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September 24, 2026
Show AI Summary
Merchant discount rate on UPI merchant payments may be treated as a taxable payment settlement service with input credit availability.
GST treatment of MDR charged on UPI merchant payments above Rs 2,000 is to be considered by the GST Council. The MDR framework imposes a merchant-borne charge for payment processing and settlement. As these activities are services, MDR may attract GST at 18 per cent, subject to the Council's view. Merchants paying GST on MDR may claim input tax credit, potentially reducing their net tax burden.
September 24, 2026
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Fiscal responsibility limits frame cautions on new projects as budgetary discipline rather than financial crisis.
Finance-department advice treats fiscal indicators as grounds for restraint in approving additional expenditure rather than as evidence that funds are unavailable. Funding new projects may be difficult until additional resources are mobilised or allocations already approved are reallocated. Project proposals lacking budgetary provision or earmarked funding may create cash-flow pressures and fiscal-management challenges, requiring deferment until resources are finalised.
September 24, 2026
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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.

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Two day Regional Conference on “Urban Development: Technological Solutions and Governance Challenges” concludes in Ahmedabad today ;

April 20, 2018

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Two day Regional Conference on “Urban Development: Technological Solutions and Governance Challenges” concludes in Ahmedabad today ;

Panelists focus on four broad areas including Institutional Issues, Resource Mobilization Strategies, Recommendations for Multilateral Financial Institutions, and Suggestions for Policy Reforms.


Two day Regional Conference on “Urban Development: Technological Solutions and Governance Challenges” concluded in Ahmedabad, Gujarat today. The Conference was organized by the Ministry of Finance, Government of India in collaboration with the Associated Chamber of Commerce and Industry of India (ASSOCHAM), Gujarat Council along with Asian Infrastructure Investment Bank (AIIB), Research and Information System for Developing Countries (RIS), an autonomous research organization under the Ministry of External Affairs. The Conference was the third lead-up event to the 3rd Annual Meeting of AIIB scheduled to be held on 25th and 26th June, 2018 in Mumbai. Before this Conference, two Regional Conferences have already been held at Kolkata and Vishakhapatnam on the themes of Mass Rapid Transport Systems and Port and Coastal Infrastructure respectively. In total, eight such Regional Conferences will be held on different themes at different places in the country.

Delivering the Valedictory Address at the conclusion of the aforesaid  two day Conference, Dr.Y.K. Alagh, Former Union Minister of Power, Science and Technology and Chancellor, Central University of Gujarat emphasized that the policy makers must follow bottom-up approach rather than top down approach in case of urban development. He said though there is need for funding the infrastructure financing gap yet smaller towns should also be included as far as planning and development of urban infrastructure is concerned. He said that the views and suggestions of affected people, civil society and other stakeholders must be included in the process of urban planning to make it successful.

The panellists/participants in different Sessions of aforesaid two day Conference included officials from the Centre, State and the local bodies as well as representatives from the civil society, academia and multilateral financial institutions among others.

They cited several examples on what's working and what's not, and gave their expert opinion and suggestions.

Deliberations focussed on four broad categories including Institutional Issues, Resource Mobilization Strategies, Recommendations for Multilateral Financial Institutions, and Suggestions for Policy Reforms.

A detailed report will be prepared and presented during the 3rd AIIB Annual Meeting in Mumbai in the last week of June, 2018.

Most speakers referred to the infrastructure financing gap in Asia in general and India in particular.

It was highlighted that among all the infrastructure sectors, the biggest financing gap is faced by Urban Infrastructure.

On institutional issues including those relating to Urban Local Bodies (ULBs), it was pointed-out that currently urban development is happening in a haphazard manner due to horizontal spread of urban areas, resulting in inefficiencies and affecting productivity.

Therefore it was proposed that there is a need to shift to vertical development to improve service delivery and revenues, as well as greater efficiency and productivity. However, concerns on higher energy consumption and lack of dependable electricity need to be addressed.

While the Central Government has initiated holistic urban development programs including Smart Cities, Housing for All and AMRUT etc, however, these are needed to be expedited.

It was emphasized that the New Urban Planning Agenda should incorporate elements from the UN Sustainable Development Goals and take into account the Paris Agreement on Climate Change as well.

It was pointed-out that while big municipal corporations are better administered and efficient, small municipal corporations are inefficient due to lack of capacity in recovering taxes and user charges. Therefore, the post of a Regional Municipality Commissioners who can oversee and monitor performance of several municipalities, have been created in Gujarat recently.

Aspirational Districts/cities could catch-up with progressive cities if there are dynamic ranking mechanisms promoting competitive federalism. In this regard, there was an emphasis on pushing a Liveability Index and Sustainability Index.

Urban development needs to include social infrastructure apart from physical infrastructure. There was also a need to adopt new technologies including addressing issues of waste management among others.

Referring to the challenges in urban development, the speakers said these also relate to lack of inter-sectoral coordination due to various levels of governance with fragmented autonomy. There is a need to integrate planning and implementation agencies. There is also need to reactivate and strengthen the District Planning Committees for better coordination among urban development agencies including ULBs and other public delivery agencies at the District level. Laws relating to urban local bodies need to be amended in order to strengthen and empower them.

Further, it was also pointed-out that technological solutions alone would not solve Governance Challenges, and that there was a need for political solutions as well.

Moving on to strategies for resource mobilization, it was mentioned that there is a huge untapped potential in Public Private Partnerships(PPPs), and that PPPs could be used effectively in areas including water treatment, solid waste management, multi-level parking and urban transport.

Other suggestions included leveraging land-based instruments, reforms in Credit Rating Mechanism, greater clarity on municipal assets as collateral, as well as the need for improving efficiency in property tax collection mechanism.

Many speakers suggested that Foreign Direct Investment (FDI) in Real Estate Sector will increase only if there are national standards, transparency in land acquisition and land valuation among others.

There is a need for a paradigm shift in how cities are financed. So, from largely grant funded cities, there needs to be a shift in approach to a combination of assured grants and more commercial sources of finance, and this means bringing in private players in urban infrastructure space. A major deterrent for entry of private firms in the urban sector is the commercial non-viability of many of the projects. It was recommended that there is a need to develop model transaction documents across the urban infrastructure sector. There was a also a suggestion to explore the feasibility of risk insurance to help increase private sector participation.

Besides, they suggested that urban local bodies should look into innovative resource mobilizing mechanism including issuance of municipal bonds, land pooling and land value capture. There is a need to standardize the use of land value capture finance tools so that they are used more extensively. It was also suggested that there should be a larger dialogue on the implications of debt based instruments on equity.

It was mooted that Multilateral Financial Institutions, while funding, should bring greater focus on sustainability of project through ensuring the 3Rs approach -- (Reduce, Recycle, & Reuse). Multilateral Financial Institutions should play a more active role in bridging funding gaps.

Further there should be urban based planning of industrial corridors. Housing should be an integral part of these corridors running across States. This will help in mitigating migration and decentralizing economic growth.

To address all the challenges in urban infrastructure development, it would need Strategic Long Term Planning. The future strategy for urban development should include reforms in Urban local bodies in terms of addressing 3Fs (Funds, Function and Functionaries).

Recommendations included fiscal empowerment of urban local bodies, mechanisms to ensure efficiency and effectiveness in user fee collection, empowering the District Planning Committee, embedding authority with a professional bureaucracy, or giving the necessary powers to hire experts from market, all these following a core team approach.

On problems relating to the lack of reliable and quality data including its adverse impact on policy planning, it was suggested that a database on urban infrastructure should be established to help in long term planning. It was also suggested that there was a need to harness technological tools like Open Data and Artificial Intelligence for continuous up-gradation. The speakers stressed on the need to create robust institutional structure and governance foundation to ensure that resources including financial resources are not wasted.

On the issue of delays in projects, it was pointed-out that the main cause is the problems relating to various permissions from all level of Governments in a hierarchical manner in States. So, for Ease of doing Business, it was suggested that there should be a tool-kit for investors on steps to be taken before, during and after investment. It was also suggested that there was need to re-engineer and restructure institutional designs and procedures, besides simplifying procedures, and changing accounting practices. It was recommended that metro cities need to be cast as the new States.

Speakers also focused on the need to ensure an inclusive approach to urbanization. They said there was a need for public transport that works for the poor. The 'Housing for All' policy should be re-oriented from middle class towards economically weaker sections and those in informal sector.. There was a reference to the challenges in holding of property without proper land title, and it was suggested that reforms relating to the land title issue would ensure greater lending by the lending institutions.

Policy makers should have greater community engagement during the land acquisition process to have smooth acquisition. The panellists suggested that the ‘poor say’ should weigh as much as the ‘say of the financial organisations and consultants’.

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