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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.
September 1, 2026
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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.
MoSPI and Thapar Institute of Engineering & Technology have entered into a memorandum of understanding for a research study to develop a predictive and analytical framework for monthly consumption expenditure in India. The study will use Household Consumption Expenditure Survey data to estimate Monthly Per Capita Consumption Expenditure at national and state levels, analyse household consumption patterns, and generate evidence relevant to poverty estimation and broader economic planning.
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.
Rupee exchange-rate movement reflected a recovery from early losses to close stronger against the US dollar, amid market expectations of Reserve Bank of India support at lower trading levels. Pressure arose from higher US Treasury yields, possible US rate-hike expectations and a broad dollar rally. Suspected intervention, FCNR(B)-related foreign-currency flows and the special USD-INR forex swap facility supported sentiment, while rising crude prices, geopolitical supply risks and foreign institutional equity outflows remained adverse factors.
August 31, 2026
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Income-tax return filing for non-audit business and professional taxpayers closes at midnight, requiring use of applicable forms.
Income-tax return filing for Assessment Year 2026-27 reaches its due date on 31 August 2026 for taxpayers having business or professional income who are not subject to audit. Such taxpayers may file the applicable ITR-3, ITR-4, ITR-5 or ITR-7. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, ITR-4 to small and medium taxpayers, and ITR-5 to firms, limited liability partnerships and cooperative societies.
August 31, 2026
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Monthly fiscal accounts track receipt composition, expenditure allocation, tax devolution, interest payments, and major subsidy outgo through July.
Union Government monthly accounts through July 2026 record total receipts comprising net tax revenue, non-tax revenue and non-debt capital receipts, with tax devolution transferred to State Governments. Total expenditure is divided between revenue and capital expenditure. Revenue expenditure includes interest payments and major subsidies.
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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Customs, DGFT & SEZ

Export Infrastructure

August 13, 2014

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It is the consistent endeavor of Government to improve the export related infrastructure to promote exports. India possesses adequate infrastructure but inadequacies are reported, time to time, in seamless transport through road, rail, ports and airports.

Details are in Annexure I.

Annexure I

Some salient steps taken by the Government are:

1.   To address constraints in the smooth movement of international cargo and resolving the issues relating to bottlenecks in trade by sea, air, and rail route, surfacing from time to time two high level committees, viz. the Standing Committee on Promotion of Exports by Sea (SCOPE - SHIPPING) and the Standing Committee on Promotion of Exports by Air (SCOPE- AIR) are functioning in the Department of Commerce.  The meetings of these two Committees are normally held every year.

2.   Department of Commerce administers “Assistance to States for Infrastructure Development of Exports” (ASIDE) Scheme since 2002-03, with the objective to involve the States in the export effort by providing assistance to the State Governments for creating appropriate infrastructure for the development and growth of exports. The outlay of the scheme has two components i.e. 80% of the funds (State component) and 20% (central component).

3.   An assistance of ₹ 5247 crores has been granted in 1642 projects under States component of ASIDE scheme since inception. An assistance of ₹ 1453.67 crores has been granted in 459 projects under Central component of ASIDE scheme since inception of the scheme.

4.  Till date, 12 Land Customs Stations and Border Haats have been sanctioned under ASIDE. 292 projects in Special Economic Zones (SEZ) have been funded under ASIDE. 7 projects by CONCOR or CWC have been granted assistance under ASIDE to develop infrastructure in ICDs and CFS. ₹ 71.19 crores assistance has been granted in 9 projects in augmenting infrastructure at various ports under ASIDE scheme.

5.   For the year 2014-15 Rs  274.12 Cr.  has been sanctioned out of the total funds of ₹ 800 cr. (Rs. 261.25 Cr. Under State Component & Rs.  12.87 Cr. under Central Component)

6.   In the year 2000, an Export Development Fund (EDF) was set up with the objective of promoting exports from the North East region (NER).  So far 78 projects have been sanctioned under EDF-NER.  ₹ 75.51 crores have been sanctioned to APEDA as corpus fund for the purpose of release of sanctioned grants under EDF-NER.

7.   Single Window Clearance for proposals for setting up of Inland Container Depots/Container Freight Stations (ICDs/CFSs) has been functioning since 1992 under the Department of Commerce.   The Inter-Ministerial Committee (IMC) in the Department of Commerce has sanctioned 286 ICDs / CFSs till 16-06-2014.  During the year 2013-14 IMC sanctioned 8 ICDs and 6 CFSs.  Out of 286 ICDs/CFSs, 190 are functional and 96 are under implementation.

8.   India has 12 major ports 6 each on the Eastern and Western coasts respectively and has rail connectivity to the arterial routes of Indian railways to have access to the hinterland. Private ports such as Dhamra, Krishnapatnam, Gangavaram, Mundra, etc have been connected by rail.

9.  The handling (offloading) capacity of the major ports is sufficient to match with the trade demands.  The capacity of all major ports as on 31-03-2014 was 800.52 Million Metric Tonnes (MMT) against the traffic of 555.50 MMT handled in 2013-14.  The capacity utilization is around 70%.  As per the internationally accepted norms, the gap between the traffic  and the capacity should be around 30%.

10.   The aggregate capacity in twelve Major Ports as on 31st March, 2014 was 800.52 Million Tonnes per annum (MTPA) as against 744.91 Million Tonnes per annum as on 31st March, 2013. The capacity addition of 55.61 MTPA was achieved through a mix of addition of new berths & improvement in efficiency. The average turnaround time has improved from 4.24 days in 2000-01 to 2.25 days in 2013-14

11.   The following steps have been taken to expand the capacity and modernize ports in India

 (i)   Construction of new berths and terminals to enhance port capacity to minimize pre-berthing detention time and reduce turnaround time to vessels calling on the ports.

(ii)   Modernizing berths with state of the art loading / unloading equipment to improve operational efficiency.

(iii)  Deepening of channels and berths so that ports can accommodate larger vessels.

(iv) Improving rail / road connectivity of Ports for speedy evacuation of cargo.

12.   The Air cargo terminals at Airports of Airports of Authority of India and Joint Venture Airports are developed by the respective airport operators from time.  An Air Cargo Logistics Promotion Board has been constituted by Ministry of Civil Aviation in June, 2013 as an Inter-Ministerial group to steer the policy reforms recommended in the report of Working Group on Air Cargo Logistics, 2012.

13.  The Air cargo facility at Mumbai, Chennai, Bangalore and Kolkata has been upgraded. Airport Authority of India has also invited private participation in six airports on PPP basis where new cargo terminals are within the scope of work. By 2016-17, over-all air cargo volumes may touch 4.4 million tonnes.

14.  In the last 20 years, the road network has more than doubled to 4.7 million kms in 2011-12. The 12th Five Year Plan emphasizes on conversion of the Golden Quadrilateral to six lane roads, completion of North-South and East-West corridors, Phase-III & IV of the National Highways Development Project, upgradation of National and State Highways to minimum two lane standards.

15.   Port connectivity programme has been taken up under Phase I of National Highway Development Project (NHDP) to provide National Highway connectivity to the major ports of the country. The development of the 4 lane connectivity to 12 Major Ports was approved under NHDP at a cost of ₹ 1896 crores in Dec 2000 for implementation through Special Purpose Vehicles. The connectivity to Kandla port on NH 8 was already on before the NHDP. Kolkatta port connectivity and Mumbai port connectivity have been dropped. 4 laning has already been completed in 7 port roads.

16.   The Delhi-Mumbai Industrial Corridor (DMIC) primarily involves establishment of a dedicated freight corridor (DFC) of around 1,500 km between Delhi and Mumbai with terminals at Dadri in the national capital region (NCR) of Delhi and the Jawaharlal Nehru Port near Mumbai. The area around the DFC would be developed as the DMIC. The DMIC is setting up 7 industrial corridors in Haryana, Rajasthan, Madhya Pradesh, Gujarat and Maharasthra. The Amritsar-Delhi-Kolkata corridor, will pass through UP, Uttarakhand, Bihar and West Bengal. Container Corporation of India (CONCOR) is building Multi Modal Logistics Parks at various locations including around the DFC. The first phase of Multi Modal Logistics Park has been operationalised in Rajasthan at Kathuwas. CONCOR is also developing such parks at Vishakhapatnam, Jharsaguda, Nagpur and Naya Raipur

The information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Rajya Sabha today.

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