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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.
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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.
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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.
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Income-tax return filing for non-audit business and professional taxpayers closes at midnight, requiring use of applicable forms.
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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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News and Press Release

Economic Industrial Corridor

December 9, 2013

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During the Summit meeting held between India and United Kingdom in February 2013, the Prime Ministers of both the countries noted UK’s interest in cooperating with India for the development of a new Bengaluru Mumbai Economic Corridor (BMEC). The feasibility study is being conducted by the India side. The details of nodes to be developed and other details will be clear only after the study is over.

The Government has notified a National Manufacturing Policy (NMP) vide Press Note dated 4th November, 2011 with the objective of enhancing the share of manufacturing in GDP to 25% and creating 100 million jobs over a decade. The goals of DMIC intervention are:

• Double employment in 7 years

• Triple industrial output in 9 years.

• Quadruple exports from region in 8 -9 years.

It is too early to fix any targets in respect of the Chennai Bangalore Industrial Corridor (CBIC), Bangalore Mumbai Economic Corridor (BMEC) & the Amritsar - Kolkata Industrial Corridor (AKIC).

Annexure

Annexure referred to in reply to part (a) of the Lok Sabha Unstarred Question No. 604 for answer on 9.12.2013.

Four industrial corridors have been envisaged:

(i) Delhi Mumbai Industrial Corridor (DMIC):

DMIC Project is proposed to be implemented on both sides of the 1483 km long Western Dedicated Rail Freight Corridor between Dadri (UP) and JNPT (Navi Mumbai).   The project, to be implemented with Japanese assistance, seeks to create a strong economic base with a globally competitive environment and state-of-the-art infrastructure to activate local commerce, enhance investment and attain sustainable development. The DMIC project covers the six States of Uttar Pradesh, Haryana, Rajasthan, Madhya Pradesh, Gujarat and Maharashtra. The following investment regions/industrial areas have been taken up for development as industrial cities in the first phase;

a) Ahmedabad-Dholera Investment Region, Gujarat

b) Shendra-Bidkin Industrial Park, Aurangabad, Maharashtra

c) Manesar-Bawal-Investment Region, Haryana

d) Khushkhera-Bhiwadi-Neemrana Investment Region, Rajasthan

e) Pithampur-Dhar-Mhow Investment Region, Madhya Pradesh

f) Dadri-Noida-Ghaziabad Investment Region, Uttar Pradesh and

g) Dighi Port Industrial Area, Maharashtra.

ii)   Chennai Bangalore Industrial Corridor (CBIC):

During the visit of the Prime Minister of Japan to India on 28th December, 2011, the two Prime Ministers decided to strengthen efforts to improve infrastructure in Chennai Bangalore area and directed to operationalise the modalities for preparation of the Comprehensive Integrated Master Plan for development of Chennai Bangalore Industrial Corridor (CBIC). Japan International Cooperation Agency (JICA) Study Team conducted a Preliminary Study and in their report submitted in December 2012,. 26 priority projects across various sectors aimed at removing infrastructural bottlenecks have been identified. The Terms of Reference (ToRs) for Phase II Study for the CBIC were finalised in consultation with the stakeholders. As per the Terms of Reference, JICA is required to prepare the Comprehensive Regional Perspective Plan for CBIC region within 6-8 months of mobilisation of the Consultant and the Concept Master Plan and Development Plan for two Industrial Nodes within the next 10-12 months. A kick-off meeting with the JICA consultants for preparation of the comprehensive plan (phase-2 study) was held on 15th October, 2013. The interim report on Regional Perspective Plan should be ready tentatively by mid 2014 and the final report containing the Concept Master Plan and Development Plan for Industrial Nodes around mid 2015.

iii)Bengaluru-Mumbai Economic Corridor (BMEC):

During the Summit meeting held between India and United Kingdom in February, 2013, the Prime Ministers of both the countries welcomed the development in cooperation on infrastructure since the last summit. They noted UK’s interest in cooperating with India for the development of a new Bengaluru-Mumbai Economic Corridor (BMEC). The leaders agreed to examine and evolve the modalities and content of a feasibility study of this project concept through mutual discussions and to work out a roadmap for a possible partnership in this area. The ToRs for the feasibility study have been finalised in consultation with the Department of Economic Affairs, the UK side and DMICDC, which has been appointed as the nodal agency on the Indian side for the project. It has been agreed that the feasibility study will be funded and procured by the Government of India. DMICDC has initiated the tendering process for selection of a consultant for undertaking the study.

(iv) Amritsar-Kolkata Industrial Corridor (AKIC) :

In order to give a boost to industrial development in the densely populated States of Northern and Eastern India, commencement of preparatory work on developing the Amritsar-Kolkata Industrial Corridor (AKIC) has been approved. The AKIC will be structured around the Eastern Dedicated Freight Corridor (EDFC) as the backbone and also the Highway system that exists on this route. The AKIC will also leverage the Inland Water System being developed along National Waterway-1 which extends from Allahabad to Haldia. The AKIC will cover the States of Punjab, Haryana, Uttar Pradesh, Uttarakhand, Bihar, Jharkhand and West Bengal.

The information was given by the Minister of State in the Ministry of Commerce and Industry Dr. E.M. Sudarsana Natchiappan in Lok Sabha today.

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