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September 1, 2026
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Foreign exchange market dynamics: rupee appreciation reflected portfolio inflows, domestic growth, and possible central-bank intervention amid external pressures.
The rupee appreciated against the US dollar, supported by domestic growth, controlled fiscal slippage, portfolio-related inflows and possible Reserve Bank of India intervention. Its gains were limited by weak equity markets, rising crude oil prices and a stronger dollar. External geopolitical tensions and hawkish US monetary signals remained potential pressures. Domestic indicators showed strong economic activity, while the current account deficit widened because of a higher merchandise trade deficit. Foreign portfolio inflows continued despite investors remaining net sellers during the year.
September 1, 2026
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Current account deficit widened as merchandise trade deficit increased, notwithstanding stronger services receipts, remittances, and foreign direct investment inflows.
India's current account deficit widened in the first quarter of 2026-27 as the merchandise trade deficit increased. Higher net services receipts, increased personal transfer receipts and lower net primary-income outgo partly supported the external account. Financial-account movements included higher net foreign direct investment inflows, a shift in foreign portfolio investment from net inflow to net outflow, and lower net inflows through non-resident deposits and external commercial borrowings. Foreign exchange reserves declined on a balance-of-payments basis during the quarter.
September 1, 2026
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Technology-enabled tax compliance and enforcement supported higher commercial tax collections, while GST rate reductions moderated sectoral net GST growth.
Technology-enabled tax administration supported commercial tax and net GST collection growth in Andhra Pradesh during August 2026 and the cumulative period through August. AI-based analytics and scrutiny, IGST reversals, UPI-based enforcement, registration verification, Aadhaar authentication, digital payment enablement, predictive analytics and data sharing strengthened compliance, scrutiny and revenue mobilisation. Petroleum VAT, professional tax, liquor VAT and IGST settlement also increased, while GST rate reductions moderated net GST performance in specified product sectors.
September 1, 2026
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Windfall gains tax on petroleum exports rises for petrol and diesel while aviation turbine fuel levy is reduced.
Special additional excise duty and road and infrastructure cess on petroleum-product exports are revised with effect from 1 September 2026. The export duty on diesel is increased, the levy on aviation turbine fuel is marginally reduced, and a duty is imposed on petrol exports. Existing duty rates for petrol and diesel cleared for domestic consumption remain unchanged. The windfall-tax framework seeks to support domestic fuel availability and deter exporters from benefiting from domestic and international price differences.
September 1, 2026
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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
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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
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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
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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
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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
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Personal guarantor insolvency: repayment plan stayed pending majority determination, with restraint on direct or indirect asset alienation.
Personal-guarantee insolvency proceedings involve a stay on implementation of a repayment plan because the earlier members' views did not produce a clear majority capable of taking effect. The personal guarantor has been restrained from directly or indirectly alienating assets pending further hearing. The dispute follows split views on approval of the plan, claim admission and voting, followed by a third-member opinion that did not resolve the absence of a determinative majority. Creditors dispute the proposed recovery, claim treatment and declared net worth relevant to the guarantees.
September 1, 2026
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Rupee exchange-rate movement reflects portfolio inflows, growth data and possible central-bank support, while crude oil prices constrain gains.
Foreign-exchange market conditions strengthened the rupee by 28 paise to 94.94 against the US dollar, supported by domestic growth, controlled fiscal slippage and portfolio inflows. Possible Reserve Bank of India intervention was also identified as supportive. Higher crude oil prices, weak domestic equities and hawkish US monetary-policy signals were identified as constraints on further appreciation. Foreign investment flows, stronger-than-expected domestic growth and the fiscal-deficit position remained material factors affecting currency conditions.
September 1, 2026
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Money-laundering probe into public service recruitment irregularities examines alleged question-paper leaks, selection manipulation, and laundering through purported CSR donations.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in Public Service Commission recruitment examinations. Allegations include question-paper leaks, manipulation of candidate selection, and illegal gratification for securing appointments of relatives and favoured candidates. Recruitment rules were allegedly amended to facilitate selection of relatives. Alleged proceeds of crime were collected in cash and routed through layered banking transactions, including through a family-controlled samiti presented as receiving corporate social responsibility donations for a non-existent college.
September 1, 2026
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Personal guarantor settlement scrutiny intensifies as asset alienation is restrained pending review of a disputed creditor repayment proposal.
A five-member special bench found that no clear majority view existed under section 419(5) of the Companies Act and stayed the third member's order that had permitted the proposed recovery. Notices were directed to all parties, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. The dispute concerns approval of a personal guarantor's repayment proposal, treatment of guarantee claims, creditor voting support, assessment of the personal estate, and scrutiny of declared net worth.
September 1, 2026
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Personal insolvency proceedings restrict property alienation while notices issue to parties in the debtor's case.
A five-member special National Company Law Tribunal bench hearing Subhash Chandra's personal insolvency matter issued notices to all parties and restrained him from alienating property directly or indirectly. The restraint applies during the continuing insolvency proceedings and concerns dealings with the relevant property. The procedural measure requires the interested parties to participate in the matter.
September 1, 2026
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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
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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
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Personal insolvency repayment plan faces fresh hearing after a split bench prevents enforcement and restrains guarantor property transfers.
Personal insolvency proceedings were reopened before a five-member special bench after a split view on a repayment plan. As no majority view existed, including that of the third member, no final order was in force and the repayment-plan determination could not be acted upon. Notices were issued to all parties, including dissenting creditors, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. Dissenting creditors also challenged the repayment-plan determination before the appellate tribunal.
September 1, 2026
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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
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Money laundering investigation triggers searches linked to alleged Public Service Commission irregularities, including premises of a former chief minister's assistant.
A money-laundering investigation under the Prevention of Money Laundering Act has led to searches at seven locations in Chhattisgarh in connection with alleged irregularities at the Chhattisgarh Public Service Commission. The search operation includes the premises of K. K. Chandrakar, personal assistant to former Chief Minister Bhupesh Baghel. The investigation remains at the search and inquiry stage.
September 1, 2026
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Income-tax return filing: non-audit business and professional taxpayers use applicable forms by prescribed due dates.
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.

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Corp. Laws, SEBI & IBC

Year End Review of Ministry of Statistics & Programme Implementation ( MoSPI)

December 18, 2017

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1. The Ministry of Statistics and Programme Implementation has two wings, one relating to Statistics and the other Programme Implementation. The Statistics Wing called the National Statistical Office(NSO) consists of the Central Statistical Office (CSO), the Computer centre and the National Sample Survey Office (NSSO). The Programme Implementation Wing has three Divisions, namely, (i) Twenty Point Programme (ii) Infrastructure Monitoring and Project Monitoring and (iii) Member of Parliament Local Area Development Scheme. Besides these two wings, there is National Statistical Commission created through a Resolution of Government of India (MOSPI) and one autonomous Institute, viz., Indian Statistical Institute declared as an institute of National importance by an Act of Parliament.

2.  The Ministry of Statistics and Programme Implementation attaches considerable importance to coverage and quality aspects of statistics released in the country. The statistics released are based on administrative sources, surveys and censuses conducted by the Central and State Governments and non-official sources and studies. The surveys conducted by the Ministry are based on scientific sampling methods. Field data are collected through dedicated field staff. In line with the emphasis on the quality of statistics released by the Ministry, the methodological issues concerning the compilation of national accounts are overseen Committees like Advisory Committee on National Accounts, Standing Committee on Industrial Statistics, Technical Advisory Committee on Price Indices. The Ministry compiles data sets based on current data, after applying standard statistical techniques and extensive scrutiny and supervision.

3.  India is a subscriber to the International Monetary Fund (IMF) Special Data Dissemination Standards (SDDS) and is currently fulfilling the Standards. The Ministry maintains an ‘Advance Release Calendar’ for its data categories covered under the SDDS, which is disseminated on the Ministries website as well as on the Dissemination Standards Bulletin Board (DSBB) of the IMF. The Ministry releases the data sets covered under the Real Sector of SDDS through press notes, Press Information Bureau Press releases and its web-site simultaneously. The Ministry has been designated as the nodal Ministry to facilitate the implementation of the SAARC Social Charter in India. The Ministry organizes technical meetings on a regular basis on various topics to assess the data-gaps in the system and the quality of statistics currently released. The CSO staff participates in meetings and seminars organized by international and regional organizations such as the United Nations Economic and Social Commission for Asia and the Pacific, on statistical compilations and international practices. The Indian statistical system is one of the best systems in the world. The Ministries officials have been associated with international agencies on the development of methodologies, particularly in the areas of national accounts, informal sector statistics, large-scale sample surveys, conduct of censuses, service sector statistics, non-observed economy, social sector statistics, environmental statistics and classifications. The contribution of the Ministries officials in international meetings on these subjects is highly appreciated.

4   This year has been very significant year in terms of major policy decisions and adoption of new technology and systems for more efficient and effective data management and dissemination. Following are the major highlights of the activities of the Ministry during the year 2017:

5.   United Nations Fundamental Principles of Official Statistics

Adopted since June 2016, to enhance professional independence, impartiality, accountability and transparency in methods of collection and dissemination of Official Statistics;

Adoption of these principles would help build and retain trust of the public in Official Statistical System and honour citizens’ / users’ entitlement of Official Statistics as ‘public good’.

Revision of Base Year of GDP and related Macro-economic aggregates

Macro-economic aggregates of National Accounts like GDP, Savings, Capital Formation, etc. released by CSO are indicators of the country’s economic health;

Base Year of National Accounts revised from 2004-05 to 2011-12 in 2015.

Improvements in the Revised Series include:

Use of corporate sector data of Ministry of Corporate Affairs for about 5.5 lakh companies in mining, manufacturing and services sectors

Use of latest data of National Sample Survey

Improved coverage of Local Bodies and Autonomous Institutions

Revision of Base Year of Index of Industrial Production (IIP)

IIP estimates revised periodically through Base Year Revision.

New series of IIP released on 12th May 2017 with change of Base Year from 2004-05 to 2011-12.

The structural changes in the industrial sector over the years are better captured in the revised series.

New series indices are more robust and representative with the change in methodology of drawing items / weights and factories.

Revision of Base Year of Consumer Price Index (CPI)

Revised series of CPI launched in January 2015

Base Year changed from 2010 to 2012

Basket of items and weighing diagram based on Modified Mixed Reference Period (MMRP) of Consumer Expenditure Survey – consistent with International Practice.

Use of Geometric Mean of Price Relatives with respect to Base Prices for elementary indices – Also consistent with International Practice.

Sample size for house rent data doubled from 6,684 to 13,368.

Periodic Labour Force Survey (PLFS)

Large scale employment surveys in India have so far been conducted usually at 5-year intervals.

PLFS launched in April 2017 to obtain employment data at shorter intervals.

PLFS aims to –

(i) Measure quarterly changes in statistical indicators of labour market in Urban Areas;

(ii) Generate annual estimates of labour force indicators in both Rural and Urban Areas.

PLFS will use the Computer Assisted Personal Interview (CAPI) technique, which involves direct entry of data in Tablets at the field level. This will lead to higher accuracy and faster processing of data.

Collection of Statistics (Amendment) Bill 2017

Collection of Statistics Act, 2008 is a Central Act that allows Central, State and Local Governments to collect statistics on socio-economic aspects;

This Act is not applicable to J&K.

To address this legislative vacuum, the Collection of Statistics (Amendment) Bill, 2017 has been introduced in Parliament during Budget Session 2017.

Revision of Advance Release Calendar of GDP Estimates

Before 2017, First Advance Estimates of GDP were usually released on 7th February, 3 weeks before the date of presentation of Union Budget

The First Advance Estimates of GDP constitute important inputs in formulation of Union Budget for the forthcoming year

With the date of presentation of Union Budget for 2017-18 advanced from 28th February to 1st February in 2017, MoSPI made available the First Advance Estimates of GDP on 6th January, 2017 well before the presentation of the Union Budget

This revised release calendar will henceforth be adopted for subsequent years.

Surveys of NSSO

NSSO has been conducting large scale surveys on multi-purpose socio-economic subjects

During last three years, NSSO conducted surveys on

Domestic Tourism Expenditure;

Household Consumption Expenditure on Services and Durable goods;

Unincorporated Non-Agricultural Enterprises in Manufacturing, Trade and Other services sector (excluding Construction); and

Enterprise focussed Survey of Services Sector

Standardisation of procedures, E-governance and Data Dissemination

National Accounts Division of CSO and Survey Design & Research Division of NSSO have been certified ISO-9001:2008 compliant for quality of performance.

Data Dissemination through website of Ministry brings an improvement in overall usability quotient and technical competence

Recent adoption of the IHSN toolkit by MoSPI, as per International practice, for creating a web-based Survey Data Catalogue/ Micro Data Archive to disseminate NSS Survey, ASI and Economic Census Data.

Bharatkosh, e-receipt portal gateway, has been set up for use by Indian users for dissemination of Unit level data of NSS, ASI and Economic Census. Introduction of online payment by non-Indians for supply of data is in the pipeline.

NSSO has undertaken the work of digitisation of Urban Frame Survey (UFS) maps in collaboration with National Informatics Centre (NIC) and the National Remote Sensing Centre (NRSC). This will help in improvement of identification and demarcation of boundaries for smooth data collection.

Use of technology in data collection

Computer Assisted Personnel Interviewing (CAPI) technique for data collection through tablets will be used in PLFS

Web-portal for collection of data directly from data source for the Annual Survey of Industries (ASI)

Submission of online data for Consumer price Index (CPI) – By NSSO field offices for urban areas and by designated Post offices for rural areas

These measures lead to reduction in time lag in compilation and release of data.

Sustainable Development Goals (SDGs)

In September 2015, UN adopted the Resolution on ‘Transforming our World: The 2030 Agenda for Sustainable Development’ consisting of 17 Sustainable Development Goals (SDGs) and associated 169 targets to be achieved by 2030

India is one of the countries that are party to this resolution

Comprehensive exercise for mapping of SDG Goals and Targets vis-à-vis national development strategies undertaken

Draft framework of indicators has been developed and is under finalization

Regional SDG Workshop, involving all States/UTs were held at Ahmedabad, Lucknow, Chennai, Guwahati, Bhubaneswar.

Recent Initiatives on Multilateral Forums

MoSPI organised 8th Meeting of Heads of National Statistics Offices (NSOs) of BRICS Nations in November, 2016 in India to discuss issue of Statistical measurement.

India also hosted the 8th Meeting of Heads of SAARC Statistical Organizations (SAARCSTAT) in August 2016 to promote enhanced regional co-operation and initiatives in the field of Official Statistics for SAARC Nations.

India has co-chaired the meeting Friends of Chair (FOC) group, constituted for the evaluation of International Comparison Programme (ICP), 2011, at the 47th Session of United Nation Statistics Commission at New York in March, 2016.

India has co-chaired the ICP Governing Board meeting held in November, 2016 at Washington, DC, USA, and also the meeting of Regional Advisory Board (RAB) held in January, 2017 at Hanoi, Vietnam.

The 32nd meetingof the Voorburg Group on Service Statistics was hosted by the Ministry during 23rd to Friday the 27th of October 2017.

Capacity Building of States/UTs

Trainings/ workshops organised for the statistical personnel of the State/UT Governments to strengthen their technical capabilities and to apprise them of the developments in the field of Official Statistics. These programmes were held in different States across the country to facilitate better participation

Grants released to various States/ UTs for improving their Statistical infrastructure under Support for Statistical Strengthening Scheme – including physical infrastructure as well as skill enhancement of personnel

Members of Parliament Local Area Development Scheme (MPLADS)

The Scheme is implemented as per the provisions of the Guidelines on MPLADS

Several amendments have been made in Guidelines of the Scheme to cater to the welfare requirements of the general public.

A few major amendments are:

Ceiling for contribution of Hon'ble MPs in case of calamity of severe nature raised from ₹ 50 lakh to ₹ 1 crore

Purchase of medical equipment costing not less than ₹ 5 lakh made permissible for Government Hospitals

Purchase of equipment for skill development allowed

Financial assistance allowed for purchase of tricycle (manual/battery/operated/motorized), wheelchair (motorized/battery operated) and artificial limbs for differently abled deserving persons with disabilities

Purchase of ambulances for transporting sick/injured animals allowed

Integrated MPLADS Portal for use of all the stakeholders developed that also provides an opportunity to the Citizens for suggesting the developmental works in their areas to the Hon’ble MPs.

Monitoring of Infrastructure Projects

On-going Central Sector Infrastructure Projects costing ₹ 150.00 crore and above are being monitored on time and cost overruns through an Online Computerized Monitoring System (OCMS)

OCMS enables project implementing agencies to regularly upload the status of projects in real time

A total of 229 projects completed in last 3 years as a result of close monitoring

Cost overruns have come down from 19% in March 2014 to 11.19% in January 2017

Publications

Millennium Development Goals Final Country Report of India

National Accounts Statistics 2017

Sarvekshana 103rd issue

Annual Report on TPP 2006 for the year 2015-16

Achieving Millennium Development Goals: Target year factsheet - India

Domestic Tourism in India

Key Indicators of Unincorporated Non-Agricultural Enterprises (Excluding Construction) in India (July 2015-June 2016)

Statistical Year Book India 2017

Selected Socio-Economic Statistics

Indian Statistical Institute

Setting up of RC Bose Centre for Cryptology and Security Conduct of Joint Post Graduate Diploma Course on Business Analytics with IIT, Kharagpur and IIM, Kolkata. Setting up the DBT funded Systems Medicine Cluster as a member of the consortia of six prominent Institutes in and around Kolkata, led by National Institute of Biomedical Genomics (NIBMG), Kalyani, West Bengal. ISI is a major participant in technology development of Indian languages like Hindi, Bengali, Gujarati, Tamil, Telugu etc.

Covers: Translation, Information Retrieval, Optical Character Recognition, Handwriting recognition and Corpora Development

Major breakthrough in theoretical research like solving the Zariski Cancellation Problem that was open for several decades.

ISI has also been involved in

  • Estimation of counterfeit currency
  • International Passenger Survey
  • Evaluation study of the MNREGA scheme over several states of India
  • Evaluation of Border Area Development Program in West Bengal and several North Eastern States

Regional Sustainable Development Goals (SDG) Workshops

Five regional SDG workshops involving all States/UTs were held at Ahmadabad, Lucknow, Chennai, Guwahati and Bhubaneswar.

Review of Central Sector Projects and MPLADS

Union Minister Shri Sadanand Gowda reviewed Central Sector Projects and MPLADS in Manipur, Tripura, Meghalaya and Karnataka.

Minister of State Shri Vijay Goel reviewed Central Sector Projects and MPLADS in Jhansi, Jammu, Amritsar and Bikaner.

Data Users’ workshop for new series of all-India IIP

The Ministry has organised a half-day Data Users’ Workshop for new series of all-India IIP at Vigyan Bhawan New Delhi on 30.08.2017 with a view to apprise the users of IIP about the changes introduced in the new series with base 2011-12.

Topics

Acts Income Tax