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September 1, 2026
DGFT Enables Automated Issuance of Free Sale and Commerce Certificates to Promote Ease of Doing Business
Show AI Summary
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
Bank unions to go on nationwide strike on Sep 11 over 5-day banking, other issues
Show AI Summary
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
Stock markets close marginally lower amid higher oil prices, fresh US-Iran tensions
Show AI Summary
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
Gross and Net GST revenue collections for the month of August, 2026
Show AI Summary
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
A Quarter-Century of Trade. One Unbroken Connection.
Show AI Summary
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
NCLT bars Subhash Chandra from alienating assets, stays Rs 6.5-cr repayment plan
Show AI Summary
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
Rupee gains 28 paise to close at 94.94 against US dollar
Show AI Summary
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
ED raids in Chhattisgarh PSC 'scam' case; Baghel's ex-PA raided
Show AI Summary
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
NCLT bars Subhash Chandra from selling assets as lenders challenge Rs 6.5 cr settlement
Show AI Summary
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
HIGHLIGHTS
Show AI Summary
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
Loan waiver scheme: Special Aadhaar verification process for farmers in Latur
Show AI Summary
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
Gross GST mop-up grows 15 pc to Rs 2 lakh cr in Aug
Show AI Summary
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
NCLT issues notices in Subhash Chandra insolvency matter, directs not to dispose of property
Show AI Summary
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
Markets drift lower in early trade amid higher oil prices, fresh US-Iran tensions
Show AI Summary
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
ED raids in Chhattisgarh PSC 'scam' case; ex CM Baghel's PA raided
Show AI Summary
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
ITR filing for AY27 touches record 7.8 cr
Show AI Summary
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
DRI seizes over 42 kg foreign-origin gold worth more than RS. 65 crore in crackdown on gold smuggling
Show AI Summary
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
MoSPI signs MoU with Thapar Institute of Engineering & Technology, Punjab for undertaking a Research Study
Show AI Summary
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
NCLT forms historic 5-member bench to decide on Subhash Chandra's Rs 6.5 cr repayment plan
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
NCLT fails to arrive majority decision on Subhash Chandra's Rs 6.5 cr repayment plan
Show AI Summary
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.

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FEMA & RBI

Disposal of Complaints received by bank Ombudsman

August 1, 2017

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The. Bank-wise details regarding number of complaints received by Banking Ombudsmen (BO) and disposed of in the last three years i.e. 2014-15, 2015-16 and 2016-17 are given in Annexure.

Majority of the complaints received under the Banking Ombudsman Scheme are resolved through conciliation and mediation of BO. In very few cases, where conciliation and mediation fails to achieve mutually agreeable settlement, BO passes an Award or rejects the complaint.

Bank-wise details of Complaint received/disposed/pending at  the Offices of Banking Ombudsmen

Bank Name

2014-15

2015-16

2016-17

Public Sector Banks

Received

Disposed

Pending

Received

Disposed

Pending

Received

Disposed

Pending

STATE BANK OF INDIA

24113

22750

1363

25611

25635

1339

30581

28610

3310

STATE BANK OF BIKANER & JAIPUR

1199

1186

13

1267

1197

83

2033

2039

77

STATE BANK OF HYDERABAD

642

625

17

777

744

50

862

882

30

STATE BANK OF MYSORE

316

296

20

351

361

10

450

449

11

STATE BANK OF PATIALA

530

497

33

760

767

26

1167

1109

84

STATE BANK OF TRAVANCORE

790

766

24

819

837

6

849

782

73

ALLAHABAD BANK

1143

1095

48

1218

1167

99

1413

1326

186

ANDHRA BANK

682

680

2

1051

1023

30

1307

1285

52

BANK OF BARODA

3038

2907

131

3916

3701

346

5043

4889

500

BANK OF INDIA

2808

2660

148

3210

3127

231

4191

3972

450

BANK OF MAHARASHTRA

590

561

29

652

645

36

845

758

123

CANARA BANK

2992

2866

126

3838

3737

227

5248

5029

446

CENTRAL BANK OF INDIA

2095

1974

121

2295

2262

154

2716

2540

330

CORPORATION BANK

792

754

38

804

790

52

1254

1143

163

DENA BANK

718

683

35

784

774

45

1140

1085

100

INDIAN BANK

1246

1217

29

1369

1345

53

1673

1654

72

INDIAN OVERSEAS BANK

1534

1494

40

2376

2313

103

2633

2616

120

ORIENTAL BANK OF COMMERCE

834

788

46

1080

1039

87

1522

1456

153

PUNJAB AND SIND BANK

390

374

16

554

539

31

690

661

60

PUNJAB NATIONAL BANK

4454

4265

189

4735

4577

347

6227

5919

655

SYNDICATE BANK

1195

1146

49

1225

1193

81

1416

1383

114

UCO BANK

1262

1223

39

1406

1370

75

1747

1709

113

UNION BANK OF INDIA

2141

2013

128

2249

2249

128

2559

2308

379

UNITED BANK OF INDIA

953

937

16

733

700

49

958

972

35

VIJAYA BANK

411

398

13

489

481

21

690

666

45

IDBI BANK LIMITED

854

808

46

10

9

47

2079

2033

93

Bhartiya Mahila Bank

2

2

0

1453

1410

43

16

16

43

 

57724

54965

2759

65032

63992

3799

81309

77291

7817

CATHOLIC SYRIAN BANK LTD

82

81

1

80

78

3

66

66

3

CITY UNION BANK LIMITED

120

119

1

124

120

5

136

136

5

FEDERAL BANK LTD

331

327

4

387

376

15

503

467

51

JAMMU AND KASHMIR BANK LTD

157

146

11

168

168

11

140

133

18

KARNATAKA BANK LTD

163

162

1

140

138

3

222

207

18

KARUR VYSYA BANK LTD

195

191

4

242

238

8

298

299

7

LAKSHMI VILAS BANK LTD

102

100

2

166

167

1

120

116

5

NAINITAL BANK LTD

15

12

3

45

45

3

25

23

5

RATNAKAR BANK LTD

127

121

6

224

219

11

417

388

40

SOUTH INDIAN BANK LTD

165

163

2

195

191

6

206

204

8

TAMILNAD MERCANTILE BANK LTD

133

133

0

122

118

4

144

144

4

THE DHANALAKSHMI BANK LTD

89

88

1

71

72

0

64

61

3

AXIS BANK LIMITED

3242

3080

162

4966

4861

267

6748

6506

509

BANDHAN BANK LIMITED

0

0

0

26

23

3

102

100

5

DEVELOPMENT CREDIT BANK LTD.

131

128

3

263

252

14

316

301

29

HDFC BANK LTD.

5684

5542

142

7712

7815

39

9885

9331

593

ICICI BANK LIMITED

6379

6097

282

7897

7707

472

9541

9331

682

IDFC BANK LIMITED

0

0

0

1

1

0

29

24

5

INDUSIND BANK LTD

824

785

39

1214

1188

65

1436

1393

108

KOTAK MAHINDRA BANK LTD.

1576

1512

64

2394

2287

171

3711

3608

274

YES BANK LTD.

342

322

20

496

481

35

969

935

69

 

19857

19109

748

26933

26545

1136

35078

33773

2441

AMERICAN EXP. BANKING CORP.

106

88

18

156

171

3

187

175

15

BARCLAYS BANK PLC

92

87

5

95

96

4

55

57

2

CITIBANK N.A

813

789

24

890

881

33

1242

1173

102

DBS BANK LTD.

11

10

1

13

11

3

28

28

3

DEUTSCHE BANK AG

63

58

5

90

89

6

105

94

17

HONGKONG AND SHANGHAI BANKING CORPN.LTD.

298

288

10

403

385

28

415

408

35

ROYAL BANK OF SCOTLAND

197

190

7

181

175

13

126

132

7

STANDARD CHARTERED BANK

2012

1945

67

1558

1557

68

1086

1075

79

Others Foreign Banks

18

17

1

27

28

0

42

40

2

 

3610

3472

138

3413

3393

158

3286

3182

262

RRBs/SCBs/Others

7247

7116

131

7516

7188

459

11315

11082

692

Grand Total

88438

84662

3776

102894

101146

5524

130988

125330

11182

* Complaints disposed includes those pending at the end of the previous year

This was stated by Shri Santosh Kumar Gangwar, Minister of State for Finance in written reply to a question in Rajya Sabha today.

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