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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.
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.

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FM: Asks Banks to take Commercial Decisions Without Any Fear or Favour as the Government is Committed to Provide Them Full Financial Autonomy;

March 11, 2015

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 Reaffirms the Government’s Commitment and Efforts to Bring in Greater Professionalism in Governance and Management of Banks;

 During April 2014 to January 2015, PSBS Received 88 New Projects/ Proposal (with Investment of ₹ 250 Crores) with a Total Investment of ₹ 1.41 Lakh Crores

The Union Finance Minister Shri Arun Jaitley asked the Chief Executive Officers (CEOs) of the Public Sector Banks (PSBs) and Financial Institutions (FIs) to take commercial decisions without fear or favour as the Government is committed to provide them financial autonomy both in letter and spirit. At the same time, the Finance Minister insisted that the banks should have strong public grievances redressal mechanism in place, so that their clients do not have to approach the Government to redress their grievances. The Finance Minister Shri Jaitley said that the adoption of differentiated strategies and capital augmentation plans through innovative financial instruments would allow the banks to meet their capital requirements. He said that this would also at the same time facilitate appropriate credit expansion to meet the needs of the productive sectors of the economy so that the momentum of economic growth may be sustained.

 The Union Finance Minister Shri Arun Jaitley was speaking at the Quarterly Performance Review Meeting with the Chief Executive Officers (CEOs) of the Public Sector Banks (PSBs) and Financial Institutions (FIs) for the quarter ending December, 2014 here today. The meeting was chaired by the Finance Minister Shri Jaitley accompanied by the Minister of State for Finance Shri Jayant Sinha, The Meeting was attended among others by Dr. Hasmukh Adhia, Secretary, Department of Financial Services (DFS), Secretary (DEITY), DG (UIDAI), Deputy Governor, RBI, CMDs and MDs of PSBs and CMDs of Financial Institutions (FIs) and senior officials of the Department of Financial Services, Ministry of Finance.

 The Union Finance Minister Shri Arun Jaitley also appreciated the good work done by PSBs in providing financial inclusion to all households by opening at least one bank account per household under the Pradhan Matri Jan Dhan Yojana (PMJDY). He said that achieving near total financial inclusion in a short period of time has shown that the banking system is capable of delivering the desired output when our energies are focused on the priority area. The Finance Minister expected that the PSBs would show the same resolve in containing the slide in financial performance parameters such as credit growth, profits and stressed assets. In this connection, Shri Jaitley mentioned about the Government’s efforts to bring in greater professionalism in governance and management reforms of PSBs. The next phase of PMJDY would be focused on mobilisation of financial savings to reverse the decline in the savings rate, the Minister added. This would be possible by activating the PMJDY accounts by progressive use of Direct Benefit Transfer (DBT), increasing financial literacy and creating universal social security cover for all citizens, especially the poor, under-privileged and workers in un-organised sector. The Finance Minister Shri Jaitley also mentioned about the specific budget announcements made while delivering his Budget Speech 2015-16 to introduce Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojana. The Finance Minister expected that PSBs would play an active role in successful implementation of these schemes. Later separate sessions were organized on firming-up the operational framework of these schemes in consultation with the stakeholders.

 The Financial Parameters, such as, profitability, net interest margin and review of business parameters during the Quarter ending December, 2014 were discussed during the one day meeting and reasons attributable to varied performances were ascertained. While the overall agricultural credit target was achieved and the flow of such credit has been satisfactory during 2014-15, it was expected that all efforts would be made to make the agricultural credit available to all the eligible farmers in the country. However, since the share of investment credit in the banks is going down, the PSBs were urged to reverse this trend by increasing the term loans in agriculture.

 The lending targets for MSE Sector are critical in achieving successful implementation of the “Make in India” programme. Therefore, credit needs of this sector may be met by the PSBs and therefore, there is need to achieve all targets of MSE lending, as some banks have not achieved the targets for MSE lending. The credit growth in housing sector is higher compared to the overall credit growth and the NPAs are lower, making this sector a priority sector for further growth of credit without concomitant fear of rise in NPAs. The overall targets for minority sector lending have been achieved. The progress under the educational loans is to be accelerated. PSBs were advised to follow the revised guidelines of Model Educational Loan Scheme scrupulously.

 The Government had infused capital of ₹ 14,000 crore during 2013-14 in fourteen(14) PSBs and decided to infuse ₹ 6990 crore in nine (9) PSBs during 2014-15. Further approvals have been given in 2014-15 to 7 PSBs to raise capital from the market. The Government decision to reduce the shareholding of PSBs to 52% would also give these banks headroom to raise capital from the market. All these efforts are being undertaken to allow the PSBs to meet the Basel-III capital requirements.

 The analysis of NPAs across sectors was done during the Review Meeting and it was expected that both the PSBs and the Government would continue with the measures to improve the asset quality. It was expected that some actions on the part of the banks, identified at Gyan Sangam in January, 2015 relating to risk management and asset quality, would be taken by them. The Government is in the process of establishing six new Debt Recovery Tribunals (DBTs) to speed-up the recovery of bad loans of the banking sector. It was informed that out of 355 Joint Lenders’ Forum (JLF) formed by banks during the period 1st July, 2014 to 26th February, 2015, 254 JLFs were formed by PSBs out of which State Bank of India has shown a lead with 107. Resolution of stalled projects would help PSBs in improving the asset quality. During the period April 2014 to January 2015, PSBs received 88 new projects/ proposal (with investment of ₹ 250 crores) with a total investment of ₹ 1.41 lakh crores. These are in various stages of appraisal, sanction and stage-wise disbursements.

 The meeting ended with the hope that PSBs would help in achieving the overall target of inclusive growth. 

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