding specified investor classes from the aggregate cap, and requiring a signed declaration to the recognition authority for transmission to the tax administration.

Tariff value revision for specified edible oils, metals and agricultural commodities adjusts Customs valuation and import assessment.
CBIC, invoking sub section (2) of section 14 of the Customs Act, 1962, amends Notification No. 36/2001 Customs by substituting TABLE 1, TABLE 2 and TABLE 3 to prescribe revised tariff values for specified imports. The new tables set US$ per metric tonne values for edible oils (various palm oil and palmolein grades, crude soybean oil), brass scrap, poppy seeds and areca nuts, and unit values for gold and silver where certain notification benefits are availed, thereby establishing administrative Customs valuation benchmarks for import assessment.

Autonomous utility reform to enable continuous water supply, sewage coverage, and performance-linked subsidies for Shimla.
The programmatic development policy loan supports creation of an autonomous utility, SJPNL, consolidating WSS responsibilities under a professional entity accountable to the urban local body, and backs three operations: bulk water transfer from a new Sutlej River source, establishment of continuous pressurized water supply, and expansion of sewage collection and treatment including peri-urban areas, alongside capacity building, energy-efficiency measures, and performance-linked subsidies with volumetric tariff safeguards to improve financial sustainability.

Aadhaar-PAN linking mandatory under Section 139AA; PAN holders filing returns must complete linking or follow prescribed procedure.
Aadhaar-PAN linking is mandated under Section 139AA of the Income Tax Act for PAN holders required to file returns, arising after the Supreme Court affirmation of Aadhaar's validity and a Board order; the linking must be completed by 31.3.2019. The prescribed procedure for linkage was published by the Principal Director General of Income Tax (Systems) via Notification No. 7 dated 29.6.2017, and public advertisements were issued to inform PAN holders.

Income-tax refunds: majority processed promptly; scrutiny backlog to be expedited to release pending refunds.
Income-tax refunds are largely issued at processing because a small fraction of returns are selected for scrutiny; aggregate refund disbursements and rising return filings are reported. Pending scrutiny cases and numerous refund claims remain outstanding, and Assessing Officers have been directed under the Central Action Plan to expedite scrutiny-especially limited scrutiny-so resultant refunds can be issued promptly.

Surplus transfer under Section 47: remittance to central government after provisioning for reserves and liabilities.
Under Section 47 the RBI must, after making provision for bad and doubtful debts, depreciation, staff and superannuation contributions and other usual banker provisions, pay the balance of its profits to the Central Government; interim remittances may occur and timing is influenced by differing financial year reckonings between RBI and the Government.

Cooperation with law enforcement: banks must report suspicious transactions and strengthen controls to support investigations.
Banks must cooperate with law enforcement and report suspicious transactions consistent with law; where deposits or transactions appear criminal, appropriate measures and notifications to enforcement agencies are required. Regulatory mandates include KYC identification and monitoring, fraud classification and reporting with board oversight, concurrent reporting to multiple agencies in complex violations, operational controls for transaction systems, and reporting of deficient third-party service providers.

Life insurance coverage via a bank linked renewable term scheme with automatic premium debit, reporting nationwide enrollments.
Pradhan Mantri Jeevan Jyoti Bima Yojana is a bank linked renewable one year term life cover scheme administered through life insurers tied with scheduled commercial, regional rural and cooperative banks; premiums are auto debited from subscriber savings accounts and eligibility is restricted to account holders aged eighteen to fifty. Banks reported state wise gross enrollments and cumulative claim disbursements on the portal as of 31 December 2018, with aggregate national enrollment and disbursement figures, noting converged beneficiary cohorts and that portal data remain subject to eligibility verification and premium debit availability.

Financial inclusion expansion under PMJDY increased account ownership and linked services while shifting delivery to BCs and ICT channels.
Pradhan Mantri Jan Dhan Yojana (PMJDY) expanded formal financial access by driving mass account ownership and linked services (RuPay cards, overdraft facility, loan eligibility), with scheme amendments increasing overdraft limits, widening age eligibility, removing conditions for small overdrafts, and enhancing insurance for new cardholders; concurrent branch rationalisation increased reliance on the business correspondent model and ICT channels, leading to growth in basic savings accounts, deposits, and direct benefit transfer usage.

Significant Economic Presence expands taxable nexus for digital businesses, enabling taxation of remote digital activities.
The Government imposed an Equalisation Levy to tax specified digital services supplied remotely by non-residents and amended Section 9(1)(i) to recognise Significant Economic Presence as a basis for establishing a business connection: this captures transactions in goods, services or data and systematic digital interaction with users, with thresholds to be prescribed after consultation, and aims to widen the tax base and address avoidance including application of GAAR where activities are structured to evade nexus.

Finance Secretary role does not encompass defence expenditure sanctions; Department of Expenditure handles financial approvals.
The senior-most Secretary is designated as Finance Secretary for coordination while remaining head of his Department; financial sanctions for expenditure proposals, including defence procurement, are dealt with by the Department of Expenditure and not by the Secretary (Economic Affairs) acting as Finance Secretary.

Unexplained cash credits recovery permitted when deposits are unsubstantiated; absence of startup certificate and no stay allowed recovery.
Additions were made under section 68 for unexplained cash credits after show cause notices where the assessee failed to substantiate deposits; confirmations when provided were accepted. No stay against the demand was obtained, permitting lawful attachment of bank accounts and partial recovery. The case is not covered by CBDT's instruction on section 56(2)(viib) Angel Tax, and the assessee did not produce a DIPP startup certificate.

Regulatory advisory group constituted to identify investment hindering rules and recommend reforms; recommendations shared without timeline.
A Regulatory Advisory Group chaired by the Secretary, Department for Promotion of Industry & Internal Trade, was formed to identify regulatory and procedural obstacles to domestic and foreign investment, with six sub groups covering Income tax, GST, Corporate Laws, Financial Securities Laws, Regulatory Impact Assessment and MSME; the sub groups' recommendations were shared with relevant Ministries and Departments but no implementation timeline was set.

Manufacturing incentives for mobile handsets retained while PMP deferment permits continued tariff, FDI and SEZ benefits.
Manufacturing of mobile handsets is governed by a calibrated duty and incentive framework across DTA and SEZs: DTA benefits include a rationalized tariff structure, the Phased Manufacturing Programme, M SIPS capex support, permitted nil Basic Customs Duty on specified capital goods, MEIS export incentives and 100% FDI for handset manufacture; SEZ benefits include duty free imports and procurement, phased income tax exemptions under Section 10AA, GST exemption with zero rated supplies under IGST, and exemption from other state levies.

Monetary policy rate cut prompts change to neutral stance, with government welcoming MPC's assessment and outlook.
The Monetary Policy Committee reduced the Policy Repo Rate under the Liquidity Adjustment Facility by twenty-five basis points, adjusted the Reverse Repo Rate, Marginal Standing Facility rate and Bank Rate, and shifted the monetary policy stance from Calibrated Tightening to Neutral. The MPC revised down near term inflation projections while maintaining GDP growth projections; the Government welcomed the MPC's assessment and decision, noting consistency between the MPC's outlook and the Government's own assessment of inflation and growth.