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August 18, 2026
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Taxpayer service improvement and litigation reduction guide administrative planning for stronger infrastructure, systems, coordination and future tax department functioning.
Improvement of taxpayer services, reduction of tax litigation, infrastructure strengthening and preparation of an actionable roadmap for future Income Tax Department functioning were considered as operational priorities. Deliberations covered e-HRMS, service matters, reservation policy, systems administration, capacity building, expenditure budgeting, TDS administration, inter-agency coordination, and office infrastructure. Officials identified institutional challenges and priorities for strengthening taxpayer-facing and internal departmental functions.
August 18, 2026
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Duty-free UK market access strengthens export opportunities for Indian goods and services, supporting MSMEs, agriculture, manufacturing and global value-chain participation.
India-UK Comprehensive Economic and Trade Agreement provides duty-free access to the UK market for nearly all Indian exports and may improve the competitiveness of Haryana's manufacturing, agricultural, MSME and services sectors. Preferential access covers products including textiles, engineering goods, auto parts, processed foods and pharmaceuticals, while agricultural exports remain subject to exceptions for sensitive products. The agreement also provides market access across 137 UK services sub-sectors, supporting IT, digital, professional, financial and technical services and facilitating global value-chain participation.
August 18, 2026
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Youth banking outreach promotes campus engagement, financial awareness, responsible credit discipline and long-term access to formal banking services.
Public sector banks are urged to conduct a month-long "Banking for Youth" outreach campaign from 2 October 2026 for persons above 16 years of age. Outreach through educational and skill-development campuses should combine account opening, financial awareness and direct engagement. Banks should develop tailored youth strategies to build long-term banking relationships. Proposed measures include online learning content, lifestyle-linked benefits, dedicated youth banking support, and awareness of credit scores, credit products and government credit schemes. A dedicated youth banking-awareness portal may serve as a single access point for appropriate banking services and financial opportunities.
August 18, 2026
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Competition approval for Prudential's acquisition of equity shareholding in an Indian life insurer supports the proposed insurance-sector combination.
Competition approval has been granted for Prudential Corporation Holdings Limited to acquire certain equity shareholding in Bharti Life Insurance Company Limited. The acquirer is the holding company for its group's insurance and asset-management operations in Asia and supports operations in Asia and Africa. The target is an IRDAI-licensed Indian life insurer.
August 18, 2026
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Foreign remittance certification due diligence faces nationwide verification targeting shell entities, their controllers, and certifying professionals.
Nationwide verification of suspicious outward foreign remittances targets entities with little or no reported business activity, their controllers, and professionals issuing tax determination certificates. Scrutiny concerns remittances disproportionate to reported turnover, inconsistent with stated purposes, or linked to entities not operating from declared addresses. Form 15CB, or Form 146 under the corresponding framework, requires certifying accountants to assess taxability from books of account and relevant records, supporting tax deduction at source and treaty compliance through due care, diligence and professional judgment.
August 18, 2026
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Fair Price Shop regulation introduces graded stock-shortage penalties, mandatory FIRs for major discrepancies, and restructured licensing requirements.
Fair Price Shop regulation introduces quantity-based penalties for stock discrepancies, ranging from performance-guarantee forfeiture and replenishment obligations to interim suspension, cancellation-related action and mandatory FIR registration for major shortages. Repeated or deliberate diversion or manipulation of public distribution supplies may lead to cancellation, blacklisting and FIR registration. Licensing now includes continuing regular licences and short-term temporary licences, with wider eligibility, points-based selection, card-linked performance guarantees and compulsory approved e-PoS, weighing-scale and iris-scanner use.
August 18, 2026
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Priority sector lending strengthened rural credit access through agricultural, micro-enterprise and weaker-section finance, reinforcing financial inclusion and sustainable development.
Regional Rural Banks expanded rural credit delivery while maintaining strong Priority Sector Lending performance during FY 2025-26. Almost all Regional Rural Banks met the prescribed overall priority-sector target. Agriculture and allied activities remained the largest priority-sector component, with farm credit accounting for nearly all agricultural lending. MSME finance predominantly supported micro enterprises, rural entrepreneurs, artisans and small businesses. Lending to weaker sections and finance for housing, education, renewable energy and social infrastructure promoted inclusive access to institutional credit and sustainable rural development.
August 18, 2026
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Adjustable pallet racking systems support customised, scalable warehouse storage through configurable layouts, safety assessment, installation and lifecycle support.
Adjustable pallet racking systems are configurable warehouse-storage solutions for varied inventory dimensions, weights and product types. They support bulk pallet storage, multi-level picking and high-density configurations through adjustable beams and shelves, load-bearing capacity, structural durability and space-efficient layouts. Storage configurations are customised after assessing inventory dimensions, payload requirements, available space and material-movement frequency, with support for design, installation, inspections and after-sales service.
August 18, 2026
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Domestic consumption expansion targets lower-tier markets through improved retail channels, distribution networks, employment support and household income opportunities.
China has introduced measures to strengthen domestic consumption in counties, smaller cities, townships and rural areas. The measures include upgrading township commercial centres, rural markets and local fairs; encouraging domestic and international brands to establish regional debut stores; and reusing existing land resources to improve services. They also seek better services for elderly persons and children, stronger urban-rural distribution networks, county-level employment and resident income channels. The strategy supports a shift towards household consumption amid weak domestic demand, property-sector pressures and subdued consumer sentiment.
August 18, 2026
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Currency management preserves monetary sovereignty through clean notes, secure logistics, decentralised distribution, durable banknotes, and sustainable cash-cycle operations.
Currency management supports trust in cash and monetary sovereignty through demand planning, secure production, distribution, replacement, and disposal. The Clean Note Policy requires good-quality banknotes to be available in required denominations and locations, with unfit notes continuously withdrawn and replaced. A decentralised Currency Chest network distributes fresh currency, processes returned notes, supports linked bank branches, and operates under licensing, real-time reporting, inspection, and audit requirements. Current priorities include managing uncertain cash demand, improving note durability, and reducing the carbon footprint of the cash cycle.
August 18, 2026
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Independent investigation of alleged dubious transactions requires examination of all six allegations despite prior police conclusions.
Investigation into alleged dubious transactions involving Indiabulls Housing Finance Limited and related entities must cover all six allegations identified by the Enforcement Directorate. The CBI must independently examine five allegations previously reviewed by the Delhi Police Economic Offence Wing, irrespective of its conclusion, and submit a comprehensive report. Further investigation into the sixth allegation depends on the special PMLA court deciding the CBI's pending application, after which the CBI must provide a progress or status report.
August 18, 2026
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Boss scam prevention requires independent verification of payment requests and avoidance of malicious WhatsApp attachments that enable executive impersonation.
Boss scam, or CEO impersonation fraud, uses malicious WhatsApp attachments and impersonation of regulatory officials or company executives to obtain control of WhatsApp sessions and issue fraudulent payment instructions. The alleged network supplied SIM cards, dummy SIMs, WhatsApp accounts and one-time passwords to cyber-fraud operators, illustrating a Cybercrime as a Service model. Preventive measures include avoiding suspicious ZIP, executable, library and APK files and independently verifying all financial-transfer requests.
August 18, 2026
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Floating-rate personal loan prepayment protections prohibit charges and compulsory lock-ins for qualifying individual non-business borrowers from 2026.
Prepayment charges are prohibited for part or full repayment of qualifying floating-rate loans availed by individual borrowers for non-business purposes and sanctioned or renewed on or after 1 January 2026. Compulsory lock-in periods cannot restrict prepayment of such loans. Fixed-rate personal loans may still attract prepayment or foreclosure charges under lender policy and contractual terms. Borrowers should check the loan's rate type, sanction letter, loan agreement and key fact statement, where applicable, and compare applicable charges with potential interest savings before early repayment.
August 18, 2026
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Premium Basmati rice positioning drives Zeeba's packaging refresh and ambassador-led campaign focused on quality, authenticity and domestic expansion.
Zeeba has refreshed its packaging and appointed Chef Vikas Khanna as global brand ambassador to support expansion in India. Its "Aisa Basmati Nahi Dekha" campaign positions the brand around export-quality Basmati rice, consistency, authenticity and a superior culinary experience. Promotional activity will extend across digital, retail and consumer touchpoints. The premium Basmati range is described as carefully sourced, naturally aged and processed according to global quality standards, with emphasis on grain quality, authentic taste, purity and consistency.
August 18, 2026
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Silver-collateral lending creates a formal secured-credit channel for eligible borrowers, subject to regulatory requirements and lender policies.
Loans against silver collateral have been introduced following the Reserve Bank of India's Lending Against Gold and Silver Collateral Directions, 2025, enabling eligible regulated lenders to accept silver as security. The offering provides a formal and transparent credit channel against eligible silver jewellery, ornaments and approved silver coins. It is intended for individuals, proprietors and MSMEs requiring liquidity for personal, business and other legitimate financial needs, subject to lending policies and applicable regulatory requirements.
August 18, 2026
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Healthcare discount membership provides instant savings on out-of-pocket care at participating premium providers without insurance claims or paperwork.
CarePass is a healthcare savings membership card providing instant point-of-billing discounts at participating premium healthcare providers across India. It covers out-of-pocket spending on hospital treatment, diagnostics, dental, vision, dermatology, hair and skin care, and IVF and maternity services, without claim processing, waiting periods or paperwork. Members present a digital CarePass at a participating provider to receive the applicable discount. Four membership tiers offer differing benefits, with higher tiers including tele-consultations and annual health checks. CarePass is a discount membership and not an insurance product.
August 18, 2026
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EXIM operations at Vizhinjam commence with container movement, supported by investor facilitation, infrastructure backing and port-led logistics development.
EXIM operations at Vizhinjam international seaport commenced with the flagging off of two containers after a successful trial export shipment. The state government proposes investor engagement, regulatory facilitation and infrastructure support to expand global export activities through the port. Mission Samudra is to operate as a port-led industrial and logistics development scheme. The deep-water port was developed under a public-private partnership model and had received commercial commissioning certification.
August 18, 2026
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Money-laundering investigation under PMLA expands through searches into alleged consultancy payments linked to CMRL and Exalogic Solutions.
Money-laundering investigation under the Prevention of Money Laundering Act involves fresh searches connected with Cochin Minerals and Rutile Ltd and Exalogic Solutions. The inquiry concerns alleged fraudulent payments made under the guise of IT consultancy services and a purported money trail involving persons allegedly connected with those transactions. The action follows earlier searches and questioning in relation to the same matter.
August 18, 2026
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Recruitment examination irregularities trigger money-laundering investigation into alleged bribery, paper leaks, answer-sheet tampering, and preferential veterinary officer selections.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in veterinary officers' final selection through a public recruitment examination. Searches covered premises linked to commission officials, alleged intermediaries, the digital evaluation entity, and selected candidates. Allegations include bribery demands, examination-paper leakage, OMR answer-sheet tampering, and facilitation of selection for relatives of commission officials.
August 18, 2026
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Export-import operations advance through operational preparedness review and planned port-led industrial and logistics development initiatives.
Operational preparedness for full land-based export-import operations at Vizhinjam Seaport was reviewed, including the Vehicle Traffic Management System. EXIM cargo operations follow a trial shipment of the port's first export container to Valencia. Mission Samudra is proposed to support port-led industrial and logistics development alongside these operations. The deep-water port was developed through a public-private partnership model and had obtained commercial commissioning certification before its dedication to the nation.

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Press Note : Clarification regarding the Statistical reforms and the existing GDP series

June 10, 2019

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  1. Reports have appeared in a section of media regarding the statistical reforms being undertaken in the Ministry of Statistics and Programme Implementation (MOSPI) and on the existing GDP series.
  1. In so far as the statistical reforms are concerned, it is important to note that system reforms are an ongoing process and are necessary for ensuring responsiveness to the changing needs of society. Over a period of time, there have been increasing demands on the statistical system for production of relevant and quality statistics. The Ministry has been accommodating these demands by optimising the available resources and use of technology. As in any system, the advent of technology necessitates reforms in statistical processes and products with an aim to synergise the existing resources so that the system remains responsive. The recent step for the merger of CSO and NSSO was aimed at leveraging the strengths of the two organisations so that it can meet the increasing demands.
  1. In 2018, the Cabinet had approved several new activities including the conduct of new surveys on the Annual Survey of Services Sector (for a more elaborate coverage of the services sector), Annual Survey of Unincorporated Enterprises (to get a better understanding of these enterprises, primarily in the informal sector), Time Use Survey (for assessing the time disposition of household members) and the Economic Census of all establishments. All these activities require significant financial and human resources which take time to become available. The immediate requirement of manpower can be addressed through a judicious mix of redeployment of existing manpower resources and outsourcing to professional manpower agencies. The outsourced field staff has also to be rigorously trained before deployment and thereafter effectively monitored. This model is being implemented in the Economic Census and other NSS Surveys. In the last Economic Census conducted in 2013, the State Governments were requested to arrange for staff to conduct the field work, which led to delays in finalising and releasing the results. In the ongoing Economic Census, 2019, MoSPI has partnered with the Common Service Centres (CSC) SPV to undertake the field work, and the officers of National Sample Survey (NSS), State Governments and line Ministries will be involved in close monitoring and supervision of the field work to ensure data quality and good coverage. This is the first time that the rigours of monitoring and supervision of field work exercised in NSS will be leveraged for the Economic Census so that results of better quality would be available for creation of a National Statistical Business Register. This process has been catalysed by the establishment of a unified National Statistical Office (NSO).
  1. In the various media reports regarding the restructuring, what has been missed out, in particular, is the fact that MoSPI is giving an increased focus on Data Quality and Assurance by repositioning the existing data processing personnel. The traditional data processing activity required transformation in light of the adoption of Computer Assisted Personal Interviewing (CAPI) and e-schedule technology in NSS. The latter facilitates better and more reliable data capture with in-built validation checks. These changes require re-skilling of the existing data processing personnel so that they can perform the data quality assurance functions. An emphasis is also being given to more use of administrative data sets that have evolved or are evolving, after ensuring their quality and usability in the statistical system.
  1. In so far as the credibility of data is concerned, the Government of India adopted the United Nations Fundamental Principles of Official Statistics (FPOS) in May, 2016. The Government is thus committed to ensure and secure the autonomy and independence of the statistical system to produce appropriate and reliable data by adhering to internationally agreed professional and scientific standards. In the Indian context, there have been a series of expert committees constituted in the past, which made several recommendations for improving the functioning of the national statistical system. The reforms being undertaken in MoSPI are in consonance with these principles as also the various recommendations of the National Statistical Commission (NSC). In fact, the Ministry had drafted the National Policy on Official Statistics (NPOS) and placed the same in the public domain. Based on the comments received, this policy is being redrafted.
  1. The order issued on 23rd May, 2019 aimed at a unified NSO, as prevailing in most other countries, that produces reliable and quality statistical products by leveraging the synergies available within MoSPI. It may also be mentioned that the Government had merged the post of Chief Statistician of India (CSI) and Secretary, MoSPI to head the NSO and order of 23 May, 2019 on restructuring has since been accordingly clarified.
  1. The Chairman and Members of the NSC are senior functionaries and are entrusted with the responsibility of improving the national statistical system,  and the Ministry duly takes into consideration their recommendations and inputs. The status, role and functions of NSC continue as earlier (Press Release of 31 May, 2019 refers). Efforts are also on to evolve a legislative framework under which the NSC may function with independence and give holistic guidance for improving the national statistical system encompassing MoSPI, the line Ministries and the State Governments.
  1. In so far as the GDP series are concerned, the Ministry had issued several clarifications, which need to be duly considered for an informed and  balanced view to emerge. In fact, the detailed methodology and approach for the GDP series (new series and back series), are available in the public domain. The detailed Press Release of 30th May, 2019 explained the coverage of the MCA corporate data in the GDP estimates vis-à-vis the NSS (74th Round) Technical Report on services sector with a view to address issues raised in the media on the usage of MCA data. It was explained that the NSS had been conducted this survey to understand the challenges likely to emerge when the Annual Survey of Services Sector is undertaken. The findings were analysed at the macro level and it was noted that majority of the companies had filed their statutory on-line returns with MCA and were not missed out in the GDP estimation. The issue of misclassification was also explained in that the Corporate Identification Number (CIN) has the National Industrial Classification Code embedded which is usually not updated even if a company changes its activity declared at the time of its registration. Before MoSPI undertakes the Annual Survey on Services Sector, these limitations will be duly factored and incorporated in the survey design methodology. These findings will also be used when the GDP series is revised to a new base.
  1. It needs to be appreciated that GDP estimation is a complex exercise and is undertaken in an ecosystem of incomplete data. This necessitates complex simulations and statistical assumptions before a methodological approach is finalised in consultation with subject experts. In fact, many of the critics of the current GDP series were involved in the various Committees that deliberated and finalised the 2011-12base revision methodology. It may be noted that the decisions of these Committees were unanimous and collective, and were arrived at after taking into consideration the data availability and methodological aspects before being recommended as the most appropriate approach. The Ministry has conventionally involved a wide range of professional experts in its deliberations and the national statistical system has immensely benefitted from their contributions. In addition, India has subscribed to the Special Data Dissemination Standard (SDDS) of the International Monetary Fund (IMF) and an Advance Release Calendar is decided for release of estimates. The IMF had raised certain issues on the usage of double deflation in the Indian GDP series and India has informed IMF that the existing data availability does not permit its application in India at present.  In fact, the media reports, while citing the changes in GDP growth likely to result from adopting the double deflation, realise the varying outcomes obtained by different authors from their own distinct assumptions. It was because of such views that the Advisory Committee on National Accounts Statistics (ACNAS) had not agreed to the use of the double deflation at present stage. Moreover, double deflation is used in only a few countries that have a Producers Price Index (PPI) to deflate the inputs. MoSPI is working closely with Ministry of Commerce and Industry to have the methodology for the PPI finalised.
  1. Further, revision in GDP estimates occur when data coverage from administrative sources improves over time and these improvement get well documented. Consequently, the initial estimates of GDP tend to be conservative. To improve this, it would require concomitant changes in the sectoral data flows and associated regulatory framework in the data source agencies to facilitate use of more macro modelling techniques. The Ministry is also proposing to establish a National Data Warehouse on Official Statistics, where technology will be leveraged for using Big Data Analytical tools for further improving the quality of macro-economic aggregates. As all these reforms are an ongoing process, it is important that the readers and users understand and appreciate the limitations of data and the challenges in estimation. While undertaking these reforms, it is important to realise that newer data sets and survey results will invariably be used and it would be incorrect to comment that old processes were better than the new. The reforms being undertaken in MoSPI will lead to better data sets and better estimates in future, and will be duly deliberated on by the ACNAS during the Base Year revision.
  1. This is also to clarify on the apparent misconception that in the current GDP series the informal manufacturing sector grew at the same rate as the formal manufacturing sector measured by the Annual Survey of Industries (ASI). In fact, it is only the growth of appropriate type of enterprises in ASI (i.e. proprietary, partnership, HUF) that is used to move the bench mark estimates of the informal/unorganized manufacturing segment, and not the growth of the entire ASI. Moreover, while using the Paid-Up-Capital based scaling up of sample results, MOSPI now uses the much larger MCA database (about 7 lakh active corporates) whereas the results from a sample of only 2,500 corporates analysed by RBI were used in the earlier GDP series.
  1. The national statistical system works in an ecosystem of independence and autonomy in its statistical processes. Allusions to any external influence are altogether unwarranted. It has been the endeavour of the Ministry to continue educating users on the various statistical products and processes, which are essentially public goods. In this direction, the Ministry is now making available all primary data collected to the public free of cost. In so far as sharing the external secondary and administrative datasets are concerned, these are governed by various legislations and the researchers may approach the concerned custodian source agencies for more granular data.

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