Introduction of e-Invoicing Facility for Recipient Generated Self Invoices under Reverse Charge Mechanism for Domestic Supplies from Unregistered Pers...
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participates in the 114th meeting of the Development Committee Plenary of the W...
Directorate of Revenue Intelligence (DRI) and Central Bureau of Narcotics (CBN) destroy 2.87 Hectares (7.08 Acres) of illicit cannabis (ganja) cultiva...
The cumulative exports (merchandise & services) during April-September 2026-27 are estimated at US$ 476.20 Billion, as compared to US$ 418.31 Billion ...
Narcotics trafficking enforcement led to airport and road interceptions, baggage concealment detection, seizures, and arrests under the NDPS framework. Narcotics trafficking enforcement under the Narcotic Drugs and Psychotropic Substances Act, 1985, involved intelligence-led interceptions at Bengaluru and Delhi airports and near Nagpur. Passenger baggage and a backpack were examined, leading to the seizure of amphetamine and cocaine and the arrest of three passengers. The recoveries included amphetamine concealed in baggage, a ladies' suit and a backpack lining, and cocaine contained in transparent packets within baggage.
Gold smuggling syndicate enforcement traces concealed imports through airport handlers, illicit melting, and jewellery-market disposal under customs law. Directorate of Revenue Intelligence enforcement action identified an organised gold-smuggling syndicate importing foreign-origin gold through Ahmedabad and Surat airports, followed by handover to handlers, intermediary routing, illegal melting, and cash-based supply through an Ahmedabad jewellery outlet. Further searches recovered undocumented foreign-origin gold bars and records concerning smuggled gold linked to a Dubai-based financier. The investigation identified interconnected roles across the movement, processing, and disposal of smuggled gold; three persons were arrested under the Customs Act, 1962.
Free trade agreement utilisation requires origin compliance, product standards, and documentation to secure preferential export market access. Effective FTA utilisation requires businesses to identify eligible products and markets, assess tariff preferences and rules of origin, and meet applicable quality, certification, documentation and importing-country requirements. Preferential access under agreements with the UAE, Australia, EFTA countries and the United Kingdom remains subject to each agreement's provisions and implementation status. Tariff preferences may improve price competitiveness and facilitate participation in international supply chains where product- and partner-specific conditions are satisfied.
Drug prevention awareness initiatives engage students through health education, interactive activities and pledges supporting a drug-free society. Mission Yuva Raksha advances preventive drug awareness and demand-reduction efforts among students through programmes at educational institutions in Madhya Pradesh. Sessions addressed the harmful effects of substance abuse on physical and mental health, education, family life and careers, supported by interactive learning activities. Participants were encouraged to avoid drugs, adopt healthy lifestyles, take pledges and support awareness initiatives in their schools, families and communities. Preventive education and youth engagement complement enforcement-oriented work through informed choices and community-based resistance to substance abuse.
Coastal narcotics trafficking enforcement addresses suspected maritime methamphetamine smuggling through seizure, asset recovery, and arrests under drug-control law. Intelligence-led narcotics enforcement addressed suspected coastal storage and maritime transfer of methamphetamine to Sri Lanka. Searches recovered crystal methamphetamine concealed in foil packets within duffel bags, which was seized under the Narcotic Drugs and Psychotropic Substances Act, 1985. Searches also recovered suspected drug-sale proceeds and vehicles allegedly used in transportation. Persons allegedly involved in organising coastal export, transport, storage and logistics were arrested and remanded to judicial custody.
Centralised audit framework targets lower physical branch audit coverage while preserving regulatory oversight and maintaining remuneration. For FY 2026-27, audit remuneration is to remain at existing levels. Member banks are advised to accelerate a centralised audit framework to improve cost efficiency while retaining comprehensive risk oversight. Physical statutory branch audit coverage should be reduced to cover 50% of total business, apart from centralised treasury audits. Audit coverage must align with SEBI listing and disclosure requirements and RBI guidelines, supported by a Board-approved policy for the centralised audit roadmap.
Promissory estoppel cannot prevent Government shareholding dilution where enacted legislation imposes no restriction on strategic disinvestment. Government shareholding in IDBI may be reduced or divested because the IDBI (Repeal) Act, 2003 contains no restriction on dilution of the Government's stake. A proposed amendment to limit dilution was rejected and not incorporated into the enacted law. Parliamentary statements cannot override statutory text, and promissory estoppel cannot be invoked on the basis of legislative debate statements to prevent dilution of Government shareholding. Successive Union Budget speeches also reflected a policy of transformation and strategic disinvestment of IDBI Bank.
Recipient-generated e-invoicing under reverse charge enables eligible taxpayers to obtain IRNs for domestic unregistered supplies and imported services. Eligible active registered recipients meeting the applicable aggregate annual turnover threshold may report recipient-generated self-invoices for specified reverse-charge domestic supplies from unregistered persons and imports of services. RCMDOM and RCMIMP must be selected as the relevant e-invoice supply types when reporting through an authorised Invoice Registration Portal. Submission and validation of prescribed invoice particulars would generate an Invoice Reference Number, subject to applicable GST provisions, notifications and e-invoice specifications.
Reservation Policy Implementation in public financial institutions was examined through capacity building, practical deliberations, and measures for consistent application. Implementation of the Government of India's Reservation Policy across public sector banks, public sector insurance companies, sectoral regulators and public financial institutions was addressed through capacity building to support uniform and effective application. Deliberations considered practical implementation issues, operational challenges and actionable measures for consistent policy application, alongside related welfare measures and interactive discussion of implementation questions.
Organic agricultural export certification supports overseas market access for Palmyra Jaggery Powder through export-oriented producer linkages. APEDA facilitated the maiden sea export of NPOP- and EU-certified organic Palmyra Jaggery Powder from Tamil Nadu to Bulgaria. The initiative seeks to diversify India's organic export basket, create market linkages for traditional Palmyra-based products, and improve producer access through export-oriented value chains. It covers organic cultivation and reports improved price realisation for participating farmers and the manufacturer compared with the domestic market. APEDA supports certified organic and value-added agricultural exports through market development, quality compliance, and overseas buyer linkages.
Data-driven trade governance enables integrated monitoring, application analysis and evidence-based policy inputs through the National Strategic Trade Command Centre. The National Strategic Trade Command Centre provides an integrated analytics and visualisation platform consolidating trade data to monitor trade indicators, scheme performance, application pendency, processing timelines, regional trends and compliance-related parameters. It enables analysis across national trade performance, Regional Authorities, schemes, products, destination markets and individual applications, subject to role-based access permissions. Initial dashboards cover key trade-facilitation and regulatory processes, including SCOMET, export promotion schemes, certificates of origin, importer-exporter registration and restricted imports and exports.
Private capital mobilisation should use competitive financing, guarantees and risk mitigation to expand productive employment and productivity. Private capital mobilisation is treated as essential to employment generation and productivity growth. Private enterprises, MSMEs and startups should remain central to job creation, with financing assessed by employment and productivity outcomes rather than volume. Guarantees, risk-mitigation instruments, local-currency financing and lower transaction costs are identified as means to expand affordable and predictable access to capital. Methodologies underlying governance indicators should be transparent, objective, evidence-based and responsive to diverse development experiences.
Narcotics smuggling through misdeclared air cargo triggered seizure, arrest, and ongoing investigation into concealed hydroponic weed imports. A Bangkok-origin air-cargo consignment declared as PU Tubes was examined on suspicion of mis-declaration. Plastic spools were found to contain concealed cavities holding polythene-wrapped packets of compacted green substance, preliminarily identified as suspected ganja/marijuana and described as hydroponic weed. The concealed substance, packaging and concealment material were seized under the NDPS Act, 1985. One person was arrested, and follow-up searches produced leads for continuing investigation.
Unaccompanied baggage gold smuggling: concealed hardware and insider coordination triggered interception, seizure, and arrests under customs law. Foreign-origin gold smuggling through the unaccompanied baggage channel involved concealment of gold within hardware items and coordinated retrieval through warehouse personnel and intermediaries. Intelligence-led interception resulted in recovery and seizure of foreign-origin gold concealed in a floor spring, metal locks, a grease gun and a door closer. The arrangement used a trolley secured by a pre-decided number-lock combination, with a warehouse staff member, mediator and receiver allegedly involved in delivery of the concealed gold.
Opium cultivation licensing grievance redressal advances through public hearings, administrative remedies, policy recording, and a planned cultivator helpline. Opium cultivation licensing grievances were addressed through a public hearing where cultivators raised irrigation, climatic, single-plot licensing, and village-wise allocation concerns. Participants were informed of available legal provisions and administrative remedies. Requests for more licences and larger cultivation plots were considered, with policy matters recorded. A helpline is intended to assist cultivators during the 2026-27 licensing operation.
Illicit cannabis cultivation: crop destruction followed legal formalities, while investigation continues in a remote wildlife sanctuary. Illicit cannabis cultivation was located by a joint DRI and CBN team across five stretches of remote, densely forested wildlife-sanctuary land near village Jamniapani, Shirpur, District Dhule, Maharashtra. The cultivation covered 2.87 hectares. Following requisite legal formalities, the cannabis crop was destroyed using a rotavator in the presence of Police and Forest Department officials. Investigation remains in progress.
Merchandise and services trade estimates show export growth, import expansion, and a wider combined trade deficit over the reporting period. Combined trade estimates for April-September 2026-27 show exports of US$ 476.20 billion and imports of US$ 551.13 billion, resulting in a trade deficit of US$ 74.93 billion. Merchandise exports rose to US$ 259.89 billion, while merchandise imports reached US$ 437.53 billion. Estimated services exports were US$ 216.31 billion and services imports were US$ 113.60 billion, producing a services trade surplus of US$ 102.71 billion. September services figures are estimates, and specified earlier-period data were revised using quarterly balance-of-payments data.
Emerging technology skills and resilient supply chains are positioned as foundations for investment competitiveness and inclusive economic growth. Ministerial policy priorities for India's trade, investment and technology agenda emphasise artificial intelligence, cybersecurity, technology adoption, manufacturing investment and lifelong skill development. Investment competitiveness is linked to political stability, resilient supply chains, and fair and transparent trading practices. The first tranche of a bilateral trade agreement with the United States has been finalised, while final contours and legal drafting continue before operationalisation.
Majority stake acquisition in the jewellery sector receives competition clearance for GRT Jewellers' purchase of Tribhovandas Bhimji Zaveri. Competition Commission of India approved GRT Jewellers (India) Private Limited's proposed acquisition of a majority stake in Tribhovandas Bhimji Zaveri Limited. The transaction concerns entities operating in the Indian gems and jewellery market, including a private limited acquirer and a publicly listed target engaged in manufacturing and sale of gems and jewellery.
Minority shareholding acquisition in mother and baby healthcare receives competition clearance for a private equity-backed investment. Competition Commission of India clearance authorises NuageLux BidCo S.a r.l. to acquire approximately 23% of the fully diluted shareholding in Kids Clinic India Ltd. The transaction constitutes an acquisition of a minority equity interest in a healthcare provider operating under the Cloudnine brand. NuageLux BidCo is a Luxembourg-incorporated private limited special purpose vehicle, ultimately controlled by Permira Holdings Ltd.
Union Finance Minister Shri Pranab Mukherjee released the first Budget Manual of the Union Government, here today. Releasing the Manual, the Finance Minister said that the Union Budget has evolved over the past six decades to reflect the strength of India's democratic processes in shaping its economy, and has emerged as a crucial tool for Public Finance Management. He said that this Manual is an attempt to bring together the entire Budget related activities and procedures etc. which were hitherto available in a dispersed manner in the form of executive instructions and guidelines . The Manual has been prepared by the Budget Division of the Department of Economic Affairs. Finance Minister Shri Mukherjee congratulated the Division for taking this initiative.
The Finance Minister said Budget Manual is a comprehensive document explaining in detail the procedures and activities connected with the preparation of Budget. Mr Mukherjee said that Budget Manual will serve as a guidance document to the officials involved in Budget making in the Finance Ministry as well as in other Ministries/Departments. He said that it is also expected to act as a good reference document for interested readers and stakeholders. He said that this document is an effort in the direction of fostering greater transparency and better understanding about procedures and systems relating to making of Union Budget.
At the outset, the Manual brings out the Constitutional provisions related to the Budget. It describes the contents of various Budget documents. The Finance Minister said that the Manual also deals with the Organizational aspects, roles and responsibilities of the Parliament, Parliamentary Committees and the responsibilities of various wings of the Executive in the Budget making process. The Union Government's accounting and classification systems have also been explained apart from the working of the Consolidated Fund of India, the Contingency Fund of India and the Public Account of India, the Finance Minister added.
Minister of State for Finance, Shri Namo Narain Meena alongwith the Secretaries of different departments of the Ministry of finance including Finance Secretary, Shri Ashok Chawla, Revenue Secretary, Shri Sunil Mitra, Expenditure Secretary, Smt. Sushma Nath, Secretary, Financial Services, Shri R. Gopalan, Secretary, Disinvestment, Shri Sumit Bose and Chief Economic Advisor, Dr. Kaushik Basu were also present on this occasion among others.
The core sections of the Manual explain the entire chain of activities related to Budget preparation right from the issue of Budget Circular in September to the Budget Day in February, including the processes of estimation of receipts and expenditure, their firming-up and finalization through the Pre-Budget Meetings and their compilation. The comprehensive calendar of Budget related activities, their timelines, details of the related duties and responsibilities of the officers and staff together with the Security and 'Lock-in' procedures have also been brought out. Finally the Manual deals with the Implementation and Reporting of various Budget announcements. There are also a series of Annexes which provide a holistic perspective on the related subjects. An attempt has been made to incorporate all the Budget related issues in the Manual so as to make it a self contained and one stop guidance document.
Text of the Finance Minister's address on the occasion is given below:
"I am pleased to participate in this function to release the Budget Manual for the Union Government. The Budget process of our country predates the Independence and has evolved over the past six decades to reflect the strength of our democratic processes in shaping our economy. It has emerged as a crucial tool for public finance management.
Budget was first introduced on 7th April, 1860, two years after the transfer of Indian administration from East-India Company to British Crown. The first Finance Member, who presented the Budget, was James Wilson. Mr. Liaquat Ali Khan, Member of the Interim Government presented the Budget of 1947-48. After Independence, India's first Finance Minister, Shri Shanmukham Chetty, presented the first budget of independent India on 26th November, 1947.
Toni Morrison, the famous author and winner of the Pulitzer and Nobel Prize for literature, had once stated, I quote-
"If there's a book you really want to read but it hasn't been written yet, then you must write it".
~Toni Morrison
The Union Government Budget Manual is one such book, the need for which has been felt for long. I am happy to note that the Budget Division has brought out this Manual. Large areas of the Budget making procedures and processes have not been in public domain, leading at times to some misinterpretations and conjectures. The Budget Manual will shed such misconceptions. I am sure this Manual will bring about greater transparency and better understanding about the Union Government Budget making procedures and systems.
The Manual attempts to outline the entire chain of events leading to the Union Budget. The purpose of this Budget Manual is to provide guidance and a training tool for the officers and staff engaged in the Budget preparation, not only in the Finance Ministry but in other Ministries/Departments as well.
Finally, I would also like to express my appreciation to the officials of the Finance Ministry for taking this initiative and completing the task of preparing the Union Government Budget Manual.
With these words I would now like to release the Budget Manual for the Union Government."
DSM/GN (Release ID :66030)
Budget Manual consolidates Union Budget procedures and roles, standardising accounting, timelines and transparency for public finance management.
The Budget Manual consolidates dispersed executive instructions into a single guidance document describing Constitutional provisions, contents of budget documents, accounting and classification systems, and the operations of the Consolidated Fund of India, the Contingency Fund of India and the Public Account of India. It delineates roles of Parliament, parliamentary committees and executive wings, and outlines the full sequence of budget formulation from the Budget Circular to Budget Day, including timelines, officer duties, security and lock-in procedures, implementation and reporting, with annexes for related subjects.
Note: It is a system-generated summary and is for quick reference only.
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