Tariff valuation update: Customs revises tariff values for edible oils, metals, precious metals and areca nuts.
The Board, under section 14(2) of the Customs Act, 1962, substitutes TABLE 1, TABLE 2 and TABLE 3 of Notification No.36/2001 Customs (N.T.) with revised tariff values in US dollar terms establishing customs valuation benchmarks for specified imported commodities including edible oils, brass scrap, areca nuts and specified forms of gold and silver.

Searches under section 132 uncover bogus capital gains and fabricated subcontract expenses, with seizures and benami property records.
Searches under section 132 were conducted against a Gurugram construction and real estate group and related persons, uncovering evidence of fabricated long-term capital gains in promoters' and relatives' names and alleged bogus subcontract expenses routed back into group entities as share capital and share premium. Investigators recovered documents relating to cash transactions in property sales and benami properties; cash, foreign currency and multiple lockers were seized or restrained. Further investigation is ongoing to examine fund routing and ownership records.

Data exchange agreement enables automated interagency sharing of corporate and trade data to support regulatory enforcement.
A Memorandum of Understanding between the Ministry of Corporate Affairs and the indirect tax authority establishes an automated and request based data exchange protocol for sharing import/export transaction summaries and corporate filings, supported by AI/ML and data analytics to enable scrutiny, inspection, investigation and prosecution, and governed by a periodic Data Exchange Steering Group to review and enhance implementation.

BRICS financial cooperation priorities shape pandemic response, contingency support and digital finance for inclusion under India chairship.
BRICS financial cooperation under India's chairship concentrates on coordinated responses to the global economic outlook and COVID 19, including emphasis on the BRICS Contingent Reserve Arrangement for mutual liquidity support, scaling New Development Bank activities for development finance, and promoting social infrastructure financing alongside fintech and digital technologies to advance SME support and financial inclusion.

Infrastructure loan boosts Assam power transmission to improve reliability, capacity and security under long term concessional financing.
A loan agreement between the Government of India and the Asian Infrastructure Investment Bank will finance the Assam Intra State Transmission System Enhancement Project to construct ten new substations, upgrade fifteen existing substations and transmission lines including conversion to optical power ground wire, and deliver technical assistance; the project aims to reduce transmission losses, relieve congestion and improve reliability, capacity and security of Assam's transmission network, supported by AIIB long term financing with a defined grace period and extended maturity and complementary counterpart funding from the State.

International development loan enables statewide education reforms in Nagaland, strengthening classroom teaching, teacher development and education systems.
A tripartite project between the Government of India, Government of Nagaland and the World Bank funds statewide education reforms in Nagaland to strengthen school governance, improve classroom instruction and teacher professional development, expand blended and online learning through technology and monitoring systems, and develop selected higher secondary school complexes. The arrangement includes an IBRD loan with a defined maturity and grace period to finance EMIS upgrades, teacher performance systems, school leadership improvements, examination reforms, and capacity-building for communities and education managers.

Search and seizure uncovers undisclosed income and unrecorded transactions, triggering tax compliance investigation and seizure action.
Search and seizure operations across Maharashtra uncovered extensive unrecorded cash sales in the tobacco business, additional unrecorded dealer sales, and cash over and above registered values in real estate transactions. Seized handwritten and electronic records evidenced these unrecorded transactions; investigators identified potential violations of section 50C, seizure of unaccounted cash, and acceptance by the assessee of profit on unrecorded real estate sales, with further inquiries ongoing to determine the full tax implications.

Search and seizure uncovers use of shell companies and paper transactions to introduce and conceal undisclosed income.
Search and seizure operations at the group's premises seized unexplained cash, foreign currency, bank lockers and digital devices, and revealed use of non-operational shell companies to introduce and record undisclosed income through share capital at premium and sales of paper investments. Investigations also uncovered intra-group out-of-exchange settlements to claim bogus losses, misuse of Long Term Capital Gains exemptions via non-genuine share purchases, and evidence of cash and hawala payments; further inquiry is continuing.

Undisclosed cash property sales and income concealment trigger tax probes and allied stamp duty and benami investigations.
Searches of a multi business group operating a hospital and property development activities uncovered substantial undisclosed cash sale consideration for land and plots not offered to tax, unaccounted property transactions since FY 2013 14, purchasers' banked payments under verification, widespread TDS default on land dealings, apparent stamp duty evasion to be referred to the Union Territory for levy on full consideration, undeclared gifted land treated as taxable receipts, evidence of benami properties, cash purchase rule violations, suppression of hospital receipts, and seizure of cash, jewellery and a bank locker; investigations continue.

Cooperative federalism driving coordinated delivery and state-led investment attraction under manufacturing and agricultural reform strategies.
Cooperative federalism is advanced as the foundational governance principle, with closer Centre-state coordination urged to speed delivery of housing, rural water, digital connectivity and pandemic response. The address promotes the PLI scheme for states to attract manufacturing investment and benefit from reduced corporate tax, encourages district-level product specialisation to boost exports and MSME growth, and stresses agro-climatic planning, enhanced storage and processing to reduce wastage and increase processed food exports. Regulatory liberalisation for remote work and geospatial data is noted to support start-ups and the tech sector.

Reform-linked borrowing: states granted additional borrowing permission after meeting power sector targets to reduce losses and subsidy leakages.
The central framework conditions part of enhanced state borrowing on achievement of specified power sector reforms: measurable reductions in AT&C losses and the ACS ARR gap, or implementation of Direct Benefit Transfer of electricity subsidy to farmers. States meeting these targets receive additional borrowing permission from the Department of Expenditure equivalent to a prescribed fraction of their GSDP; seven states have so far been granted a total of Rs. 5,032 crore under these reform linked permissions.

Illegal capitation fees scheme subverted NEET admissions, prompting tax searches and investigation of undisclosed receipts and assets.
Searches of trusts operating medical colleges uncovered a coordinated scheme where trustees, management, agents and certain students colluded to convert merit seats into management vacancies filled in stray-vacancy rounds for illegal capitation fees; seized handwritten and digital records indicate cash receipts, broker networks and arrangements to secure examination passage, and preliminary evidence suggests diversion of receipts from charitable purposes in potential breach of Sec 12AA and unexplained investments attracting section 69 implications.

Undisclosed cash transactions detected in diversified business operations, prompting search, seizure and further tax investigation.
Search and seizure of a multi sector group revealed handwritten records and recovered cloud data evidencing undisclosed cash lending with cash interest, suppression of film distribution and theatre income, and receipt of cash beyond registered plot sale values, resulting in seizure of cash and precious metals and detection of extensive undisclosed financial transactions taxable in the hands of transacting parties; investigations continue.

Search and seizure uncovers offshore asset concealment and fraudulent tax deductions, prompting ongoing investigations and asset restraints.
Search and seizure operations on a Mumbai business group uncovered an offshore entity in a tax haven controlled by the group's chairman, with funds siphoned from India and round tripped as share premium into flagship companies; forensic evidence and witness statements are said to establish promoter control. The action also detected bogus investment linked deductions claimed through sham entities, a falsely claimed unit deduction, unaccounted production at factories, seizure of cash and jewellery, and prohibitory orders on lockers and premises, with investigations continuing.

One Nation One Ration Card reform enables interstate portability and unlocks state borrowing permission upon Aadhaar seeding and FPS automation.
Completion of the One Nation One Ration Card reform renders a State eligible for additional borrowing through Open Market Borrowings, conditional on two actions: (i) Aadhar Seeding of all ration cards and beneficiaries; and (ii) Automation of all Fair Price Shops with e PoS devices and biometric authentication to ensure inter state portability and better targeting while reducing bogus or duplicate cardholders.

Loan agreement enables nutrition supportive, climate resilient agriculture to strengthen tribal livelihoods and market access.
Execution of loan and project agreements by the Government of India, the Government of Chhattisgarh and the World Bank establishes the CHIRAAG project to finance nutrition supportive, climate resilient agricultural systems in tribal majority districts. The financing supports year round diversified production, farmer producer organization mobilization, investments in water harvesting and irrigation, integrated farming, climate smart practices, post harvest technology and value chain development, and aims to stabilize food supplies and livelihoods affected by the pandemic.

Atmanirbhar Bharat package strengthens domestic industry through procurement preference and production-linked incentives to boost manufacturing.
Decline in production across the eight core industries prompted policy and stimulus measures combining insolvency reform, bank recapitalisation, GST, FDI liberalisation, targeted corporate tax cuts, a National Infrastructure Pipeline and the Atmanirbhar Bharat package; industry-specific steps include procurement preference for domestic inputs, production-linked incentives for speciality steel, export parity support for MSME steel exporters, and trade remedies, while cement remains decontrolled and subject to the Cement (Quality Control) Order, 2003.

Concealment of income uncovered by search and seizure reveals undisclosed income, benami property links and bogus expense claims.
Search and seizure operations uncovered substantial undisclosed income connected to joint development projects with a builder, fraudulent expense claims and unaccounted sales in the liquor business; directors incurred unexplained expenditure and evidence of foreign assets was found, alongside numerous suspected benami properties held in names of employees and associates, with investigations continuing.

Urban Local Bodies reform enables additional state borrowing permission after prescribed property tax and user charge measures.
Goa completed Urban Local Bodies reforms and became eligible to mobilise additional borrowings of Rs. 223 crore through open market borrowings. The reforms require the State to notify floor rates of property tax consonant with prevailing circle rates and floor rates of user charges for water supply, drainage and sewerage reflecting current costs and past inflation, and to put in place a system of periodic increases in those floor rates and user charges.

Production Linked Incentive schemes to boost manufacturing and exports while fast-tracking investible projects and FDI inflows.
Government investment facilitation combines promotional support for Missions and States, macro measures like the National Infrastructure Pipeline and liquidity support, and sectoral manufacturing incentives through Production Linked Incentive (PLI) schemes. PLI schemes, to be implemented by respective Ministries within set financial limits, target 13 key sectors to boost manufacturing and exports. Institutional reforms include constitution of an Empowered Group of Secretaries and Project Development Cells to coordinate Central and State efforts and expedite investible projects.