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September 1, 2026
NCLT bars Subhash Chandra from alienating assets, stays Rs 6.5-cr repayment plan
Show AI Summary
Personal guarantor insolvency: repayment plan stayed pending majority determination, with restraint on direct or indirect asset alienation.
Personal-guarantee insolvency proceedings involve a stay on implementation of a repayment plan because the earlier members' views did not produce a clear majority capable of taking effect. The personal guarantor has been restrained from directly or indirectly alienating assets pending further hearing. The dispute follows split views on approval of the plan, claim admission and voting, followed by a third-member opinion that did not resolve the absence of a determinative majority. Creditors dispute the proposed recovery, claim treatment and declared net worth relevant to the guarantees.
September 1, 2026
Rupee gains 28 paise to close at 94.94 against US dollar
Show AI Summary
Rupee exchange-rate movement reflects portfolio inflows, growth data and possible central-bank support, while crude oil prices constrain gains.
Foreign-exchange market conditions strengthened the rupee by 28 paise to 94.94 against the US dollar, supported by domestic growth, controlled fiscal slippage and portfolio inflows. Possible Reserve Bank of India intervention was also identified as supportive. Higher crude oil prices, weak domestic equities and hawkish US monetary-policy signals were identified as constraints on further appreciation. Foreign investment flows, stronger-than-expected domestic growth and the fiscal-deficit position remained material factors affecting currency conditions.
September 1, 2026
ED raids in Chhattisgarh PSC 'scam' case; Baghel's ex-PA raided
Show AI Summary
Money-laundering probe into public service recruitment irregularities examines alleged question-paper leaks, selection manipulation, and laundering through purported CSR donations.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in Public Service Commission recruitment examinations. Allegations include question-paper leaks, manipulation of candidate selection, and illegal gratification for securing appointments of relatives and favoured candidates. Recruitment rules were allegedly amended to facilitate selection of relatives. Alleged proceeds of crime were collected in cash and routed through layered banking transactions, including through a family-controlled samiti presented as receiving corporate social responsibility donations for a non-existent college.
September 1, 2026
NCLT bars Subhash Chandra from selling assets as lenders challenge Rs 6.5 cr settlement
Show AI Summary
Personal guarantor settlement scrutiny intensifies as asset alienation is restrained pending review of a disputed creditor repayment proposal.
A five-member special bench found that no clear majority view existed under section 419(5) of the Companies Act and stayed the third member's order that had permitted the proposed recovery. Notices were directed to all parties, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. The dispute concerns approval of a personal guarantor's repayment proposal, treatment of guarantee claims, creditor voting support, assessment of the personal estate, and scrutiny of declared net worth.
September 1, 2026
HIGHLIGHTS
Show AI Summary
Personal insolvency proceedings restrict property alienation while notices issue to parties in the debtor's case.
A five-member special National Company Law Tribunal bench hearing Subhash Chandra's personal insolvency matter issued notices to all parties and restrained him from alienating property directly or indirectly. The restraint applies during the continuing insolvency proceedings and concerns dealings with the relevant property. The procedural measure requires the interested parties to participate in the matter.
September 1, 2026
Loan waiver scheme: Special Aadhaar verification process for farmers in Latur
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Aadhaar authentication alternatives enable eligible farmers with failed fingerprint verification to access loan-waiver benefits after identity verification.
Elderly farmers whose fingerprints cannot be captured for Aadhaar authentication may approach an Aaple Sarkar Seva Kendra with their Aadhaar card and bank passbook. Loan-account details are verified on the scheme portal before authentication is initiated. If authentication fails, the concerned tehsildar verifies identity using the Aadhaar card, bank passbook and 7/12 land record extract. Eligible farmers receive loan-waiver benefits directly in their bank accounts after authentication, identity verification and satisfaction of the scheme's eligibility criteria.
September 1, 2026
Gross GST mop-up grows 15 pc to Rs 2 lakh cr in Aug
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GST collection growth reflected higher domestic and import revenue, while increased refunds moderated net collections during August.
GST collections recorded year-on-year growth in August, with gross receipts reaching about Rs 2 lakh crore. Domestic transaction revenue increased to over Rs 1.37 lakh crore, while import-related revenue rose to Rs 62,604 crore. Refunds increased to Rs 31,795 crore, and net GST collections stood at Rs 1.68 lakh crore after refunds.
September 1, 2026
NCLT issues notices in Subhash Chandra insolvency matter, directs not to dispose of property
Show AI Summary
Personal insolvency repayment plan faces fresh hearing after a split bench prevents enforcement and restrains guarantor property transfers.
Personal insolvency proceedings were reopened before a five-member special bench after a split view on a repayment plan. As no majority view existed, including that of the third member, no final order was in force and the repayment-plan determination could not be acted upon. Notices were issued to all parties, including dissenting creditors, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. Dissenting creditors also challenged the repayment-plan determination before the appellate tribunal.
September 1, 2026
Markets drift lower in early trade amid higher oil prices, fresh US-Iran tensions
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Equity market sentiment weakens as higher crude prices, geopolitical tensions and tighter monetary policy expectations curb risk appetite.
Equity-market sentiment weakened as higher crude oil prices, renewed US-Iran tensions, and expectations of prolonged tight US monetary policy reduced emerging-market risk appetite. The Sensex and Nifty declined, while domestic GDP growth above projections offered partial support. Weakness in several Asian markets, a lower US market close, and net foreign institutional equity sales reinforced cautious trading conditions.
September 1, 2026
ED raids in Chhattisgarh PSC 'scam' case; ex CM Baghel's PA raided
Show AI Summary
Money laundering investigation triggers searches linked to alleged Public Service Commission irregularities, including premises of a former chief minister's assistant.
A money-laundering investigation under the Prevention of Money Laundering Act has led to searches at seven locations in Chhattisgarh in connection with alleged irregularities at the Chhattisgarh Public Service Commission. The search operation includes the premises of K. K. Chandrakar, personal assistant to former Chief Minister Bhupesh Baghel. The investigation remains at the search and inquiry stage.
September 1, 2026
ITR filing for AY27 touches record 7.8 cr
Show AI Summary
Income-tax return filing: non-audit business and professional taxpayers use applicable forms by prescribed due dates.
August 31, 2026 was the due date for taxpayers having business or professional income who were not subject to audit. Such non-audit taxpayers may use ITR-3, ITR-4, ITR-5 or ITR-7, as applicable. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, while ITR-4 is intended for small and medium taxpayers. ITR-5 applies to firms, limited liability partnerships and cooperative societies, and ITR-7 applies to trusts and charitable institutions.
September 1, 2026
DRI seizes over 42 kg foreign-origin gold worth more than RS. 65 crore in crackdown on gold smuggling
Show AI Summary
Gold smuggling enforcement targets transit abuse, concealed carriage, and border routes through coordinated seizures and arrests nationwide.
Intelligence-led enforcement against organised gold smuggling resulted in the seizure of over 42 kg of foreign-origin gold and around 10 kg of foreign-origin silver, collectively valued at more than Rs. 65 crore, and the arrest of 25 persons. Operations targeted networks using airport transit routes, airport personnel, land-border corridors, coastal routes, and domestic road transport. Gold was concealed in wax, compound, paste, raw-chain and bar forms, including through body concealment, internally secreted capsules, clothing, and specially created cavities.
September 1, 2026
MoSPI signs MoU with Thapar Institute of Engineering & Technology, Punjab for undertaking a Research Study
Show AI Summary
Predictive consumption-expenditure framework will use household survey data to support poverty estimation, consumption analysis, and economic planning.
MoSPI and Thapar Institute of Engineering & Technology have entered into a memorandum of understanding for a research study to develop a predictive and analytical framework for monthly consumption expenditure in India. The study will use Household Consumption Expenditure Survey data to estimate Monthly Per Capita Consumption Expenditure at national and state levels, analyse household consumption patterns, and generate evidence relevant to poverty estimation and broader economic planning.
August 31, 2026
NCLT forms historic 5-member bench to decide on Subhash Chandra's Rs 6.5 cr repayment plan
Show AI Summary
Personal insolvency repayment plans: conflicting views on binding dissenting creditors prompted reconsideration through an expanded adjudicatory bench.
National Company Law Tribunal constituted a five-member bench after conflicting views on a personal insolvency repayment plan left no majority position for a formal order. The central issue is whether creditor approval of the plan binds dissenting creditors and extinguishes their claims against the personal guarantor. One view preserved dissenting creditors' independent recovery rights, while another applied the creditor-approved plan uniformly to all creditors. Disagreement also concerns the Adjudicating Authority's power to examine the resolution professional's report of the creditors' meeting.
August 31, 2026
NCLT fails to arrive majority decision on Subhash Chandra's Rs 6.5 cr repayment plan
Show AI Summary
Personal insolvency repayment plans raise unresolved questions on dissenting creditors' rights and uniform extinguishment of claims.
Personal insolvency proceedings were referred for fresh adjudication because no majority emerged on the repayment plan. The Technical Member rejected the plan; the Judicial Member confined it to consenting creditors while preserving dissentents' recovery rights; and the Third Member approved it with uniform extinguishment of all creditors' claims. The dispute concerns whether creditor approval under section 115(1) binds dissenting creditors, the effect of section 79(2)(g), and the Adjudicating Authority's power to examine the Resolution Professional's creditors' meeting report.
August 31, 2026
Rupee rises 21 paise to close at 95.22 against US dollar
Show AI Summary
Rupee exchange-rate support through suspected intervention and FCNR(B) inflows offset pressure from dollar strength and higher crude prices.
Rupee exchange-rate movement reflected a recovery from early losses to close stronger against the US dollar, amid market expectations of Reserve Bank of India support at lower trading levels. Pressure arose from higher US Treasury yields, possible US rate-hike expectations and a broad dollar rally. Suspected intervention, FCNR(B)-related foreign-currency flows and the special USD-INR forex swap facility supported sentiment, while rising crude prices, geopolitical supply risks and foreign institutional equity outflows remained adverse factors.
August 31, 2026
Record 7.5 cr ITRs filed for AY'27, deadline ends midnight tonight
Show AI Summary
Income-tax return filing for non-audit business and professional taxpayers closes at midnight, requiring use of applicable forms.
Income-tax return filing for Assessment Year 2026-27 reaches its due date on 31 August 2026 for taxpayers having business or professional income who are not subject to audit. Such taxpayers may file the applicable ITR-3, ITR-4, ITR-5 or ITR-7. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, ITR-4 to small and medium taxpayers, and ITR-5 to firms, limited liability partnerships and cooperative societies.
August 31, 2026
Monthly Review of Accounts of Union Government of India upto the month of July 2026 (FY 2026-27)
Show AI Summary
Monthly fiscal accounts track receipt composition, expenditure allocation, tax devolution, interest payments, and major subsidy outgo through July.
Union Government monthly accounts through July 2026 record total receipts comprising net tax revenue, non-tax revenue and non-debt capital receipts, with tax devolution transferred to State Governments. Total expenditure is divided between revenue and capital expenditure. Revenue expenditure includes interest payments and major subsidies.
August 31, 2026
Subhash Chandra drops mention of Ambani allegations, shifts focus to settling Essel debt
Show AI Summary
Personal guarantor insolvency distinguishes guarantee liability from borrower debt while creditor voting challenges question repayment-plan approval.
Personal insolvency proceedings concerning personal guarantees distinguish a guarantor's liability from the underlying borrowing entities' debts. Claims against the guarantor arise from guarantees furnished for loans obtained by Essel Group-associated entities, while the borrowers' repayment obligations remain enforceable and creditors may pursue corporate assets and securities. Dissenting lenders have challenged the resolution-plan voting process, alleging that family-linked associates or related parties should have been excluded from committee of creditors voting.
August 31, 2026
NATIONAL ACCOUNTS STATISTICS - 2026 PUBLICATION
Show AI Summary
National accounts revisions align GDP and sectoral estimates with updated price, production and banking service indicators.
National Accounts Statistics-2026 incorporates updated Producer Price Index, Index of Industrial Production and Banking Services Price Index series with base year 2022-23 into annual and quarterly GDP estimates. The revised indicators expand coverage, update weights and improve price mapping for national-account activities. GDP and gross value added estimates from 2022-23 onwards are revised at current and constant prices, with sector-specific effects in mining and quarrying, manufacturing, trade services, general government and departmental enterprises. Supply and Use Tables for 2022-23 and 2023-24 are also updated.

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Income Tax

PRESS COMMUNIQUE - The President of India, as advised by the Prime Minister, has directed the allocation of portfolios among the members of the Union Council of Ministers

May 31, 2019

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The President of India, as advised by the Prime Minister, has directed the allocation of portfolios among the following members of the Union Council of Ministers

Shri Narendra Modi

Prime Minister and also in-charge of :

Ministry of Personnel, Public Grievances and Pensions;

Department of Atomic Energy;

Department of Space; and

All important policy issues; and

All other portfolios not allocated to any Minister.

 

Cabinet Ministers

1.

Shri Raj Nath Singh

Minister of Defence.

2.

Shri Amit Shah

Minister of Home Affairs.

3.

Shri Nitin Jairam Gadkari

Minister of Road Transport and Highways; and

Minister of Micro, Small and Medium Enterprises.

4.

Shri D.V. Sadananda Gowda

Minister of Chemicals and Fertilizers.

5.

Smt. Nirmala Sitharaman

Minister of Finance; and

Minister of Corporate Affairs.

6.

Shri Ramvilas Paswan

Minister of Consumer Affairs, Food and Public Distribution.

7.

Shri Narendra Singh Tomar

Minister of Agriculture and Farmers Welfare;

Minister of Rural Development; and

Minister of Panchayati Raj.

8.

Shri Ravi Shankar Prasad

Minister of Law and Justice;

Minister of Communications; and

Minister of Electronics and Information Technology.

9.

Smt. Harsimrat Kaur Badal

Minister of Food Processing Industries.

10.

Shri Thaawar Chand Gehlot

Minister of Social Justice and Empowerment.

11.

Dr. Subrahmanyam Jaishankar

Minister of External Affairs.

12.

Shri Ramesh Pokhriyal ‘Nishank’

Minister of Human Resource Development.

13.

Shri Arjun Munda

Minister of Tribal Affairs.

14.

Smt. Smriti Zubin Irani

Minister of Women and Child Development; and Minister of Textiles.

 

15.

Dr. Harsh Vardhan

Minister of Health and Family Welfare;

Minister of Science and Technology; and

Minister of Earth Sciences.

16.

Shri Prakash Javadekar

Minister of Environment, Forest and Climate Change; and

Minister of Information and Broadcasting.

17.

Shri Piyush Goyal

Minister of Railways; and

Minister of Commerce and Industry.

18.

Shri Dharmendra Pradhan

Minister of Petroleum and Natural Gas; and

Minister of Steel.

19.

Shri Mukhtar Abbas Naqvi

Minister of Minority Affairs.

20.

Shri Pralhad Joshi

Minister of

Parliamentary Affairs;

Minister of Coal; and

Minister of Mines.

21.

Dr. Mahendra Nath Pandey

Minister of Skill Development and Entrepreneurship.

22.

Shri Arvind Ganpat Sawant

Minister of Heavy Industries and Public Enterprise.

23.

Shri Giriraj Singh

Minister of Animal Husbandry, Dairying and Fisheries.

24.

Shri Gajendra Singh Shekhawat

Minister of Jal Shakti.

Ministers of State (Independent Charge)

1.

Shri Santosh Kumar Gangwar

Minister of State (Independent Charge) of the Ministry of Labour and Employment.

2.

Rao Inderjit Singh

Minister of State (Independent Charge) of the Ministry of Statistics and Programme Implementation; and

Minister of State (Independent Charge) of the Ministry of Planning.

3.

Shri Shripad Yesso Naik

Minister of State (Independent Charge) of the Ministry of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH); and

Minister of State in the Ministry of Defence.

4.

Dr. Jitendra Singh

Minister of State (Independent Charge) of the Ministry of Development of North Eastern Region;

Minister of State in the Prime Minister’s Office;

Minister of State in the Ministry of Personnel, Public Grievances and Pensions;

Minister of State in the Department of Atomic Energy; and

Minister of State in the Department of Space.

5.

Shri Kiren Rijiju

Minister of State (Independent Charge) of the Ministry of Youth Affairs and Sports; and

Minister of State in the Ministry of Minority Affairs.

6.

Shri Prahalad Singh Patel

Minister of State (Independent Charge) of the Ministry of Culture; and

Minister of State (Independent Charge) of the Ministry of Tourism.

7.

Shri Raj Kumar Singh

Minister of State (Independent Charge) of the Ministry of Power;

Minister of State (Independent Charge) of the Ministry of New and Renewable Energy; and

Minister of State in the Ministry of Skill Development and Entrepreneurship.

8.

Shri Hardeep Singh Puri

Minister of State (Independent Charge) of the Ministry of Housing and Urban Affairs;

Minister of State (Independent Charge) of the Ministry of Civil Aviation; and

Minister of State in the Ministry of Commerce and Industry.

9.

Shri Mansukh L. Mandaviya

Minister of State (Independent Charge) of the Ministry of Shipping; and

Minister of State in the Ministry of Chemicals and Fertilizers.

 

Ministers of State

1.

Shri Faggansingh Kulaste

Minister of State in the Ministry of Steel.

2.

Shri Ashwini Kumar Choubey

Minister of State in the Ministry of Health and Family Welfare.

3.

Shri Arjun Ram Meghwal

Minister of State in the Ministry of Parliamentary Affairs; and

Minister of State in the Ministry of Heavy Industries and Public Enterprises.

4.

General (Retd.) V. K. Singh

Minister of State in the Ministry of Road Transport and Highways.

5.

Shri Krishan Pal

Minister of State in the Ministry of Social Justice and Empowerment.

6.

Shri Danve Raosaheb Dadarao

Minister of State in the Ministry of Consumer Affairs, Food and Public Distribution.

7.

Shri G. Kishan Reddy

Minister of State in the Ministry of Home Affairs.

8.

Shri Parshottam Rupala

Minister of State in the Ministry of Agriculture and Farmers Welfare.

9.

Shri Ramdas Athawale

Minister of State in the Ministry of Social Justice and Empowerment.

10.

Sadhvi Niranjan Jyoti

Minister of State in the Ministry of Rural Development.

11.

Shri Babul Supriyo

Minister of State in the Ministry of Environment, Forest and Climate Change.

12.

Shri Sanjeev Kumar Balyan

Minister of State in the Ministry of Animal Husbandry, Dairying and Fisheries.

13.

Shri Dhotre Sanjay Shamrao

Minister of State in the Ministry of Human Resource Development;

Minister of State in the Ministry of Communications; and

Minister of State in the Ministry of Electronics and Information Technology.

14.

Shri Anurag Singh Thakur

Minister of State in the Ministry of Finance; and

Minister of State in the Ministry of Corporate Affairs.

15.

Shri Angadi Suresh Channabasappa

Minister of State in the Ministry of Railways.

16.

Shri Nityanand Rai

Minister of State in the Ministry of Home Affairs.

17.

Shri Rattan Lal Kataria

Minister of State in the Ministry of Jal Shakti; and Minister of State in the Ministry of Social Justice and Empowerment.

18.

Shri V. Muraleedharan

Minister of State in the Ministry of External Affairs; and Minister of State in the Ministry of Parliamentary Affairs.

19.

Smt. Renuka Singh Saruta

Minister of State in the Ministry of Tribal Affairs.

20.

Shri Som Parkash

Minister of State in the Ministry of Commerce and Industry.

21.

Shri Rameswar Teli

Minister of State in the Ministry of Food Processing Industries.

22.

Shri Pratap Chandra Sarangi

Minister of State in the Ministry of Micro, Small and Medium Enterprises; and Minister of State in the Ministry of Animal Husbandry, Dairying and Fisheries.

23.

Shri Kailash Choudhary

Minister of State in the Ministry of Agriculture and Farmers Welfare.

24.

Sushri Debasree Chaudhuri

Minister of State in the Ministry of Women and Child Development.

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