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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
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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.

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Customs, DGFT & SEZ

Key Highlights of Nirmala Sitharaman’s Bilateral Engagements on Sidelines of Partnership Summit 2015

January 20, 2015

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On the margins of the Partnership Summit held in Jaipur, Rajasthan during 15-17 January 2015, the Minister of State for Commerce & Industry (Independent Charge), Smt. Nirmala Sitharaman met a number of her counterparts from the participating countries as well representatives of international organizations.

In a meeting with H.E. Y.B. Dato’ Sri Mustapa Mohamed, Minister of International Trade and Industry of Malaysia, the Ministers exchanged views on the Regional Comprehensive Economic Partnership (RCEP) negotiations, Malaysia’s increasing investment in India and the India-Malaysia Comprehensive Economic Partnership Agreement.

Smt. Sitharaman also met H.E. Dr. Ekwow Spio-Garbrah, the Minister for Trade & Industry of Ghana. They discussed bilateral trade relations and expressed hope that this would continue to grow. Smt. Sitharaman expressed satisfaction at the recent successful visit to India by the Vice President of Ghana in November 2014 for attending the CII World Economic Forum Summit. She noted the need to have the next round of the Joint Commission which will provide the necessary platform to take stock of economic and commercial ties. They also spoke of the next India-Africa Forum Summit (IAFS). The Indian Minister also referred to training programmes offered by India under the Indian Technical and Economic Cooperation (ITEC) Programme. Dr. Garbrah extended an invitation to Smt. Sitharaman to visit Ghana.

The Indian Minister met H.E. Mr. Tofail Ahmed, Minister of Commerce, Bangladesh. They had a frank and friendly discussion on several issues including bilateral trade, the renewal of the Trade Agreement between the two countries and opening of Border Haats, transit arrangements, India’s Duty Free Tariff Preference Scheme for LDCs and trade infrastructure. Smt. Sitharaman also had a meeting with Ms. Gao Yan, Vice-Minister in the Ministry of Commerce of China. Smt. Sitharaman spoke of the important role of the two countries in many international forums such as the WTO and BRICS. While expressing satisfaction at the remarkable expansion of bilateral trade between the two countries, which stood at USD 65.90 bn in 2013-14, the Minister expressed concern at the growing trade deficit which was USD 36bn in the same period. The Minister said that India has global competitive advantage in niche engineering products, pharmaceuticals, cotton textiles, home furnishings etc. However these products have a limited presence in the Chinese market due to various issues related to tariff barriers, regulatory and other complexities which impede India’s exports. India also has concerns regarding market access for agricultural and pharmaceutical products. Also, Indian entities face several regulatory hurdles and other complex domestic certification requirements to bid for government tenders and government sponsored IT projects.

Smt. Sitharaman drew attention to the many opportunities for Chinese investment in India.

The Chinese Vice-Minister referred to the numerous interactions that had taken place in 2014 between the two countries, including the visit of the Chinese President to India, which had taken relations to a new stage. She expressed satisfaction at the in-depth discussion on India-China commercial relations at the 10th JEG meeting at the Ministerial level which took place in September 2014. The Vice-Minister acknowledged the trade imbalance and said that the Chinese government was keen on promoting imports into the country.

Smt. Sitharaman met H.E. Mr. Andrew Robb AO, MP, Australia’s Minister for Trade and Investment. They had a productive discussion on taking the India-Australia CECA negotiations forward in a creative and constructive manner. On the issue of market access for Australian goods, both agricultural and industrial, Minister Robb said that they were looking at the premium end of the Indian market and would not be competing with domestic production, given the size of the Indian market, and the high costs of production coupled with far lower levels of production in Australia.

The Indian side said that there is considerable potential for Australia to scale up their investment in India very substantially, in areas including cold chain, bio-tech projects, marine sector, engineering and manufacturing sectors apart from mining and energy related projects.

Smt. Nirmala Sitharaman also met the Director General (DG) of the World Trade Organization (WTO) and representatives of OECD, the Confederation of British Industry and the UK India Business Council. The Minister had a frank discussion with the DG, WTO, Mr. Roberto Azevêdo. The Minister appreciated the openness and flexibility shown by the DG in their earlier interactions. Observing that she was aiming to set the contours of the discussion in the months ahead, rather than the agenda, the Minister said that India strongly subscribed to the multilateral trading system and the WTO. The Minister emphasised that that there should be no differentiation made amongst developing countries as regards commitments to be undertaken or in the matter of special and differential treatment for developing countries. The Minister also said that the Doha mandate should not be re-opened; nor should there be any cherry picking of issues from the Doha Development Agenda or introduction of new issues that only served the commercial interests of a few developed countries. The Minister also said that a permanent solution on the issue of public stockholding for food security purposes was critical and should be addressed on priority.

Referring to the commitment by WTO members to finalise a Work Programme on the rest of the Doha Development Agenda by July 2015 and the upcoming Tenth Ministerial Conference of the WTO in Nairobi, Kenya in December 2015, Mr. Azevêdo said that pragmatism was needed in order to move forward and promised that he would do everything he could to help the WTO members to decide on the way forward.

The representative from OECD expressed support to the Make in India initiative launched by the Government of India and offered the services of OECD at the Central and State level to promote this agenda.

The Minister held talks with UKIBC and CBI to lay the agenda for the next meeting of JETCO in London on 19-20 January 2015.

In discussions with the Director Generals of WIPO and UNIDO, the Minister stressed on the strengths of the Indian IPR regime and said that the draft of a new IP Policy had been circulated to stakeholders recently. The Indian judiciary is strong in protecting and upholding intellectual property rights. The Indian Government is keen to bring greater clarity and transparency to assure foreign participation under the Make in India initiative.

DG UNIDO Dr. Li Yong expressed keenness of UNIDO to design and implement the new Country Programme to support the Make in India initiative. He promised cutting edge technologies under the aegis of UNIDO, especially for the MSME sector.

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