Regional language exams to be conducted alongside Hindi and English for clerical recruitments in public sector banks, expanding language access.
The Ministry of Finance recommends that Preliminary and Main clerical examinations for public sector banks be offered in regional languages in addition to Hindi and English, following a committee review intended to broaden local employment access; the change applies to vacancies advertised henceforth and will extend to upcoming vacancies in the largest national bank after completion of its ongoing process.

Settlement of Tax Cases: authority authorised acceptance of pending settlement applications from taxpayers eligible before cessation.
The CBDT authorised the Commissioner of Income tax (Secretary to the Settlement Commission prior to cessation) to admit and treat as pending settlement applications filed after the cessation date, provided the assessee was eligible to file on the cessation date and all relevant assessment proceedings remained pending at the time of filing; this administrative relief establishes a deadline for accepting such applications and channels them for processing by the Interim Board for Settlement.

Insolvency and Bankruptcy Code underscores matured ecosystem and strengthened regulatory oversight enhancing insolvency resolution framework.
The Insolvency and Bankruptcy Code has consolidated into a strengthened ecosystem with IBBI oversight, nationwide adjudicatory presence, substantial registered insolvency professionals and associated agencies, an operational information utility, and widespread corporate insolvency filings with outcomes including resolution, liquidation, closure and voluntary winding up; IBBI exercises regulatory powers over professionals, entities and valuation practice and will mark its institutional milestone by releasing quinquennial publications and outreach materials.

Public debt management: increased government securities issuance and longer average maturity recorded, affecting liquidity and market yields.
Quarterly report for April-June 2021 describes central government dated securities issuance with higher weighted average yield and longer weighted average maturity; no cash management bills were raised; Reserve Bank conducted open market purchases and special operations while absorbing liquidity; total government liabilities rose quarter on quarter with public debt dominant and a significant portion of dated securities having shorter residual maturity, ownership concentrated in banks and insurers, and secondary market yields hardening amid increased supply.

Tax search uncovers alleged large-scale unaccounted transactions and laundering through share premium and loans by steel manufacturers.
A coordinated search and seizure operation on four steel rolling mill companies uncovered physical and digital evidence of systematic unaccounted transactions outside books of account, including inflated purchases, unaccounted cash expenses and investments, and alleged laundering of unaccounted income by routing funds as share premium and unsecured loans through shell companies; initial operational findings include unrecorded stock, multiple bank lockers, seized cash and jewellery, and subsequent disclosures of additional income, with further investigations ongoing.

Search and seizure operations reveal undisclosed income and tax evasion through dummy accounts; investigations ongoing.
Income Tax Department search and seizure operations on syndicate financiers in Chennai found cash lending, high interest partly undisclosed to tax, routing interest payments through dummy bank accounts, and disguising unaccounted funds as unsecured loans and sundry creditors; searches also revealed undisclosed property investments and other suppressed income, with seizures made and further investigations ongoing.

Tax evasion exposed: searches reveal concealed cash, accommodation entries and cross border transactions leading to seized assets.
Search and seizure operations on a diamond manufacturer exporter uncovered paper and digital records revealing concealed purchases and sales, cash routed through angadia firms and accommodation entries, investments of concealed proceeds into property and stock, and cross border export transactions routed through a Hong Kong entity managed from India; seizures included cash, jewellery and diamond stock and multiple locker accounts have been restrained pending further investigation into the unaccounted income.

Capital expenditure assistance scheme provides long term interest free loans and targeted allocations to stimulate state investment.
The Ministry approved capital projects totalling Rs. 2,903.80 crore for eight States and released Rs. 1,393.83 crore under the Special Assistance to States for Capital Expenditure 2021 22, provided as 50 year interest free loans. The scheme comprises three Parts: fixed allocations for specified hill and North East States; allocations among other States proportionate to central tax shares; and a first come, first served incentive pool for privatisation/disinvestment and asset monetisation without State wise allocations.

Direct tax collection growth signals stronger gross and net receipts, driven by higher advance tax and headwise recoveries.
Gross Direct Tax collections for FY 2021-22 rose substantially over the corresponding period of the preceding year and over FY 2019-20, with gross and net receipts disaggregated into Corporation Tax and Personal Income Tax (including Security Transaction Tax). The statement details minor head contributions-Advance Tax, Tax Deducted at Source, Self-Assessment Tax, Regular Assessment Tax, Dividend Distribution Tax and others-reports significant growth in Advance Tax collections for the second quarter and cumulatively, and records refunds issued in the fiscal.

Unaccounted income detection prompts search uncovering accommodation-entry schemes and shell-company conduits for tax evasion, prompting further investigation.
Coordinated search and seizure operations uncovered documentary and digital evidence of unaccounted income generated through unreported cash sales, bogus purchases, under reporting of production, cash scrap purchases, and land transaction manipulations; evidence also shows use of unsecured loans and sale of shares of shell entities to layer and deploy unaccounted funds, and the involvement of an accommodation entry provider operating numerous companies and bank accounts as conduits for routing unaccounted income.

Disclosure of foreign assets exposed: searches revealed routing of unaccounted funds through shell entities and undisclosed accounts.
Coordinated searches recovered documentary and electronic evidence showing routing of unaccounted funds through foreign bank accounts and shell entities, use of Foreign Currency Convertible Bonds converted into shares, payment of management fees to overseas entities, and non disclosure of such foreign assets in the prescribed foreign assets schedule; records also show bogus expenses, cash land transactions and accommodation entries, and investigations remain ongoing.

Search and seizure uncovers alleged money laundering and bogus donations, prompting a tax and criminal investigation into trust operations.
Coordinated search and seizure operations targeting a business group and its Trust uncovered documentary and digital evidence of unaccounted transactions, alleged money laundering via bogus donation receipts routed through third party companies, inflation of expenses in Trust run educational institutions with cash returns of salaries, unrecorded cash brokerage for admissions, and multiple bank lockers placed under prohibitory orders; authorities report significant alleged concealment of income and ongoing examination of seized materials and further investigations.

Round the clock exporter helpline to expedite issue resolution and support export growth under trade facilitation reforms.
Institutionalisation of a 24-hour Helpline for exporters is announced to provide continuous assistance and expedite resolution of export-related issues as part of broader trade facilitation measures. Complementary nationwide activities under 'Vanijya Saptah' include district-level export festivals, state-level export promotion events, sectoral sessions linking farm produce to foreign markets, investor outreach, and SEZ-led campaigns. Enabling reforms cited include corporate tax reduction, FDI liberalisation, single-window clearance, and ODOP promotion to support export growth and FDI inflows.

Tax evasion investigations reveal use of bogus loans, charity fund irregularities and extensive bogus billing across multiple premises.
Investigations allege unaccounted income was routed through bogus unsecured loans and accommodation entries, with funds used for investments and property. A charity tied to the individual retained large unutilized donations and raised overseas contributions in a manner reported to breach foreign contribution rules. Searches at an infrastructure group revealed alleged bogus subcontract billing, fund siphoning, unaccounted cash expenses, unrecorded sales, and circular transactions; cash and lockers were seized and enquiries continue to establish the full extent of tax and regulatory irregularities.

TDS exemption on bank interest to Scheduled Tribe residents in specified areas where verification and reporting conditions are met.
No deduction under section 194A shall be made on interest (other than on securities) paid by a Scheduled Bank to a Scheduled Tribe member residing in a specified area, provided the payer obtains documentary evidence verifying the receiver's Scheduled Tribe status and accrual under section 10(26), reports the payments in statements under section 200(3), and the aggregate payments in the previous year do not exceed the notified limit; "Scheduled Bank" is as defined in the Second Schedule of the Reserve Bank of India Act.

Compliance timeline extensions for Aadhaar PAN linking and penalty and benami proceedings extended to end of March.
The Government extended compliance timelines: Aadhaar furnishing for PAN Aadhaar linking, completion of penalty proceedings under the Income tax Act, and issuance of notice and orders by the Adjudicating Authority under the Prohibition of Benami Property Transactions Act have all been extended to 31st March, 2022 by Notification No. 113 of 2021.

Tied grants for non million cities released as first instalment, earmarked for sanitation and water; states must transfer promptly.
The Department of Expenditure released the first instalment of tied grants to eleven States for Non Million Plus urban local bodies under the 15th Finance Commission framework. Grants are split between a basic untied portion (not for salaries/establishment) and a tied portion focused on two service priorities: sanitation and solid waste management (including star ratings) and drinking water measures such as rainwater harvesting and recycling. States must transfer the grants to ULBs within 10 working days or remit the amounts with interest if delayed.

Capital expenditure linked incremental borrowing permitted after meeting staged expenditure targets, enabling additional state borrowing as incentive.
Eleven States met Q1 capital expenditure targets and were permitted additional open market borrowing equivalent to 0.25 percent of GSDP as an incentive. Incremental capital expenditure of 0.50 percent of GSDP was earmarked within the 4 percent net borrowing ceiling for 2021-22; eligibility requires staged achievement of quarterly expenditure thresholds and will be reviewed quarterly, with any year end shortfall adjusted against the following year's borrowing ceiling.

Public Private Partnerships capacity building enhances state officials' PPP appraisal, structuring, procurement and risk management skills.
Advance-level capacity building in Public Private Partnerships (PPPs) targets senior state officials to improve evidence-based selection, project identification, conceptualization and structuring, partner selection and management, and incorporation of private-sector efficiency. The programme focuses on design and structuring of PPPs, procurement and bidding practices, project risk management, monitoring and control, cost estimation and budgeting, project feasibility analysis, and managing long-term contract risks and dispute resolution to enhance appraisal capacity.

Carryforward of losses after strategic disinvestment: erstwhile public sector companies may retain loss carryforwards subject to voting power condition.
Accumulated loss and unabsorbed depreciation of a public sector company that ceases to be a PSU due to strategic disinvestment shall be deemed to be the loss or allowance of the amalgamated company for the year of amalgamation, and the shareholder continuity restriction will not apply to an erstwhile public sector company, permitting carryforward and set off of losses up to and including the year of strategic disinvestment, until the post disinvestment ultimate holding company ceases to hold a controlling voting power.