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    August 21, 2026
    Rupee settles 3 paise higher at 95.71 against US dollar
    August 21, 2026
    29 FDI Investments Worth ₹4,895.65 Crore Reported Under Revised Framework
    August 21, 2026
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    August 21, 2026
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    August 21, 2026
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    August 21, 2026
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    August 21, 2026
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    August 21, 2026
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    August 21, 2026
    Sugar prices soar to Rs 70 per kg ahead of festive season in Bengal, jaggery also dearer
    August 21, 2026
    Rupee gains 9 paise to 95.65 against US dollar in early trade
    August 21, 2026
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    August 20, 2026
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    August 21, 2026
    Rupee settles 3 paise higher at 95.71 against US dollar
    Show AI Summary
    Rupee exchange-rate movement reflected geopolitical tensions, crude oil conditions and market intervention, while export payment rules expanded rupee invoicing.
    Foreign Trade Policy amendments facilitate export invoicing and receipt of payments in Indian rupees. For exports to countries outside the Asian Clearing Union, export contracts and invoices may be denominated in Indian rupees or any foreign currency. The earlier general requirement that export earnings be received in a freely convertible currency is thereby eased, while applicable rules continue to vary according to destination.
    August 21, 2026
    29 FDI Investments Worth ₹4,895.65 Crore Reported Under Revised Framework
    Show AI Summary
    Non-controlling land-bordering country ownership permits eligible foreign investment through the automatic route, subject to sectoral conditions and reporting.
    Foreign direct investment may use the automatic route where non-controlling beneficial ownership from a land-bordering country in the investor entity does not exceed 10%, subject to sectoral caps, entry routes and other applicable conditions. The beneficial ownership test applies at the investor-entity level. Eligible investors need not obtain separate prior Government approval after reporting relevant information to the Government. The framework replaces the earlier approval requirement applicable even to minimal beneficial ownership from land-bordering countries.
    August 21, 2026
    India and ADB sign $230 million loan to modernise water supply and sanitation in Chennai
    Show AI Summary
    Climate-resilient urban water security modernises Chennai's supply and sanitation systems through ring-main infrastructure, digital monitoring, and safer sewer operations.
    Chennai Climate-Resilient Water Security and Sewerage Project modernises and expands water supply and sanitation infrastructure through a loan arrangement between the Government of India and the Asian Development Bank. Measures include new pipelines, upgraded pumping stations, performance-based utility operations, and a comprehensive ring-main system to improve water-pressure balance, distribution efficiency, reliability and climate resilience. Digital monitoring and advanced blockage-detection technology are intended to improve operational decisions, customer responsiveness and worker safety while eliminating hazardous manual sewer inspections.
    August 21, 2026
    DGGI unearths clandestine pan masala and tobacco manufacturing network in Uttar Pradesh; 27 undeclared pouch-packing machines seized, evasion of about ₹185 crore detected
    Show AI Summary
    Capacity-based taxation targets undeclared pouch-packing machinery used for clandestine pan masala and tobacco production and untaxed clearances.
    Capacity-based taxation of pan masala and specified tobacco products is determined by the number, type and capacity of installed pouch-packing machines. Searches at interconnected manufacturing and trading premises detected unregistered operations using undeclared machinery for clandestine manufacture and clearance of pan masala, scented jarda and gutkha without payment of GST, HSNS cess and central excise duty. Finished goods, raw materials, packing materials and machinery were seized. The manufacturing firm's proprietor was prima facie identified as managing the operation and was arrested under the applicable cess and central excise laws.
    August 21, 2026
    Mission SAKSHAM: Scaling Capability through Co-operation - Keynote Address by Shri Swaminathan J, Deputy Governor at Mission SAKSHAM Programme for Directors, MDs and CEOs of Urban Co-operative Banks in Telangana, Hyderabad on August 7, 2026
    Show AI Summary
    Technology risk oversight requires Urban Co-operative Banks to retain accountability while building shared and role-specific capabilities.
    Urban Co-operative Banks must strengthen digital and risk-management capabilities as technology dependence exposes them to cyber threats, fraud, service-provider failures and common-platform vulnerabilities. Outsourcing critical systems does not transfer the bank's responsibility for oversight, safeguards and continuity. Boards and senior management must retain sufficient knowledge to supervise external providers effectively. Mission SAKSHAM supports role-specific, continuous capability building through physical and online learning, while collective infrastructure and shared expertise can supplement individual institutional capacity.
    August 21, 2026
    India’s Foreign Exchange Markets: Getting ready for the next Decade [Keynote Address delivered by Deputy Governor Shri Rohit Jain on the Annual Day of the Foreign Exchange Dealers' Association of India (FEDAI) on August 14, 2026] - Keynote Address delivered by Shri Rohit Jain, Deputy Governor on the Annual Day of the Foreign Exchange Dealers' Association of India (FEDAI) on August 14, 2026
    Show AI Summary
    Foreign exchange market modernisation prioritises delegated decisions, customer transparency, digital workflows, local-currency settlement and accountable risk management.
    Foreign exchange market modernisation advances a facilitative, principles-based framework based on delegated decision-making by Authorised Dealers, risk-based reporting, and customer-centric service standards. Authorised Dealers must apply clear internal policies, avoid unnecessary documentation, disclose charges, timelines and grievance mechanisms, and ensure consistent treatment of comparable transactions. Local-currency settlement requires viable trade corridors, competitive hedging, correspondent relationships and robust AML/CFT controls. Digital workflows, electronic trading and reporting infrastructure should improve transparency and resilience, while automated tools remain subject to explainability, review and data-protection safeguards.
    August 21, 2026
    Govt rejects ethanol link to sugar price surge, says duty free imports allowed to curb prices
    Show AI Summary
    Sugar price containment measures restrict stockholding, permit duty-free imports, and strengthen inventory verification to deter hoarding.
    Sugar price containment measures include stock limits for dealers, consumption-based inventory restrictions for bulk consumers, duty-free raw sugar imports, and physical verification of mill stocks to prevent hoarding and artificial scarcity. Price increases are attributed to lower domestic output, festive demand, crop damage, tighter global supplies, and speculation rather than sugar diversion for ethanol. Earlier crushing is advised to improve seasonal availability, while the ethanol programme supports management of sugar surpluses, mill liquidity, and timely sugarcane payments.
    August 21, 2026
    China moves to wrap up saga of troubled property giant Evergrande after founder gets life sentence
    Show AI Summary
    Cross-border insolvency enforcement constrains asset recovery as Evergrande liquidation, founder asset confiscation, and audit-related claims continue.
    Evergrande's insolvency process involves liquidation proceedings for its mainland property-development unit and its Hong Kong-listed holding company. Cross-border recovery is constrained by separate Hong Kong and mainland China legal systems, particularly because most operational assets are located in mainland China. Liquidators are pursuing asset-tracing and recovery measures against the founder and connected persons, as well as claims concerning pre-collapse audits. Investigations identified revenue overstatement through manipulated financial data. Creditor recoveries are expected to be limited due to substantial liabilities and constraints on asset realisation.
    August 21, 2026
    India's forex kitty swells USD 9.9 bn to USD 716.9 bn
    Show AI Summary
    Foreign exchange reserves rose through higher currency assets and gold holdings amid measures to attract external forex inflows.
    India's foreign exchange reserves increased during the reporting week, led by higher foreign currency assets and gold reserves. Foreign currency assets include the dollar-value effects of movements in non-US currencies held as reserves. Special drawing rights declined marginally, while the reserve position with the International Monetary Fund increased marginally. Concessional swap arrangements formed part of measures to attract foreign-exchange inflows, while earlier reserve movements were linked to rupee pressure and dollar-sale intervention in the foreign-exchange market.
    August 21, 2026
    Bengaluru airport: AERA slashes user development fee to Rs 300 for domestic passengers
    Show AI Summary
    Incremental tariff recovery aligns airport user charges with completed infrastructure, preventing passengers from funding non-operational capital projects prematurely.
    User development fees and airport tariffs for Bengaluru International Airport have been revised for the April 2026 to March 2031 control period. The incremental Average Revenue Requirement framework excludes costs of identified high-value capital projects from tariffs until the relevant assets are completed, commissioned and available for users. Incremental tariff recovery may begin only upon operational availability, aligning charges with infrastructure use, reducing premature recovery risk for passengers and airlines, and encouraging timely completion of major capital works.
    August 21, 2026
    NUMR Inc. helps deliver Axis Bank's data-driven excellence in customer experience
    Show AI Summary
    Customer experience analytics enables banks to convert real-time feedback into operational improvements across high-value customer journeys.
    Customer experience analytics is used in banking to transform customer data and real-time feedback into operational improvements across key customer journeys. Operational teams retain responsibility for strategy and execution, supported by in-house analytics and technology platforms for multi-channel journey mapping, journey analytics and prioritisation of high-value customer segments. AI-driven customer experience management tools capture customer signals, analyse journey performance and operationalise actionable insights across teams.
    August 21, 2026
    ED can't add old FIR to Enforcement Case Information Report to sustain PMLA proceedings: Delhi HC
    Show AI Summary
    Predicate-offence dependency limits retrospective addition of old FIRs to preserve money-laundering proceedings after the original scheduled offence is closed.
    Predicate-offence dependency under the Prevention of Money Laundering Act requires an ECIR to rest on a subsisting scheduled offence. Closure of the FIR forming its basis through an accepted cancellation report prevents continuation of money-laundering proceedings unless that closure is overturned. A previously registered FIR cannot be belatedly added merely to preserve an existing ECIR and coercive powers. Where statutory requirements are met, an independently registered ECIR may be required. Expansion of an ECIR cannot rest solely on tenuous factual links between successive disputes.
    August 21, 2026
    Rupee settles on flat note, 3 paise higher at 95.71 against US dollar
    Show AI Summary
    Indian rupee export invoicing rules now permit overseas contracts and invoices in rupees or foreign currency for eligible destinations.
    Foreign Trade Policy provisions were amended to facilitate invoicing of overseas exports and receipt of export payments in Indian rupees. For exports to countries outside the Asian Clearing Union, export contracts and invoices may be denominated in Indian rupees or any foreign currency, replacing the earlier general requirement that export earnings be received in a freely convertible currency. The applicable requirements vary according to the destination country.
    August 21, 2026
    VinFast India Partners with Federal Bank to Strengthen Dealer Financing Ecosystem
    Show AI Summary
    Dealer inventory financing supports working-capital flexibility, vehicle inventory management and electric-vehicle network expansion for authorised dealers.
    Dealer inventory financing is to be provided by Federal Bank to VinFast India's authorised dealer network under a memorandum of understanding. The tailored financing is intended to improve dealers' working-capital flexibility, support maintenance of vehicle inventory, strengthen operational capability, and enable timely response to demand as the electric-vehicle distribution network expands.
    August 21, 2026
    Sugar prices soar to Rs 70 per kg ahead of festive season in Bengal, jaggery also dearer
    Show AI Summary
    Sugar supply pressures drive festive-season price increases as imports, stockholding limits and ethanol diversion shape market conditions.
    Sugar prices in Bengal have risen sharply ahead of the festive season, with higher prices also affecting jaggery and other sugar-derived products. Supply constraints, mill stock releases, lower production in Brazil, ethanol diversion and possible hoarding have been identified as contributing factors. Raw-sugar imports have been permitted to augment availability, while stockholding restrictions limit inventories of specified bulk consumers. Lower projected closing stocks and possible future production effects from El Nino may sustain pressure on sugar availability and increase costs for sweetmeat producers.
    August 21, 2026
    Rupee gains 9 paise to 95.65 against US dollar in early trade
    Show AI Summary
    Foreign currency inflows and FCNR(B) deposits supported rupee sentiment, while oil prices and geopolitical risks constrained currency strength.
    The rupee strengthened marginally against the US dollar as the dollar index softened, but elevated crude oil prices, geopolitical uncertainty, reduced foreign participation and net foreign equity outflows constrained currency sentiment. RBI measures to attract foreign currency inflows, including FCNR(B) deposits, were expected to generate substantial inflows, although these had not produced meaningful rupee strength. Energy-market disruption and restrictions on fuel exports through the Strait of Hormuz added to external-sector pressures.
    August 21, 2026
    Union Minister of State for Finance Shri Pankaj Chaudhary participated virtually in 21st Award Ceremony of Security Printing and Minting Corporation of India Limited (SPMCIL) in New Delhi.
    Show AI Summary
    Sovereign security production priorities emphasise compliance, modernisation, employee innovation and operational excellence across currency, passport and coinage manufacturing.
    SPMCIL performs a sovereign production mandate covering secure currency, coinage, passports and other products of national importance through its mints, currency presses, security presses and paper mill. Modernisation, compliance, transparency, efficiency, productivity, quality and corporate governance support the fulfilment of sovereign requirements. Individual employees and units were recognised for performance in productivity, environment and safety, energy conservation, knowledge and development, vigilance, and official-language implementation.
    August 20, 2026
    Over 745 gram gold paste seized at IGI; Customs nab carrier, receiver
    Show AI Summary
    Customs enforcement against suspected gold smuggling leads to baggage seizure and apprehension of the alleged intended receiver.
    Customs officers intercepted an arriving passenger at the green channel on intelligence inputs and examined baggage after X-ray screening indicated suspicious images. The examination recovered two oval capsules containing gold paste concealed in the baggage. Interrogation indicated that an alleged receiver was waiting outside the airport to collect the suspected smuggled gold. Customs officers apprehended the alleged receiver, and further investigation remains underway.
    August 20, 2026
    Quebec remains cautious on Canada-US trade deal as Ottawa pushes to restore US alcohol
    Show AI Summary
    Provincial alcohol sales restrictions remain subject to economic impact assessment under proposed bilateral trade agreement negotiations.
    Provincial control over alcohol distribution remains distinct from federal trade-making authority. Quebec retains authority over whether United States alcohol is offered through its government-controlled liquor distribution system, despite lacking a veto over a bilateral trade agreement. Federal requests to restore United States alcohol to retail shelves cannot compel provincial action. Proposed trade commitments also concern restrictions on United States agricultural products and Canada's dairy import regime, which applies lower tariffs within designated import volumes and higher duties beyond those volumes.
    August 20, 2026
    No cases of foreigners getting Aadhaar, other govt benefits reported during SIR in K'taka: Minister
    Show AI Summary
    Electoral-roll verification found no reported cases of specified foreign nationals receiving identity-linked benefits or voter registration.
    Electoral-roll special intensive revision recorded no reported cases of Pakistani, Bangladeshi or Iranian nationals obtaining Aadhaar cards, ration cards, other government benefits, or voter registration. Illegal immigrants are identified through police monitoring, intelligence measures, specialised operations and a Special Task Force. Overstayers are recorded through the District Police Module and Foreigners Identification Portal and produced before Foreigners Regional Registration Officer authorities. Persons found to be residing illegally are reported to the concerned central divisions, proceeded against through registered cases, retained pending case disposal and exit permits, and subjected to deportation steps.

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      Home› news › Income Tax › 2016 › July, 2016 › This
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      Income Tax

      The Union Finance Minister Shri Arun Jaitley takes a serious view of the resolution by Officers of Indian Revenue Service (Income Tax) against Department of Revenue

      July 28, 2016

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      Press Information Bureau

      Government of India

      Ministry of Finance

      28-July-2016 15:50 IST

      The Ministry of Finance has learnt through a newspaper item which appeared today that some officers of Indian Revenue Service (Income-tax) Mumbai Branch have passed a resolution against the Department of Revenue.

      The Finance Minister Shri Arun Jaitley has taken a serious view of such a Resolution by officers of Organised Group ‘A’ service to advise the Government on what role it should play. This is an act of insubordination. Officers indulging in acts of indiscipline would be subject to Conduct Rules.

      No Department of ​the ​ Government has absolute autonomy. It has to serve the larger goal of the Government. The supervisory powers of next higher authority ensures that there is no misuse of power by anyone in the Government.

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