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August 10, 2026
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GST refund facilitation expands provisional input tax credit refunds and removes the minimum threshold for export-related IGST refunds.
Punjab's GST amendments facilitate voluntary compliance and reduce procedural burdens by allowing a 90 per cent provisional input tax credit refund in inverted duty structure cases and removing the minimum threshold for IGST refunds on exported goods. Additional measures cap annual fee increases by private unaided educational institutions, establish digital open universities for technology-enabled higher education, protect trees and green cover, and address common infrastructure, panchayati raj, and contractual engagement of outsourced State personnel.
August 10, 2026
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Video-conference statements for an approver application were declined, requiring the accused's statement to be recorded before consideration.
Special CBI Court rejected an accused's request to record her statement through video conferencing in a bank-fraud prosecution. The accused had sought to become an approver, and her statement was required to be recorded before consideration of that application. She and her husband had previously become approvers in a related money-laundering matter involving alleged fraudulent Letters of Undertaking.
August 10, 2026
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Fuel price transparency highlights allegations over excise duty, consumer retail costs, and profit disclosures by state-run oil marketing companies.
Fuel pricing, central excise duty and profits of state-run oil marketing companies are examined through allegations that retail fuel prices and tax policy imposed excessive costs on consumers while generating substantial company profits. The criticism contrasts high crude-price periods with lower retail prices and lower excise duty against a later period in which reduced crude prices were allegedly not passed through to consumers. Profit-margin disclosure is also raised as a transparency issue, with parliamentary information described as covering oil prices, global crude prices and company profits.
August 10, 2026
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Discharge in money-laundering proceedings turns on whether pre-charge material sufficiently establishes the alleged offence.
Discharge in a money-laundering prosecution was sought before a special PMLA court concerning alleged siphoning and laundering of loans advanced to Jet Airways by Canara Bank. The prosecution was directed to respond, subject to the applicant not seeking adjournment. Discharge is available after filing of a chargesheet and before framing of charges where the material before the court is insufficient to establish the alleged offence. The proceedings arise from a CBI FIR concerning alleged bank fraud involving Jet Airways and associated persons.
August 10, 2026
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High-speed rail indigenisation and infrastructure performance monitoring require skills development, comparative planning, measurable station assessments and freight-terminal dashboards.
Parliamentary oversight calls for accelerated indigenisation of high-speed rail components, capacity-building through international expertise, and comparative study of successful high-speed rail systems for future corridors. Redeveloped stations should be assessed through measurable indicators concerning passenger use, accessibility, cleanliness, commercial occupancy, maintenance and feedback, with completed-project practices documented and shared. Operational cargo terminals and cargo-related facilities should be monitored through a digital dashboard covering utilisation, rake performance, mechanisation, connectivity, safety compliance and customer satisfaction.
August 10, 2026
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MSME and export promotion framework expands finance, technology, infrastructure, sustainability and global-market support for enterprise growth.
Haryana Progressive MSME and Export Promotion Policy 2026 creates a five-year framework for MSME growth through financial incentives, institutional support, industrial infrastructure, technology adoption and export facilitation. Identified thrust-sector enterprises may receive capital and interest subsidies, stamp duty reimbursement, employment assistance, insurance support, and incentives for automation, artificial intelligence, testing and research. Proposed venture capital and credit guarantee funds seek to improve institutional and collateral-free finance. Export support covers international certifications, credit, insurance, freight, e-commerce, trade fairs, documentation, compliance and buyer connections, alongside sustainability and inclusive entrepreneurship measures.
August 10, 2026
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Employee data exposure alerts trigger review of alleged password spraying and MFA fatigue, with customer and operational systems unaffected.
Employee data exposure alerts prompted TCS to review allegations concerning limited basic employee information that appears to be more than four years old. No indication exists that customer data, customer systems, or operational systems have been affected. The alleged vectors involve password spraying and multi-factor authentication fatigue. TCS states that safeguards against these techniques have been in place for more than two years, its controls remain effective, and monitoring and further assessment will continue.
August 10, 2026
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Mustard honey export demonstrates FPO-led aggregation, quality-focused production and industry collaboration for international agricultural market access.
Mustard honey export from Tripura to Dubai marks the first international shipment by Dergang Farmer Producer Organisation, supported through export-oriented aggregation and market linkage initiatives. The export creates overseas market access for local beekeepers and farmers, diversifies the honey value chain, and encourages quality-focused production. Industry collaboration supported bee production and an export-oriented supply chain, while capacity building, quality assurance, value addition and market linkages can strengthen agricultural exports and farmer participation in international markets.
August 10, 2026
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Digital banking evidence gains recognition through a modernised framework for physical and electronic records, with privacy and security safeguards.
The Bankers' Books Evidence Bill, 2026, modernises the evidentiary framework for bankers' books by permitting banking records to be produced in physical or electronic form in legal proceedings. It recognises electronic, digital and virtual records and enables the Central Government to extend the regime to other regulated financial entities, supporting a uniform financial-sector evidentiary framework. The framework seeks secure and transparent use of banking records while safeguarding customer privacy, confidentiality and data security.
August 10, 2026
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Illicit opioid medicine exports exposed through concealed cargo, clandestine manufacturing, repacking, and attempted transnational trafficking to Nigeria.
Illicit manufacture and attempted export of controlled opioid medicines were detected in a network producing, concealing, storing and exporting Tramadol Hydrochloride tablets to Nigeria. A consignment declared as Pregabalin capsules contained concealed Tramadol Hydrochloride and Tapentadol tablets. Investigation identified clandestine manufacture, repacking and preparation for export, with searches yielding tablet-compression machinery and raw materials. Tramadol is a psychotropic substance under the Narcotic Drugs and Psychotropic Substances Act, while Tapentadol is regulated under the Drugs and Cosmetics Act and its rules.
August 10, 2026
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Summons compliance under anti-money-laundering law faces appellate scrutiny after acquittal over unproven email service allegations.
Delhi High Court required Arvind Kejriwal to reply to Enforcement Directorate petitions challenging his acquittal in proceedings concerning alleged non-compliance with summonses. The trial court found that the agency had not proved intentional disobedience, service of summons through email, or lawful issuance of electronic summons under the Prevention of Money Laundering Act. The appellate challenge concerns proof of service, validity of electronic summons, and intentional non-compliance.
August 10, 2026
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Pesticide residue concerns drive organic farming, school agriculture initiatives, infrastructure financing and climate-resilience support for farmers.
Food-safety concerns arising from pesticide residues and toxic substances are to be addressed through organic vegetable farming, household cultivation and the Kathir school-farming initiative. Kathir provides for institutional farming, teacher and committee support, markets, student training and clubs, with possible academic weightage for agricultural participation. Agricultural infrastructure financing supports post-harvest management, value addition, processing, packing, marketing and exports. Additional measures include banking support, agricultural technology adoption, women-farmer support and schemes addressing climate-related floods and drought.
August 10, 2026
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Digital EODC processing removes physical duty challans through authenticated payment verification for export authorisation closure.
Export Obligation Discharge Certificate processing under the Advance Authorisation and Export Promotion Capital Goods schemes no longer requires physical duty-payment challans for voluntary customs-duty payments made on or after 1 August 2026. Authenticated licence-wise payment information is electronically transmitted from Customs/ICEGATE to DGFT systems and mapped to the relevant authorisation. Exporters can verify payment details on the customer portal, while Regional Authorities use corresponding back-office records, replacing manual submission and verification for authorisation closure.
August 10, 2026
Show AI Summary
Trusted service-call numbering requires verified utilities and logistics entities to use dedicated numbers exclusively for transactional and service communications.
The 1601-series is introduced for verified utilities, courier and logistics entities making service and transactional voice calls. Numbers must be allocated directly to eligible entities, not intermediaries or aggregators, following verification by telecom service providers and an undertaking of exclusive use. Promotional voice calls are prohibited on this series and remain associated with the 140-series. The framework separates these calls from the 1600-series reserved for regulated financial-sector and government-to-citizen communications, supporting consumer recognition of legitimate calls and reducing impersonation risks.
August 10, 2026
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GST revenue collection drives tax growth while data scrutiny, taxpayer verification, and compliance capacity remain key administrative priorities.
GST constituted the principal component of tax revenue for the 2025-26 fiscal year. Tax administration faces staff shortages, information-technology upgrade needs, and increased workloads from taxpayer registrations and return filings. Compliance oversight requires GST data scrutiny, risk assessment, identification of unregistered taxpayers, tax-evasion detection, and field verification of high-risk taxpayers. Long-term revenue planning sets progressively higher collection targets through 2063.
August 10, 2026
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Russian crude imports reshape India's refining trade as processed petroleum products reach sanctioning jurisdictions despite import restrictions.
Indian imports of Russian crude oil reached a second consecutive monthly record in July 2026, with Russian crude forming the dominant share of India's Russian fossil-fuel purchases and more than half of total crude imports. Higher receipts through smaller terminals offset reduced volumes at Paradip. Indian refineries processing Russian crude also exported refined petroleum products to sanctioning jurisdictions, including the European Union, Australia and the United States, despite the European Union prohibition on imports of oil products made from Russian crude.
August 10, 2026
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Cyber-fraud through stolen phones allegedly used mule accounts, banking credentials and coordinated technical operations to divert victims' funds.
Investigation into unauthorised withdrawals after theft of a mobile phone uncovered an alleged interstate cyber-fraud network using stolen devices, linked banking credentials and mule bank accounts. The scheme allegedly involved phone theft, supply of accounts and banking instruments, and a technical operation that accessed victims' accounts and routed funds for withdrawal or transfer. Digital surveillance, transaction mapping, seized devices, victim data and transaction records are being examined to identify linked complaints and the extent of funds allegedly diverted.
August 10, 2026
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Rupee depreciation reflected stronger dollar, elevated crude prices and geopolitical uncertainty, while portfolio inflows and equity gains provided support.
The rupee depreciated against the US dollar amid a stronger dollar, higher global crude oil prices and uncertainty surrounding West Asia-related negotiations. Concerns over crude oil's potential impact on the trade deficit weighed on the currency, while positive domestic equity markets and foreign portfolio investment inflows provided support. Market caution remained focused on forthcoming US inflation data, dollar-index movements and Brent crude prices. Foreign-exchange reserves increased during the reported period.
August 10, 2026
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Collateral-free personal loans offer extended repayment flexibility, conditional reward benefits, and online application subject to eligibility and disbursal requirements.
Loan Utsav 2026 provides eligible Bajaj Finance Personal Loan applicants an exclusive reward bundle where the loan is successfully disbursed during the campaign period. The collateral-free facility supports personal expenses, offers repayment tenures from 12 to 108 months, and may enable lower monthly EMI obligations through a longer selected tenure. Interest rates depend on eligibility, credit assessment, financial profile and lending criteria. Online applications require personal and financial details and required documents, with disbursal for eligible applicants possible after verification and approval.
August 10, 2026
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Credit card payment flexibility supports seasonal shopping and travel through eligible EMIs, rewards, tracking tools and conditional merchant benefits.
Credit-card spending features include conversion of eligible purchases into EMIs, selected no-cost EMI options, reward points, cashback, merchant discounts and payment flexibility. Travel-related benefits may include domestic airport lounge access, travel-booking discounts, fuel-surcharge waiver and anniversary-linked rewards. The AU 0101 application enables transaction tracking, balance and interest-rate monitoring, EMI conversion and bill-payment management. Features and offers are subject to change, customer eligibility, internal policies and partner-merchant terms.

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Customs, DGFT & SEZ

Minutes of the October 23, 2013 Meeting of the Technical Advisory Committee on Monetary Policy

November 22, 2013

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The thirty fourth meeting of the Technical Advisory Committee (TAC) on Monetary Policy was held on October 23, 2013 in the run up to the Second Quarter Review of Monetary Policy 2013-14 on October 29, 2013. The main points of discussion in the meeting are set out below.

  1. Some Members were of the view that the global economy is showing signs of improvement, especially in the UK, the US, the euro area and Japan. In several advanced economies, however, unemployment is persisting at elevated levels. Members felt that the overall global economic outlook is tilted towards the downside. However, weaker global recovery is unlikely to translate into softening of international commodity prices, including that of oil.
  2. Members were unanimous that growth impulses in the Indian economy were weakening, especially in the industrial and services sectors. In particular, the capital goods industry’s order book position has stalled with inventory levels having come down and along with production cuts, staff lay-off have also started. Small and medium enterprises (SMEs) have been severely affected. While activity in the second half of 2013-14 could be a little better than in the first half, Members believed that the overall momentum of growth would be low. Some Members were of the view that the risk of slippage on the fiscal deficit remains, while others felt that the Government might contain the deficit to committed levels by cutting down expenditure, but this could have an adverse impact on growth. If, on the other hand, the fiscal deficit overshot by a sizeable amount as the increase in diesel prices by Rs. 5 as proposed by Parikh committee was lagging, it could reflect in an increased borrowing programme, hurting growth by impeding the flow of credit to productive sectors.
  3. Some Members were of the view that inflation is not the immediate concern. Their outlook on inflation was optimistic due to various factors - arresting of the rupee’s depreciation, softening of global commodity prices and a good monsoon which augurs well for agriculture. The wholesale price index (WPI) inflation excluding food and fuel was around 2 per cent. Even though consumer price index (CPI) inflation excluding food and fuel was high, it also reflected, in part, the presence of fuel items in transport and communication. Aggressive expansion of the service tax net has also kept services price inflation elevated. Wages have over-corrected since nominal rural wage growth has been faster than food price inflation. The vegetable price shock is likely to be temporary, and may not be a major source of second round effects. Other Members believed that inflation risks are high as the CPI inflation - both headline and excluding food and fuel - are elevated. The latest CPI reading showed very high month-on-month momentum across all items. Going forward, inflation could pick up further as the exchange rate pass-through takes place. Despite being a good year for agricultural production, food price pressures might persist due to increases in the minimum support price, excess procurement and large stocks. The beneficial impact of a good monsoon on food inflation, especially on fruits and vegetables, was so far not in evidence; any positive impact might get offset by real wage growth. According to them, the wage price spiral is contributing to inflation in a significant way and inflation expectations had got entrenched at elevated levels.
  4. External sector risks, according to some Members, are low because of the postponement of tapering of quantitative easing, though this hiatus could be short-lived. Other Members were of the view that the risks to CAD remain elevated. Since GDP is expected to be low, the sheer size of CAD as a ratio to GDP might be higher. Members cautioned that tapering induced shocks in the form of capital outflows would demand immediate action from the Reserve Bank. If mere announcement of tapering could raise US yields by about 100 basis points by August 2013 and give rise to large volatility in the exchange rate of the rupee, preparedness to deal with actual tapering would be critical, particularly in view of the composition of the CAD. If a high CAD is associated with excess consumption demand (decline in saving) rather than higher investment, the adjustment process may become sharper. Members preferred that market forces should determine the exchange rate and believed some depreciation was good to support export growth. Some Members were also of the opinion that with the exchange rate regaining stability, the time was opportune to accumulate foreign exchange reserves.
  5. On monetary policy measures, all Members unanimously wanted to restore symmetry in the policy corridor - with the MSF rate at 100 basis points above the policy repo rate. Expressing concerns on inflation as also on the external front, four Members supported raising the repo rate by 25 basis points while bringing down the MSF rate by the same amount. One of these Members also recommended an increase in access to the LAF window through overnight repos to 0.6-0.7 per cent of banks’ net demand and time liabilities (NDTL) to reduce the overall cost of borrowing for banks. Two Members wanted no change in the repo rate. These Members were of the view that since an increase in the repo rate would have a negative impact on growth, no effect on food or overall inflation and only a limited effect in terms of bringing down inflation expectations, it is better to keep the operating rate low to support growth. To make the corridor symmetric, this implied a reduction in the MSF rate by 50 basis points. One Member, deriving comfort from low WPI inflation excluding food and fuel, advised the Reserve Bank to address growth risks and to cut the repo rate by 25 basis points, along with normalising the corridor width to 100 basis points. The Member also emphasised the need to ease access to working capital loans for SMEs so as to support exports, in particular, and growth, in general.
  6. The meeting was chaired by Dr. Raghuram G. Rajan, 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. Shankar Acharya, Dr. Arvind Virmani, Prof. Ashima Goyal, Prof. Errol D’Souza and Dr. Chetan Ghate. 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.

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.

Sangeeta Das

Director

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Acts Income Tax