Search and seizure uncovers substantial unaccounted cash linked to cash-handling agents; investigations and enforcement proceedings continue.
A search and seizure operation targeted two persons handling others' cash on commission following intelligence, resulting in seizure of unaccounted cash and continuation of investigations into source, custodianship and tax compliance implications.

One Nation One Ration Card portability enables interstate access to entitlements and unlocks additional state borrowing incentives.
Seventeen States have operationalised the One Nation One Ration Card system, allowing NFSA and welfare beneficiaries to obtain entitled foodgrains from any e-PoS enabled Fair Price Shop nationwide; States completing Aadhaar seeding of all ration cards and automation of all FPSs are permitted an additional borrowing of 0.25 percent of GSDP as an incentive linked to citizen-centric reform.

Search and seizure uncover alleged cross-border trade manipulation and unaccounted transactions leading to cash and electronic evidence seizures.
Search and seizure operations in Kolkata uncovered use of multiple bank accounts to square trade accounts with Chinese exporters, alleged non-arm's-length import pricing to reduce customs duty impact, unaccounted domestic sales, and a clandestine mechanism converting cash into foreign exchange routed to foreign exporter accounts; electronic devices and substantial unaccounted cash were seized and investigations continue.

Startup recognition enables expedited IP relief, finance access through a Fund of Funds, procurement relaxations and tax benefits.
Startup India creates a recognition-based framework allowing eligible private companies, partnerships or LLPs to obtain DPIIT recognition and receive benefits including expedited and subsidised IP processing, access to a government-managed Fund of Funds via SIDBI and SEBI-registered venture funds, self-certification under specified labour and environmental laws, limited-period income tax deduction subject to Inter Ministerial Board certification, exemption for share subscriptions above fair market value upon prescribed filing, procurement relaxations, and faster corporate wind-up through fast-track procedures.

Production linked incentive scheme expands sectoral manufacturing support to create global champions and boost domestic investment and exports.
Production Linked Incentive (PLI) Scheme provides sector-specific central financial support over five years to expand domestic manufacturing, enhance exports, and build supplier ecosystems across thirteen designated sectors; implementation will be carried out by concerned Ministries/Departments within prescribed limits, supported by an Empowered Group of Secretaries and Project Development Cells to fast-track investments and coordinate outreach and promotional activities.

Post Devolution Revenue Deficit Grant distributed to eligible States under Article 275 to cover post-devolution revenue gaps.
Release of Post Devolution Revenue Deficit Grants totaling Rs. 74,340 crore to 14 States under Article 275, with the Department of Expenditure releasing the 12th and final monthly instalment of Rs. 6,194.09 crore. Grants are disbursed in monthly instalments per the finance commission's recommendations to meet assessed gaps in States' revenue accounts after accounting for devolution; eligibility and quantum were determined by the commission's assessment and 100% of the recommended amount for 2020-21 has been released.

Tariff value fixation retains rates for edible oils, brass scrap, gold, silver and areca nut under amended notification.
The Central Board of Indirect Taxes & Customs, exercising powers under section 14(2), substitutes TABLE-1, TABLE-2 and TABLE-3 of Notification No. 36/2001-Customs (N.T.) to fix tariff values for specified edible oils, brass scrap, areca nut, and defined forms of gold and silver, listing per-unit US dollar values as the reference benchmarks for customs valuation, with the entries shown as unchanged for the enumerated items.

Central tax distribution: Union retains exclusive levy for certain taxes while GST is concurrently levied with States.
The Union retains exclusive levy and collection of specified central taxes-notably Corporation Tax, Income Tax, Wealth Tax, Security Transaction Tax, Union Excise Duty outside GST, and Custom Duty-while GST components are subject to concurrent levy and collection by both the Union and States. The release of States' share and tax devolution follows the accepted recommendations of the Finance Commission, with state-wise details provided in an annexure.

Faceless dispute resolution: new measures to streamline tax appeals and introduce tech-driven forums and settlement mechanisms.
The Vivad se Vishwas Scheme produced substantial voluntary filings and payments, aiding resolution of a notable share of pending tax disputes and releasing revenue tied up in litigation. Procedural reforms aim to reduce in-person interface by using technology: the Faceless Appeals Scheme excludes specified serious and sensitive matters. The Finance Bill, 2021 proposes faceless ITAT proceedings, Dispute Resolution Committees for small taxpayers with penalty and prosecution relief powers, replacement of the AAR by Boards for Advance Rulings, and an Interim Board to handle settlement cases after discontinuance of the Income-tax Settlement Commission.

Women entrepreneurs' access to targeted bank credit strengthened through Stand Up India, MUDRA and Jan-Dhan inclusion measures.
Government credit-linked empowerment schemes prioritize targeted bank lending to increase women's participation in entrepreneurship. The Stand Up India Scheme mandates branch-level loans to underserved groups including women for Greenfield enterprises, resulting in over 81% of sanctioned accounts held by women. Complementary programmes - the Pradhan Mantri MUDRA Yojana, using stage-based microcredit products delivered by banks and non-bank lenders, and the Pradhan Mantri Jan-Dhan Yojana, providing universal basic accounts and related services - similarly show high female uptake and support expanded financial inclusion.

Tax searches uncover systemic undisclosed income and cash seizures, prompting expanded forensic tax investigations and asset verification.
Searches of two Chennai based groups uncovered unaccounted cash sales, bogus branch cash credits, dummy account credits, unexplained demonetization deposits, fabricated creditors and stock variances in a bullion trader; and cash loans from financiers, cash loans to builders, cash real estate investments, unaccounted gold purchases, wrongful bad debt claims and inflated wastage in a jewellery retailer, leading to detection of substantial undisclosed income and seizure of unaccounted cash with further investigations ongoing.

Tax search and seizure uncovers undeclared income and transaction manipulation in entertainment sector, prompting further investigation.
Coordinated search and seizure operations targeted film production companies, a leading actress and talent management firms, covering 28 premises. Initial findings include significant suppression of income by a production house, alleged manipulation and under valuation of share transactions, recovered cash receipts linked to the actress, and detection of non genuine expenditures by producers/directors. Large volumes of digital data were seized and seven bank lockers placed under restraint; investigations and forensic analysis of seized material are ongoing.

Search and seizure operations uncover unaccounted income and bogus expenses, prompting expanded tax investigation and seizures.
The Income Tax Department carried out search and seizure operations on civil contractor groups after intelligence of cash for election distribution; searches uncovered systematic under reporting via bogus expenses, over one hundred subcontractors used to route illegal payments and on money property deals, and concurrent filings from the same IP addresses. Resulting operational findings include seizure of unaccounted cash and detection of substantial unaccounted income, with further investigations ongoing.

Residency determination relief: submit Form-NR for double taxation review where DTAA relief is insufficient, deadline specified.
Affected individuals unable to leave India due to suspension of international flights who face double taxation despite DTAA relief may electronically furnish specified information in Form NR to the Principal Chief Commissioner of Income tax (International Taxation) by the deadline specified in the Circular, which is available on the income tax department website.

Responsible merchant digitization to expand inclusive digital payments access while embedding privacy, local language disclosure, and fraud protections.
A public-private partnership spearheads responsible merchant digitization in Himalayan, North East, and Aspirational Districts, prioritizing women merchants and community networks to expand access to digital ecosystems, credit, and formal markets. The programme mandates industry-level solutions for low smart phone penetration and last mile barriers, and operational safeguards including local language disclosures, privacy and consent protections, measures on connectivity and digital literacy, and protections against fraud and unauthorized fees to ensure trust and scalability across districts.

Search and seizure operations uncover alleged unaccounted income and accounting irregularities in a pharmaceutical group under tax investigation.
Search and seizure operations on a Hyderabad pharmaceutical group produced seizures of cash and digital evidence from the group's ERP, revealing alleged undisclosed transactions and accounting irregularities. Investigations point to purchases from bogus entities, inflated expenses, suppression of by product receipts, on money land payments, booking of personal expenses in company accounts, and related party land acquisitions below official valuation, leading to the unearthing of substantial unaccounted income and a reported admission of a major portion as additional income; inquiries continue.

Tariff valuation update: Customs revises tariff values for edible oils, metals, precious metals and areca nuts.
The Board, under section 14(2) of the Customs Act, 1962, substitutes TABLE 1, TABLE 2 and TABLE 3 of Notification No.36/2001 Customs (N.T.) with revised tariff values in US dollar terms establishing customs valuation benchmarks for specified imported commodities including edible oils, brass scrap, areca nuts and specified forms of gold and silver.

Searches under section 132 uncover bogus capital gains and fabricated subcontract expenses, with seizures and benami property records.
Searches under section 132 were conducted against a Gurugram construction and real estate group and related persons, uncovering evidence of fabricated long-term capital gains in promoters' and relatives' names and alleged bogus subcontract expenses routed back into group entities as share capital and share premium. Investigators recovered documents relating to cash transactions in property sales and benami properties; cash, foreign currency and multiple lockers were seized or restrained. Further investigation is ongoing to examine fund routing and ownership records.

Data exchange agreement enables automated interagency sharing of corporate and trade data to support regulatory enforcement.
A Memorandum of Understanding between the Ministry of Corporate Affairs and the indirect tax authority establishes an automated and request based data exchange protocol for sharing import/export transaction summaries and corporate filings, supported by AI/ML and data analytics to enable scrutiny, inspection, investigation and prosecution, and governed by a periodic Data Exchange Steering Group to review and enhance implementation.

BRICS financial cooperation priorities shape pandemic response, contingency support and digital finance for inclusion under India chairship.
BRICS financial cooperation under India's chairship concentrates on coordinated responses to the global economic outlook and COVID 19, including emphasis on the BRICS Contingent Reserve Arrangement for mutual liquidity support, scaling New Development Bank activities for development finance, and promoting social infrastructure financing alongside fintech and digital technologies to advance SME support and financial inclusion.