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September 1, 2026
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Foreign exchange market dynamics: rupee appreciation reflected portfolio inflows, domestic growth, and possible central-bank intervention amid external pressures.
The rupee appreciated against the US dollar, supported by domestic growth, controlled fiscal slippage, portfolio-related inflows and possible Reserve Bank of India intervention. Its gains were limited by weak equity markets, rising crude oil prices and a stronger dollar. External geopolitical tensions and hawkish US monetary signals remained potential pressures. Domestic indicators showed strong economic activity, while the current account deficit widened because of a higher merchandise trade deficit. Foreign portfolio inflows continued despite investors remaining net sellers during the year.
September 1, 2026
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Current account deficit widened as merchandise trade deficit increased, notwithstanding stronger services receipts, remittances, and foreign direct investment inflows.
India's current account deficit widened in the first quarter of 2026-27 as the merchandise trade deficit increased. Higher net services receipts, increased personal transfer receipts and lower net primary-income outgo partly supported the external account. Financial-account movements included higher net foreign direct investment inflows, a shift in foreign portfolio investment from net inflow to net outflow, and lower net inflows through non-resident deposits and external commercial borrowings. Foreign exchange reserves declined on a balance-of-payments basis during the quarter.
September 1, 2026
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Technology-enabled tax compliance and enforcement supported higher commercial tax collections, while GST rate reductions moderated sectoral net GST growth.
Technology-enabled tax administration supported commercial tax and net GST collection growth in Andhra Pradesh during August 2026 and the cumulative period through August. AI-based analytics and scrutiny, IGST reversals, UPI-based enforcement, registration verification, Aadhaar authentication, digital payment enablement, predictive analytics and data sharing strengthened compliance, scrutiny and revenue mobilisation. Petroleum VAT, professional tax, liquor VAT and IGST settlement also increased, while GST rate reductions moderated net GST performance in specified product sectors.
September 1, 2026
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Windfall gains tax on petroleum exports rises for petrol and diesel while aviation turbine fuel levy is reduced.
Special additional excise duty and road and infrastructure cess on petroleum-product exports are revised with effect from 1 September 2026. The export duty on diesel is increased, the levy on aviation turbine fuel is marginally reduced, and a duty is imposed on petrol exports. Existing duty rates for petrol and diesel cleared for domestic consumption remain unchanged. The windfall-tax framework seeks to support domestic fuel availability and deter exporters from benefiting from domestic and international price differences.
September 1, 2026
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Automated Free Sale and Commerce Certificate issuance reduces manual scrutiny while preserving risk-based review for eligible exporters.
DGFT has enabled automated issuance of Free Sale and Commerce Certificates through its portal for eligible exporters of items not covered by the Drugs & Cosmetics Act, 1940. Applications satisfying prevailing framework and automated processing parameters may be issued without manual scrutiny. Applications requiring verification or not meeting those parameters may be routed for manual processing, while auto-approved applications may be flagged later for risk-based review. The mechanism seeks faster, more transparent and predictable processing while retaining necessary oversight.
September 1, 2026
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Five-day banking and equitable performance incentives drive planned nationwide bank union strike amid unresolved pension demands.
United Forum of Bank Unions has proposed nationwide strike action over delayed five-day banking, the performance-linked incentive framework, and unresolved pension demands. Five-day banking was agreed under the 12th Bipartite Settlement/9th Joint Note with extended Monday-to-Friday working hours, but remains pending for implementation. Unions challenge the incentive scheme for departing from a uniform, bank-performance-linked approach and for disproportionately benefiting senior officers. The dispute is under conciliation and pending before the Delhi High Court, while pension updation, a uniform dearness allowance formula, and an old pension scheme option remain unresolved.
September 1, 2026
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Equity market volatility intensified as higher crude prices, geopolitical tensions and tighter monetary expectations weakened domestic investor sentiment.
Indian equity markets closed marginally lower as higher crude oil prices, US-Iran tensions, and expectations of prolonged tight United States monetary policy weakened risk appetite. The phased Closing Auction Session contributed to a late recovery in the benchmark index. Rising crude prices and global bond yields triggered broad-based selling across several domestic sectors, while foreign institutional equity sales and weakness in overseas markets added to pressure despite stronger-than-expected domestic economic growth.
September 1, 2026
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GST revenue collections show higher gross and net receipts alongside increased refunds and state-level settlement data.
GST revenue collections for August 2026 recorded total gross GST revenue of Rs. 1,99,853 crore, reflecting 14.8% growth over August 2025. Total refunds were Rs. 31,795 crore, including domestic refunds and export IGST refunds processed through ICEGATE. After adjustment of refunds, total net GST revenue was Rs. 1,68,057 crore, representing 8.3% growth. SGST collections and the SGST component of IGST settlement were separately identified for States and Union Territories, with post-settlement SGST aggregating Rs. 95,531 crore.
September 1, 2026
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Trade facilitation and customs preparedness feature in AILBIEA's Silver Jubilee knowledge conference on liquid bulk commerce.
AILBIEA's Silver Jubilee programme focuses on trade facilitation, customs modernisation, GST dispute preparedness and maritime-risk issues affecting liquid bulk trade. The Knowledge Conference includes sessions on the Authorised Economic Operator advantage, next-generation customs technology, GST Appellate Tribunal-era dispute preparedness, and geopolitical risks to sea-borne trade. It also marks the launch of AGS 360, integrating port information, vessel tracking, port-call estimates and maritime intelligence.
September 1, 2026
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Personal guarantor insolvency: repayment plan stayed pending majority determination, with restraint on direct or indirect asset alienation.
Personal-guarantee insolvency proceedings involve a stay on implementation of a repayment plan because the earlier members' views did not produce a clear majority capable of taking effect. The personal guarantor has been restrained from directly or indirectly alienating assets pending further hearing. The dispute follows split views on approval of the plan, claim admission and voting, followed by a third-member opinion that did not resolve the absence of a determinative majority. Creditors dispute the proposed recovery, claim treatment and declared net worth relevant to the guarantees.
September 1, 2026
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Rupee exchange-rate movement reflects portfolio inflows, growth data and possible central-bank support, while crude oil prices constrain gains.
Foreign-exchange market conditions strengthened the rupee by 28 paise to 94.94 against the US dollar, supported by domestic growth, controlled fiscal slippage and portfolio inflows. Possible Reserve Bank of India intervention was also identified as supportive. Higher crude oil prices, weak domestic equities and hawkish US monetary-policy signals were identified as constraints on further appreciation. Foreign investment flows, stronger-than-expected domestic growth and the fiscal-deficit position remained material factors affecting currency conditions.
September 1, 2026
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Money-laundering probe into public service recruitment irregularities examines alleged question-paper leaks, selection manipulation, and laundering through purported CSR donations.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in Public Service Commission recruitment examinations. Allegations include question-paper leaks, manipulation of candidate selection, and illegal gratification for securing appointments of relatives and favoured candidates. Recruitment rules were allegedly amended to facilitate selection of relatives. Alleged proceeds of crime were collected in cash and routed through layered banking transactions, including through a family-controlled samiti presented as receiving corporate social responsibility donations for a non-existent college.
September 1, 2026
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Personal guarantor settlement scrutiny intensifies as asset alienation is restrained pending review of a disputed creditor repayment proposal.
A five-member special bench found that no clear majority view existed under section 419(5) of the Companies Act and stayed the third member's order that had permitted the proposed recovery. Notices were directed to all parties, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. The dispute concerns approval of a personal guarantor's repayment proposal, treatment of guarantee claims, creditor voting support, assessment of the personal estate, and scrutiny of declared net worth.
September 1, 2026
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Personal insolvency proceedings restrict property alienation while notices issue to parties in the debtor's case.
A five-member special National Company Law Tribunal bench hearing Subhash Chandra's personal insolvency matter issued notices to all parties and restrained him from alienating property directly or indirectly. The restraint applies during the continuing insolvency proceedings and concerns dealings with the relevant property. The procedural measure requires the interested parties to participate in the matter.
September 1, 2026
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Aadhaar authentication alternatives enable eligible farmers with failed fingerprint verification to access loan-waiver benefits after identity verification.
Elderly farmers whose fingerprints cannot be captured for Aadhaar authentication may approach an Aaple Sarkar Seva Kendra with their Aadhaar card and bank passbook. Loan-account details are verified on the scheme portal before authentication is initiated. If authentication fails, the concerned tehsildar verifies identity using the Aadhaar card, bank passbook and 7/12 land record extract. Eligible farmers receive loan-waiver benefits directly in their bank accounts after authentication, identity verification and satisfaction of the scheme's eligibility criteria.
September 1, 2026
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GST collection growth reflected higher domestic and import revenue, while increased refunds moderated net collections during August.
GST collections recorded year-on-year growth in August, with gross receipts reaching about Rs 2 lakh crore. Domestic transaction revenue increased to over Rs 1.37 lakh crore, while import-related revenue rose to Rs 62,604 crore. Refunds increased to Rs 31,795 crore, and net GST collections stood at Rs 1.68 lakh crore after refunds.
September 1, 2026
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Personal insolvency repayment plan faces fresh hearing after a split bench prevents enforcement and restrains guarantor property transfers.
Personal insolvency proceedings were reopened before a five-member special bench after a split view on a repayment plan. As no majority view existed, including that of the third member, no final order was in force and the repayment-plan determination could not be acted upon. Notices were issued to all parties, including dissenting creditors, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. Dissenting creditors also challenged the repayment-plan determination before the appellate tribunal.
September 1, 2026
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Equity market sentiment weakens as higher crude prices, geopolitical tensions and tighter monetary policy expectations curb risk appetite.
Equity-market sentiment weakened as higher crude oil prices, renewed US-Iran tensions, and expectations of prolonged tight US monetary policy reduced emerging-market risk appetite. The Sensex and Nifty declined, while domestic GDP growth above projections offered partial support. Weakness in several Asian markets, a lower US market close, and net foreign institutional equity sales reinforced cautious trading conditions.
September 1, 2026
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Money laundering investigation triggers searches linked to alleged Public Service Commission irregularities, including premises of a former chief minister's assistant.
A money-laundering investigation under the Prevention of Money Laundering Act has led to searches at seven locations in Chhattisgarh in connection with alleged irregularities at the Chhattisgarh Public Service Commission. The search operation includes the premises of K. K. Chandrakar, personal assistant to former Chief Minister Bhupesh Baghel. The investigation remains at the search and inquiry stage.
September 1, 2026
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Income-tax return filing: non-audit business and professional taxpayers use applicable forms by prescribed due dates.
August 31, 2026 was the due date for taxpayers having business or professional income who were not subject to audit. Such non-audit taxpayers may use ITR-3, ITR-4, ITR-5 or ITR-7, as applicable. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, while ITR-4 is intended for small and medium taxpayers. ITR-5 applies to firms, limited liability partnerships and cooperative societies, and ITR-7 applies to trusts and charitable institutions.

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Customs, DGFT & SEZ

With APEDA assistance, Uttar Pradesh’s Purvanchal region emerges as new hub for India’s

January 7, 2022

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With APEDA assistance, Uttar Pradesh’s Purvanchal region emerges as new hub for India’s

Agricultural products exports through development of Varanasi Agri-Export Hub

In last six months, about 20,000 MT of agri-produce exported from Purvanchal region

Working in close collaboration with the Ministry of Commerce & Industry, the Agricultural and Processed Food Products Export Development Authority (APEDA) has taken several initiatives in making landlocked Purvanchal region as a new destination of agri-export activities through development of Varanasi Agri – Export Hub (VAEH).

APEDA has identified potential districts of Uttar Pradesh to be covered under the VAEH. The Purvanchal division covers districts of Varanasi, Mirzapur, Azamgarh, Prayagraj, Gorakhpur, Basti, Ghazipur, Jaunpur, Chandauli and Sant Ravidas Nagar.

The Varanasi region, where there are negligible agri-exports used to take place because of lack of basic infrastructure, is now abuzz with activities which has given a boost to exports. After the intervention of APEDA, Varanasi region has recorded exemplary changes in the export scenario and registered many first-of-its-kind achievements in a very short span of time.

With the active intervention of APEDA, about 20,000 Metric Tonne (MT) of agri- produce have been exported from Purvanchal region in the last six months. Out of these shipments, about 5,000 MT fresh fruits and vegetables and 15,000 MT of cereals have been exported to Vietnam, Gulf nations, Nepal and Bangladesh by all modes of transportation.

Varanasi and nearby areas witnessed an export of around 12 MT, 22 MT and 45 MT in the months of October, November, December respectively in the year 2021. Also, around 125 MT have been exported from Varanasi and nearby areas.

As Varanasi is a territory based in the plains of river Ganges, it has rich nutritional composition of soil with ample amount of fertility which leads to production of good quality agri-produce. Varanasi region also has reputed institutions of central and international level such as Indian Institute of Vegetable Research (IIVR), International Rice Research Institute (IRRI), Banaras Hindu University (BHU).

Currently, the Varanasi region has a number of exporters and exports of agricultural products is being undertaken through air route due to establishment of robust quarantine as well as custom clearance facilitation centre at Lal Bahadur Shastri International (LBSI) Airport. APEDA has organised more than 30 capacity building programmes in the entire Varanasi region followed by eight international buyer-seller meets, which has provided a platform to the exporters to market their food products in the global marketplace.

To monitor the product and production, a project of AI tech is also being considered for approval. APEDA is also planning to take member Farmer Producer Organization to different successful territories for unveiling the agri-supply chain and market linkage.

The government is also considering replicating the Varanasi model in the Gorakhpur region of Purvanchal as the geography, demography and few other parameters are common in both the places. The newly established international airport in Kushinagar may play a vital role in triggering the export. The DDU Gorakhpur University, Indian Institute of Seed Science, Mau are the institutions actively working towards promotion of agri- activities in the region.

APEDA has also approved three projects for comprehensive grain and nutritional quality profiling of non-Basmati Rice, value added products from Rice and rice-based food systems. An APEDA-funded project for integrated IT solutions to enhance Agri Export in Varanasi Region is under process.

The export of the first trial shipment of 14 MT green chilly was facilitated by APEDA from Varanasi to Dubai’s Jebel Ali Port in December 2019.

For the first time, from Varanasi 3 MT fresh vegetables was exported to London, 3 MT fresh mangoes to Dubai, 1.2 MT fresh mangoes to London, 520 MT regional rice to Qatar and 80 MT regional rice to Australia during the Covid pandemic in 2020, after APEDA’s intervention.

Meanwhile, Trisagar Farmer Producer Company Ltd, which is based in Sant Ravidas Nagar district, has started sending shipments on a daily basis to the international market after the intervention of APEDA. In another success story, Gazipur district-based Shivansh Krishak Producer Company Ltd with a base of 1,500 progressive farmers has managed to get a decent realisation for its commodities after exporting a good volume of agri-produce.

Similarly, Varanasi-based FPO Jaya Seed Farmer Producer Company Ltd, which grows mangoes in around 50 acres, is getting higher price as compared to average price of the market after the intervention of APEDA. Prior to the initiative taken by APEDA, the FPC used to sell mangoes at an average price of ₹ 25/kg, but in recent season they have sold it at ₹ 50/kg to a Netherland-based company named Super Plum having few outlets in Bangalore and Mumbai.

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Acts Income Tax