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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.
August 31, 2026
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Personal guarantor insolvency distinguishes guarantee liability from borrower debt while creditor voting challenges question repayment-plan approval.
Personal insolvency proceedings concerning personal guarantees distinguish a guarantor's liability from the underlying borrowing entities' debts. Claims against the guarantor arise from guarantees furnished for loans obtained by Essel Group-associated entities, while the borrowers' repayment obligations remain enforceable and creditors may pursue corporate assets and securities. Dissenting lenders have challenged the resolution-plan voting process, alleging that family-linked associates or related parties should have been excluded from committee of creditors voting.
August 31, 2026
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National accounts revisions align GDP and sectoral estimates with updated price, production and banking service indicators.
National Accounts Statistics-2026 incorporates updated Producer Price Index, Index of Industrial Production and Banking Services Price Index series with base year 2022-23 into annual and quarterly GDP estimates. The revised indicators expand coverage, update weights and improve price mapping for national-account activities. GDP and gross value added estimates from 2022-23 onwards are revised at current and constant prices, with sector-specific effects in mining and quarrying, manufacturing, trade services, general government and departmental enterprises. Supply and Use Tables for 2022-23 and 2023-24 are also updated.

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CAD will be Contained at US $ 70 Billion; Government Committed to the path of Fiscal Consolidation and to Contain Fiscal Deficit within 4.8% of GDP: says Dr Arvind Mayaram, Secretary, Department of Economic Affairs (DEA)

October 1, 2013

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Following is the Press Statement made by Dr Arvind Mayaram, Secretary, Department of Economic Affairs (DEA), Ministry of Finance here today:

Current Account Deficit (CAD)

The RBI has released the Balance of Payment (BoP) data for the First Quarter of 2013-14 yesterday. Current Account Deficit (CAD) is at US $ 21.8 billion (4.9 per cent of GDP), which has been largely financed by capital flows.

• The elevated level of CAD in Q1 was mainly due to gold imports which stood at US $16.5 billion. CAD would have been lower at US $ 14.5 billion excluding the higher level of gold imports. With the measures announced by the Finance Minister on August 12, 2013 to compress gold, it is estimated that gold imports could be restricted to about 800 tonnes and substantial gains could accrue in the next nine months. According to the Central Board of Excise and Customs(CBEC)data, gold imports in April were 142.47 MT, in May 161.38 MT and in June 31.46 MT. Therefore, in Q1, the gold imports were of 335.31 MT .However, in July,2013 it was 47.75 MT, in August, 2013 3.38 MT and in September, 2013 (up to 25th) it has been 7.24 MT. This indicates a very sharp compression in the gold imports in Q2 onwards and we expect this trend to continue. In August, exports registered a double digit growth for second successive month with almost a 13 per cent growth over the corresponding period last year. Import growth in August, 2013 was slightly negative at -0.68 per cent as compared to the corresponding period last year. Trade deficit narrowed in August to a five month low of USD 10.9 billion. Thus, CAD will be contained at US $ 70 billion .Already, many institutional analysts have revised their BoP outlook on CAD and capital flows.

• In so far as capital flows are concerned, the Union Finance Minister Shri P. Chidabaram had stated that the base line estimate was US $ 64 billion and unveiled steps to raise this by US $ 11 billion through quasi-sovereign bonds, ECBs by PSUs and measures to boost NRI deposits. As per the RBI BoP data, FDI inflows were US $ 10.5 billion in 2013-14 (Q1) as against US $ 8.2 billion in Q1 of last year.

• The base line projection of net FDI of US $ 24 billion could be exceeded. Besides, Banking Capital (net) was estimated at US $ 15 billion, which could go up significantly on account of the swap window announced by Governor, Reserve Bank of India (RBI) for FCNR (B).

• As such, we are confident that we shall be able to contain CAD at US $ 70 billion as well as get additional capital flows to finance it fully without any recourse to draw down of reserves in this year.

Fiscal position up to August, 2013

• Gross Tax collection up to the month of August, 2013 has shown a growth of 8.7% on Year on Year basis. However, for the month of August, 2013 there has been marked improvement and the tax collection has grown by 18.3% over the collections for August, 2012. Preliminary figures for September show further improvement. It may be relevant to indicate here that bulk of revenue collections are towards the 2nd half of the FY. Cash planning of the Government also takes this fact into account, wherein the borrowing (nearly 2/3rd) is loaded in first half of FY.

• On the expenditure side, total expenditure of Rs 662936 crore up to August, 2013 is 39.8% of BE against 37.9% seen for corresponding period in previous FY (COPPY). Higher expenditure up to August, 2013 is mainly on account of higher Plan spending (33%) in comparison to 28.4% COPPY. Higher spending was deliberately planned in first half for speedier implementation of various welfare programmes of Government.

• Total expenditure up to August showed a growth of 17.3% on Year on Year (YoY) basis, however in August it has stabilized to 10.9% growth over August, 2012. It may not be out of place to mention that austerity measures have already been announced by Government.

• Government is committed to the path of fiscal consolidation and as announced by FM will contain the FD within 4.8% of GDP, as budgeted.

Growth Numbers

• The Union Finance Minister Shri P. Chidambaram in his statement on August 12, 2013 had stated that growth is likely to pick up from Q2 onwards mainly on account of three factors (i) increase in the sown area by about 9.1 per cent (ii) acceleration in the pace of spent expenditure (iii) impact of the projects cleared by Cabinet Committee on Investment.

• When we look at the real activity data it only reinforces what the Finance Minister had said. The index of Industrial Production (IIP) entered the positive territory and grew by 2.6 per cent in July, 2013 as compared to the level in the month of July last year. The gain was mainly on the strength of manufacturing and electricity sectors which saw a growth of 3 per cent and 5.2 per cent respectively. The capital goods data stood at 15.6 per cent and there was also a 6.8 per cent growth in the consumer non durables segment. Though the consumer durables did witness a negative growth rate but we believe that it is likely to pick up in the remaining quarters on account of the festival demands in the coming months.

• The eight core industries which have a combined weight of 37.90 per cent in the IIP registered a growth of 3.7 per cent in August. The pickup in growth in 2QFY14 is encouraging and compares with an average of 1.6 per cent seen in 1QFY14. The most encouraging data point was the uptick in electricity up 6.7 per cent where the good rains have helped hydel power generation. Other encouraging data points are (i) the uptick in the construction indicators - both cement and steel- up 5.5 per cent YoY and 4.3 per cent YoY respectively and (2) the pick-up in coal production up 5.5 per cent - the highest reading since November,2012. This in turn has a derivative impact on the external account as coal imports, along with gold and oil had risen sharply last year.

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