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September 1, 2026
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Windfall gains tax on petroleum exports rises for petrol and diesel while aviation turbine fuel levy is reduced.
Special additional excise duty and road and infrastructure cess on petroleum-product exports are revised with effect from 1 September 2026. The export duty on diesel is increased, the levy on aviation turbine fuel is marginally reduced, and a duty is imposed on petrol exports. Existing duty rates for petrol and diesel cleared for domestic consumption remain unchanged. The windfall-tax framework seeks to support domestic fuel availability and deter exporters from benefiting from domestic and international price differences.
September 1, 2026
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Automated Free Sale and Commerce Certificate issuance reduces manual scrutiny while preserving risk-based review for eligible exporters.
DGFT has enabled automated issuance of Free Sale and Commerce Certificates through its portal for eligible exporters of items not covered by the Drugs & Cosmetics Act, 1940. Applications satisfying prevailing framework and automated processing parameters may be issued without manual scrutiny. Applications requiring verification or not meeting those parameters may be routed for manual processing, while auto-approved applications may be flagged later for risk-based review. The mechanism seeks faster, more transparent and predictable processing while retaining necessary oversight.
September 1, 2026
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Five-day banking and equitable performance incentives drive planned nationwide bank union strike amid unresolved pension demands.
United Forum of Bank Unions has proposed nationwide strike action over delayed five-day banking, the performance-linked incentive framework, and unresolved pension demands. Five-day banking was agreed under the 12th Bipartite Settlement/9th Joint Note with extended Monday-to-Friday working hours, but remains pending for implementation. Unions challenge the incentive scheme for departing from a uniform, bank-performance-linked approach and for disproportionately benefiting senior officers. The dispute is under conciliation and pending before the Delhi High Court, while pension updation, a uniform dearness allowance formula, and an old pension scheme option remain unresolved.
September 1, 2026
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Equity market volatility intensified as higher crude prices, geopolitical tensions and tighter monetary expectations weakened domestic investor sentiment.
Indian equity markets closed marginally lower as higher crude oil prices, US-Iran tensions, and expectations of prolonged tight United States monetary policy weakened risk appetite. The phased Closing Auction Session contributed to a late recovery in the benchmark index. Rising crude prices and global bond yields triggered broad-based selling across several domestic sectors, while foreign institutional equity sales and weakness in overseas markets added to pressure despite stronger-than-expected domestic economic growth.
September 1, 2026
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GST revenue collections show higher gross and net receipts alongside increased refunds and state-level settlement data.
GST revenue collections for August 2026 recorded total gross GST revenue of Rs. 1,99,853 crore, reflecting 14.8% growth over August 2025. Total refunds were Rs. 31,795 crore, including domestic refunds and export IGST refunds processed through ICEGATE. After adjustment of refunds, total net GST revenue was Rs. 1,68,057 crore, representing 8.3% growth. SGST collections and the SGST component of IGST settlement were separately identified for States and Union Territories, with post-settlement SGST aggregating Rs. 95,531 crore.
September 1, 2026
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Trade facilitation and customs preparedness feature in AILBIEA's Silver Jubilee knowledge conference on liquid bulk commerce.
AILBIEA's Silver Jubilee programme focuses on trade facilitation, customs modernisation, GST dispute preparedness and maritime-risk issues affecting liquid bulk trade. The Knowledge Conference includes sessions on the Authorised Economic Operator advantage, next-generation customs technology, GST Appellate Tribunal-era dispute preparedness, and geopolitical risks to sea-borne trade. It also marks the launch of AGS 360, integrating port information, vessel tracking, port-call estimates and maritime intelligence.
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.

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Trump proposes 'getting rid of FEMA' while touring disaster areas

January 25, 2025

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Los Angeles, Jan 25 (AP) President Donald Trump surveyed disaster zones in California and North Carolina on Friday and said he was considering “getting rid of” the Federal Emergency Management Agency, offering the latest sign of how he is weighing sweeping changes to the nation's central organization for responding to disasters.

In fire-ravaged California, the state's Democratic leaders pressed Trump for federal assistance that he's threatened to hold up, some setting aside their past differences to shower him with praise. Trump, in turn, pressured local officials to waive permitting requirements so people can immediately rebuild, pledging that federal permits would be granted promptly.

Instead of having federal financial assistance flow through FEMA, the Republican president said Washington could provide money directly to the states. He made the comments while visiting North Carolina, which is still recovering months after Hurricane Helene, on the first trip of his second term.

“FEMA has been a very big disappointment," the Republican president said. “It's very bureaucratic. And it's very slow." Trump was greeted in California by Gov Gavin Newsom, a Trump critic whom the president frequently disparages. The duo chatted amiably and gestured toward cooperation despite their bitter history.

“We're going to need your support. We're going to need your help,” Newsom told Trump. “You were there for us during COVID. I don't forget that, and I have all the expectations we'll be able to work together to get a speedy recovery.” Newsom has praised Trump before when looking for help from the federal government. In the early months of the coronavirus pandemic, he called Trump “thoughtful” and “collaborative.” Trump flew over several devastated neighborhoods in Marine One, the presidential helicopter, before landing in Pacific Palisades, a hard-hit community that's home to some of Southern California's rich and famous. Accompanied by first lady Melania Trump, he walked a street where all the houses have burned, chatting with residents and police officers.

It takes seeing the damage firsthand to grasp its enormity, Trump said after. The fires, which continue to burn, could end up being the costliest natural disasters in U.S. history.

“It is devastation. It really is an incineration," Trump said.

Trump's brief but friendly interaction with Newsom belied the confrontational stance he signaled toward California earlier in the day. Even on the plane en route to Los Angeles, White House press secretary Karoline Leavitt was using Trump's disparaging nickname for the governor, “Newscum,” and telling reporters “he has wronged the people of his state” and saying Trump was visiting to pressure Newsom and other officials “to do right by their citizens.” Trump said Los Angeles residents who lost their homes should be able to get back onto their properties immediately to clear them, adding several told him it will be months before they can rebuild.

Mayor Karen Bass said residents should be able to return home within the week, but keeping people safe from hazardous materials is a top priority. She said the city was easing the process to get permits, but she was repeatedly interrupted by Trump as she tried to explain the city's efforts. He downplayed the concerns about toxins, saying: “What's hazardous waste? We're going to have to define that.” Trump has a long history of minimizing the risks of asbestos. In his 1997 book, “The Art of the Comeback,” Trump called asbestos “the greatest fireproofing material ever used” and “100% safe, once applied,” and claimed the movement against the insulator was led by the mob, “because it was often mob-related companies that would do the asbestos removal.” Before flying to California, Trump reiterated that he wants to extract concessions from the Democratic-led state in return for disaster assistance, including changes to water policies and requirements that voters need to show identification when casting ballots.

Beyond Trump's criticism of FEMA, he's suggested limiting the federal government's role in responding to disasters, echoing comments from conservative allies who have proposed reducing funding and responsibility.

“I'd like to see the states take care of disasters,” he said in North Carolina. “Let the state take care of the tornadoes and the hurricanes and all of the other things that happen.” Trump said Michael Whatley, a North Carolina native and chair of the Republican National Committee, would help coordinate recovery efforts in the state, where frustrations over the federal response have lingered. Although Whatley does not hold an official government position, Trump said he would be “very much in charge.” FEMA helps respond to disasters when local leaders request a presidential emergency declaration, a signal that the damage is beyond the state's ability to handle on its own. FEMA can reimburse governments for recovery efforts such as debris removal, and it gives stopgap financial assistance to individual residents.

Trump has criticized former President Joe Biden for his administration's response to Helene in North Carolina. As he left the White House on Friday morning, he told reporters that “it's been a horrible thing the way that's been allowed to fester” since the storm hit in September, and “we're going to get it fixed up.” In a small town in western North Carolina, residents told Trump about wading through waist-deep water to escape from their homes while fearing for their lives. Some have battled with insurance companies to get their losses covered.

“We've come to North Carolina with a simple message," Trump said. “You are not forgotten any longer. You were treated very badly by the previous administration.” FEMA has distributed $319 million in financial assistance to residents, but that hasn't alleviated the feeling of abandonment among residents who are struggling to rebuild their lives.

Trump has showered California leaders with disdain for water policies that he falsely claimed worsened the recent blazes. He said he would “take a look at a fire that could have been put out if they let the water flow, but they didn't let the water flow.” In Los Angeles, he met with members of Congress and local officials from both parties in a meeting that was at times contentious.

Michael Coen, who served as chief of staff at FEMA during the Biden administration, said Trump was “misinformed” about an agency that provides critical help to states when they are overwhelmed by catastrophe.

In addition, Coen criticized the idea of attaching strings to assistance. "I think the American people expect the federal government will be there for them on their worst day, no matter where they live,” he said.

Trump tapped Cameron Hamilton, a former Navy SEAL with limited experience managing natural disasters, as FEMA's acting director.

Friday's trip could prompt some uncomfortable conversations about climate change, which Trump has played down and denied. Both Helene and the Los Angeles wildfires were exacerbated by global warming.

In Helene's case, a study by international climate scientists at World Weather Attribution found that climate change boosted the storm's rainfall by 10%. In California, the state suffered a record dry fall and winter — its traditional wet season — which made the area around Los Angeles more vulnerable to blazes.

“This is just breaking our comfort zone of what is supposed to be normal,” said University of Oregon researcher Amanda Stasiewicz.

After visiting North Carolina and California, Trump plans to hold a rally Saturday in Las Vegas. (AP) NSA NSA

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