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September 24, 2026
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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
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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
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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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Customs, DGFT & SEZ

Shri Piyush Goyal calls upon the Indian Industry to inculcate a greater appetite for risk taking

January 22, 2022

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Shri Piyush Goyal calls upon the Indian Industry to inculcate a greater appetite for risk taking

“Government looks for investments from the private sector in labour oriented sectors to create jobs, including plastics, footwear, textiles, leather”: Shri Piyush Goyal

“With a Cost advantage as well as the Trust advantage that Indian Industry enjoys, this is the time for India to emerge out of the shadows and truly become a global nation!”

Shri Goyal addresses the Special E-Session of Merchants’ Chamber of Commerce & Industry

Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Shri Piyush Goyal today called upon the Indian Industry to inculcate a greater appetite for risk taking.  Addressing the Special E-Session of Merchants’ Chamber of Commerce & Industry (MCCI), he said the Government looks forward for investments from the private sector in labour oriented sectors to create jobs, maybe plastics, footwear, textiles, leather.

“Industry associations, such as yours, can partner with all stakeholders including Central & State Governments, Missions, EPCs, and help attract businesses to India & strengthen domestic industry. Let us all come together with one resolve i.e. to make India a Global leader by taking up bigger & bolder challenges,” he said.

Shri Goyal said, as India celebrates Azadi ka Amrit Mahotsav, this is the time for us to reflect and prepare for India @ 2047 when we will celebrate the hundred years of Independence.

“With a Cost advantage as well as the Trust advantage that Indian Industry enjoys, this is the time for India to emerge out of the shadows and truly become a global nation!,” he said.

Shri Goyal said the Indian Industry must clearly focus on the principles of Quality, Productivity & become global scale operators so that we can benefit from the economies of scale.

“We’ve had a very successful experience on the PLI front particularly in mobile phone manufacturing, & we are hoping to replicate it other sectors like semiconductors, container mfg, etc, 14 sectors now have PLI schemes,” he said.

Shri Goyal listed three expectations for the Industry Associations to adopt:

1. Proactively participate by giving ideas / suggestions: On issues related to FTAs NTBs & market access, themes for India’s G20 presidency in 2023, resonating with our vision to make Aatmanirbhar India.

2. Highlight where we can reduce compliance burden & enhance Ease of Doing Business. Identify processes that the Govt. can digitised. Suggest areas where legal framework can be simplified & laws can be decriminalised. Legal framework can be simplified, self-regulation wherever possible. Start using the National Single Window System & give feedback on how we can provide more facilities.

3. Become self-reliant in consolidating value chains and supply chains, e.g. APIs and integrate MSMEs in forward & backward linkages.

Quoting the Pirme Minister Shri Narendra Modi, Shri Goyal said, “India is a Bouquet of Hope for the World.” India is well on the path of unprecedented economic growth and is set to show the world its true potential & capacity, he said.

“Despite the lockdown, India met all its international Service commitments, becoming the world's trusted partner. Today, we have an opportunity of a lifetime to propel our industry to new heights,” said Shri Goyal. “India’s Technology, Talent & Temperament is bringing hope to the world. Powered by the triple engine of Exports, Investment & the Startups, the foundation has been set for India to become a Global Powerhouse,” he added.

Shri Goyal said, in our journey towards realising the dream of an Aatmanirbhar Bharat, Government has taken transformative steps to create a conducive environment for businesses:

  • Strengthening Coal & Mining sector: Transparent auction mechanism for private sector.
  • Liberalising Defence sector: 74% FDI (automatic route) & 100% (Govt. approval route), 101 defence items notified exclusively to make defence equipment indigenously, dedicated Defence Investor Cell
  • Transforming Telecom Sector: 100% FDI allowed, removal of penalties, rationalisation of interest rates
  • Several other reforms: PLI, reducing compliance burden, NIP, PM Gati Shakti NMP, Single Window, etc.

Shri Goyal said India no longer signs FTAs just to be a part of a group, we are looking at reciprocal access, good market conditions and equitable and fair play in trade in Goods & Services.

“We are looking at FTAs with like minded nations with values of democracy, transparency & mutual growth e.g. UAE, Australia, UK, EU, Israel, Canada, GCC. However, FTAs are a two-way traffic, need industry’s cooperation in maintaining fruitful bilateral relations,” he said.

Quoting Gurudev Rabindranath Tagore, “You cannot cross the sea merely by standing and staring at the water”, Shri Goyal said the world is watching India, which is ready to take giant leaps towards transforming the nation and changing the lives of 135 crore people.

Shri Goyal commended the MCCI for having emerged over the years as one of the most dynamic Chambers of Eastern India and contributing to India’s economy now for over 120 years.

“As a skyscraper stands on a strong foundation, economic transformation of any nation stands on the shoulders of a robust industry. One part of holistic thinking is to move beyond traditional practises & create a resilient environment for our industries to grow,” he said.

In response to a query, Shri Goyal assured release of funds under the Technology Upgradation Fund Scheme (TUFS) after due diligence and verification of pending claims. Shri Goyal also assured the Printing Industry to take up with the Finance Ministry duty waivers against Export Promotion Credit Guarantee (EPCG) obligations to such units defaulting in recent years due to the pandemic and the resultant shrinking of export orders.

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