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August 17, 2026
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RERA compliance exemption for stalled housing projects raises whether statutory obligations may be waived to enable phased project completion.
RERA compliance exemption is sought for completion of 16 stalled residential projects by a public sector construction entity appointed under a project-completion arrangement. The appellate insolvency tribunal declined to direct a waiver, considering itself incompetent to exempt compliance with statutory provisions. The arrangement requires phased completion, award and commencement of construction work, and oversight through an apex committee and project-wise committees. The projects remain incomplete owing to the developer's financial crisis.
August 17, 2026
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Deposit mobilisation and youth banking guide strategies for stronger public financial institutions, investment financing and Global Capability Centre opportunities.
PSB Confluence 2026 considers strategic priorities for Public Sector Banks and Public Financial Institutions across deposit mobilisation, banking for youth, investment-cycle financing and Global Capability Centres. Discussions seek practical, scalable strategies to strengthen customer engagement, youth-responsive banking propositions, institutional financing capabilities and participation in the expanding Global Capability Centre ecosystem. Youth engagement may use the MY Bharat platform to strengthen links with the formal financial system and awareness of education finance, entrepreneurship, internships and financial-sector careers. Further themes include value-chain infrastructure, priority sector lending and credit card business reform.
August 17, 2026
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Banking-sector reform will guide lender capacity, financial stability, inclusion, consumer protection, deposit growth and responsible credit-card expansion.
Banking-sector reform is proposed through a high-level committee on Banking for Viksit Bharat to review the sector and align it with growth needs while safeguarding financial stability, financial inclusion and consumer protection. Key themes include deposit mobilisation, youth banking, investment support, global capability centres, value-chain infrastructure, credit cards and priority-sector lending. Public-sector banks are expected to improve competitiveness through technology, sectoral expertise, product adaptation and customer-focused deposit growth. Credit-card development must maintain responsible underwriting, customer protection and appropriate risk controls.
August 17, 2026
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FCNR(B) concessional swap facility availability narrows to timely mobilised deposits amid rupee depreciation and foreign currency inflow concerns.
Foreign-exchange conditions reflected rupee depreciation amid weak domestic equity markets and higher crude oil prices. FCNR(B) concessional swap facility availability is confined to foreign currency deposits mobilised by banks within the revised cut-off period, replacing the previously longer mobilisation window. The facility is intended to encourage foreign currency inflows, while banks use the FCNR(B) scheme to mobilise foreign currency deposits through attractive interest rates.
August 17, 2026
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Banking sector review panel will align future growth with financial stability, inclusion and consumer protection through government recommendations.
High Level Committee on Banking for Viksit Bharat is proposed to comprehensively review the banking sector and align it with India's next phase of growth. It is intended to safeguard financial stability, financial inclusion and consumer protection, while providing views and recommendations to the Government on banking-sector development and reform.
August 17, 2026
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Prime Minister Internship Scheme enhances youth employability through paid industry exposure, cross-field learning, workplace readiness and potential full-time employment.
The Prime Minister Internship Scheme provides paid internships with leading companies across India to improve youth employability through practical workplace exposure, industry experience and skills development. It addresses the gap between classroom learning and employers' expectations of workplace readiness. Participation is not confined to academic qualifications, allowing youth to pursue fields of interest and gain hands-on professional learning. Strong internship performance may lead to full-time roles, while the scheme stresses responsible work where errors may affect quality, consumer safety and organisational reputation.
August 17, 2026
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SAFTA origin fraud in areca imports allegedly enabled improper duty exemption through false Bangladeshi-origin declarations.
SAFTA preferential duty treatment for areca-nut imports was allegedly misused by falsely declaring goods originating in South-East Asian countries as Bangladeshi origin. Since areca nuts normally attract 100% basic customs duty, the scheme sought to obtain the full SAFTA exemption reserved for qualifying Bangladeshi goods meeting Rules of Origin requirements. The alleged mechanism included routing goods through Bangladesh, changing containers and bags, using improperly obtained Certificates of Origin, and facilitating clearance through importers, Customs Brokers and IEC holders. Investigative findings also indicated cash proceeds, hawala channels and dummy entities.
August 17, 2026
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FCNR(B) concessional swap facility closure may reduce temporary foreign-currency inflow support and heighten rupee weakness concerns.
The Reserve Bank of India restricted its concessional swap facility for FCNR(B) deposits to deposits mobilised by August 31, advancing the earlier cut-off date. The facility was intended to encourage foreign-currency inflows, while banks mobilise such deposits through attractive interest rates. Market commentary indicated that existing inflows may support the rupee in the near term, but the curtailed availability of the facility could reduce this temporary cushion and increase depreciation risk.
August 16, 2026
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Temporary tariff suspension for earthquake recovery is sought to ease pressure on affected Colombian businesses.
Temporary suspension of high tariffs on Colombian products has been sought to support business recovery following a severe earthquake declared a natural disaster. The request links tariff relief to economic disruption affecting businesses amid extensive destruction, injuries and missing persons. United States emergency assistance has been provided through food, shelter and health supplies, while no response to the tariff-suspension request had been reported.
August 16, 2026
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Port-led industrial development and direct export operations aim to expand logistics infrastructure, market access and trade connectivity.
Mission Samudra is proposed as a port-led industrial and logistics development programme linked to the commencement of export-import operations at Vizhinjam seaport. It covers industrial clusters, new cities, port connectivity, logistics, development initiatives, programme management and capacity building. Direct export shipments are intended to improve overseas-market access and reduce transit time and logistics costs, particularly for small and medium enterprises. The framework also anticipates growth in warehousing, cold storage, container freight stations and logistics parks, supported by private participation and road and rail connectivity.
August 16, 2026
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Electric vehicle export diversification strengthens India's presence across European, Asia-Pacific and Latin American markets through expanding overseas demand.
India's electric motor car exports expanded sharply in the first quarter of 2026-27, reflecting increased international acceptance and competitiveness of India-manufactured electric vehicles. Europe became the principal export destination, led by Spain and the United Kingdom, with further demand across several European markets. Exports also reached Asia-Pacific markets, Nepal and emerging Latin American destinations. This wider market presence reflects improving quality and safety standards, stronger integration into global electric-vehicle supply chains, and diversification of India's electric-vehicle export profile.
August 16, 2026
Show AI Summary
LPG production preparedness requires refiners and upstream producers to maintain capacity and increase output during supply constraints.
Government has established a standing LPG production preparedness framework under which refining companies, oil marketing companies and upstream producers may be directed to increase production during supply constraints. Companies must maintain adequate LPG storage, evacuation and transportation infrastructure and pursue technically and economically feasible production-enhancing measures. Written directions may prescribe production quantities and periods, including restrictions on alternative uses of input streams required for LPG. The production schedule is updated twice yearly to reflect new facilities and added capacity from infrastructure, technology and distribution improvements.
August 16, 2026
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Free trade agreement market access requires MSMEs, farmers and exporters to meet global quality standards.
Free trade agreements expand market-access opportunities for Indian MSMEs, exporters and producers through reduced or eliminated import duties on traded goods. Textiles, machinery, medicines, seafood and agricultural products can access international markets where they meet global standards and remain competitively priced. Farmers and producers are encouraged to develop export-oriented products, including chemical-free agricultural produce, while MSMEs may use preferential trade access to support manufacturing, exports, employment and growth.
August 15, 2026
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Chemical-free farming can strengthen agricultural exports by meeting global standards and responding to rising international demand.
Chemical-free farming is urged to meet growing global demand and expand agricultural exports. Agricultural products must meet global parameters to facilitate access to international markets, including markets opened through free trade agreements. Food processing, export-oriented farm production, and global branding of traditional cuisine, millets, spices, fruits and flowers are identified as important elements of agriculture and food production policy.
August 15, 2026
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Voluntary foreign asset disclosure allows eligible taxpayers to regularise overseas holdings with immunity from further tax, penalties and prosecution.
FAST-DS permits eligible taxpayers to disclose specified undisclosed foreign assets, foreign income, and foreign assets omitted from return schedules. Undisclosed assets or income not previously offered to tax may be declared up to Rs 1 crore on payment of an effective 60 per cent levy, based on fair market value as of 31 March 2026. Assets already offered to tax, or acquired during non-resident status but omitted from the return schedule, may be declared up to Rs 5 crore on payment of a fee. Valid declarations provide immunity from further tax, penalty and prosecution, while declared amounts are excluded from total income.
August 15, 2026
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Global pharmaceutical leadership is urged through Indian firms achieving top-five status, supported by generic manufacturing and export capacity.
Indian pharmaceutical companies are urged to attain representation among the world's five leading pharmaceutical firms, despite India's established position as a major producer of generic medicines. India has a broad manufacturing base, supplies generic medicines across numerous therapeutic categories, and exports to worldwide markets including highly regulated jurisdictions. Although pharmaceutical exports and the domestic market have expanded, Indian firms have not yet secured positions among the largest global companies. Greater international scale may be supported through acquisitions and expanded established-brand and branded-generic operations.
August 15, 2026
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Foreign asset voluntary disclosure permits eligible small taxpayers to regularise qualifying assets through tax, additional levy, and statutory immunity.
FAST-DS permits eligible small taxpayers to voluntarily disclose specified foreign assets or foreign income. It covers undisclosed foreign assets or income not offered to tax, subject to an aggregate value threshold of Rs 1 crore, and certain foreign assets omitted from the relevant return schedule, subject to a Rs 5 crore threshold and prescribed fee. Payment comprises 30 per cent tax and an additional equal amount. Disclosed income or investment is excluded from total income, with immunity from further tax, penalty and prosecution under the Black Money Act for the disclosed asset or income.
August 15, 2026
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Free trade agreement opportunities require MSMEs to meet global standards and expand exports across textiles, machinery, medicines and seafood.
Free trade agreements are presented as export-market opportunities for Indian MSMEs because they reduce or eliminate import duties on a substantial range of traded goods. MSMEs are urged to expand exports of textiles, machinery, medicines and seafood, including shrimp, by meeting global quality standards and offering products competitively. Their export role is linked to self-reliance and their significant contribution to manufacturing, exports, GDP and employment.
August 15, 2026
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Windfall gains tax on petroleum exports was reduced to support domestic fuel availability and limit export price advantages.
Special additional excise duty (windfall gains tax) on exports of petrol, diesel and aviation turbine fuel was reduced from 15 August 2026. Petrol export duty was reduced to nil, and export-duty rates on diesel and ATF were lowered. Duty rates for petrol and diesel cleared for domestic consumption remained unchanged. The export-duty framework seeks to maintain domestic petroleum-product availability and limit export advantages arising from higher global crude oil prices amid West Asia tensions.
August 15, 2026
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Energy self-reliance drives diversified fuel sourcing, expanded offshore exploration, and domestic capacity to reduce geopolitical supply vulnerability.
Energy security policy seeks to reduce exposure to geopolitical pressure and supply disruption caused by dependence on overseas fuel and strategic maritime routes. India is diversifying crude oil and LNG sourcing while strengthening domestic hydrocarbon production through offshore exploration, seismic surveys, exploratory drilling and shared infrastructure. Expanded access to sedimentary basins is intended to unlock domestic oil and gas resources. Wider piped natural gas coverage, solar generation, critical-mineral exploration, and nuclear and other non-fossil energy sources support the broader objective of energy self-reliance.

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Customs, DGFT & SEZ

Finance and Corporate Affairs Minister inaugurates ‘Kendriya GST Parisar’ residential complex for CGST officers at Kharghar, Navi Mumbai

September 15, 2022

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Finance and Corporate Affairs Minister inaugurates ‘Kendriya GST Parisar’ residential complex for CGST officers at Kharghar, Navi Mumbai

We need to better utilize AI, data-analytics, IoT and other technologies to identify fraudulent practices, such as detection of tax evasion and better train officials on these aspects : Nirmala Sitharaman

The next residential project of CBIC is coming up at Wadala over a 40 acres plot, with more than 4000 residential units and three office towers: Revenue Secretary

Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman inaugurated ‘Kendriya GST Parisar’, a residential project for officers and staff of CGST Mumbai Zone under the Central Board of Indirect Taxes and Customs (CBIC), at Kharghar, Navi Mumbai today. The Finance Minister ceremonially handed over the keys to the first five allottees, who are officers of different ranks and cadres of the CBIC. Union Minister of State Finance Sh. Pankaj Chaudhary was also present on the occasion. Revenue Secretary Shri Tarun Bajaj, CBIC Chairman Shri Vivek Johri, Member (Administration) of CBIC Smt. Sungita Sharma, Principal Chief Commissioner CGST Mumbai Zone Shri Ashok Kumar Mehta and other senior officers from CBIC and officers and staff from CGST Mumbai Zone Mumbai zone were present amongst the dignitaries.

Kendriya GST Parisar is a spacious residential project with well thought layout and located at one of the most preferred locations In Navi Mumbai. The project sits at a crossroads of connectivity to major avenues of Mumbai and Pune and has quick and easy access to hospitals and Educational Institutes. The inauguration of project in Amrit Kaal during the Azadi Ka Amrit Mahotsav showcases the strength of New India.

Addressing the gathering, Finance Minister expressed special appreciation to former Chairman of CBIC and his team for taking up the project and getting it cleared and executed. Smt. Sitharaman said that it gives her immense satisfaction to be in places where projects for welfare of Finance Ministry’s field formations are taken up and completed. Noting that the project has been completed in record time and cost by the public sector organization NBCC even during the pandemic, Finance Minister said that, “it is exemplary and proves that government organisations can excel and compete with the private sector as well”. In this context, she said that Government and Quasi-Government organizations had in earlier times been looked at with a sense of uncertainty. “Today is a rare occasion when a project is completed within time and cost, without compromising quality and keeping the future in mind”, said the Finance Minister.

Speaking about the achievements of CBIC, the Finance Minister said, “You keep doing good work, generating revenues, you are noticed for it, PM made a special appreciative mention recently on level of GST revenues”. The Finance Minister also spoke about the need for training CBIC officials for better utilization of Artificial Intelligence, Data-analytics, IoT and other technologies to identify fraudulent practices, such as detection of tax evasion.

The FM was appreciative of the Central Intelligence Unit team of CGST Mumbai Zone for fantastic data analysis and mining tools used for large scale tax evasion resulting in big recovery and booking of offenders. He also lauded the effort of the department to take care of future needs and development required for the second phase for welfare of officers and staff.

Minister of State for Finance Shri Pankaj Chaudhary appreciated the team that implemented the project for completion of the work at a cost of Rs 100 crores, which is less than the allocated project cost of Rs 110 crores. He also lauded the effort of the department to take care of future needs and development required for the second phase for welfare of officers and staff.

Revenue Secretary Shri Tarun Bajaj said, it is very important to take care of the tax officers, especially in terms of their accommodation, if good productivity is to be expected from them. In this context, there has been emphasis for the last year and a half to clear all such projects, he added.

The Revenue Secretary informed that another housing project of CBIC is coming up at Wadala in Mumbai. It is a huge project on a 40 acres plot. In the first phase 770-780 flats and one office tower will be constructed. This will be followed by construction of around 4000 residential units along with two office towers in the next phase.

Chairman CBIC Sh. Vivek Johri said 7% of GDP and 40% of foreign Trade is contributed by Mumbai. Mumbai Customs Zone give 25% and Mumbai CGST 18% of GST revenue in Country whereas 14% workforce of CBIC is in Mumbai itself. In order to meet the aspirations of staff and officers of Mumbai, second phase of 160 flats in the Kharghar would be constructed soon.

The Principal Chief Commssioner of CGST Mumbai Zone Ashok Kumar Mehta informed that CGST Mumbai Zone, the highest revenue collecting zone in the country, had collected more than Rs. 1,18,000 crores in the last fiscal. Rs. 11,000 crore of tax evasion was detected by the zone in last 12 months, he added.

Kendriya GST Parisar:

The project was completed in record 14 months despite two waves of COVID 19 affecting work and within stipulated timelines of agreement. It is a State of the art structure, green and sustainable and conforming to GRIHA3 norms. The plot 20000 sq mtrs has a built up area of 30534 sq. mtrs thus the average cost of construction pegged at Rs 32,750 per sq mt or Rs 3044 per sq feet. The cost of Rs. 3044 per sq feet is far less than average cost of construction in Mumbai which is more than Rs 6000 per sq feet. The flats are spacious nicely ventilated with best fittings, fixtures and lightings. 187 Residential quarters for all class of officers and staff has been constructed viz: type II (42 flats), type III (70 flats), type IV (Special) (20 flats), type V (9 flats), and type VI (2 flats).

AFFORDABLE HOUSING is one of Mumbai's most pressing issues. The General Pool Residential Scheme provides housing for Central Government employees, but with an increase in employment and applicants from all over India, there is a shortage of quarters and a long waiting list. As a result, this project has taken a significant step toward resolving the residential issues that government employees face. CBIC is making significant efforts to develop housing project for the welfare of officers and staff all over India wherever there is shortage of Government accommodation.

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