Voting threshold reduced for creditor committees, reshaping resolution approvals and authorised representative roles in insolvency processes.
The Act amends the Insolvency and Bankruptcy Code to redefine key terms including corporate guarantor and an expanded related party definition, replaces "repayment" with "payment" in multiple provisions, and establishes authorised representatives for classes of financial creditors with prescribed rights, duties and voting instructions. It lowers qualified-majority thresholds for several committee and approval votes, requires written consents for appointment and replacement of resolution professionals, permits withdrawal of admitted applications only with ninety per cent. creditor approval, clarifies resolution applicant eligibility with exemptions for certain financial entities, and applies the Limitation Act to insolvency proceedings.

Tax audit reporting obligations deferred: GAAR- and GST-related Form 3CD clauses placed in abeyance pending further direction.
The amended tax audit format adds proposed reporting items in Form No. 3CD for GAAR and GST compliance as proposed Clause 30C and Clause 44. After representations, the tax authority issued a circular placing reporting under those two proposed clauses in abeyance, suspending immediate compliance with the GAAR- and GST-related entries in the tax audit report.

Income tax certificates for no or lower deduction/collection must be applied in Form No.13 electronically with specified security standards.
Applications for certificates under section 197 and section 206C(9) must be made in Form No.13 electronically, under digital signature or electronic verification code, and the designated systems authority shall specify procedures, formats and standards for secure capture, transmission, uploading, issuance, and archival and retrieval policies. Certificates may be issued where payers exceed one hundred and their details are unavailable, and Assessing Officers will determine existing and estimated liability using estimated income for the relevant year, income of the last four years, existing income and wealth tax liabilities, and advance tax, TDS and TCS paid to date.

Tariff value revision: new import valuation benchmarks notified for specified commodities affecting customs valuation and compliance.
The Central Board of Indirect Taxes & Customs has amended a prior notification by substituting TABLE-1, TABLE-2 and TABLE-3 to prescribe revised import tariff values for specified goods, including various palm oils, palmolein, crude soybean oil, brass scrap, poppy seeds, areca nuts, and per-unit valuations for gold and silver where certain notification entries are availed, thereby providing the tariff-value benchmarks to be applied for customs import valuation and related compliance.

Guaranteed minimum pension scheme provides defined benefits at retirement with government co contribution and shortfall support.
The Atal Pension Yojana provides a defined benefit guaranteed minimum monthly pension from age sixty for eligible unorganised sector citizens joining through savings bank or post office accounts, with a limited government co contribution for qualifying subscribers. If accumulated returns are inadequate to fund the guaranteed pension the Central Government funds the shortfall, while any excess returns accrue to the subscriber. Survivorship, nominee payment, flexible contribution periodicity, and default regularisation mechanisms are provided; PFRDA/CRISIL have proposed a women focused pension policy and tax relief for pension savings.

Defined contribution pension reform affirms NPS features, portability, tax deductions and amended withdrawal and exit rules.
Defined contribution pension reform establishes the National Pension System (NPS) with a prudential unbundled regulatory architecture overseen by PFRDA, listing intermediaries and noting low institutional costs, compounding of pension wealth, online transparency and portability. It sets out subscriber-facing mechanisms: tax-deductible Tier-I contributions with an additional rebate, partial withdrawal rights subject to conditions and liberalized tenure requirements, expanded maximum entry age for certain models, and facilitated exits for disability, while recording no proposal to revert to the old defined benefit pension for recent recruits due to fiscal concerns.

PAN as sole identifier: mandatory PAN-based KYC, cash transactions barred and demat delivery required in securities dealings.
SEBI requires PAN as the sole identifier for securities market participants and mandates PAN submission for transfers; brokers are prohibited from accepting or giving cash for securities transactions and must transact payments via crossed cheques, demand drafts, electronic transfers or RBI permitted modes; securities delivery should be in dematerialised form to beneficiary accounts except under approved schemes.

Capacity building of Financial Advisers strengthens public financial management through combined domestic and foreign training.
The Department of Expenditure's 12-day customised training for Financial Advisers combines domestic and foreign components to update skills in Public Financial Management, interleaves office attendance to align work and training, and uses nominated participants with substitute arrangements to ensure continuity of departmental functions while enhancing capacity for fiscal prudence and sound financial management.

Nodal role in climate finance coordinates international representation and provides analytical policy inputs without implementing programmes.
The Climate Change Finance Unit serves as the nodal point in the Ministry of Finance for climate finance matters, prepares the Economic Survey chapter on climate change and sustainable development, provides analytical inputs to the National Climate Policy Framework, represents the Government of India in multilateral climate finance fora including climate negotiations and the G20, and does not implement programmes or schemes directly.

Anti-money laundering action targeted conversion of illicit cash during demonetisation, prompting searches, tax notices and PMLA probes.
Income-tax enforcement and allied agencies conducted searches, surveys and a targeted campaign issuing tax notices to non-filers who deposited high-value cash during demonetisation, leading to detection of undisclosed income, filings with self-assessment tax payments and increased direct tax collections; concurrently, enforcement under the Prevention of Money Laundering Act and criminal probes by investigative agencies yielded property attachments, seizures and arrests while assessee-specific disclosures remain prohibited except as statutorily permitted.

Exchange of information enables cross-border banking data sharing to support tax and criminal investigations under treaties and MLATs.
Notices and summonses are issued to assess and recover Indian-source income regardless of an assessee's address; changing or relinquishing an Indian address does not prevent tax liability or departmental scrutiny. Where holdings by non-resident Indians are indicated, authorities investigate disclosure and source of funds. Tax treaties with an Exchange of Information clause permit requests for banking information collected under the requested jurisdiction's domestic law; absent such a clause, exchange may not occur. Criminal and money-laundering assistance is pursued via mutual legal assistance or reciprocity, with banking data provided per the requested state's laws.

Reopening assessments for undisclosed foreign assets and search-based evidence allows reassessment beyond standard time limits under law.
Reopening assessments beyond six years is allowed under section 149(1)(c) for income from assets or financial interests located outside India, permitting reopening up to sixteen years, and where tangible evidence discovered in a search reveals escaped income exceeding a statutory threshold, enabling assessment for years after the sixth within a limited subsequent window; the latter applies to searches or requisitions initiated on or after April 2017.

No minimum balance requirement for Jan Dhan accounts; simplified KYC small accounts have limits and government deposit exemptions.
Jan Dhan (PMJDY) basic savings accounts require no minimum balance; full KYC accounts have no deposit restriction, while simplified KYC accounts are treated as small accounts subject to statutory limits on aggregate credits, withdrawals and balance. A government notification excludes deposits made through government grants, welfare payments and procurements from the small account balance cap. Direct Benefit Transfer of scheme benefits flows into PMJDY accounts and additional facilities-such as RuPay debit cards with incidental insurance and an overdraft option-apply per the account holder's eligibility and scheme guidelines.

Government-to-government financial cooperation formalized through umbrella agreements enabling reduced-interest loans and technical and financial grants.
Execution of Government-to-Government Umbrella Agreements formalizes multilayered development finance and technical assistance between India and Germany. A Financial Cooperation umbrella instrument establishes provision of a Reduced Interest Loan facility and a separate financial grant to support projects across agreed sectors. A parallel Technical Cooperation umbrella instrument establishes a technical grant facility to finance advisory, capacity-building and project-related technical inputs in target sectors, principally in Energy, Environment and Urban Development.

Undisclosed foreign income and assets now face separate taxation and PMLA scheduled offence designation with stricter penalties.
The Income tax Department pursues black money via searches, surveys, assessments, penalties and prosecutions. The Black Money (Undisclosed Foreign Income and Assets) Act, 2015 imposes separate taxation on undisclosed foreign income/assets, strengthens penalties and prosecution, and treats wilful tax evasion concerning such assets as a scheduled offence under the Prevention of Money laundering framework. Yearwise enforcement data for 2015-16 to 2017-18 on prosecutions, search and seizure outcomes and surveys are reported to demonstrate enforcement activity.

Benami property attachments result in provisional seizure and legal action against benamidars and beneficial owners.
Provisional attachment under the Benami Transactions (Prohibition) Act, 1988 was carried out in over 1,600 cases involving movable and immovable assets-land, flats, shops, vehicles, bank balances and fixed deposits-amounting to a substantial aggregate value; enforcement steps have been taken against benamidars and beneficial owners, and category-wise details of persons are not maintained in administrative records.

FEMA penal provisions cover FDI policy violations, with central bank administration and a finance ministry enforcement authority overseeing compliance.
No special investigatory body monitors online retail platforms; violations of the FDI policy are subject to the FEMA penal provisions. FEMA is administered by the central banking authority and enforced by a designated enforcement authority under the Ministry of Finance.

Extension of return filing deadline: deadline for certain taxpayers shifted to a later date to allow additional time for compliance.
Extension of the due date for filing Income Tax Returns for the assessment year specified is announced, shifting the deadline for certain categories of taxpayers from the originally prescribed date at the end of July to a new date at the end of August as a formal amendment to the filing deadline for returns for that assessment year.

Insolvency resolution reforms accelerate creditor-led recovery while barring wilful defaulters from the process.
The legal and procedural framework for recovery has been strengthened through the Insolvency and Bankruptcy Code, 2016 and amendments to the Banking Regulation Act authorising the central bank to direct initiation of insolvency resolution, a creditor led regime excluding wilful defaulters and placing interim control with resolution professionals; complemented by SARFAESI amendments, additional debt recovery tribunals, bank operational reforms and recapitalisation to enable active recovery and deterrence.

Undisclosed foreign assets: strengthened legal, disclosure and international exchange measures to detect, tax and investigate offshore holdings.
Locational banking statistics collected by the Swiss National Bank with the BIS better reflect deposits and loans of Indian residents in Swiss banks, which have declined; the Government has enacted the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (linked to the Prevention of Money Laundering Act, 2002), offered a limited voluntary disclosure window, constituted a Special Investigation Team, and strengthened international cooperation through AEOI/CRS, FATCA, DTAAs/TIEAs and multilateral instruments to obtain financial account information and pursue taxation and prosecution of undisclosed foreign assets.