Cybersecurity obligations mandate enhanced bank incident reporting and preparedness following an ATM card data breach.
The debit card data breach prompted an independent forensic audit under the PCI Data Security Standard and regulatory emphasis on a cybersecurity framework requiring banks to maintain a cyber security policy, a cyber crisis management plan, gap assessments against baseline requirements, monitoring of cyber risk indicators, and mandatory rapid reporting of unusual cyber incidents; supervisory actions include IT examinations, preparedness testing with technical agencies, a Cyber Crisis Management Group, and creation of an IT subsidiary to bolster cyber controls.

Undisclosed foreign income and assets: treated as scheduled offence enabling attachment, enhanced information exchange and enforcement measures.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 establishes stringent tax, penalty and prosecution provisions for undisclosed foreign income and assets and classifies wilful attempts to evade tax in relation to such assets as a Scheduled Offence under the Prevention of Money laundering Act, enabling attachment and confiscation of proceeds and strengthening legal grounds for enforcement and recovery.

Undisclosed foreign income enforcement expanded: new law makes wilful evasion a scheduled offence enabling asset confiscation.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 establishes enhanced penalties and prosecutions for undisclosed foreign income and assets and designates wilful tax evasion relating to such assets as a Scheduled Offence under the Prevention of Money-laundering framework, enabling attachment and confiscation of proceeds of crime; this statutory reform is complemented by information-exchange measures, treaty renegotiation, IT-driven compliance initiatives, multi-agency investigative structures, and a one-time compliance window that yielded voluntary declarations.

Cyber security obligations for banks require rapid incident reporting and comprehensive resilience measures including crisis plans and PCI-DSS forensic audits.
An incident of card data breach is under investigation with an independent forensic audit under PCI-DSS. RBI has implemented supervisory and operational measures including a CSITE Cell, IT examinations, an IT Subsidiary, and a Cyber Crisis Management Group. The June 2, 2016 circular requires banks to adopt a cyber security policy, maintain a cyber crisis management plan, perform gap assessments against baseline requirements, monitor risk indicators, and report unusual cyber security incidents within 2 to 6 hours; RBI also conducts preparedness testing with CERT-In.

Cancellation of legal tender prompts state inspection teams to assess currency availability and operational impact across sectors.
Cancellation of legal tender for specified high denomination bank notes prompted the Central Government to form inspection teams of senior officers to visit States/UTs, focusing on rural areas, to evaluate currency availability across bank branches, ATMs and post offices, assess deposit/withdrawal/exchange facilities, verify ATM calibration for new denominations, and examine impacts on households, agriculturists, wage earners, traders, transport, industry and informal and small business sectors, with findings to be reported to the Department of Economic Affairs.

Acceptance of old banknotes for seed purchases at government and agricultural outlets allowed for farmers upon identity verification.
Government policy permits farmers to use old high denomination banknotes to purchase seeds from designated public outlets including government units, public sector undertakings, seed corporations and agricultural universities, subject to production of proof of identity; this measure complements prior liquidity measures allowing cash withdrawals from KYC compliant accounts within normal limits and conditions.

Social security access for unorganized workers prioritised, with budget proposals urging job creation and expanded welfare coverage.
Priority declared to extend social security schemes to all categories of workers, with special emphasis on workers in the unorganised sector and convergence of benefits across organized, unorganized and BPL groupings above a minimum threshold. The statement frames accessibility of social security as a policy challenge and records trade union recommendations for the budget, including employment generation, higher minimum wages, equal pay for equal work, expanded pension and social security coverage, concessional MSME credit, rural mobile banking, revised emergency treatment rates under CGHS, and anti dumping measures.

Source of funds verification: compulsory information demands probe large demonetisation-era cash deposits to detect tax evasion and laundering.
Verification of source of funds through statutory information powers is being used to investigate large cash deposits made in demonetised high-denomination notes. Notices require documentary evidence, books of account and prior tax returns to explain cash deposits flagged by banks as unusually large, while complementary survey operations target real estate, bullion traders, hawala networks, cooperative banks and tax-exempt organisations to detect tax evasion and money laundering.

Source-based taxation of capital gains introduced; grandfathering retained and information exchange strengthened for tax cooperation.
The revised DTAA replaces the prior treaty and introduces source-based taxation of capital gains on alienation of shares with a grandfathering clause for investments made before 1 April 2017. It expands the definition of permanent establishment, reduces the withholding rate on royalties to align with domestic law, updates treaty text to international standards, and provides for mutual assistance in tax collection and enhanced exchange of information including banking information subject to competent authority approval.

Reservation in promotion upheld where SC/ST representation meets policy thresholds; existing bank promotion concessions remain in force.
The Government concluded that SC/ST representation in Group A posts in Public Sector Banks and similar institutions meets existing reservation thresholds; existing DoP&T concessions for promotion by selection up to Middle Management Grade Scale III (or the lowest three rungs of officer cadres) continue to apply, and DoPT reports no proposal to review the current instructions.

Chit fund regulation: central statute with state implementation; SFIO probed companies for alleged chit/MLM/Ponzi company-law violations.
Chit funds are governed by the Chit Funds Act with state-level registration and enforcement; the Serious Fraud Investigation Office undertook investigations into companies alleged to operate as chit funds/MLM/Ponzi schemes for possible Companies Act violations over the past three years and the current year up to 31 October 2016, with a state-wise, year-wise record of companies ordered for investigation and counts of completed investigations provided to Parliament.

Sovereign Gold Bond Scheme expands non physical avenues for gold holdings, with mobilisation and outreach measures following stakeholder feedback.
The Government implemented the Sovereign Gold Bond Scheme and the Gold Monetisation Scheme to reduce physical gold demand and import dependence; by mid-November 2016 the Gold Monetisation Scheme had mobilised 5,730 kg and Sovereign Gold Bond tranches had subscriptions amounting to 14,071 kg, while household and institutional holdings are estimated over twenty thousand tonnes, and outreach and periodic scheme adjustments were undertaken following stakeholder feedback.

Tax information exchange prompted investigations and enforcement under income-tax law, with confidentiality protections for taxpayer data.
Action under the Income-tax Act, 1961 was initiated based on information received from foreign tax authorities under Double Taxation Avoidance instruments, prompting investigations, income assessments, levy of taxes and penalties, and prosecution complaints where applicable, while disclosure of taxpayer-specific information remains constrained by section 138 and the confidentiality clauses of DTAAs/DTACs.

Black Money legislation strengthened: enhanced penalties and asset recovery measures target undisclosed foreign income and assets.
The Black Money Act, 2015 creates specific offences, increased penalties and designates wilful evasion regarding undisclosed foreign income/assets as a Scheduled Offence under the PMLA, enabling attachment and confiscation of proceeds and aiding recovery; this is complemented by amendments to permit domestic attachment of equivalent property, Benami law amendments, expanded information-exchange arrangements, investigative multi-agency structures, and intensified Income Tax Department enforcement including searches, surveys, assessments, penalties, prosecutions and an Income Declaration Scheme.

Administered interest rates on small savings linked to government securities, shaping post office deposit competitiveness.
Bank term deposit rates are deregulated and determined by banks under Board approved policies, whereas administered interest rates for Small Savings Schemes are linked to government securities of comparable maturity; this contrast affects the pricing and competitiveness of post office deposits. The government has promoted existing savings schemes through nationwide publicity and financial inclusion measures, including the Jan Dhan Yojana, and post office savings accounted for a significant share of savings scheme deposits.

Employment incentive scheme expands employer pension contribution support to encourage formal job creation and targeted inclusion.
GDP growth strengthened domestically despite global slowdown, with Labour Bureau surveys recording net employment additions in selected sectors since 2008 and a further increase during 2015. The Government targets employment for SCs, STs and OBCs through Special Central Assistance, concessional credit, livelihood promotion and vocational training aligned with NRLM. The Pradhan Mantri Rojgar Protsahan Yojana incentivises employers registered with EPFO by having the Government pay the employer's 8.33% contribution to the Employee Pension Scheme for new employees with a new UAN, effective 9 August 2016, alongside initiatives such as Skill India, Make in India, MUDRA, Start up India and Stand Up India.

Counterfeit coin circulation requires verification of metal composition under coin standards; criminal investigation and seizures follow.
Police discovered manufacturing facilities producing counterfeit coins, recovered counterfeit pieces of multiple denominations, and registered criminal cases. The Government relies on a Gazette notification prescribing the standard weight and remedial tolerances for the bi-metallic ten-rupee coin. Determination of genuineness requires verification of a coin's metal composition, which is the operative forensic criterion used alongside criminal investigation and seizures.

Monetary Policy Committee sets benchmark policy rate to contain inflation within statutory target; decisions binding on central bank.
The Government constituted the Monetary Policy Committee under the Reserve Bank of India Act, assigning it responsibility to fix the benchmark policy rate with decisions binding on the Reserve Bank. The MPC must contain inflation within a government-specified target and, if average inflation breaches the tolerance band for three consecutive quarters, the RBI must report to the Central Government reasons for failure, proposed remedial actions and an estimated timeframe for meeting the target.

Pay Commission implementation: committees to examine representations on Armed Forces and nurses and guide government decisions.
Implementation of Central Pay Commission recommendations concerning pay, pension and related matters is under review through specialized government committees. Representations from stakeholders, including the Armed Forces and nurses, have prompted committee examinations; the Government will take appropriate decisions based on those committees' recommendations.

Cybersecurity incident reporting: banks required to notify regulators promptly and maintain crisis plans and PCI DSS audits.
A reported card data breach is under investigation and subject to an independent forensic audit under the PCI DSS framework. The regulator requires banks to implement a cyber security policy, cyber crisis management plans, gap assessments against baseline requirements, monitoring of cyber risk indicators and prompt reporting of unusual incidents. Supervisory actions include IT examinations, preparedness testing with national agencies, a Cyber Crisis Management Group, a CSITE cell and an IT subsidiary to strengthen oversight and coordinated response.