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    Advisory on the Revised Process for Approval of Registration Cancellation application under Form GST REG-16
    Advisory on Simplified Registration Scheme under Rule 14B of the CGST Rules, 2017
    Advisory on Important Changes in FORM GST REG-01 for GST Registration
    Gross and Net GST revenue collections for the month of October, 2026
    Commerce Secretary Shri Rajesh Agrawal holds high-level meetings with European Commission officials and industry representatives in Brussels
    CCI approves acquisition of certain shareholding in Navi Ltd by MIH Payments Holdings B.V.
    CCI approves acquisition of the equity share capital of IntelliSmart Infrastructure (Target) by Adani Energy Solutions Ltd. (Acquirer)
    CCI approves merger of Sapphire Foods India with and into Devyani International and related transactions
    CCI approves acquisition of 100% of the issued share capital of Solenergi Power (Target) by Aditya Birla Renewables Ltd (Acquirer)
    CCI approves acquisition of certain stake in Vodafone Group PLC by Vega SAS
    Union Government releases tax devolution of ₹1,09,019 crore to State Governments, as one advance instalment of tax devolution in view of upcomin...
    CBN Madhya Pradesh Unit conducts three major anti-drug operations; seizes 2,774.650 kg of poppy straw and five vehicles; arrests four persons
    MCA only performs administrative role in the conduct of appointment process for Judicial and Technical Members of the NCLT
    Commerce and Industry Shri Piyush Goyal Chairs Chintan Shivir on Digitisation of Trade
    19th India–BLEU Joint Economic Commission Session Held in Luxembourg to Strengthen Trade and Economic Cooperation
    The Government of India Constitutes the ‘High Level Committee on Banking for Viksit Bharat’
    UPI Acceptance Enabled for Online Bookings at At the Top, Burj Khalifa and Resorts World Sentosa
    Monthly review of accounts of Government of India upto September 2026 (FY 2026-27)
    DRI deals major blow to Myanmar-linked drug smuggling network; seizes huge consignment of 50 kg methamphetamine tablets and crystal meth in North-East...
    DRI busts a big clandestine synthetic drug manufacturing laboratory in Uttar Pradesh; seizes approx. 1,100 kg drugs and precursor chemicals; two arres...
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November 2, 2026
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GST registration self-cancellation requires timely returns and links electronic approval to taxpayer category and output tax liability.
Before submitting Form GST REG-16, taxpayers must file all applicable returns due on or before the proposed effective cancellation date. Returns required up to the effective date but not yet due place the application in the "Pending for Returns Filing" stage and must be filed by their respective due dates. For regular, casual and SEZ taxpayers, electronic cancellation applies if output tax liability is no more than Rs. 2.5 lakh in each tax period. If liability exceeds that threshold in any period, Form GSTR-10, where applicable, must be filed within three days of the due date of the returns identified at the pending-returns stage, or within three days of application submission if that stage does not apply.
November 2, 2026
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Simplified GST registration allows eligible e-commerce suppliers to use operator warehouses in other jurisdictions, subject to prescribed consent.
Simplified GST registration under Rule 14B enables eligible suppliers selling goods through e-commerce operators that collect tax at source to use approved operator warehouse addresses as principal or additional places of business. The applicant must have no physical presence or active regular registration in the target State or Union territory, which cannot be an Other Territory jurisdiction. Monthly output tax liability on supplies to registered persons must not exceed Rs. 2.5 lakh, and the new registration may be used only for e-commerce supplies.
November 2, 2026
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GST registration applications require constitution-specific documents, premises disclosures, bank details and successful validation of applicable identification numbers.
GST registration applications in FORM GST REG-01 require applicants to identify their business constitution, with One Person Company available as a separate category, and provide applicable supporting evidence such as incorporation certificates, partnership deeds or registration certificates. Bank account details must be furnished with the application wherever available, with up to 10 accounts reportable. If unavailable at application, they must be furnished within 30 days after issuance of the registration certificate in FORM GST REG-06. The application reference number is generated only after successful validation of the required information.
November 2, 2026
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GST revenue collections rose alongside domestic and import receipts, with refunds and integrated tax settlements reported separately.
GST revenue collections for October 2026 comprised gross domestic revenue of Rs. 1,59,044 crore and gross import revenue of Rs. 72,246 crore. Total gross GST revenue was Rs. 2,31,290 crore, an increase of 22.9% over October 2025. Refunds for October 2026 totalled Rs. 27,934 crore, comprising domestic refunds of Rs. 14,007 crore and export IGST refunds through ICEGATE of Rs. 13,927 crore. Net GST revenue was Rs. 2,03,356 crore, up 25.6% from October 2025; this included net domestic revenue of Rs. 1,45,037 crore and net customs revenue of Rs. 58,319 crore.
November 2, 2026
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Trade facilitation and market access discussions address customs cooperation, supply-chain resilience, and diamond certification and traceability requirements.
India-EU trade facilitation and market access discussions addressed two-way trade, supply-chain resilience and opportunities for businesses. Both sides reaffirmed their commitment to a fair, balanced and mutually beneficial agreement and agreed to remain engaged on outstanding procedural and implementation issues. Preparations for implementing the India-EU free trade agreement included discussion of customs cooperation and the importance of efficient, transparent and digitally enabled customs procedures in reducing transaction costs and supporting the movement of legitimate trade. Engagement with diamond industry stakeholders addressed certification and traceability requirements, responsible sourcing and opportunities in India's diamond market and manufacturing ecosystem.
November 2, 2026
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Shareholding acquisition approval covers MIH Payments Holdings' investment in Navi Limited, the holding company of a mobile financial services group.
Competition law approval has been granted by the Competition Commission of India for the acquisition of a shareholding in Navi Limited by MIH Payments Holdings B.V. The acquirer is an indirect wholly owned subsidiary of Prosus N.V. It does not itself undertake any business activity other than holding investments in its portfolio companies, which have business activities in India. Navi Limited is the holding company of the Navi Group, which offers financial services through a single consumer-facing mobile application.
November 2, 2026
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Competition approval covers Adani Energy Solutions' acquisition of IntelliSmart, both active in advanced electricity metering infrastructure.
Competition Commission of India approval covers the acquisition by Adani Energy Solutions Limited of 100% of the equity share capital of IntelliSmart Infrastructure Private Limited. The sellers in the transaction are National Investment and Infrastructure Fund and Energy Efficiency Services Limited. Adani Energy Solutions Limited is primarily engaged in electricity transmission and distribution and in the deployment of advanced metering infrastructure for electricity in India. IntelliSmart Infrastructure Private Limited is also involved in advanced metering infrastructure for electricity in India and deploys certain smart gas meters in India.
November 2, 2026
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Competition approval covers the merger of KFC and Pizza Hut franchise operators Sapphire Foods India and Devyani International.
Competition Commission of India approval covers the proposed combination involving the merger of Sapphire Foods India Limited with and into Devyani International Limited, together with certain related transactions. Both companies operate KFC and Pizza Hut franchise outlets in India. Devyani is also the exclusive franchisee in India for Costa Coffee, New York Fries and Sanook Kitchen.
November 2, 2026
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Renewable energy acquisition receives competition approval for the transfer of Solenergi Power's entire issued share capital to Aditya Birla Renewables.
Competition Commission of India approval covers the proposed acquisition by Aditya Birla Renewables Limited (the acquirer) of 100% of the issued share capital of Solenergi Power Private Limited (the target). The acquisition is to be made from Shell Overseas Investment B.V., the seller in the proposed combination. Aditya Birla Renewables Limited, together with its subsidiaries, is engaged in power generation using renewable energy resources, specifically solar and wind, as well as captive engineering, procurement and construction (EPC) activities. Solenergi Power Private Limited is registered in Mauritius and operates exclusively as a holding company, without any other business activities.
November 2, 2026
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Competition clearance covers Vega SAS's proposed stake acquisition in Vodafone Group PLC, which provides telecommunications and digital services.
Competition clearance from the Competition Commission of India covers Vega SAS's proposed acquisition of 16.2% of Vodafone Group PLC's issued share capital. Vega SAS is a holding company and a wholly owned subsidiary of Maya SAS, a simplified joint-stock company incorporated in France. Vega SAS has no business presence or activity in India on its own; its relevant affiliates undertake business activities there. Vodafone Group PLC provides fixed and mobile services in Europe and Africa, with most revenue generated by core connectivity products and services. In India, Vodafone Group PLC is present through Vodafone Idea Limited.
November 2, 2026
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Tax devolution through an additional advance instalment aims to support capital spending and development and welfare expenditure.
Tax devolution of Rs. 1,09,019 crore was released by the Union Government to State Governments on 31 October 2026 as an additional advance instalment, in addition to regular monthly devolution. It is the second additional instalment in the financial year. The release is intended, in view of the upcoming festive season, to enable States to accelerate capital spending and finance development and welfare expenditure.
November 2, 2026
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Poppy straw trafficking enforcement includes intelligence-led vehicle searches, seizures and arrests, with a consignment concealed beneath cover cargo.
Illicit poppy straw trafficking enforcement by the Central Bureau of Narcotics' Madhya Pradesh Unit involved three intelligence-led operations under the Narcotic Drugs and Psychotropic Substances Act, 1985. Officers seized 2,774.650 kg of poppy straw and five vehicles and arrested four persons. Officers recovered 2,308 kg in 115 sacks concealed beneath 598 sacks of chana husk. During the night of 28-29 October, officers intercepted a pickup truck bearing a suspected false registration number and a Bolero car at Ishaqpur, Mandsaur. Searches recovered 416.560 kg of poppy straw in 22 bags, including 17 bags from the pickup and five from the car. On 28 October, a car and motorcycle were intercepted on the Fatehgarh-Nayakheda-Pipliya Mandi route. Intelligence indicated that the motorcycle was piloting the car, from which officers recovered 50.090 kg of poppy straw in two bags. Investigations are continuing in all three cases.
October 31, 2026
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Administrative role in Tribunal Member appointments remains distinct from the Tribunal's independent authority over staff appointment and management.
The Ministry of Corporate Affairs performs an administrative role in conducting appointments of Judicial and Technical Members of the National Company Law Tribunal. The Tribunal independently appoints and manages its officers and staff, including Deputy Registrars, Court Officers, Stenographers, Office Assistants and Multi-Tasking Staff. Delegated personnel responsibility supports the Tribunal's effective and independent functioning.
October 31, 2026
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Digital procurement infrastructure supports kirana ordering and supply-chain efficiency while preserving distributor relationships and expanding digital participation.
ONDC DigiDukaan enables kirana retailers to operate as digital buyers through a single interface for discovering and ordering products across multiple brands, distributors and wholesalers, with visibility of pricing, trade schemes and availability. It is intended to reinforce existing distributor relationships while creating a shared digital foundation for logistics, formal credit and related services. Priority areas include a common retailer identity, shared logistics and micro-warehousing, transaction-linked financing, simplified technology integration and commercial incentive alignment for sustained digital ordering.
October 31, 2026
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Trade facilitation and investment partnerships support market access and sectoral collaboration across logistics, clean energy, digital technologies, and healthcare.
Trade and investment cooperation focused on enhancing trade and investment flows, addressing market-related concerns, facilitating market access, and expanding business engagement and investment partnerships. Priority sectors included logistics, renewable energy and clean technology, financial services and FinTech, digital transformation and ICT, healthcare and life sciences, Ayurveda and traditional medicine, and agro-food processing.
October 31, 2026
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Banking-sector reform establishes a high-level committee to develop reforms for globally competitive, inclusive and resilient banking.
High Level Committee on Banking for Viksit Bharat is constituted to review India's banking sector and recommend structural, institutional, regulatory and legislative reforms supporting globally competitive, financially inclusive and resilient banking. Its remit includes prudential norms, banking regulation, capital requirements, cost of capital, AI and digital innovation, cyber-risk safeguards, workforce capacity, Priority Sector Lending and the Lead Bank Scheme. The Committee will also consider reforms affecting Regional Rural Banks, Cooperative Banks, Development Financial Institutions and Non-Banking Financial Companies.
October 31, 2026
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Cross-border UPI acceptance enables Indian travellers to make online bookings at international attractions using familiar payment applications.
Cross-border UPI acceptance enables Indian travellers to make online experience bookings at At the Top, Burj Khalifa and Resorts World Sentosa using preferred UPI applications. The UAE integration involves NPCI International Payments Limited, NEOPAY and Emaar Entertainment, while the Singapore arrangement with FOMO Pay extends acceptance to Resorts World Sentosa attractions. These e-commerce facilities build on QR-based merchant payment arrangements and support seamless cross-border digital transactions for advance travel planning.
October 31, 2026
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Monthly fiscal account reporting records consolidated receipts, expenditure, tax devolution, interest payments, and major subsidies through September.
Consolidated monthly accounts through September 2026 record total receipts of Rs.18,35,422 crore, comprising net tax revenue, non-tax revenue and non-debt capital receipts. Tax devolution transfers to State Governments total Rs.6,99,409 crore. Total expenditure stands at Rs.25,49,835 crore, with Rs.18,95,288 crore on revenue account and Rs.6,54,547 crore on capital account. Revenue expenditure includes interest payments of Rs.6,46,010 crore and major subsidies of Rs.2,22,905 crore.
October 31, 2026
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Cross-border narcotics trafficking: intelligence-led operations seized methamphetamine concealed in furniture and tea packets, with arrests and vehicle seizures.
Intelligence-based interceptions resulted in the seizure of methamphetamine tablets concealed in an office table within a vehicle and crystal methamphetamine hidden above a truck cabin in tea packets carrying foreign markings. Four persons were arrested under the Narcotic Drugs and Psychotropic Substances Act, 1985, and three vehicles were seized. Preliminary investigation linked the drugs to cross-border smuggling from Myanmar.
October 31, 2026
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Clandestine synthetic drug manufacturing: enforcement uncovered an illicit laboratory, seized drugs and precursors, and made arrests under narcotics law.
An intelligence-led operation uncovered a functional clandestine synthetic-drug manufacturing laboratory and seized semi-prepared drugs, finished methaqualone, precursor chemicals, and manufacturing equipment. Follow-up residential searches recovered additional chemicals and a manufacturing machine. Approximately 1,100 kg of drugs and precursor chemicals were seized in total, and two persons associated with the facility were arrested under the Narcotic Drugs and Psychotropic Substances Act, 1985.

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17th C.D. Deshmukh Memorial Lecture (Opening remarks by Shri Shaktikanta Das, Governor, Reserve Bank of India - April 25, 2019 - Mumbai)

April 26, 2019

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On behalf of the Reserve Bank of India, I am delighted to welcome Mr. Agustin Carstens, General Manager of the Bank for International Settlements to deliver the C. D. Deshmukh Memorial lecture, the seventeenth in the series. We are also honored to have Smt. and Shri Atul Deshmukh from late Shri C. D. Deshmukh’s family. A hearty welcome to all the distinguished invitees of the Reserve Bank.

2. At the outset, I would like to say a few words about Shri C. D. Deshmukh to commemorate the occasion. Shri Chintaman Dwarkanath Deshmukh was born in Nata, near Fort Raigad in Maharashtra on January 14, 1896. He had an outstanding educational career. He stood first in the Matriculation examination of the University of Bombay in 1912. He graduated from Jesus College of Cambridge University in 1917 and topped the Indian Civil Services examination, then held only in London, in 1918. Upon his return to India in 1920, he worked in the Government of Bihar and also as a joint secretary to the Government of India.

3. His association with the RBI began in July 1939, when he was appointed Liaison Officer to keep the Government of India in touch with the Bank's affairs. Three months later, he was appointed Secretary of the Central Board of the Bank and two years later in December 1941, as the Deputy Governor. He was the first Indian to be appointed as the Governor of the Reserve Bank of India on August 11, 1943 and he continued in this capacity till June 30, 1949. He played a pivotal role in the creation of Industrial Finance Corporation and promotion of rural credit. During his tenure, RBI saw enactment of the Banking Companies Act, 1949 which laid the foundation for regulation of banking sector in India. The nationalisation of RBI on January 1, 1949 also took place during his tenure.

4. After his tenure in the RBI, Shri Deshmukh went on to become Member, Planning Commission when it was set up in 1950. Subsequently, he became Union Finance Minister in 1950 and served with distinction till July 1956. During his tenure, he made significant contributions to the formulation and implementation of the country's First and Second Five Year Plans. He was instrumental in the enactment of new Companies Act and nationalisation of the Imperial Bank of India and life insurance companies. After resignation from Union Cabinet he worked as Chairman of UGC during 1956 to 1961 and Vice-Chancellor of University of Delhi from 1962 to 1967. In 1975, he was bestowed with the Padma Vibhushan award. He was also a co-recipient of the prestigious Ramon Magsaysay Award in 1959 for distinguished Government Service.

5. For this year’s Memorial Lecture in honour of Shri C.D. Deshmukh, it is our pleasure to have Mr. Agustin Carstens with us. He was the Governor of the Central Bank of Mexico from 2010 to 2017 and a member of the BIS Board from 2011 to 2017. As a BIS board member, he chaired the Global Economy Meetings and the Meetings of Economic Consultative Council. He also headed the International Monetary and Financial Committee, the IMF's policy advisory committee for two years.

6. Mr. Carstens began his career at the Bank of Mexico in 1980, where he has worked in various capacities. He later served as Mexico’s deputy finance minister and as Deputy Managing Director at the IMF. He was Mexico's Finance Minister from 2006 to 2009. He has also been a member of the Financial Stability Board since 2010 and is a member of the Group of Thirty.

7. Mr. Carstens holds a doctoral degree in economics from University of Chicago and has extensive research experience in the field of macroeconomic issues and finance. His work on ‘Latin American Central Bank Reform: Progress and Challenges’, which takes stock of the institutional reforms of monetary policy in Latin America since the early 1990s, was widely acknowledged.

8. Today, Mr. Carstens will speak on “Central Banking and Innovation: Partners in the Quest for Financial Inclusion”, - a topic which could easily be the most relevant at the current juncture. The recent emergence of fintech or digital innovations in finance is potentially a strong transformative force to shape the financial sector globally. A great benefit of these technological developments is the scope to expand financial outreach in a cost effective manner. At the same time, however, there are regulatory and supervisory challenges which the central banks across the globe need to address.

9. The Reserve Bank is committed to promote and deepen the cause of financial inclusion in India. The recent developments in FinTech have given a fresh impetus to financial inclusion process in the country. Taking cognisance of exponential growth of digitisation and online commerce in India, policy efforts have been directed in recent years to put in place a state of the art national payments infrastructure and technology platform.The Reserve Bank is continuously aligning its regulatory and supervisory framework so that the evolution of FinTech can be leveraged to widen and ease the financial access by the excluded population. In view of the growing significance of FinTech innovations and their interface with the financial sector as well as financial sector entities, the Reseve Bank is strengthening its surveillance framework and has also issued draft guidelines on “Enabling Framework for Regulatory Sandbox” for obtaining the comments of stakeholders. Mr. Carstens’s talk today will surely give us relevant insights in this direction.

Let me now invite Mr. Carstens to deliver his lecture.

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