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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.
August 31, 2026
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Trade facilitation and pharmaceutical market access advance through regulatory cooperation, preferential trade modernisation, and reciprocal agricultural access.
India and Brazil are advancing bilateral trade, investment and economic cooperation through a diversified partnership focused on pharmaceuticals, chemicals, engineering goods and machinery. India-MERCOSUR engagement is being pursued through early finalisation of Terms of Reference for expansion and modernisation of the Preferential Trade Agreement. Pharmaceutical market access is supported by regulatory cooperation under the CDSCO-ANVISA MoU. Agricultural trade facilitation includes phytosanitary processes, reciprocal market access work and mutual recognition of Electronic Certificates of Origin, alongside multilateral coordination through BRICS, the G20 and the WTO.
August 31, 2026
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Cross-border UPI merchant acceptance enables Indian travellers to make UZQR payments at merchants throughout Uzbekistan.
Cross-border UPI merchant acceptance in Uzbekistan allows Indian travellers to make instant person-to-merchant payments through UPI-enabled applications by scanning the interoperable UZQR code. Integration with the Unified National QR infrastructure extends acceptance across retail, hospitality and service merchants. Regulatory approvals support HUMO's role as NIPL's authorised partner for cross-border merchant acceptance, reducing reliance on international cards and cash.
August 31, 2026
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Mobile-first aviation education supports accessible, self-paced certification-led learning and career awareness across aviation roles and geographic locations.
Flymore Aviation LLP operates a mobile-first aviation learning platform intended to make specialised aviation education more accessible and affordable for aspiring pilots, cabin crew and other aviation-sector professionals. The app provides structured, self-paced aviation courses aimed at building industry knowledge, supporting certification-led skill development, improving career awareness and assisting employment readiness across aviation functions. Course delivery through a digital platform is positioned as an alternative to location-dependent and high-cost classroom training.
August 31, 2026
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Indigenous defence technology and exports anchor the annual performance review of public sector defence enterprises.
Annual performance review of 16 Defence Public Sector Undertakings is scheduled with emphasis on indigenous technology, innovation, self-reliance and enhancement of defence exports. Chairpersons and managing directors of seven specified undertakings will present dividends attributable to the Government's equity shareholding. Publications cover self-reliance, student awareness of defence technologies, and modernisation and indigenisation roadmaps. Reported performance includes growth in turnover, profit after tax and defence exports.
August 31, 2026
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Employee provident fund and gratuity dues remain protected outside the liquidation estate despite competing financial creditor claims in insolvency proceedings.
Employee provident fund and gratuity dues of former Jet Airways workmen and employees were required to be paid in full by the liquidator. The NCLAT position upheld treats statutory employee dues relating to provident fund, gratuity and pension funds as outside the liquidation estate, protecting them from competing creditor claims. Financial creditors had argued that such dues should be distributed through the liquidation estate unless dedicated funds existed at the commencement of liquidation. The underlying questions of law remain open for an appropriate case.
August 31, 2026
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Rupee exchange-rate support amid dollar strength and oil risks as foreign-currency deposit flows bolster market sentiment.
Foreign-exchange market conditions saw the rupee recover from early losses amid possible Reserve Bank of India intervention to contain significant depreciation. Higher US Treasury yields, a broader dollar rally, rising crude oil prices and geopolitical supply risks pressured the currency. The special USD-INR forex swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings mobilised foreign-exchange inflows supported by non-resident Indian participation, strengthening market sentiment.
August 31, 2026
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Financial confidence gaps persist when opaque financial journeys, dark patterns and unclear communication deter informed consumer participation.
Financial-service digitisation may expand access without ensuring consumer confidence where customers cannot understand processes, assess risks or feel secure in financial decisions. Opaque claims, redemptions, eligibility criteria and approval stages can weaken trust and discourage insurance, investment and credit participation. Hidden charges, complex documentation, forced bundling and target-driven sales practices may further impair informed choice. Greater transparency, simplified communications, real-time process visibility and AI-assisted guidance are identified as measures to reduce cognitive friction and strengthen consumer control.
August 31, 2026
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NBFC licensing enables Hyundai Capital India to begin wholesale dealer financing while preparing retail finance and risk-management infrastructure.
Hyundai Capital India has commenced financial services operations after obtaining a non-banking financial company licence from the Reserve Bank of India. Initial operations concentrate on wholesale financing for local automotive dealers. Operations are intended to expand the dealer-financing network, sales infrastructure and risk-management systems across India, supporting a subsequent phased introduction of retail financing for individual customers.
August 31, 2026
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Personal insolvency resolution approval faces criticism over low creditor recovery and alleged family-linked voting influence in the resolution process.
Personal insolvency resolution approval concerning Subhash Chandra involved a repayment plan of Rs 6.5 crore against admitted creditor claims exceeding Rs 22,000 crore. Objections were raised regarding the voting influence exercised by entities linked to the debtor's family in relation to the resolution process. Pinarayi Vijayan criticised the approval, alleging preferential treatment of powerful corporate interests.
August 31, 2026
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Foreign exchange market intervention seeks to limit rupee depreciation amid oil-price pressure, dollar strength, and capital outflows.
Foreign exchange market conditions put the rupee under depreciation pressure amid higher crude oil prices, geopolitical risks, stronger US dollar conditions, expectations of tighter US monetary policy and foreign equity outflows. RBI market intervention was reported to contain significant depreciation. Improved foreign-currency non-resident bank deposit flows and higher foreign exchange reserves supported investor sentiment and the external liquidity position.
August 31, 2026
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Psychotropic medicine diversion faces NDPS enforcement where controlled tablets allegedly travel without statutory documentation and traceability details.
Enforcement action under the Narcotic Drugs and Psychotropic Substances Act, 1985 addressed alleged inter-State diversion of psychotropic medicines transported without statutory documentation. A truck carrying Alprazolam, Tramadol, Nitrazepam and Clonazepam tablets was intercepted; the medicines and vehicle were seized and one suspect was arrested. Preliminary examination indicated erasure of identifying batch and date details and transport of region-restricted medicines without invoices, bilty or e-way bills. Investigation concerns the manufacturing, supply and distribution network involved.
August 31, 2026
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Synthetic-drug trafficking enforcement targets rail-borne amphetamine and MDMA consignments through baggage interceptions, seizures, follow-up delivery operations, and arrests.
Synthetic-drug trafficking enforcement involved two intelligence-led railway-station operations targeting amphetamine and MDMA transportation and receipt. Baggage intercepted at Bengaluru contained a crystalline substance preliminarily indicating amphetamine, while a separate Pune interception recovered substances purported to be amphetamine and MDMA tablets. The contraband and related packing material were seized under the Narcotic Drugs and Psychotropic Substances Act, 1985. Follow-up delivery action identified alleged receivers, and the carriers and alleged receivers were arrested under that statutory framework.
August 31, 2026
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India-Chile CEPA negotiations seek a balanced framework to expand trade, investment, technology cooperation and resilient supply chains.
India-Chile CEPA negotiations are being advanced toward conclusion by the end of the year through a balanced and commercially meaningful framework. The proposed partnership is intended to strengthen bilateral economic ties, expand trade and investment, and create equitable opportunities for businesses and people in both countries. Cooperation is envisaged in technology, talent and resilient supply chains, alongside enhanced engagement in healthcare, pharmaceuticals, energy, minerals, agriculture, machinery and engineering.

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Customs, DGFT & SEZ

Joint Statement on India - United States Trade Policy Forum

January 13, 2024

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The 14th Ministerial-level meeting of the India-United States Trade Policy Forum (TPF) was held in New Delhi, India on January 12, 2024. Minister of Commerce and Industry, India, Shri Piyush Goyal and U.S. Trade Representative, Ambassador Katherine Tai co-chaired the TPF meeting.

2. The Ministers underlined the significance of the TPF in forging robust bilateral trade ties and in enhancing the overall economic relationship. They welcomed the strong momentum in India-US bilateral trade in goods and services, which continued to rise and likely surpassed $200 billion in calendar year 2023 despite a challenging global trade environment. They acknowledged that considering the size of their economies, significant potential remains unrealized and expressed their mutual desire to further enhance engagement with the goal of continuing to increase and diversify bilateral trade. In this regard, the Ministers underlined the significance of the TPF in forging a robust economic relationship.

3. The Ministers took stock of the significant progress made in addressing concerns impacting the bilateral trade relationship since the 13th TPF held in January 2023. This was highlighted by the historic settlement of all seven longstanding trade disputes at the World Trade Organization (WTO) between the two countries as well as the understandings on market access related to products of significance to the bilateral trade relationship. These outcomes were delivered in the context of the historic state visit of India’s Prime Minister Narendra Modi to the United States in June 2023 and subsequently during the visit of U.S. President Biden to India for the G20 Summit in September 2023.

4. The Ministers agreed that their governments will pursue enhanced engagement leading to mutually beneficial outcomes in several areas, with a view to deepen the trade relationship for the benefit of working people. They identified certain areas, including critical minerals, customs and trade facilitation, supply chains, and trade in high tech products, in which the United States and India will develop an ambitious and forward looking roadmap for enhanced cooperation in order to achieve economically meaningful outcomes. The Ministers committed to pursue these efforts with a view to establish the foundation to launch future joint initiatives.

5. Ambassador Tai congratulated India on the successful completion and hosting of the G20 Presidency and the G20 summit, which saw the unanimous adoption of the G20 New Delhi Leaders’ Declaration. She welcomed the positive outcomes achieved in the G20 Trade and Investment Working Group, and in particular the adoption of the High Level Principles on Digitalization of Trade Documents. The Ministers agreed to further pursue support for the implementation of these principles in other forums so as to strengthen the pathways for digitalization of trade documents. The Ministers emphasized that the G20 is a valuable platform for initiating constructive dialogue and fostering cooperation among members on global trade issues and agreed to work together in that regard. Progress on Bilateral Trade Concerns

6. The Ministers highlighted the work undertaken by the TPF Working Groups since the 13th TPF Ministerial through regular high-level meetings. They expressed their intent to continue to work together on resolving outstanding trade issues and highlighted both progress and upcoming engagement on a select number of those issues. Non-Agricultural Goods

7. The Ministers agreed to establish a pathway in which India and the United States will mutually recognize results from accredited conformity assessment bodies utilizing International Laboratory Accreditation Cooperation (ILAC) and International Accreditation Forum (IAF) mutual recognition arrangements (MRAs), on a bilateral basis whenever possible. This will allow labs and conformity assessment bodies to certify that products are compliant with certain standards. This would eliminate duplicative testing requirements and reduce compliance costs for trade in high-quality goods. The Ministers committed to identify priority sectors of mutual interest for implementation and establish a Joint Facilitative Mechanism (JFM) for the same, the terms of reference of which will be finalized at the earliest.

8. The Ministers welcomed the finalization of the Turtle Excluder Device (TED) design developed with the technical support of the National Oceanic and Atmospheric Administration (NOAA). The collaboration between India and the United States to expedite the TED demonstrations will confirm that the TED design effectively minimizes the impact of commercial shrimp trawl operations on sea turtle populations. The Ministers acknowledged that NOAA has scheduled its visit to India for February 2024 to carry out field demonstrations with the newly designed TED and conduct workshops for stakeholders. Both sides acknowledged that the timely completion of the field demonstrations could contribute to the sustainable management and protection of marine and coastal ecosystems, thereby fostering enhanced seafood trade between the two countries.

9. The Ministers reiterated their commitment to ensure that technical regulations, such as Quality Control Orders, do not create unnecessary barriers to trade by providing sufficient opportunities for stakeholder consultations and ensuring that relevant domestic standards align with international standards to the extent feasible.

10. The Ministers emphasized their mutual interest in furthering public health discussions to ensure safe and effective medical products. India emphasized the need to increase the number of inspections by the U.S. Food and Drug Administration (U.S. FDA) in India to facilitate trade and continue to reduce the backlog. The United States appreciated India’s remarks, noting that the U.S. FDA has increased staffing to increase pharmaceutical inspections conducted by the agency.

11. The Ministers acknowledged the ongoing discussions related to ensuring patient access to affordable medical devices, including through the Trade Margin Rationalization (TMR) approach. They also emphasized the importance of enhancing engagement to address measures that could negatively impact the ongoing trade in the sector, such as standards and pricing issues for medical devices, including for cardiac stents and knee implants. The Ministers noted that this engagement would facilitate access to cutting-edge medical technology for patients. The Ministers shared concerns related to the overdependence and lack of diversity in Active Pharmaceutical Ingredients within the global pharmaceutical supply chain and welcomed the opportunity to collaborate to derisk and diversify with a focus on Key Starting Materials.

12. Ambassador Tai raised the issue of India’s new import requirements for computers, tablets, and servers. Minister Goyal described India’s objectives, including those related to national security concerns, and Ambassador Tai expressed a willingness to collaborate with India on the shared objective of supply chain resilience in this sector. India conveyed its willingness to continue engaging on this issue with the United States and other interested stakeholders. She further welcomed that India has implemented the “import management system for specified IT Hardware” in a facilitative manner that has thus far minimized the impact on trade and urged India to ensure that the end-to-end online system currently in operation and related policies do not restrict trade going forward.

13. Minister Goyal reiterated India’s interest in restoration of its beneficiary status under the U.S. Generalized System of Preferences program. Ambassador Tai noted that this could be considered, as warranted, in relation to the eligibility criteria determined by the U.S. Congress.

14. The United States welcomed India’s decision to reduce the timeline for reaching 20 percent ethanol blending with petrol from 2030 to 2025 and for the launch of the Global Biofuels Alliance as well as the India-U.S. Biofuels Task Force. They offered to explore ways that the United States can supplement ethanol supply in India for fuel blending in the event that stocks in India fall short of demand. Indian side noted the United States’ request for cooperation in this regard. Intellectual Property

15. The Ministers appreciated the positive ongoing engagement on intellectual property (IP) in the TPF IP Working Group and acknowledge the important role protection and enforcement of IP plays in promoting innovation, bilateral trade, and investment in IP-intensive industries. The United States welcomed India’s efforts to modernize its patent system and registration processes across its IP offices, particularly through recently proposed amendments to the patent rules which aim towards streamlining compliance requirements and easing the process of patent filing and granting. The Working Group also discussed a number of other issues, including protection for geographical indications and trade secrets. Both sides welcomed each other’s commitment to comply with the World Intellectual Property Organization Copyright Treaty and World Intellectual Property Organization Performance and Phonogram Treaty. The United States and India committed to continuing to engage on IP matters concerning both sides. Agriculture

16. The Ministers acknowledged the pending work to be completed for early finalization of market access for certain agricultural products of interest to both sides. They also conveyed their interest in enhancing their ongoing dialogue on food and agricultural trade issues in 2024 and to continue working to address outstanding issues through the Agriculture Working Groups, as well as the relevant sub-groups, utilizing science and risk-based principles. The Ministers welcomed the engagement and information exchange on necessary regulations regarding import of animal feed products, including alfalfa hay. Services

17. The Ministers acknowledged the constructive engagement of the Services Working Group under the Trade Policy Forum. The Ministers emphasized that bilateral cooperation on digital trade and services should support the growth of their dynamic economies, while also addressing shared challenges and providing tangible benefits for workers and small businesses.

18. The Ministers acknowledged the ongoing discussions on a Social Security totalization agreement and receipt of additional information by the United States from India. They also encouraged further engagement in order to establish a stronger basis for a future agreement.

19. The Ministers exchanged views on the potential of digital trade to spur economic growth and innovation. The Ministers discussed India’s new Digital Personal Data Protection Act (DPDPA). Ambassador Tai appreciated India’s extensive consultations and noted that India’s approach of enhancing data protection, privacy and security while enabling connectivity will support further expansion of the bilateral digital trade. Both Ministers expressed their desire to continue engaging as India begins to draft rules for implementing the DPDPA.

20. The Ministers acknowledged the discussions on telemedicine services and encouraged stakeholder engagement on both sides to create an enabling framework for future collaboration in this area.

21. Ambassador Tai welcomed the positive amendments to the Direct Selling Rules and appreciated India’s continued engagement on the issue.

22. Minister Goyal highlighted India’s leadership in further developing Digital Public Infrastructure (DPI). Both sides recognized the potential of Digital Public Infrastructure (DPI) approaches for enabling open and inclusive digital economies. The Ministers expressed their interest in further collaborating to ensure that DPI is utilized in a manner that ensures competitive markets and promotes inclusive development, and includes appropriate safeguards to protect privacy, data security, and intellectual property.

23. The Ministers acknowledged the role of professional services in catalyzing bilateral trade between the two countries and noted that issues related to recognition of professional qualifications and experience can facilitate services trade. In this context, both sides agreed to continue discussions on promoting engagement in these sectors.

24. The Ministers noted that the movement of professional and skilled workers, students, investors and business visitors between the countries contributes immensely to enhancing the bilateral economic and technological partnership. Minister Goyal highlighted challenges being faced by business visitors from India due to visa processing time periods and requested the United States to augment processing. Resilient Trade

25. The Ministers welcomed the continued engagement on the use of best practices with respect to customs and trade facilitation, including continued collaboration on issues related to the WTO’s Trade Facilitation Agreement and adopting provisions on digitalization of trade facilitation measures.

26. The Ministers reiterated their commitment towards policies that ensure transparent regulatory practices, including online accessibility to information regarding regulations and regulatory processes, and adequate time for public consultations.

27. Minister Goyal conveyed India’s interest in being recognized as a Trade Agreements Actdesignated country by the United States. The Ministers highlighted the initiation in 2023 of discussions on issues related to bilateral government procurement, such as transparency and procedural fairness, and welcomed plans for further technical engagement between their officials.

28. The Ministers recognized the importance of eliminating forced labor in global supply chains to promote resilient and sustainable trade and committed to work together on issues pertaining to child and forced labor in global supply chains.

29. The Ministers appreciated the positive spirit of collaboration demonstrated by both sides while resolving bilateral WTO disputes and in that spirit emphasized that the TPF will continue to act as the key platform to discuss all outstanding trade issues with the aim to both strengthen the bilateral economic partnership and to address these issues bilaterally.

30. The Ministers concluded the meeting by directing the five TPF Working Groups to reconvene quarterly, either in person or virtually, and identify specific trade outcomes to ensure that the trade relationship continues on its positive trajectory. They also instructed senior officials to hold an in person inter-sessional TPF meeting by mid-2024 and plan to reconvene the TPF at the Ministerial level before the end of 2024

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