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    Sales Tax Assistant Commissioner arrested for demanding bribe of Rs 8 lakh
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    BRICS grouping discussing linking CBDCs, fast payment systems: RBI Guv Malhotra
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August 11, 2026
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GST inquiry closure bribery allegations prompted anti-corruption proceedings against a Sales Tax officer under corruption law.
Alleged bribery in GST inquiry closure led to the arrest of a Sales Tax Assistant Commissioner after a scrap trader complained of a demand for illegal gratification to close an inquiry initiated through a GST show-cause notice. Anti-corruption officials reportedly verified the allegation through intermediaries, during which the officer allegedly agreed to accept payment for closing the matter. A criminal case was registered under the Prevention of Corruption Act, with further investigation ongoing.
August 11, 2026
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Direct tax collection growth reflected stronger non-corporate taxes and securities transaction tax receipts alongside slower refund issuances.
Net direct tax collections increased by 23 per cent to over Rs 8.11 lakh crore through August 10, driven by higher non-corporate tax collections and slower refund growth. Gross direct tax collections grew by 19.75 per cent to about Rs 9.55 lakh crore. Net corporate tax collections rose about 20 per cent, net non-corporate tax collections rose 23 per cent, and Securities Transaction Tax collections increased 51 per cent. Refund issuances grew by 3.8 per cent year-on-year.
August 11, 2026
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Vicarious liability in cheque dishonour cases cannot attach to trust associates without statutory status or transaction-specific involvement.
Vicarious criminal liability for cheque dishonour under section 141 of the Negotiable Instruments Act does not extend to a trust, because a trust is not a juristic person. A person cannot be summoned merely for alleged active involvement in a trust where the person was neither drawer nor signatory of the cheques, trustee, office-bearer, authorised account operator, guarantor, or executor of transaction documents.
August 11, 2026
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Cross-border payment integration through CBDCs and fast payment systems remains under BRICS discussion to reduce transfer costs.
Cross-border payment integration is under discussion through potential linkages between central bank digital currencies and fast payment systems, including UPI-type platforms. These approaches seek faster and less costly trade and remittance transfers, particularly retail payments, but remain at a discussion stage. Rupee internationalisation is also being pursued through central-bank memorandums of understanding for bilateral trade settlement in local currencies, with existing arrangements covering Indonesia, Maldives, Mauritius and the UAE.
August 11, 2026
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Integrated infrastructure planning under PM GatiShakti coordinates project evaluation, multimodal connectivity, geospatial data use, and decentralized implementation.
PM GatiShakti National Master Plan provides an integrated, data-driven infrastructure planning framework using geospatial data, satellite imagery and API integration. Project approval, implementation and funding remain with the respective Central Ministries, Departments and States or Union Territories under their own plans and budgetary provisions; the framework sets no separate budgetary allocation or quantified targets. The Network Planning Group evaluates critical Central Government projects at the planning stage for multimodality, synchronisation, last-mile connectivity, comprehensive local development and coordinated decision-making.
August 11, 2026
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MSME procurement through GeM has expanded alongside analytics-driven controls against suspicious bidding, collusion, and vendor misconduct.
GeM uses AI/ML analytics to detect order splitting, suspicious bidding, abnormal pricing, repeated participation and potential buyer-seller collusion. Flagged cases are placed before buyer organisations for review and action, while suspected cartels are assessed through digital-footprint, pricing and bid-timing indicators. Its Incident Management framework addresses false documents, fraud, collusive behaviour and other misconduct through administrative measures, including suspension. Anti-competitive conduct and cartel formation are Severe/Grave deviations, with proven cases attracting suspension for up to 365 days.
August 11, 2026
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Direct tax collections show stronger corporate, non-corporate and securities transaction tax receipts, alongside increased refunds during the fiscal period.
Net direct tax collections grew by 23.09 per cent to over Rs 8.11 lakh crore up to August 10 of the current fiscal year, while gross direct tax collections increased by 19.75 per cent to about Rs 9.55 lakh crore. Corporate tax, non-corporate tax including personal income tax, and Securities Transaction Tax receipts recorded growth. Refunds issued between April 1 and August 10 also rose over the corresponding earlier period. Direct tax collections are budgeted at Rs 26.97 lakh crore for the fiscal year.
August 11, 2026
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Mobile food testing laboratory accreditation expands quality-assured testing access and supports coordinated food-safety surveillance and regulatory efficiency.
NABL has launched an Accreditation Scheme for Mobile Food Testing Laboratories under the Integrated Assessment Programme. The framework enables mobile laboratories to provide reliable, quality-assured and internationally benchmarked food-testing services closer to communities, extending accredited testing beyond conventional laboratory settings. It is intended to strengthen food-safety surveillance, improve access to quality testing, support faster regulatory intervention and enhance consumer confidence. Coordinated assessments, regulatory harmonisation and mutual recognition are also intended to reduce duplication and improve regulatory efficiency while maintaining quality and compliance standards.
August 11, 2026
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Digital public procurement will expand AI-led price intelligence, marketplace integrity, inclusive access, credit linkages and sustainable purchasing.
Government e-Marketplace is advancing an AI-enabled public procurement ecosystem focused on efficiency, transparency, competition, price intelligence and marketplace integrity. Priorities include last-mile access through Suvidha Kendras, integration of public entities, credit linkages, sustainable procurement and university outreach. A nationwide five-digit Helpdesk short code, 14550, mapped to existing infrastructure, is intended to maintain service continuity and improve access to support and official communications. The platform seeks to provide enterprises with a more accessible and predictable procurement market and buyers with a data-driven procurement experience.
August 11, 2026
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Expedited flood insurance claims require insurers and partners to simplify documentation and provide immediate service to affected policyholders.
Expedited insurance-claim handling for flood-affected policyholders in Assam is being pursued through simplified documentation, prompt settlement and immediate service response. PolicyBazaar is coordinating with insurer partners to reduce processing delays. The Insurance Regulatory and Development Authority of India has directed insurers, including life insurers and standalone health insurers, to mobilise resources for immediate assistance, alongside governmental efforts for expeditious and hassle-free claim disposal.
August 11, 2026
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Money laundering investigation in alleged liquor scam leads to arrest and proposed custodial-remand proceedings under anti-money-laundering law.
Money laundering investigation concerning an alleged liquor scam in Chhattisgarh led to the arrest of Congress leader Ramgopal Agrawal under the Prevention of Money Laundering Act. Custodial remand is to be sought for interrogation. The allegations concern an alleged syndicate that purportedly controlled the state excise department, enabled illegal liquor sales and distributed resulting commissions. Chargesheets name political figures, excise officials and officials associated with the Chief Minister's Office.
August 11, 2026
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Money-laundering investigation into an alleged liquor scam leads to arrest and proposed custodial interrogation under the prevention law.
Money-laundering investigation under the Prevention of Money Laundering Act concerns an alleged liquor scam in Chhattisgarh. A former state political party treasurer has been arrested for alleged involvement and is to be produced before a local court for a request for custodial interrogation. The alleged scheme is stated to have involved control of the state excise department by a criminal syndicate, with multiple accused named in six chargesheets.
August 11, 2026
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Immediate FIR registration for every missing person is mandatory, with missing children treated as suspected kidnapping or abduction cases.
Immediate FIR registration is required whenever information is received that any person is missing, irrespective of age or gender, without preliminary inquiry. Missing-person FIRs must include relevant provisions concerning kidnapping and trafficking. A missing child must be treated from the outset as a suspected case of kidnapping or abduction. States and Union Territories may face contempt action for non-compliance. Traced children should ordinarily be restored to their families within 24 hours unless trafficking or exploitation by the family is suspected.
August 11, 2026
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Money-laundering investigation targets alleged chit-fund collections, investor-fund diversion, concealed deposits, and irregular land transactions.
Money-laundering investigation into an alleged multi-state chit-fund scheme involved searches at premises linked to Wellfare Buildings and Estates Pvt Ltd and its directors, seizure of cash, vehicles, property-related records and digital devices, and freezing of bank accounts. The alleged scheme concerns unauthorised public-fund collection through land-allotment schemes, followed by closure of operations. Allegations include diversion of investor funds, manipulation of financial statements to conceal deposits, and irregular land transactions intended to suppress actual consideration and evade statutory obligations.
August 11, 2026
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Rupee exchange-rate pressure intensified as crude oil, regional uncertainty and weaker equities constrained the local currency in early trade.
Foreign-exchange market conditions placed the rupee under pressure against the US dollar amid West Asia uncertainty, higher crude oil prices, and weaker domestic equity markets. Foreign institutional investor inflows and Reserve Bank of India intervention supported the rupee and limited further depreciation. Reported dollar sales through state-run banks helped contain downside pressure despite rising Brent crude prices and uncertainty concerning the Strait of Hormuz.
August 10, 2026
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GST refund facilitation expands provisional input tax credit refunds and removes the minimum threshold for export-related IGST refunds.
Punjab's GST amendments facilitate voluntary compliance and reduce procedural burdens by allowing a 90 per cent provisional input tax credit refund in inverted duty structure cases and removing the minimum threshold for IGST refunds on exported goods. Additional measures cap annual fee increases by private unaided educational institutions, establish digital open universities for technology-enabled higher education, protect trees and green cover, and address common infrastructure, panchayati raj, and contractual engagement of outsourced State personnel.
August 10, 2026
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Video-conference statements for an approver application were declined, requiring the accused's statement to be recorded before consideration.
Special CBI Court rejected an accused's request to record her statement through video conferencing in a bank-fraud prosecution. The accused had sought to become an approver, and her statement was required to be recorded before consideration of that application. She and her husband had previously become approvers in a related money-laundering matter involving alleged fraudulent Letters of Undertaking.
August 10, 2026
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Fuel price transparency highlights allegations over excise duty, consumer retail costs, and profit disclosures by state-run oil marketing companies.
Fuel pricing, central excise duty and profits of state-run oil marketing companies are examined through allegations that retail fuel prices and tax policy imposed excessive costs on consumers while generating substantial company profits. The criticism contrasts high crude-price periods with lower retail prices and lower excise duty against a later period in which reduced crude prices were allegedly not passed through to consumers. Profit-margin disclosure is also raised as a transparency issue, with parliamentary information described as covering oil prices, global crude prices and company profits.
August 10, 2026
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Discharge in money-laundering proceedings turns on whether pre-charge material sufficiently establishes the alleged offence.
Discharge in a money-laundering prosecution was sought before a special PMLA court concerning alleged siphoning and laundering of loans advanced to Jet Airways by Canara Bank. The prosecution was directed to respond, subject to the applicant not seeking adjournment. Discharge is available after filing of a chargesheet and before framing of charges where the material before the court is insufficient to establish the alleged offence. The proceedings arise from a CBI FIR concerning alleged bank fraud involving Jet Airways and associated persons.
August 10, 2026
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High-speed rail indigenisation and infrastructure performance monitoring require skills development, comparative planning, measurable station assessments and freight-terminal dashboards.
Parliamentary oversight calls for accelerated indigenisation of high-speed rail components, capacity-building through international expertise, and comparative study of successful high-speed rail systems for future corridors. Redeveloped stations should be assessed through measurable indicators concerning passenger use, accessibility, cleanliness, commercial occupancy, maintenance and feedback, with completed-project practices documented and shared. Operational cargo terminals and cargo-related facilities should be monitored through a digital dashboard covering utilisation, rake performance, mechanisation, connectivity, safety compliance and customer satisfaction.

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Corp. Laws, SEBI & IBC

Article by the Union Finance Minister on ‘The Fiction of Loan Waiver to Capitalists’

November 29, 2017

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“Over the last few days, a rumour is being propagated regarding waiver of loans of capitalists by banks. Time has come for the nation to be apprised of facts in this regard.

Between the years 2008 to 2014, Public Sector Banks disbursed disproportionate sums of loans to several industries. The public needs to ask the rumour mongers at whose behest or under whose pressure were such loans disbursed. They should also be asked that when these debtors delayed in repayment of their loans and interest thereon to Public Sector Banks, what decision was taken by the then Government.

Rather than take firm decision with regard to such debtors, the then Government, through relaxation by banks in loan classification kept these defaulters as non-NPA accountholders. These loans were restructured through this, the loss to banks was kept hidden. The banks kept giving loans repeatedly to these debtors and kept ever-greening the loans.

The current Government recognised this nexus and took firm decisions with regard to the defaulters. Insolvency and Bankruptcy Code was enacted, and by amending it, in respect of companies whose money was not returned to the banks, decision was taken that the debtors concerned would not be allowed to participate in the business of such companies.

At the same time, banks were given necessary capital so that Public Sector Banks become strong and capable of contributing to nation’s development. The reason for giving capital to banks is that these banks may become mazboot, i.e., strong, rather than mazboor, i.e., hard-pressed. Public Sector Banks have been provided capital in the past as well. During 2010-11 to 2013-14 too, Government provided banks an amount of ₹ 44,000 crore for recapitalisation. Was that also for waiving loans of capitalists?

Legacy of aggressive lending:

During the period of aggressive lending from 2008 to 2014, the gross advances of Public Sector Banks increased from about ₹ 34,00,000 crore. Despite repayment not being regular on these, through relaxation in loan classification, banks continued to keep defaulters as non-NPA accountholders by restructuring them. Through this, the losses of banks and their precarious position was kept under the carpet.

Transparent and realistic recognition of NPA:

Asset Quality Review carried out for clean and fully provisioned balance-sheets in 2015 revealed high NPA. Through correct recognition of NPA, the NPA amount of Public Sector Banks rose from ₹ 2,78,000 crore in March 2015 to ₹ 7,33,000 crore in June 2017. Meaning thereby that those loans, of about ₹ 4,54,466 crore, which were actually fit to be NPA and were under the carpet, were recognised after intensive scrutiny under Asset Quality Review.

Provision for expected losses:

In the past, adequate provision was not made for expected losses from stressed loans under the relaxation available for restructured loans. Public Sector Banks initiated clean-up and NPA recognition, and made up-front provision for expected loss. Government envisage need of capital to the tune of ₹ 1,80,000 crore till FY 2018-19. Accordingly, Government provided for ₹ 70,000 crore. As a result of Indradhanush despite high NPA and the need for consequential provisioning, Public Sector Banks were successful in complying with Basel III norms. Between 2013-14 and the first quarter of FY 2017-18, provision of ₹ 3,79,080 crore was made to deal with expected losses, as against provision of ₹ 1,96,937 crore made in the preceding 10 years.

 No loan waiver:

Government has not waived any loans of big NPA defaulters as aforesaid. On the contrary, under the new Insolvency and Bankruptcy Code brought by the Government, cases have been instituted in the National Company Law Tribunal (NCLT) for timebound recovery from 12 largest defaulters in six to nine months, in NPA cases of ₹ 1,75,000 crore. Cases for the recovery of NPA dues from the assets of these big defaulters are under way at various stages.

Bar on wilful defaulters:

To safeguard misuse of the legal process by unscrupulous and undesirable persons, this week, through an ordinance, Government has barred wilful defaulters and persons associated with NPA accounts from participating in the process under way in NCLT. Through these steps, for the first time in the country, Government has put in place a clean and effective system through which wilful defaulters of bank loans may be kept away from the management of their business and timebound recovery effected from them.

Unprecedented capitalisation of Public Sector Banks:

With the object of increase credit off-take and creation of jobs, Government has taken the big decision of capitalising Public Sector Banks. Under this, with maximum allotment in the current year, capital increase of ₹ 2,11,000 crore would be effected within two financial years. This would be arranged through ₹ 1,35,000 crore of recapitalisation bonds, ₹ 18,139 crore of budget provision, with the balance coming from raising of capital from the market (estimated potential ₹ 58,000 crore) by diluting Government shareholding. Through capital infusion, banks weakened by NPAs would become strong and become capable of raising adequate capital from the market. For receiving this capital, banks will have to carry out several reforms, so that such situations do not recur.

Loans to honest businesspersons:

Through these strong steps taken over the last three years, not only have the problems received as legacy been addressed but reforms for rebuilding the strength of Public Sector Banks have been boosted. The process of creation of strong and large banks began with the integration of State Bank of India, and the recapitalisation announced will bolster this process. While honest businesspersons will be able to access loans from strong and reformed banks, strict and clear law and the all-round clean-up initiated by the Government would result in a clean system in the country.”

Please find below the full text of the article written by the Union Finance Minister, Shri Arun Jaitley on “The Fiction of Loan Waiver to Capitalists”    

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Acts Income Tax