Search and seizure uncovering alleged tax evasion through inflated expenses and unaccounted cash, prompting further investigations.
A coordinated search and seizure operation targeted government contractors, real estate developers and associates, uncovering evidence of alleged tax evasion through inflated and bogus expenses, non genuine sub contractor claims, and use of contract receipts to generate unaccounted cash and undisclosed assets. Seized material includes physical and digital documents evidencing GRN discrepancies, mismatches between purchase records and actual transport, and unrecorded cash and valuable items; further investigations are ongoing.

Seamless enrolment required to deliver skill training, collateral free credit and market support under PM Vishwakarma Scheme.
State field functionaries must ensure seamless enrolment, prompt beneficiary verification, and registration to extend PM Vishwakarma Scheme benefits to traditional artisans in 18 identified trades; the Scheme provides skill training, collateral free credit, modern tools, market linkage support and incentives for digital transactions to promote entrepreneurship among Vishwakarmas, with implementation coordinated among MSME, MSDE, RDSDE, DFS, NABARD regional office and SIDBI.

Rural Infrastructure Development Fund reforms to accelerate project completion and mandate guideline review for faster implementation.
The meeting directed NABARD to reassess RIDF guidelines and internal processes to expedite completion of projects outstanding for more than three years, following state and UT presentations identifying implementation challenges and recommending procedural reforms to better align RIDF operations with state needs.

Search and seizure uncovers alleged systematic suppression of taxable income and undisclosed business transactions, investigations continue.
Search and seizure operation by the Income Tax Department on a diversified business group resulted in seizure of documentary and digital evidence, unaccounted cash and bullion, and revealed stock variations. Investigations indicate systematic suppression of taxable income across cement, textile, plywood and real estate businesses, with seized cash vouchers, sales invoices and property records evidencing undisclosed sales, on-money receipts and immovable property investments; the group's key person reportedly admitted the modus operandi and further investigations are ongoing.

Direct tax collections grow notably, with net receipts strengthened after refunds, reflecting interim progress against budget targets.
Direct tax receipts through 9 October 2023 show year on year increases in gross and net collections, with gross collections rising and net collections after refunds growing at a higher rate; refunds issued during 1 April-9 October 2023 materially affect the net position. Corporate Income Tax experienced moderate gross growth and higher net growth after refunds, while Personal Income Tax recorded substantially stronger gross and net growth. Net collections represent a stated proportion of the Budget Estimates for F.Y. 2023 24.

Strengthening multilateral development banks advances the global finance agenda, shaping MDB reform and sovereign debt cooperation.
The Union Finance Minister will lead the delegation to the Annual Meetings, co-chair the fourth G20 Finance Ministers and Central Bank Governors meeting with sessions on strengthening multilateral development banks and on the global economy and crypto assets, oversee release of Volume 2 of the IEG report on MDB strengthening, and participate in a Global Sovereign Debt Roundtable and multiple high-level roundtables and bilateral investor meetings.

TIR Executive Board candidature seeks to advance TIR Convention integration, digitisation, and expanded cross-border transit cooperation.
CBIC and the Ministry of External Affairs canvassed support for India's candidature to the TIR Executive Board, presenting India's nominee and stating India's intent to advance integration with international transport networks under the TIR Convention, pursue full digitisation of TIR, and expand the Convention's geographical coverage to reshape transit arrangements in South Asia. The note also records India's domestic measures since accession, including a National Guaranteeing Association, procedural guidance, and pilot digital TIR runs to promote effective usage.

Tax Audit filing compliance bolstered by e filing portal capacity and extensive taxpayer support improving on time submissions.
More than 30.75 lakh audit reports, including about 29.5 lakh Tax Audit Reports, were filed on the Income Tax Department's e filing portal by the due date for AY 2023 24; the portal managed high traffic and provided a seamless filing experience while the Department supported compliance through extensive outreach, guidance materials, a helpdesk handling approximately 2.36 lakh queries, webinars and Online Response Management.

Public debt management: issuance mix and yield/maturity shifts shape liability profile and secondary market participation.
Quarterly public debt management for April-June FY24 reports central government financing via dated securities and Treasury Bills, noting a decline in weighted average yield and an increase in weighted average maturity of issuances; cash remained largely in surplus. Provisional total liabilities rose marginally quarter-on-quarter, a significant portion of dated securities had shorter residual maturities, and secondary market trading concentrated in the seven-to-ten-year bucket with distinct net buyer and seller patterns among market participants.

Angel tax valuation methods expanded with new safe harbor and price-matching for non-resident share issuances framework.
Amendment expands acceptable valuation methodologies for determining Fair Market Value of shares under the anti-abuse provision targeting consideration from non-residents, adding five internationally recognised methods alongside DCF and NAV, providing valuation rules for CCPS, enabling price-matching with notified non-resident entities and specified funds subject to aggregate and timing limits, and introducing a safe-harbor tolerance to harmonise resident and non-resident investor treatment.

MSME relief under Vivad se Vishwas I: claims accepted and 95% refunds of contract securities provided, freeing guarantees.
Vivad se Vishwas I is a GeM portal scheme for MSMEs that provided refund of 95% of deducted performance security, bid security and liquidated damages, extended to works procurement and earning contracts, and offered relief to debarred MSMEs. Launched following Department of Expenditure instructions of 11.04.2023 and budget announcement, the scheme accepted over ten thousand claims across Ministries within the prescribed submission window, with aggregate payments processed and guarantees freed to facilitate bank credit.

Digital Public Infrastructure enables financial inclusion and productivity through interoperable systems, knowledge sharing, and policy guidance.
Digital Public Infrastructure is presented as a scalable mechanism to advance financial inclusion and productivity by enabling delivery of essential services and reducing last mile frictions. The seminar emphasised knowledge sharing, capacity building, interoperable cross border linkages, and practical, customizable policy recommendations to optimise DPI design, public private collaboration, and regulatory frameworks that safeguard inclusion while promoting innovation and secure digital service delivery.

Mobilising private finance for resilient urban infrastructure: G20 IWG to finalise this year's Infrastructure Agenda priorities.
The G20 Infrastructure Working Group will convene to mobilise financial resources for resilient, sustainable and inclusive urban infrastructure and to finalise the Infrastructure Agenda priorities, including the World Bank report on enablers of inclusive cities, compilation of infrastructure taxonomies, and an infra tracker tool; outcomes will feed into the G20 Finance Track. Delegates, multilateral institutions and private sector representatives will deliberate on innovative instruments, Infratech and mechanisms to scale private and commercial finance and enable cities to mobilise resources.

International economic cooperation to address macroeconomic risks and build resilient global growth endorsed by multilateral framework.
The G20 Framework Working Group concluded its final meeting, reviewed two reports on the macroeconomic impacts of food and energy insecurity and on climate-related transition risks, and deliberated on the global economic outlook and initial findings of the draft G20/IMF report on strong, sustainable, balanced and inclusive growth. Members agreed to continue assessing macroeconomic consequences, explore policy options to address identified risks, and pursue outreach and inclusive engagement to support international cooperation for resilient, inclusive global growth.

Welfare measures expand gratuity, grant renewal commission eligibility, broaden term insurance and establish a uniform family pension rate.
The approved welfare package increases the gratuity cap for agents, broadens term insurance coverage for agents' families, establishes a uniform family pension rate for employees' dependants, and amends agency rules so reappointed agents are eligible for renewal commission on business after reappointment, thereby enhancing financial security and post service benefits for insurance distribution personnel and staff.

Direct tax collections show sustained growth, with rising advance tax contributions and substantial refunds issued to taxpayers.
Net Direct Tax collections for the provisional period ending 16.09.2023 increased year-on-year, comprising Corporation Tax and Personal Income Tax (including STT) net of refunds. Gross collections before refunds also rose year-on-year, with gross totals allocated to Corporation Tax and Personal Income Tax and minor heads including Advance Tax, Tax Deducted at Source, Self-Assessment Tax, Regular Assessment Tax, and other minor heads. Advance Tax collections increased and chiefly reflect Corporation Tax and Personal Income Tax advances. Refunds issued in the period are recorded and reduce gross collections to the reported net figure.

G20 Framework Working Group meeting to review macroeconomic reports and define future work priorities for global policy guidance.
G20 Framework Working Group will meet in Raipur to review 2023 deliberations and identify future work areas, informed by the Presidency deliverables: the G20 report on macroeconomic impacts of food and energy insecurity and the G20 report on macroeconomic risks from climate change and transition pathways. Over 65 delegates from member and invitee countries and international organisations will participate, with outreach events on digital banking, financial inclusion, financial literacy, and cultural engagements organised alongside the meeting.

India-UK Infrastructure Finance Bridge launched to mobilise investment and deepen financial services cooperation including GIFT IFSC initiatives.
Adoption of a joint statement concluded the 12th India UK Economic and Financial Dialogue and announced the India UK Infrastructure Finance Bridge, a collaborative initiative to mobilise expertise and investment in support of India's National Infrastructure Pipeline. The parties committed to deepen cooperation on financial services and investment in the GIFT IFSC, build a robust FinTech partnership, advance sustainable finance, and enhance knowledge exchange and multilateral economic collaboration.

Flexible inflation targeting anchors price stability while enabling calibrated policy responses to growth and supply shocks.
The monetary policy framework shifted to Flexible Inflation Targeting in 2016, with a legislatively mandated numerical inflation target and a collegial Monetary Policy Committee to decide the policy rate. Forward-looking forecasts-nowcasting, short-term econometric projections, and a calibrated quarterly model-anchor policy choices. FIT's flexibility enabled calibrated easing, targeted liquidity operations and limited asset purchases during the pandemic, and a subsequent withdrawal of accommodation in response to generalized inflationary shocks, all supported by transparent communication and liquidity management.

ITR processing improved; taxpayers must promptly verify returns and validate bank accounts to avoid delays.
The Income Tax Department reports that a large majority of ITRs for AY 2023-24 have been verified and over 88% of verified returns processed, leading to numerous refunds issued; processing times have fallen markedly. Remaining unprocessed ITRs are primarily due to taxpayers not completing verification, not responding to requests for additional information, or not validating bank accounts for refunds, and taxpayers are asked to take the required actions via the e-filing portal.