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    India emerges as key petrol supplier to Russia as refinery attacks disrupt fuel supplies
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    HC slams FDA for ‘pedantic’ view, clears reopening of 5 eateries at MCA premises
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August 30, 2026
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Gasoline trade amid refinery disruptions relies on sanctioned fleets and dark ship-to-ship transfers, alongside continuing fuel export restrictions.
Russian refinery disruption has increased gasoline imports and made India a significant supplier of gasoline to Russia. Indian supplies were principally linked to the Vadinar refinery, and increased Indian purchases of Russian crude may mean exported gasoline was produced from Russian crude. Russia has retained a gasoline export ban while domestic production remains disrupted. India-origin cargoes imported during August were carried on sanctioned fleets and involved dark ship-to-ship transfers, including transfers conducted with automatic identification system signals switched off.
August 30, 2026
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Digital arrest fraud: judicial responses seek a distinct offence while preserving due process and proportionality in economic-crime enforcement.
Suo motu consideration of digital-arrest fraud reflects a proactive judicial response to video-call scams involving impersonation of police, judicial officials or bureaucrats. The Union and the States have been directed to assess the problem, with a call for a distinct offence carrying proportionate penalties. Economic-crime enforcement remains subject to safeguards requiring written grounds of arrest and preventing pre-trial detention from becoming punishment. Due process, proportionality and the presumption of innocence remain central constraints.
August 29, 2026
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Natural justice in licensing enforcement requires meaningful hearing and reasoned orders before cancellation or suspension of regulated operations.
Natural justice in regulatory licensing enforcement requires a meaningful hearing, proper legal analysis, and a reasoned decision before licence cancellation or suspension. Maharashtra FDA withdrew cancellation of drug-sale licences after criticism of the procedure adopted. Food-safety enforcement against restaurants was also reconsidered where the premises were substantially compliant, despite licences being issued to one entity and operations being conducted by another. A fresh notice, hearing on the contractual arrangement, and reasoned order were required before further licensing action.
August 29, 2026
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Food-safety licensing compliance supports reopening while contractual operation requires notice, hearing, and a reasoned regulatory decision.
Food-safety licence suspension of five eateries was reconsidered after a fresh inspection recorded 88 per cent compliance. The suspension had continued because a third-party operator ran the eateries while licences remained in the association's name, despite no identified legal prohibition. The Food and Drug Administration proposed a fresh notice, hearing, and reasoned order on the contractual arrangement, while current compliance permitted services to resume.
August 29, 2026
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Market access and regulatory cooperation advance agricultural, pharmaceutical, digital, and trade integration priorities across the bilateral economic partnership.
India-Argentina cooperation focused on expanding bilateral trade, reducing non-tariff barriers, facilitating investment, and strengthening market access. Sanitary and phytosanitary discussions progressed for Indian agricultural products, while pharmaceutical engagement covered regulatory upgrading and reduced entry barriers. Mining and lithium-sector engagement, digital services, space technology, telecommunications, artificial intelligence and digital infrastructure were identified as priority areas. The India-MERCOSUR Preferential Trade Agreement, Terms of Reference and digital certificates of origin were considered mechanisms for trade facilitation and economic integration. Business discussions addressed commercial partnerships across agriculture, minerals, energy, pharmaceuticals, healthcare, banking and telecommunications.
August 29, 2026
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Shared digital infrastructure for professional services aims to expand technology access, interoperability, capability development and secure adoption across firms.
MCA and IICA are developing a government-backed digital public good ecosystem for domestic professional services, particularly small and medium practices. The framework proposes curated technology access, learning and capability development, and knowledge and practice infrastructure. It is intended to improve access to technology and professional knowledge while complementing existing institutional and market-based systems. Consultations address interoperability, common standards, cybersecurity, affordable access, implementation, change management, openness, competition and technology adoption suited to differing levels of digital readiness.
August 29, 2026
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Methamphetamine trafficking enforcement targets concealed cross-border transport, with seizures, vehicle confiscation, arrests and stringent penalties under narcotics law.
Methamphetamine trafficking enforcement under the Narcotic Drugs and Psychotropic Substances Act, 1985 involved intelligence-led seizures of tablets in Assam and Mizoram, along with the vehicles allegedly used for transportation and arrests of two vehicle occupants. Field testing indicated the presence of amphetamine. The tablets were concealed in fabricated cavities within a truck and car, with preliminary investigation indicating alleged cross-border smuggling into Mizoram. Methamphetamine is a notified psychotropic substance, and illicit manufacture, possession, transportation and trafficking attract stringent penal consequences.
August 29, 2026
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IPO disclosure integrity triggers one-year market access bar for issuer and promoter-directors over fabricated quotation and misleading financial disclosures.
SEBI restrained Trafiksol ITS Technologies Ltd. and its promoter-directors from accessing or dealing in the securities market for one year and imposed monetary penalties over irregularities in its SME IPO. The action concerned overstated financial disclosures, inadequate disclosure of issue expenditure and a potential merchant-banker conflict, and proposed use of IPO proceeds based on a fabricated software-vendor quotation. The listing was deferred and IPO proceeds were placed in an interest-bearing escrow account. One promoter was directly involved in procuring the quotation, while the other failed to exercise due diligence.
August 29, 2026
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Securities market fraud involving fictitious transactions triggered market bans, disgorgement, fund restoration, and governance restrictions.
SEBI imposed securities-market restrictions, disgorgement directions and monetary penalties in relation to alleged accounting fraud involving fictitious sales, purchases, circular transactions and fraudulent ledger entries. The alleged inflation of financial results facilitated migration to the NSE main board and was followed by fraudulent preferential allotments, a bonus issue and a rights issue. Rights issue proceeds were found to have been diverted, requiring restoration with applicable interest. The company and its managing director received seven-year market prohibitions, with additional governance restrictions applying to the managing director.
August 28, 2026
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Insolvency debt settlements: political criticism alleges severe creditor haircuts favour influential corporate borrowers over ordinary debtors.
CPI(M) criticised approval of a repayment plan involving Zee Group founder Subhash Chandra, asserting that repayment of Rs 6.5 crore against creditor claims of Rs 22,006.57 crore undermines fairness in insolvency debt settlement. It alleged severe creditor haircuts and bias favouring influential corporate borrowers. The party linked the settlement to an alleged pattern of large borrowers resolving liabilities at steep discounts, shifting the burden to taxpayers and small depositors while smaller borrowers face coercive recovery measures.
August 28, 2026
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Corporate governance requires company secretaries to promote ethical practices, transparency, responsibility and institutional accountability across economic ecosystems.
Good corporate governance is central to development and depends on responsible governance, ethical practices, transparency, institutional accountability and professional excellence. Company Secretaries have an expanding role in strengthening governance practices through professional expertise. Professional institutions should promote governance standards, support institutional excellence, and evolve their practices in response to changing requirements. Their wider contribution lies in fostering a culture of ethical entrepreneurship, responsibility, transparency and sound governance.
August 28, 2026
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Proceeds-of-crime tracing prompts freezing of deposits linked to structured disposal of foreign property in a bank-loan fraud investigation.
Money-laundering investigation into alleged bank-loan fraud involving DHFL has resulted in the freezing of bank deposits held by Al Jalore Trading FZE under the Prevention of Money Laundering Act. A United Kingdom property was allegedly disposed of through a purported loan arrangement that created an encumbrance to settle an Indian liability. Sale proceeds were credited to Al Jalore Trading FZE's Indian bank account rather than to the registered owner, indicating alleged dissipation of proceeds of crime through a structured foreign-property transaction.
August 28, 2026
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Defence export authorisation reform streamlines consultations, expands unified licences, and facilitates eligible exporters' access to international markets.
Open General Export Licence arrangements permit eligible exporters to self-generate authorisations for multiple consignments of specified defence items without obtaining separate authorisation for each consignment. Three existing licence procedures are consolidated into a unified framework. Licence validity is extended to three years, and territorial coverage is expanded to all countries other than negative or sensitive nations and destinations subject to United Nations Security Council sanctions or arms embargoes. Eligible companies with long-term foreign original equipment manufacturer agreements may obtain licences aligned with the underlying contract, subject to prescribed conditions.
August 28, 2026
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IPO approval enables Jio Platforms to issue fresh equity shares, with proceeds earmarked for subsidiary debt repayment and corporate purposes.
SEBI's final observations enable Jio Platforms Ltd to proceed with an initial public offering comprising up to 27 crore newly issued equity shares. The transaction is structured as a fresh issue of shares. Offer proceeds are primarily allocated towards repayment or prepayment of outstanding borrowings of Reliance Jio Infocomm Ltd, Jio Platforms' material subsidiary, with the balance designated for general corporate purposes.
August 28, 2026
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Gold price volatility intensified as dollar strength, profit-booking, and customs-duty-cut reports pressured domestic bullion markets.
Domestic bullion prices declined for a third consecutive session as a stronger US dollar and sustained profit-booking after a recent rally weakened gold and silver. Gold fell sharply in the national capital and silver also declined in domestic trading, with the three-day movement reflecting ongoing price volatility in the bullion market. International spot gold remained marginally lower while investors awaited policy-related remarks concerning inflation and elevated yields.
August 28, 2026
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Direct benefit transfer strengthens welfare delivery through Jan Dhan accounts, digital payments, reduced intermediaries, and expanded financial inclusion.
Direct Benefit Transfer has transferred welfare benefits directly to beneficiaries, largely through Jan Dhan accounts, reducing intermediaries and supporting transparent delivery. The Pradhan Mantri Jan Dhan Yojana provides unbanked adults basic accounts without minimum-balance or maintenance-charge requirements, along with RuPay debit cards, accident insurance coverage, and emergency overdraft access. Banking outlets, digital-payment infrastructure, and Bank Mitras extend formal financial services to women, rural and semi-urban communities, strengthening financial inclusion and participation in the formal economy.
August 28, 2026
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Foreign exchange reserves reached a record level, supported by increases in foreign currency assets and gold holdings.
India's foreign exchange reserves increased by USD 12.422 billion to an all-time high of USD 729.328 billion for the week ended 21 August. Foreign currency assets and gold reserves recorded the principal increases, while special drawing rights and the reserve position with the IMF also rose. Foreign currency asset valuation reflects movements in non-US currencies held in the reserves. FCNR(B) and concessional swap arrangements were introduced to attract additional foreign-exchange inflows.
August 28, 2026
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IPO regulatory approval enables Jio Platforms to advance preparations for its proposed fresh equity share public offering.
Jio Platforms Ltd. has obtained Sebi's final observations for its proposed initial public offering. This key regulatory stage enables further preparations for the public issue, subject to applicable regulatory requirements. The proposed offering comprises up to 27 crore fresh equity shares and is expected to account for approximately 2.9 per cent of the company's post-issue equity base.
August 28, 2026
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Financial inclusion through basic bank accounts expands banking access with no-balance accounts, debit cards, and emergency overdraft support.
Pradhan Mantri Jan Dhan Yojana enables unbanked adults to open basic bank accounts without minimum-balance or maintenance-charge requirements. Accounts include a free RuPay debit card with accident insurance coverage and eligibility for an overdraft facility during emergencies. The scheme promotes digital transactions, financial security and participation in the formal economy, while extending banking access to rural and semi-urban communities and increasing women's financial inclusion.
August 28, 2026
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Flexible personal loan repayment enables eligible borrowers to select longer tenures, subject to eligibility, terms, verification, and repayment capacity.
Bajaj Finance personal loans offer eligible customers collateral-free borrowing with flexible repayment tenures of 12 to 108 months, subject to eligibility, applicable terms, verification and documentation. A longer tenure may reduce monthly EMIs by spreading repayment over more months, but can increase total interest payable. Borrowers should compare the interest rate, tenure, EMI, processing charges and other costs, while considering their income, existing commitments and repayment capacity. Loan Utsav 2026 provides limited-period rewards for eligible customers whose loans are successfully disbursed during the campaign period, subject to applicable terms.

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Pradhan Mantri Garib Kalyan Package : Progress so far

April 13, 2020

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  • More than 32 crore poor people received financial assistance of ₹ 29,352 crore under the Pradhan Mantri Garib Kalyan Package
  • 5.29 Crore beneficiaries distributed free ration of food grains under Pradhan Mantri Garib Kalyan  Ann Yojana
  • 97.8 Lakh free Ujjwala cylinders delivered
  • 2.1 Lakh members of EPFO taken benefit of online withdrawal of non-refundable advance from EPFO account amounting to ₹ 510 crore
  • First instalment of PM-KISAN : ₹ 14,946crore transferred to 7.47 crore farmers
  • ₹ 9930 crore disbursed to 19.86 crore to Women Jan Dhan account holders
  • ₹ 1400 crore disbursed to about 2.82 crore old age persons, widows and disabled persons
  • 2.17crore Building & Construction workers received financial support amounting to ₹ 3071crore.

In order to ensure that weaker sections of the society continue to get the basis amenities and do not get impacted during the lock down period due to COVID 19, ₹ 1.70 lakh crore Pradhan Mantri Garib Kalyan Package (PMGKP) was announced by Union Finance Minister Smt Nirmala Sitharaman on 26th March 2020 to protect such people from the impact of the lockdown.

 As part of the Pradhan Mantri Garib Kalyan Package, the Government announced free food grains and cash payment to women and poor senior citizens and farmers. The swift implementation of the package is being continuously monitored by Central and State governments. Finance Ministry, the concerned Ministries, Cabinet Secretariat and PMO are leaving no stone unturned to ensure that the relief measures reach the needy swiftly and in line with the intent of the lock down.

Fintech and digital technology have been employed for swift and efficient transfer to the beneficiary. Direct benefit transfer, i.e. transfer that ensures that the amount is directly credited into the account of the beneficiary, eliminates leakage and improves efficiency has been employed. This has also ensured credit to the beneficiary’s account without the need for the beneficiary to physically go to the branch.

As on 13th April, 2020, 32.32 crore beneficiaries have been directly given cash support through Direct Benefit Transfer (DBT)amounting to ₹ 29,352 crore under the package.

Pradhan MantriGaribKalyanAnn Yojana :

So far 20.11 Lakh MT of food grains have been lifted  by 31 States/UTs out of 40 Lakh MT for April. 2.65 lakh MT has been distributed by 16 States/UT to 5.29 Crore beneficiaries covered by 1.19 Crore Ration cards as April 2020 entitlement. 3985 MT of Pulses have also been dispatched to various states/UTs.

Free Gas Cylinders to Pradhan MantriUjjwalaYojana beneficiaries:-

Total 1.39 Cr cylinders have been booked under this PMUY scheme so far and 97.8 Lakh PMUY free cylinders already delivered to beneficiaries.

Non refundable advance of 75% of outstanding balance or 3 months’ wages, whichever is lower allowed to the members EPFO:-

2.1 lakh members of EPFO have availed online withdrawal of ₹ 510 crores so far.

EPF contribution for 3 months-Payment of 24 % of Wages as contribution to EPFO members drawing wages below ₹ 15000 per months in establishment up to 100 workers.

An amount of ₹ 1000 crore has already been released to EPFO for the Scheme for the month of April, 2020.78.74 lakh beneficiaries and concerned establishments have been informed. A scheme to implement the announcement finalized. FAQ put on the website.

MNREGA:-

Increased rate has been notified w.e.f 01-04-2020.In the current financial year, 19.56 lakh person’s man-days of work generated. Further, ₹ 7100 crore released to states to liquidate pending dues of both wage and material. 

Insurance Scheme for health workers in Government Hospitals and Health Care Centres : 

The Scheme has been operationalised by New India Assurance covering 22.12 Lakh health workers. 

Support to Farmers :

Of the total disbursement, ₹ 14,946 crore has gone towards payment of the first instalment of PM-KISAN. Under the scheme, nearly 7.47crore out of the 8 crore identified beneficiaries got ₹ 2,000 directly in their account.

Support to PMJDY Women account holders:

As large number of household in India are largely managed by the women, under the package, as many as 19.86 crore women Jan Dhan account holders received ₹500 each in their account. As on 13th April,2020, the total disbursement under the head was ₹9,930 crore.

Support to old age persons, widows and disabled persons

The National Social Assistance Programme (NSAP) disbursed about ₹1,400 crore to about 2.82 crore old age persons, widows and disabled persons. Each beneficiary received an ex-gratia cash of ₹ 500 under the scheme as the first instalment. Another instalment of ₹ 500 each will be paid during next month.

Support to Building & other Construction workers:

As many as 2.17croreBuilding &construction workers received financial support from the Building and Construction Workers’ Fund managed by state governments. Under this ₹ 3,071crore were given to beneficiaries.

Pradhan Mantri Garib Kalyan Package

Total Direct Benefit Transfer till 13/04/2020

Scheme

Number of Beneficiaries

Amount

Support to PMJDY women account holders

19.86 Cr(97%)

  9930 Cr

Support to NSAP (Aged widows, Divyang, Senior citizen)

2.82 Cr (100%)

  1405 Cr

Front-loaded payments to farmers under PM-KISAN

7.47 Cr (out of 8 Cr)

14,946 Cr

Support to Building & Other Construction workers

2.17 Cr

   3071 Cr

TOTAL

32.32 Cr

29,352 Cr

 

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Acts Income Tax