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September 1, 2026
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Foreign exchange market dynamics: rupee appreciation reflected portfolio inflows, domestic growth, and possible central-bank intervention amid external pressures.
The rupee appreciated against the US dollar, supported by domestic growth, controlled fiscal slippage, portfolio-related inflows and possible Reserve Bank of India intervention. Its gains were limited by weak equity markets, rising crude oil prices and a stronger dollar. External geopolitical tensions and hawkish US monetary signals remained potential pressures. Domestic indicators showed strong economic activity, while the current account deficit widened because of a higher merchandise trade deficit. Foreign portfolio inflows continued despite investors remaining net sellers during the year.
September 1, 2026
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Current account deficit widened as merchandise trade deficit increased, notwithstanding stronger services receipts, remittances, and foreign direct investment inflows.
India's current account deficit widened in the first quarter of 2026-27 as the merchandise trade deficit increased. Higher net services receipts, increased personal transfer receipts and lower net primary-income outgo partly supported the external account. Financial-account movements included higher net foreign direct investment inflows, a shift in foreign portfolio investment from net inflow to net outflow, and lower net inflows through non-resident deposits and external commercial borrowings. Foreign exchange reserves declined on a balance-of-payments basis during the quarter.
September 1, 2026
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Technology-enabled tax compliance and enforcement supported higher commercial tax collections, while GST rate reductions moderated sectoral net GST growth.
Technology-enabled tax administration supported commercial tax and net GST collection growth in Andhra Pradesh during August 2026 and the cumulative period through August. AI-based analytics and scrutiny, IGST reversals, UPI-based enforcement, registration verification, Aadhaar authentication, digital payment enablement, predictive analytics and data sharing strengthened compliance, scrutiny and revenue mobilisation. Petroleum VAT, professional tax, liquor VAT and IGST settlement also increased, while GST rate reductions moderated net GST performance in specified product sectors.
September 1, 2026
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Windfall gains tax on petroleum exports rises for petrol and diesel while aviation turbine fuel levy is reduced.
Special additional excise duty and road and infrastructure cess on petroleum-product exports are revised with effect from 1 September 2026. The export duty on diesel is increased, the levy on aviation turbine fuel is marginally reduced, and a duty is imposed on petrol exports. Existing duty rates for petrol and diesel cleared for domestic consumption remain unchanged. The windfall-tax framework seeks to support domestic fuel availability and deter exporters from benefiting from domestic and international price differences.
September 1, 2026
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Automated Free Sale and Commerce Certificate issuance reduces manual scrutiny while preserving risk-based review for eligible exporters.
DGFT has enabled automated issuance of Free Sale and Commerce Certificates through its portal for eligible exporters of items not covered by the Drugs & Cosmetics Act, 1940. Applications satisfying prevailing framework and automated processing parameters may be issued without manual scrutiny. Applications requiring verification or not meeting those parameters may be routed for manual processing, while auto-approved applications may be flagged later for risk-based review. The mechanism seeks faster, more transparent and predictable processing while retaining necessary oversight.
September 1, 2026
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Five-day banking and equitable performance incentives drive planned nationwide bank union strike amid unresolved pension demands.
United Forum of Bank Unions has proposed nationwide strike action over delayed five-day banking, the performance-linked incentive framework, and unresolved pension demands. Five-day banking was agreed under the 12th Bipartite Settlement/9th Joint Note with extended Monday-to-Friday working hours, but remains pending for implementation. Unions challenge the incentive scheme for departing from a uniform, bank-performance-linked approach and for disproportionately benefiting senior officers. The dispute is under conciliation and pending before the Delhi High Court, while pension updation, a uniform dearness allowance formula, and an old pension scheme option remain unresolved.
September 1, 2026
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Equity market volatility intensified as higher crude prices, geopolitical tensions and tighter monetary expectations weakened domestic investor sentiment.
Indian equity markets closed marginally lower as higher crude oil prices, US-Iran tensions, and expectations of prolonged tight United States monetary policy weakened risk appetite. The phased Closing Auction Session contributed to a late recovery in the benchmark index. Rising crude prices and global bond yields triggered broad-based selling across several domestic sectors, while foreign institutional equity sales and weakness in overseas markets added to pressure despite stronger-than-expected domestic economic growth.
September 1, 2026
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GST revenue collections show higher gross and net receipts alongside increased refunds and state-level settlement data.
GST revenue collections for August 2026 recorded total gross GST revenue of Rs. 1,99,853 crore, reflecting 14.8% growth over August 2025. Total refunds were Rs. 31,795 crore, including domestic refunds and export IGST refunds processed through ICEGATE. After adjustment of refunds, total net GST revenue was Rs. 1,68,057 crore, representing 8.3% growth. SGST collections and the SGST component of IGST settlement were separately identified for States and Union Territories, with post-settlement SGST aggregating Rs. 95,531 crore.
September 1, 2026
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Trade facilitation and customs preparedness feature in AILBIEA's Silver Jubilee knowledge conference on liquid bulk commerce.
AILBIEA's Silver Jubilee programme focuses on trade facilitation, customs modernisation, GST dispute preparedness and maritime-risk issues affecting liquid bulk trade. The Knowledge Conference includes sessions on the Authorised Economic Operator advantage, next-generation customs technology, GST Appellate Tribunal-era dispute preparedness, and geopolitical risks to sea-borne trade. It also marks the launch of AGS 360, integrating port information, vessel tracking, port-call estimates and maritime intelligence.
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
Show AI Summary
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
Show AI Summary
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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India And Korea Share A Common Vision Towards Building An Equitable And Just Politico-Economic International Order: FM

January 8, 2014

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The Union Finance Minister Shri P. Chidambaram said that India and Korea share a common vision towards building an equitable and just politico-economic international order. Shri Chidamabaram said that relations between India and Korea are based on strong historical ties, shared cultural heritage, commitment to democracy and a mutual desire to establish and strengthen long-term comprehensive strategic partnership. The Finance Minister Shri Chidambaram was speaking at the 4th India-Korea Finance Ministerial Meeting here today.

The Finance Minister stressed that India’s economic fundamentals are strong. He said that between 2005 and 2007, India achieved its growth potential – in fact exceeded it – and recorded growth rates of over 9 percent. During the 20-year period from 1991 to 2011, the average growth rate was close to 7 percent. As is evident, even in face of most adverse global factors, we have remained as one of the fastest growing economies in the world, the Minister added. He said that in this uncertain global situation, both India and Korea can and should articulate common positions and play a vital role in international economic diplomacy.

The Union Finance Minister Shri P. Chidambaram said that to promote domestic and foreign investments in infrastructure, we have taken two major steps: First, a Cabinet Committee on Investment (CCI) has been set-up to expedite decisions and clearances for implementation of projects. This is headed by the Prime Minister. Second, is the creation of Infrastructure Debt Funds (IDFs) to raise low-cost long term resources for refinancing infrastructure projects. The Finance Minister said that he is confident that Korean companies will make good use of these opportunities to our mutual advantage.

The Finance Minister Shri Chidambaram said that India is in the process of deepening policy reforms in its financial sector and addressing gaps in the overall regulatory architecture. The Finance Minister said that India and Korea could collaborate more intensively in this area through experience sharing. Financial inclusion remains a very high priority for us, the Minister added. He said that we had constituted the Financial Sector Legislative Reforms Commission (FSLRC) to review and rewrite the legal-institutional framework of the Indian financial sector laws. Its recommendations are currently being examined for implementation, he added.

The Finance Minister Shri Chidambaram said that since the country’s growth potential is around 8%, several steps have been in the recent months to reverse the economic slowdown, rein in the fiscal stress and improve investment climate. These measures inter-alia include liberalization in the FDI regime, measures to improve performance of the manufacturing sector, promotion of exports, banking reforms, deepening of financial markets, and fiscal consolidation. He said that in the case of POSCO plant in Orissa, he is made to understand that the land acquisition process has been completed.

Beside the Finance Minister Shri P. Chidambaram, Shri Sumit Bose, Finance Secretary, Dr Arvind Mayaram, Secretary, Department of Economic Affairs, Shri K.P. Krishnan Additional Secretary along with other senior officers from the Ministry of Finance were part of the Indian delegation. Korean side was led by Mr. Hyun Oh Seok, Deputy Prime Minister and Minister of Strategy and Finance, Republic of Korea along with Mr. Yoon Tae Yong, Director General, International Economic Affairs Bureau, Mr. Gwak Bum Gook, Director General, Treasury Bureau and Mr. Han Myung Jin, Director General, Tax Analysis and International Tax Affairs Bureau among others.

Following is the text of the Agreed Minutes of the Fourth India-Korea Finance Ministerial Meeting which were signed here today at the end of the aforesaid Meeting by both the Finance Ministers i.e. the Finance Minister of India Shri P. Chidambaram and Mr Hyun Oh Seok, Deputy Prime Minister and Minister of Strategy and Finance, Republic of Korea:

“The Fourth Korea-India Finance Minister’s Meeting (hereinafter the "Finance Minister’s Meeting") was held here today between the Ministry of Strategy and Finance of the Republic of Korea (hereinafter “Korea”) and the Ministry of Finance of the Republic of India (hereinafter “India”).

The delegation of the Republic of Korea (hereinafter the "Korean side") was led by Mr Oh-Seok Hyun, Deputy Prime Minister and Minister of Strategy and Finance and the delegation of the Republic of India (hereinafter the "Indian side") was led by Shri P.Chidambaram, Minister of Finance.

Both sides exchanged views on macroeconomic outlook and policy directions and measures necessary to reinforce cooperation under the multilateral framework and appreciated the deepening and developing bilateral economic cooperation.

Both sides had in-depth discussions on issues of mutual interest in areas of trade and investment, public service and fiscal affairs, taxation and finance, and infrastructure development and cooperation.

Macroeconomic Developments and Policy Directions

Both sides exchanged views on the current economic situation and policies of each country, and recognized the need for strengthening economic cooperation between the two countries.

Cooperation between Korea and India under Multilateral Framework

Both sides recognized the need to strengthen cooperation under the multilateral framework, and agreed to facilitate discussions at the G20 level and regional cooperation forums to actively address other global issues.

Cooperation in Trade and Investment

Both sides underscored the need to evolve a vision for medium and long-term cooperation between the two countries for systematic and close bilateral cooperation, and agreed that identified research institutes of the two countries would jointly discuss this subject.

The India-Korea Comprehensive Economic Partnership Agreement (CEPA) has contributed to enhancing trade and investment flows between the two countries. It has brought the two economies closer. Both sides agreed to continue their consultations on the CEPA.

In order to enhance trade relations, both sides further agreed that, in case either Customs Authority notifies its counterpart of difficulties encountered in the process of Customs clearance, the two Authorities will make efforts to address the difficulties expeditiously.

Both sides agreed to make efforts to promote SME cooperation between the two countries by sharing knowledge and experience gained on SME policies and by creating strategic industrial partnerships for investment and technical cooperation.

Cooperation in Public Service and Fiscal Affairs

Both sides shared the view that a financial management information system contributes to strengthening of a nation’s financial management. Both sides agreed to boost mutual benefits through closer cooperation in the subject.

Both sides agreed on the importance of management of state property and agreed to strengthen cooperation in the development of systems that will enable the management of state property. Furthermore, both sides agreed to promote the sharing of ideas for efficient management of state property and hold regular meetings on the issue when required.

Both sides agreed to cooperate and work together to improve public procurement systems including e-procurement systems. Both sides agreed to cooperate to facilitate mutual exchange between the public procurement entities of Korea and India.

The Korean side proposed cooperation through a Knowledge Sharing Programme (KSP) in order to facilitate mutual economic cooperation, and the Indian side agreed to consider this favourably.

In accordance with the MOU on cooperation between the Ministry of Strategy and Finance of Korea and the Ministry of Finance of India, both sides agreed to promote a short-term training course for identified officials of the two Finance Ministries at a mutually agreed location and time.

Cooperation in Taxation and Finance

Both sides agreed to make an effort to conclude the revision of the Korea-India Double Taxation Avoidance Convention (DTAC) expeditiously after reviewing their respective positions on major pending issues for the revision.

Both sides agreed to consider issue of license necessary to establish Bank Branches and offices in each other’s country if an applicant bank is judged to have qualified based on relevant laws, regulations and eligibility requirements.

Both sides shared recognition of the necessity for cooperation in financial supervision and agreed to discuss and conclude an MOU on financial supervision between The Reserve Bank of India and the Financial Services Commission, Korea.

Both sides agreed to strengthen cooperation in the infrastructure sector between the two countries by the signing of an MOU between the Export-Import Bank of Korea and India Infrastructure Financing Company Ltd in January 2014 for the purpose of mutual exchange of information on infrastructure development projects.

Both sides agreed to strengthen cooperation in bilateral trade by means of the Master Interbank Export Credit Agreement worth USD 200 million between the Export-Import Bank of Korea and State Bank of India to be signed in January 2014, which will facilitate the provision of export credit to India.

Cooperation in Infrastructure Development

The Indian side agreed to the proposal from the Korean side for the two sides to sign the MOU on railway cooperation and for holding a senior officer level railway cooperation meeting between the two countries.

The Indian side agreed to the proposal by the Korean side for the two sides to sign the Framework of Cooperation (FOC) on roads and to hold a Joint Committee Meeting on road cooperation between the two countries after the FOC has been signed.

The Indian side requested the Korean side to encourage investment by Korean long-term infrastructure related funds in the various infrastructure investment instruments that have been and are being launched in India. The Korean side agreed to consider the same positively.

The Korean side requested for facilitation from the Government of India for speedy administrative support including issue of clearances and licenses required in the various projects that Korean companies are participating in and committed to at the State level. The Indian side agreed to provide all possible assistance within the federal structure in India.

Both sides agreed to hold the next round of air consultations in a mutually beneficial way recognizing the importance of air services in promoting, economic, social and cultural exchanges and people-to-people interactions.

The Korean side proposed to conclude an MOU including establishing cooperation channel, a joint committee at the Director General level, for enhanced cooperation and exchanges in the field of electric power and the Indian side agreed to consider the proposal including holding a joint committee meeting on cooperation in electric power at a mutually agreed time.

Recognizing that a Science and Technology Cooperation fund of USD 10 million has served to implement joint research projects, both sides agreed to step up cooperation by creating an additional joint fund of USD 10 million (with a contribution of USD 5 million by each side) to promote applied research and development programmes which will be conducted jointly by academia, research institutes and businesses of both countries.

Both sides recognized that the Korea-India Finance Ministers’ Meeting can contribute practically to reinforcing economic cooperation between the two countries and reaffirmed their commitment to making efforts to strengthen basis for mutual cooperation in the future. Both sides agreed to hold the Fifth Korea-India Finance Ministers’ Meeting in Korea in 2014.”

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