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September 1, 2026
Show AI Summary
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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Techniques of Improving Quality, Reliability and Productivity Can be Applied to Clean up Administration, Improve Reliability of Public Services and Increase Agricultural Productivity : FM

February 8, 2011

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Union Finance Minister, Shri Pranab Mukherjee has said that the techniques of improving quality, reliability and productivity can be applied to clean up administration, improve reliability of public services and increase agricultural productivity. He said that Indian Statistical Institute (ISI) can play a lead role in these areas that can bring about a positive change for the nation at large. Shri Mukherjee was speaking at the inaugural function of the International Congress on International Congress on Productivity, Quality, Reliability, Optimisation and Modelling-ICPQROM-2011 organized by the ISI along with the other two premier organisations Quality Council of India and Defence Research and Development Organisation (DRDO), here today. The International Congress was inaugurated by the Prime Minister of India.

Remembering Prof. P C Mahalanobis, the founder of ISI, Finance Minister Shri Mukherjee said it was he who had realized the need for launching a Statistical Quality Control (SQC) movement for large scale training of industrial managers, executives, engineers, technicians and also government officials. The Finance Minister further said that Indian Industry has benefited a lot from training and problem solving services offered by ISI at an affordable price. 

Finance Minister Shri Mukherjee said that the quality movement now brings together many subjects including reliability, optimization and modelling techniques. He said that the successful applications of these techniques help industries to improve quality of whatever they do. Shri Mukherjee said that in India many sectors like pharmaceuticals, high tech manufacturing, automobiles, design engineering, IT and ITES have successfully used these techniques to improve the quality of their offerings significantly. The Finance Minister said that in many of these fields, India is now considered to be a force to reckon with – a significant change from the scenario that we had a few decades back, the Minister said. 

Shri Mukherjee said that with the passage of time, the form of the quality challenge has changed. With the massive development of computing technology and the huge advancement of the internet, the availability of data has increased manifold, he said. The Finance Minister said that the quality requirements also have become very stringent and now there is a lot of focus on various services and on areas like marketing and human resources. He said that this has required new techniques and approaches to be developed and researchers and practitioners in this field have experimented with many approaches. The Finance Minister further said that the Indian Statistical Institute has played a key role in this area by promoting application of statistical methodologies in many areas. Even within industries these methodologies are being used in hitherto untapped areas like finance, sales, advertisements, customer relationship management and security, said the Minister. 

The Text of the speech of the Finance Minister delivered at the occasion of inauguration of the International Congress on International Congress on Productivity, Quality, Reliability, Optimisation and Modelling-ICPQROM-2011is as follows: 

“It is a great pleasure to address for the International Congress on Productivity, Quality, Reliability, Optimization and Modelling with the very apt theme of ‘A journey towards excellence’. It is a matter satisfaction that this congress is being organized by the Indian Statistical Institute along with the other two premier organisations Quality Council of India and Defence Research and Development Organisation (DRDO). 

The Indian Statistical Institute has all along been pioneer in the quality movement in India. In fact, Prof. P C Mahalanobis, the founder of ISI, was a polymath who had studied physics and mathematics, had deep interest in literature and finally turned to economics and statistics. Furthermore, he had realized the need for launching a Statistical Quality Control (SQC) movement and invited Dr. Walter Shewhart to India for three months during the winter of 1947 – 48. He realized the need for large scale training of industrial managers, executives, engineers, technicians and also government officials. At the same time he understood that industries should be supported for problem solving and accordingly SQC units were set up in different places from 1953 onwards. His untiring efforts to sustain the movement brought about large dividends – he invited all the top experts of the field and organized several seminars / conferences – to keep up the momentum. Indian industry benefited a lot from the large scale training and problem solving services offered by the Institute at an affordable price 

The seed sown by Prof. Mahalanobis has now grown into a huge tree over time. The SQC movement has grown into a full-fledged quality movement. It has been realized by industrialists as well as policy makers within the Government that quality and productivity are essential for growth in any field – be it business or administration. The quality movement now brings together many subjects including reliability, optimization and modelling techniques. The successful applications of these techniques help industries to improve quality of whatever they do. In India many sectors like pharmaceuticals, high tech manufacturing, automobiles, design engineering, IT and ITES have successfully used these techniques to improve the quality of their offerings significantly. So much so that in many of these fields India is now considered to be a force to reckon with – a significant change from the scenario that we had a few decades back. 

With the passage of time, the form of the quality challenge has changed. With the massive development of computing technology and the huge advancement of the internet, the availability of data has increased manifold. The quality requirements also have become very stringent and now there is a lot of focus on various services and on areas like marketing and human resources. This has required new techniques and approaches to be developed. Researchers and practitioners in this field have experimented with many approaches. The Indian Statistical Institute has played a key role in this area by promoting application of statistical methodologies in many areas. Even within industries these methodologies are being used in hitherto untapped areas like finance, sales, advertisements, customer relationship management and security. 

Quality Council of India (QCI) functioning under the aegis of the Department of Industrial Policy and Promotion is responsible for establishment and operation of national accreditation structure. QCI, being a joint venture of the government and the industry association, is a successful example of public-private partnership in the field of accreditation and quality control. Accreditation facilitates international trade by way of establishing equivalence and global acceptance of certification, inspection and testing being undertaken by various conformity assessment bodies, in areas of quality, environment, food safety etc. QCI through its National Quality Campaign has been promoting quality by enabling manufacturers and suppliers of goods and services to apply quality standards and tools and simultaneously empowering consumers to demand quality goods and services. The promotion of quality encompasses all segments including manufacturing, health, education and public services. 

DRDO, as we all know, is working for indigenous development of weapons, sensors & platforms required for the Armed Forces. DRDO also has been playing a crucial role in expanding and deepening the knowledge-base of life sciences in the country through strengthening and use of national resources including know-how and expertise. 

Institutions of research should continuously strive for excellence; constantly review their own performance through self appraisal. There is a need for our research institutions to develop linkages with the field and the intended beneficiaries. The pace of technology dissemination from the lab to the ultimate users in the industry and agriculture is slow. To enhance the productivity we must devise efficient and cost effective ways for transfer of technology. We also need to spend more and more on technology up- gradation and skill development to remain competitive and keep improving the quality of our products and services

Over the years, the exercises carried out in development and implementation of statistical methodologies for solving problems of a wide variety have led to accumulation of rich and varied experiences. On the one hand, practitioners have found innovative solutions and interesting ways to implement them. On the other hand academicians have developed newer tools and methodologies. The exchange of ideas, therefore, will be very valuable. In particular, many ideas will be generated that can be applied to different walks of life. The techniques of improving quality, reliability and productivity can be applied to clean up administration, improve reliability of public services and increase agricultural productivity. I believe that the ISI can play a lead role in these areas that can bring about a positive change for the nation at large. 

I am sure that in this conference a massive exchange of knowledge and ideas will take place. There will be learning from each other and also development of deep understanding regarding the issues involved in implementation of methodologies to reap the benefits of scientific development. I sincerely hope that this conference, with the overwhelming participation of experts that it has and the tremendous enthusiasm that it has generated, will facilitate a journey towards excellence.” 

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