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News
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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

Intervention by Commerce & Industry Minister Shri PiyushGoyalat the G-33 Ministerial Meeting at the 12th WTO Ministerial Conference held in Geneva

June 13, 2022

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Thank you very much Chairperson. Ministers, Excellencies, Distinguished delegates, Ladies and Gentlemen. I would like to thank Indonesia for organising the G-33 meeting at the very start of the MC-12 giving us an opportunity to renew our solidarity. It is clear that the two items primarily on the agenda this time will look upon a solution to public stockholding, and the special safeguard mechanism that many of the earlier speakers before me have spoken about.

At the outset, I would like to say that it would have been better if the Director General was also present to hear the concerns of the developing world and I feel it is unfortunate that in her brief comments she referred to a decision that has been made not once, not twice but thrice, as a mere iteration and I would urge the Chair to convey if it is agreed by all my friends here, that it was not a declaration but a decision that was made in 2013, again in 2015 and then again in 2018 that we are sitting down here to discuss.

India has had an experience to transit a food deficit nation to a largely self sufficient food nation. In our state support in the form of subsidies and other Government interventions played a very important role to achieve this sufficiency. We are fighting for all the developing countries including the LDCs collectively based on our own journey, our own experience.

Let us look at the story so far. It starts from the Uruguay round where to my mind,  after 8 years of negotiations right up till 1994 when the Marrakesh agreement was finally decided and led to the establishment of the WTO. Agriculture got a raw deal- imbalanced outcomes and those who were distorting markets by granting import subsidies secured to continue to grant export subsidies under the Agreement on Agriculture (AOA). At that time many of us, rather most of us being less developed or least developing countries were not giving out subsidies, so therefore since we were not giving subsidies in the base period, we lost our right to grant significant subsidies in the future. Further, the rules of agreement largely suited the developed countries socio-economic architecture, higher entitlement of subsidies for the developed world were institutionalised and the very formula for calculation of market price support was quite flawed and frozen at that point of time. 

Developing countries including the LDCs are always at the receiving end, we are made to compromise, sometimes debate multiple times on the same subject and also times where there's already been agreed is reopened leading to backsliding of earlier mandates, and I will explain what I mean by that. In the Ministerial Conference of 11th December 2013, it was decided and I repeatedly decided that the members agree to put in place an interim mechanism, to negotiate on an agreement for a permanent solution for adoption by the 11th Ministerial Conference. The process had been fixed and we agreed on this, in lieu of the agreement on trade facilitation which the developed world was very keen to adopt.

I am reading out from this declaration, I believe it was an important element in para 8 of work program, there is a para 8 which says and I quote “Members agree to establish a work program to be undertaken in the committee on agriculture to pursue this issue with the aim of making recommendations for a permanent solution, para 9 says “Members commit to the work program with the aim of concluding it no later than the 11th Ministerial Conference” and para 10 “The general council shall report to the 10th Ministerial Conference… the progress made on the work program.”  I am reminding you this because what is sought to be done at this conference, the Ministerial Conference 13 is to rewrite that same script.

On 28th November 2014, the General Council has reiterated the decision of 27th November 2014 on public stockholding security purposes and then it states recognising the importance of public stockholding of food security purposes for developing countries, besides that again it was a decision until a permanent solution is agreed and adopted … in pursuance of public stockholding programmes in security proposies, it was decided and what we call peace clause till the permanent solution is finalised will continue.  Again they had said if a permanent solution is not approved and adopted in the 11th Ministerial conference the mechanism referred to in para 1 shall continue to be in place until a permanent solution is agreed and adopted and for which again they say, the negotiations  for the permanent solution on the issue of public stockholding for food security purposes shall be pursued on priority, this is 2014. Also, they said the negotiation on this subject shall be held in the committee on Agriculture in a special session in dedicated session and accelerated time period, distinct from the agricultural negotiations under the Doha Development Agenda.

Again, while reporting in 2015 to the Ministerial Conference in tenth session,  they took note of progress made so far and decided that they reaffirm the General council decision of 2014 members shall engage constructively to negotiate and make all concerted efforts to agree and adopt developments made. Why I am saying all this is what is the logic of saying that there will be a fresh work program and that there will be a ministerial declaration in MC12. It is already out there, it is already an ongoing process. Is it a point to restart the negotiations from scratch and bringing it at par with all the different subjects which are at different stages of negotiations as sought to be finalised today, is it being done to try and fish us out on an agreement in fisheries by offering a work program. I still think we all need to reflect on what was decided should be pursued and included this time or whether it should once again be agreed for a work program and taking us back to square one, eight years or nine years after the initial agreement. 

Friends, India and all of us in this G33 group of members have long been calling for accessible and effective Special Safeguard Mechanism (SSM) in order to address the destabilizing and crippling effects of import surges and downward price movement largely due to huge subsidies by the developed members. They already have an aggregate measure of support entitlement which is quite large since there was already huge subsidies which were kept at a standstill many years almost 5 years ago. This is so, more particularly in the wake of volatility of the prices observed post pandemic an outcome remains for many members an important element of the agricultural package.

Similarly, you will agree with me that the Agreement on Agriculture which is already riddled with deep imbalances favour the developed countries which have created the rules against many developing countries and that is quite evident from what is happening in the world’s part.

It is important that as a first step of agricultural reform the historical asymmetries  and imbalances must be corrected in order to ensure a rule based fair and equitable order. We must level the playing field and give our farmers a chance to provide security to our people. We must continue to preserve the existing S&DT for the developing countries which will help our struggling farmers particularly those who are keeping out the subsistence living. The flexibilities provided under the development clauses under Article 6.2 of the Agreement on Agriculture should not be touched in the name of domestic support reform. 

In conclusion, let me stress that all of us must work collectively to retain the cohesion of this coalition and strengthen it further by reaching out to other like minded countries, secure their support for a fair, balanced and development centric outcome, which must include the permanent solution to public stockholding and the Special Safeguard Mechanism (SSM). 

Thank you for your attention, Ladies and Gentlemen and Chair. But, I wanted to bring back the entire historical perspective so that each one of us back to our leadership and takes a more stronger to be able to achieve the decided outcomes.

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