Financial inclusion targets urged: banks to accelerate scheme implementation and digital payments while addressing grievances and dormant accounts.
Review meeting assessed progress of Financial Inclusion Schemes and banking preparedness, urging Public Sector Banks to meet implementation targets, expand brick-and-mortar branches in unbanked villages, and prioritize continuous monitoring. Operational priorities included a saturation campaign for Jan Suraksha schemes, swift account verification for PM Vishwakarma, promotion of digital payments, and measures under Special Campaign 3.0 for grievance disposal, dormant account activation and nomination updates. Systemic topics covered Central KYC, Account Aggregators, IBC issues, cybersecurity awareness, CISO appointment and GeM procurement.

Data-driven infrastructure planning: PM GatiShakti training modules to mainstream capacity building and streamline customs logistics operations.
PM GatiShakti is promoted as a data-driven framework for prioritising and optimising multimodal infrastructure and logistics through institutionalised training and digital learning. DPIIT and the Capacity Building Commission developed sector-specific modules, integration of PM GatiShakti into CTI and State ATI curricula, conversion of courses into interactive digital formats, dummy data application modules and induction labs for simulation-based learning. A dedicated module on the Role of CBIC demonstrates use of the platform to streamline customs operations and improve logistics efficiency.

Search and seizure uncover alleged tax evasion by educational and related businesses, extensive evidence seized and probes continue.
Search and seizure operations on two diversified business groups uncovered physical and digital evidence indicating tax evasion by educational entities through concealed fee receipts, bogus scholarship claims and unrecorded agent commission payments; parallel findings include alleged bogus expenditures in a distillery business unsupported by invoices, use of cheques to non-existent entities for cashbacks and diversion of trust funds for private uses and other business deployments, with substantial cash and asset seizures and ongoing investigations.

Insurance sector coordination: regulator and industry to pursue penetration, compliance, cashless claims, parametric covers and fraud mitigation.
Coordination between regulator and private general insurers prioritised enhancing insurance penetration via State Insurance Plan awareness, opening the agency distribution channel, and coordinating with state authorities for motor vehicle compliance. Health-sector collaboration aimed to expand cashless claims and standardise treatment costs. Risk-mitigation included promotion of property/parametric covers for catastrophe losses and insuring MSMEs, while fraud mitigation considered linking insurance fraud to credit bureau scoring. Officials were directed to pursue these items and hold regular industry-regulator meetings.

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.