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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
Show AI Summary
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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Finance Minister Shri Arun Jaitley Presents Economic Survey 2015-16 in the parliament today

February 26, 2016

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Says Rates of 8 Per Cent or Higher Expected in the next couple of years as there is Macro-Economic Stability now

Economic Survey 2015-16 : with reforms in key areas, there is reduction in Macro-Vulnerability today

Indian economy has taken impressive strides with reduction in macro-vulnerability due to reforms in key areas, pursuit of fiscal prudence and focus on price stability. The Economic Survey 2015-16 presented in the Parliament today by the Finance Minister Shri Arun Jaitley states that the benign price situation and comfortable level of external current account in the country makes it possible now for growth rates of 8 % or higher in the next couple of years.

It says as the Government is committed to carrying the reform process forward and conditions exists today for such growth aided by the prevailing macro-economic stability.

The Report portends growth rate in the range of 7 to 7.5 per cent in 2016-17.   After 7.2 per cent in 2014-15 and 7.6 per cent in 2015-16, such growth rate of over 7 per cent makes India the fastest growing major economy in the world.  It states that India’s contribution in the global economy has become much more valuable today as China is rebalancing.   The Survey further mentions that the recent growth revival in India is predominantly consumption driven.  It says while the growth in services sector has moderated slightly. The acceleration in manufacturing growth has compensated for the lower growth in agriculture sector, due to two successive years of lower than normal monsoon rains.

The Survey, however, expresses a caution of weak global demand.

Post Fourteenth Finance Commission (FFC) recommendations, equilibrium is sought to be achieved between higher capital expenditure, higher net resource transfers to States and higher gross tax revenues, the Economic Survey 2015-16 states.  

It says that in spite of challenges and lowers than projected GDP growth during 2015-16, the fiscal deficit target of 3.9 per cent of GDP seems achievable. This became possible as the Gross Tax Revenue (GTR) targets were achieved, due to improved tax buoyancy and prudent expenditure management, assisted by declining oil prices.

The Survey points out that an indication of better fiscal management is that the total expenditure for 2015-16 was estimated at ₹ 17.77 lakh crore which was 5.7 per cent higher than the revised estimates of 2014-15. A growth of 25.5 per cent was envisaged in capital expenditure, reiterating the focus on quality of expenditure. The notable highlights of the benign fiscal outcome in the current year till December 2015 included: robust growth in indirect taxes, increased tax devolution to the states in line with the recommendations of the FFC, the highest increase in capital expenditure in the last six years and decline in major subsidies.

The Economic Survey 2015-16 further points-out that the wholesale price inflation had been in the negative territory for more than a year and the consumer price inflation has also declined to about half of what it used to be in earlier years. It says the astute policies and management of inflation by the government through buffer stocking, timely release of cereals and import of pulses had helped in keeping prices of essential commodities under check during 2015-16.

The Survey however indicates that the  recurrence and rebound in the prices of some essential food items, as experienced in the second half of the year, indicates that we would require continued deft supply management in the near future.

It points out that with easing of inflation measures, the RBI had brought down the repo rate by 125 basic points (bps) from the beginning of 2015 to 6.75 per cent by the end of September 2015.   It says that the RBI also further conducted various measures like variable repo rate and reverse repo (overnight and term) auctions to address the day-to-day liquidity requirements.  The operating target of monetary policy thus remained closely aligned to the policy repo rate the Economic Survey 2015-16 asserts.

The Economic Survey points-out that there is urgent need to rationalize agricultural policies including subsidies by making them ‘input-crop and region-neutral’ to improve productivity in agriculture. It says the adoption of Quality/GM/Pest resistant seeds will be another pathway to improve the productivity in agriculture. The concerns around GM seeds need to be resolved through debate and tests. The Direct Benefit Transfer (DBT) mode for inputs like seeds and fertilizer can prevent leakage and diversions in the system and reach the targeted beneficiaries, the Survey says.

The Survey indicates that there was a good performance on the front of Government’s initiatives towards achieving the overall goal of Financial Inclusion through Pradhan Mantri Jandhan Yojana(PMJDY), Pradhan Mantri Suraksha  Bima Yojana(PMSBY), Pradhan Mantri  Jeevan Jyoti Bima Yojana(PMJJBY), the Atal Pension Yojana(APY) and setting- up of Micro Units Development Refinance Agency (MUDRA) in the banking and insurance sectors.  The Survey also points-out as to how measures were taken to mobilize gold for productive purposes, through the Sovereign Gold Bond Scheme and the Gold Monetization Scheme.

It, however, stated that the performance of the Scheduled Commercial Banks remained subdued during 2015 and there had been sluggish growth of bank credit. 

The Survey, however, expects continued good performance by the Industrial, Corporate and Infrastructure Sectors in the wake of various recent reform measures undertaken by the Government.  It says development of the Infrastructure Sector has been a priority area for the Government and it witnessed enhanced public investment.  Growth in the freight carriage by Indian Railways, at Ports, the growth in the Civil Aviation Sector, Telecommunication Sector and National Highways Construction have all been impressive.

Some reform measures which contributed to such growth include: Auctions successfully undertaken for allocation of coal and mines blocks.

Improvements in Policy  for production sharing contracts under NELP and testing requirements along with  a Uniform Licensing and Open Acreage Policy etc., in the petroleum sector has been taken up.

Tax-free infrastructure bonds have been allowed for rail, roads and irrigation programmes

National Investment and Infrastructure Fund (NIIF) to extend equity support to infrastructure Non-Bank Financial Companies (NBFC).

More open FDI policy has been adopted with FDI allowed for Defence sector up to 49%; Railways 100%; Insurance and Pension 49% etc. Apart from this, a number of sectors like construction, broadcasting, civil aviation, plantation, trading, private sector banking, satellite establishment and operation and credit information companies etc. have been liberalized.

It points out that the Services Sector continues to be the key driver of India’s economic growth and it accelerated to 10.3 per cent in 2014-15 from 7.8 per cent in the previous year and it is expected to be 9.2 per cent (constant prices) in 2015-16 as per the advanced estimates. This is due to lower growth in Public Administration, Defence and other Services.  There has been a rising trend in FDI equity inflows to the services sector in the first seven months of 2015-16 with FDI inflows growing by 74.7 per cent.  The Report, however, points out that there has been sluggishness in India’s service exports in the recent months due to global slowdown. 

The Survey points-out that at the end-September 2015, India’s external debt has remained in safe limits as shown by long term debt accounted for 82.2 per cent of India’s total external debt, vis-à-vis 82.0 per cent at end-March 2015. The proportion of short term debt to total external debt decreased from 18.0 per cent at end-March 2015 to 17.8 per cent at end-September 2015. External debt to GDP ratio of 23.7 per cent and debt service ratio of 7.5 per cent in 2014-15 are at comfortable levels, it adds.

On the front of Social Infrastructure, Employment and Human Development, the report points at the preponderance of unskilled workers in India. The Economic Survey 2015-16,   states that the Government is committed to invest in bridging the skill gap.  It also talks of technology for Efficient Delivery of Services.  The Report points out those more than 122 lakh toilets have been constructed in rural areas since the beginning of Swachh Bharat Mission (Gramin) for improving sanitation situation in rural India.

The Economic Survey 2015-16 points-out the need to focus on the quality of education in both the public and private sectors. There is need for professionally qualified and trained teachers to improve educational outcomes. To strengthen the delivery of public health services and infrastructure facilities, both public investments and leveraging of private investments are necessary. To improve the efficiency in the delivery of services and to overcome the shortages in the skilled personnel in health sector policy interventions are felt needed.

On the Climate Change and Sustainable Development front, Survey states that India had been an active participant and a signatory to the United Nations Framework Convention on Climate Change (UNFCCC) Agreement signed in December 2015 and to the Sustainable Development Goals (SDGs) agreement signed in September 2015.

India stated its Intended Nationally Determined Contribution (INDC) goals for the renewable energy sector, mainly from solar and wind energy.  The aim is to achieve a target of 60 GW of wind power as well as 100 GWs of solar power to be in the country installed by 2022, the Survey adds.

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