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August 12, 2026
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Fair trading practices and circular production are promoted to strengthen Make in India and expand global market participation.
Trade and industrial policy messaging encourages businesses to digitise operations, adopt good manufacturing practices, follow fair trading practices, and promote recycling, reuse and a circular economy. Nine free trade agreements are identified as creating preferential market-access opportunities for Indian industry and businesses. MSMEs, entrepreneurs, farmers, fishermen, workers and the services sector are encouraged to expand Indian products and services globally, improve competitiveness through scale, and strengthen the quality, design and brand value associated with Make in India.
August 12, 2026
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Private capital mobilisation requires credible long-term frameworks, risk-sharing mechanisms, and multilateral partnerships to strengthen infrastructure investment.
Private capital mobilisation in infrastructure and development finance depends on credible long-term frameworks, investor confidence, project bankability, and balanced risk allocation. Public capital is intended to catalyse rather than replace private investment. Key financing mechanisms include Viability Gap Funding, the Hybrid Annuity Model, credit enhancement, and Infrastructure Investment Trusts. Long-term investment visibility and coordinated connectivity are supported through the National Infrastructure Pipeline and PM Gati Shakti framework, alongside investment measures for freight, rail, waterways, and coastal cargo.
August 12, 2026
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Judicial allowance exemptions under the new tax regime remain disputed, with return processing and resulting demands kept in abeyance.
Tax treatment of specified judicial allowances under the new income-tax regime is disputed. Statutory service-condition provisions are asserted to exclude allowances, including official residence, conveyance, sumptuary allowance and leave travel concession, from income computation and to override the Income-tax Act. Pending consideration, affected judges may show these amounts as receipts not in the nature of income, and their returns are not to be processed further. Any resulting demand remains in abeyance, while refundable amounts are withheld subject to the pending proceedings.
August 12, 2026
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Corporate closure data highlights worker-claim treatment through insolvency adjudication and liquidation priority, while affected-worker information remains unmaintained.
Corporate closure data recorded 36,211 private companies in Maharashtra as liquidated, dissolved or struck off during the preceding five financial years. Central information is not maintained on workers affected by closures or special rehabilitation packages. In corporate insolvency resolution, employee and worker claims are adjudicated under orders of the adjudicating authority. In winding-up or liquidation, the liquidator deals with pending wages and other admissible statutory dues, subject to available funds and the statutory order of priority.
August 12, 2026
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Compressed biogas development converts organic waste into cleaner fuel, rural income and reduced dependence on imported fossil fuels.
CBG development is presented as a route for converting agricultural and organic waste into biomethane, bio-fertiliser and briquettes while reducing fossil-fuel imports, crop-residue burning and waste-management burdens. NexGen Energia's asset-light land-partner model uses landowner-provided sites while the company designs, installs and operates plants, including gas upgrading and offtake logistics. Anaerobic digestion and alternative gas-purification technologies support use of agricultural residue, food waste, manure and distillery effluent. Expansion is linked to the GOBARdhan National Circular Bioenergy Scheme, despite capital, feedstock-aggregation and commissioning constraints.
August 12, 2026
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Bilateral trade cooperation advances through investment focal points, services and health working groups, and planned preferential trade agreement negotiations.
India-Namibia economic cooperation is being progressed through agreed follow-up mechanisms focused on value addition, investment facilitation and sectoral collaboration. Investment focal points have been designated, and a Services Working Group is to prepare a work plan for the Joint Trade Committee. Priority areas include health and pharmaceuticals, critical-mineral processing, gems and jewellery, digital payments, FinTech, railways, renewable energy and green hydrogen. Terms of Reference for the India-SACU preferential trade agreement were finalised, with negotiations to begin after signature and conclude within one year.
August 12, 2026
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AI governance in banking requires explainability, board accountability, rigorous testing, vendor controls and meaningful human oversight for customer-facing decisions.
AI adoption in banking should be governed through a principles-based and proportionate framework that aligns innovation with financial stability, customer protection and accountability. Banks should maintain inventories of AI systems, adopt board-approved governance policies, ensure explainability for material lending and fraud decisions, conduct periodic red-teaming and stress testing, and preserve meaningful human oversight. Key risks include opacity, bias, vendor concentration, third-party dependence, data misuse, cyber vulnerability and loss of institutional accountability. Vendor arrangements require audit and explanation rights and credible exit plans.
August 11, 2026
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Land acquisition funding and regulatory approvals advance satellite-city development, tax relief, identity enrolment, employment verification, and jail reform.
Assam Cabinet approvals include first-phase funding for land acquisition and development of the Aerotropolis Satellite City Project and a lease deed for a hotel supporting the Jagiroad semiconductor ecosystem. Measures also provide Aadhaar enrolment relaxation for Moran and Matak communities, zero agricultural tax up to the prescribed net-income threshold, OBC Non-Creamy Layer certificates, and trainee and graduate-assistance funding. Government jobs will be provisionally held pending police verification, with automatic confirmation where no report is submitted within six months. Jail rules will be amended to promote non-discrimination, sanitation, security and fair work allocation.
August 11, 2026
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Money-laundering investigation into alleged liquor-sale proceeds led to arrest and custodial questioning amid contested political allegations.
Money-laundering investigation concerning an alleged liquor scam led to the Enforcement Directorate's arrest of Ramgopal Agrawal and seven days' custodial remand under the Prevention of Money Laundering Act. The agency alleged his connection with proceeds of crime, non-attendance despite multiple summonses, and evasiveness during questioning. Allegations concern purported control of the state excise department, illegal liquor sales, and sharing of commissions. The Congress has denied the allegations and described the investigation as politically motivated.
August 11, 2026
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GST inquiry closure bribery allegations prompted anti-corruption proceedings against a Sales Tax officer under corruption law.
Alleged bribery in GST inquiry closure led to the arrest of a Sales Tax Assistant Commissioner after a scrap trader complained of a demand for illegal gratification to close an inquiry initiated through a GST show-cause notice. Anti-corruption officials reportedly verified the allegation through intermediaries, during which the officer allegedly agreed to accept payment for closing the matter. A criminal case was registered under the Prevention of Corruption Act, with further investigation ongoing.
August 11, 2026
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Direct tax collection growth reflected stronger non-corporate taxes and securities transaction tax receipts alongside slower refund issuances.
Net direct tax collections increased by 23 per cent to over Rs 8.11 lakh crore through August 10, driven by higher non-corporate tax collections and slower refund growth. Gross direct tax collections grew by 19.75 per cent to about Rs 9.55 lakh crore. Net corporate tax collections rose about 20 per cent, net non-corporate tax collections rose 23 per cent, and Securities Transaction Tax collections increased 51 per cent. Refund issuances grew by 3.8 per cent year-on-year.
August 11, 2026
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Vicarious liability in cheque dishonour cases cannot attach to trust associates without statutory status or transaction-specific involvement.
Vicarious criminal liability for cheque dishonour under section 141 of the Negotiable Instruments Act does not extend to a trust, because a trust is not a juristic person. A person cannot be summoned merely for alleged active involvement in a trust where the person was neither drawer nor signatory of the cheques, trustee, office-bearer, authorised account operator, guarantor, or executor of transaction documents.
August 11, 2026
Show AI Summary
Cross-border payment integration through CBDCs and fast payment systems remains under BRICS discussion to reduce transfer costs.
Cross-border payment integration is under discussion through potential linkages between central bank digital currencies and fast payment systems, including UPI-type platforms. These approaches seek faster and less costly trade and remittance transfers, particularly retail payments, but remain at a discussion stage. Rupee internationalisation is also being pursued through central-bank memorandums of understanding for bilateral trade settlement in local currencies, with existing arrangements covering Indonesia, Maldives, Mauritius and the UAE.
August 11, 2026
Show AI Summary
Integrated infrastructure planning under PM GatiShakti coordinates project evaluation, multimodal connectivity, geospatial data use, and decentralized implementation.
PM GatiShakti National Master Plan provides an integrated, data-driven infrastructure planning framework using geospatial data, satellite imagery and API integration. Project approval, implementation and funding remain with the respective Central Ministries, Departments and States or Union Territories under their own plans and budgetary provisions; the framework sets no separate budgetary allocation or quantified targets. The Network Planning Group evaluates critical Central Government projects at the planning stage for multimodality, synchronisation, last-mile connectivity, comprehensive local development and coordinated decision-making.
August 11, 2026
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MSME procurement through GeM has expanded alongside analytics-driven controls against suspicious bidding, collusion, and vendor misconduct.
GeM uses AI/ML analytics to detect order splitting, suspicious bidding, abnormal pricing, repeated participation and potential buyer-seller collusion. Flagged cases are placed before buyer organisations for review and action, while suspected cartels are assessed through digital-footprint, pricing and bid-timing indicators. Its Incident Management framework addresses false documents, fraud, collusive behaviour and other misconduct through administrative measures, including suspension. Anti-competitive conduct and cartel formation are Severe/Grave deviations, with proven cases attracting suspension for up to 365 days.
August 11, 2026
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Direct tax collections show stronger corporate, non-corporate and securities transaction tax receipts, alongside increased refunds during the fiscal period.
Net direct tax collections grew by 23.09 per cent to over Rs 8.11 lakh crore up to August 10 of the current fiscal year, while gross direct tax collections increased by 19.75 per cent to about Rs 9.55 lakh crore. Corporate tax, non-corporate tax including personal income tax, and Securities Transaction Tax receipts recorded growth. Refunds issued between April 1 and August 10 also rose over the corresponding earlier period. Direct tax collections are budgeted at Rs 26.97 lakh crore for the fiscal year.
August 11, 2026
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Mobile food testing laboratory accreditation expands quality-assured testing access and supports coordinated food-safety surveillance and regulatory efficiency.
NABL has launched an Accreditation Scheme for Mobile Food Testing Laboratories under the Integrated Assessment Programme. The framework enables mobile laboratories to provide reliable, quality-assured and internationally benchmarked food-testing services closer to communities, extending accredited testing beyond conventional laboratory settings. It is intended to strengthen food-safety surveillance, improve access to quality testing, support faster regulatory intervention and enhance consumer confidence. Coordinated assessments, regulatory harmonisation and mutual recognition are also intended to reduce duplication and improve regulatory efficiency while maintaining quality and compliance standards.
August 11, 2026
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Digital public procurement will expand AI-led price intelligence, marketplace integrity, inclusive access, credit linkages and sustainable purchasing.
Government e-Marketplace is advancing an AI-enabled public procurement ecosystem focused on efficiency, transparency, competition, price intelligence and marketplace integrity. Priorities include last-mile access through Suvidha Kendras, integration of public entities, credit linkages, sustainable procurement and university outreach. A nationwide five-digit Helpdesk short code, 14550, mapped to existing infrastructure, is intended to maintain service continuity and improve access to support and official communications. The platform seeks to provide enterprises with a more accessible and predictable procurement market and buyers with a data-driven procurement experience.
August 11, 2026
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Expedited flood insurance claims require insurers and partners to simplify documentation and provide immediate service to affected policyholders.
Expedited insurance-claim handling for flood-affected policyholders in Assam is being pursued through simplified documentation, prompt settlement and immediate service response. PolicyBazaar is coordinating with insurer partners to reduce processing delays. The Insurance Regulatory and Development Authority of India has directed insurers, including life insurers and standalone health insurers, to mobilise resources for immediate assistance, alongside governmental efforts for expeditious and hassle-free claim disposal.
August 11, 2026
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Money laundering investigation in alleged liquor scam leads to arrest and proposed custodial-remand proceedings under anti-money-laundering law.
Money laundering investigation concerning an alleged liquor scam in Chhattisgarh led to the arrest of Congress leader Ramgopal Agrawal under the Prevention of Money Laundering Act. Custodial remand is to be sought for interrogation. The allegations concern an alleged syndicate that purportedly controlled the state excise department, enabled illegal liquor sales and distributed resulting commissions. Chargesheets name political figures, excise officials and officials associated with the Chief Minister's Office.

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Customs, DGFT & SEZ

Opening Statement of the Union Finance Minister Shri P Chidambaram at a Press Conference Today

July 31, 2013

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Following is the text of the Statement made by the Union Finance Minister Shri P.Chidambaram while addressing a Press Conference here today:

“I complete one year as the Finance Minister today. I look back to the First Statement made by me on August 6, 2012 and how we overcame, in good measure, the challenges outlined by me in that statement.

An economy is made up of three sectors: agriculture, industry and services. In 2012-13, the three sectors recorded the following growth rates:

                       Agriculture                                      ..         1.9 percent

                       Industry                                          ..         2.1 percent

                      Of which manufacturing                     ..         1.0 percent

                       Services                                           ..         7.1 percent

                       Total                                                ..         5.0 percent

As far as agriculture is concerned, the monsoon so far has been very good. It is 16 percent more than the normal long term average. In terms of spread, out of 36 meteorological sub-divisions, 18 sub-divisions received excess rainfall and 11 sub-divisions received normal rainfall. The sown area of major crops is considerably higher for the forthcoming kharif. The total net sown area is 747.78 lakh hectares in the current kharif season as against 635.05 lakh hectares in the corresponding period last year. We therefore expect that agriculture will record a growth rate significantly higher than the growth rate of last year. As I travel around the country, I find that there is a high degree of optimism among farmers. At the beginning of the year, it was estimated that banks will provide agricultural credit of Rs. 7,00,000 crore this year (as against last year’s level of Rs. 5,75,000 crore). However, having regard to the good monsoon and the increase in the sown area, I am asking banks to gear up to provide agricultural credit in excess of Rs. 7,00,000 crore.

As far as the services sector is concerned, the indicators for some services are positive. For example, the freight traffic of railways grew year-on-year by 4.9 percent in the first quarter of 2013-14. Exports of services have registered a growth of 13.8 percent in April-May 2013. Hence, I am confident that the growth rate of services sector will be as good as, if not better than, last year’s rate of growth.

It is the industry sector that presents a mixed picture. Bankers have told me that there is good demand for credit from commercial real estate, small and medium enterprises, and retail sectors. Credit growth to micro and small enterprises was very strong in May, 2013 at 21.2 percent on year-on-year basis. Consumer durables lending grew by 21 percent in May this year. Housing loans were up by 17.1 percent and commercial real estate lending was up 15.4 percent in May this year, relative to May last year.

However, demand for credit is sluggish from big industry.   Indian industry – especially large industrial houses – must rediscover the sense of optimism and confidence that I find in the agriculture sector. I know that they are deterred by the fact that many projects were stalled: we are addressing the problem and have achieved significant success. The Cabinet Committee on Investment has so far cleared 157 projects with the total project value/investment of Rs. 1,60,900 crore. The Project Monitoring Group is tracking large projects and pushing for implementation. In the case of 20 power projects with an investment of Rs. 1,17,814 crore and generating capacity of 23,190 MW, fuel supply agreements will be concluded by 31st August, 2013. At the instance of the PMG, Ministry of Environment and Forest has granted environmental clearance in the case of five projects with an investment of Rs. 9,658 crore.

We must revive investment, and industry must play its part. Industrial houses appear to be confident when they decide to invest abroad. The same confidence must be exhibited in order to invest in India. The price of credit is indeed high, but it is not so dauntingly high that it should hold back investment. The RBI’s policy announced yesterday hints at easing of interest rates, once the rupee stabilizes and there is reduced volatility in the currency market. Ample funds are available with banks. Bankers have assured me that the credit needs of industry will be fully met. If anyone in industry finds that his credit needs are not being met, he may come to me and I shall put him in touch with the banks. I think it is a truism that it is only domestic investment that will bring in its wake foreign investment.

Last year, the concern about fiscal deficit was upper most in everyone’s mind. I promised to tackle the fiscal deficit and bring the economy back on the path of fiscal consolidation. We have succeeded in large measure and the fiscal deficit for 2012-13 was contained at 4.9 percent as against the earlier target of 5.3 percent. The Current Account Deficit was also a problem last year. Nevertheless, we not only fully and safely financed the current account deficit of about USD 88 billion, but also added USD 3.8 billion to the reserves. This year, again, I promise that we will tackle both deficits. The target for fiscal deficit is 4.8 percent: it is a red line and it will not be breached. As far as the current account deficit is concerned, thanks to the steps taken so far and some more steps that are on the anvil, we expect that we would be able to fully finance the current account deficit this year too and we will not be obliged to draw down on the reserves.

As you are aware, we have taken some strong measures on gold imports. In June, 2013, gold imports were down to 31 MT and upto July 25, 2013, it was 45 MT. We hope to contain gold imports at a level well below last year’s total imports of 845 MT and save a considerable amount of foreign exchange which will have a positive impact on the current account deficit.

A number of steps are under way to augment exports. There are some signs of export pick up: for instance, in services, exports on a net basis grew by 35.66 percent in April-May, 2013. My colleague, the Commerce Minister, has announced a number of measures. I have offered him full support and provided, today, additional funds of Rs.2000 crore. This will include increasing the interest subvention from 2 percent to 3 percent on certain exports.

Simultaneously, we are looking at some compression in non-oil and non-gold imports, especially of non-essential goods.

We have done our sums on FDI and FII flows. Even without additional measures, we estimate that the inflows will be well above USD 80 billion and this will be sufficient to finance, comfortably, the current account deficit which will be contained at a level below last year’s level.

We have also decided to exercise some options to increase the inflows and add to the stable financing of the current account deficit. The Government is actively considering significant liberalisation of the FDI policy which would further increase long term foreign investment. We will ask some public sector companies to raise funds abroad. We have also decided on some measures to attract longer term NRI funds. Talks are under way with long term investors such as Sovereign Wealth Funds and Pension Funds. In consultation with the RBI, we propose to liberalise longer term ECBs in a sustainable way. We are also actively considering other measures. Taken together, we are confident that we can ensure stable sources of additional financing for the current account deficit.

When the global economy is challenged, the Indian economy will also face challenges. It is the challenges that should bring out the best in the people, especially our farmers, manufacturers and service providers. I am an eternal optimist. Just as we consolidated the Indian economy in 2012-13, I am confident that we will take the Indian economy one rung higher in 2013-14. We are looking forward to a growth rate of between 5.5 and 6 percent and we will take all measures to achieve that goal.”

DSM/RS/ka

(Release ID :97505)

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Acts Income Tax