Introduction of e-Invoicing Facility for Recipient Generated Self Invoices under Reverse Charge Mechanism for Domestic Supplies from Unregistered Pers...
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participates in the 114th meeting of the Development Committee Plenary of the W...
Directorate of Revenue Intelligence (DRI) and Central Bureau of Narcotics (CBN) destroy 2.87 Hectares (7.08 Acres) of illicit cannabis (ganja) cultiva...
The cumulative exports (merchandise & services) during April-September 2026-27 are estimated at US$ 476.20 Billion, as compared to US$ 418.31 Billion ...
Narcotics trafficking enforcement led to airport and road interceptions, baggage concealment detection, seizures, and arrests under the NDPS framework. Narcotics trafficking enforcement under the Narcotic Drugs and Psychotropic Substances Act, 1985, involved intelligence-led interceptions at Bengaluru and Delhi airports and near Nagpur. Passenger baggage and a backpack were examined, leading to the seizure of amphetamine and cocaine and the arrest of three passengers. The recoveries included amphetamine concealed in baggage, a ladies' suit and a backpack lining, and cocaine contained in transparent packets within baggage.
Gold smuggling syndicate enforcement traces concealed imports through airport handlers, illicit melting, and jewellery-market disposal under customs law. Directorate of Revenue Intelligence enforcement action identified an organised gold-smuggling syndicate importing foreign-origin gold through Ahmedabad and Surat airports, followed by handover to handlers, intermediary routing, illegal melting, and cash-based supply through an Ahmedabad jewellery outlet. Further searches recovered undocumented foreign-origin gold bars and records concerning smuggled gold linked to a Dubai-based financier. The investigation identified interconnected roles across the movement, processing, and disposal of smuggled gold; three persons were arrested under the Customs Act, 1962.
Free trade agreement utilisation requires origin compliance, product standards, and documentation to secure preferential export market access. Effective FTA utilisation requires businesses to identify eligible products and markets, assess tariff preferences and rules of origin, and meet applicable quality, certification, documentation and importing-country requirements. Preferential access under agreements with the UAE, Australia, EFTA countries and the United Kingdom remains subject to each agreement's provisions and implementation status. Tariff preferences may improve price competitiveness and facilitate participation in international supply chains where product- and partner-specific conditions are satisfied.
Drug prevention awareness initiatives engage students through health education, interactive activities and pledges supporting a drug-free society. Mission Yuva Raksha advances preventive drug awareness and demand-reduction efforts among students through programmes at educational institutions in Madhya Pradesh. Sessions addressed the harmful effects of substance abuse on physical and mental health, education, family life and careers, supported by interactive learning activities. Participants were encouraged to avoid drugs, adopt healthy lifestyles, take pledges and support awareness initiatives in their schools, families and communities. Preventive education and youth engagement complement enforcement-oriented work through informed choices and community-based resistance to substance abuse.
Coastal narcotics trafficking enforcement addresses suspected maritime methamphetamine smuggling through seizure, asset recovery, and arrests under drug-control law. Intelligence-led narcotics enforcement addressed suspected coastal storage and maritime transfer of methamphetamine to Sri Lanka. Searches recovered crystal methamphetamine concealed in foil packets within duffel bags, which was seized under the Narcotic Drugs and Psychotropic Substances Act, 1985. Searches also recovered suspected drug-sale proceeds and vehicles allegedly used in transportation. Persons allegedly involved in organising coastal export, transport, storage and logistics were arrested and remanded to judicial custody.
Centralised audit framework targets lower physical branch audit coverage while preserving regulatory oversight and maintaining remuneration. For FY 2026-27, audit remuneration is to remain at existing levels. Member banks are advised to accelerate a centralised audit framework to improve cost efficiency while retaining comprehensive risk oversight. Physical statutory branch audit coverage should be reduced to cover 50% of total business, apart from centralised treasury audits. Audit coverage must align with SEBI listing and disclosure requirements and RBI guidelines, supported by a Board-approved policy for the centralised audit roadmap.
Promissory estoppel cannot prevent Government shareholding dilution where enacted legislation imposes no restriction on strategic disinvestment. Government shareholding in IDBI may be reduced or divested because the IDBI (Repeal) Act, 2003 contains no restriction on dilution of the Government's stake. A proposed amendment to limit dilution was rejected and not incorporated into the enacted law. Parliamentary statements cannot override statutory text, and promissory estoppel cannot be invoked on the basis of legislative debate statements to prevent dilution of Government shareholding. Successive Union Budget speeches also reflected a policy of transformation and strategic disinvestment of IDBI Bank.
Recipient-generated e-invoicing under reverse charge enables eligible taxpayers to obtain IRNs for domestic unregistered supplies and imported services. Eligible active registered recipients meeting the applicable aggregate annual turnover threshold may report recipient-generated self-invoices for specified reverse-charge domestic supplies from unregistered persons and imports of services. RCMDOM and RCMIMP must be selected as the relevant e-invoice supply types when reporting through an authorised Invoice Registration Portal. Submission and validation of prescribed invoice particulars would generate an Invoice Reference Number, subject to applicable GST provisions, notifications and e-invoice specifications.
Reservation Policy Implementation in public financial institutions was examined through capacity building, practical deliberations, and measures for consistent application. Implementation of the Government of India's Reservation Policy across public sector banks, public sector insurance companies, sectoral regulators and public financial institutions was addressed through capacity building to support uniform and effective application. Deliberations considered practical implementation issues, operational challenges and actionable measures for consistent policy application, alongside related welfare measures and interactive discussion of implementation questions.
Organic agricultural export certification supports overseas market access for Palmyra Jaggery Powder through export-oriented producer linkages. APEDA facilitated the maiden sea export of NPOP- and EU-certified organic Palmyra Jaggery Powder from Tamil Nadu to Bulgaria. The initiative seeks to diversify India's organic export basket, create market linkages for traditional Palmyra-based products, and improve producer access through export-oriented value chains. It covers organic cultivation and reports improved price realisation for participating farmers and the manufacturer compared with the domestic market. APEDA supports certified organic and value-added agricultural exports through market development, quality compliance, and overseas buyer linkages.
Data-driven trade governance enables integrated monitoring, application analysis and evidence-based policy inputs through the National Strategic Trade Command Centre. The National Strategic Trade Command Centre provides an integrated analytics and visualisation platform consolidating trade data to monitor trade indicators, scheme performance, application pendency, processing timelines, regional trends and compliance-related parameters. It enables analysis across national trade performance, Regional Authorities, schemes, products, destination markets and individual applications, subject to role-based access permissions. Initial dashboards cover key trade-facilitation and regulatory processes, including SCOMET, export promotion schemes, certificates of origin, importer-exporter registration and restricted imports and exports.
Private capital mobilisation should use competitive financing, guarantees and risk mitigation to expand productive employment and productivity. Private capital mobilisation is treated as essential to employment generation and productivity growth. Private enterprises, MSMEs and startups should remain central to job creation, with financing assessed by employment and productivity outcomes rather than volume. Guarantees, risk-mitigation instruments, local-currency financing and lower transaction costs are identified as means to expand affordable and predictable access to capital. Methodologies underlying governance indicators should be transparent, objective, evidence-based and responsive to diverse development experiences.
Narcotics smuggling through misdeclared air cargo triggered seizure, arrest, and ongoing investigation into concealed hydroponic weed imports. A Bangkok-origin air-cargo consignment declared as PU Tubes was examined on suspicion of mis-declaration. Plastic spools were found to contain concealed cavities holding polythene-wrapped packets of compacted green substance, preliminarily identified as suspected ganja/marijuana and described as hydroponic weed. The concealed substance, packaging and concealment material were seized under the NDPS Act, 1985. One person was arrested, and follow-up searches produced leads for continuing investigation.
Unaccompanied baggage gold smuggling: concealed hardware and insider coordination triggered interception, seizure, and arrests under customs law. Foreign-origin gold smuggling through the unaccompanied baggage channel involved concealment of gold within hardware items and coordinated retrieval through warehouse personnel and intermediaries. Intelligence-led interception resulted in recovery and seizure of foreign-origin gold concealed in a floor spring, metal locks, a grease gun and a door closer. The arrangement used a trolley secured by a pre-decided number-lock combination, with a warehouse staff member, mediator and receiver allegedly involved in delivery of the concealed gold.
Opium cultivation licensing grievance redressal advances through public hearings, administrative remedies, policy recording, and a planned cultivator helpline. Opium cultivation licensing grievances were addressed through a public hearing where cultivators raised irrigation, climatic, single-plot licensing, and village-wise allocation concerns. Participants were informed of available legal provisions and administrative remedies. Requests for more licences and larger cultivation plots were considered, with policy matters recorded. A helpline is intended to assist cultivators during the 2026-27 licensing operation.
Illicit cannabis cultivation: crop destruction followed legal formalities, while investigation continues in a remote wildlife sanctuary. Illicit cannabis cultivation was located by a joint DRI and CBN team across five stretches of remote, densely forested wildlife-sanctuary land near village Jamniapani, Shirpur, District Dhule, Maharashtra. The cultivation covered 2.87 hectares. Following requisite legal formalities, the cannabis crop was destroyed using a rotavator in the presence of Police and Forest Department officials. Investigation remains in progress.
Merchandise and services trade estimates show export growth, import expansion, and a wider combined trade deficit over the reporting period. Combined trade estimates for April-September 2026-27 show exports of US$ 476.20 billion and imports of US$ 551.13 billion, resulting in a trade deficit of US$ 74.93 billion. Merchandise exports rose to US$ 259.89 billion, while merchandise imports reached US$ 437.53 billion. Estimated services exports were US$ 216.31 billion and services imports were US$ 113.60 billion, producing a services trade surplus of US$ 102.71 billion. September services figures are estimates, and specified earlier-period data were revised using quarterly balance-of-payments data.
Emerging technology skills and resilient supply chains are positioned as foundations for investment competitiveness and inclusive economic growth. Ministerial policy priorities for India's trade, investment and technology agenda emphasise artificial intelligence, cybersecurity, technology adoption, manufacturing investment and lifelong skill development. Investment competitiveness is linked to political stability, resilient supply chains, and fair and transparent trading practices. The first tranche of a bilateral trade agreement with the United States has been finalised, while final contours and legal drafting continue before operationalisation.
Majority stake acquisition in the jewellery sector receives competition clearance for GRT Jewellers' purchase of Tribhovandas Bhimji Zaveri. Competition Commission of India approved GRT Jewellers (India) Private Limited's proposed acquisition of a majority stake in Tribhovandas Bhimji Zaveri Limited. The transaction concerns entities operating in the Indian gems and jewellery market, including a private limited acquirer and a publicly listed target engaged in manufacturing and sale of gems and jewellery.
Minority shareholding acquisition in mother and baby healthcare receives competition clearance for a private equity-backed investment. Competition Commission of India clearance authorises NuageLux BidCo S.a r.l. to acquire approximately 23% of the fully diluted shareholding in Kids Clinic India Ltd. The transaction constitutes an acquisition of a minority equity interest in a healthcare provider operating under the Cloudnine brand. NuageLux BidCo is a Luxembourg-incorporated private limited special purpose vehicle, ultimately controlled by Permira Holdings Ltd.
Finance Minister Shri Pranab Mukherjee and U.S. Secretary of the Treasury Timothy F. Geithner launched the India-U.S. Financial and Economic Partnership to strengthen bilateral engagement and understanding on macroeconomic, financial sector and infrastructure-related issues, here today. The Partnership's launch affirmed the commitment of India and U.S. to cooperate on economic and financial issues - both critical in addressing shared challenges and achieving shared goals in this century.
"India and the United States are bound by common values of "democracy, market economies and pluralism", I am confident that this Partnership launch will unleash the energy and enterprise of people. It will make the relationship between two nations more vibrant and also help address global challenges", stated the Finance Minister Shri Mukherjee.
"This Partnership creates a framework that is commensurate with the growing importance of our economic relationship and the significant business and cultural ties that already exist between our two nations. Deepening our ties with India is critical to the broader global effort to develop a framework for a strong, sustainable and balanced growth and will facilitate more trade, investment and job creation in our two countries", said Secretary Geithner.
The newly-launched dialogue will encompass discussions of economic developments in both countries as well as bilateral policy actions in the broader context of the G-20 commitment to strong, sustainable and balanced growth. The ministers agreed that they, and their senior officials, will continue to consult closely on topics of mutual interest and concern.
Given the significant infrastructure needs in the years ahead, the Partnership will also serve as a forum to share experiences and engage in a robust and ongoing dialogue on infrastructure financing, including the potential of private-public partnerships to unlock private sector financing for critical investment.
The Partnership will meet next at the Cabinet level in the United States, led by Secretary Geithner and Minister Mukherjee. Working group meetings, at the level of senior officials and experts, will be held during the year to advance discussions on specific economic policy areas. At the inaugural Partnership session, working group discussions focused on macroeconomic policies needed to sustain growth in incomes and jobs; measures to reform financial regulation, deepen capital markets as a means to improve growth and increasing financing for infrastructure investment critical to future productivity and economic growth.
Following is the Joint Statement issued by the Finance Minister Shri Mukherjee and Secretary Geithner at the launch of India - U.S. Financial and Economic Partnership:
"Today, Indian Finance Minister Pranab Mukherjee and U.S. Secretary of the Treasury Timothy Geithner launched the India - U.S. Financial and Economic Partnership, cementing the economic bonds between our two nations, and building a foundation for greater cooperation and economic growth in the future.
The ability and commitment of the U.S. and India to cooperate on Financial and Economic issues are important to the economic success of both nations, and the world, and will assist in addressing shared challenges and achieving shared goals in this century.
The Partnership between the Ministry of Finance, Government of India, and the U.S. Department of the Treasury intends to focus on three broad areas - macroeconomic policy, financial sector reforms, and infrastructure financing - and expects to meet at the Cabinet level once a year, alternating between the United States and India, led by Secretary Geithner and Minister Mukherjee. Working group and sub-cabinet level meetings are to be held during the year to advance discussions on specific economic policy areas.
Economic growth and stability are at the core of our engagement. India and the United States have a mutual interest in a strong recovery from the financial crisis and preventing the recurrence of similar crises in the future. Our dialogue is designed to encompass discussions of economic challenges in our two countries, as well as in the broader context of the G-20 commitment to strong, sustainable, and balanced growth.
Our expanded partnership will build on our existing dialogue on regulatory issues, and serve as a vehicle to discuss strategies to promote in both countries financial sector reforms, deepen capital markets, including more liquid debt markets, and increase financing for investments.
India and the United States have significant infrastructure needs. We aim to share experiences and intend a robust and ongoing dialogue on the potential for private-public partnerships to unlock financing for critical infrastructure investment."
Financial and Economic Partnership: bilateral coordination to strengthen macroeconomic policy, financial reform and infrastructure financing.
The launch of the Financial And Economic Partnership creates a bilateral framework for India's Ministry of Finance and the U.S. Department of the Treasury to coordinate on macroeconomic policy, financial regulation, and infrastructure financing. It establishes annual cabinet level meetings and working groups to promote financial sector reforms, deepen capital markets, and explore Public Private Partnership mechanisms to mobilise private finance for infrastructure investment.
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