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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.
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.

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FM: Inclusive growth is high on the priorities of the present Government; Government will take adequate measures to ensure social security for children, women and senior citizens of the country

January 13, 2016

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The Union Finance Minister Shri Arun Jaitley said that the inclusive growth is high on the priorities of the present Government and the Government will take adequate measures to ensure social security for the children, women and senior citizens of the country. The Finance Minister was making the Opening Remarks during his Pre -Budget Consultative Meeting with the representatives of different Social Sector Groups here .

Various suggestions were made by the representatives of the different Social Sector Groups during the aforesaid meeting. Some of the major suggestions made during the meeting include increase in old age pension from ₹ 200 to ₹ 500, increase in pension for widows, inclusion of grandparents as a separate entity under Rashtriya Swasthaya Bima Yojana (RSBY). Other suggestions include higher allocation for Integrated Child Protection Schemes, need to recruit trained and qualified teachers to meet the requirements of Right to Education (RTE) Act2009, need to increase allocation for training of School Management Committee members and strengthen community mobilization.Other suggestions include increased budgetary allocation in secondary education and universalize education for children upto 18 years of age and improving financial transparency in Sarv Siksha Abhiyan (SSA) and thereby improving the implementation of RTE Act across the country.

Other suggestions included insurance to farmers as a major initiative to address the distress in agriculture sector and for achieving higher agriculture growth, adequate provisioning towards a comprehensive and universal crop insurance scheme, extending crop insurance to all farmers for all crops and considering lower units as a unit of insurance with 100% insurance premium to be borne by the Government. Other suggestions in this regard include provisioning of higher credit and other input subsidies to small and marginal farmers, tenant farmers and farmers with oral lease, increase budgetary allocation for National Mission for Sustainable Agriculture under Krishi Unnati Yojana and for strengthening the institutional mechanism for better utilization of available funds under Rashtriya Krishi Vikas Yojana.

Other suggestions included creation of National Social Security Board with sufficient budgetary allocation for providing social security to the workers of unorganized sector as well as provision of interest subvention for economically weaker sections and low income group sections for taking benefit under Pradhan Mantri Awas Yojana. Other suggestions included adequacy of budgetary resources for social sector, enhancing budget transparency at the district and sub-district level among others.

Suggestions were also made to address violence against women by making adequate budgetary outlays in the forthcoming Union Budget for implementation of Protection of Women from Domestic Violence Act, 2005, assistance for construction of shelter homes for single woman/destitutes and widows, utilization of ‘Nirbhaya Fund’ to institute substantive interventions for sector like health, urban development, public transport, education and other sectors that have a bearing on the safety of women. In order to meet the nutritional needs of women and girls, it was suggested to make higher allocations for Indira Gandhi Matritva Sahyog Yojana, review and scaling-up of Rajiv Gandhi Scheme for Empowerment of Adolescent Girls, higher allocation for ICDS Scheme and strengthening ‘Gender Responsive Budgeting’ among others.

Other suggestions included adequate allocation for the flagship schemes for children in the forthcoming Union Budget, timely disbursal, utilization and proper monitoring mechanism be placed in position to achieve desired outcomes. Children related legislation and commitments should be adequately resourced among others. Some suggestions were made regarding special planned focus for welfare of child labourers, street children, child domestic workers, children in conflict with law, anti-human trafficking initiatives and to stop child abuse in institutional and non-institutional set ups. At present there is an allocation of 0.06% on child protection in the budget which needs to be raised in the forthcoming budget. Some suggestions were made regarding special budget allocation for implementation of New Juvenile Justice Act as it will require setting-up separate children homes with skilled staff in all States/UTs for reformation of juveniles engaged in heinous crimes and higher budget allocation for protection of girl child. Other suggestions include higher allocation on health education and social protection of women at par with other developed countries, need for significant increase in spending for health from 1.3% to 5% of GDP as recommended by WHO, allocation of funds for Navjaat Shishu Suraksha Karyakram and ASHA Module 6 & 7 for all frontline health workers and higher allocation for Mid Day Meal Scheme among others.

Along with the Finance Minister Shri Arun Jaitley, the Pre Budget Consultative Meeting with the representatives of Social Sector Groups was also attended among others by Shri Jayant Sinha, Minister of State for Finance, Shri Shaktikanta Das, Secretary, DEA, Dr. Hasmukh Adhia, Revenue Secretary, Ms. Anjuly Chib Duggal, Secretary, Financial Services, Shri Shankar Aggarwal, Secretary, Labour and Employment, Dr. Arvind Subramanian, Chief Economic Adviser (CEA), Among the representatives of the various Social Sector Groups included Shri Amitabh Behar, National Foundation of India, Shri Sreedhar Ramamoorthy, Mines Minerals and People, Ms Deepa Sinha, Right to Food Campaign, Shri Subrat Das, Centre for Budget and Governance Accountability, Shri Ashok Bharti, Natoinal Confederation of Dalit Organisation, Shri Ambarish Rai, Right to Education Forum, Ms Sonali Khan, Breakthrough, Ms Meenu Venkateswaram, Pravah, Shri Ravi Duggal, Jan Swasthya Abhiyan, Shri Thomas Chandy, Save the Children, Shri Sandeep Chachra, Actionaid, Shri Pradeep S Mehta, CUTS, Ms Avani Kapur, Centre for Policy Research, Ms Rukmini Banerjee, Pratham, Ms Mirai Chatterjee, Self Employed Women’s Association, Ms Nandini Verma, Campaign for Tobacco Free Kids, Shri Mathew Cherian, Helpage, Ms Bhavna Mukhopadhyay,Voluntary Health Association of India and Shri Neereaj Jain, Wateraid among others.

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