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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.
September 1, 2026
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Gold smuggling enforcement targets transit abuse, concealed carriage, and border routes through coordinated seizures and arrests nationwide.
Intelligence-led enforcement against organised gold smuggling resulted in the seizure of over 42 kg of foreign-origin gold and around 10 kg of foreign-origin silver, collectively valued at more than Rs. 65 crore, and the arrest of 25 persons. Operations targeted networks using airport transit routes, airport personnel, land-border corridors, coastal routes, and domestic road transport. Gold was concealed in wax, compound, paste, raw-chain and bar forms, including through body concealment, internally secreted capsules, clothing, and specially created cavities.
September 1, 2026
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Predictive consumption-expenditure framework will use household survey data to support poverty estimation, consumption analysis, and economic planning.
MoSPI and Thapar Institute of Engineering & Technology have entered into a memorandum of understanding for a research study to develop a predictive and analytical framework for monthly consumption expenditure in India. The study will use Household Consumption Expenditure Survey data to estimate Monthly Per Capita Consumption Expenditure at national and state levels, analyse household consumption patterns, and generate evidence relevant to poverty estimation and broader economic planning.
August 31, 2026
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Personal insolvency repayment plans: conflicting views on binding dissenting creditors prompted reconsideration through an expanded adjudicatory bench.
National Company Law Tribunal constituted a five-member bench after conflicting views on a personal insolvency repayment plan left no majority position for a formal order. The central issue is whether creditor approval of the plan binds dissenting creditors and extinguishes their claims against the personal guarantor. One view preserved dissenting creditors' independent recovery rights, while another applied the creditor-approved plan uniformly to all creditors. Disagreement also concerns the Adjudicating Authority's power to examine the resolution professional's report of the creditors' meeting.
August 31, 2026
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Personal insolvency repayment plans raise unresolved questions on dissenting creditors' rights and uniform extinguishment of claims.
Personal insolvency proceedings were referred for fresh adjudication because no majority emerged on the repayment plan. The Technical Member rejected the plan; the Judicial Member confined it to consenting creditors while preserving dissentents' recovery rights; and the Third Member approved it with uniform extinguishment of all creditors' claims. The dispute concerns whether creditor approval under section 115(1) binds dissenting creditors, the effect of section 79(2)(g), and the Adjudicating Authority's power to examine the Resolution Professional's creditors' meeting report.
August 31, 2026
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Rupee exchange-rate support through suspected intervention and FCNR(B) inflows offset pressure from dollar strength and higher crude prices.
Rupee exchange-rate movement reflected a recovery from early losses to close stronger against the US dollar, amid market expectations of Reserve Bank of India support at lower trading levels. Pressure arose from higher US Treasury yields, possible US rate-hike expectations and a broad dollar rally. Suspected intervention, FCNR(B)-related foreign-currency flows and the special USD-INR forex swap facility supported sentiment, while rising crude prices, geopolitical supply risks and foreign institutional equity outflows remained adverse factors.
August 31, 2026
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Income-tax return filing for non-audit business and professional taxpayers closes at midnight, requiring use of applicable forms.
Income-tax return filing for Assessment Year 2026-27 reaches its due date on 31 August 2026 for taxpayers having business or professional income who are not subject to audit. Such taxpayers may file the applicable ITR-3, ITR-4, ITR-5 or ITR-7. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, ITR-4 to small and medium taxpayers, and ITR-5 to firms, limited liability partnerships and cooperative societies.
August 31, 2026
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Monthly fiscal accounts track receipt composition, expenditure allocation, tax devolution, interest payments, and major subsidy outgo through July.
Union Government monthly accounts through July 2026 record total receipts comprising net tax revenue, non-tax revenue and non-debt capital receipts, with tax devolution transferred to State Governments. Total expenditure is divided between revenue and capital expenditure. Revenue expenditure includes interest payments and major subsidies.
August 31, 2026
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Personal guarantor insolvency distinguishes guarantee liability from borrower debt while creditor voting challenges question repayment-plan approval.
Personal insolvency proceedings concerning personal guarantees distinguish a guarantor's liability from the underlying borrowing entities' debts. Claims against the guarantor arise from guarantees furnished for loans obtained by Essel Group-associated entities, while the borrowers' repayment obligations remain enforceable and creditors may pursue corporate assets and securities. Dissenting lenders have challenged the resolution-plan voting process, alleging that family-linked associates or related parties should have been excluded from committee of creditors voting.
August 31, 2026
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National accounts revisions align GDP and sectoral estimates with updated price, production and banking service indicators.
National Accounts Statistics-2026 incorporates updated Producer Price Index, Index of Industrial Production and Banking Services Price Index series with base year 2022-23 into annual and quarterly GDP estimates. The revised indicators expand coverage, update weights and improve price mapping for national-account activities. GDP and gross value added estimates from 2022-23 onwards are revised at current and constant prices, with sector-specific effects in mining and quarrying, manufacturing, trade services, general government and departmental enterprises. Supply and Use Tables for 2022-23 and 2023-24 are also updated.

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Customs, DGFT & SEZ

DRI seizes 4 bags containing opiate derivative/heroin with 395 kg at Piplav Port, Gujarat

April 29, 2022

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DRI seizes 4 bags containing opiate derivative/heroin with 395 kg at Piplav Port, Gujarat

DRI crackdown on drug smuggling syndicates results in seizure of more than 3,300 kg of Heroin, 320 kg of Cocaine and 230 kg of Hashish between January and December 2021

Acting on intelligence jointly developed by DRI and ATS Gujarat, a container is being examined by DRI at Pipavav port, Gujarat in the presence of officers of ATS, Gujarat. The said container having gross weight of 9,760 kg was declared to contain ‘thread’. On a detailed examination on 28.04.2022, out of 100 jumbo bags, four suspicious bags having a total weight of 395 kg, containing threads showed the presence of opiate derivative/Heroin in the field testing done by the regional Forensic Science Laboratory.

Bales of thread soaked in Heroin, recovered at Pipavav Port.

It appeared that the drug syndicate used this unique modus operandi in which threads were soaked in a solution containing narcotic drug – heroin which were then dried, made into bales and packed in bags. These bags were shipped along with other bags having bales of normal threads so that it would go unnoticed by the authorities. The modus operandi in this case would have required the extraction of Heroin mixed in the threads. Examination and seizure proceedings by DRI under the provisions of the NDPS Act, 1985 are continuing.

The year 2021 has witnessed substantial seizures of drugs like Heroin, Cocaine, Hashish and psychotropic substances and precursors like Methamphetamine and Pseudoephedrine by the DRI. More than 3,300 kg of Heroin, 320 kg of Cocaine and 230 kg of Hashish were seized between January and December 2021. In addition, 170 kg of Pseudoephedrine and 67 kg of Methamphetamine were seized during this period.

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Methamphetamine tablets recovered from fuel tank of a vehicle

Since January 2022, sustained efforts have yielded substantial results. Apart from the record seizures of 3,000 kg Heroin from a consignment of Talc in September 2021 at Mundra Port and 205 kg of Heroin from a consignment of Gypsum in April 2022 at Kandla Port, officers of DRI in two cases, booked in quick succession in February and March, 2022, seized Heroin from cargo containers at the container depot at Tughlakabad, New Delhi. In the first case 34.7 kg Heroin was seized from four containers declared to contain Rock Salt and in the second case 2.4 kg Heroin was seized in the form of sediment from a consignment of Pomegranate juice.

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Heroin recovered from Gypsum at Kandla Port.           

Syndicates have also tried to push narcotics like Yaba and Heroin from the Indo-Myanmar border and Hashish from the Indo-Nepal border, into India through the land borders. DRI officers have also intercepted such consignments from these borders, sometimes ingeniously concealed inside vehicles. DRI in one instance in February, 2022 seized one Lakh Yaba (Methamphetamine) tablets and affected multiple seizures of Heroin in North-East India, smuggled into India from Myanmar.

With easing of restrictions and opening of International Air travel after the restrictions imposed due to the Covid-19 pandemic were lifted, the numbers of air passengers arriving into India have increased. In the last two months, DRI has booked multiple cases of seizure of Heroin concealed in baggage and in the form of pills swallowed by body carriers. In one such major case, DRI seized 16 kg of Heroin in March 2022 concealed in the baggage of three passengers, who had arrived at Kolkata airport.

Multiple cases including seizure of 4.4 kg, 5.9 kg and 8.4 kg of Heroin in three separate seizures at Ahmedabad, seizure of 2.2 kg, 1.7 kg and 2.25 kg Heroin in the form of ingested capsules in three different seizures at New Delhiseizure of 3.2 kg Heroin at Hyderabad and seizure of 4 kg and 7.9 kg Heroin in two different cases at Chennai have been affected by the DRI in the recent past. In the last two months, DRI has also booked three cases involving seizure of 3.7 kg of Cocaine in the form of ingested capsules from passengers arriving into India. Apart from these, a number of cases have been booked by the Airport Customs based on specific inputs provided by the DRI including seizure of about 17.90 Kg Heroin at IGI Airport on 10.04.2022 which was being carried by a serving officer of the Kenyan administration.

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Ingested Heroin recovered from the passengers at the Airport

Air passengers have increasingly tried different ways and means to deceive DRI officers, including laminating the Heroin finely into their baggage which are almost invisible to the naked eye. Ingenious concealment methods like use of shampoos and food items to conceal the Heroin have also been observed. The most challenging cases are the ones where Air passengers are used as the body carriers, who ingest laminated pills of contraband, to smuggle them into India which not only require high level of intelligence work to precisely identify such carriers, but partly due to the inherent risks to the life of the carrier.

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Acts Income Tax