DRI seizes over 125,000 kg foreign-origin smuggled areca nuts and 41,000 kg poppy seeds worth around Rs. 20.31 crore in Assam and Mizoram in a crackdo...
From Digital Banking to Resilient Banking – Technology, Cyber Security and AI as Pillars of Trust - Address by Shri Rohit Jain, Deputy Governor at t...
Union Minister of Commerce and Industry Shri Piyush Goyal Highlights India’s Expanding Global Economic Engagement and Growing Integration with Globa...
Gold smuggling through powdered gold concealed in food products led to seizure and arrests under customs law. Intelligence-led interception and baggage examination identified foreign-origin gold converted into fine powder and mixed with packaged food products of similar colour, texture and consistency. Segregation and assaying yielded 9.40 kg foreign-origin gold, which was seized under the Customs Act, 1962. Questioning linked the passengers to the same organised gold-smuggling syndicate, and they were arrested under that Act.
Customs seizure of suspected smuggled areca nuts and restricted poppy seeds followed intelligence-led cross-border enforcement operations. Intelligence-led customs enforcement in Mizoram and Assam resulted in seizure, under the Customs Act, 1962, of suspected foreign-origin areca nuts and poppy seeds believed on preliminary inquiry to have been smuggled from Myanmar. Searches of locked, unattended godowns near the Indo-Myanmar border recovered the commodities, while interception of two trucks carrying poppy seeds without valid import documents led to seizure of the consignments and vehicles. Four persons connected with transportation of the poppy seeds were arrested.
Industrial control system cybersecurity certification validates system-level protection across wind farm controls, networks, and lifecycle security services. IEC 62443-3-3 Security Level 2 certification applies to a wind farm control system covering SCADA, PPC, PLC and industrial network devices. It assesses system-level security requirements, including the interaction of components, networks and security mechanisms within an overall industrial control environment. The cybersecurity framework also spans secure development, certified core control components, system-level protection, and security integration and maintenance services across the lifecycle of wind energy technologies.
Foreign exchange reserve composition reflects a weekly decline driven by foreign currency assets despite a modest gold increase. India's foreign exchange reserves declined by USD 14.881 billion to USD 765.901 billion for the week ended 18 September 2026. The contraction was principally driven by a reduction in foreign currency assets, which also reflect valuation effects from movements in non-US reserve currencies. Gold reserves increased, while Special Drawing Rights decreased and the reserve position with the International Monetary Fund remained reported separately.
Five-day banking proposal remains under consideration amid strike plans and measures for uninterrupted banking and advance disbursements. Five-day banking remains under governmental consideration, with no Finance Ministry commitment to implementation. Unions linked the proposal to the 12th Bipartite Settlement/9th Joint Note, which contemplated extended Monday-to-Friday working hours. Family pension revision and a pension option for resignees were identified as addressed, while withdrawal of the Performance Linked Incentive scheme remains in abeyance. Public sector banks were instructed to remain open on the preceding Sunday, and central government salaries, wages and pensions were directed to be disbursed in advance.
Alternative fuel transition promotes ethanol, electric and hydrogen mobility to reduce imports, pollution, and strengthen farm income. Alternative-fuel and public-transport measures seek to reduce dependence on imported petroleum, curb air pollution, and support farmer income and employment. Ethanol is positioned as a farm-income source through increased demand and returns for maize growers, alongside electricity, hydrogen and waste-derived CNG. Development and introduction of flex-fuel vehicles, using engines capable of operating on ethanol, electric tractors, hydrogen-powered vehicles and hydrogen buses form part of a cleaner-mobility strategy.
Foreign-exchange market intervention expectations supported rupee appreciation amid improved risk sentiment, while importer demand and crude prices constrained gains. Foreign-exchange market conditions supported a 19-paise appreciation of the rupee to 95.80 against the US dollar, aided by improved global risk sentiment and expectations of Reserve Bank intervention. Dollar demand from importers, high crude prices and US dollar strength constrained gains. Lower crude prices and dollar weakness could support the rupee, while geopolitical escalation may create pressure. Market participants expected intervention if the currency weakened toward 96.
Credit health assessment combines score, repayment history, utilisation, accounts and enquiries to support informed borrowing and profile monitoring. Credit health is broader than a numerical credit score and encompasses the way credit has been managed over time. Credit analysis requires a combined review of the score, repayment history, credit accounts, credit utilisation, credit history and credit enquiries. A credit report may identify management of EMIs and credit-card dues, existing borrowing obligations, use of revolving credit relative to available limits, and recent lender checks associated with credit applications. Incorrect or unfamiliar entries may be reviewed and, where necessary, raised with the relevant lender or credit bureau.
Fuel-price mitigation measures use tax reductions, targeted subsidies and energy-security policies to ease pressure on households and energy-intensive industries. European fuel-price intervention combines targeted subsidies, fuel-tax reductions, temporary regulatory flexibilities and energy-security investment to moderate the economic effects of sharply higher gasoline and diesel prices caused by disrupted supplies. Member States have temporary discretion to grant state aid to households and energy-intensive sectors, including agriculture, transport and fishing, and limited flexibility under EU spending rules for investments that improve energy security and reduce dependence on imported fossil fuels.
AI management certification anchors responsible lifecycle governance, transparency, accountability, security, and human oversight for agentic loyalty systems. ISO/IEC 42001:2023 certification applies to an Artificial Intelligence Management System governing AI development, deployment, oversight and continual improvement within the GRAVTY platform. The framework supports AI-related risk management, responsible governance, transparency, accountability, security and human oversight throughout the AI lifecycle. Its scope includes supervised and unsupervised learning models and large language models supporting personalised engagement, fraud management, loyalty intelligence, autonomous decision-making, operational automation and workflow support.
Digital warehousing controls propose electronic tracking, secure transport, monthly returns, and risk-based compliance verification for warehoused goods. Draft Warehousing Operations Regulations, 2026 would require public and private warehouse licensees to use the electronic portal and a digital warehouse management system for receipt, storage, transfers, removals and accounting of warehoused goods. Transport would generally require a one-time-lock and transit-risk insurance, subject to specified exemptions. Licensees would verify locks and goods, report discrepancies, maintain auditable electronic records, submit monthly returns, and permit removals for home consumption or export only upon electronic clearance orders. Non-confirmation, discrepancies and contraventions would trigger information demands, risk-based verification and action under the Customs Act.
Technology risk governance requires banks to retain accountability, test resilience, and govern artificial intelligence before scaling financial services. Technology risk governance must treat technology architecture as a first-order enterprise risk, alongside conventional financial risks, because the availability and integrity of core banking, payments, onboarding, credit, fraud-monitoring and reporting systems determine whether customers can access essential financial services. Banks may outsource technology functions but retain accountability for access controls, concentration, recoverability, data protection and exit options. Effective resilience requires secure architecture, asset visibility, timely remediation of vulnerabilities and legacy systems, identity and access management, effective controls, third-party oversight, post-incident learning, and regular recovery testing.
Global value chain integration advances trade partnerships, semiconductor capacity, and deep-tech innovation within broader economic engagement. India's global economic engagement prioritises trade and economic partnerships to strengthen participation in global value chains and supply chains, facilitating cross-border movement of goods and services. The approach is linked to projected semiconductor demand and development of artificial-intelligence capabilities, alongside innovation, deep-tech startup support and private-sector space activity. The startup ecosystem is described as having expanded substantially, with current policy emphasis on deep-tech innovation and participation in global markets.
Trade agreement review targets balanced, user-friendly, trade-facilitative rules to address asymmetries and strengthen regional commerce. The ongoing review of the ASEAN-India Trade in Goods Agreement seeks to enhance trade flows, address trade asymmetries, and deliver a balanced, effective, user-friendly, and trade-facilitative arrangement for businesses. It forms part of India's commitment to mutually beneficial trade partnerships and regional trade arrangements.
Portfolio management reforms broaden permitted investments, establish independent fund managers, and retain registered managers' responsibility for client portfolios. Portfolio-management reforms replace the 2020 framework and expand investments into IPOs, primary-market debt, listed overseas equity and debt, and direct plans of Indian mutual fund schemes. Investment-grade unlisted non-convertible debt may comprise up to 10 per cent of client assets under management with client consent. Independent Fund Managers may operate with registered portfolio managers, which retain responsibility and liability. Accredited-investor eligibility is broadened, while specified compliance requirements are relaxed where adequate audit trails and internal controls exist.
Merchant discount rate on UPI merchant payments may be treated as a taxable payment settlement service with input credit availability. GST treatment of MDR charged on UPI merchant payments above Rs 2,000 is to be considered by the GST Council. The MDR framework imposes a merchant-borne charge for payment processing and settlement. As these activities are services, MDR may attract GST at 18 per cent, subject to the Council's view. Merchants paying GST on MDR may claim input tax credit, potentially reducing their net tax burden.
Fiscal responsibility limits frame cautions on new projects as budgetary discipline rather than financial crisis. Finance-department advice treats fiscal indicators as grounds for restraint in approving additional expenditure rather than as evidence that funds are unavailable. Funding new projects may be difficult until additional resources are mobilised or allocations already approved are reallocated. Project proposals lacking budgetary provision or earmarked funding may create cash-flow pressures and fiscal-management challenges, requiring deferment until resources are finalised.
Corporate document forgery allegations trigger investigation into unauthorised insolvency consortium participation and disputed share transfers. An FIR concerns alleged cheating, forgery, criminal conspiracy, corporate-document misuse, and unauthorised financial liabilities arising from participation in a corporate insolvency resolution process. Allegations include entering a consortium arrangement without the Parekh Group's knowledge or authorisation, reliance on a fabricated and unapproved board resolution, and unauthorised transfer of shares to a group-controlled entity. Investigation covers disputed-record authenticity, alleged digital-signature misuse, and financial transaction trails.
Energy security shapes continued Russian crude sourcing as alternative suppliers replace shortfalls amid potential sanctions-related restrictions. Russian crude imports are operating near 1.8 million barrels daily in September, with refinery maintenance, stronger Chinese buying, and disruptions to Russian export infrastructure constraining availability. Middle Eastern supply, especially from Iraq and Saudi Arabia, has offset reduced Russian volumes. Potential tougher restrictions on countries purchasing Russian oil could complicate procurement, but energy security and tight physical oil markets make a significant near-term reduction in Russian crude purchases unlikely. Replacement remains technically possible but may raise procurement costs and competition for medium-grade crude.
1. Chapter VII of the Discussion Paper on the Direct Taxes Code (DTC) deals with computation of income taxable under the head „Income from employment‟. It provides that "Income from employment" will be gross salary as reduced by the aggregate amount of permissible deductions.
1.1 The term „salary‟ is defined to include the value of perquisites, profits in lieu of salary, amount received on voluntary retirement or termination, leave salary, gratuity and any annuity, pension or any commutation thereof. Contributions made by the employer to an approved superannuation fund, provident fund, life insurer and New Pension System Trust is considered as salary.
1.2 Deductions from gross salary are allowed for compensation received under voluntary retirement scheme, amount of gratuity received on retirement or death and amount received on commutation of pension to the extent such amounts are deposited in a Retirement Benefits Account. The employee will have to maintain a Retirement Benefit Account with any permitted savings intermediary in accordance with the scheme framed and prescribed by the Central Government. The permitted savings intermediaries will be approved provident funds, approved superannuation funds, life insurer and New Pension System Trust. The accretions to the deposits will remain untaxed till such time as they are allowed to accumulate in the account. Any withdrawal made, or amount received, under whatever circumstances, from this account will be included in the income of the assessee for the year in which the withdrawal is made or the amount is received. Thus, retirement benefits will be exempt only if deposited in Retirement Benefits Account and will be subject to tax on withdrawal from such account.
1.3 Under the DTC, salary will include, inter-alia, the following:- (a) the value of rent free or concessional, accommodation provided by the employer irrespective of whether the employer is a Government or any other person; (b) the value of any leave travel concession; (c) the amount received on encashment of unavailed earned leave on retirement or otherwise; (d) medical reimbursement; and (e) the value of free or concessional medical treatment paid for, or provided by, the employer. The Discussion Paper states that the value of rent-free accommodation will be determined for all employees including Government employees in the same manner as is presently determined in the case of employees in the private sector.
2. Representations have been received from stakeholders that in the absence of adequate social security benefits, the social and economic norm is to use retirement benefit amounts for savings as well as for social expenditure. Hence, taxation of withdrawals from a Retirement Benefit Account would be harsh.
2.1 Though valuation on the basis of market value has not been prescribed in the DTC or the Discussion Paper, apprehensions have also been expressed that if the value of accommodation in the case of government employees will be taken at market rent, it would create a high tax burden. Concerns have also been expressed regarding non-availability of exemption for perquisites in the nature of medical benefits which are available in the current law.
3. Maintaining individual Retirement Benefits Account by permitted savings intermediaries on behalf of all employees would require a centralised nationwide authority to regulate and manage crores of retirement benefits accounts of employees and to deduct tax on withdrawal which entails creation of a separate institutional mechanism, complex logistics and substantial costs. The complexity of maintaining permitted savings accounts has been discussed in the context of the EET method of taxation. For the same reasons, it is proposed not to introduce the Retirement Benefits Account scheme.
3.1 An employer‟s contribution to an approved provident fund, superannuation fund and New Pension Scheme within the limits prescribed shall not be considered as salary in the hands of the employee. Also, retirement benefits received by an employee will be exempt subject to specified monetary limits. Thus, the amount of gratuity received, the amount received under a voluntary retirement scheme, the amount received on commutation of pension linked to gratuity received and the amount received on account of encashment of leave at the time of superannuation are proposed to be exempt, subject to specified limits, for all employees.
3.2 The method of valuation of perquisites will be appropriately provided in the rules. It is proposed that perquisites in relation to medical facilities/reimbursement provided by an employer to its employees shall be valued as per the existing law with appropriate enhancement of monetary limits. It is clarified that the DTC does not propose to compute perquisite value of rent free accommodation based on market value.
Income from employment: employer retirement contributions excluded from salary; retirement receipts exempt within prescribed limits and perquisites clarified.
Income from employment under the DTC is gross salary less permissible deductions; salary includes perquisites, retirement receipts and employer contributions to approved retirement funds. A centralised Retirement Benefits Account scheme was considered but is not proposed due to administrative complexity and hardship. Employer contributions to approved funds within prescribed limits will not be salary, and specified retirement receipts will be exempt subject to monetary limits. Perquisite valuation will be set by rules: medical perquisites follow existing practice with higher limits, and rent free accommodation will not be valued at market rent.
Note: It is a system-generated summary and is for quick reference only.
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