Inclusion of mephedrone under NDPS Act triggers first major post scheduling seizure after intelligence led operation.
A 500 kg consignment of mephedrone was seized after an intelligence led interception of a truck concealed among papayas; two persons were arrested, the suspected manufacturing site identified, and investigations are ongoing. The seizure follows mephedrone's recent inclusion under the NDPS Act, with a commercial quantity fixed at 50 grams, making this the first case occurring after its scheduling.

Loan Agreement enhances Assam power generation capacity and distribution efficiency through tranche financing and plant replacement.
The Government of India and the Asian Development Bank executed a Loan Agreement providing a first-tranche disbursement under a multi-tranche financing facility to finance generation capacity enhancement and distribution efficiency subprojects in Assam, including replacement of an inefficient generating plant and construction of a new hydropower plant, with a targeted completion date of 31 December 2018.

Exchange rate determination for import and export goods: notified statutory conversion rates under Customs Act taking immediate effect.
Determination under section 14 of the Customs Act fixing statutory conversion rates of specified foreign currencies into Indian rupees for imports and exports; the Central Board of Excise and Customs notifies distinct import and export rates, supersedes the prior notification except for prior acts or omissions, and implements the rates set out in Schedule I (per unit) and Schedule II (per 100 units) as the operative exchange values for customs purposes.

Digital identity-linked document repository enables issuer-uploaded e-documents with secure URI-based access and Aadhaar-authenticated sharing.
The Digital Locker System links each resident's locker to their Aadhaar identifier, enabling issuers to upload standard-format e-documents and push URIs into a resident's locker, while requesters access those e-documents securely in real time via an Access Gateway that resolves URIs to repositories. The system provides Aadhaar-authenticated sign-up and OTP validation, resident document management (digital documents, uploaded documents, profile, issuer/requester directories), an online eSign facility, constrained upload formats and sizes, controlled sharing via URI-based email links, and maintains issuer and requester logs.

E-filing for FDI applications introduces single-copy submissions and online inter-ministerial processing to speed approvals and tracking.
A new secure e-portal for FDI applications creates a single-window online process for proposals requiring FIPB approval, allowing submission of a single copy, electronic circulation to administrative ministries, online queries and responses, and SMS/email alerts; it preserves distinction between the automatic route and the government approval route, outlines indicative processing stages and timelines, and records transactions to enhance transparency and security.

Advance payment of income tax: use authorised bank branches or online channels to avoid last minute queues.
The Reserve Bank of India urges assessees to remit income tax dues sufficiently before the due date and to use authorised agency bank branches or online payment facilities to avoid end of period congestion and long queues; the RBI notes operational strain in issuing receipts during peak inflows and indicates deployment of additional counters where practicable.

Tariff value revision sets new customs valuation for palm oils, edible oils, brass scrap, seeds, areca nuts, gold and silver.
Under authority of section 14(2) of the Customs Act, 1962, the Central Board of Excise & Customs substitutes TABLE-1, TABLE-2 and TABLE-3 of Notification No. 36/2001 Customs (N.T.), specifying tariff values for listed imports. The substitution sets per metric tonne tariff values for palm oils, palmolein, crude soybean oil, brass scrap, poppy seeds and areca nuts, and fixes unit tariff values for gold and silver where specified notification benefits are availed.

Direct tax collection growth shows year to date increases driven by corporate and personal income tax receipts.
Increase in gross direct tax collection reported for April-January 2014-15: gross direct tax up 11.38% to Rs. 5,78,715 crore, with corporate tax up 11.04% and personal income tax up 11.32%; Securities Transaction Tax also grew and net direct tax receipts rose year on year. Advance tax collections showed stronger growth, TDS growth moderated, and Self Assessment and Regular Tax collections displayed differing growth rates.

Automatic exchange of information and reciprocal FATCA arrangements advanced to combat offshore tax evasion and strengthen financial cooperation.
India and the United States committed to deepen cooperation on investment, financial regulation, infrastructure financing and capital market development in India, streamline foreign investors' access to onshore markets, provide technical assistance on public debt management and financial inclusion, and pursue information sharing and reciprocal tax transparency arrangements including under the Foreign Account Tax Compliance Act and global automatic exchange standards to combat offshore tax evasion, alongside strengthened anti money laundering and counter terrorist financing cooperation.

Service tax reform proposals: harmonize definitions, expand exemptions, simplify compliance and CENVAT credit rules to reduce litigation.
Comprehensive pre budget recommendations propose harmonising service tax definitions, expanding and restoring targeted exemptions and abatements, introducing a Chartered Accountant service tax audit and reconciliation certificate, and clarifying valuation and sectoral anomalies (SEZ job work, branch/head office cross charges, electricity recoveries). Procedural reforms include enhanced e filing and digital certification, adjusted time limits and payment rules, bad debt relief, interest and penalty rationalisation, amendments to Place of Provision and Point of Taxation rules, and widened access to advance rulings. CENVAT/Central Excise and Customs changes seek broader input/capital goods credits, 100% capital goods credit in year of purchase, parity on scrap treatment, and simplification of refunds and customs procedures.

Willful tax evasion criminalisation spurred by intensified searches and prosecutions to deter undisclosed income and black money.
Enforcement focus has shifted from civil revenue augmentation to criminal prosecution for serious tax evasion, emphasising prompt filing of prosecution complaints where conduct constitutes a willful attempt to evade tax under Section 276C. Intensive search, seizure and survey operations yielded substantial detections of undisclosed income and seized assets, with further enquiries revealing additional undisclosed income; prosecution complaints, including cases involving undisclosed foreign income, have been filed to strengthen deterrence.

Core Investment Company designation requires registration, strict group-investment composition, and limits on non group exposures.
A Systemically Important Core Investment Company (CIC-ND-SI) must meet asset-size and composition conditions, holding the vast majority of net assets as investments in group companies with a substantial portion in equity, refrain from trading investments except by block sale, not undertake prescribed NBFC financial activities, and not accept public deposits. CICs accessing public funds and meeting thresholds require RBI registration; smaller or non-public-fund-accessing CICs are exempt. Only direct investments in companies count towards the core investment test, outside liabilities include repayable obligations, and separate rules govern overseas financial-sector investments and adjusted net worth compliance.

Investigation into cheque issuances by alleged entry operator companies prompts information notices to contributors and implicated entities.
Investigation targets issuance of cheques by companies acting as entry operators to convert illegal cash into legitimate money; account examinations revealed accommodation entries with prima facie non genuine sources and untraceable companies and directors. Notices were issued to about fifty persons and entities, including two political parties, seeking contributor identities and other information necessary to progress the inquiry.

Bankruptcy reform for SMEs: Interim report invites stakeholder comments on proposed entrepreneur-friendly exit framework.
An Interim Report proposing reforms for an entrepreneur-friendly bankruptcy framework for SMEs has been published on the Ministry of Finance website; stakeholders are invited to submit comments and suggestions on the report's recommendations to the designated Ministry contact by the stated deadline via post or email.

Government securities auction: re-issue via multiple-price method with competitive and non-competitive electronic bidding.
Re-issue auctions of multiple Government stocks will be conducted by price-based auctions using the multiple price method, accepting both competitive and non-competitive bids. A capped portion of each issue is reserved for eligible individuals and institutions under the Scheme for Non-Competitive Bidding Facility. Bids must be submitted electronically through the specified core banking system within prescribed time windows; results will be announced on the auction date and payment by successful bidders is required on the stipulated settlement date. The re-issued stocks will be eligible for when issued trading under existing guidelines.

Concealment penalty proceedings under the Income Tax Act initiated after HSBC account disclosures, with prosecutions and international inquiries ongoing.
Information from foreign authorities about HSBC accounts led to assessments and initiation of concealment penalty proceedings under section 271(1)(c) in nearly all completed cases; prosecutions for willful tax evasion and failures to furnish documents have also been launched, and cross border information requests and follow up investigations are being pursued under available treaties and based on whistleblower material.

Investment promotion in infrastructure and tax reforms to broaden the tax base through exchange of information.
Policy emphasis is on boosting investment-especially in infrastructure-and advancing manufacturing and agriculture, paired with international cooperation on automatic transfer of information to trace assets abroad. Budget suggestions stress broadening the tax base, abolishing differential import duties applied by end use, instituting a small flat tax to formalise small businesses, online tax scrutiny, incentives for exporters and technology imports, amendment to ensure registered offices reflect substantial business locations, and filling vacancies in tax administration to strengthen enforcement.

Rate of exchange determination for customs conversion sets distinct import and export currency rates to be applied for valuation.
Determination fixes rates of exchange for specified foreign currencies into Indian rupees, with distinct rates for imported and export goods set out in two annexed schedules, to be applied for customs conversion under the statutory authority, and superseding the prior notification except as to prior actions, effective from the notification date.

Exchange rate amendment: customs valuation updated for Australian and New Zealand dollars, altering import and export conversion rates.
Under Section 14 of the Customs Act, the notification substitutes Schedule I entries for the Australian Dollar and New Zealand Dollar, prescribing separate conversion rates for imported goods and for exported goods; these substituted entries serve as the statutory exchange rates for customs valuation and duty calculation and take effect from the date specified in the notification.

Cooperative federalism via NITI's Governing Council to coordinate Centre-State policy inputs and implementation.
Strengthening cooperative federalism through institutional consultation and intergovernmental coordination: the Prime Minister has convened expert and State-level consultations under the newly constituted NITI to solicit policy and budgetary suggestions and to establish mechanisms for Centre-State interaction. The Governing Council composed of State and UT heads is intended to advise on efficient processes, interaction mechanisms and to align State inputs with national programmes for coordinated implementation.