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    National Financial Reporting Authority (NFRA) conducts sixth outreach programmes with focus on small and medium auditors under the theme “Creating a...
    CCI imposes monetary and non-monetary sanctions on Agro Input Dealers Association, Agro Input Welfare Association for indulging in anti-competitive co...
    India-Finland cooperation takes centre stage at circular economy forum
    CCI imposes penalty on Rekha Agencies and SS Marketing for indulging in anti-competitive conduct in respect of Himachal Pradesh Tender 2013 for the pr...
    US is set to impose 50% tariffs on $20 billion worth of Canadian products
    Rupee settles 3 paise higher at 95.71 against US dollar
    29 FDI Investments Worth ₹4,895.65 Crore Reported Under Revised Framework
    India and ADB sign $230 million loan to modernise water supply and sanitation in Chennai
    DGGI unearths clandestine pan masala and tobacco manufacturing network in Uttar Pradesh; 27 undeclared pouch-packing machines seized, evasion of about...
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    Govt rejects ethanol link to sugar price surge, says duty free imports allowed to curb prices
    China moves to wrap up saga of troubled property giant Evergrande after founder gets life sentence
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    Bengaluru airport: AERA slashes user development fee to Rs 300 for domestic passengers
    NUMR Inc. helps deliver Axis Bank's data-driven excellence in customer experience
    ED can't add old FIR to Enforcement Case Information Report to sustain PMLA proceedings: Delhi HC
    Rupee settles on flat note, 3 paise higher at 95.71 against US dollar
    VinFast India Partners with Federal Bank to Strengthen Dealer Financing Ecosystem
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August 22, 2026
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Audit quality enhancement for small and medium auditors emphasises technology, global standards, inspection insights and stronger financial reporting.
Audit quality and financial reporting reliability were the focus of NFRA's outreach programme for small and medium audit firms. The programme promoted professional capacity-building, alignment with contemporary global standards, adoption of appropriate audit technology, and the public-interest role of the accountancy profession. Technical sessions covered audit strategy documentation, risks of material misstatement, and practical lessons from audit-firm oversight to support improved day-to-day audit practice and high-quality financial reporting.
August 22, 2026
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Cartelisation by agro-input dealer associations attracted monetary sanctions, cease-and-desist directions, and mandatory competition-compliance training for responsible officials.
Cartelisation by the two agro-input dealer associations and named individuals contravened Section 3(3)(b) read with Section 3(1) of the Competition Act, 2002. Monetary sanctions were imposed, and association office-bearers were held liable under Section 48. The parties and liable officials were directed to cease and desist from future anti-competitive conduct and to organise competition-compliance training to promote awareness and compliance within the associations.
August 22, 2026
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Circular economy partnerships promote resilient value chains, resource efficiency and sustainable growth alongside evolving India-EU trade integration.
India-Finland circular economy cooperation is being developed through business, technology, investment and commercial partnerships supporting resource-efficient and sustainable growth. Discussions focused on competitive and resilient value chains based on circularity, traceability, resource efficiency and sustainable business practices. Circular economy principles extend beyond waste management into product design, value chains, resource use, skills development and new business models. The India-EU free trade agreement remains subject to legal review and formal ratification and is not yet in force.
August 22, 2026
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Bid rigging through pre-bid exchange of sensitive price information attracted penalties and cease-and-desist directions in tyre procurement.
Bid rigging in tyre procurement was established where Rekha Agencies and SS Marketing exchanged commercially sensitive price-bid information before submitting bids for the Himachal Pradesh Tender 2013. The concerted conduct contravened the prohibition on anti-competitive agreements and bid rigging. Monetary penalties and cease-and-desist directions were imposed on both enterprises. An official of Rekha Agencies was also penalised for liability arising from the contravention, while proceedings against the official of SS Marketing stood abated following his death.
August 22, 2026
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Import tariffs on Canadian products trigger potential retaliatory levies after bilateral negotiations fail to reach agreement.
Import tariffs on Canadian products are set to be imposed by the United States at a 50% rate after bilateral negotiations did not produce an agreement. The measures cover products including hockey sticks and tongue depressors and affect a limited share of Canada's annual exports to the United States. Canada has indicated possible retaliatory levies, intensifying the bilateral trade dispute.
August 21, 2026
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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.

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News and Press Release

Up-gradation of functionalities for subscribers by the Central Recordkeeping Agencies (CRAs) for April - June Quarter ended on 30-06-2017

August 22, 2017

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Pension Fund Regulatory and Development Authority (PFRDA) is established by the Government of India for regulation and development of Pension Sector in order to protect the old age income security of subscribers. PFRDA takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS) like new functionality development under NPS architecture, simplification of account opening, withdrawal, grievance management etc. In this regard, during the Quarter ended on  30.06.2017, various functionalities have been released by the Central Recordkeeping Agencies (CRAs) i.e. NSDL e-governance Infrastructure Limited and Karvy Computershare Pvt. Ltd to facilitate the ease of operation for the benefit of subscribers. These are detailed below:

NSDL e-Governance Infrastructure Limited

Sr. No.

Functionality

Description

Release Date

1

Annual Freezing

Subscriber account would be unfrozen on minimum contribution of ₹ 500 in any of the Financial Year.  The Subscriber would be allowed to contribute through normal process i.e. through any POP or through eNPS

4-Apr-17

2

NPS Mobile App - Aadhaar Seeding

The Subscriber can now link his/her Aadhaar to NPS account using Mobile App.

4-Apr-17

3

NPS Mobile App - Captcha in Contribution Screen

In Mobile App, the Subscriber has an option to submit the contributions without logging into App, routed through Captcha

4-Apr-17

4

NPS Mobile App - Reset password using OTP

Subscriber can now reset his/her password using Mobile App through OTP. This option is in addition to the option of resetting password using secret question.

4-Apr-17

5

Scheme Preference Change

Now, the Subscribers (other than Govt.) will have facility to change PFM once and Investment Option (active or auto choice) as well as Asset Allocation Ratio twice in a Financial Year.                                        

4-Apr-17

6

NPS Mobile App - Tier II Withdrawal

Subscriber can now initiate Tier II account withdrawal under NPS using Mobile App and funds will get transferred to Subscriber's Bank Account registered with CRA.

8-Apr-17

7

Interoperability between CRAs

Now, Subscribers have option to open account with either of the CRAs. The existing Subscriber can also select CRA of his/her choice, once in a year. The target CRA will facilitate the shifting request under NPS.

15-Apr-17

8

New Payment Gateway – BillDesk

In eNPS, alongwith SBI ePay, BillDesk has been integrated as the second Payment Gateway Service Provider for ease of online contribution by the subscriber.

4-May-17

9

NPS Mobile App - Hindi version

The bilingual version of Mobile App has been developed for convenience of NPS Subscriber.

15-May-17

10

Transaction Statement - view

The Subscriber can access their Transaction Statement through CRA NPS Lite website (www.npslite-nsdl.com).

7-Jun-17

11

NPS Mobile App - enhancement

“Remember PRAN” in the APP is enabled. Now, Subscribers need not enter 12 digit PRAN every time they login.

8-Jun-17

12

NPS Mobile App - NPS Lite/APY

Similar to NPS Regular, Mobile  App is introduced for NPS Lite/APY Subscribers. In 1st phase, following features are released for NPS Lite/APY Subscribers.
1. Statement of Holding
2. Statement of Transaction (pdf download)
3. Subscriber details view
4. Last three Contribution details

17-Jun-17

13

Grievance - enhancement

Subscribers under NPS Lite have facility to raise grievances in Central Grievance Management System (CGMS) against CRA/ Nodal Office / NPS Trust.

23-Jun-17

14

eNPS - Service Tax replaced with GST

Replacement of existing Service Tax to GST;
1. Receipts will be have label as GST and will be having 18% calculated amount
2. Labels/text which shows payment gateways charges is being modified to display GST & 18% instead of service tax and 15%
3. The Service tax element which was charged for the trail commission during subsequent contribution payment through online payment mode in eNPS will be termed as GST

30-Jun-17

 

Karvy Computershare Pvt. Ltd

Sr. No.

Functionality

Description

Release Date

1

Mobile App

Mobile App for NPS Subscribers who are registered with Karvy CRA. Subscriber can download the NPS Mobile App from Google Play store by searching the name “NPS by Karvy-CRA”.

13-Apr-17

2

e-Sign

The e-Sign facility has been implemented for Subscriber registering (Tier I or Tier I & Tier II) through eNPS using Aadhaar authentication and the same is now available for Subscribers.

21-Apr-17

3

CGMS

Following facility has been developed:
1. If the Subscriber is not satisfied with the resolution provided by the entity, then subscriber can escalate the grievance to NPS Trust.
2. If the subscriber grievance is not resolved within 30 days, subscriber can escalate to NPS Trust.

29-Apr-17

4

SMS/Email

Subscriber will get to know that the PRAN Kit has been dispatched by CRA.

29-Apr-17

5

Missed Call Service

Subscriber can now just give a missed call to 9212993399 through his/her registered mobile number for knowing his/her balance in NPS account.

26-May-17

6

Mobile App

Now the online contribution facility has been made available outside the login. In this case, Subscribers details will be authenticated through OTP and contribution will be allowed.

26-May-17

7

Mobile App

Currently, Mobile App for Karvy CRA Subscribers is available for Android users. Now the same has been made available for iOS users. The following features are provided through the Mobile App:
1. View your Profile details.
2. View current Holdings
3. Request for Transaction Statement on registered Email ID.
4. Change contact details like Telephone, Mobile no. and Email ID.
5. Change Password facility
6. View Last 5 contribution transactions carried out
7. Contribute in NPS Tier I as well as Tier II account
8. Change Scheme Preference
9. One Way Switch request (from Tier II to Tier I)
10. Tier II withdrawal request
11. Modify address using Aadhaar
12. Grievance/Enquiry
13. Generate Password
14. Online contribution without login

31-May-17

8

Interoperability

Interoperability between both the CRAs has been implemented. The changes related to shifting of Corporate Subscriber from one CRA to another CRA has been made available.

05-Jun-17

9

GUI

Positioning and label of the "Generate/Reset Password" has been changed to make it more subscriber friendly.

30-Jun-17

10

GUI

Following are the message w.r.t. Service Tax has been changed to display the GST instead of Service tax:
1. Change of Payment Gateway charges message in eNPS like Transaction charges plus GST@18% (based on PGSP confirmation)
2. Change of e-Sign message regarding charges like GST instead of Service Tax

30-Jun-17

11

Limited Access View

Limited access View (Without login) - A link has been made available on CRA system wherein Subscriber/Nodal Office can check the status of various request without login into CRA system. Subscriber/Nodal office has to enter the PRAN or Ack ID or Receipt No (as per request) and latest status will be displayed. Following are the request type has been considered:
1. Subscriber registration status
2. PRAN kit dispatch
3. Contribution status
4. Grievance status
5. Withdrawal status

30-Jun-17

 

Topics

Acts Income Tax