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September 1, 2026
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Personal guarantor insolvency: repayment plan stayed pending majority determination, with restraint on direct or indirect asset alienation.
Personal-guarantee insolvency proceedings involve a stay on implementation of a repayment plan because the earlier members' views did not produce a clear majority capable of taking effect. The personal guarantor has been restrained from directly or indirectly alienating assets pending further hearing. The dispute follows split views on approval of the plan, claim admission and voting, followed by a third-member opinion that did not resolve the absence of a determinative majority. Creditors dispute the proposed recovery, claim treatment and declared net worth relevant to the guarantees.
September 1, 2026
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Rupee exchange-rate movement reflects portfolio inflows, growth data and possible central-bank support, while crude oil prices constrain gains.
Foreign-exchange market conditions strengthened the rupee by 28 paise to 94.94 against the US dollar, supported by domestic growth, controlled fiscal slippage and portfolio inflows. Possible Reserve Bank of India intervention was also identified as supportive. Higher crude oil prices, weak domestic equities and hawkish US monetary-policy signals were identified as constraints on further appreciation. Foreign investment flows, stronger-than-expected domestic growth and the fiscal-deficit position remained material factors affecting currency conditions.
September 1, 2026
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Money-laundering probe into public service recruitment irregularities examines alleged question-paper leaks, selection manipulation, and laundering through purported CSR donations.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in Public Service Commission recruitment examinations. Allegations include question-paper leaks, manipulation of candidate selection, and illegal gratification for securing appointments of relatives and favoured candidates. Recruitment rules were allegedly amended to facilitate selection of relatives. Alleged proceeds of crime were collected in cash and routed through layered banking transactions, including through a family-controlled samiti presented as receiving corporate social responsibility donations for a non-existent college.
September 1, 2026
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Personal guarantor settlement scrutiny intensifies as asset alienation is restrained pending review of a disputed creditor repayment proposal.
A five-member special bench found that no clear majority view existed under section 419(5) of the Companies Act and stayed the third member's order that had permitted the proposed recovery. Notices were directed to all parties, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. The dispute concerns approval of a personal guarantor's repayment proposal, treatment of guarantee claims, creditor voting support, assessment of the personal estate, and scrutiny of declared net worth.
September 1, 2026
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Personal insolvency proceedings restrict property alienation while notices issue to parties in the debtor's case.
A five-member special National Company Law Tribunal bench hearing Subhash Chandra's personal insolvency matter issued notices to all parties and restrained him from alienating property directly or indirectly. The restraint applies during the continuing insolvency proceedings and concerns dealings with the relevant property. The procedural measure requires the interested parties to participate in the matter.
September 1, 2026
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Aadhaar authentication alternatives enable eligible farmers with failed fingerprint verification to access loan-waiver benefits after identity verification.
Elderly farmers whose fingerprints cannot be captured for Aadhaar authentication may approach an Aaple Sarkar Seva Kendra with their Aadhaar card and bank passbook. Loan-account details are verified on the scheme portal before authentication is initiated. If authentication fails, the concerned tehsildar verifies identity using the Aadhaar card, bank passbook and 7/12 land record extract. Eligible farmers receive loan-waiver benefits directly in their bank accounts after authentication, identity verification and satisfaction of the scheme's eligibility criteria.
September 1, 2026
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GST collection growth reflected higher domestic and import revenue, while increased refunds moderated net collections during August.
GST collections recorded year-on-year growth in August, with gross receipts reaching about Rs 2 lakh crore. Domestic transaction revenue increased to over Rs 1.37 lakh crore, while import-related revenue rose to Rs 62,604 crore. Refunds increased to Rs 31,795 crore, and net GST collections stood at Rs 1.68 lakh crore after refunds.
September 1, 2026
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Personal insolvency repayment plan faces fresh hearing after a split bench prevents enforcement and restrains guarantor property transfers.
Personal insolvency proceedings were reopened before a five-member special bench after a split view on a repayment plan. As no majority view existed, including that of the third member, no final order was in force and the repayment-plan determination could not be acted upon. Notices were issued to all parties, including dissenting creditors, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. Dissenting creditors also challenged the repayment-plan determination before the appellate tribunal.
September 1, 2026
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Equity market sentiment weakens as higher crude prices, geopolitical tensions and tighter monetary policy expectations curb risk appetite.
Equity-market sentiment weakened as higher crude oil prices, renewed US-Iran tensions, and expectations of prolonged tight US monetary policy reduced emerging-market risk appetite. The Sensex and Nifty declined, while domestic GDP growth above projections offered partial support. Weakness in several Asian markets, a lower US market close, and net foreign institutional equity sales reinforced cautious trading conditions.
September 1, 2026
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Money laundering investigation triggers searches linked to alleged Public Service Commission irregularities, including premises of a former chief minister's assistant.
A money-laundering investigation under the Prevention of Money Laundering Act has led to searches at seven locations in Chhattisgarh in connection with alleged irregularities at the Chhattisgarh Public Service Commission. The search operation includes the premises of K. K. Chandrakar, personal assistant to former Chief Minister Bhupesh Baghel. The investigation remains at the search and inquiry stage.
September 1, 2026
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Income-tax return filing: non-audit business and professional taxpayers use applicable forms by prescribed due dates.
August 31, 2026 was the due date for taxpayers having business or professional income who were not subject to audit. Such non-audit taxpayers may use ITR-3, ITR-4, ITR-5 or ITR-7, as applicable. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, while ITR-4 is intended for small and medium taxpayers. ITR-5 applies to firms, limited liability partnerships and cooperative societies, and ITR-7 applies to trusts and charitable institutions.
September 1, 2026
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Gold smuggling enforcement targets transit abuse, concealed carriage, and border routes through coordinated seizures and arrests nationwide.
Intelligence-led enforcement against organised gold smuggling resulted in the seizure of over 42 kg of foreign-origin gold and around 10 kg of foreign-origin silver, collectively valued at more than Rs. 65 crore, and the arrest of 25 persons. Operations targeted networks using airport transit routes, airport personnel, land-border corridors, coastal routes, and domestic road transport. Gold was concealed in wax, compound, paste, raw-chain and bar forms, including through body concealment, internally secreted capsules, clothing, and specially created cavities.
September 1, 2026
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Predictive consumption-expenditure framework will use household survey data to support poverty estimation, consumption analysis, and economic planning.
MoSPI and Thapar Institute of Engineering & Technology have entered into a memorandum of understanding for a research study to develop a predictive and analytical framework for monthly consumption expenditure in India. The study will use Household Consumption Expenditure Survey data to estimate Monthly Per Capita Consumption Expenditure at national and state levels, analyse household consumption patterns, and generate evidence relevant to poverty estimation and broader economic planning.
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.

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Customs, DGFT & SEZ

Department of Commerce holds Chintan Shivir on FTA Strategy and SOP for Trade Negotiations

May 28, 2024

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Economic Assessment and Modelling of FTAs, Services and Digital Trade in FTAs, and Leveraging India’s FTAs to address emerging areas like AI, critical minerals discussed

Department of Commerce, Ministry of Commerce and Industry in collaboration with Centre for Trade and Investment Law (CTIL), Indian Institute of Foreign Trade, New Delhi organised a Chintan Shivir on Free Trade Agreement Strategy and SOP for Trade Negotiations from 16 to 17 May 2024 at Neemrana, Rajasthan.

The Two-Day Chintan Shivir facilitated discussions on various issues related to negotiations of Free Trade Agreements (FTAs) by India, its position and strategy that should be adopted for such negotiations. The attendees also deliberated on standard operating procedures (SoP) for FTA negotiations, capacity building and resource management for trade negotiations as well as certain contemporary issues under modern FTAs such as labour, environment, gender etc.

Commerce Secretary, Shri Sunil Barthwal spearheaded the Chintan Shivir, seeking to chart a strategic course for India's future engagement in FTA negotiations. The program drew active participation of senior government officials involved in India’s FTA negotiations from various Ministries, Departments, and Agencies of Government of India. Eminent speakers at the event included former senior officials of the Government of India, esteemed national and international experts in FTA negotiations, venerable academicians, and seasoned legal professionals. Their presentations were embellished with invaluable insights, enriching the discourse with profound expertise and depth of knowledge.

The Chintan Shivir unfolded across six dynamic sessions and one roundtable, each delving into critical themes: (1) Economic Assessment and Modelling of FTAs; (2) Addressing New Disciplines into FTAs such as Labour, Environment, Gender, Indigenous Peoples, etc.; (3) Services and Digital Trade in FTAs; (4) Standard Operating Procedures for FTA Negotiations including Stakeholder Consultations; (5) Capacity Building and FTA resource management; and (6) Leveraging India’s FTAs to address emerging areas such as CBAM, Supply Chain disruptions, Critical Minerals, Artificial Intelligence, etc.

The ‘Roundtable with Former Secretaries and Ambassadors on FTA Strategy’, comprising of Shri Rajeev Kher (Chair), Former Commerce Secretary, Govt. of India; Amb. Ujal Singh Bhatia, Former Appellate Body Member and Chair, WTO; Dr. Anup Wadhawan, Former Commerce Secretary, Govt. of India; Amb. (Dr.) Jayant Das Gupta, Former Ambassador/PR to the WTO; and Shri Sudhanshu Pandey, Former Secretary, Department of Food & Public Distribution, Govt. of India and Election Commissioner for UTs, discussed how Indian FTAs must be driven by balancing geopolitics and geoeconomics, and focused on how regionalism (regional trade agreements) should complement multilateralism (global trade agreements), with regional aspirations stemming from multilateral efforts. The roundtable also identified that FTAs should foster value chain development, and the importance of integrating non-trade issues (e.g., Trade and Sustainable Development - TSD) crucial for market access, as seen in chapters negotiated with, for example EFTA. Lastly, the roundtable highlighted that effective stakeholder consultations ensure realistic and attainable goals and a balanced approach to trade and industrial policies can optimise trade negotiations and outcomes.

Session 1 on ‘India’s FTA Strategy and Economic Assessment and Modelling’, highlighted that detailed economic studies, including models like Computable General Equilibrium (CGE), are necessary to guide FTA negotiations; and how economic models help build negotiation narratives but must be used with an understanding of their assumptions and limitations thereof. The participants also discussed how negotiating investment and trade together can create synergies, and the need for careful consideration of trade policy and the industrial policy together.

Session 2 on ‘Inclusion of New Disciplines into FTAs’ provided an opportunity for participants to explore and understand the implications of new areas such as TSD (including Environment, Labour, Gender, Indigenous Peoples) in trade agreements, the issues involved in enforcing domestic laws and ratifying international treaties; different approaches followed by developed countries for these areas (US and EU models); and the challenges involved in defining policy space, law enforcement, civil society involvement. Among others, some of the solutions suggested by participants included constructive engagement with stakeholders, supporting identification of measures and possible way out, and exploring pilot projects for implementation of those commitments.

Session 3 on ‘Services and Digital Trade in FTAs’ highlighted the significance of services trade, especially cross-border supply (Mode 1), the challenges of data sovereignty, consumer protection and cybersecurity, and the choice between positive and negative listing approaches in services commitments having impact on transparency and negotiation outcomes. The session also explored India’s data adequacy issues under EU GDPR and significant challenges posed by the evolving landscape of e-commerce and digital trade. The speakers also emphasised on how leveraging critical and emerging technologies through initiatives like India-EU TTC and US-India iCET can boost trade prospects for India.

In Session 4 on ‘Standard Operating Procedures for FTA Negotiations including Stakeholder Consultations’, speakers and participants discussed evolution and drafting of SOP and its benefits in enhancing the objectives of trade agreements and creating documentational or institutional memory for future negotiations. Participants discussed the challenge of on-the-spot drafting requiring mechanisms to draft agreements in real-time during negotiations to ensure clarity and immediate consensus, and how the negotiators can ensure that commitments undertaken are pre-approved. The discussions highlighted that relevant stakeholder consultations are essential for inclusive and supportive outcomes, how the stakeholders provide critical insights and hence continuous outreach to stakeholders is necessary to keep them informed and engaged. The participants also explored robust resource management strategies and its implementation, to prevent overstraining, and ensuring proactive problem-solving thereby providing useful and constructive attributions.

Session 5 on ‘Capacity Building and FTA resource management’ identified that FTAs play a critical role in enhancing national security by establishing strong economic ties and creating frameworks for regulatory cooperation. It also acknowledged that modern FTAs address complex issues beyond traditional trade, including digital trade, data protection, and environmental standards. Speakers highlighted the importance of interdisciplinary support noting that successful negotiations require expertise in law, economics, data analytics, and industry specific knowledge and how gathering expert opinions and insights from various sectors enhances the negotiation process. Participants explored ways to utilise the resources of India’s embassies/missions abroad, towards leveraging on-ground insights from embassies which would help understand the regulatory regimes of partner countries.

Discussions in Session 6 on ‘Leveraging India’s FTAs to address emerging areas’ focused on supply chain disruptions, critical minerals, capacity building, de-globalisation and geopolitical influence. Session discussions identified that FTAs can be used as tools to enhance supply chain resilience, ensuring stability and sustainability in trade relationships. It also emerged during discussions that India should negotiate a dedicated chapter on Critical Minerals or Critical Minerals-based agreements specially with such mineral-rich countries to protect India from abrupt disruption in supply chain. The session also noted that the global trend towards partial de-globalisation and the use of industrial policy as a cover for protectionism, and geopolitics now play equally an influential role that of geoeconomics in shaping trade policies. The session suggested that India should use FTAs to build resilient supply chains, focus on capacity building and interdisciplinary expertise, and adapt to the current trend of partial de-globalisation and geopolitical influences.

The Chintan Shivir ended with wrap-up session and report of the event and special remarks by Shri Sunil Barthwal and Additional Secretary, Department of Commerce, Shri Rajesh Agrawal. The event brainstormed various suggestions on formulating India’s FTA strategies and for adopting the standard operating procedures for enhancing India’s FTA preparedness.

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