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    Rupee gains 20 paise to close at 95.08 against US dollar post-RBI policy decision
    TN Budget: Revenue deficit at Rs 55,775 crore, fiscal deficit estimated at Rs 1,21,819 crore
    Tatkare slams ‘gungi gudiya’ jibe against Sunetra; Cong says row being exploited for political gains
    RBI invites public comments on Draft Guidelines for ‘on tap’ Licensing of Urban Co-operative Banks
    Pakistan-origin dry dates, routed through UAE, seized at Kandla port
    RBI keeps rates unchanged, retains neutral stance; outlook uncertain on El Nino, geopolitical risks
    Government Notifies Inventory-based Cross-border E-Commerce Export Framework under Foreign Trade Policy 2023
    Customs official among 5 held for smuggling gold of Rs 1.44 crore at Indore airport
    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
    Sensex gains 152 pts in volatile session as RBI keeps policy rates unchanged
    DRI seizes 364 metric tonne (MT) banned Pakistan-origin dry dates imports worth Rs. 3 crore
    Rupee gains 13 paise to close at 95.15 against US dollar post-RBI policy decision
    ED raids premises linked to ex-Andhra MLA Malla Vijaya Prasad in chit fund scam
    'Gungi gudiya' remark against Sunetra shows Cong's 'ideological bankruptcy': NCP leader Tatkare
    RBI holds interest rates for fourth straight meeting, awaits clearer inflation outlook
    Highlights of RBI's August monetary policy
    RBI targeting polymer currency notes launch in early FY28: Guv Malhotra
    Two women held at Delhi airport with 1 kg gold concealed as silver-coated armlet
    Sensex trades higher, Nifty flat post RBI policy
    India's services sector growth hits four-and-a-half-year low in July on weak demand: PMI
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    August 5, 2026
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    Rupee appreciation followed unchanged monetary policy, lower crude prices, weaker dollar and expectations of orderly exchange-rate management.
    The rupee strengthened after the central bank maintained its policy rate and neutral monetary-policy stance. Lower crude oil prices, a weaker US dollar and declining US Treasury yields supported investor sentiment. Earlier measures to attract capital inflows remained part of the framework supporting the rupee, while the central bank stressed its endeavour to preserve an orderly currency trajectory. Future movement was linked to geopolitical de-escalation, global risk sentiment and US economic data.
    August 5, 2026
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    Fiscal consolidation through revenue mobilisation and leakage control aims to reduce deficits while expanding capital expenditure capacity.
    Tamil Nadu's Revised Budget Estimates for 2026-27 project a revenue deficit and fiscal deficit, with outstanding liabilities comprising public debt and public-account liabilities. Revenue mobilisation is proposed through improved tax administration, collection efficiency, closure of leakages, liquor-manufacturer privilege fees, and eligible Union grants. The strategy projects gradual deficit reduction to create room for capital expenditure, supported by expenditure reforms aimed at eliminating leakages, optimising expenditure, and improving service delivery.
    August 5, 2026
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    Political criticism of public office-holders raises debate over media accountability, personal remarks, and acceptable public discourse.
    Political criticism followed a social-media post describing Maharashtra Deputy Chief Minister Sunetra Pawar as "gungi gudiya" in connection with a press interaction on law-and-order issues in Beed district. Congress representatives stated that the post was not a personal insult, had been deleted after adverse reactions, and was followed by an expression of regret. NCP representatives termed the expression inappropriate and stressed that the principal dignitary should conduct media interactions. Shiv Sena (UBT) representatives described the phrase as not unparliamentary and linked it to criticism of a guardian minister's public responsibilities.
    August 5, 2026
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    On-tap licensing for Urban Co-operative Banks enters public consultation through draft guidelines inviting stakeholder feedback.
    Draft guidelines for 'on tap' licensing of Urban Co-operative Banks have been issued for public and stakeholder consultation. Comments and feedback may be submitted until September 05, 2026, through the designated online consultation facility or by written or email submission to the specified regulatory department.
    August 5, 2026
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    Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
    Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
    August 5, 2026
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    Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
    Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
    The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
    August 5, 2026
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    Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
    Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
    August 5, 2026
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    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
    The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
    August 5, 2026
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    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
    The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
    August 5, 2026
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    Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
    The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
    August 5, 2026
    Show AI Summary
    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
    Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
    August 5, 2026
    Show AI Summary
    Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
    A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
    August 5, 2026
    Show AI Summary
    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
    Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.
    August 5, 2026
    Show AI Summary
    Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
    Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.
    August 5, 2026
    Show AI Summary
    Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
    Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
    August 5, 2026
    Show AI Summary
    Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
    Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.
    August 5, 2026
    Show AI Summary
    Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
    Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
    August 5, 2026
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    Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
    The Reserve Bank retained the repo rate with a neutral stance amid uncertainty over energy prices and supply disruptions. Stock exchanges introduced the Closing Auction Session in the equity cash segment for eligible shares with futures and options contracts. This auction-based mechanism determines closing prices of eligible stocks and aims to make price discovery more transparent and robust.
    August 5, 2026
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    Services-sector growth slowed as weaker demand, competition and postponed orders moderated business activity, while employment improved modestly.
    Services-sector growth slowed as domestic and export orders moderated amid weaker demand, competitive pressures, softer market conditions and postponed orders. Output continued to expand, but at its weakest pace in more than four years. Employment growth improved modestly, while input costs rose and firms increased selling prices. Business confidence remained positive but declined, and the composite output indicator weakened due principally to the sharp slowdown in services activity.

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      Customs, DGFT & SEZ

      Thematic Session Statement of Shri Piyush Goyal during the 12th Ministerial Conference of the WTO on 'WTO Response to the Pandemic'

      June 14, 2022

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      Following is the full text of the Thematic Session Statement made by Union Minister of Commerce & Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal during the 12th Ministerial Conference of the WTO in Geneva on 'WTO Response to the Pandemic':

      “Madam Director General, His Excellency Dr. The Most Honorable Jerome Walcott, Minister of Foreign Affairs and Foreign Trade, Barbados, Ambassador Dacio Castillo, the Facilitator of the WTO Response to the Pandemic, Ambassador Dr. Lansana Gberie, Chair of the TRIPS Council, Excellencies, Ladies and Gentlemen.

      My warmest greetings to you Director General Ngozi on your birthday. I join the entire membership in conveying our best wishes for your success now, and in the years to come. May God bless you!!

      A big thank you to all of you, friends from across the world, who have conveyed your wishes to me today. I am indeed very touched.

      I am happy to note that this WTO’s Response to Pandemic text has struck a very fine and carefully crafted balance. And for this, I wish to place on record my appreciation for the facilitator, Ambassador Dacio, who has set a high standard for negotiation processes that we hope will be followed elsewhere.

      The response document is the only clean negotiated document to be submitted to the MC and is a testament to the good process that it has come through.

      India has made several compromises along the way to make this possible, like the TRIPS automaticity clause, which was not accepted, extensive dilution of the language on IP and tech transfer; a muted ambition on food security and economic resilience, compromises on a strong forward-looking agenda on these issues, resolution of the issue of developing countries and LDCs, acceptance of issues and language we have not been comfortable with in areas of transparency, export restriction, market openness and developing countries etc. I hope that the flexibility that we have shown will pave the way for its acceptance and also be replicated in other tracks for a successful MC-12.

      Therefore, disturbing this delicately poised document even slightly would unravel the months-long complex negotiations and will run the risk of failing an outcome we are close to achieving.

      This document, however, has an inextricable link with the satisfactory resolution of the TRIPS document. One cannot go through without the other and they both should be finalized together. It is of paramount importance for us to commence negotiations on therapeutics and diagnostics. We cannot have a pandemic response which does not deliver an effective and workable document on TRIPS, nor can we agree to any pre-shipment notification requirements.

      Friends, while this is a balanced text, achieved through a delicate consensus, which I do certainly appreciate, we have a few concerns. There is a reference to “some developing country Members, and especially LDCs” at some places in the draft Declaration of 10 June 2022. The Marrakesh Agreement refers to “developing countries and especially LDCs”. This formulation is a simple recognition that within the larger set of developing countries, LDCs may be more affected. The draft declaration uses this phrasing in several places. This is acceptable. However, “some developing countries” appears to be differentiating among  developing countries, which we feel is best omitted at this stage. The current formulation in a way rephrases the original intent of the Marrakesh Agreement.

      There were huge concerns about food security during the COVID 19 pandemic. I mentioned yesterday, that India distributed nearly 100 million tonnes of food grains  through our public distribution system, thanks to the public stocks that we had acquired and allocating to nearly 800 million poor and vulnerable people for nearly 25 months, at a cost of over 50 billion US dollars. This almost doubled up the existing food grains being distributed to the vulnerable sections of society under our National Food Security programme. This has been universally recognised as one of the most comprehensive approaches to addressing hunger during the pandemic. In fact, several reports internationally suggest that this has helped bring down inequality amongst different sections of society. As I said this was only possible because of the robust public stockholding programme, which India runs. Unfortunately, para 22 of the draft declaration does not mention public stock holding for food security purposes.

      Friends, for India, our response to the pandemic would not be complete without a TRIPS waiver. For the past year and a half, South Africa and India and 63 co-sponsors of the waiver proposal had urged the WTO membership to adopt the trips waiver proposal for ramping up production of vaccines, therapeutics and diagnostics to comprehensively combat the COVID 19 pandemic, by enhancing supply and ensuring equitable and affordable access regrettably though the discussions reached a deadlock in the TRIPS Council.

      I am indeed grateful to Madame Director General Ms Ngozi for finding a unique way forward and India participated in the informal quadrilateral discussions she had very kindly initiated. They were both intense and difficult discussions, however, both South Africa and India continued with a spirit of constructive engagement with our two friends, the United States and European Union. All of us gave a maximalist compromise position to attempt a draft which would be somewhat acceptable to the general membership. For us the text from these discussions does not reflect what we as a co-sponsor of the Waiver proposal had envisaged. The commencement of text based negotiations allowed the larger membership to engage in discussions on the texts. I was really hopeful that the remaining concerns with this text would have been resolved and reconciled. For India, a consensus based outcome is of paramount importance.

      Let me emphasise that we must redouble our efforts and commence negotiations on therapeutics and diagnostics as well, since the pandemic is far from over, particularly for the developing countries, including the least developed countries. While vaccines are preventive, we need to ramp up manufacture of therapeutics and diagnostics to achieve a comprehensive test and treat strategy. We believe the outcome of this critical issue as an effective, doable and workable waiver or let's say an enhanced compulsory licencing, as we see as received can deliver, in some measure what it was set out to achieve.

      Actually, has taken us nearly over a year and a half to reach this stage. Vaccines are no more in scarcity with sufficient and affordable stocks available across the world. In fact, vaccines are now getting wasted due to expiry dates. Yet there is opposition to some of the clauses even now. There is opposition to include therapeutics and diagnostics, which could at least pave the way in the future to tackle any crisis. In the course of my discussions, it has been indicated that favour was being done to the developing countries. Well, if it's only vaccines that we are looking at providing, I think it's too late in the day for that the pandemic has run its initial course, currently vaccines are not in short supply. And if you're not even able to look at the near term future and the requirements of that period, then I think it's pretty much clear that rather than concern for humanity for the hundreds of thousands of lives lost or the millions affected, it is sad that the super profits of a few pharmaceutical companies prevail over global good.”

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