Extension of filing deadline for income tax returns due to overwhelming e filing, with form guidance for salary earners.
The tax administration extended the filing deadline for individual, HUF and non auditable returns for AY 2013 14 from 31 July to 5 August 2013 due to overwhelming e filing response; the extension covered returns filed under ITR 1 and ITR 2, and the announcement clarified that taxpayers with salary income may use ITR 1 or ITR 2 while publishing comparative e filing statistics.

Central bank independence affirmed as government and central bank commit to cooperate to tackle economic challenges without quick fixes.
Appointment of a new Governor of the central bank is announced and the office's institutional attributes are emphasised, with the appointee pledging to preserve the Reserve Bank's tradition of integrity, independence and professionalism. The statement frames economic conditions as challenging and describes cooperative action between the Government and the Reserve Bank to address those challenges, rejecting expectations of immediate remedies while affirming confidence in managing the problems through joint policy engagement.

Failure to deposit deducted tax is prosecutable under Section 276B, with compounding available by Chief Commissioner.
Retention of tax deducted at source beyond the due date is an offence under Section 276B of the Income Tax Act, 1961, attracting prosecution and possible rigorous imprisonment. The CBDT has removed the prior twelve month minimum retention threshold, permitting prosecution irrespective of retention duration. The offence is compoundable by the Chief Commissioner having jurisdiction, either before or after prosecution is launched, and compounding petitions have been allowed in appropriate cases.

Price stabilization measures for cardamom linked to production and trade trends; regulatory and enforcement steps announced.
To stabilize market prices affected by production and trade fluctuations, the Spices Board is implementing short term and long term measures to increase cardamom production and productivity, while the Ministry of Finance has been requested to direct Commissioners of Customs to adopt stringent measures to prevent cross border illegal trade.

Public authority status of political parties questioned; amendment proposed to exclude them from RTI due to alternate disclosure regimes.
Proposed amendment seeks to exclude political parties from the RTI Act definition of public authority, contesting a CIC decision that parties are public authorities based on indirect government financing and public duties. The memorandum points to the Representation of the People Act and tax law as comprehensive statutory regimes governing party registration, donor disclosure, audited accounts, election expense reporting, and penalties for false affidavits, arguing these mechanisms provide public access to information and justify exclusion from the RTI framework.

Exchange rate stability: RBI to keep liquidity tightening until volatility is curbed, rolling back measures only after stability.
Reserve Bank maintained policy rates unchanged but implemented calibrated liquidity tightening and raised the MSF markup to curb exchange rate volatility. These measures, with OMO sales as a potential component, aim to make short term money costlier, discourage speculation and invert the short end of the yield curve. Rollback will occur only in a calibrated manner after the Bank determines volatility in the foreign exchange market has been contained; the Bank focuses on exchange rate stability rather than a specific level and will use its full set of instruments as warranted.

Exchange rate determination for import and export goods sets specified currency conversion rates effective under the Customs Act.
The Central Board of Excise and Customs, under authority of the Customs Act, prescribes the rate of exchange for listed foreign currencies for valuation of imported and exported goods, superseding the prior notification except as to past actions; separate rates are specified for imports and exports in Schedule I and a per 100 unit rate for Japanese Yen in Schedule II, effective from 2nd August, 2013.

Tariff Value Revision updates customs valuation for specified edible oils, metals and agricultural commodities under Customs Act powers.
The amendment substitutes TABLE 1, TABLE 2 and TABLE 3 of the cited customs notification to prescribe revised tariff values for specified imported goods, listing commodity descriptions and corresponding US dollar tariff values to be applied for customs valuation and import clearance, including edible oils, brass scrap, poppy seeds, areca nuts and per unit valuations for gold and silver where certain notification benefits are availed.

Income tax e-filing surge prompts continuous portal monitoring and network issue advisories to taxpayers during filing deadline period
A nationwide surge in electronic Income Tax Return submissions occurred ahead of the filing deadline, with authorities reporting increased e filing uptake and high hourly submission rates. Some taxpayers reported access problems due to local internet service provider network constraints, while the central e filing portal remained operational and was continuously monitored by a dedicated administrative team.

Rupee stability coordination: policy and fiscal authorities align to stabilise the currency and reduce external imbalances.
The central authorities prioritise Rupee stability with the RBI holding policy rates while focusing on exchange rate stabilisation; the Government supports this and will pursue measures to reduce the Current Account Deficit through import compression, export incentives, and capital account liberalisation including further FDI measures and other sustainable funding options to be announced shortly.

Tax compliance enforcement: non-filer outreach may prompt return filing and verification via monitoring and potential notices to taxpayers
The Income Tax Department issued outreach letters to an additional 35,000 non-filers identified via a data matching exercise, bringing the total letters issued in high-priority cases to 210,000, and urges disclosure of true income and payment of due taxes; a compliance management cell and an online monitoring system will supply information to jurisdictional assessing authorities for verification and potential issuance of notices.

Administrative realignment of DBT leadership improves coordination and accelerates subsidy transfer rollout across government programmes.
Relocating the Mission Director for the Direct Benefits Transfer (DBT) programme from the Planning Commission to the Ministry of Finance aims to improve coordination with the Department of Expenditure and Department of Financial Services, thereby accelerating rollout. The Mission Director leads a team handling digitization of databases, re engineering and automation of payment processes, Aadhaar enrolment and seeding of bank accounts, with technical support from UIDAI and DIT; the Finance placement is intended to resolve inter ministerial issues and enhance oversight of subsidy transfers.

Sovereign bond issuance options remain under consideration; misreporting of abandonment is unfounded and fuels speculation.
The Government affirms that Sovereign Bond Issuance remains a live policy option and that reports claiming abandonment are incorrect; the Ministry reviews financing options periodically and will act when appropriate to avoid unnecessary market speculation.

E-filing requirement expanded; paper filing limited to lower-income salaried taxpayers with special counters for assistance.
CBDT requires e-filing for returns above the specified income threshold, withdrawing the earlier limited exemption for certain salaried employees. E-filing uses pre-filled forms and electronic central processing; digital signature is not mandatory and verification may be completed by submitting a signed Form ITR-V to the Central Processing Centre. Special Return Receipt Counters at Civic Centre will accept only paper returns within the permitted income category and provide ancillary support services.

Loan agreement for urban infrastructure supports sewerage, water works and municipal reforms with long-term ADB financing.
A loan agreement between the Government of India and ADB advances the third tranche of the North Karnataka Urban Sector Investment Program to fund sewerage and potable water works across targeted towns, with implementation by state and local agencies and accompanying technical assistance for municipal reforms including GIS-based property and utility mapping, a heritage planning cell, and measures to improve billing and collection; financing is from ADB ordinary capital resources on long-term terms with a grace period, commitment charges, LIBOR-linked interest, and required counterpart funding from the Government of Karnataka.

Weighted deduction for skill development allows tax relief for qualifying company training projects after official approval.
A weighted deduction is available for companies in manufacturing and specified services for qualifying expenditure on notified skill development projects carried out in separate training facilities affiliated to NCVT/SCVT or government institutes. Projects require NSDA scrutiny and CBDT notification. Qualifying expenses exclude land or building costs and reimbursed amounts. Companies must maintain separate audited project accounts. Training must be for potential or newly recruited employees; training of existing employees is ineligible if it begins later than six months after recruitment.

Industry-government tax consultation forum established to hear industry representations and facilitate weekly meetings for tax policy dialogue.
The Ministry of Finance established a consultative forum chaired by the Adviser to the Finance Minister to hear industry representations on tax-related issues and disputes. The Chair will be assisted by officers from the Tax Policy and Legislation wing of the CBDT and the Tax Research Unit of the CBEC. The forum will meet weekly on Wednesdays at a fixed time; Chambers of Commerce, industry associations and industry may seek appointments and will be given hearings on a suitable Wednesday.

Government debt status paper establishes roadmap for curtailing public debt and annual reporting commitment, with public web publication.
Release of the third edition of the Status Paper on Government Debt continues the Budget-announced initiative to provide detailed analysis of the government's debt position, sets out a road map for curtailing public debt, and affirms that the Status Paper is to be followed by an Annual Report; the paper is published on official finance and budget websites to enhance transparency in public debt management.

Revenue mobilisation and tax administration reforms drive coordinated GST implementation and IT infrastructure planning across indirect tax authorities.
Conference convenes senior indirect tax administration leadership to address mechanisms for enhanced revenue mobilisation and tax administration reforms, including service tax issues, IT infrastructure planning, and the Central Board of Excise and Customs' role in progressing GST implementation and engagement with the GST network. The event also includes sessions on economic prospects and transformational leadership to support reform implementation and provides an open forum for technical deliberation and sharing of best practices among Chief Commissioners and Directors General.

Compliance function in banks strengthens risk management and corporate governance; senior officers and continuous training are essential.
The compliance function in banks must encompass adherence to internal policies, regulatory directions and legal obligations, supported by a structured framework consisting of a compliance policy, organisational structure, manuals/checklists, trained personnel and compliance audit. Independence and seniority of compliance officers, action based verification, coordination with audit, Board-level oversight and continuous training are essential to identify, mitigate and report legal and reputational risks and to embed a risk driven compliance culture aligned with the bank's business profile and risk appetite.