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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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September 1, 2026
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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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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.
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September 1, 2026
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September 1, 2026
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August 31, 2026
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Personal insolvency repayment plans: conflicting views on binding dissenting creditors prompted reconsideration through an expanded adjudicatory bench.
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August 31, 2026
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August 31, 2026
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August 31, 2026
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Personal guarantor insolvency distinguishes guarantee liability from borrower debt while creditor voting challenges question repayment-plan approval.
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August 31, 2026
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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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Customs, DGFT & SEZ

Codex Alimentarius Commission meeting in Geneva adopts three Codex standards for spices

July 26, 2017

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Codex Alimentarius Commission meeting in Geneva adopts three Codex standards for spices
Member-countries unanimously approve Codex standards for pepper, cumin and thyme

In a major recognition of India’s efforts to benchmark global spices trade, the Codex Alimentarius Commission (CAC) has adopted three Codex standards for black, white and green pepper, cumin and thyme, paving the way for universal agreement on identifying quality spices in various countries. 

The member-countries of CAC, the international food standards-setting body which met in Geneva for its 40th session during July 17-22, unanimously approved the adoption of Codex standards for the three spices, which would facilitate evolving a common standardization process for their global trade and availability.

The Codex standards were adopted in the wake of India conducting three sessions of Codex Committee on Spices and Culinary Herbs (CCSCH) at Kochi (2014), Goa (2015) and Chennai (2017). The Chennai session succeeded in achieving this consensus. Subsequently, these drafts were placed before the CAC, and it was adopted by consensus with an overwhelming support from the member-countries. 

With the adoption of the Codex standards on pepper, cumin and thyme, spices have been included for the first time as commodities that will have such universal standards.

Commerce and Industry Minister Smt. Nirmala Sitharaman  said the adoption of the Codex standards would imply that there are now reference points and benchmarks for the member-countries to align their national standards for spices with Codex. 

Smt. Sitharaman said It will bring harmony to the global spice trade and ensure availability of high quality, clean and safe spices to the world. She said It will also benefit the trade from universal agreement to identify good quality spices. 

.The Minister said It may be a small beginning considering the number of commodities waiting in the ranks for the standardization process. But what is really heartening is that spices have made a definitive entry into the league of commodities having Codex standards, and India played a key role in achieving this objective. 

This triumph of CCSCH is the harbinger of a lot of hard work ahead. The number of spices and culinary herbs is very large – although only 109 spices are notified in the ISO list, their actual number, as used in various countries, would be much higher. 

It was in 2013 that the need for Codex standards for spices and herbs became a matter of concern, owing to the increased level of issues in spice trade. At that time, there was no Codex committee exclusively for spices and culinary herbs. Thus, the first step in development of Codex standards was the establishment of a dedicated Codex committee for spices and herbs.

With the approval of the Central government, Spices Board India submitted to CAC a proposal for such an exclusive committee for spices and culinary herbs. After completing the background work, it sent delegates to a series of Codex committee meetings all over the world, making a forceful plea for the need for a committee on spices and herbs.

The 36th session of CAC, which met in Rome from July 1-5, 2013, deliberated on this proposal from India, and later approved it with unanimous support of the member-countries. It heralded the creation of CSCH, with India as the host country and Spices Board as the Secretariat. This was the first new Codex commodity committee to be approved in the past 25 years.

Historically, the developed countries, being the major importers of spices, have always insisted on unreasonably strict standards, which have had adverse effects on spice trade. This is an issue that the Codex, jointly formed by the World Health Organisation (WHO) and the Food and

Agriculture Organisation (FAO), seeks to address.

Spices Board India, the flagship organization of the Central Government for export and promotion of spices from the country, has always been concerned about this aspect, and hence has taken keen interest in harmonizing the disparate standards for spices which exist all over the world.

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