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August 28, 2026
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Digital arrest money laundering investigation tracks cyber-fraud proceeds through layered bank accounts, cash withdrawals, and foreign-exchange conversion.
Arrests under the Prevention of Money Laundering Act form part of an investigation into alleged digital arrest cyber fraud and laundering of fraud proceeds. Funds were reportedly routed through numerous bank accounts, withdrawn in cash, and converted into foreign currency through licensed money changers. The financial trail is linked to commodity trading, travel and foreign-exchange entities allegedly connected with cyber-fraud complaints and first information reports. The inquiry also identified alleged shell or dummy companies using proxy directors to conceal control and facilitate fund movement.
August 28, 2026
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Foreign exchange intervention and lower crude prices supported rupee appreciation despite a stronger dollar and foreign institutional investor outflows.
Foreign exchange market conditions supported a six-paise appreciation of the rupee against the US dollar at the close of trading. Lower global crude oil prices and Reserve Bank of India intervention to limit significant rupee depreciation contributed to the movement. A marginal strengthening of the US dollar and foreign institutional investor equity outflows continued to exert pressure, while FCNR(B) scheme inflows supported the currency.
August 28, 2026
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Cyber fraud impersonating enforcement officials coerced a senior citizen into bank and cryptocurrency transfers through terror-funding threats.
Cyber fraudsters allegedly impersonated public officials and threatened a senior citizen with implication in money laundering, terror funding and cybercrime. Using WhatsApp video calls and purported official notices, they allegedly induced the victim to transfer funds to multiple bank accounts and a cryptocurrency wallet on the pretext of proving innocence. The victim reportedly liquidated fixed deposits and mutual fund investments before identifying the deception and reporting it through the cybercrime helpline. A cyber police case was registered for further investigation.
August 28, 2026
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Rupee depreciation against US dollar reflects foreign investor outflows and crude supply disruptions, moderated by weaker dollar and oil prices.
Foreign institutional investor outflows and disruptions in global crude oil supplies placed downward pressure on the rupee against the US dollar. A weaker dollar index and lower Brent crude prices moderated the decline. Market commentary anticipated a narrow trading range, with expected Reserve Bank of India protection at the upper end and oil importer, month-end, and importer demand supporting the lower end. Participants also monitored the US Federal Reserve Chair's Jackson Hole speech.
August 27, 2026
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Emergency flood response measures coordinate rescues, suspend cross-border transport, and address risks to public safety.
Severe flash floods in Nepal and along the Nepal-Tibet border prompted cross-border rescue coordination for missing and stranded persons, warnings of continued downstream flood risk, and international relief support. Preventive public-safety measures included temporary suspension of an Indo-Nepal bus service. Separate developments included disruption of public services during an employee strike, investigation of an aircraft crash, market measures affecting sugar and onion prices, and proposed trade engagement for greater market access for basmati rice and processed food exports.
August 27, 2026
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Regulatory review of fraud allegations requires timely consideration of representations while merits and standing remain undecided.
SEBI must consider and decide, within two weeks, representations alleging fraud by an Indian logistics company and its subsidiary. The allegations concern systematic over-invoicing of freight charges and forged documentation, with a parallel criminal investigation based on an FIR registered by the Delhi Police Economic Offences Wing. No determination has been made on the merits of the allegations or the complainant's standing to approach SEBI. The allegations and criminal proceedings were disclosed in IPO offer documents.
August 27, 2026
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Personal insolvency repayment plans test creditor voting thresholds, valuation safeguards, and limits on commercial review under insolvency law.
Personal insolvency resolution under the Insolvency and Bankruptcy Code involved approval of a repayment plan providing for payment of Rs 6.25 crore to creditors and Rs 25 lakh towards process costs against admitted creditor claims of about Rs 22,006.57 crore. Objections by dissenting creditors were rejected because they held less than 20 per cent of voting share, while the plan received 80.81 per cent support. Valuation indicated that the personal estate was worth less than the amount offered, and the tribunal declined to replace creditor commercial wisdom or assess settlement adequacy.
August 27, 2026
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Sovereign credit rating stability reflects policy continuity, infrastructure investment, external strength, and fiscal consolidation pressures.
India's sovereign credit rating retained a BBB stable outlook, supported by strong growth, an external balance sheet, stable institutions, policy predictability, and infrastructure investment. Public investment and consumer demand are expected to sustain growth and assist fiscal consolidation. Constraints include weak fiscal performance, elevated government debt and interest burdens, and low per-capita income. Long-term rating support depends on financing infrastructure investment without materially widening the current-account deficit and on reducing the fiscal deficit through stable fiscal and monetary policies.
August 27, 2026
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Sugar import liberalisation and stockholding limits seek to moderate retail prices amid constrained domestic supply and restricted exports.
Sugar price-control measures combine duty-free raw sugar imports, stockholding limits for dealers and bulk consumers, and an export prohibition to address elevated retail prices and curb hoarding. Domestic supply remains constrained by reduced sugarcane output, prior exports and diversion of sugar to ethanol. Net production is estimated below projected domestic demand, while closing stocks are expected to remain limited. Import access, inventory restrictions and export controls therefore operate as market-stabilisation mechanisms.
August 27, 2026
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Money-laundering investigation into alleged homebuyer fraud led to searches and freezing of assets linked to realty promoters.
Money-laundering proceedings were initiated under the Prevention of Money Laundering Act on the basis of police FIRs alleging fraudulent inducement and non-delivery of residential plots. Searches at premises linked to real estate promoters resulted in the seizure or freezing of luxury vehicles, jewellery, bank accounts and securities. The investigation alleges that substantial upfront payments for residential plots were received, but a significant portion of promised plots remained undelivered, and certain plots were allegedly sold to third parties without consent.
August 27, 2026
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Commercial card governance enables configurable credit, approvals, virtual cards and controlled supplier payments across enterprise payment workflows.
SpendFlow combines commercial card program configuration, credit management, virtual cards, spend controls, approvals, supplier payments, billing and accounting in one architecture. It supports centrally governed rules with approved corporate-level variations, enterprise hierarchy management, and virtual cards linked to entities, employees, accounts or credit facilities. Multi-tier approvals and virtual-card supplier payments support controlled business payment functions, while core banking and ERP connectivity links card activity with banking and enterprise financial workflows.
August 27, 2026
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Basmati rice market access may be pursued through trade agreement review, subject to import limits and safety standards.
Market access for Indian basmati rice may be pursued through review of the Comprehensive Economic Partnership Agreement, as rice remains a sensitive sector subject to import quantity limits and duties beyond permitted quantities. Processed food exports offer further opportunities where exporters comply with Japanese quality and safety standards. Bilateral cooperation also covers investment, supply chains, technology partnerships and capital flows supporting infrastructure, manufacturing and semiconductor ecosystems.
August 27, 2026
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Capital allocation discipline governs consideration of further Air India funding alongside business strategy, cash flow and investment requirements.
Further capital investment in Air India will be evaluated by Singapore Airlines' board through a disciplined capital-allocation process. Assessment will consider the group's capital requirements, Air India's business strategy, operating cash flow, investment needs for aircraft and products, and multi-hub investments intended to support long-term growth and returns. As a significant minority shareholder, Singapore Airlines supports Air India's transformation programme with Tata Sons, but no commitment to provide additional capital is indicated.
August 27, 2026
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Semiconductor investment cooperation anchors expanded India-Japan industrial partnerships across technology, manufacturing, clean energy, infrastructure, and financial services.
Semiconductor and artificial-intelligence cooperation centres on a six-pillar semiconductor strategy encompassing chip design, semiconductor machinery and materials, fabrication, ATMP/OSAT, research and development, and talent development. Japanese participation is sought across semiconductor materials and equipment, power semiconductors, electronics, AI, logistics and related advanced technologies. Development of semiconductor clusters is linked to reliable power, ultra-pure water, skilled manpower and social infrastructure.
August 27, 2026
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Financial inclusion through basic bank accounts enables direct welfare transfers, digital payments, insurance access and credit for excluded households.
PMJDY provides unbanked adults with basic bank accounts without minimum-balance or maintenance-charge requirements, free RuPay debit cards with accident insurance cover, and eligible overdraft support. Through the JAM framework, PMJDY accounts enable direct transfer of welfare benefits using bank accounts, Aadhaar-based biometric verification and mobile connectivity, reducing intermediary involvement and delays. The scheme emphasises rural, semi-urban, marginalised and women account holders while supporting access to insurance, pensions, savings, digital payments and credit, including MUDRA loans.
August 27, 2026
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Contract food services expansion strengthens Rassense's nationwide institutional operations through new academic partnerships and technology-led service delivery.
Rassense Pvt Ltd reports crossing a workforce of more than 5,000 employees and projects revenue exceeding INR 600 crore. Its contract food services operations serve educational institutions, corporate campuses, healthcare facilities and industrial locations. New operations at IIM Jammu, IIM Bangalore and IIT Guwahati strengthen its nationwide institutional presence. Expansion is supported by academic institution partnerships, local workforce development, operational excellence, and technology-led capabilities in food production, food waste reduction and supply-chain management.
August 27, 2026
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Cyber fraud awareness promotes safe digital banking by teaching customers to verify communications, protect credentials, and report suspicious transactions.
Cyber-fraud awareness and digital banking safety were promoted through community sessions addressing phishing, impersonation, OTP and UPI fraud, QR-code scams, digital-arrest fraud, and fraudulent customer-care calls. Participants were guided to identify authentic banking communications, avoid sharing confidential credentials, verify callers and links before acting, and promptly report suspected unauthorised transactions. Customer vigilance, financial literacy, and institutional security measures were emphasised as complementary safeguards against digital financial fraud.
August 27, 2026
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Personal insolvency repayment plans may be approved despite minimal creditor recovery when requisite voting support and comparative valuation support them.
Personal insolvency repayment plan approval was granted under the Insolvency and Bankruptcy Code, 2016, despite objections that creditor recoveries were negligible and the proposed payment uncertain. The plan received 80.81 per cent voting support, while dissenting creditors held less than 20 per cent voting share. Valuation showed that the debtor's personal estate was materially below the offered amount, and rejection could result in bankruptcy and lower recovery. Assessment of settlement adequacy was treated as a matter of creditor commercial wisdom.
August 27, 2026
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Prison escape security lapses prompt coordinated tracing measures, transport monitoring, inter-state alerts, and a detailed custodial-security inquiry.
Prison escape and custodial-security lapses arose after a detainee escaped from Aluva Sub Jail, allegedly by using an under-construction structure within the premises to cross the compound wall. Following his later appearance at a police station seeking return of his Aadhaar card, search measures included a lookout circular, information sharing with police stations, railway-security coordination, and alerting police in Assam. A detailed inquiry has been initiated into the prison-security deficiencies enabling the escape.
August 27, 2026
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Women's savings account selection depends on practical benefits, charges, eligibility, and banking needs rather than the account label.
Women's Savings Accounts may provide standard banking facilities together with additional services or benefits for eligible women. Their suitability depends on practical use of digital banking, transfers, payments, alerts, debit-card facilities, accessibility, security features, charges, and minimum-balance conditions. Since regular Savings Accounts may offer comparable facilities, the additional benefits should be assessed against associated costs and conditions. Selection should be based on comparison of eligibility, facilities, balance requirements, benefits, customer support, and authentication safeguards rather than the account's women-focused label alone.

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Customs, DGFT & SEZ

The Union Minister of Finance, Corporate Affairs, Railways and Coal, Shri Piyush Goyal stresses on the simplification, transparency and use of latest technology in further smoothening the tax filing process for the stakeholders; Calls for making the compliance simpler for the honest tax payers and make best use of the money so collected through taxes for the benefit and welfare of the public at large; Gave away the Awards to CBIC Officers & Staff for their meritorious services on the occasion of Investiture Ceremony & International Customs Day 2019 in New Delhi

January 25, 2019

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The Union Minister of Finance, Corporate Affairs, Railways and Coal, Shri Piyush Goyal stressed ont he simplification, transparency and use of latest technology in further easing and smoothening the tax filing process for the stakeholders. He said that it is necessary to make the compliance simpler for the honest tax payers and ensure best use of the money so collected through taxes for the benefit and welfare of the public at large. The Finance Minster, Shri Goyal was speaking at an event to mark the occasion of Investiture Ceremony and International Customs Day 2019 organized by the Central Board of Indirect Taxes and Customs (CBIC) in New Delhi today. Shri Goyal further said that if all the stakeholders including the Government and the tax payers work together in a straight and ethical manner, there is no reason why India as a nation cannot achieve the rightful place in Comity of Nations.

He suggested that it would be better if the Department like CBIC and CBDT take collective decisions by taking new ideas from it's Officers to improve the efficiency and image of the concerned Department.It would also make it easier for the CBIC/CBDT to achieve the image of a tax friendly organisation. The Finance Minister said that the Department should be tax payer friendly and they should have easy access to approach its officers for guidance and both the Department and the tax payers should act as a partner to have a better tax compliance and to improve the overall image of the organisation.

Earlier the International Customs Day celebrations organised by the Central Board of Indirect Taxes & Customs were held in the Dr. Ambedkar International Centre on 25th January, 2019. The Union Finance Minister, Shri Piyush Goyal was the Chief Guest and the Union Minister of State for Finance Shri Shiv Pratap Shukla was the Guest of Honour. Revenue Secretary Dr. Ajay Bhushan Pandey, and Shri Pranab Kumar Das, Special Secretary to Government of India and Chairman, Central Board of Indirect Taxes and Customs (CBIC), along with Members of Central of Central Board of Indirect Taxes and Customs, senior officers of the Department were present. Presidential Award of Appreciation Certificates and World Customs Organization (WCO) Certificates of Merit Award were also presented to the distinguished officers of the CBIC. 

Shri Pranab Kumar Das, Chairman, CBIC, welcomed the dignitaries and highlighted recent Key Initiatives taken by Customs for enhancing trade facilitation in line with the Action Plan for implementing the Trade Facilitation Agreement of the WTO ratified by India. The gathering was addressed by the Finance Minister Shri Piyush Goyal who congratulated retired and serving officers and staff of Indian Customs on the eve of International Customs Day being celebrated across the world with the theme of SMART borders for seamless Trade, Travel and Transport. He said that as a result of efforts taken by CBIC, India’s rank in Trading Across Borders has jumped from 146 in 2018 to 80 in 2019. This has contributed significantly to India’s quantum jump in Ease of Doing Business rank from 130 in 2017 to 77 in 2019. The Finance Minister expressed confidence that with concerted efforts of the Department, India would further improve its position in these rankings. While congratulating the awardees for their meritorious service, he exhorted the officers to keep upgrading their skill sets to meet emerging challenges in cross-border trade. He further asked CBIC to try and get ideas from officers of all ranks through crowd sourcing for improving efficiency and productivity of the department. 

The Minister of State for Finance, Shri Shiv Pratap Shukla, also addressed the audience about the role of Customs in securing the international borders and lauded the yeoman service rendered by Customs officers in every corner of the country. He said that Indian Customs has risen to the challenge of effectively manning land, sea, and air economic frontiers of the country with the objective of furthering legitimate trade across borders and deterring economic offenders.  Dr. Ajay Bhushan Pandey, Revenue Secretary, and Shri P.K. Das, Chairman, Central Board of Indirect Taxes and Customs, also spoke about the thrust on enhancing trade facilitation and the role of other stakeholders including participating government agencies. Shri John Joseph, Member Budget and Investigation and Zonal Member, Delhi Customs Zone, presented the vote of thanks. 

Presidential Award of Appreciation Certificate was awarded to 44 officers and staff of Indian Customs for “Specially Distinguished Record of Service.” These officers were selected on the basis of their exemplary performance in their respective field of service over the years. The awardees selected this year include officers from all cadres of the Service, who have consistently performed with distinction in their various assignments, including prevention of smuggling, detection of tax evasion, detection of trade based money laundering and foreign exchange violations, besides contributions in tax policy formulation, revenue mobilization, and automation of business processes, and capacity building and training. The following officers received the Presidential commendation.

PRINCIPAL COMMISSIONERS/COMMISSIONERS 

1. Shri Shashank Priya, Joint Secretary, GST Council, New Delhi.

2. Ms. Neeta Lall Butalia, Additional Director General, Directorate General of Vigilance, New Delhi.

3. Shri Bijoy Kumar Kar, Commissioner, Central Excise & GST, Belagavi.

4. Ms. Seema Jere Bisht, Additional Director General, Directorate General of Analytics and Risk Management, Mumbai.

5. Sh. Yogendra Garg, Additional Director General, National Academy of Customs, Indirect Taxes and Narcotics, Centre of Excellence, New Delhi.

6. Shri Vivek Chaturvedi, Additional Director General , Directorate General of Revenue Intelligence, New Delhi.

7. Ms. Bandhana Deori, Commissioner of Customs (Preventive), Shillong Zone, Shillong.

DIRECTORS/ADDITIONAL DIRECTORS/ ADDITIONAL COMMISSIONERS/JOINT COMMISSIONERS 

8. Shri K. Ramakrishnan , Additional Director, Directorate of Revenue Intelligence, Zonal Unit, Chennai.

9. Shri Avinash Pushkarna , Additional Commissioner , Customs Zone, New Delhi.

10. Dr. T. Tiju, Additional Commissioner, Central Tax / Excise / GST & Customs, Thiruvananthapuram Zone.

11. Shri Satyajit Mohanty, Officer on Special Duty to the Minister of Petroleum & Natural Gas, Government of India, New Delhi.

12. Shri Prashant Kumar, Additional Director, Directorate of Revenue Intelligence (DGRI), Zonal Unit, Mumbai.

13. Shri Kunduru S.V.V. Prasad, Joint Director, Directorate of Enforcement (ED), Chennai.

14. Shri Rohit Anand, Under Secretary (Anti- Smuggling), Central Board of Indirect Taxes & Customs (CBEC), New Delhi.

DEPUTY COMMISSIONERS/ASSISTANT COMMISSIONERS 

15. Shri Vikas Joshi, Deputy Commissioner, Customs, Central Excise/Tax & GST Zone, Jaipur.

16. Shri A. L. Srinath, Assistant Director, Directorate General of GST Intelligence    (DGGSTI), Zonal Unit, Bangalore.

17. Shri P. Prasad, Assistant Director, Directorate General of Revenue Intelligence (DGRI), Cochin Regional Unit, Zonal Unit, Bangalore.

18. Shri Arvind Malhotra, Assistant Commissioner, Directorate General of Taxpayer Services (DGTS), New Delhi.

19. Shri Swapan Kumar Nath, Assistant Director, Directorate General of Revenue Intelligence (Hqrs.), New Delhi.

20. Ms. Veenapani Evarani Bansingh, Assistant Director (OL), Chief Commissioner’s Office, Rajbhasha Cell, Delhi Zone, New Delhi.

SUPERINTENDENTS / SENIOR INTELLIGENCE OFFICERS 

21. Shri Manindra Sarania, Superintendent, Guwahati Customs Division, Shillong Zone.

22. Shri N. Siva Kumar, Senior Intelligence Officer, Zonal Unit, Hyderabad.

23. Shri Neeraj Garg, Additional Assistant Director, DGHRD, New Delhi.

24. Shri Gopal Charan Bahubalendra, Senior Intelligence Officer, DGGI Regional Unit Rourkela, Zonal Unit, Bhubaneshwar. 

25. Shri Bharat Laxmanrao Gade, Superintendent, Mumbai Customs Zone-I, Mumbai.

26. Ms. Bharti Singh, Superintendent, Kolkata Customs Zone, Kolkata.

27. Shri Ravi Prakash Srivastava, Superintendent,Service Tax Policy Wing, Central Board of Indirect Taxes & Customs (CBEC), New Delhi.

28. Shri Anil Manchanda, Senior Intelligence Officer, Directorate General of Goods and Service Tax Intelligence, Rohtak Regional Unit, Zonal Unit, Delhi.

29. Shri Mubeen Ahmed Juvale, Senior Intelligence Officer, Directorate General of Revenue Intelligence (DGRI), Zonal Unit, Mumbai.

30. Shri Sh. Rashid Ashraf Wani, Senior Intelligence Officer, Directorate General of Revenue Intelligence (DGRI), Srinagar Regional Unit,Zonal Unit, Ludhiana.

31. Shri Saumyes Gobinda Sen, Senior Intelligence Officer, Directorate General of Revenue Intelligence (DGRI), Zonal Unit, Kolkata.

32. Shri Akif Hussain Raja, Superintendent, Mumbai Central Excise/ Tax and GST Zone, Mumbai.

33. Shri Allen Rajesh Vas, Senior Intelligence Officer, Directorate General  of Goods and Service Tax Intelligence, Mangalore Regional Unit, Belgavi.

34. Shri M. I. Ramachandran, Senior Intelligence Officer, Directorate General  of Revenue Intelligence (DGRI), Zonal Unit, Mumbai.

35. Shri Ranjeet Singh, Senior Intelligence Officer, Directorate General  of Revenue Intelligence (DGRI), Jammu Regional Unit, Zonal Unit, Ludhiana.

36. Shri Ripu Sudan Kumar, Senior Intelligence Officer, Directorate General  of Goods and Service Tax Intelligence (DGGSTI), Zonal Unit, Pune.

37. Shri Ningombam Meiraba, Superintendent, Customs (Preventive), Division Imphal, Shillong Zone.

38. Shri X Sadeesh Kumar, Senior Intelligence Officer, Directorate General of Revenue Intelligence (DGRI), Tuticorin Regional Unit, Zonal Unit, Chennai.

MINISTERIAL OFFICERS 

39. Shri Hari Charan Sahoo, Senior Private Secretary, Office of Chief Commissioner of GST, Central Excise & Customs, Bhubaneswar Zone, Bhubaneswar.

40. Ms. Sudha Saini, Private Secretary, Directorate General of Revenue Intelligence (DGRI),Zonal Unit, Lucknow.

INSPECTORS/INTELLIGENCE OFFICERS 

41. Shri Sushant Harsh Sabat, Intelligence Officer, Directorate General of Revenue Intelligence (DGRI), Zonal Unit, Ahmedabad.

DRIVER

42. Shri Nand Kishore Meena, Driver Special Grade, Directorate General of Revenue Intelligence, New Delhi.

43. Shri Chinta Mani Bansal, Driver, Grade-I, Delhi Customs Zone, New Delhi.

HEAD HAVALDAR 

44. Shri Shyam Sahana, Head Havaldar, Directorate General of Revenue Intelligence (DGRI), Zonal Unit, Kolkata.

In addition, following 20 individuals who have contributed to the WCO Theme were awarded the World Customs Organization (WCO) Certificate of Merit. This honour has been given to 18 Customs Officers and two recipients from the private sector. 

OFFICERS OF CBEC

1. Sh. M. Ajit Kumar, Principal Chief Commissioner, Chennai Customs Zone.

2. Sh. B.B. Mohapatra, Principal ADG, DG Systems, New Delhi.

3. Sh. A. Manimaran, Additional Director, Directorate of Systems, New Delhi.

4. Smt. Samriti Goel Saran, Additional Director, DGHRD.

5. Sh. Shaukat Ali, Joint Commissioner, DIC, New Delhi.

6. Sh. Saroj Kumar Behera, Joint Director, DGEP, New Delhi.

7. Ms. B. Konthoujam, Joint Commissioner, Cus VI, CBIC.

8. Sh. Jomy Jacob, Joint Commissioner, RMCC, Mumbai.

9. Smt. Sarika Shah, Joint Director, DG Systems, Mumbai.

10. Sh. Jaspreet Sukhija, Joint Director, DRI HQ, New Delhi.

11. Ms. Atreyee Dev Roy, Deputy Commissioner, ICD Patparganj, Delhi.

12. Sh. Sanjay Sharma, Deputy Director, DG Systems, New Delhi.

13. Sh. M. Ramesh, Deputy Commissioner, Customs, Chennai.

14. Dr. Purnima Mishra, Chemical Examiner, CRCL, New Delhi.

15. Sh. Pramod P Nair, Assistant Director (Marine), Customs Preventive, Chennai.

16. Sh. Deepak, Superintendent, WCO Cell, CBIC.

17. Sh. Y. Shajahan, Superintendent, Customs (Prev.), Cochin.

18. Sh. Debasish Ray, Senior Intelligence Officer, DRI Kolkata.

RECIPIENTS FROM PRIVATE SECTOR

19. M/s UTI Infrastructure Technology and Services Limited (UTITSL).

20. M/s International Clearing & Shipping Agency (India) Pvt. Ltd., Chennai.

Topics

Acts Income Tax