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    EOW registers case against businessman, 4 others for ''forgery, unauthorised transactions''
    India's Russian oil imports hold near 1.8 million bpd as Middle East fills gaps
    IDFC FIRST Bank enables Direct Tax payments through UPI, cards, net banking and branches
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    DRI seizes 86 live Tokay Geckos in Assam in a crackdown on wildlife trafficking; two arrested
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September 24, 2026
Show AI Summary
Corporate document forgery allegations trigger investigation into unauthorised insolvency consortium participation and disputed share transfers.
An FIR concerns alleged cheating, forgery, criminal conspiracy, corporate-document misuse, and unauthorised financial liabilities arising from participation in a corporate insolvency resolution process. Allegations include entering a consortium arrangement without the Parekh Group's knowledge or authorisation, reliance on a fabricated and unapproved board resolution, and unauthorised transfer of shares to a group-controlled entity. Investigation covers disputed-record authenticity, alleged digital-signature misuse, and financial transaction trails.
September 24, 2026
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Energy security shapes continued Russian crude sourcing as alternative suppliers replace shortfalls amid potential sanctions-related restrictions.
Russian crude imports are operating near 1.8 million barrels daily in September, with refinery maintenance, stronger Chinese buying, and disruptions to Russian export infrastructure constraining availability. Middle Eastern supply, especially from Iraq and Saudi Arabia, has offset reduced Russian volumes. Potential tougher restrictions on countries purchasing Russian oil could complicate procurement, but energy security and tight physical oil markets make a significant near-term reduction in Russian crude purchases unlikely. Replacement remains technically possible but may raise procurement costs and competition for medium-grade crude.
September 24, 2026
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Direct tax payment gateway integration enables nationwide payments through digital options, branch channels, and customers' respective internet-banking services.
IDFC FIRST Bank's payment-gateway integration for Central Board of Direct Taxes collections enables Direct Tax payments through UPI, credit cards, debit cards, Retail and Corporate Internet Banking, and branch-based cheque, demand draft, or cash payments. Customers of other banks may use their own internet-banking facilities through the gateway. Taxpayers create a challan on the Income Tax e-Filing Portal, select Payment Gateway and IDFC FIRST Bank, choose a payment mode, complete payment, and download or print the paid challan. Payment confirmations are also accessible.
September 24, 2026
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Insurance distribution controls target commissions, expenses and loan-linked sales, reshaping bancassurance arrangements and intermediary remuneration structures.
IRDAI's consultation proposals for insurance distribution contemplate lower Expenses of Management limits, tighter commission controls, and greater control over loan-linked insurance practices. The prospective framework concerns insurer and intermediary remuneration, distribution expenses, and bancassurance fee structures. Reported concerns centre on potential effects on insurer earnings, intermediary economics, and lending-linked distribution arrangements; the measures are not described as final operative obligations or enforcement action.
September 24, 2026
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Personal loan eligibility and repayment planning: loan variants and digital applications remain subject to assessment, verification, and applicable terms.
Eligible customers may seek collateral-free personal loans within stated amount, tenure and interest-rate ranges. Loan amount, interest rate and tenure determine the EMI and total interest payable, while calculator results are estimates rather than final repayment obligations. Eligibility includes nationality, age, employment and credit-score conditions, but approval, final pricing and loan amount remain subject to lender assessment, document verification and applicable terms. Online applications require personal, financial and employment details and KYC verification.
September 24, 2026
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Nidhi company deposits lack insurance protection, requiring verification of government declaration before relying on high-return promises.
Each company seeking to function as a Nidhi must file Form NDH-4 for declaration or updated Nidhi status and comply with the Companies Act, 2013 and applicable Nidhi Rules. Nidhi companies may accept deposits and grant loans only to members. Public investors should verify declared Nidhi status rather than rely on unusually high-return promises, agent representations, or informal assurances. Deposits with Nidhi companies are not insured by the Deposit Insurance and Credit Guarantee Corporation, and recovery may be difficult where a company fails or fraud occurs.
September 24, 2026
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FCNR(B) liquidity deployment remains within banks' discretion, guided by credit pipelines, asset-liability positions, and prudent underwriting standards.
Banks retain full discretion to deploy liquidity mobilised through FCNR(B) deposits, based on their credit pipeline, lending proposals, liquidity outlook and asset-liability position. No sector-specific direction applies to use of these funds. FCNR(B) deposits are fixed-term foreign-currency deposits in which principal and interest are repayable in the same foreign currency, protecting non-resident depositors from direct rupee exchange-rate risk. Continued prudent credit appraisal and underwriting standards are expected.
September 24, 2026
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Compulsory Muslim marriage registration shifts registration to registrars under a statewide procedural framework, with local officials authorised when needed.
Compulsory registration of Muslim marriages will operate under the Assam Muslim Marriage Registration (Compulsory) Rules, 2026, framed under the Assam Compulsory Registration of Muslim Marriage and Divorces Act, 2024. Registration will be undertaken by registrars, with panchayat-level officials potentially authorised where application volumes require additional capacity. The framework addresses the registration forum after kazis were barred from registering Muslim marriages.
September 24, 2026
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Macroeconomic resilience supports fiscal consolidation, financial-sector stability, and orderly foreign-exchange management through persistent global and market shocks.
Policy management emphasises clear communication, policy certainty, macroeconomic and financial-sector stability, efficient use of buffers, and sustained structural reform. Fiscal prudence is treated as necessary to avoid unsustainable stimulus and preserve long-term stability. External-sector resilience rests on services exports and remittances, while oil and gold shocks and weaker capital inflows have created temporary balance-of-payments pressure. Further improvement is linked to lower oil dependence, export diversification, trade agreements, capital inflows and orderly foreign-exchange market management.
September 24, 2026
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Software export growth strengthens IT ecosystem as campus expansion supports startup activity, infrastructure development, and skilled employment.
Software export revenue generated by Technopark reached Rs 17,092 crore in FY 2025-26, reflecting year-on-year growth of approximately 17.3 per cent. Growth is attributed to IT infrastructure, a skilled talent base, and company performance. Technopark also operates as an IT and ITeS hub and startup ecosystem centre, with ongoing campus development intended to expand its position among major IT hubs.
September 24, 2026
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Artificial intelligence centre of excellence partnership advances industry-aligned training, supervised internships, startup mentorship, and applied research collaboration.
IIEST Shibpur and Tata Consultancy Services have entered into a Memorandum of Understanding to establish an Artificial Intelligence Centre of Excellence at the Electrical Engineering Department's high-performance computing laboratory. The collaboration supports industry-aligned training, professional certifications, practical projects, supervised internships, startup mentorship, curriculum benchmarking, and applied research in natural language processing, computer vision, image processing, and advanced data analytics.
September 24, 2026
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Money-laundering searches prompt protests over alleged political misuse while operations continue at public development offices and residences.
Enforcement Directorate search and survey operations connected with a money-laundering investigation continued at development authority offices and premises linked with housing administration, a realty company, and private residences. AAP workers protested against the searches, alleging political and administrative pressure through central investigative agencies. The party further alleged that the operations could disrupt the development authority's functioning and impede Punjab government welfare schemes.
September 24, 2026
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Money-laundering investigation procedure raises allegations over FIR registration, conflict concerns, and the choice between police, vigilance, or federal inquiry.
A police inquiry, rather than a Vigilance inquiry, was directed following an Enforcement Directorate communication seeking registration of an FIR for cognizable offences. It was contended that FIR registration should be dealt with by the police and that governmental or ministerial intervention would raise concerns where a person facing allegations is involved in deciding the investigative course. A transfer to a federal investigative agency was sought on grounds of investigative independence and perceived conflict of interest.
September 24, 2026
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Trade truce extension maintains tariff pauses and export-restriction rollbacks while negotiations continue on broader economic commitments.
United States-China trade relations may remain governed by the Busan Agreement through January 10 under a stated two-month extension, though Chinese official confirmation is pending. The arrangement maintains pauses on elevated tariffs and prior rollbacks of restrictions affecting critical minerals and high-technology exports. Negotiations may produce a broader economic package or further continuation of existing terms, while implementation of agreed commitments is under review. The parties have also proposed reciprocal alerts on AI-related hacking incidents involving national-security concerns.
September 24, 2026
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Gold Smuggling Enforcement: Concealed foreign-origin gold recovered from vehicles and a traveller, with arrests under customs law.
Gold-smuggling enforcement involved the seizure of approximately 21 kg of foreign-origin gold in two operations and the arrest of five persons under the Customs Act, 1962. Gold bars were recovered from sophisticated vehicle-chassis cavities, while gold bars and cut pieces were recovered from a passenger's specially designed cotton waist belt. The operations concerned suspected cross-border gold movement and targeted organised smuggling networks using sophisticated concealment methods.
September 24, 2026
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Cross-border gold smuggling enforcement resulted in Customs Act seizures after coordinated recovery of foreign-origin gold from border locations and a passenger.
Cross-border smuggling of foreign-origin gold through the Bangladesh route led to coordinated recoveries and seizures under the Customs Act, 1962. Gold recovered near the India-Bangladesh border was taken over for customs proceedings, including a seizure under Section 110. Foreign-origin gold concealed by a train passenger was also recovered and seized, with investigation indicating its smuggling from Bangladesh.
September 24, 2026
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BRICS tax cooperation creates standing platforms for international taxation, revenue statistics, professional capacity building and peer learning.
India-led BRICS tax cooperation established standing Working Groups on International Taxation and Transfer Pricing and Revenue Statistics, providing institutional platforms extending beyond individual Chairships. It also institutionalised an annual Young Tax Professionals Capacity Building Programme, launched the BRICS Tax Cross-Learning Lab for peer learning on client-centric administration and human-resources practices, and approved the Terms of Reference for the BRICS Tax Support Network.
September 24, 2026
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Wildlife trafficking enforcement applies protected-species safeguards to seized Tokay Geckos and enables further statutory action against suspected illegal trade.
Wildlife-trafficking enforcement led to interception of two persons and seizure of 86 live Tokay Geckos under the Wildlife (Protection) Act, 1972. Tokay Geckos receive Schedule I protection under that legislation and are listed in Appendix II of CITES, regulating international trade. The persons and recovered geckos were transferred to the Mariani Range Forest Office for further action.
September 24, 2026
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Restricted firecracker imports concealed through misdeclaration trigger seizure and criminal investigation under customs enforcement law.
Concealment of restricted firecrackers within an import container declared as bottles and wallpaper resulted in customs seizure under the Customs Act, 1962. Firecracker imports are restricted under the Foreign Trade Policy and require valid Directorate General of Foreign Trade authorisation and a Petroleum and Explosives Safety Organisation licence under the Explosives Rules, 2008. Investigation into attempted clandestine clearance led to the arrest under the Customs Act of a key syndicate member alleged to have orchestrated the import.
September 24, 2026
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Merger-control approval permits FIHM's phased acquisition of IIFL Capital Services equity through subscription, open offer and promoter purchase.
Merger-control approval permits FIHM to acquire certain additional equity share capital of IIFL Capital Services through a preferential issue on a private-placement basis and through shares tendered in a mandatory open offer. FIHM may also buy shares from the target's promoters if its aggregate shareholding with HWIC remains below the Target Shareholding after these steps.

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Customs, DGFT & SEZ

22 FDI Proposals Cleared

November 24, 2007

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Finance Minister, Shri P. Chidambaram has approved 22 Foreign Direct Investment proposals recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on 16th November, 2007. The approval amounts to Rs. 511.4616 crore.  The proposals are related to Ministries/Departments,  namely,  Commerce, Food Processing Industries, Heavy Industry, Industrial Policy & Promotion, Information & Broadcasting, Shipping, Railways  and Economic Affairs.  The major investment proposals pertain to the Ministries/Departments of Heavy Industry, Shipping, Railways and Economic Affairs.

The details of the proposals approved are as follows:

l. No.

Name of the applicant

Particulars of the proposal

FDI/NRI inflows (Rs. In crore)

COMMERCE

1   

M/s. Georgia Pacific Kemrock International Pvt. Ltd. Vadodara

Capitalization of pre-incorporation/preliminary expenses made by the foreign investor, by way of issue of shares

No fresh inflow

2

M/s. Metal One Corporation, Japan

To set up a new WOS to undertake the activities of import, maintain stock, inventories and sale of the products within India and overseas.  Proposal attracts Press Note 1 (2005 series)

2.90

3

M/s. Palfinger Asia Pacific Pte. Ltd. Singapore

To set up a trading company with a foreign equity of upto 74% undertake Import and sale to the end users/customers  of Palfinger truck mounted kuckle-booms cranes, hook leaders, etc, and their after sale service. Proposal also involves sourcing of items from SS Sector.

2.90

4

M/s. Eric Kozlowski, USA

To set up a WOS to undertake trading of items sourced from small scale sector

0.25

5

M/s. Crocs Inc.

To set up a new Joint Venture with a foreign equity of 51% to undertake the business of single brand retail trading of footwear and apparels under the single brand CROCS

2.04

FOOD PROCESSING INDUSTRIES

6

M/s. Rejoire Natural Creations Private Limited, Mysore

Induction of foreign equity upto 100% in a company engaged in the manufacture of items reserved for SSI sector viz., manufacture of  natural perfumes and essential oil, handmade products like bags and house hold furniture and natural soft drinks

0.03

HEAVY INDUSTRY

7

M/s. Yachiyo Industry Co. Ltd. Japan

To set up a new WOS to undertake manufacture of plastic fuel tanks for automobiles.  Proposal attracts press Note 1 (2005 series)

30.00

INDUSTRIAL POLICY & PROMOTION

8

M/s. UPM KYMMENE OYZ., Finland

To set up a new JV  with a foreign equity of 50% to undertake the activities of trading in recycled paper

14.50

SHIPPING

9

M/s. CWT International Pte. Ltd. Singapore

To set up a new WOS/Joint Venture company to undertake warehousing, storage and container freight station business and other ancillary/auxiliary activities connected thereto.  Proposal attracts Press Note 1 (2005 series)

24.00

ECONOMIC AFFAIRS

10

M/s. Bluechip Corporate Investment Centre Limited, Mumbai

Induction of FDI in an Investment company which has existing downstream companies. Conversion of operating company into an operating-cum-holding company

20.50

11

M/s. Croupier Prive Private Equity Fund L.P. Delaware

 Investment of upto 5% equity in Central Depository Services Limited

16.00

12

M/s. Maples ESM Technologies  Pvt. Ltd. Chennai

Issue of shares in lieu of acquiring the business of an US company, in IT sector

No fresh inflow

13

M/s. SCICOM Technologies Pvt. Ltd. New Delhi

Issue of shares in lieu of transfer of branch office business of the same foreign investor

No fresh inflow

14

M/s. PTC India Financial Services Limited, New Delhi

Conversion of status of operating company engaged in leasing and finance into operating-cum-holding company, and induction of foreign equity by Goldman Sachs and Macqarie, up to 40%, to make downstream investments in Indian companies engaged in the energy and related infrastructure space sectors

155.74

15

M/a. Angel Infin Pvt. Ltd. Mumbai

Induction of foreign investment by IFC of upto 18% of the equity of the holding company having downstream investments in the companies engaged in the activities of share brokerage, rendering corporate and financial advisory services , portfolio brokerage, commodities broking, distribution of mutual funds and insurance products and software solution services

152.00

16

M/s. Accentia Technologies Limited

Transfer of shares by way of share swap for acquiring 3 US based companies engaged in Health BPO Services

No fresh inflow

INDUSTRIAL POLICY & PROMOTION

17

M/s. Anest Iwata Motherson Ltd.

Conversion of operating company into operating cum holding company to make downstream investment in companies engaged in trading, marketing and servicing of air compressors and associated spare parts & accessories etc.

No fresh inflow

ECONOMIC AFFAIRS

18

M/s. HP Financial Services (I) Pvt. Ltd.

To undertake additional activities of financing and leasing

No fresh inflow

19

M/s. Smartronics Solutions India Pvt. Ltd.

Issue of shares against advance paid for purchase of second hand machinery

No fresh inflow

INDUSTRIAL POLICY & PROMOTION

20

M/s. Rajasthan Leather Industries Ltd, Jaipur

Issue of shares against amount received in the account of a third company due to the account of the investee company being frozen

No fresh inflow

RAILWAYS

21

M/s. Sical Infra Assets Ltd, Chennai

Induction of foreign equity upto 26% in  investing companies in infrastructure sector

106.6

INFORMATION & BROADCASTING

22

M/s. Wai Wire and Cable Services Private Limited, USA

To undertake additional activities of publishing specialty journal under the title "Wire Bulletin"

No fresh inflow

Total 511.4616 Cr

3. The following 13 (thirteen) proposals have been recommended to be deferred:           

Sl.No

Name of the applicant

Particulars of the proposal

1.

M/s. AVA Seeds Pvt. Ltd. Bangalore

change in the status of the operating company into an operating cum holding company for making further downstream investments.  Proposal also  attracts Press Note 1 of 2005

2

M/s. Dolce & Gabbana

To set up a Joint venture company with 51% foreign equity  to undertake the business of single brand retail trading of all kinds of fashion and lifestyle products under the brand name "Doice & Gabbana" and "DG Dolce & Gabbana"

3

M/s. Global Assets Holding Corporation Private Limited, Mumbai

FDI in a holding company having subsidiaries in the Telecom Sector  

4

M/s. Sistema Joint Stock Financial Corp. Russia

Increase of FDI from 10% upto 74% in a company engaged in telecom sector

5

M/s. Universal Success Enterprises Ltd, Tortola

To set up a WOS to hold downstream investments in various Indian companies engaged in development of SEZs

6

M/.s. Universal Success Enterprises Ltd., Tortola

To set up a WOS to hold downstream investments in various Indian companies engaged  development of infrastructure development projects, tourism, convention centre, Industrial Parks (including IT parks)  etc. in development of SEZs

7

M/s. Universal Success Enterprises Ltd, Tortola

To set up a WOS to hold downstream investments in various Indian companies engaged in development of Office parks (including industrial Parks and IT Parks)

8

M/s. JSW Energy Ltd, Mumbai

Induction of foreign equity in an Indian company which has existing downstream ventures. Conversion of operating company into operating cum holding company.

9

M/s. Bycell Telecommunications India Pvt. Ltd.

To undertake activities of offering GSM based cellular telephone services under UAS License agreement all over India, and increase in paid up capital of the company

10

M/s. Grupo Omnilife S.A. de C.V. Mexico

To establish a WOS to undertake test marketing  and manufacture, sell and distribute its proprietary nutritional food supplements and cosmetic products through its WOS in India

11

M/s. KNOX Holding Pte. Ltd. Singapore

Transfer of shares held by an OCB by way of sale by a foreign investor. The promoters of the Indian Company and the new foreign investors are same.

12

M/s. Redington (India) Limited, Chennai

Conversion of operating company into an operating cum holding company to make downstream investments into NBFC activities

13

M/s. Dumeric Holdings Private Limited, Mumbai

Conversion of status of operating company into operating cum holding company

The following 3 (three) proposals have been recommended to be rejected:

Sl. No

Name of the applicant

Particulars of the proposal

1

M/s. Flemingo Duty Free shop Pvt. Ltd.

To undertake additional activities of cash and carry whole sale trading in addition to operating duty free shops

2

M/s. Flemingo (DFS) Pvt. Ltd.

To undertake additional activities of selling duty free goods to hotels against duty credit in addition to operating duty free shops

3

M/s. Elken International  India Pvt. Ltd.

To undertake cash and carry wholesale trading of the items earlier permitted for test marketing

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Acts Income Tax