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    NBCC moves SC for RERA exemptions to complete 16 stalled Supertech projects
    DFS Hosts PSB Confluence 2026: Day 1 Deliberations focus on Four themes- Deposit Mobilisation, Banking for Youth, Supporting the Investment Cycle and ...
    Govt to soon announce high-level panel on 'Banking for Viksit Bharat': FM
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    Mission Samudra to be launched alongside Vizhinjam’s EXIM operations
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    Need one or two Indian pharma firms to be among global top 5: PM Modi
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    August 17, 2026
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    RERA compliance exemption for stalled housing projects raises whether statutory obligations may be waived to enable phased project completion.
    RERA compliance exemption is sought for completion of 16 stalled residential projects by a public sector construction entity appointed under a project-completion arrangement. The appellate insolvency tribunal declined to direct a waiver, considering itself incompetent to exempt compliance with statutory provisions. The arrangement requires phased completion, award and commencement of construction work, and oversight through an apex committee and project-wise committees. The projects remain incomplete owing to the developer's financial crisis.
    August 17, 2026
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    Deposit mobilisation and youth banking guide strategies for stronger public financial institutions, investment financing and Global Capability Centre opportunities.
    PSB Confluence 2026 considers strategic priorities for Public Sector Banks and Public Financial Institutions across deposit mobilisation, banking for youth, investment-cycle financing and Global Capability Centres. Discussions seek practical, scalable strategies to strengthen customer engagement, youth-responsive banking propositions, institutional financing capabilities and participation in the expanding Global Capability Centre ecosystem. Youth engagement may use the MY Bharat platform to strengthen links with the formal financial system and awareness of education finance, entrepreneurship, internships and financial-sector careers. Further themes include value-chain infrastructure, priority sector lending and credit card business reform.
    August 17, 2026
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    Banking-sector reform will guide lender capacity, financial stability, inclusion, consumer protection, deposit growth and responsible credit-card expansion.
    Banking-sector reform is proposed through a high-level committee on Banking for Viksit Bharat to review the sector and align it with growth needs while safeguarding financial stability, financial inclusion and consumer protection. Key themes include deposit mobilisation, youth banking, investment support, global capability centres, value-chain infrastructure, credit cards and priority-sector lending. Public-sector banks are expected to improve competitiveness through technology, sectoral expertise, product adaptation and customer-focused deposit growth. Credit-card development must maintain responsible underwriting, customer protection and appropriate risk controls.
    August 17, 2026
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    FCNR(B) concessional swap facility availability narrows to timely mobilised deposits amid rupee depreciation and foreign currency inflow concerns.
    Foreign-exchange conditions reflected rupee depreciation amid weak domestic equity markets and higher crude oil prices. FCNR(B) concessional swap facility availability is confined to foreign currency deposits mobilised by banks within the revised cut-off period, replacing the previously longer mobilisation window. The facility is intended to encourage foreign currency inflows, while banks use the FCNR(B) scheme to mobilise foreign currency deposits through attractive interest rates.
    August 17, 2026
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    Banking sector review panel will align future growth with financial stability, inclusion and consumer protection through government recommendations.
    High Level Committee on Banking for Viksit Bharat is proposed to comprehensively review the banking sector and align it with India's next phase of growth. It is intended to safeguard financial stability, financial inclusion and consumer protection, while providing views and recommendations to the Government on banking-sector development and reform.
    August 17, 2026
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    Prime Minister Internship Scheme enhances youth employability through paid industry exposure, cross-field learning, workplace readiness and potential full-time employment.
    The Prime Minister Internship Scheme provides paid internships with leading companies across India to improve youth employability through practical workplace exposure, industry experience and skills development. It addresses the gap between classroom learning and employers' expectations of workplace readiness. Participation is not confined to academic qualifications, allowing youth to pursue fields of interest and gain hands-on professional learning. Strong internship performance may lead to full-time roles, while the scheme stresses responsible work where errors may affect quality, consumer safety and organisational reputation.
    August 17, 2026
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    SAFTA origin fraud in areca imports allegedly enabled improper duty exemption through false Bangladeshi-origin declarations.
    SAFTA preferential duty treatment for areca-nut imports was allegedly misused by falsely declaring goods originating in South-East Asian countries as Bangladeshi origin. Since areca nuts normally attract 100% basic customs duty, the scheme sought to obtain the full SAFTA exemption reserved for qualifying Bangladeshi goods meeting Rules of Origin requirements. The alleged mechanism included routing goods through Bangladesh, changing containers and bags, using improperly obtained Certificates of Origin, and facilitating clearance through importers, Customs Brokers and IEC holders. Investigative findings also indicated cash proceeds, hawala channels and dummy entities.
    August 17, 2026
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    FCNR(B) concessional swap facility closure may reduce temporary foreign-currency inflow support and heighten rupee weakness concerns.
    The Reserve Bank of India restricted its concessional swap facility for FCNR(B) deposits to deposits mobilised by August 31, advancing the earlier cut-off date. The facility was intended to encourage foreign-currency inflows, while banks mobilise such deposits through attractive interest rates. Market commentary indicated that existing inflows may support the rupee in the near term, but the curtailed availability of the facility could reduce this temporary cushion and increase depreciation risk.
    August 16, 2026
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    Temporary tariff suspension for earthquake recovery is sought to ease pressure on affected Colombian businesses.
    Temporary suspension of high tariffs on Colombian products has been sought to support business recovery following a severe earthquake declared a natural disaster. The request links tariff relief to economic disruption affecting businesses amid extensive destruction, injuries and missing persons. United States emergency assistance has been provided through food, shelter and health supplies, while no response to the tariff-suspension request had been reported.
    August 16, 2026
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    Port-led industrial development and direct export operations aim to expand logistics infrastructure, market access and trade connectivity.
    Mission Samudra is proposed as a port-led industrial and logistics development programme linked to the commencement of export-import operations at Vizhinjam seaport. It covers industrial clusters, new cities, port connectivity, logistics, development initiatives, programme management and capacity building. Direct export shipments are intended to improve overseas-market access and reduce transit time and logistics costs, particularly for small and medium enterprises. The framework also anticipates growth in warehousing, cold storage, container freight stations and logistics parks, supported by private participation and road and rail connectivity.
    August 16, 2026
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    Electric vehicle export diversification strengthens India's presence across European, Asia-Pacific and Latin American markets through expanding overseas demand.
    India's electric motor car exports expanded sharply in the first quarter of 2026-27, reflecting increased international acceptance and competitiveness of India-manufactured electric vehicles. Europe became the principal export destination, led by Spain and the United Kingdom, with further demand across several European markets. Exports also reached Asia-Pacific markets, Nepal and emerging Latin American destinations. This wider market presence reflects improving quality and safety standards, stronger integration into global electric-vehicle supply chains, and diversification of India's electric-vehicle export profile.
    August 16, 2026
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    LPG production preparedness requires refiners and upstream producers to maintain capacity and increase output during supply constraints.
    Government has established a standing LPG production preparedness framework under which refining companies, oil marketing companies and upstream producers may be directed to increase production during supply constraints. Companies must maintain adequate LPG storage, evacuation and transportation infrastructure and pursue technically and economically feasible production-enhancing measures. Written directions may prescribe production quantities and periods, including restrictions on alternative uses of input streams required for LPG. The production schedule is updated twice yearly to reflect new facilities and added capacity from infrastructure, technology and distribution improvements.
    August 16, 2026
    Show AI Summary
    Free trade agreement market access requires MSMEs, farmers and exporters to meet global quality standards.
    Free trade agreements expand market-access opportunities for Indian MSMEs, exporters and producers through reduced or eliminated import duties on traded goods. Textiles, machinery, medicines, seafood and agricultural products can access international markets where they meet global standards and remain competitively priced. Farmers and producers are encouraged to develop export-oriented products, including chemical-free agricultural produce, while MSMEs may use preferential trade access to support manufacturing, exports, employment and growth.
    August 15, 2026
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    Chemical-free farming can strengthen agricultural exports by meeting global standards and responding to rising international demand.
    Chemical-free farming is urged to meet growing global demand and expand agricultural exports. Agricultural products must meet global parameters to facilitate access to international markets, including markets opened through free trade agreements. Food processing, export-oriented farm production, and global branding of traditional cuisine, millets, spices, fruits and flowers are identified as important elements of agriculture and food production policy.
    August 15, 2026
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    Voluntary foreign asset disclosure allows eligible taxpayers to regularise overseas holdings with immunity from further tax, penalties and prosecution.
    FAST-DS permits eligible taxpayers to disclose specified undisclosed foreign assets, foreign income, and foreign assets omitted from return schedules. Undisclosed assets or income not previously offered to tax may be declared up to Rs 1 crore on payment of an effective 60 per cent levy, based on fair market value as of 31 March 2026. Assets already offered to tax, or acquired during non-resident status but omitted from the return schedule, may be declared up to Rs 5 crore on payment of a fee. Valid declarations provide immunity from further tax, penalty and prosecution, while declared amounts are excluded from total income.
    August 15, 2026
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    Global pharmaceutical leadership is urged through Indian firms achieving top-five status, supported by generic manufacturing and export capacity.
    Indian pharmaceutical companies are urged to attain representation among the world's five leading pharmaceutical firms, despite India's established position as a major producer of generic medicines. India has a broad manufacturing base, supplies generic medicines across numerous therapeutic categories, and exports to worldwide markets including highly regulated jurisdictions. Although pharmaceutical exports and the domestic market have expanded, Indian firms have not yet secured positions among the largest global companies. Greater international scale may be supported through acquisitions and expanded established-brand and branded-generic operations.
    August 15, 2026
    Show AI Summary
    Foreign asset voluntary disclosure permits eligible small taxpayers to regularise qualifying assets through tax, additional levy, and statutory immunity.
    FAST-DS permits eligible small taxpayers to voluntarily disclose specified foreign assets or foreign income. It covers undisclosed foreign assets or income not offered to tax, subject to an aggregate value threshold of Rs 1 crore, and certain foreign assets omitted from the relevant return schedule, subject to a Rs 5 crore threshold and prescribed fee. Payment comprises 30 per cent tax and an additional equal amount. Disclosed income or investment is excluded from total income, with immunity from further tax, penalty and prosecution under the Black Money Act for the disclosed asset or income.
    August 15, 2026
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    Free trade agreement opportunities require MSMEs to meet global standards and expand exports across textiles, machinery, medicines and seafood.
    Free trade agreements are presented as export-market opportunities for Indian MSMEs because they reduce or eliminate import duties on a substantial range of traded goods. MSMEs are urged to expand exports of textiles, machinery, medicines and seafood, including shrimp, by meeting global quality standards and offering products competitively. Their export role is linked to self-reliance and their significant contribution to manufacturing, exports, GDP and employment.
    August 15, 2026
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    Windfall gains tax on petroleum exports was reduced to support domestic fuel availability and limit export price advantages.
    Special additional excise duty (windfall gains tax) on exports of petrol, diesel and aviation turbine fuel was reduced from 15 August 2026. Petrol export duty was reduced to nil, and export-duty rates on diesel and ATF were lowered. Duty rates for petrol and diesel cleared for domestic consumption remained unchanged. The export-duty framework seeks to maintain domestic petroleum-product availability and limit export advantages arising from higher global crude oil prices amid West Asia tensions.
    August 15, 2026
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    Energy self-reliance drives diversified fuel sourcing, expanded offshore exploration, and domestic capacity to reduce geopolitical supply vulnerability.
    Energy security policy seeks to reduce exposure to geopolitical pressure and supply disruption caused by dependence on overseas fuel and strategic maritime routes. India is diversifying crude oil and LNG sourcing while strengthening domestic hydrocarbon production through offshore exploration, seismic surveys, exploratory drilling and shared infrastructure. Expanded access to sedimentary basins is intended to unlock domestic oil and gas resources. Wider piped natural gas coverage, solar generation, critical-mineral exploration, and nuclear and other non-fossil energy sources support the broader objective of energy self-reliance.

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      Whose court is it anyway? Confusion on jurisdiction over jailed MP Rashid Engineer bail plea

      February 5, 2025

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      New Delhi, Feb 5 (PTI) Who hears the bail plea of Jammu and Kashmir MP Rashid Engineer in a terror funding case is a moot point baffling courts and has reached the Supreme Court. With legal experts weighing in, the tricky scenario, prompted by the issue over jurisdiction, calls for a closer look at the gap in law.

      ISSUE AND CASE AGAINST RASHID ENGINEER The issue over the bail hearing arose after an NIA court said it couldn’t pass orders on the bail plea of the jailed MP, facing terror charges. On the other hand, the statute doesn’t allow cases probed by the NIA to be heard by special courts meant for lawmakers.

      Though the question is pending before the Delhi High Court, its registrar general recently wrote to the Supreme Court to intervene.

      The National Investigation Agency (NIA) arrested Rashid under the Unlawful Activities (Prevention) Act in a 2017 terror funding case. He contested the 2024 Lok Sabha polls from the Baramulla constituency and won.

      Rashid has been lodged in Tihar Jail since 2019.

      INCEPTION OF MP/MLA COURTS The Supreme Court in 2017 paved way for the creation of special MP/MLA courts. It asked the Centre to set up 12 special courts across states for expeditious trial of criminal cases involving MP/MLAs.

      Accordingly, special courts in NCT of Delhi and other states were constituted.

      From time to time, the top court and high courts passed orders offering clarity on the functioning of the special courts meant for cases against lawmakers.

      Senior advocate Rebecca John, however, says the Supreme Court needs to re-examine the whole issue of MP/MLA courts.

      “Why should there be separate courts for representatives of Parliament or state legislative assemblies? Particularly when ordinary citizens don’t get exclusive courts to try their cases,” she argues.

      Official stats show 124 cases pending in six MP/MLA courts in Delhi as on January 1.

      Former Delhi High Court judge and senior advocate Mukta Gupta says separate courts were assigned to hear cases relating to MPs and MLAs to expedite trials relating to the lawmakers.

      “These special courts unless designated as courts under the NIA law, cannot hear NIA matters because that is a statutory requirement.” “Courts assigned for MP/MLA cases primarily hear cases of CBI and other economic offences. The special CBI courts were designated to hear cases against MP/MLAs,” adds Gupta.

      JURISDICTION OF SPECIAL NIA COURTS The NIA court was constituted under the NIA Act, 2008. The law allows the agency to investigate and prosecute offences over the sovereignty, security and integrity of India, security of state, friendly relations with foreign states, among others.

      Section 11 of the Act says, “The Central Government shall, by notification in the official gazette, for the trial of scheduled offences, constitute one or more special courts for such area or areas, or for such case or class or group of cases, as may be specified in the notification.” While John says the NIA court is a creation of a statute and can't be subordinate to any other court, Gupta feels under the statute, the special court conducting NIA trial is competent to deal with the case of the petitioner though an MP or MLA.

      EXPERTS SPEAK Renowned senior counsel and criminal lawyer Amit Desai outlines two issues — one of participating in Parliament and the other of a right. “There's a debate on the subject as to whether such a person has a right.” He opines the principle of disqualification should come in which means till someone is disqualified, they are entitled to participate in their vocation. “And politics is also a vocation.” Till the point of conviction, there is a presumption of innocence, says Desai. And by conviction he means ultimate conviction.

      In Rashid’s case, the trial is underway with 21 prosecution witnesses of the total 248 witnesses being examined.

      “If there is a conviction by the first court, and the conviction is stayed pending the appeal, then you are entitled to participate and carry on your vocation,” says Desai.

      He points out, “Also mere filing of a chargesheet doesn’t automatically result in being deprived of your vocation. Custody pending investigation or trial cannot deprive such a person of his fundamental rights to business and profession. Hence many parliamentarians with chargesheets are allowed to be present in Parliament." Desai says an inquiry by a non-partisan, regulatory body, which is a disciplinary committee, could decide whether they want to disqualify that person or not.

      When there is a disciplinary proceeding against such a person by the regulator which regulates the requisite profession, they can separately disqualify the person, he says.

      “That has nothing to do with the fact that a chargesheet has been filed. If there is no conviction, you can set up a separate regulatory body where there can be an inquiry to decide the question. Till then you can participate.” The question is whether an independent body, like a Lokayukta, should hold an inquiry and say yes or no, on attending Parliament, adds Desai.

      “Today you have got enough statistics of how many people who have got chargesheets against them for serious crimes and are members of Parliament and they're attending Parliament. The only difference is the present person has not been granted bail. Not being granted bail is not equal to conviction,” he says.

      If Rashid could file his nomination papers from jail, then the necessary sequitur to that is that he's allowed to attend Parliament, says Desai.

      According to Desai, in a “tricky situation” such as this, the high court can certainly assume jurisdiction and decide bail or attendance “being a question of liberty or right to vocation".

      Senior advocate Vikas Pahwa says, “When an accused is charged under specific statutes — such as the UAPA, PMLA, NDPS, POCSO and others — the jurisdiction of the special courts constituted under those statutes will prevail.” This, says Pahwa, is because the specialised courts established by Parliament are offence centric, designed to address the unique complexities of particular crimes rather than focusing on the status of the accused.

      “Their dedicated procedural and judicial frameworks, formulated under Parliament’s legislative power, take precedence in ensuring that cases are adjudicated in accordance with the specific challenges posed by those offences.” The lawmakers who are accused in special statutes should be tried by special courts constituted under the Act, and not by the special courts created for MPs or MLAs, Pahwa adds.

      While the situation throws a legal rigmarole, it is perhaps up to the constitutional courts to settle the issue for good. PTI AMK KVK KVK

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