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    ED freezes 182 bank accounts, seizes Rs 1 cr cash in connection to Rs 2k crore chit-fund scam
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August 11, 2026
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Money-laundering investigation targets alleged chit-fund collections, investor-fund diversion, concealed deposits, and irregular land transactions.
Money-laundering investigation into an alleged multi-state chit-fund scheme involved searches at premises linked to Wellfare Buildings and Estates Pvt Ltd and its directors, seizure of cash, vehicles, property-related records and digital devices, and freezing of bank accounts. The alleged scheme concerns unauthorised public-fund collection through land-allotment schemes, followed by closure of operations. Allegations include diversion of investor funds, manipulation of financial statements to conceal deposits, and irregular land transactions intended to suppress actual consideration and evade statutory obligations.
August 11, 2026
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Rupee exchange-rate pressure intensified as crude oil, regional uncertainty and weaker equities constrained the local currency in early trade.
Foreign-exchange market conditions placed the rupee under pressure against the US dollar amid West Asia uncertainty, higher crude oil prices, and weaker domestic equity markets. Foreign institutional investor inflows and Reserve Bank of India intervention supported the rupee and limited further depreciation. Reported dollar sales through state-run banks helped contain downside pressure despite rising Brent crude prices and uncertainty concerning the Strait of Hormuz.
August 10, 2026
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GST refund facilitation expands provisional input tax credit refunds and removes the minimum threshold for export-related IGST refunds.
Punjab's GST amendments facilitate voluntary compliance and reduce procedural burdens by allowing a 90 per cent provisional input tax credit refund in inverted duty structure cases and removing the minimum threshold for IGST refunds on exported goods. Additional measures cap annual fee increases by private unaided educational institutions, establish digital open universities for technology-enabled higher education, protect trees and green cover, and address common infrastructure, panchayati raj, and contractual engagement of outsourced State personnel.
August 10, 2026
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Video-conference statements for an approver application were declined, requiring the accused's statement to be recorded before consideration.
Special CBI Court rejected an accused's request to record her statement through video conferencing in a bank-fraud prosecution. The accused had sought to become an approver, and her statement was required to be recorded before consideration of that application. She and her husband had previously become approvers in a related money-laundering matter involving alleged fraudulent Letters of Undertaking.
August 10, 2026
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Fuel price transparency highlights allegations over excise duty, consumer retail costs, and profit disclosures by state-run oil marketing companies.
Fuel pricing, central excise duty and profits of state-run oil marketing companies are examined through allegations that retail fuel prices and tax policy imposed excessive costs on consumers while generating substantial company profits. The criticism contrasts high crude-price periods with lower retail prices and lower excise duty against a later period in which reduced crude prices were allegedly not passed through to consumers. Profit-margin disclosure is also raised as a transparency issue, with parliamentary information described as covering oil prices, global crude prices and company profits.
August 10, 2026
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Discharge in money-laundering proceedings turns on whether pre-charge material sufficiently establishes the alleged offence.
Discharge in a money-laundering prosecution was sought before a special PMLA court concerning alleged siphoning and laundering of loans advanced to Jet Airways by Canara Bank. The prosecution was directed to respond, subject to the applicant not seeking adjournment. Discharge is available after filing of a chargesheet and before framing of charges where the material before the court is insufficient to establish the alleged offence. The proceedings arise from a CBI FIR concerning alleged bank fraud involving Jet Airways and associated persons.
August 10, 2026
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High-speed rail indigenisation and infrastructure performance monitoring require skills development, comparative planning, measurable station assessments and freight-terminal dashboards.
Parliamentary oversight calls for accelerated indigenisation of high-speed rail components, capacity-building through international expertise, and comparative study of successful high-speed rail systems for future corridors. Redeveloped stations should be assessed through measurable indicators concerning passenger use, accessibility, cleanliness, commercial occupancy, maintenance and feedback, with completed-project practices documented and shared. Operational cargo terminals and cargo-related facilities should be monitored through a digital dashboard covering utilisation, rake performance, mechanisation, connectivity, safety compliance and customer satisfaction.
August 10, 2026
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MSME and export promotion framework expands finance, technology, infrastructure, sustainability and global-market support for enterprise growth.
Haryana Progressive MSME and Export Promotion Policy 2026 creates a five-year framework for MSME growth through financial incentives, institutional support, industrial infrastructure, technology adoption and export facilitation. Identified thrust-sector enterprises may receive capital and interest subsidies, stamp duty reimbursement, employment assistance, insurance support, and incentives for automation, artificial intelligence, testing and research. Proposed venture capital and credit guarantee funds seek to improve institutional and collateral-free finance. Export support covers international certifications, credit, insurance, freight, e-commerce, trade fairs, documentation, compliance and buyer connections, alongside sustainability and inclusive entrepreneurship measures.
August 10, 2026
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Employee data exposure alerts trigger review of alleged password spraying and MFA fatigue, with customer and operational systems unaffected.
Employee data exposure alerts prompted TCS to review allegations concerning limited basic employee information that appears to be more than four years old. No indication exists that customer data, customer systems, or operational systems have been affected. The alleged vectors involve password spraying and multi-factor authentication fatigue. TCS states that safeguards against these techniques have been in place for more than two years, its controls remain effective, and monitoring and further assessment will continue.
August 10, 2026
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Mustard honey export demonstrates FPO-led aggregation, quality-focused production and industry collaboration for international agricultural market access.
Mustard honey export from Tripura to Dubai marks the first international shipment by Dergang Farmer Producer Organisation, supported through export-oriented aggregation and market linkage initiatives. The export creates overseas market access for local beekeepers and farmers, diversifies the honey value chain, and encourages quality-focused production. Industry collaboration supported bee production and an export-oriented supply chain, while capacity building, quality assurance, value addition and market linkages can strengthen agricultural exports and farmer participation in international markets.
August 10, 2026
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Digital banking evidence gains recognition through a modernised framework for physical and electronic records, with privacy and security safeguards.
The Bankers' Books Evidence Bill, 2026, modernises the evidentiary framework for bankers' books by permitting banking records to be produced in physical or electronic form in legal proceedings. It recognises electronic, digital and virtual records and enables the Central Government to extend the regime to other regulated financial entities, supporting a uniform financial-sector evidentiary framework. The framework seeks secure and transparent use of banking records while safeguarding customer privacy, confidentiality and data security.
August 10, 2026
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Illicit opioid medicine exports exposed through concealed cargo, clandestine manufacturing, repacking, and attempted transnational trafficking to Nigeria.
Illicit manufacture and attempted export of controlled opioid medicines were detected in a network producing, concealing, storing and exporting Tramadol Hydrochloride tablets to Nigeria. A consignment declared as Pregabalin capsules contained concealed Tramadol Hydrochloride and Tapentadol tablets. Investigation identified clandestine manufacture, repacking and preparation for export, with searches yielding tablet-compression machinery and raw materials. Tramadol is a psychotropic substance under the Narcotic Drugs and Psychotropic Substances Act, while Tapentadol is regulated under the Drugs and Cosmetics Act and its rules.
August 10, 2026
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Summons compliance under anti-money-laundering law faces appellate scrutiny after acquittal over unproven email service allegations.
Delhi High Court required Arvind Kejriwal to reply to Enforcement Directorate petitions challenging his acquittal in proceedings concerning alleged non-compliance with summonses. The trial court found that the agency had not proved intentional disobedience, service of summons through email, or lawful issuance of electronic summons under the Prevention of Money Laundering Act. The appellate challenge concerns proof of service, validity of electronic summons, and intentional non-compliance.
August 10, 2026
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Pesticide residue concerns drive organic farming, school agriculture initiatives, infrastructure financing and climate-resilience support for farmers.
Food-safety concerns arising from pesticide residues and toxic substances are to be addressed through organic vegetable farming, household cultivation and the Kathir school-farming initiative. Kathir provides for institutional farming, teacher and committee support, markets, student training and clubs, with possible academic weightage for agricultural participation. Agricultural infrastructure financing supports post-harvest management, value addition, processing, packing, marketing and exports. Additional measures include banking support, agricultural technology adoption, women-farmer support and schemes addressing climate-related floods and drought.
August 10, 2026
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Digital EODC processing removes physical duty challans through authenticated payment verification for export authorisation closure.
Export Obligation Discharge Certificate processing under the Advance Authorisation and Export Promotion Capital Goods schemes no longer requires physical duty-payment challans for voluntary customs-duty payments made on or after 1 August 2026. Authenticated licence-wise payment information is electronically transmitted from Customs/ICEGATE to DGFT systems and mapped to the relevant authorisation. Exporters can verify payment details on the customer portal, while Regional Authorities use corresponding back-office records, replacing manual submission and verification for authorisation closure.
August 10, 2026
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Trusted service-call numbering requires verified utilities and logistics entities to use dedicated numbers exclusively for transactional and service communications.
The 1601-series is introduced for verified utilities, courier and logistics entities making service and transactional voice calls. Numbers must be allocated directly to eligible entities, not intermediaries or aggregators, following verification by telecom service providers and an undertaking of exclusive use. Promotional voice calls are prohibited on this series and remain associated with the 140-series. The framework separates these calls from the 1600-series reserved for regulated financial-sector and government-to-citizen communications, supporting consumer recognition of legitimate calls and reducing impersonation risks.
August 10, 2026
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GST revenue collection drives tax growth while data scrutiny, taxpayer verification, and compliance capacity remain key administrative priorities.
GST constituted the principal component of tax revenue for the 2025-26 fiscal year. Tax administration faces staff shortages, information-technology upgrade needs, and increased workloads from taxpayer registrations and return filings. Compliance oversight requires GST data scrutiny, risk assessment, identification of unregistered taxpayers, tax-evasion detection, and field verification of high-risk taxpayers. Long-term revenue planning sets progressively higher collection targets through 2063.
August 10, 2026
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Russian crude imports reshape India's refining trade as processed petroleum products reach sanctioning jurisdictions despite import restrictions.
Indian imports of Russian crude oil reached a second consecutive monthly record in July 2026, with Russian crude forming the dominant share of India's Russian fossil-fuel purchases and more than half of total crude imports. Higher receipts through smaller terminals offset reduced volumes at Paradip. Indian refineries processing Russian crude also exported refined petroleum products to sanctioning jurisdictions, including the European Union, Australia and the United States, despite the European Union prohibition on imports of oil products made from Russian crude.
August 10, 2026
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Cyber-fraud through stolen phones allegedly used mule accounts, banking credentials and coordinated technical operations to divert victims' funds.
Investigation into unauthorised withdrawals after theft of a mobile phone uncovered an alleged interstate cyber-fraud network using stolen devices, linked banking credentials and mule bank accounts. The scheme allegedly involved phone theft, supply of accounts and banking instruments, and a technical operation that accessed victims' accounts and routed funds for withdrawal or transfer. Digital surveillance, transaction mapping, seized devices, victim data and transaction records are being examined to identify linked complaints and the extent of funds allegedly diverted.
August 10, 2026
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Rupee depreciation reflected stronger dollar, elevated crude prices and geopolitical uncertainty, while portfolio inflows and equity gains provided support.
The rupee depreciated against the US dollar amid a stronger dollar, higher global crude oil prices and uncertainty surrounding West Asia-related negotiations. Concerns over crude oil's potential impact on the trade deficit weighed on the currency, while positive domestic equity markets and foreign portfolio investment inflows provided support. Market caution remained focused on forthcoming US inflation data, dollar-index movements and Brent crude prices. Foreign-exchange reserves increased during the reported period.

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News and Press Release

Pradhan Mantri Garib Kalyan Package :Progress so far

April 23, 2020

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Pradhan Mantri Garib Kalyan Package :Progress so far

More than 33 crore poor people received financial assistance of ₹ 31,235 crore under the Pradhan Mantri Garib Kalyan Package

₹ 10,025 crore disbursed to 20.05 crore to Women Jan Dhan account holders

₹ 1405 crore disbursed to about 2.82 crore old age persons, widows and disabled persons

First instalment of PM-KISAN :₹ 16,146 crore transferred to 8 crore farmers

₹ 162 crore transferred in 68,775 establishments as EPF contribution , benefitting 10.6 lakh employees;

2.17 crore Building; Construction workers received financial support amounting to ₹ 3497 crore

Pradhan Mantri Garib Kalyan Ann Yojana

39.27 crore beneficiaries distributed free ration of food grains

1,09,227 MT of Pulses; dispatched to various States/UTs

Pradhan Mantri Ujjwala Yojana : 2.66 crore free Ujjwala cylinders delivered

Using the digital payment infrastructure , more than 33 crore poor people have been directly given  financial assistance of ₹ 31,235 crore( as on 22nd April,2020)under the Pradhan Mantri Garib Kalyan Package (PMGKP) announced by Union Finance Minister Smt Nirmala Sitharaman on 26th March,2020 to protect them from the impact of the lockdown due to COVID 19.

As part of the PMGKP, 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.

The following financial assistance (cash amount) has been released to beneficiaries till 22ndApril 2020, under the Pradhan Mantri Garib Kalyan Package.

 Pradhan Mantri Garib Kalyan Package

Total Direct Benefit Transfer till 22/04/2020

Scheme

Number of Beneficiaries

Amount transferred

Support to PMJDY women account holders

20.05Cr(98%)

10,025 Cr

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

2.82 Cr (100%)

  1405 Cr

Front-loaded payments to farmers under PM-KISAN

8 Cr (out of 8 Cr)

16,146 Cr

Support to Building & Other Construction workers

2.17 Cr

   3497 Cr

24% contribution to EPFO

0.10 Cr

162 Cr

TOTAL

33.14 Cr

31,235 Cr

Fintech and digital technology have been employed for swift and efficient transfer to the beneficiary. Direct Benefit Transfer (DBT), 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.

The progress achieved so far, under various components of PMGKP is as follows:

  1. Pradhan Mantri Garib Kalyan Ann Yojana :-

So far 40.03 Lakh MT of food grains have been lifted by 36 States/UTs out of 40 Lakh MT for April. 19.63 lakh MT has been distributed by 31 States/UT to 39.27crore beneficiaries covered by 1.19 Crore Ration cards as April 2020 entitlement.

1,09,227 MT of Pulses have also been dispatched to various states/UTs.

  1. Free Gas Cylinders to Pradhan Mantri Ujjwala Yojana beneficiaries:-

Total 3.05crore cylinders have been booked under this PMUY scheme so far and 2.66 crore PMUY free cylinders already delivered to beneficiaries.

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

6.06 lakh members of EPFO have availed online withdrawal of ₹ 1954 crore so far.

  1. 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 crorehas 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. FAQs has been put on the website.

A total of 10.6 lakh employees have benefitted so far and a total of ₹ 162.11 crore has been transferred in 68,775 establishments.

  1. MNREGA:-

Increased rate has been notified w.e.f 01-04-2020.In the current financial year, 1.27 crore person’s man-days of work generated. Further, ₹ 7300 crore released to states to liquidate pending dues of both wage and material.

  1. 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.

  1. Support to Farmers :-

 Of the total disbursement, ₹ 16,146crore has gone towards payment of the first instalment of PM-KISANUnder the scheme, all8crore out of the 8 crore identified beneficiaries got ₹2,000 directly in their account.

  1. 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 20.05crore women Jan Dhan account holders received ₹500 each in their account. As on 22nd April,2020, the total disbursement under the head was ₹10,025crore.

  1. Support to old age persons, widows and disabled persons:-

The National Social Assistance Programme (NSAP)disbursed about ₹1,405crore 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.

  1. Support to Building & other Construction workers:-

As many as 2.17 crore Building &construction workers received financial support from the Building and Construction Workers’ Fund managed by state governments. Under this ₹ 3,497 crore has been  given to beneficiaries.

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