GIFT IFSC emerges as a strong and vibrant international banking hub, mobilises over $52.8 billion under RBI’s FCNR(B) Swap Facility, $11.62 bn in EC...
Portfolio management services distribution enables certified mutual fund distributors to digitally onboard and report for eligible high-net-worth clients through AssetPlus. AssetPlus has launched Portfolio Management Services for certified Mutual Fund Distributor partners to digitally onboard, track, manage and report PMS investments for eligible high-net-worth clients. PMS distribution requires NISM Series-XXI-A certification and operates within the APRN distributor-registration framework. PMS comprises individually managed portfolios run by SEBI-registered Portfolio Managers and held in clients' demat accounts. The minimum investment is Rs. 50 lakh, and offerings are governed by the SEBI (Portfolio Managers) Regulations, 2020. The platform provides daily reconciliation of holdings, performance and valuations.
NPOP-certified ethnic rice exports strengthen organic producer access to international markets through certification, traceability, and organised export production. NPOP-certified ethnic rice exports from Tripura to Austria and the Netherlands connect local farmers and Farmer Producer Companies with international markets through organised, export-oriented production. The initiative emphasises certification, traceability, food safety and quality as requirements for access to markets for certified organic products. Buyer-seller linkages support export opportunities, while coordinated organic value-chain engagement strengthens certification and quality systems and supports producers in meeting international standards.
Gated residential community launch combines smart-home villas, extensive lifestyle amenities and planned expansion into future residential developments. VR LIVIN Ventures LLP launched 'THE FIRST', an 83-villa gated residential community in Madhavaram, North Chennai, which recorded sales of 20 villas during its first two launch days. The development includes smart-home villas and more than 50 lifestyle amenities, with access to nearby metro connectivity and social infrastructure. It forms part of the company's intended expansion of residential projects in Chennai and other South Indian locations.
GST rationalisation for amusement park admissions could lower ticket prices, stimulate consumer demand, and support investment without input tax credit. GST rationalisation for amusement park, water park and indoor entertainment admission tickets is sought through a flat 5% GST rate without Input Tax Credit. The proposed rate is intended to reduce ticket prices, improve affordability and increase customer demand in a capital-intensive tourism and entertainment sector. Many smaller and mid-sized operators report limited ability to offset GST liability through ITC. Lower taxation is projected to support facility expansion, revenue growth, new investment, employment and reinvestment in recreational services.
Money laundering linked to hybrid ganja smuggling involves alleged illicit cross-border transfers and foreign-exchange violations. Enforcement Directorate searches form part of a money-laundering investigation into alleged hybrid ganja smuggling from Thailand. A case under the Prevention of Money Laundering Act concerns suspected laundering of drug-trafficking proceeds and transfer of funds to Thailand through illegal channels. The inquiry also examines possible foreign-exchange violations and an alleged arrangement involving carriers, visas and funds for transporting narcotic substances.
Foreign-currency deposit mobilisation supports currency appreciation while creating surplus-liquidity sterilisation pressures through deposit swaps in domestic banking markets. Foreign-currency deposit mobilisation strengthened foreign-exchange liquidity and supported rupee appreciation. FCNR(B) deposits, together with overseas foreign-currency borrowings and external commercial borrowings, increased aggregate foreign-currency resources. Bank swaps of such deposits with the central bank may create surplus banking-system liquidity and a sterilisation challenge, while oil prices, global yields, dollar movements and foreign equity inflows remain relevant currency-market factors.
Money laundering investigation examines alleged diversion of bank loans from a power project to group entities and personal use. Money laundering investigation under the Prevention of Money Laundering Act concerns alleged diversion of bank loans obtained by Kohinoor Power for a power plant in Jharkhand. The loan proceeds were allegedly transferred to other group entities and used personally. Searches were conducted at eleven premises associated with the group's promoters, directors and auditors. The company entered liquidation proceedings before the National Company Law Tribunal, with limited recovery for creditors.
Globalisation of auto component manufacturing is linked to trade access, resilient supply chains, technology adoption, safety, and vehicle scrappage. The auto component industry is encouraged to expand globally through reciprocal market access, overseas manufacturing, international investment and trade partnerships. Supply-chain resilience is to be strengthened through indigenisation of vulnerable products, access to critical minerals, and domestic capacity in auto components, speciality steel, technical textiles and semiconductors. Priority is also given to high-value integrated solutions, artificial intelligence-enabled quality control, vehicle safety and industrial parks offering manufacturing infrastructure. Vehicle scrappage requires coordinated government incentives and fair industry valuation to support replacement demand for new-age vehicles.
Updated IP cooperation guidelines strengthen cross-border innovation, patent examination coordination, traditional knowledge protection, and geographical indication commercialisation. IP BRICS Heads adopted Updated Operational Guidelines to direct result-oriented intellectual property cooperation, promote cross-border innovation, and reinforce joint engagement in global IP standards. Priority areas include protection of traditional knowledge and traditional systems of medicine, reinforced patent examination cooperation, exchange of search results, patent analytics, and geographical indication protection and commercialisation. Coordination mechanisms and periodic progress reviews are emphasised for effective implementation and continuity of cooperation.
Sovereign credit rating upgrade reflects resilient growth, improved fiscal expenditure quality, stronger financial systems, and a robust external position. India's long-term foreign-currency and local-currency issuer ratings were upgraded from 'BBB+' to 'A-', with a Stable Outlook, reflecting resilient economic growth, improved fiscal expenditure quality, strengthened financial-sector soundness, and a robust external position. Fiscal improvement is linked to greater capital expenditure and lower fiscal deficit. Financial resilience is supported by improved banking and non-banking sector asset quality and capital adequacy. External strength arises from a contained current account deficit, services surplus, and foreign-exchange reserves exceeding short-term external debt.
Public sector general insurance performance requires profitable underwriting, lower claim ratios, digitalisation, standardised monitoring, and quality grievance redressal. Public Sector General Insurance Companies were advised to focus on profitable business lines, reduce the Incurred Claim Ratio, and accelerate technology use and digitalisation while optimising related expenditure. They are to improve insurance penetration, density, outreach and customer awareness, particularly in underserved segments, while reducing protection gaps. A robust, standardised KPI framework should enable comparable financial and non-financial performance assessment and be reviewed quarterly. Customer grievances require expeditious and quality redressal.
Cross-border financing through GIFT-IFSC expands foreign currency mobilisation, external commercial borrowing disbursements, and international bond market access. GIFT-IFSC's IBUs mobilised foreign-currency liquidity under the RBI's FCNR(B) deposit swap facility, with 20 IBUs sanctioning USD 54.02 billion and disbursing approximately USD 52.82 billion as at 31 August 2026. Between April and August 2026, IBUs disbursed USD 11.62 billion in External Commercial Borrowings, while Indian banks raised USD 11.12 billion through bond listings on IFSC exchanges. These activities support cross-border financing, international capital-market access and foreign-exchange inflows.
Bilateral business council leadership appointment strengthens operational capacity to advance Canada-India economic and investment partnerships. Operational leadership for bilateral economic engagement is strengthened through the appointment of Shuchita Sonalika as the first Chief Operating Officer of the Canada-India Business Council. The appointment is directed toward enhancing the council's capacity to support expanding investment and economic relations between Canada and India, in coordination with its board, members and partners. Sonalika brings international affairs experience in advancing India's economic partnerships across global markets.
Regulatory certainty and compliance reforms support investment facilitation, infrastructure development, MSME credit access, and reduction of bank non-performing assets. Regulatory certainty, ease of compliance and investment facilitation are identified as central elements of India's economic reform orientation. The Insolvency and Bankruptcy Code is included among reforms supporting regulatory certainty, reduced paperwork and easier compliance. Policy priorities include infrastructure development, artificial intelligence and data centres, credit access for MSMEs, reduction of banks' non-performing assets, fiscal discipline, and investment facilitation by central and state governments.
Sovereign credit rating upgrade reflects resilient economic growth, fiscal quality, financial-system soundness, and external-sector resilience. Japan Credit Rating Agency upgraded India's foreign-currency and local-currency long-term issuer ratings to A-, citing solid economic growth, strengthened growth-oriented policies and improved financial-system soundness. Improved banking asset quality, insolvency mechanisms, government capital infusion and stronger central-bank supervision support financial resilience. Fiscal quality has improved through greater infrastructure-focused capital expenditure and restraint in current spending, while a contained current-account deficit, services surplus and substantial foreign-exchange reserves support resilience to external shocks.
Currency-market intervention and foreign capital inflows supported rupee resilience amid higher crude prices and dollar strength. Foreign capital inflows and modest foreign institutional equity purchases supported rupee appreciation against the US dollar despite weak domestic equities, elevated crude oil prices and a stronger dollar. RBI monitoring and apparent currency-market intervention supported the rupee amid risk aversion, higher US Treasury yields and concerns over crude supply disruptions. Forthcoming US employment data remained relevant to dollar and rupee direction.
Foreign-currency non-resident deposits bolster external liquidity through hedging support and lending flexibility during global market uncertainty. Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits are fixed-term foreign-currency deposits for non-resident Indians, with principal and interest repayable in the deposit currency and without direct rupee exchange-rate risk. A special central-bank programme mobilised substantial FCNR(B) deposits, alongside overseas foreign-currency borrowings and external commercial borrowings, to strengthen foreign-exchange liquidity. Banks received hedging-cost support and permission to lend against the deposits. The facility was closed earlier than scheduled after its mobilisation objective was met.
Foreign currency swap facility accelerated FCNR(B) deposit window closure after substantial diaspora inflows, while borrowing windows remain open. Special USD-INR foreign-exchange swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings was introduced to strengthen the external sector and support foreign-exchange liquidity. FCNR(B) deposits, under which principal and interest are repayable in the same foreign currency, generated the principal share of inflows. Strong diaspora participation led to advancement of the FCNR(B) window closure. The swap facility for Overseas Foreign Currency Borrowings and External Commercial Borrowings remains open until December 31, 2026.
GST bribery allegations led to a trap operation against officials and an intermediary in a quarrying matter. Criminal investigation concerns alleged solicitation and acceptance of an undue advantage by CGST officials in connection with settling a GST/royalty matter involving a stone-quarrying firm. The officials allegedly arranged for a private person to collect the payment. A trap operation resulted in the private person being caught while accepting the alleged undue advantage. Searches at the accused persons' premises led to recovery of cash and jewellery, while further investigation continues.
State GST collection growth outpaced national expansion during the first five months, alongside increased VAT and CST receipts. Haryana's SGST collections increased by 29 per cent during April-August of financial year 2026-27, exceeding the national growth rate of 16 per cent. August 2026 post-settlement SGST revenue rose by 21 per cent, compared with national average growth of 13 per cent. Haryana accounted for less than 4 per cent of national GST taxpayers but contributed approximately 7.7 per cent of aggregate national SGST, CGST and IGST collections. VAT/CST collections rose by 13.8 per cent during the same period.
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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