Minister of State for Commerce and Industry and Electronics & Information Technology Shri Jitin Prasada Concludes Official Visit to Morocco; Co-Chairs...
Union Minister of Commerce and Industry Shri Piyush Goyal Chairs India-Japan Industry Roundtable on Semiconductors and Artificial Intelligence in Toky...
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Retirement annuity selection prioritises payout structure, taxation, insurer strength and flexibility over brand comparison for informed retirement decisions. Retirement planning may combine market-linked accumulation during working years, deferred annuities that lock future guaranteed income, and immediate annuities that convert retirement savings into regular payments. Annuity choice depends on whether the priority is higher income, continuation for a surviving spouse, or return of capital on death. Product comparison should consider market-linked growth versus income certainty, taxation of annuity income at applicable slab rates, insurer strength, and flexibility in deferment, payout frequency and policy loans.
Foreign exchange inflows through deposit and borrowing measures provided near-term rupee support amid lower crude prices. Reserve Bank special measures relating to FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings were identified as attracting foreign-exchange inflows and providing near-term support to the rupee. The Reserve Bank became a net dollar buyer in June after two months of sales to support the rupee. The FCNR(B) window remained open until August 31, while the market outlook anticipated broader rupee depreciation over subsequent weeks.
Preferential trade agreement exploration advances bilateral market access, pharmaceutical cooperation, investment partnerships, and diversified trade. India-Morocco economic cooperation is expanded through the seventh Joint Commission framework, targeting deeper and more diversified trade, investment, industrial collaboration and market access across goods and services. An India-Morocco Joint Working Group is to examine bilateral trade opportunities and the feasibility of a preferential trade agreement, including tariff and non-tariff barriers, improved market access and trade facilitation. Cooperation also addresses pharmaceutical market authorisation and approval timelines, food safety, sustainable agriculture, renewable energy, artificial intelligence, healthcare, and phosphates and fertilisers.
Hybrid cyber fraud exploits stolen smartphones and intercepted verification codes to compromise digital banking and payment accounts. Hybrid cyber fraud combines physical smartphone theft with digital financial exploitation. Offenders obtain screen-lock credentials, steal devices and use control of the active SIM card to intercept verification codes and reset UPI and digital banking credentials. Preventive measures include withholding PINs, passwords and OTPs; avoiding storage of financial and identity records on phones; and immediately blocking the SIM card and freezing digital banking and UPI services after a theft.
CEPA review aims to expand bilateral trade engagement, address export barriers, and support regulatory registrations for exporters. India and Japan are considering a review of the Comprehensive Economic Partnership Agreement to make the bilateral trade framework more contemporary and expand its scope, scale and commercial opportunities. The review is linked to balanced trade and to identifying export barriers arising from procedural requirements, language issues and time involved in market access. Regulatory compliance assistance may support product registrations required for overseas markets, including costly chemical registrations and pharmaceutical registrations.
Personal loan reward eligibility depends on successful campaign-period disbursal, alongside review of borrowing costs and repayment capacity. Loan Utsav 2026 provides a limited-period reward bundle to eligible customers whose personal loan is successfully disbursed during the campaign period, subject to applicable terms and conditions. Personal loans are collateral-free and available subject to eligibility, customer profile, documentation and applicable loan terms. Applicants may choose a loan amount and repayment tenure based on their requirements. Extended tenures can reduce monthly EMI obligations but may increase total interest payable. Customers should review interest rates, EMI, processing charges, other loan costs and repayment capacity before accepting a loan offer.
Deep-tech investment cooperation advances through capital corridors, innovation bridges, manufacturing integration and startup pitching platforms for cross-border growth. India-Japan startup cooperation is proposed to advance through a deep-tech capital corridor, a two-way innovation bridge, manufacturing and technology integration, and joint startup pitching platforms. Collaboration is directed towards patient capital, early-stage research, deep-tech commercialisation, technology validation, precision manufacturing, investment and market access. The partnership also emphasises MSME integration with startups and global supply chains, co-investment mechanisms, plug-and-play infrastructure, and institutional links among universities, research institutions, incubators and industry.
Sugar price-control measures combine raw-sugar imports, stockholding limits and export restrictions to curb retail price pressures. Sugar price-control measures combine authorised raw-sugar imports, stockholding limits for dealers and bulk consumers, and an existing export prohibition to address elevated domestic prices. Imports are permitted within the specified period, while stockholding restrictions seek to curb speculation and hoarding. Retail prices continued to rise despite lower ex-mill prices, and the regulatory approach focuses on augmenting supply, limiting stock accumulation, and preventing export-related pressure on domestic availability.
Alternative dispute resolution enabled settlement of long-pending disputes, alongside reporting on court administration and regulatory compliance concerns. Legal developments include resolution of long-pending tenancy, commercial and property disputes through a special Lok Adalat mechanism, including a digitally signed international settlement. Other matters concern a challenge to a riot-related murder conviction, allegations of administrative irregularities and selective case listing, fast-track court pendency, cancellation of a recruitment process following suspected examination malpractice, fraudulent identity documents used to claim citizenship, medical-qualification standards, and opposition to uranium exploration and mining.
MSME co-lending supports digital paperless credit delivery through rural banks for underserved rural and semi-urban enterprises. SIDBI-RRB MSME co-lending arrangement is proposed for expansion to increase credit access for micro, small and medium enterprises in rural and semi-urban areas. The arrangement combines SIDBI's understanding of MSME credit requirements with Regional Rural Banks' local reach. SIDBI's Co-Lending Origination Platform provides an end-to-end digital credit process intended to enable faster, paperless loan processing, in-principle sanction communication, documentation and direct account disbursement without branch visits.
Input tax credit mismatch alone cannot support fraud-based GST demand without an assessing officer's recorded satisfaction of fraud or suppression. Section 74 GST demand proceedings require the assessing officer's independent satisfaction of fraud, wilful misstatement or suppression of facts. An input tax credit mismatch or alleged short payment alone cannot establish these conditions. Unsupported assertions of suppression for invoking extended limitation are insufficient, and audit objections cannot replace the assessing officer's satisfaction. A show cause-cum-demand notice lacking factual allegations of a deliberate device to evade tax or avail excess input tax credit is vulnerable.
Fraudulent Aadhaar procurement exposes identity-verification gaps and prompts disclosure, expedited investigation, deportation, and statutory review measures. Fraudulent procurement of Aadhaar and other identity documents by foreign nationals who infiltrate borders may undermine identity verification, immigration control and national security. Coordinated action is required to trace and deport such persons, prevent re-entry, strengthen document verification, and complete investigations without delay. Amendments to the Aadhaar Act are to be considered to assist investigating agencies, while a dedicated procedure is required to address border infiltration and human trafficking. Aadhaar enrolment records are to be supplied to police, followed by timely deportation proceedings.
Foreign investment liberalisation proposals receive industry support, subject to preserving AIF treatment, grandfathering, and prospective application. Proposed foreign-investment liberalisation, including treatment of stakes below 10 per cent and a greater role for market forces in valuation, is welcomed. Preservation of the existing treatment of Alternative Investment Funds under the IOCC framework is emphasised, together with grandfathering of transactions and funds undertaken under the current regulatory position. Newly introduced requirements should operate prospectively to support a simpler, predictable and investment-friendly foreign-investment framework.
India market expansion guides Nestle 's volume-led growth, export-hub development and long-term investment without compromising product quality. Nestle 's India strategy focuses on volume-led growth, wider consumer reach, portfolio development, efficiency improvements and sustained long-term investment. Growth is intended to combine increased household penetration with pricing, premiumisation, affordability and value offerings. India is also intended to develop further as a production and export hub for global markets, supported by manufacturing capacity and expanding overseas supplies. Product quality and consumer interests remain constraints on the pace of expansion.
Credit awareness through regular score and report review supports responsible borrowing, error detection, and informed credit management. Free online access to the Credit Pulse Report is available through the Bajaj Finance website. Users verify their registered mobile number through OTP authentication, provide identifying particulars including PAN and date of birth, and then view the available credit score. The report may be reviewed and downloaded to examine repayment history, active credit accounts, recent enquiries and other recorded credit information. Periodic review can help identify unfamiliar accounts, inaccurate repayment records, overdue amounts, unupdated information and changes in credit utilisation.
Credit lifecycle consistency requires facility-specific treatment so UPI-linked credit records, repayments and customer obligations remain aligned. CARD91's Credit Lifecycle Consistency Framework calls for facility-specific treatment of Credit Line on UPI transactions and continuing credit events. Credit limits, outstanding balances, repayments, refunds, reversals and EMI conversions should be accurately connected to the relevant customer account and applied according to the underlying facility's terms. Bank policy, customer consent, transaction controls and portfolio actions should remain aligned. Customer-facing applications, statements and alerts should consistently reflect available credit, outstanding obligations and repayment schedules, while disputes and manual corrections follow documented, reviewable processes.
Non-revolving credit lines require term-loan structures supporting multiple drawdowns without replenishing sanctioned limits for NBFC lending products. Proposed restrictions on revolving credit facilities for most NBFCs would generally require credit products to operate as term loans, rather than facilities in which principal repayment automatically restores the available borrowing limit. Compliance may require technology capable of managing multiple drawdowns within an approved sanction, separate repayment schedules, amortisation and servicing workflows, while preventing repaid principal from replenishing the sanctioned limit.
Reciprocal trade tariffs intensify as negotiations confront market access, cultural protections, industrial safeguards, and sovereignty concerns. US-Canada tariff escalation involves reciprocal import duties following failed negotiations over market access and trade in dairy, alcoholic beverages, automobiles, steel, aluminium and softwood lumber. United States tariff action relies on a rarely used trade-law power permitting duties against countries considered to discriminate against American businesses, without a prior investigation or stated time limit. Negotiations also raised concerns about protection of major industries, cultural protections and Canada's freedom to conclude trade agreements with other countries.
Diaspora engagement supports skilled mobility, investment links, remittances, and citizen welfare while encouraging compliance with local laws. Indian diaspora engagement in Japan supports bilateral goodwill, business links, investment opportunities and people-to-people ties. Skilled Indian professionals are encouraged to understand local requirements, learn Japanese language and culture, and pursue opportunities in healthcare, trades, engineering, artificial intelligence, accountancy and maritime work. Diaspora members are also encouraged to maintain connections with India, contribute through digital education and knowledge-sharing, and comply with local laws and regulations. Remittances and government support for citizens' welfare, safety and crisis assistance abroad are recognised as important aspects of diaspora engagement.
Semiconductor and AI cooperation advances through industry engagement, investment facilitation, and accelerated economic partnership review. India-Japan cooperation in semiconductors and artificial intelligence is being strengthened through industry engagement, investment facilitation, technology partnerships and an economic-security-oriented framework. India's semiconductor strategy covers chip design, machinery and materials, fabrication, ATMP/OSAT, research, and talent development, supported by Semicon India initiatives. Bilateral engagement also seeks to address industry concerns, expand manufacturing and innovation partnerships, and accelerate review of the Comprehensive Economic Partnership Agreement to reflect emerging economic opportunities.
Following is the text of the Valedictory address of Shri S.S. Palanimanickam, Minister of State for Finance delivered at the 26th Annual Conference of Chief Commissioners and Directors General of Income Tax, here today:
"It is my pleasure to give the valedictory address before this distinguished gathering of the senior officers of the Income Tax department. I entered this office as Minister of State of Finance- Revenue, in 2004 and since then, there has been an exponential growth in its revenues - from Rs.1.05 lakh crore in March 2004 to Rs. 3.78 lakh crore in March, 2010. This is a result not only of economic buoyancy, but also a stellar example of the positive effect of tax payer friendly initiatives undertaken by CBDT. The Hon'ble Finance Minister has already congratulated the excellent performance of the department and its officers, but I too have to laud the efforts of the officers and employees of this department for its outstanding achievement.
At the outset, I would like to thank the Hon'ble Finance Minister for his active participation in various initiatives of the department. He inaugurated the Advance Training Complex at NADT, Nagpur on 8th May, 2010 to augment training and international programmes. He also launched the e-tutorial on TDS prepared by the IRS probationers. He chaired the second meeting of the Central Direct Tax Advisory Committee (CDTAC) on 18th May, 2010. The Hon'ble Finance Minister dedicated to the Nation the Centralized Processing Centre set up in Bengaluru on 29th May 2010. In his key note address yesterday, the Finance Minister emphasized the need to tone up the tax administration by adopting IT initiatives and improving professional competence and responsiveness of the officers. He also suggested accepting the PPP mode to improve the services delivery standards. I am hopeful that these suggestions have been given due consideration by this august group, and comprehensive proposals will be submitted in due course to take these suggestions to the next higher level. It is our good fortune to have such a senior and experienced Minister to guide us in our task of building an efficient tax administration.
The Annual Conference of Chief Commissioners and Directors General provide an opportunity to the officers to take stock of Department's achievements and review the work in progress. I would like to commend the Department on some of its achievements in the last year. The innovative project of the Income Tax Department Integrated Taxpayer Data Management System (ITDMS) was awarded PM's Award of Excellence for the year 2008-09. This is a comprehensive tool to develop focused intelligence and detect tax evasion in a non-intrusive manner. To this end, it is laudable that the Income Tax Service Centre has obtained IS 15700:2005 certification from the Bureau of Indian Standards. I am glad that the Department has not only brought out a compilation of Best Practices and Orders in the form of a book titled "Let Us Share", but have kept it updated by bringing out its 3rd Volume. The drafting of the new Direct Taxes Code is a major policy initiative of the department, which will go a long way in ushering in a more transparent and simplified direct tax administration, and would be in tune with the new demands and challenges that the growing forces of globalization throw up.
While I am happy at the progress made by CBDT in the various fronts, more needs to be done. There is a need to attain higher levels of professionalism and motivation amongst the officers of CBDT and to improve service delivery standards to the tax payers. In my valedictory address in the last year's conference, I had flagged certain important issues. I am glad that certain clauses of transfer policy which were perceived to be causing hardship to the officers have been amended. However, I feel that this is only the beginning of the process. More issues need to be addressed to improve the morale and the satisfaction level of the officers and staff. It is important to satisfy the professional aspirations of officers in a timely manner through efficient cadre management, cadre planning, and imparting the right skills. In this context, I would like to draw your attention to the Hon'ble FM's keynote address yesterday wherein he had laid emphasis on taking up cadre restructuring proposal which has been delayed. I hope this is taken up in right earnestness by the Board.
As the Department's contribution to the Central exchequer grows, its manpower, resources and infrastructure also have to grow in tandem. The Department has to create quality infrastructure for its officers and staff as well as for the use of assessees. It is not always efficient and timely to control this process centrally. The field formations need to be given greater financial powers and autonomy in order to impart greater momentum to the process of infrastructure building. I urge the department to actively work on a proposal to enhance delegation of financial powers to its field formations. To ensure better coordination of expenditure on human and material resources, the department should consider setting up a dedicated Directorate of Finance. There is an urgent need to tone up the Vigilance Machinery of the department. It is imperative that the department fixes a time frame to decide vigilance related cases. Such a time frame should be practical taking into consideration the various nuances of the case. The corrupt should be punished, but the department's reaction should be prompt. You have to realize that keeping officers in the Agreed list also deprives the department of officers to man sensitive charges. It is therefore in the interest of the department and the officers that vigilance matters are resolved within a fixed time frame.
I would also like to bring to your attention the delay in compiling the monthly revenue figures within the first week of the following month. I would like to be apprised of the bottlenecks, if any in timely collection of the revenue collection figures. I am positive that problems, if any, can be sorted out in this regard.
While tax collection is the core responsibility of the Department, it is important to remember that there is more to modern tax administration than mere revenue collection. The administration needs to be transparent, simple, and efficient. The officers and staff need to go beyond their traditional role of tax collector, and should acquire a more holistic approach where efficiency of services to tax payers, transparency and fair play are given their due importance. At the same time, they also need to focus on devising tools to prevent tax evasion, rather than to unearth evasion that has already taken place. All this requires a focused approach to qualitative improvement of the human resources through regular training and interaction with the senior officers. In this regard, I am happy to note that zonal/regional level conferences have been started, as a precursor to such an annual conference. This will certainly aid in identifying issues which are peculiar, sensitive and relevant for that region and which can be tackled more effectively by such interaction. A connected issue that the department needs to dwell upon is how to improve and update the knowledge base of its most important stakeholders i.e. Auditors, Chartered Accountants etc. An approach of partnership in this area can pay rich dividends.
The Board is very fortunate to be led at this time by a Finance Minister who is willing to give utmost freedom to the Department in augmenting its resources and improving its infrastructure. This is the right time to capitalize on this opportunity because the pressures of revenue collection, meeting the revenue target and budget preparations start building up only from December onwards. Therefore, the Board should use this lean period to work on proposals for creation of infrastructure, cadre restructuring, capacity building etc.
The Department's efficiency has to be bench marked by the satisfaction level of the users. A major source of dissatisfaction of income tax assesses is with respect to refund of taxes. The time taken to grant refunds is very high when compared to international standards. The department should set up a task force to revamp the system of tax refunds so as to progressively reduce the time taken for refunds from the present period of more than four months, to a maximum of sixty days. Similarly, I have received feedback that the taxpayers are facing difficulties in getting credit of the TDS paid by them. There is a need to review and revamp the existing TDS administration in order to iron out these irritants. It is important that taxpayers receive uniform treatment of their cases in any part of the country. In order to ensure uniformity of approach and transparency in its functioning, the department should put in place a mechanism to disseminate information on all such important orders, judgments to all field formations.
I note that several of these issues have been deliberated during the Conference and I hope that concrete suggestions and action plans have been drawn up for follow-up action.
In the year ahead, we have a tough task before us. We have to achieve a budget collection target of Rs.4.30 lakh crore. The FM in his speech yesterday had implied and hoped that the direct tax collection will exceed its Budget Estimates. However, I shall be direct and urge all of you to take all necessary steps for not only realizing, but exceeding the B.E. Exceeding our collection targets will be a form of thanksgiving to the FM for the benevolence and encouragement shown towards this Department. "
Tax administration reform urged to modernize systems and expedite refunds while improving cadre management and service delivery.
The address calls for strengthening tax administration by modernizing IT systems, expanding training and infrastructure, pursuing cadre restructuring and delegation of financial powers to field formations, and instituting a Directorate of Finance; it urges timely resolution of vigilance cases, prompt monthly revenue reporting, and operational reforms to expedite refunds and overhaul TDS administration to ensure uniform, taxpayer-friendly service.
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