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September 3, 2026
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Money laundering investigation examines alleged diversion of bank loans from a power project to group entities and personal use.
Money laundering investigation under the Prevention of Money Laundering Act concerns alleged diversion of bank loans obtained by Kohinoor Power for a power plant in Jharkhand. The loan proceeds were allegedly transferred to other group entities and used personally. Searches were conducted at eleven premises associated with the group's promoters, directors and auditors. The company entered liquidation proceedings before the National Company Law Tribunal, with limited recovery for creditors.
September 3, 2026
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Globalisation of auto component manufacturing is linked to trade access, resilient supply chains, technology adoption, safety, and vehicle scrappage.
The auto component industry is encouraged to expand globally through reciprocal market access, overseas manufacturing, international investment and trade partnerships. Supply-chain resilience is to be strengthened through indigenisation of vulnerable products, access to critical minerals, and domestic capacity in auto components, speciality steel, technical textiles and semiconductors. Priority is also given to high-value integrated solutions, artificial intelligence-enabled quality control, vehicle safety and industrial parks offering manufacturing infrastructure. Vehicle scrappage requires coordinated government incentives and fair industry valuation to support replacement demand for new-age vehicles.
September 3, 2026
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Updated IP cooperation guidelines strengthen cross-border innovation, patent examination coordination, traditional knowledge protection, and geographical indication commercialisation.
IP BRICS Heads adopted Updated Operational Guidelines to direct result-oriented intellectual property cooperation, promote cross-border innovation, and reinforce joint engagement in global IP standards. Priority areas include protection of traditional knowledge and traditional systems of medicine, reinforced patent examination cooperation, exchange of search results, patent analytics, and geographical indication protection and commercialisation. Coordination mechanisms and periodic progress reviews are emphasised for effective implementation and continuity of cooperation.
September 3, 2026
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Sovereign credit rating upgrade reflects resilient growth, improved fiscal expenditure quality, stronger financial systems, and a robust external position.
India's long-term foreign-currency and local-currency issuer ratings were upgraded from 'BBB+' to 'A-', with a Stable Outlook, reflecting resilient economic growth, improved fiscal expenditure quality, strengthened financial-sector soundness, and a robust external position. Fiscal improvement is linked to greater capital expenditure and lower fiscal deficit. Financial resilience is supported by improved banking and non-banking sector asset quality and capital adequacy. External strength arises from a contained current account deficit, services surplus, and foreign-exchange reserves exceeding short-term external debt.
September 3, 2026
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Public sector general insurance performance requires profitable underwriting, lower claim ratios, digitalisation, standardised monitoring, and quality grievance redressal.
Public Sector General Insurance Companies were advised to focus on profitable business lines, reduce the Incurred Claim Ratio, and accelerate technology use and digitalisation while optimising related expenditure. They are to improve insurance penetration, density, outreach and customer awareness, particularly in underserved segments, while reducing protection gaps. A robust, standardised KPI framework should enable comparable financial and non-financial performance assessment and be reviewed quarterly. Customer grievances require expeditious and quality redressal.
September 3, 2026
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Cross-border financing through GIFT-IFSC expands foreign currency mobilisation, external commercial borrowing disbursements, and international bond market access.
GIFT-IFSC's IBUs mobilised foreign-currency liquidity under the RBI's FCNR(B) deposit swap facility, with 20 IBUs sanctioning USD 54.02 billion and disbursing approximately USD 52.82 billion as at 31 August 2026. Between April and August 2026, IBUs disbursed USD 11.62 billion in External Commercial Borrowings, while Indian banks raised USD 11.12 billion through bond listings on IFSC exchanges. These activities support cross-border financing, international capital-market access and foreign-exchange inflows.
September 3, 2026
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Bilateral business council leadership appointment strengthens operational capacity to advance Canada-India economic and investment partnerships.
Operational leadership for bilateral economic engagement is strengthened through the appointment of Shuchita Sonalika as the first Chief Operating Officer of the Canada-India Business Council. The appointment is directed toward enhancing the council's capacity to support expanding investment and economic relations between Canada and India, in coordination with its board, members and partners. Sonalika brings international affairs experience in advancing India's economic partnerships across global markets.
September 3, 2026
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Regulatory certainty and compliance reforms support investment facilitation, infrastructure development, MSME credit access, and reduction of bank non-performing assets.
Regulatory certainty, ease of compliance and investment facilitation are identified as central elements of India's economic reform orientation. The Insolvency and Bankruptcy Code is included among reforms supporting regulatory certainty, reduced paperwork and easier compliance. Policy priorities include infrastructure development, artificial intelligence and data centres, credit access for MSMEs, reduction of banks' non-performing assets, fiscal discipline, and investment facilitation by central and state governments.
September 2, 2026
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Sovereign credit rating upgrade reflects resilient economic growth, fiscal quality, financial-system soundness, and external-sector resilience.
Japan Credit Rating Agency upgraded India's foreign-currency and local-currency long-term issuer ratings to A-, citing solid economic growth, strengthened growth-oriented policies and improved financial-system soundness. Improved banking asset quality, insolvency mechanisms, government capital infusion and stronger central-bank supervision support financial resilience. Fiscal quality has improved through greater infrastructure-focused capital expenditure and restraint in current spending, while a contained current-account deficit, services surplus and substantial foreign-exchange reserves support resilience to external shocks.
September 2, 2026
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Currency-market intervention and foreign capital inflows supported rupee resilience amid higher crude prices and dollar strength.
Foreign capital inflows and modest foreign institutional equity purchases supported rupee appreciation against the US dollar despite weak domestic equities, elevated crude oil prices and a stronger dollar. RBI monitoring and apparent currency-market intervention supported the rupee amid risk aversion, higher US Treasury yields and concerns over crude supply disruptions. Forthcoming US employment data remained relevant to dollar and rupee direction.
September 2, 2026
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Foreign-currency non-resident deposits bolster external liquidity through hedging support and lending flexibility during global market uncertainty.
Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits are fixed-term foreign-currency deposits for non-resident Indians, with principal and interest repayable in the deposit currency and without direct rupee exchange-rate risk. A special central-bank programme mobilised substantial FCNR(B) deposits, alongside overseas foreign-currency borrowings and external commercial borrowings, to strengthen foreign-exchange liquidity. Banks received hedging-cost support and permission to lend against the deposits. The facility was closed earlier than scheduled after its mobilisation objective was met.
September 2, 2026
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Foreign currency swap facility accelerated FCNR(B) deposit window closure after substantial diaspora inflows, while borrowing windows remain open.
Special USD-INR foreign-exchange swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings was introduced to strengthen the external sector and support foreign-exchange liquidity. FCNR(B) deposits, under which principal and interest are repayable in the same foreign currency, generated the principal share of inflows. Strong diaspora participation led to advancement of the FCNR(B) window closure. The swap facility for Overseas Foreign Currency Borrowings and External Commercial Borrowings remains open until December 31, 2026.
September 2, 2026
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GST bribery allegations led to a trap operation against officials and an intermediary in a quarrying matter.
Criminal investigation concerns alleged solicitation and acceptance of an undue advantage by CGST officials in connection with settling a GST/royalty matter involving a stone-quarrying firm. The officials allegedly arranged for a private person to collect the payment. A trap operation resulted in the private person being caught while accepting the alleged undue advantage. Searches at the accused persons' premises led to recovery of cash and jewellery, while further investigation continues.
September 2, 2026
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State GST collection growth outpaced national expansion during the first five months, alongside increased VAT and CST receipts.
Haryana's SGST collections increased by 29 per cent during April-August of financial year 2026-27, exceeding the national growth rate of 16 per cent. August 2026 post-settlement SGST revenue rose by 21 per cent, compared with national average growth of 13 per cent. Haryana accounted for less than 4 per cent of national GST taxpayers but contributed approximately 7.7 per cent of aggregate national SGST, CGST and IGST collections. VAT/CST collections rose by 13.8 per cent during the same period.
September 2, 2026
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NBFC loan servicing governance retains lender control through deterministic decision rules, maker-checker controls, reconciled migration and optional AI assistance.
Lokta Next 100 offers RBI-registered NBFCs with loan books up to Rs 100 crore post-approval loan servicing, accounting, reporting, analytics, collections, recovery and partner-management functions, excluding pure-play microfinance NBFCs. Credit, approval and money decisions remain with the lender. Maker-checker approval applies to every change, and migration requires line-by-line reconciliation before cutover. Records remain lender-owned, hosted in India and exportable. AI may propose changes but cannot post to the ledger; deterministic lender-policy rules decide changes. Platform fees are deferred for up to 24 months, subject to stated loan-book thresholds.
September 2, 2026
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RTI access to maintained records does not require creation of Aadhaar date-of-birth update data on demand.
UIDAI did not maintain separate Aadhaar data on date-of-birth updates in Bihar following the announced social security pension enhancement, including month-wise or district-wise compilations. No internal review or flagging of unusual update patterns was available or applicable in its records. The Central Information Commission clarified that the RTI framework does not require a public authority to create, compile or generate information that it does not maintain in the form requested. The initial CPIO response treating the information as outside the RTI Act was considered inappropriate.
September 2, 2026
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Transgender arrest and detention safeguards prompt calls for a standard operating procedure and clearer procedural protections.
Legal and regulatory issues include safeguards for arrest and detention of transgender persons, consultation requirements in Bar Council policy-making, and procedural accountability in electoral administration and policing. Personal insolvency proceedings raise questions about tribunal powers to constitute an expanded bench. Hospitality operators are expected to comply strictly with food-safety and hygiene norms. Proposed restrictions on minors' social-media accounts address cyberbullying, online exploitation, and harmful screen exposure.
September 2, 2026
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Railway equipment purchase orders and export order expand IC Electricals' domestic and international business pipeline.
IC Electricals Company Limited has secured railway purchase orders for electrical and electronic supplies and an export order, creating combined order inflow across domestic railway operations and international markets. Its product portfolio includes regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, alternators, traction motors, and permanent magnet alternators with controllers. Forward-looking statements on business plans, projects, and research and development remain subject to risks and uncertainties and may differ materially from actual results.
September 2, 2026
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Double deflation explains negative manufacturing GVA deflators when input prices rise faster than output prices.
Double deflation in manufacturing separately deflates gross output and intermediate consumption, with real GVA derived from their difference. Where input prices rise faster than output prices, nominal GVA may grow more slowly than real GVA, producing a negative implicit GVA deflator despite rising output and input prices. A negative manufacturing GVA deflator therefore does not establish a fall in manufactured-product prices or lower real growth. The implicit GDP deflator is a derived ratio between current-price and constant-price GDP and differs from CPI and WPI because of their distinct coverage, weights, and price concepts.
September 2, 2026
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Data centre ease-of-doing-business reforms target reliable power, prepared land, streamlined approvals and building standards for faster infrastructure deployment.
Ease-of-doing-business reforms for India's data-centre ecosystem focus on faster and sustainable infrastructure deployment through reliable power, ready-to-use land, streamlined approvals and suitable building regulations. Proposed power measures include cluster-based transmission planning, first-day sanctioned load, dual feeders and cross-border renewable-energy procurement. Data-centre-ready land banks and power-ready parcels are intended to reduce development timelines. The National Building Code 2026 recognises data centres under Group E and contains a dedicated annex on fire-risk assessment and data-centre-specific performance indicators.

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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.

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Acts Income Tax