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August 10, 2026
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Pesticide residue concerns drive organic farming, school agriculture initiatives, infrastructure financing and climate-resilience support for farmers.
Food-safety concerns arising from pesticide residues and toxic substances are to be addressed through organic vegetable farming, household cultivation and the Kathir school-farming initiative. Kathir provides for institutional farming, teacher and committee support, markets, student training and clubs, with possible academic weightage for agricultural participation. Agricultural infrastructure financing supports post-harvest management, value addition, processing, packing, marketing and exports. Additional measures include banking support, agricultural technology adoption, women-farmer support and schemes addressing climate-related floods and drought.
August 10, 2026
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Digital EODC processing removes physical duty challans through authenticated payment verification for export authorisation closure.
Export Obligation Discharge Certificate processing under the Advance Authorisation and Export Promotion Capital Goods schemes no longer requires physical duty-payment challans for voluntary customs-duty payments made on or after 1 August 2026. Authenticated licence-wise payment information is electronically transmitted from Customs/ICEGATE to DGFT systems and mapped to the relevant authorisation. Exporters can verify payment details on the customer portal, while Regional Authorities use corresponding back-office records, replacing manual submission and verification for authorisation closure.
August 10, 2026
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Trusted service-call numbering requires verified utilities and logistics entities to use dedicated numbers exclusively for transactional and service communications.
The 1601-series is introduced for verified utilities, courier and logistics entities making service and transactional voice calls. Numbers must be allocated directly to eligible entities, not intermediaries or aggregators, following verification by telecom service providers and an undertaking of exclusive use. Promotional voice calls are prohibited on this series and remain associated with the 140-series. The framework separates these calls from the 1600-series reserved for regulated financial-sector and government-to-citizen communications, supporting consumer recognition of legitimate calls and reducing impersonation risks.
August 10, 2026
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GST revenue collection drives tax growth while data scrutiny, taxpayer verification, and compliance capacity remain key administrative priorities.
GST constituted the principal component of tax revenue for the 2025-26 fiscal year. Tax administration faces staff shortages, information-technology upgrade needs, and increased workloads from taxpayer registrations and return filings. Compliance oversight requires GST data scrutiny, risk assessment, identification of unregistered taxpayers, tax-evasion detection, and field verification of high-risk taxpayers. Long-term revenue planning sets progressively higher collection targets through 2063.
August 10, 2026
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Russian crude imports reshape India's refining trade as processed petroleum products reach sanctioning jurisdictions despite import restrictions.
Indian imports of Russian crude oil reached a second consecutive monthly record in July 2026, with Russian crude forming the dominant share of India's Russian fossil-fuel purchases and more than half of total crude imports. Higher receipts through smaller terminals offset reduced volumes at Paradip. Indian refineries processing Russian crude also exported refined petroleum products to sanctioning jurisdictions, including the European Union, Australia and the United States, despite the European Union prohibition on imports of oil products made from Russian crude.
August 10, 2026
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Cyber-fraud through stolen phones allegedly used mule accounts, banking credentials and coordinated technical operations to divert victims' funds.
Investigation into unauthorised withdrawals after theft of a mobile phone uncovered an alleged interstate cyber-fraud network using stolen devices, linked banking credentials and mule bank accounts. The scheme allegedly involved phone theft, supply of accounts and banking instruments, and a technical operation that accessed victims' accounts and routed funds for withdrawal or transfer. Digital surveillance, transaction mapping, seized devices, victim data and transaction records are being examined to identify linked complaints and the extent of funds allegedly diverted.
August 10, 2026
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Rupee depreciation reflected stronger dollar, elevated crude prices and geopolitical uncertainty, while portfolio inflows and equity gains provided support.
The rupee depreciated against the US dollar amid a stronger dollar, higher global crude oil prices and uncertainty surrounding West Asia-related negotiations. Concerns over crude oil's potential impact on the trade deficit weighed on the currency, while positive domestic equity markets and foreign portfolio investment inflows provided support. Market caution remained focused on forthcoming US inflation data, dollar-index movements and Brent crude prices. Foreign-exchange reserves increased during the reported period.
August 10, 2026
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Collateral-free personal loans offer extended repayment flexibility, conditional reward benefits, and online application subject to eligibility and disbursal requirements.
Loan Utsav 2026 provides eligible Bajaj Finance Personal Loan applicants an exclusive reward bundle where the loan is successfully disbursed during the campaign period. The collateral-free facility supports personal expenses, offers repayment tenures from 12 to 108 months, and may enable lower monthly EMI obligations through a longer selected tenure. Interest rates depend on eligibility, credit assessment, financial profile and lending criteria. Online applications require personal and financial details and required documents, with disbursal for eligible applicants possible after verification and approval.
August 10, 2026
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Credit card payment flexibility supports seasonal shopping and travel through eligible EMIs, rewards, tracking tools and conditional merchant benefits.
Credit-card spending features include conversion of eligible purchases into EMIs, selected no-cost EMI options, reward points, cashback, merchant discounts and payment flexibility. Travel-related benefits may include domestic airport lounge access, travel-booking discounts, fuel-surcharge waiver and anniversary-linked rewards. The AU 0101 application enables transaction tracking, balance and interest-rate monitoring, EMI conversion and bill-payment management. Features and offers are subject to change, customer eligibility, internal policies and partner-merchant terms.
August 10, 2026
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Foreign-exchange market conditions weakened the rupee as stronger dollar and crude prices offset support from reserve growth and inflows.
Foreign-exchange market conditions saw the rupee weaken against the US dollar in early trading, influenced by a stronger dollar and higher global crude oil prices. Foreign institutional equity inflows and increased foreign-exchange reserves moderated pressure on the rupee. Market attention remained focused on developments in West Asia and the Reserve Bank of India, alongside movements in the dollar index, crude oil prices and domestic equity markets.
August 10, 2026
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GI-tagged Mithila Makhana export facilitation expands sea-route market access while supporting quality compliance and farmer-linked value chains.
Export facilitation for GI-tagged Mithila Makhana enabled the first commercial sea-route shipment from Bihar to Australia. APEDA, in association with the Bihar agriculture department, supported market access, coordination, capacity building and stakeholder engagement. The export model is intended to improve farmer price realisation, require adherence to global quality standards, and strengthen growers, processors and exporters. A separate HS Code for Makhana has taken effect under the Finance Bill, 2025, supporting product-specific trade classification.
August 10, 2026
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Startup ecosystem support expands through digital payments, cloud access, AI innovation, investment readiness, governance support and global market programmes.
DPIIT has entered into strategic MoUs to support DPIIT-recognised startups through payment infrastructure, entrepreneurship development, cloud technology, mobility innovation, investment readiness and global-market access. Eligible startups may receive payment and cloud support, technical training, mentorship, startup formalisation assistance, market and investor connections, AI and mobility enablement, and programmes addressing governance, financial readiness, compliance and international expansion. The collaborations promote innovation across digital payments, clean energy, artificial intelligence, climate technology, advanced manufacturing, mobility and automotive technology.
August 10, 2026
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UPI transaction charges remain unavailable for consumers and person-to-person payments, while limited threshold-based merchant MDR may be considered.
Proposed amendment of section 10A of the Payment and Settlement Systems Act, 2007 is intended to support UPI sustainability, technological advancement and resilience. Consumer payments and person-to-person transactions are to remain free. Any future merchant discount rate would apply only to limited merchant transactions above a threshold, at a nominal rate, while most merchant transactions remain free. The framework supports investment in cybersecurity, fraud prevention and infrastructure, alongside a self-sustaining and inclusive digital-payment ecosystem.
August 10, 2026
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Fair competition cooperation in renewable energy markets advances knowledge-sharing and evidence-based enforcement across interconnected digital and energy markets.
BRICS competition authorities adopted a Joint Statement strengthening cooperation to promote fair competition, including in renewable energy markets. Cooperation focuses on dialogue, knowledge-sharing and consideration of cross-border competition challenges in digital markets, emerging technologies and the energy transition. Competition enforcement is to remain principled and evidence-based, supporting efficiency, consumer welfare, innovation and merit-based competition. A collaborative renewable-energy competition study identified evolving market dynamics and areas for future cooperation.
August 10, 2026
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Cost optimisation in public finance strengthens investment decisions, risk allocation, indigenous manufacturing and value-driven government expenditure through specialised financial expertise.
ICoAS cost optimisation supports public financial management through prudent resource utilisation, financial oversight and improved cost management across government. Its role includes supporting indigenous manufacturing, better investment decisions, efficient public expenditure and maximum value for public spending. With greater private-sector participation and Public-Private Partnerships, ICoAS officers are expected to promote cost efficiency, appropriate risk allocation and sound project structuring. Capacity building emphasises integrity, financial modelling, data visualisation, analytical frameworks and artificial intelligence for improved public-finance management.
August 9, 2026
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Co-operative development financing would expand through direct assistance, share-capital participation and wider operational powers for sectoral support.
National Cooperative Development Corporation (Amendment) Bill, 2026 proposes to broaden the Corporation's mandate to promote co-operative development. It would permit direct loans and grants to co-operative societies and other entities engaged in co-operative development, where funds are used for co-operative purposes. With Central Government approval, the Corporation could participate in the share capital of such entities. The proposals also expand the meaning of foodstuffs, remove geographical restrictions for industrial-goods assistance, and provide additional functional powers.
August 9, 2026
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GST compliance failures and electricity subsidy controls raise allegations of financial irregularities and potential losses to the public exchequer.
Allegations based on a Comptroller and Auditor General report identified purported GST compliance failures involving outstanding tax liabilities, e-way bills generated after cancellation of GST registrations, limited bill scrutiny, non-compliance, and turnover mismatches. The allegations also concerned electricity subsidies extended to consumers with prolonged zero bills or apparent non-residence, presenting these issues as possible financial irregularities and losses to the public exchequer.
August 9, 2026
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Money-laundering prosecution complaints allege fund diversion through shell entities, credit-facility evergreening, layered transactions and fictitious project expenditure.
Money-laundering prosecution complaints allege that funds from toll-road projects and credit facilities were diverted through group companies, contractors, shell entities and conduit accounts. In the toll-road matter, allegedly sham or back-dated subcontracting arrangements and subsequent documentation were used to portray transfers as genuine project expenditure. In the credit-facilities matter, fresh facilities were allegedly used to repay, rotate and evergreen earlier liabilities rather than for sanctioned end-use, with funds layered and presented as legitimate business expenditure or receipts. Attached assets are sought to be confiscated as alleged proceeds of crime.
August 9, 2026
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Direct Benefit Transfer pension disbursement replaces cooperative-bank doorstep delivery, while preserving home payments for beneficiaries unable to use bank accounts.
Direct Benefit Transfer of social security and welfare pensions to Aadhaar-linked bank accounts is intended to replace cooperative-bank doorstep delivery, except for bedridden and similarly situated beneficiaries. The change addresses delays in remitting undistributed pensions, deficient record updates and reconciliation, duplicate payments, delivery incentives, and compliance with Direct Benefit Transfer norms. Criticism focuses on beneficiary access to linked commercial-bank accounts, possible minimum-balance deductions, exclusion of cooperative banks, and the effect on doorstep-delivery workers.
August 8, 2026
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Engineering business growth supported Raymond's first-quarter performance, with export expansion, capacity investment and net-debt-free financial flexibility.
Raymond Limited reported unaudited first-quarter FY27 growth in total income, EBITDA and profit before tax before exceptional items, while remaining net-debt-free with a net cash surplus. Its Engineering business comprises Precision Technology & Auto Components and Aerospace & Defence. Growth in the former was attributed to export expansion, operating leverage, product mix and cost reductions. Aerospace & Defence growth was linked to production for global OEMs, portfolio expansion and increased capacity, although margins were affected by targeted research and development investment. Forward-looking statements remain subject to regulatory, political, economic and technological risks.

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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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