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September 1, 2026
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GST revenue collections show higher gross and net receipts alongside increased refunds and state-level settlement data.
GST revenue collections for August 2026 recorded total gross GST revenue of Rs. 1,99,853 crore, reflecting 14.8% growth over August 2025. Total refunds were Rs. 31,795 crore, including domestic refunds and export IGST refunds processed through ICEGATE. After adjustment of refunds, total net GST revenue was Rs. 1,68,057 crore, representing 8.3% growth. SGST collections and the SGST component of IGST settlement were separately identified for States and Union Territories, with post-settlement SGST aggregating Rs. 95,531 crore.
September 1, 2026
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Trade facilitation and customs preparedness feature in AILBIEA's Silver Jubilee knowledge conference on liquid bulk commerce.
AILBIEA's Silver Jubilee programme focuses on trade facilitation, customs modernisation, GST dispute preparedness and maritime-risk issues affecting liquid bulk trade. The Knowledge Conference includes sessions on the Authorised Economic Operator advantage, next-generation customs technology, GST Appellate Tribunal-era dispute preparedness, and geopolitical risks to sea-borne trade. It also marks the launch of AGS 360, integrating port information, vessel tracking, port-call estimates and maritime intelligence.
September 1, 2026
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Personal guarantor insolvency: repayment plan stayed pending majority determination, with restraint on direct or indirect asset alienation.
Personal-guarantee insolvency proceedings involve a stay on implementation of a repayment plan because the earlier members' views did not produce a clear majority capable of taking effect. The personal guarantor has been restrained from directly or indirectly alienating assets pending further hearing. The dispute follows split views on approval of the plan, claim admission and voting, followed by a third-member opinion that did not resolve the absence of a determinative majority. Creditors dispute the proposed recovery, claim treatment and declared net worth relevant to the guarantees.
September 1, 2026
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Rupee exchange-rate movement reflects portfolio inflows, growth data and possible central-bank support, while crude oil prices constrain gains.
Foreign-exchange market conditions strengthened the rupee by 28 paise to 94.94 against the US dollar, supported by domestic growth, controlled fiscal slippage and portfolio inflows. Possible Reserve Bank of India intervention was also identified as supportive. Higher crude oil prices, weak domestic equities and hawkish US monetary-policy signals were identified as constraints on further appreciation. Foreign investment flows, stronger-than-expected domestic growth and the fiscal-deficit position remained material factors affecting currency conditions.
September 1, 2026
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Money-laundering probe into public service recruitment irregularities examines alleged question-paper leaks, selection manipulation, and laundering through purported CSR donations.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in Public Service Commission recruitment examinations. Allegations include question-paper leaks, manipulation of candidate selection, and illegal gratification for securing appointments of relatives and favoured candidates. Recruitment rules were allegedly amended to facilitate selection of relatives. Alleged proceeds of crime were collected in cash and routed through layered banking transactions, including through a family-controlled samiti presented as receiving corporate social responsibility donations for a non-existent college.
September 1, 2026
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Personal guarantor settlement scrutiny intensifies as asset alienation is restrained pending review of a disputed creditor repayment proposal.
A five-member special bench found that no clear majority view existed under section 419(5) of the Companies Act and stayed the third member's order that had permitted the proposed recovery. Notices were directed to all parties, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. The dispute concerns approval of a personal guarantor's repayment proposal, treatment of guarantee claims, creditor voting support, assessment of the personal estate, and scrutiny of declared net worth.
September 1, 2026
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Personal insolvency proceedings restrict property alienation while notices issue to parties in the debtor's case.
A five-member special National Company Law Tribunal bench hearing Subhash Chandra's personal insolvency matter issued notices to all parties and restrained him from alienating property directly or indirectly. The restraint applies during the continuing insolvency proceedings and concerns dealings with the relevant property. The procedural measure requires the interested parties to participate in the matter.
September 1, 2026
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Aadhaar authentication alternatives enable eligible farmers with failed fingerprint verification to access loan-waiver benefits after identity verification.
Elderly farmers whose fingerprints cannot be captured for Aadhaar authentication may approach an Aaple Sarkar Seva Kendra with their Aadhaar card and bank passbook. Loan-account details are verified on the scheme portal before authentication is initiated. If authentication fails, the concerned tehsildar verifies identity using the Aadhaar card, bank passbook and 7/12 land record extract. Eligible farmers receive loan-waiver benefits directly in their bank accounts after authentication, identity verification and satisfaction of the scheme's eligibility criteria.
September 1, 2026
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GST collection growth reflected higher domestic and import revenue, while increased refunds moderated net collections during August.
GST collections recorded year-on-year growth in August, with gross receipts reaching about Rs 2 lakh crore. Domestic transaction revenue increased to over Rs 1.37 lakh crore, while import-related revenue rose to Rs 62,604 crore. Refunds increased to Rs 31,795 crore, and net GST collections stood at Rs 1.68 lakh crore after refunds.
September 1, 2026
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Personal insolvency repayment plan faces fresh hearing after a split bench prevents enforcement and restrains guarantor property transfers.
Personal insolvency proceedings were reopened before a five-member special bench after a split view on a repayment plan. As no majority view existed, including that of the third member, no final order was in force and the repayment-plan determination could not be acted upon. Notices were issued to all parties, including dissenting creditors, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. Dissenting creditors also challenged the repayment-plan determination before the appellate tribunal.
September 1, 2026
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Equity market sentiment weakens as higher crude prices, geopolitical tensions and tighter monetary policy expectations curb risk appetite.
Equity-market sentiment weakened as higher crude oil prices, renewed US-Iran tensions, and expectations of prolonged tight US monetary policy reduced emerging-market risk appetite. The Sensex and Nifty declined, while domestic GDP growth above projections offered partial support. Weakness in several Asian markets, a lower US market close, and net foreign institutional equity sales reinforced cautious trading conditions.
September 1, 2026
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Money laundering investigation triggers searches linked to alleged Public Service Commission irregularities, including premises of a former chief minister's assistant.
A money-laundering investigation under the Prevention of Money Laundering Act has led to searches at seven locations in Chhattisgarh in connection with alleged irregularities at the Chhattisgarh Public Service Commission. The search operation includes the premises of K. K. Chandrakar, personal assistant to former Chief Minister Bhupesh Baghel. The investigation remains at the search and inquiry stage.
September 1, 2026
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Income-tax return filing: non-audit business and professional taxpayers use applicable forms by prescribed due dates.
August 31, 2026 was the due date for taxpayers having business or professional income who were not subject to audit. Such non-audit taxpayers may use ITR-3, ITR-4, ITR-5 or ITR-7, as applicable. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, while ITR-4 is intended for small and medium taxpayers. ITR-5 applies to firms, limited liability partnerships and cooperative societies, and ITR-7 applies to trusts and charitable institutions.
September 1, 2026
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Gold smuggling enforcement targets transit abuse, concealed carriage, and border routes through coordinated seizures and arrests nationwide.
Intelligence-led enforcement against organised gold smuggling resulted in the seizure of over 42 kg of foreign-origin gold and around 10 kg of foreign-origin silver, collectively valued at more than Rs. 65 crore, and the arrest of 25 persons. Operations targeted networks using airport transit routes, airport personnel, land-border corridors, coastal routes, and domestic road transport. Gold was concealed in wax, compound, paste, raw-chain and bar forms, including through body concealment, internally secreted capsules, clothing, and specially created cavities.
September 1, 2026
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Predictive consumption-expenditure framework will use household survey data to support poverty estimation, consumption analysis, and economic planning.
MoSPI and Thapar Institute of Engineering & Technology have entered into a memorandum of understanding for a research study to develop a predictive and analytical framework for monthly consumption expenditure in India. The study will use Household Consumption Expenditure Survey data to estimate Monthly Per Capita Consumption Expenditure at national and state levels, analyse household consumption patterns, and generate evidence relevant to poverty estimation and broader economic planning.
August 31, 2026
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Personal insolvency repayment plans: conflicting views on binding dissenting creditors prompted reconsideration through an expanded adjudicatory bench.
National Company Law Tribunal constituted a five-member bench after conflicting views on a personal insolvency repayment plan left no majority position for a formal order. The central issue is whether creditor approval of the plan binds dissenting creditors and extinguishes their claims against the personal guarantor. One view preserved dissenting creditors' independent recovery rights, while another applied the creditor-approved plan uniformly to all creditors. Disagreement also concerns the Adjudicating Authority's power to examine the resolution professional's report of the creditors' meeting.
August 31, 2026
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Personal insolvency repayment plans raise unresolved questions on dissenting creditors' rights and uniform extinguishment of claims.
Personal insolvency proceedings were referred for fresh adjudication because no majority emerged on the repayment plan. The Technical Member rejected the plan; the Judicial Member confined it to consenting creditors while preserving dissentents' recovery rights; and the Third Member approved it with uniform extinguishment of all creditors' claims. The dispute concerns whether creditor approval under section 115(1) binds dissenting creditors, the effect of section 79(2)(g), and the Adjudicating Authority's power to examine the Resolution Professional's creditors' meeting report.
August 31, 2026
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Rupee exchange-rate support through suspected intervention and FCNR(B) inflows offset pressure from dollar strength and higher crude prices.
Rupee exchange-rate movement reflected a recovery from early losses to close stronger against the US dollar, amid market expectations of Reserve Bank of India support at lower trading levels. Pressure arose from higher US Treasury yields, possible US rate-hike expectations and a broad dollar rally. Suspected intervention, FCNR(B)-related foreign-currency flows and the special USD-INR forex swap facility supported sentiment, while rising crude prices, geopolitical supply risks and foreign institutional equity outflows remained adverse factors.
August 31, 2026
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Income-tax return filing for non-audit business and professional taxpayers closes at midnight, requiring use of applicable forms.
Income-tax return filing for Assessment Year 2026-27 reaches its due date on 31 August 2026 for taxpayers having business or professional income who are not subject to audit. Such taxpayers may file the applicable ITR-3, ITR-4, ITR-5 or ITR-7. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, ITR-4 to small and medium taxpayers, and ITR-5 to firms, limited liability partnerships and cooperative societies.
August 31, 2026
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Monthly fiscal accounts track receipt composition, expenditure allocation, tax devolution, interest payments, and major subsidy outgo through July.
Union Government monthly accounts through July 2026 record total receipts comprising net tax revenue, non-tax revenue and non-debt capital receipts, with tax devolution transferred to State Governments. Total expenditure is divided between revenue and capital expenditure. Revenue expenditure includes interest payments and major subsidies.

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RBI releases Minutes of the July 24, 2013 Meeting of the Technical Advisory Committee on Monetary Policy

August 22, 2013

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The thirty third meeting of the Technical Advisory Committee (TAC) on Monetary Policy was held on July 24, 2013 in the run up to the First Quarter Review of Monetary Policy 2013-14 on July 30, 2013. The main points of discussion in the meeting are set out below.

  1. Members were of the view that the global economy remains subdued. Most Members felt that while quantitative easing (QE) in the US cannot continue forever, its withdrawal could well be slow. In the euro area, the European Central Bank has stressed its commitment to keep interest rates low for an extended period of time. Only Germany has marginally managed to avert recession. In the UK, the new Governor of the Bank of England had confirmed keeping interest rates at a record low for longer than investors had expected. In China, banks are now allowed to set their own lending rates, subject to a ceiling. The recent surge in interbank rates and the money market cash squeeze in the financial markets will reduce credit growth and also growth of the Chinese economy. Brazil has raised the benchmark interest rate for the third consecutive time and is possibly behind the world’s biggest tightening cycle with its currency weakening by about 13.0 per cent in the past three months on capital outflows due to withdrawals from equity mutual funds.
  2. On growth, Members’ assessment was that domestic activity has slowed down and industrial production is weak. The confidence level of investors has worsened and most investment plans have been kept on hold. Even though firms are cash rich and liquidity is adequate, they are not taking any investment decisions. Smaller entities are suffering, mostly on account of working capital and supply constraints. However, at present, the IT sector is doing well on account of the positive outlook from the US although exports to the euro area have been adversely affected. One Member was of the view that since IIP covers only large firms and does not include small and medium enterprises, it may be overestimating the slowdown. The actual picture will be revealed by the data of annual survey of industries.
  3. Regarding inflation, Members’ were of the view that though the monsoon has been good, inflation facing consumers is still high. Food prices are still elevated and the food security bill will aggravate food price inflation as it will tilt supply towards cereals and away from other farm produce (proteins), which will raise food prices further. Fuel under-recoveries are also a consideration. On the other hand, rupee depreciation has not had much impact on inflation, reflecting the weak pricing power of corporates. With global commodity prices low and the output gap negative, Members expected inflation to be lower than what it was over the past year. On risks to inflation, Members noted that the inflation expectations have not declined significantly and the fear of resurgence of inflation was still high. One Member wanted a transition by the Reserve Bank from the wholesale price index to the consumer price index as the indicator used for monetary policy communication.
  4. On the fiscal front, Members hoped that the fiscal deficit is reduced in a manner that is not growth punishing, i.e., that capital expenditure should not be cut down. According to them, the real cure was in reducing the revenue deficit and undertaking serious economic reforms. Members desired that the Reserve Bank impress on the government the need to address supply side constraints which are causing inflationary pressure, especially on the food front.
  5. The Members were of the view that developments in the external sector – large current account deficit (CAD) and pressure on the rupee – is the immediate concern that needs to be addressed. The CAD is high and unsustainable, and the net international investment position has worsened by 50.0 per cent in the last two years. Some Members suggested that in these circumstances, the Reserve Bank should let the real effective exchange rate depreciate to help regain competitiveness that Indian exports have lost. According to one Member, the CAD in India is uniquely segmented. While the non-gold component reflects structural infirmity of the real sector, the gold CAD mirrors structural infirmity of the financial sector. The measures taken on gold are proving to be effective and may help in containing CAD. On external risks, some Members were of the view that markets are forward-looking and have already factored in the impact of tapering of QE by the US.
  6. On the recent measures taken by the Reserve Bank to contain the exchange market volatility, one Member was of the view that since April 2012, the Reserve Bank has reduced the policy repo rate by 125 basis points (bps), CRR by 75 bps and SLR by 100 bps and the impact of these measures is still unfolding. The recent actions of increasing the marginal standing facility rate and squeezing liquidity out of the system are not inconsistent with its long-term commitment on growth. Another Member was of the opinion that looking at implied volatility and forward positions, the measures could be gradually withdrawn. The CAD is high since domestic financial saving is falling - in this regard, the objective of market development should not be lost sight of for enhancing household saving. Another Member was of the view that if monetary conditions have to be tightened in defence of the rupee, it would have been better to simply raise the policy rate by, say, 100 basis points, widen the corridor by an equivalent amount and indicate that this is a temporary measure. Yet another Member felt that the Reserve Bank has tinkered with the operating framework of the monetary policy. Once the width of the interest rate corridor is raised, the market understands that the Reserve Bank is open to more interest rate volatility. Volatility in the money market distorts the monetary policy signal, affecting its credibility. In this Member’s view, it would have been more appropriate to raise the cash reserve ratio to ensure that banks do not use their excess liquidity to make gains in the forex markets. However this Member was more sympathetic of the measures taken by the Reserve Bank on July 23, 2013.
  7. On monetary policy measures, four of the seven Members recommended maintenance of status quo in the policy repo rate. In their view, though growth and inflation are projected to move down, we still have to guard against high inflation expectations that can destabilize the momentum of the economy. Moreover, the external front is fragile and warrants that we do not do anything that can send wrong signals about our discounting the possibility of capital outflows. Of these, one Member was not in favour of any change to the policy rate till the operational architecture, through which monetary policy is steered, goes back to a symmetric corridor within the standing facilities that provides a small window within which overnight rates move. In this Member’s view, to act without that situation having been reached, would be destabilizing. Two Members recommended a reduction in the policy repo rate by 25 basis points to improve sentiment and show sensitivity to growth. One Member recommended a repo rate increase by 25 basis points given the expectation of higher volatility in the exchange rate in the second half of 2013. To ameliorate the fund constraints of small scale enterprises, one Member suggested the Reserve Bank to open a bill discounting window for this sector. Another Member recommended that the Reserve Bank should show its commitment to growth by reducing the procedural infirmities, specifically those that lead to delays in granting of loans.
  8. The meeting was chaired by Dr. D. Subbarao, Governor. Other internal Members present were: Dr. Urjit R. Patel (Vice-Chairman), Dr. K.C. Chakrabarty, Shri Anand Sinha and Shri Harun R. Khan, Deputy Governors; and external Members present were: Shri Y.H. Malegam, Prof. Indira Rajaraman, Dr. Arvind Virmani, Prof. Ashima Goyal and Dr. Chetan Ghate. Dr. Shankar Acharya and Prof. Errol D’Souza who could not attend the meeting, submitted their written views. Officials of the Reserve Bank Shri Deepak Mohanty, Dr. Michael D. Patra, Shri B.M. Misra, Dr. B.K. Bhoi and Shri Pardeep Maria were in attendance.
  9. Since February 2011, the Reserve Bank has been placing the main points of discussions of the meetings of TAC on Monetary Policy in the public domain with a lag of roughly four weeks after the meeting.

Alpana Killawala

Principal Chief General Manager

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Acts Income Tax