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    Pakistan-origin dry dates, routed through UAE, seized at Kandla port
    RBI keeps rates unchanged, retains neutral stance; outlook uncertain on El Nino, geopolitical risks
    Government Notifies Inventory-based Cross-border E-Commerce Export Framework under Foreign Trade Policy 2023
    Customs official among 5 held for smuggling gold of Rs 1.44 crore at Indore airport
    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
    Sensex gains 152 pts in volatile session as RBI keeps policy rates unchanged
    DRI seizes 364 metric tonne (MT) banned Pakistan-origin dry dates imports worth Rs. 3 crore
    Rupee gains 13 paise to close at 95.15 against US dollar post-RBI policy decision
    ED raids premises linked to ex-Andhra MLA Malla Vijaya Prasad in chit fund scam
    'Gungi gudiya' remark against Sunetra shows Cong's 'ideological bankruptcy': NCP leader Tatkare
    RBI holds interest rates for fourth straight meeting, awaits clearer inflation outlook
    Highlights of RBI's August monetary policy
    RBI targeting polymer currency notes launch in early FY28: Guv Malhotra
    Two women held at Delhi airport with 1 kg gold concealed as silver-coated armlet
    Sensex trades higher, Nifty flat post RBI policy
    India's services sector growth hits four-and-a-half-year low in July on weak demand: PMI
    SC grants interim bail to businessman Anwar Dhebar in manpower commission 'scam' case
    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
    RBI marginally raises FY27 GDP growth projection to 6.7 pc, lowers inflation forecast
    Collaboration, Inclusion and Entrepreneurship: How SIDBI MSME Samvaad Is Shaping the Future of India’s MSME Ecosystem
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    August 5, 2026
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    Export-only e-commerce inventory operations require confirmed orders, traceable segregated stock, timely seller payments and proportionate export-benefit pass-through.
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    Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
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    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
    The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
    August 5, 2026
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    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
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    August 5, 2026
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    Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
    The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
    August 5, 2026
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    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
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    Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
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    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
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    August 5, 2026
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    Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
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    Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
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    Interim bail conditions require residence outside the state and trial attendance in alleged manpower commission corruption proceedings.
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    August 5, 2026
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    Tax certainty measures revise fund-management safe harbours, electronic-payment charges, sectoral exemptions, business-trust treatment, and excess expenditure appropriation.
    The Taxation and Other Laws (Amendment) Bill, 2026 proposes to replace the Income-tax (Amendment) Ordinance, 2026 and amend payment-system and tax laws. It would prohibit charges on notified electronic payments, revise safe-harbour conditions for eligible investment funds and fund managers, and expand tax exemptions for Government securities, qualifying rough-diamond sales and bonded-warehouse component storage. It also modifies exemptions concerning electronic-goods contract manufacturing, data centres and business-trust dividends, while imposing a differentiated surcharge on qualifying special purpose vehicles. A separately included appropriation bill authorises excess expenditure from the Consolidated Fund of India.
    August 5, 2026
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    Growth and inflation projections reflect resilient domestic activity while energy volatility, supply disruptions, and food prices sustain inflation risks.
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    August 5, 2026
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    Industry collaboration strengthens MSME competitiveness through shared resources, market linkages, capability building and inclusive support for women entrepreneurs.
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      Customs, DGFT & SEZ

      Tax payers Survey got conducted by Central Board of Excise & Customs (CBEC) for garnering a feedback on impact that reforms undertaken during the last two years; Responses showed that 45% of the respondents saw an attitudinal change in senior functionaries (Commissioner level and above); and 51% acknowledged an improvement at the ground level, at the level of inspectors and above

      June 29, 2016

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      The Central Board of Excise & Customs (CBEC) had requested FICCI to conduct a tax payers’ experience survey with the objective of garnering a feedback on impact that reforms undertaken during the last two years had on the ground. FICCI outsourced the survey to KPMG and they jointly reached out to 40000-45000 potential respondents across India. The survey was accompanied with a flier detailing the reforms carried out by the CBEC in the last two years (attached).

      The key question of the survey was – “Do you feel a perceptible change in policies of the CBEC by way of becoming liberal and friendly to the taxpayer?” An overwhelming number of respondents, 72%, responded with a “yes” The fact that a tax department had the gumption to ask such a question and the tax payer’s having actually acknowledged positively, both are a harbinger of increasing maturity of the regulatory eco system of India.

      The questionnaire centred upon four themes –

      • Interaction experience with senior and junior functionaries of the department
      • Dispute resolution
      • Information Technology Enabled Services
      • Refund claims
      • Evaluation of sectoral reforms undertaken by the CBEC.

      As business demographics would suggest, respondents from Maharashtra outnumbered all states, with respondents making up for 30%, Delhi followed at number 2, with 11%. Sectoral responses showed that 46% respondents from service industry, 39% from manufacturing and 15% from the trading community. This trend reveals the importance that service tax has acquired over the years, broadening the tax payer base and accounting for ₹ 2, 11,456 crore which is 26% of the Indirect Tax revenue.

      The responses showed that 45% of the respondents saw an attitudinal change in senior functionaries (Commissioner level and above); and 51% acknowledged an improvement at the ground level, at the level of inspectors and above. This should come as heartening news for India Inc, as it is the inspector raj which is considered as the most stubborn stumbling block to improving the tax environment. In wake of widespread allegations of tax terrorism, which has most often been cited as a barrier to entry of foreign investment in manufacturing, the survey sought an opinion on whether the CBEC administration was becoming less adversarial.  32% of the respondents answered in the affirmative, which is indicative of an improving trend but does show that much needs to be done. The most outstanding achievement of the CBEC was getting the customs single window project off-the-block on 1st April 2016. Interestingly, USA had also launched its single window in the same period but had to eventually stagger dates for accommodating different government agencies and had to infact drop FDA altogether for the time being. In India’s case the project was a top most priority with the PMO and Cabinet Secretary, which brought together 6 ministries on a single window. CBEC’s team evolved a unique methodology to solve teething problems by creating a whatsapp group for continuously receiving a feedback on operational issues faced by the trade and disseminating solutions. At the ports, customs brokers made their own whatsapp groups to share experiences and information. The implementation of the project has shown the power of the digital applications in problem solving and CBEC’s adaptability in being able to successfully leverage it. In a short span of time, the single window has had a huge impact on custom clearance processes. The survey saw respondents acknowledge the improvement. 76% respondents found improvement in customs clearance process. For a highly IT driven department, it was also very heartening to note that 75% of the respondents were satisfied by the IT enabled services.

      Responses on sectoral reforms also generally received a thumbs up, including refunds. 49% of respondents acknowledged a positive change in processing of refunds. Of most interest to foreign businesses were responses to reforms undertaken in SVB (transfer pricing in customs) where 89% of the respondents indicated improvements. Similarly, responses on legislative changes carried out to warehousing in the budget also elicited a positive response from 85% of the respondents. Considering the make in India initiative, central excise has been a major area of focus. 92% of the respondents have acknowledged CBEC’s success in simplification of customs & excise business processes.

      After this poll, FICCI & KPMG have also given to the CBEC a wish list of respondents. The 10 MUST Dos are:

      1. Infuse attitudinal changes
      2. Focus on Tax evaders
      3. Simplify Procedures
      4. Fast track adjudication
      5. Reduce litigation
      6. Expedite refunds
      7. Introduce e-communication
      8. Improve website and IT Platform
      9. Enhance training
      10. Improve Office infrastructure

       

      ANNEXURE

      Significant Initiativestaken by CBEC

      I Customs

      • Single Window - As part of Ease of Doing Business initiatives, CBEC has launched Single Window Interface for Facilitating Trade (SWIFT). SWIFT provides a single point interface for clearance and is expected to reduce documentation and costs. It is expected to cover and benefit over 97 per cent of India's imports. The single window will cover over 50 offices of six government agencies with the Indian customs department. These are the Food Safety Standards Authority of India (FSSAI), Plant Quarantine, Animal Quarantine, Wildlife Crime Control Bureau, Textile Committee and Drug Controller. [Circular 3/2016 dated 3rd Feb. 2016 and 15th March 2016 - online w.e.f. 1.4.2016]
      • Customs Clearance Facilitation Committee - Considering that multiple agencies are involved in the process of clearance of goods, steps have been taken for improved inter-agency coordination so as to build a modern and responsive ecosystem for businesses. In order to improve efficiency of Govt. and private agencies involved in customs clearance, Customs Clearance Facilitation Committee (CCFCs) have been set up at every major Customs seaport and airport.The CCFC is headed by the Chief Commissioner of Customs and includes the senior-most functionary of the following departments /agencies / stakeholder at the particular seaport/airport:

      (i) Food Safety Standards Authority of India/Port Health Officer (PHO)

      (ii) Plant Quarantine Authorities

      (iii) Animal Quarantine Authorities

      (iv) Drug Controller of India (CDSO)

      (v) Textile Committee

      (vi) Port Trust / Airports Authority of India / Custodians

      (vii) Wild Life Authorities

      (viii) Railways/CONCOR

      (ix) Pollution Control Board

      [Circular No. 13 /2015 dated 13th April 2015]

      • Electronic Delivery Orders - Electronic messaging system for electronic Delivery Order, instead of a paper based Delivery Order introduced[Circular No. 1/2015- Customs dated 12.1.2015].
      • Digitally Signed Documents - To increase the coverage of digitally signed documents and subsequent phasing out of physical /manual submission of documents, CBEC has enabled that all importers, exporters, shipping lines and air lines shall file customs documents under digital signature with effect from 01.01.2016. Wherever the customs documents are digitally signed, the Customs will not insist on the user to physically sign the said documents[Circular No. 26/2015-Customs dated 23.10.2015].
      • 24X 7 customs clearance facilities extended to 19 sea ports and 17 Air Cargo complexes[Circular Nos. 19/2014-Customs dated 31.12.2014 and No. 1/2016 dated 6.01.2016].
      • Deferred duty payment for select categories of importers and exporters: This provision will enable release of cargo without payment of duty, which shall enable speedier clearance and improved liquidity in hands of the businesses[Finance Bill 2016].
      • Special Valuation Branches (SVB): The procedure for handling related party transactions and those involving special relationships completely revamped. Extra Duty Deposits waived and the provisions for renewal of SVB orders have also been dispensed[Circular No. 4 & 5/2016-Customs dated 9.02.2016].
      • Warehousing:The system of physical control and locking of public & private warehouses by Customs dispensed and being replaced with record based controls. The period of warehousing to be extended till de-bonding or consumption of goods in respect of EoUs/EHTPs/STPIs/Manufacturing Units under Customs Bond, such as ship building yards which shall reduce transaction costs and burden of documentation. Power for extending warehousing periods in respect of other classes of importers delegated to Principal Commissioner/Commissioner[Notification No. 66 to 72 / 2016-Cus (NT) dated 14th May 2016].
      • Temporary Imports for exhibitions: Exemption notification issued for enabling temporary importation of goods for display/exhibition/demonstration. The requirement of ITPO certification dispensed. The revised process is simplified, predictable and reduces transaction costs[notification No. 8/2016-Customs dated 05.02.2016].
      • Auction facilities for Gems & Jewelry sector - A special Notified Zone has been established in Mumbai at the Bharat Diamond Bourse for display, and sale of rough diamonds by major mining companies, which has attracted business from overseas auction centres to India and reduced transaction costs for the Gems & Jewelry sector of India. (Circular 17/2015-Cus dated 26.05.2015)
      • Second hand machinery - The guidelines relating to valuation of second hand machinery have been revised. In order to achieve nationwide standardization, formats for certification by chartered engineers (Indian & Overseas) have been devised. (Circular No. 25/2015-Cus dated 15.10.2015)
      • Safeguard Measures - Under the India-ASEAN FTA, Rules for initiating investigations by DG, Safeguards have been issued (Notification 37/2016 - Cus(NT) dated 4th March 2016).
      • Baggage Allowance – Rules simplified; free allowance enhanced to ₹ 50,000; baggage declaration from passengers not having items in excess of free allowance dispensed. Customs declaration required from domestic passengers on international flights dispensed [Circular No: 08 / 2016 – Cus dated 8th March 2016 and Budget 2016]

      Export Promotion

      • Provisionalpayment of drawback to exporters pending fixation of brand rate w.e.f23.11.2015 (Notification No. 110 / 2015 – Cus (NT) 16.11.2015 and circular no. 29/2015 – Cus)
      • Electronic Monitoring of realization of export proceeds has commenced from 2014. Now exporters do not have to submit documentary proof of remittances.
      • Exemption to payment of excise duty in the case of locally procured excisable goods against advance authorization, which shall improve cash flow of exporters. [Notification No. 18/2015 – Cus (NT) dated 1.4.2015]
      • Owing to the difficulties faced by the trade in sealing of bulk cargo for exports under Bond, rules amended to grant exemption from self-sealing of bulk cargo for export. [Circular No. 1011/18/2015 – Cx dated 30th Oct 2015]
      • Installation certificates from private chartered engineers allowed [Circular No. 14/2015-Cus dated 20th April 2015]

      II Central Excise

      • Rule relating to apportionment of credit between exempted and non-exempted goods and services simplified.
      • Input services credit flow from Input Services distributor to outsourced manufacturer allowed.
      • Maintenance of common warehouse for distribution of inputs and credit allowed.
      • Small capital goods below a minimum value to be treated as inputs.
      • Credit of inputs such as tools, capital goods such as water pumping station, wagons allowed.
      • Interest rate on late payment of duty reduced to 15% from the present rate of 18% per annum[notification No. 15/2016-CE(NT) dated 01.03.2016].
      • Circular issued to simplify procedure to deal with Audit objections raised by CAG. The Circular provides that demand notice in cases of agreement on audit objections should be issued and decided expeditiously. However, where revenue does not agree with the objections, no demand notice would be issued. This is an effort to make the indirect tax administration assessee friendly and non-adversarial by bringing the audit objections to closure in an expeditious and fairer manner[Circular 1023/11/2016-CX dated 08.04.2016].

      III Service Tax

      IV Audit

      • The requirement of mandatory audit of units with prescribed periodicity based on duty payment done away with. Now the selection of units done based on scientific risk parameters which also takes into account past track record of the unit. Further, concept of integrated audit implemented in all the three taxes- as against three separate audits being conducted. [Circular No. 995/2/2015 – Cx dated 27th Feb 2015]

      V Dispute Resolution

      • Withdrawal of all cases in High Court and CESTAT where there is a precedent Supreme Court decision and against which no review is contemplated by the Department [Instruction F No. 390/Misc/67/2014-JC dated 18.12.2015].
      • Pre show cause notice consultation mandatory with Principal Commissioner / Commissioner before issue of a show cause notice where duty involved is above ₹ 50 lakhs. [F.No: 1080/09/DLA/MISC/15/757 dated 21.12.15]
      • The threshold limit below which appeals are not to be filed by the department in CESTAT (Tribunal) and High Courts has been raised to ₹ 10 lakhs and ₹ 15 lakhs respectively[Instruction F No. 390/Misc/163/2010-JC dated 17.12.2015].
      • Zonal Chief Commissioners/ Principal Commissioners have been directed to identify the cases fit for withdrawal amongst the cases pending in appeal before CESTAT and High Courts. In response field formations have identified 2051 and 5261 cases which are fit for withdrawal from High Court and CESTAT respectively as per the threshold monetary limits prescribed now [Letter F No. 390/Misc/163/2010-JC dated 1.01.2016 & 21.01.2016].
      • Detailed instructions have been issued to all field formations regarding the manner, in which a SCN is to be issued, personal hearings are to be granted and adjudication orders to be issued. The senior most officers in the field i.e.CC’s have been directed to do sample verification of records of such proceedings from time to time. [F.No: 1080/09/DLA/MISC/15/757 dated 21.12.15]
      • Proceedings against the co-noticees to close where the proceedings against the main noticee has been closed.[Rule 26 sub-clause (1) of Central Excise Rules amended w.e.f 1.3.2016]
      • Prosecution proceedings in cases older than fifteen years involving duty of less than ₹ 5 lakhs to be withdrawn[Circular No. 1018/6/2016-CX dated 29.02.2016].
      • For early settlement of disputes pending in appeal before the Commissioner (Appeals) as on 1st March, 2016, payment of tax dues alongwith interest and 25% of the penalty has been prescribed subject to certain conditions. [Finance Act, 2016 – scheme will be effective from 1.6.2016 to 31.12.2016]

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