Aadhaar-PAN linking mandatory: ITR filing deadline extended and specified demonetisation-era cash deposits must be declared.
Government extended the ITR filing deadline by five days to August 5 because of heavy traffic and technical difficulties on the e filing portal. The extension follows a revenue department and CBDT meeting. The department confirmed two compliance requirements for ITR filers: mandatory Aadhaar PAN linking from July 1 and declaration of demonetisation period cash deposits above a specified aggregation when filing returns for the 2016-17 fiscal period.

IBC-driven resolution opportunities: ARCs and PE firms can acquire stressed assets under enhanced regulatory facilitation.
The Insolvency and Bankruptcy Code framework and recent regulatory changes have enabled Asset Reconstruction Companies and Private Equity firms to acquire and resolve stressed bank assets, contingent on timely interventions, transparent price discovery and effective management. Operational enablers cited include 100% sponsor ownership, an increased foreign investment ceiling for ARCs, pass through tax status for ARC trusts, stamp duty exemption and trading of security receipts; these measures have increased market participation and encouraged cooperative resolution among banks, ARCs, PE funds and resolution professionals.

Shell company enforcement: coordinated interagency measures and information-sharing strengthened, banks advised enhanced due diligence for prevention.
A multi-agency Task Force coordinated interagency action against shell companies, adopted an SOP for information sharing (subject to section 138 Income-tax Act limitations), and directed operational measures: SFIO digital database compilation, FIU alerts, income-tax investigations with assessments and prosecutions, ED searches, CBI criminal cases, MCA strike-offs under section 248 and director disqualification actions under section 164(2); Government requested RBI to freeze accounts and circulate defaulting-company details to banks for enhanced due diligence, while RBI reported it has no power to freeze accounts.

Sovereign Gold Bond scheme revision expands investor limits and permits product variants to boost uptake and market making to improve liquidity.
Cabinet-approved revisions to the Sovereign Gold Bond Scheme increase annual investment ceilings, count ceiling on a fiscal year basis including secondary market purchases, and exclude bank/financial institution collateral holdings. The Ministry of Finance is empowered to introduce product variants with different interest and pay off profiles subject to Finance Minister approval. Issuance will move 'on tap', market making initiatives will be introduced to improve liquidity and tradability, and the Government may allow higher agent commissions to enhance investor uptake.

Appointment of Alternate Governor announced for representation on Asian Development Bank board of governors by government.
The Government designated Shri Subhash Chandra Garg, Secretary, Department of Economic Affairs, as India's Alternate Governor on the Board of Governors of the Asian Development Bank, replacing the previous incumbent and effectuating succession in national board representation at the ADB.

Minimum Alternate Tax framework for Ind AS companies clarified; FAQs issued and amendments proposed with stakeholder consultation.
Amendments establish a framework for computation of book profit for Minimum Alternate Tax for Ind AS-compliant companies based on MAT-Ind AS Committee recommendations; administrative guidance has been issued as FAQs and the Committee report extract has been published to invite stakeholder comments and proposed amendments to refine MAT provisions.

Tax base expansion strengthens e-assessment and limited scrutiny reforms, while overseas account disclosure required only for refunds.
Demonetisation-driven measures and enhanced reporting have expanded the taxpayer base to 6.26 crore; overseas bank account disclosure by NRIs and foreign investors is optional and required only to claim refunds. Enforcement under the amended Benami law has identified undeclared real estate investors and led to attachment of 233 properties. The department is scaling limited scrutiny via systems to 100 cities and developing complete e-assessment to obviate office visits, while PAN-Aadhaar linking aims to remove bogus accounts and multiple PANs.

Optional foreign bank account reporting allows non-residents claiming tax refunds to furnish a foreign account for refund credit.
Non-resident taxpayers claiming income-tax refunds who do not have bank accounts in India may, at their option, furnish details of a foreign bank account through the return filing utility to enable direct credit of the refund; non-residents not claiming refunds or those with Indian bank accounts need not provide foreign account details.

Expansion of the tax base urged to be non-intrusive while ensuring prompt taxpayer grievance redressal and non-adversarial administration.
The communication directs expansion of the tax base through non-intrusive means while maintaining a non-adversarial tax administration and prompt taxpayer grievance redressal, stressing that privacy cannot justify non-compliance. It also highlights institutional modernization using technological tools to detect tax evasion, initiatives to address undisclosed income and augment revenue collections, and measures to incentivise honest taxpayers and recognise departmental performance.

Taxpayer information confidentiality: restrictions on disclosure while income tax probes used searches, seizures and data analytics to detect undisclosed income.
Disclosure of information relating to specific taxpayers is restricted by taxpayer information confidentiality, with disclosure permitted only as provided under Section 138. The Income Tax Department conducted searches, surveys and issued verification notices for suspicious high-value cash deposits, resulting in seizures and detection of undisclosed income. Operation Clean Money used non-intrusive outreach and web responses to reconcile cash transactions with tax profiles and deployed data analytics to identify additional cases for verification and appropriate direct-tax action.

Defined benefit pension guarantee: government co-contribution and corpus shortfall support ensure pension security for informal workers.
Atal Pension Yojana creates a defined benefit pension for unorganised sector workers with selectable guaranteed minimum monthly pensions, flexible contribution frequencies, and procedures to regularise defaults. The Central Government provides a limited-period co-contribution to eligible subscribers and guarantees funding to cover any shortfall if investment returns are inadequate, while surplus returns benefit subscribers. Survivor rules permit a spouse to continue contributions after premature death to preserve pension entitlement, and the corpus is payable to a nominee if both subscriber and spouse die.

Exchange Rate Determination: notified conversion rates for specified foreign currencies applicable to import and export goods.
Determination of exchange rates for conversion between specified foreign currencies and Indian rupees has been notified, superseding the prior CBEC notification and prescribing distinct official rupee equivalents for imported goods and export goods. The annexed Schedule I lists per unit rates for major currencies and Schedule II lists rates per 100 units, which are to be applied by customs authorities and traders for valuation, assessment, and compliance.

Pension Scheme for senior citizens provides assured periodic payouts, government subsidised shortfall support and loan and exit options.
Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a government announced pension product for senior citizens aged sixty years and above, available through LIC during the specified subscription window. It guarantees an assured effective return with pensions payable at the chosen periodicity over a ten year term, returns the purchase price on survival, and pays purchase price to beneficiaries on death. The Scheme is exempt from service tax/GST, allows loans against purchase price after three years, permits premature exit for critical/terminal illness with a near full refund, and provides for government reimbursement of shortfalls between guaranteed and actual interest and administration costs.

Information exchange under multilateral instruments enables coordinated action against offshore tax avoidance and evasion.
JITSIC facilitates coordinated cross-border information exchange under multilateral instruments and tax treaties, using confidential Competent Authority sessions to share and analyse intelligence on taxpayers and intermediaries implicated by data disclosures, enabling formal requests and coordinated multilateral responses to offshore tax avoidance and evasion.

Advance grant-in-aid release to state for SDRF enables immediate rescue and relief after flash floods.
Advance release of the Central share of the State Disaster Response Fund (SDRF) was made in two instalments to Arunachal Pradesh as an advance grant-in-aid, on the basis of a finance commission recommendation, to fund immediate rescue and relief operations necessitated by flash floods following heavy rains.

Disclosure of large cash deposits: taxpayers must reconcile bank deposit records with tax returns and submit online explanations.
The Department used Statement of Financial Transactions data to identify persons with discrepancies between tax filings and cash deposits, notified them via email/SMS, and enabled online viewing and submission of explanations through the e filing portal; taxpayers must disclose significant cash deposits in their Income Tax Return, which will be matched against departmental records, and the Operation Clean Money portal offers guidance, engagement tools, and sanitized reports to facilitate compliance and transparency.

Master Contribution Agreement secures government commitment and propels NIIF fundraising and infrastructure investment mobilisation.
The Governing Council reviewed NIIF's operational progress and strategic role in attracting long term overseas investment into Indian infrastructure, noting a pipeline in roads, ports, aviation and power and consideration of third party managed funds for clean energy, affordable housing and mid sized infrastructure. A Master Contribution Agreement between the Department of Economic Affairs and NIIF Limited formalises the Government of India's committed contribution; fundraising with international institutional investors is active and a first close is expected soon, while governance and initial staffing and office arrangements are in place.

Administrative appointment: New Secretary of the Department of Economic Affairs assumes office, bringing extensive central and state administrative experience.
Shri Subhash Chandra Garg has assumed the role of Secretary, Department of Economic Affairs, Ministry of Finance, effecting an administrative appointment to the department's senior executive post. The appointment is supported by over three decades of public service including central government economic and expenditure roles, senior bureaucratic postings in a state administration, and experience in international financial representation, indicating continuity of senior leadership and policy administration capacity within the department.

Cooperative bank reform: Expert group to devise pathways and resolve regulatory issues for district central cooperative banks.
NITI Aayog agreed to form an Expert Group chaired by a member of NITI Aayog with NABARD, state governments, the banking regulator, the Department of Financial Services and experts to devise pathways for strengthening district central cooperative banks and to address cooperative bank regulatory issues. The meeting also confirmed state-level flexibility to include livestock, dairy and green fodder in the Crop Diversification Plan, and the Water Resources Ministry committed to approve the Sutlej-fed canal project within a week of receiving a revised proposal.

Fast track tax litigation: CBDT action plan mandates prioritized disposal and links officer performance to appeal outcomes.
The CBDT Action Plan directs a fast track disposal regime for tax appeals, prioritising high value cases and linking performance evaluation of tax officers to achievement of prescribed disposal targets; regional heads must identify, bunch and allocate resource persons or teams to top litigation matters to reduce pendency and unlock outstanding demand.