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    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
    SC grants interim bail to businessman Anwar Dhebar in manpower commission 'scam' case
    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
    RBI marginally raises FY27 GDP growth projection to 6.7 pc, lowers inflation forecast
    Collaboration, Inclusion and Entrepreneurship: How SIDBI MSME Samvaad Is Shaping the Future of India’s MSME Ecosystem
    RBI keeps policy rate unchanged for third time in row in FY27 amid West Asia crisis
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    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
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    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
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    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
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    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
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    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
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    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
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    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
    Show AI Summary
    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
    Show AI Summary
    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.
    August 5, 2026
    Show AI Summary
    Interim bail conditions require residence outside the state and trial attendance in alleged manpower commission corruption proceedings.
    Interim bail was granted to Anwar Dhebar in a matter involving alleged corruption and an illegal commission mechanism linked to a state marketing corporation. Conditions require him to remain outside Chhattisgarh, attend the trial court, and provide his residential address. The allegations concern manpower supply agencies allegedly being compelled to pay commissions for clearance of legitimate bills, with proceeds routed through intermediaries. The case was registered under the Indian Penal Code and the Prevention of Corruption Act.
    August 5, 2026
    Show AI Summary
    Tax certainty measures revise fund-management safe harbours, electronic-payment charges, sectoral exemptions, business-trust treatment, and excess expenditure appropriation.
    The Taxation and Other Laws (Amendment) Bill, 2026 proposes to replace the Income-tax (Amendment) Ordinance, 2026 and amend payment-system and tax laws. It would prohibit charges on notified electronic payments, revise safe-harbour conditions for eligible investment funds and fund managers, and expand tax exemptions for Government securities, qualifying rough-diamond sales and bonded-warehouse component storage. It also modifies exemptions concerning electronic-goods contract manufacturing, data centres and business-trust dividends, while imposing a differentiated surcharge on qualifying special purpose vehicles. A separately included appropriation bill authorises excess expenditure from the Consolidated Fund of India.
    August 5, 2026
    Show AI Summary
    Growth and inflation projections reflect resilient domestic activity while energy volatility, supply disruptions, and food prices sustain inflation risks.
    Monetary policy projections for fiscal 2026-27 revise real GDP growth upward to 6.7 per cent and Consumer Price Index inflation downward to 5 per cent. Domestic activity is described as resilient amid global uncertainty, but inflationary risks persist from rainfall disruption, energy-price volatility, supply-chain uncertainty, and second-round effects of higher food, fuel and input costs. Core inflation is projected at 4.3 per cent for the fiscal year.
    August 5, 2026
    Show AI Summary
    Industry collaboration strengthens MSME competitiveness through shared resources, market linkages, capability building and inclusive support for women entrepreneurs.
    MSME development is linked to collaboration, knowledge-sharing, institutional support and capability building. Industry associations can provide networking, policy advocacy, business intelligence, skills programmes, shared infrastructure and market linkages, while collective procurement, shared logistics, digital commerce and export readiness may improve competitiveness. Women-led enterprises benefit from market-oriented capability development, mentorship, continuous learning, professional networks, capacity-building programmes and institutional support. The Development of Industry Associations initiative is intended to connect associations and facilitate the sharing of best practices.
    August 5, 2026
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    Monetary policy rate maintenance continues under a neutral stance amid energy disruption, inflation concerns and sustained currency depreciation.
    Monetary policy rate maintenance was continued with the repo rate retained at 5.25 per cent under a neutral stance amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The growth forecast was marginally increased and the inflation projection reduced. Sustained rupee depreciation against the dollar was attributed to costly oil, capital outflows, widening trade deficits and a strong US dollar.

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      News and Press Release

      Govt. of India working in mission mode to develop robust quality ecosystem in India

      January 30, 2024

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      DPIIT introduces Quality Control Orders for critical products impacting consumer safety like Electrical Accessories, Laboratory Glassware, Hinges, Copper Products and Door Fittings

      The Government of India has been working in mission mode to develop a robust quality ecosystem in India, the hallmark being the accent on superior and safety compliant products to take the economy to higher echelons of growth and development. As part of this endeavor, Quality Control Orders (QCOs) are being rapidly introduced by the Department for Promotion of Industry and Internal Trade (DPIIT) for critical products impacting consumer safety like Electrical Accessories, Laboratory Glassware, Hinges, Copper Products and Door Fittings. These QCOs have the right ingredients for strengthening the quality standards of ‘Made in India’ products, without compromising on the range of goods being made available to the Indian consumer. This focused approach for restricting the circulation of sub-standard products shall be a crucial driver for establishing India as a manufacturing powerhouse synonymous with best-in-class quality products.

      With a view to establish India as a global leader in providing superior quality and safety compliant products, a plethora of reforms have been undertaken for ensuring that the ‘Made in India’ brand resonates with internationally recognized brands that offer premium quality. The guiding force behind this reform centric approach is the vision of the Prime Minister, Shri Narendra Modi, that “If there's a "Made in India" product on any table in the world, the world should have confidence that there is nothing better than this. This will be ultimate. Be it our produce, our services, our words, our institutions, or our decision-making processes, everything will be supreme. Only then can we carry forward the essence of excellence.”

      With the advent of technology, customers are becoming increasingly particular about safety standard related aspects such as the performance parameters, durability, and dependency of the goods. It has become a common practice to check product quality reviews before making a purchase. Maintaining a balance between product quality, price, and innovation in terms of manufacturing strategy is, therefore, of great essence.

      To enforce strong quality standards for enhancing consumer product safety, there is unprecedented policy focus on implementation of Quality Control Orders (QCOs) which is in line with the provisions of the Technical Barriers to Trade (TBT) Agreement of the World Trade Organisation (WTO). The Agreement recognizes that countries can take necessary quality control measures to maintain the quality of its exports, protect human, animal or plant life and safeguard the environment.

      Implementation of QCOs will help India acquire a greater share of the global manufacturing market while enforcing strong quality standards to enhance consumer product safety, prevent circulation of sub-standard products in the Indian market, attract investments and prevent loss of life or any accidents. The imposition of QCOs shall help detect any kind of product defect and malfunction in the initial stage which will be beneficial for both the manufacturers and consumers by way of rationalized costs.

      The Bureau of Indian Standards (BIS) which serves as the National Standard Body of India, is harmonized to a great extent with the relevant International Standards as laid down by the International Organization for Standardization (ISO)/International Electrotechnical Commission (IEC). It is involved in standardization, marking and quality certification of goods and conformity assessment with the underlying objective of providing safe, reliable, and quality goods.

      While the Standards issued by the BIS for any product or process are for voluntary compliance, those notified by the Central Government through issuance of Technical Regulations (TR) primarily through Quality Control Order (QCO) under Scheme-I and Compulsory Registration Order (CRO) under Scheme-II are mandatory in nature.

      Factoring in the importance of inculcating the safety aspect, DPIIT has focused on developing a robust quality ecosystem for products under its purview to provide good quality products and promoting exports of Indian products. This has led to the issuance of more than 60 new QCOs covering approximately 300 product standards, which have not only ensured that reliable products are being made available to the consumers but also improved the manufacturing quality standards, thereby enhancing brand and value of ‘Made in India’ products.

      While implementation of QCOs is being introduced for various product categories, there is increased focus on products, the violation of standards for which, can pose threat to safety of consumers by causing severe harms and injuries as they are widely present in households. Therefore, QCOs have been recently notified for ‘Steel Wires/ Strands, Nylon Wire Ropes and Wire Mesh’, ‘Hinges’, ‘Safes, Safe Deposits Locker Cabinets and Key locks’, ‘Laboratory Glassware’ and ‘Electrical Accessories’, among many others. All of the aforementioned products have great usage and applicability in everyday activities, highlighting the criticality of having well-defined standards for them to avoid any unforeseen incidents.

      The implementation of QCOs is an extensive exercise which encompasses DPIIT’s continuous engagement with relevant stakeholders for identification of products for which QCOs could be issued. Post the identification, BIS is consulted on various aspects including, Indian Standards, Suitable Conformity Assessment Scheme, availability of BIS test labs or BIS recognized Test Labs and Product Manual. This is followed by the preparation of draft QCO, on which consultations are held with the industry and relevant stakeholders.

      Post the incorporation of comments from the industry, the draft QCOs are approved by the Union Minister of Commerce and Industry followed by legal vetting by Department of Legislative Affairs. Subsequently, the QCOs are uploaded on the World Trade Organisation (WTO) website for 60 days, inviting comments from WTO member countries. These comments from member countries are examined and reviewed, after which the final approval is sought from the relevant Central Government authority for notifying the QCO. To facilitate smooth implementation of QCOs for Micro and Small Industries several carveouts and relaxations are envisaged in terms of relaxation of timelines.

      QCOs are implemented by BIS through Grant of License and/or Certificate of Conformity. With the notification of QCO, manufacturing, storing and sale of non-BIS certified products are prohibited. The violation of the provision of the BIS Act can attract a penalty up to 2 years of imprisonment or with fine of at least Rs 2 lakh for the first offence which increases to Rs 5 lakh minimum for the second and subsequent offences.

      In the spirit of strong industry-government partnership for developing a robust quality ecosystem in India, DPIIT conducts regular consultations with industry members, sectoral associations, and relevant stakeholders to ensure that the QCOs being issued are attuned with their needs and requirements. Further, after the notification, several initiatives are undertaken about the newly implemented QCOs to develop awareness and sense of ownership in industry at a pan-India level. These extensive consultations ensure that the views, feedback, and technical inputs are taken into consideration of the authorities for smooth implementation.

      The safety and well-being of the consumers is of paramount importance for which continued efforts shall be made to introduce QCOs for products. Adherence to safety standards will play a pivotal role in controlling the production and distribution of substandard products which will be a major step in enhancing the value of ‘Made in India’ products. The key for India is to create awareness among the manufacturers and service providers across the supply chain about quality. As there is reimagined focus on quality to avoid accidents, QCOs have become an integral element to foster consumer trust.

      Going forward, QCOs shall therefore, play a pivotal role in enhancing the credibility and value of Indian products while promoting homegrown brands and minimizing inefficiency of any nature. It is indeed imperative to balance between ‘Zero Defect’ that is delivering at par with the global standards and ‘Zero Effect’ that is ensuring that there are no negative environmental implications or compromise on sustainability.

      As emphasized by the Prime Minister, it is the opportune moment to work with the ethos of ‘Zero Effect, Zero Defect’ and with ‘Vocal for Local’ reverberating in every household, it is time to ensure that our products meet global standards, especially in terms of safety.  The initiative on QCOs shall help develop world-class products of superior quality in India, thereby fulfilling the Prime Minister’s vision of creating an ‘Aatmanirbhar Bharat’.

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