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September 24, 2026
Show AI Summary
Merchant discount rate on UPI merchant payments may be treated as a taxable payment settlement service with input credit availability.
GST treatment of MDR charged on UPI merchant payments above Rs 2,000 is to be considered by the GST Council. The MDR framework imposes a merchant-borne charge for payment processing and settlement. As these activities are services, MDR may attract GST at 18 per cent, subject to the Council's view. Merchants paying GST on MDR may claim input tax credit, potentially reducing their net tax burden.
September 24, 2026
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Fiscal responsibility limits frame cautions on new projects as budgetary discipline rather than financial crisis.
Finance-department advice treats fiscal indicators as grounds for restraint in approving additional expenditure rather than as evidence that funds are unavailable. Funding new projects may be difficult until additional resources are mobilised or allocations already approved are reallocated. Project proposals lacking budgetary provision or earmarked funding may create cash-flow pressures and fiscal-management challenges, requiring deferment until resources are finalised.
September 24, 2026
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Corporate document forgery allegations trigger investigation into unauthorised insolvency consortium participation and disputed share transfers.
An FIR concerns alleged cheating, forgery, criminal conspiracy, corporate-document misuse, and unauthorised financial liabilities arising from participation in a corporate insolvency resolution process. Allegations include entering a consortium arrangement without the Parekh Group's knowledge or authorisation, reliance on a fabricated and unapproved board resolution, and unauthorised transfer of shares to a group-controlled entity. Investigation covers disputed-record authenticity, alleged digital-signature misuse, and financial transaction trails.
September 24, 2026
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Energy security shapes continued Russian crude sourcing as alternative suppliers replace shortfalls amid potential sanctions-related restrictions.
Russian crude imports are operating near 1.8 million barrels daily in September, with refinery maintenance, stronger Chinese buying, and disruptions to Russian export infrastructure constraining availability. Middle Eastern supply, especially from Iraq and Saudi Arabia, has offset reduced Russian volumes. Potential tougher restrictions on countries purchasing Russian oil could complicate procurement, but energy security and tight physical oil markets make a significant near-term reduction in Russian crude purchases unlikely. Replacement remains technically possible but may raise procurement costs and competition for medium-grade crude.
September 24, 2026
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Direct tax payment gateway integration enables nationwide payments through digital options, branch channels, and customers' respective internet-banking services.
IDFC FIRST Bank's payment-gateway integration for Central Board of Direct Taxes collections enables Direct Tax payments through UPI, credit cards, debit cards, Retail and Corporate Internet Banking, and branch-based cheque, demand draft, or cash payments. Customers of other banks may use their own internet-banking facilities through the gateway. Taxpayers create a challan on the Income Tax e-Filing Portal, select Payment Gateway and IDFC FIRST Bank, choose a payment mode, complete payment, and download or print the paid challan. Payment confirmations are also accessible.
September 24, 2026
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Insurance distribution controls target commissions, expenses and loan-linked sales, reshaping bancassurance arrangements and intermediary remuneration structures.
IRDAI's consultation proposals for insurance distribution contemplate lower Expenses of Management limits, tighter commission controls, and greater control over loan-linked insurance practices. The prospective framework concerns insurer and intermediary remuneration, distribution expenses, and bancassurance fee structures. Reported concerns centre on potential effects on insurer earnings, intermediary economics, and lending-linked distribution arrangements; the measures are not described as final operative obligations or enforcement action.
September 24, 2026
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Personal loan eligibility and repayment planning: loan variants and digital applications remain subject to assessment, verification, and applicable terms.
Eligible customers may seek collateral-free personal loans within stated amount, tenure and interest-rate ranges. Loan amount, interest rate and tenure determine the EMI and total interest payable, while calculator results are estimates rather than final repayment obligations. Eligibility includes nationality, age, employment and credit-score conditions, but approval, final pricing and loan amount remain subject to lender assessment, document verification and applicable terms. Online applications require personal, financial and employment details and KYC verification.
September 24, 2026
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Nidhi company deposits lack insurance protection, requiring verification of government declaration before relying on high-return promises.
Each company seeking to function as a Nidhi must file Form NDH-4 for declaration or updated Nidhi status and comply with the Companies Act, 2013 and applicable Nidhi Rules. Nidhi companies may accept deposits and grant loans only to members. Public investors should verify declared Nidhi status rather than rely on unusually high-return promises, agent representations, or informal assurances. Deposits with Nidhi companies are not insured by the Deposit Insurance and Credit Guarantee Corporation, and recovery may be difficult where a company fails or fraud occurs.
September 24, 2026
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FCNR(B) liquidity deployment remains within banks' discretion, guided by credit pipelines, asset-liability positions, and prudent underwriting standards.
Banks retain full discretion to deploy liquidity mobilised through FCNR(B) deposits, based on their credit pipeline, lending proposals, liquidity outlook and asset-liability position. No sector-specific direction applies to use of these funds. FCNR(B) deposits are fixed-term foreign-currency deposits in which principal and interest are repayable in the same foreign currency, protecting non-resident depositors from direct rupee exchange-rate risk. Continued prudent credit appraisal and underwriting standards are expected.
September 24, 2026
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Compulsory Muslim marriage registration shifts registration to registrars under a statewide procedural framework, with local officials authorised when needed.
Compulsory registration of Muslim marriages will operate under the Assam Muslim Marriage Registration (Compulsory) Rules, 2026, framed under the Assam Compulsory Registration of Muslim Marriage and Divorces Act, 2024. Registration will be undertaken by registrars, with panchayat-level officials potentially authorised where application volumes require additional capacity. The framework addresses the registration forum after kazis were barred from registering Muslim marriages.
September 24, 2026
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Macroeconomic resilience supports fiscal consolidation, financial-sector stability, and orderly foreign-exchange management through persistent global and market shocks.
Policy management emphasises clear communication, policy certainty, macroeconomic and financial-sector stability, efficient use of buffers, and sustained structural reform. Fiscal prudence is treated as necessary to avoid unsustainable stimulus and preserve long-term stability. External-sector resilience rests on services exports and remittances, while oil and gold shocks and weaker capital inflows have created temporary balance-of-payments pressure. Further improvement is linked to lower oil dependence, export diversification, trade agreements, capital inflows and orderly foreign-exchange market management.
September 24, 2026
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Software export growth strengthens IT ecosystem as campus expansion supports startup activity, infrastructure development, and skilled employment.
Software export revenue generated by Technopark reached Rs 17,092 crore in FY 2025-26, reflecting year-on-year growth of approximately 17.3 per cent. Growth is attributed to IT infrastructure, a skilled talent base, and company performance. Technopark also operates as an IT and ITeS hub and startup ecosystem centre, with ongoing campus development intended to expand its position among major IT hubs.
September 24, 2026
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Artificial intelligence centre of excellence partnership advances industry-aligned training, supervised internships, startup mentorship, and applied research collaboration.
IIEST Shibpur and Tata Consultancy Services have entered into a Memorandum of Understanding to establish an Artificial Intelligence Centre of Excellence at the Electrical Engineering Department's high-performance computing laboratory. The collaboration supports industry-aligned training, professional certifications, practical projects, supervised internships, startup mentorship, curriculum benchmarking, and applied research in natural language processing, computer vision, image processing, and advanced data analytics.
September 24, 2026
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Money-laundering searches prompt protests over alleged political misuse while operations continue at public development offices and residences.
Enforcement Directorate search and survey operations connected with a money-laundering investigation continued at development authority offices and premises linked with housing administration, a realty company, and private residences. AAP workers protested against the searches, alleging political and administrative pressure through central investigative agencies. The party further alleged that the operations could disrupt the development authority's functioning and impede Punjab government welfare schemes.
September 24, 2026
Show AI Summary
Money-laundering investigation procedure raises allegations over FIR registration, conflict concerns, and the choice between police, vigilance, or federal inquiry.
A police inquiry, rather than a Vigilance inquiry, was directed following an Enforcement Directorate communication seeking registration of an FIR for cognizable offences. It was contended that FIR registration should be dealt with by the police and that governmental or ministerial intervention would raise concerns where a person facing allegations is involved in deciding the investigative course. A transfer to a federal investigative agency was sought on grounds of investigative independence and perceived conflict of interest.
September 24, 2026
Show AI Summary
Trade truce extension maintains tariff pauses and export-restriction rollbacks while negotiations continue on broader economic commitments.
United States-China trade relations may remain governed by the Busan Agreement through January 10 under a stated two-month extension, though Chinese official confirmation is pending. The arrangement maintains pauses on elevated tariffs and prior rollbacks of restrictions affecting critical minerals and high-technology exports. Negotiations may produce a broader economic package or further continuation of existing terms, while implementation of agreed commitments is under review. The parties have also proposed reciprocal alerts on AI-related hacking incidents involving national-security concerns.
September 24, 2026
Show AI Summary
Gold Smuggling Enforcement: Concealed foreign-origin gold recovered from vehicles and a traveller, with arrests under customs law.
Gold-smuggling enforcement involved the seizure of approximately 21 kg of foreign-origin gold in two operations and the arrest of five persons under the Customs Act, 1962. Gold bars were recovered from sophisticated vehicle-chassis cavities, while gold bars and cut pieces were recovered from a passenger's specially designed cotton waist belt. The operations concerned suspected cross-border gold movement and targeted organised smuggling networks using sophisticated concealment methods.
September 24, 2026
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Cross-border gold smuggling enforcement resulted in Customs Act seizures after coordinated recovery of foreign-origin gold from border locations and a passenger.
Cross-border smuggling of foreign-origin gold through the Bangladesh route led to coordinated recoveries and seizures under the Customs Act, 1962. Gold recovered near the India-Bangladesh border was taken over for customs proceedings, including a seizure under Section 110. Foreign-origin gold concealed by a train passenger was also recovered and seized, with investigation indicating its smuggling from Bangladesh.
September 24, 2026
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BRICS tax cooperation creates standing platforms for international taxation, revenue statistics, professional capacity building and peer learning.
India-led BRICS tax cooperation established standing Working Groups on International Taxation and Transfer Pricing and Revenue Statistics, providing institutional platforms extending beyond individual Chairships. It also institutionalised an annual Young Tax Professionals Capacity Building Programme, launched the BRICS Tax Cross-Learning Lab for peer learning on client-centric administration and human-resources practices, and approved the Terms of Reference for the BRICS Tax Support Network.
September 24, 2026
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Wildlife trafficking enforcement applies protected-species safeguards to seized Tokay Geckos and enables further statutory action against suspected illegal trade.
Wildlife-trafficking enforcement led to interception of two persons and seizure of 86 live Tokay Geckos under the Wildlife (Protection) Act, 1972. Tokay Geckos receive Schedule I protection under that legislation and are listed in Appendix II of CITES, regulating international trade. The persons and recovered geckos were transferred to the Mariani Range Forest Office for further action.

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The Fifteenth Finance Commission holds meeting with the Government of Chhattisgarh

July 25, 2019

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The 15th Finance Commission headed by Chairman, Shri N.K. Singh alongwith its Members and senior officials met today with the Shri Bhupesh Baghel, Chief Minister of Chhattisgarh along with his Cabinet colleagues and senior State Government officials.

The Commission observed that:

  • The State’s contribution to GDP of the country was 1.6% in 2018-19.
  • In 2018-19, the share of primary, secondary and tertiary sector in GSVA (current prices) of the State was 30%, 33%, & 37%, of the GSDP respectively.
  • In 2018-19, per capita NSDP of the State was ₹ 96,887 against per capita income of ₹ 1,26,406 for India.
  • State’s share in inter-se devolution had risen from 2.47 during 2010-15 (as recommended by FC-XIII) to 3.08 during 2015-20 (as recommended by  FC-XIV).

On the State’s Fiscal parameters, the Commission noted that:

  • In 2016-17, the own tax revenue to GSDP of the State was 7.44%, which was highest among all States.
  • In 2016-17, the State had incurred 4th lowest committed expenditure (salary, pensions & interest payments) at 35.8% of total revenue expenditure, among all 29 states, as compared to that of 41.7% for all States.
  • State Government has witnessed revenue surplus to GSDP of 2.2% & 1.2% in 2016-17 & 2017-18, respectively.
  • The debt-GSDP ratio of the State was 18.6% in 2017-18, which is well below the prudent limit of 20% for States.
  • There has been a continuous decline in AT&C losses of DISCOMS of the State from 21.8% in 2015-16 to 19.3% in 2016-17, and further to 18.8% in 2017-18 (against the target of 18% in 2017-18).

As per Pr. AG’s presentation, State Government received GST compensation of ₹ 1,589 crore for 9 months of 2017-18. In fact, there was a shortfall of more than 22% in GST collections compared to protected revenue of 9 months of 2017-18.

The fiscal deficit to GSDP of the State has increased from 1.6% in  2016-17 to 2.4% in 2017-18, though it is still below the prudent limit of 3%.

The debt-GSDP of the State has risen continuously from 10.8% in 2011-12 to 18.6% in 2017-18. It seems that the debt pressures are slowly building up in the State, as can also be judged from the request of State Government, in its memorandum, to raise the level of debt to GSDP to 25%, to be met by State by the end of FY 2025.

As per Rural Health Statistics, 2018, Chhattisgarh has been facing severe shortage of human resources in health sector: 595 vacancies (91.2%) of specialists in CHCs against the sanctioned strength of 652; 434 vacancies (54.7%) of doctors in PHCs against the sanctioned strength of 793.

The other fiscal parameters of concern were:

  • In 2011-12, the population below poverty line in the State was 39.9% (highest among all states) against all India average of 21.9% (as per Tendulkar Methodology).
  • Among 29 states, the State of Chhattisgarh ranks 15th on overall Sustainable Development Goals Index.
  • Only 15 out of 18 functions envisaged in Twelfth Schedule of the Constitution have been devolved to ULBs.
  • FC-XIV had recommended grants for only gram panchayats out of 3 tiers of PRIs.
  • The progress of State is unsatisfactory on several UDAY barometers (as on 31st March, 2019).

According to the States’ memorandum the short term agricultural loan amount of ₹ 5,170 crores would be waived off for 15 lakh farmers allied to the Cooperative banks in the State and ₹ 1,223.47 crores would be waived off for 1.65 lakh loanee farmers of Chhattisgarh Rajya Grameen Bank (for loans taken upto 30th November, 2018).  The Commission sought to know from the State Government the annual impact on account of this farm loan waiver.

Out of 26 PSUs in the State, 21 PSUs had arrears of 28 accounts (ranging from 2013-14 to 2017-18) as on 30th September 2018 (as mentioned by  Pr. AG, Chhattisgarh). The Commission desired to know the cause for such large pendency.

In his address to the Finance Commission, the Chief Minister made a special mention of the State Government’s scheme NARVA, GARUVA, GHURVA, BAADI for transforming Rural Economy –

  • Narva – Water Conservation works, Irrigation for doubling area under agriculture for doubling farmer’s income.
  • Garva – Expansion of Gaothans in all Gram Panchayats, with Toilet facilities.
  • Ghurva – Promotion of Organic Composting.
  • Baadi – Promotion of Kitchen Garden for sustainable farming.

The State has made a total Demand for Grant-in-Aid of ₹ 178515 crores of which ₹ 70602 crores is for Ecology and Environmental Sustainability & Rural income, ₹ 62596 crores for HDI, ₹ 37546 crores for Physical Infrastructure, ₹ 5469 crores for Forestry and Environmental Conservation – Forest and ₹ 2300 crores for Security Infrastructure for LWE.  The State has also suggested that the 15th Finance Commission should increase the vertical devolution from 42% to 50% and GST compensation should be continued beyond the stipulated 5 years.  The State further suggested that 5% of the divisible pool be assigned to local bodies as basic grant, of which 1% should be for Panchayats in the PESA area.

The meeting discussed in details all the State specific queries raised by the Chairman and Members.  The State was assured that all their issues would receive due attention of the Commission in its recommendations to the union government.

Earlier the Commission had a detailed meeting with the representatives of all the political parties in the State including INC, BJP,  CPI, BSP and Congress Party of Chhattisgarh (J).  All the issues raised by the parties were noted by the Commission for addressing at the time of framing its recommendations.

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