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    Advisory on “Multistate Registration” Facility for GST Registration
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October 3, 2026
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Multistate GST registration enables normal taxpayers to submit common information once for simultaneous State and UT applications.
Multistate Registration enables normal taxpayers seeking GST registration under the same PAN in more than one State or Union Territory to apply simultaneously. A Master TRN is generated after selection of the intended jurisdictions and must be submitted with Common Registration Information. Individual TRNs are then generated for each selected jurisdiction, with common information auto-populated and editable. Applicants must provide principal and additional places of business, State-specific information, and Aadhaar authentication.
October 3, 2026
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Private corporate CAPEX survey collects forward investment data through secure self-reporting while protecting enterprise-level confidentiality.
CAPEX 2026 collects information from selected large private corporate enterprises on past, provisional and intended capital expenditure across asset groups and sectors, including investment strategies, financing, green energy and robotics. Responses are self-compiled through a secure portal with bilingual and digital assistance. Complete, accurate and timely reporting supports validation and aggregate investment indicators. Individual enterprise information is protected through confidentiality safeguards, and unit-level CAPEX data are not disseminated.
October 3, 2026
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International trade negotiations training addressed WTO rules, dispute settlement, sustainability, trade remedies, digital trade, and services.
Trade-negotiation capacity-building introduced foundational trade theory and the WTO framework, followed by instruction on treaty interpretation, trade data and dispute settlement. Specialised sessions addressed trade remedies, rules of origin, non-tariff measures, intellectual property rights, digital trade and services. It also considered labour, environmental and sustainability issues, including carbon border adjustment and deforestation requirements, within an increasingly complex global trade environment.
October 3, 2026
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Food security safeguards distinguish transparent public stockholding measures from coercive trade actions within multilateral trade cooperation.
India maintains public stockholding, procures food from small and marginal farmers, and may adopt temporary, transparent measures during harvest shortfalls to preserve food availability and affordability. These food-security measures are identified as recognised within the WTO framework. A distinction is advanced between legitimate food-security interventions and coercive trade actions used to exert pressure on other countries. G20 Trade Ministers reached consensus on a statement addressing the weaponization of food through coercive trade actions and committed to continued cooperation.
October 3, 2026
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Insolvency resolution reform prioritises timely, value-maximising outcomes through technology adoption, mediation, and legislative responsiveness across the insolvency ecosystem.
The Insolvency and Bankruptcy Code seeks faster, value-maximising resolutions through legislative responsiveness, technology adoption and adherence to prescribed timelines. Reform priorities include reducing case-disposal delays, speeding consideration of resolution plans, revising admission thresholds, mediation and sector-specific carveouts. The framework is associated with creditor recoveries, rescue of viable businesses and changed debtor-creditor behaviour.
October 3, 2026
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Drug abuse prevention awareness promotes student education, peer outreach, and youth responsibility for a drug-free society.
Operation Jagriti promotes drug abuse and addiction awareness among students by addressing the harmful effects of substance use and practical prevention measures. Students are encouraged to avoid drugs, spread prevention awareness among peers and communities, and contribute responsibly to the Nasha Mukt Bharat objective of a drug-free India.
October 3, 2026
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Forced-labour border measures require verifiable evidence, due process and WTO consistency while preserving cooperation without unilateral trade action.
Global trade distortions should be addressed through WTO-consistent, evidence-based anti-dumping and countervailing measures, without restricting developing countries' policy space for industrialisation. Most-Favoured-Nation treatment, consensus decision-making, special and differential treatment, and a two-tier dispute-settlement system remain central to multilateral trade governance. Imports produced using forced labour are prohibited, while border measures must rely on specific, verifiable evidence, observe due process and WTO rules, and avoid presumptions concerning entire countries, regions or sectors.
October 3, 2026
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Export-led market access for Makhana expands overseas buyer linkages, supports higher producer returns, and promotes European market diversification.
Export-oriented market access for Bihar's Makhana is being expanded through a facilitated shipment of popped Makhana from Purnea to Greece. APEDA's support connects producers and exporters with international buyers and strengthens the export value chain. Higher price realisation than domestic selling prices indicates scope for improved producer returns, wider farmer and producer-group participation, and diversification into European markets. Export promotion is linked to a proposed Agri Export Policy and packhouse development.
October 3, 2026
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FPO-led export market access links processed food producers with global buyers and strengthens agricultural value-chain participation.
APEDA facilitated an FPO-led export of frozen food products to Canada by Aterna Foods Producer Company Limited, with support under its Financial Assistance Scheme. The export included frozen vegetables, sweet corn, samosa and other processed food products. Market-linkage initiatives connect Farmer Producer Organisations and Farmer Producer Companies with exporters and global buyers, promoting export-oriented value chains and integrating agricultural produce with processing and international markets.
October 3, 2026
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RELIEF timeline extension preserves credit-insurance support and premium protection for exporters facing West Asia maritime disruptions.
Component II of the RELIEF intervention extends operational timelines for exporters affected by West Asia maritime-logistics disruptions. It encourages eligible exporters to obtain ECGC cover for upcoming shipments to specified regions with 95% risk coverage. Benefits apply to qualifying Stand Alone Policies and Whole Turnover Policies, covering full container load, less than container load, and reefer containers, but excluding energy shipments. Eligible exporters' insurance premium cannot increase beyond the pre-disruption level during the relevant period.
October 3, 2026
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RoDTEP duty remission continues for eligible exporters, preserving existing rates and value caps through the extended period.
RoDTEP Scheme continuation is extended until 31 December 2026 for exports made by Domestic Tariff Area units, Advance Authorisation holders, Special Economic Zone units and Export Oriented Units. The scheme remits embedded, un-rebated Central, State and local duties, taxes and levies borne on exported products. Existing RoDTEP rates and value caps remain unchanged throughout the extension.
October 3, 2026
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Wildlife trafficking enforcement targeted unlawful possession, transport and proposed sale of ivory, leopard skin, pangolins and tiger parts.
Illegal wildlife trafficking operations addressed alleged possession, transportation, and attempted sale of elephant ivory, leopard skin, live pangolins, and tiger parts. Possession without licence and trade in elephant ivory or ivory articles are prohibited under the Wild Life (Protection) Act, 1972. Leopards, pangolins, tigers, and their body parts receive Schedule I protection, while pangolins are also listed in CITES Appendix I, prohibiting international trade. Recovered wildlife articles, live animals, and vehicles were transferred or seized for action by forest and specialised wildlife enforcement agencies.
October 3, 2026
Show AI Summary
Two-way airport smuggling: airport staff allegedly facilitated clandestine gold entry and illicit diamond export through transit and outbound passengers.
An alleged two-way smuggling arrangement involved airport staff receiving foreign-origin gold dust in wax capsules from transit passengers for clandestine removal into India and transferring diamonds to an outbound passenger for illicit export to Dubai. Seizure included 23 capsules of 24-carat foreign-origin gold dust in wax form and natural and lab-grown diamonds. The modus operandi used the same airport employee to facilitate import-side gold smuggling and export-side diamond smuggling.
October 3, 2026
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Seized narcotic-drug disposal prevents contraband re-entry through supervised destruction, lawful opium deposit, and environmentally safe incineration.
Authorised disposal of seized narcotic drugs under the Narcotic Drugs and Psychotropic Substances Act, 1985 involved destruction of 10,842.150 kg of contraband through an approved process supervised by the Drug Disposal Committee and attended by a pollution-control representative. Seized opium was separately deposited with the Government Opium and Alkaloid Works as part of the disposal process, aimed at preventing contraband from returning to illicit drug trafficking and ensuring environmentally safe incineration.
October 3, 2026
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International postal narcotics trafficking: hydroponic ganja concealed in cake pouches was seized under NDPS procedures.
Seizure under the relevant provisions of the Narcotic Drugs and Psychotropic Substances Act, 1985, covered hydroponic weed (ganja) recovered from an international parcel received from Thailand. The contraband was concealed in cake pouches placed among other packets and articles to camouflage its presence. Specific intelligence prompted examination, recovery, weighing and seizure following due legal procedure, with further investigation in progress.
October 3, 2026
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NDPS enforcement enabled opium and vehicle seizure, with arrest after an intelligence-led roadside interception operation.
Intelligence-based enforcement under the Narcotic Drugs and Psychotropic Substances Act, 1985, resulted in the interception of a motorcycle and recovery of 4.240 kg of opium. The opium and motorcycle used for transportation were seized after legal formalities, and one person was arrested. Investigation continues to trace the contraband's source and intended destination and identify other persons connected with the suspected trafficking network.
October 1, 2026
Show AI Summary
GST revenue accounting distinguishes gross collections, refunds, net domestic and customs revenue, and SGST-IGST settlement reporting.
Gross GST revenue for September 2026 distinguishes domestic collections and IGST on imports; after domestic and ICEGATE refund adjustments, net revenue is calculated separately for domestic and customs GST. Cumulative collections through September similarly distinguish gross receipts, refunds and net revenue. SGST reporting compares pre-settlement receipts with post-settlement amounts that include the SGST portion of IGST settled to States and Union Territories. State and Union Territory revenue comparisons exclude GST on imported goods, while April-September domestic collections are split between Central and State formations.
October 1, 2026
Show AI Summary
Annual Survey of Industries results record broad manufacturing growth and define survey coverage, enumeration, digital data collection, and reliability limits.
ASI 2024-25 records broad-based growth in registered manufacturing, including establishments, output, Gross Value Added, employment, emoluments, fixed capital, invested capital, net income and net profit. The survey covers specified registered factories, bidi and cigar establishments, certain electricity undertakings, and qualifying large units in State-maintained business registers. Data are collected electronically under the statutory framework for collection of statistics using an establishment-based approach, with quality checks and caution required because the estimates arise from a sample survey.
October 1, 2026
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Economic resilience policy dialogue examines financial stability, digital governance, trade fragmentation, and investment priorities amid global uncertainty.
The fifth Kautilya Economic Conclave will examine economic resilience amid global shocks through discussions on macroeconomic stability, monetary policy, financial stability, investment, fiscal federalism and capital-market development. Its agenda also covers digital economy governance, artificial intelligence, trade fragmentation, strategic autonomy, climate resilience, food systems, demographic change and global health security. Plenaries, parallel sessions and closed-door roundtables will consider policy responses and mobilisation of domestic and foreign capital for long-term investment.
September 30, 2026
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Equity acquisition in a life insurer receives competition clearance for BNP Paribas Cardif's proposed investment.
Competition Commission of India approval covers a proposed combination under which BNP Paribas Cardif will acquire certain equity share capital in IndiaFirst Life Insurance Company Limited. The transaction is an acquisition of an ownership interest in an Indian life insurer. IndiaFirst Life Insurance Company Limited is incorporated in India, is an IRDAI-licensed insurer, and provides life insurance in India.

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Customs, DGFT & SEZ

Third Bi-Monthly Monetary Policy Statement, 2014-15 By Dr. Raghuram G. Rajan, Governor

August 5, 2014

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Monetary and Liquidity Measures

On the basis of an assessment of the current and evolving macroeconomic situation, it has been decided to:

  • keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.0 per cent;
  • keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of net demand and time liabilities (NDTL);
  • reduce the statutory liquidity ratio (SLR) of scheduled commercial banks by 50 basis points from 22.5 per cent to 22.0 per cent of their NDTL with effect from the fortnight beginning August 9, 2014; and
  • continue to provide liquidity under overnight repos at 0.25 per cent of bank-wise NDTL and liquidity under 7-day and 14-day term repos of up to 0.75 per cent of NDTL of the banking system.

Consequently, the reverse repo rate under the LAF will remain unchanged at 7.0 per cent, and the marginal standing facility (MSF) rate and the Bank Rate at 9.0 per cent.

Assessment

2. Since the second bi-monthly monetary policy statement of June 2014, global economic activity has been picking up at a modest space from a sharp slowdown in Q1. Investor risk appetite has buoyed financial markets, partly drawing strength from assurances of continuing monetary policy support in industrial countries. Portfolio flows to emerging market economies (EMEs) have risen strongly. This implies, however, that EMEs remain vulnerable to changes in investor risk appetite driven by any reassessment of the future path of US monetary policy or possible escalation of geopolitical tensions.

3. Sentiment on domestic economic activity appears to be reviving, with incoming data suggesting a firming up of industrial growth and exports. The June round of the Reserve Bank’s industrial outlook survey also points to improvement in business expectations in Q2. Leading indicators of the services sector are mixed, although there are early signs of modest strengthening of corporate sales and business flows. While the initial slow progress of the monsoon and its uneven spatial distribution raised serious concerns regarding agricultural production, these have been mitigated, though not entirely dispelled, by the pick-up in the monsoon through much of the country in July. The implementation of government policy actions that have been announced should create a congenial setting for a steady improvement in domestic demand and supply conditions.

4. Retail inflation measured by the consumer price index (CPI) has eased for the second consecutive month in June, with a broad-based moderation accompanied by deceleration in momentum. Higher prices of vegetables, fruits and protein-based food items were offset by the muted increase in the prices of non-food items, particularly those of household requisites and transport and communication. CPI inflation excluding food and fuel decelerated further, extending the decline that began in September 2013. However, with some continuing uncertainty about the path of the monsoon, it would be premature to conclude that future food inflation, and its spill-over to broader inflation, can be discounted.

5. Liquidity conditions have remained broadly stable, barring episodic tightness on account of movements in the cash balances of the Government maintained with the Reserve Bank. While the system’s recourse to liquidity from the LAF, and regular and additional term repos has been around 1.0 per cent of the NDTL of banks, access to the MSF has been minimal and temporary. In order to manage transient liquidity pressures associated with tax outflows and sluggish spending by the Government, the Reserve Bank injected additional liquidity aggregating over ₹ 940 billion through nine special term repos of varying maturities during the months of June and July. Despite the reduction in the export credit refinance effected in early June, average utilisation of the facility has only been around 70 per cent of the available limit. The Reserve Bank will review existing liquidity arrangements and continue to monitor and manage liquidity to ensure adequate flow of credit to the productive sectors.

6. With the buoyancy in export performance sustained through Q1, the trade deficit has narrowed from its level a year ago. While oil imports rose in June partly on higher international crude prices, gold import growth picked up in response to some liberalization of import restrictions, and non-oil non-gold import growth has turned positive since May. Turning to external financing, all categories of capital flows have been buoyant. Surges in capital inflows in excess of the current account financing requirement and the repayment of swaps by oil marketing companies have bolstered international reserves.

Policy Stance and Rationale

7. The moderation in CPI headline inflation for two consecutive months, despite the seasonal firming up of prices of fruits and vegetables since March, is due to both base effects and the steady deceleration in CPI inflation excluding food and fuel. The recent fall in international crude prices, the benign outlook on global non-oil commodity prices and still-subdued corporate pricing power should all support continued disinflation, as should measures undertaken to improve food management. There are, however, upside risks also, in the form of the pass-through of administered price increases, continuing uncertainty over monsoon conditions and their impact on food production, possibly higher oil prices stemming from geo-political concerns and exchange rate movement, and strengthening growth in the face of continuing supply constraints. Accordingly, the upside risks to the target of ensuring CPI inflation at or below 8 per cent by January 2015 remain, although overall risks are more balanced than in June (Chart 1). It is, therefore, appropriate to continue maintaining a vigilant monetary policy stance as in June, while leaving the policy rate unchanged.

8. Prospects for reinvigoration of growth have improved modestly. The firming up of export growth should support manufacturing and service sector activity. If the recent pick-up in industrial activity is sustained in an environment conducive to the revival of investment and unlocking of stalled projects, with ongoing fiscal consolidation releasing resources for private enterprise, external demand picking up and international crude prices stabilising, the central estimate of real GDP growth of 5.5 per cent within a likely range of 5 to 6 per cent that was set out in the April projection for 2014-15 can be sustained. On the other hand, if risks relating to the global recovery, the monsoon and geo-political tensions intensify, the balance of risks could tilt to the downside (Chart 2).

9. The Reserve Bank will continue to monitor inflation developments closely, and remains committed to the disinflationary path of taking CPI inflation to 8 per cent by January 2015 and 6 per cent by January 2016. While inflation at around 8 per cent in early 2015 seems likely, it is critical that the disinflationary process is sustained over the medium-term. The balance of risks around the medium-term inflation path, and especially the target of 6 per cent by January 2016, are still to the upside, warranting  a heightened state of policy preparedness to contain these risks if they materialise. In the months ahead, government actions on food management and to facilitate project completion should improve supply, but as consumer and business confidence pick up, aggregate demand will also strengthen. The Reserve Bank will act as necessary to ensure sustained disinflation.

10. In the second bi-monthly monetary policy statement of June 2014, the Reserve Bank reduced the SLR to 22.5 per cent of NDTL in anticipation of recovery in economic activity. With the Union Budget for 2014-15 renewing commitment to the medium-term fiscal consolidation roadmap and budgeting 4.1 per cent of GDP as the fiscal deficit for the year, space has opened up further for banks to expand credit to the productive sectors in response to its financing needs as growth picks up. Accordingly, the SLR is reduced by a further 0.5 per cent of NDTL.

11. In consonance with the calibrated reduction in the SLR, it is necessary to enhance liquidity in the money and debt markets so that financial intermediation expands apace with a growing economy. Currently, banks are permitted to exceed the limit of 25 per cent of total investments under the held to maturity (HTM) category provided the excess comprises only SLR securities, and banks’ total holdings of SLR securities in the HTM category is not more than 24.5 per cent of their NDTL as on the last Friday of the second preceding fortnight. In order to enable banks greater participation in financial markets, this ceiling is being brought down to 24 per cent of NDTL with effect from the fortnight beginning August 9, 2014.

12. The Reserve Bank has taken a number of steps to enhance efficiency, increase entry, speed up resolution, and improve access to financial services, such as modified regulations on long term lending and borrowing, proposals for licensing payment banks and small banks, a framework to deal with stressed assets, actions to further the use of mobile phones in banking, and efforts to simplify know your customer (KYC) norms, among others. The Reserve Bank will continue to carry forward its banking sector reforms agenda.

13. The fourth bi-monthly monetary policy statement is scheduled on Tuesday, September 30, 2014.

Sangeeta Das

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