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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.
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.

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House Speaker Mike Johnson tries to push Trump's 'big' agenda forward, but GOP votes in jeopardy

February 25, 2025

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Washington, Feb 25 (AP) House Speaker Mike Johnson will try against the odds to muscle a Republican budget blueprint to passage this week, a step toward delivering President Donald Trump's “big, beautiful bill” with USD 4.5 trillion in tax breaks and USD 2 trillion in spending cuts over stiff opposition from Democrats — and even some Republicans.

With almost no votes to spare in Johnson's bare-bones GOP majority, the speaker is fighting on all fronts — against Democrats, uneasy rank-and-file Republicans and sceptical GOP senators — as he works to keep the package on track. Votes set for Tuesday evening are in jeopardy, and the outcome is uncertain.

“We're going to get everyone there,” Johnson, of Louisiana, said at an event at the start of the week, half-joking that he had a “prayer request” involved.

The package, if approved, would be a crucial part of the budget process as Trump pushes the Republicans who control Congress to approve a massive bill that would extend tax breaks, which he secured during his first term but are expiring later this year, while also cutting spending across federal programmes and services.

Slashing government is not always popular at home But Republicans are running into a familiar problem: Slashing federal spending is typically easier said than done. With cuts to the Pentagon and other programmes largely off limits, much of the other government outlays go for health care, food stamps, student loans and programmes relied on by their constituents.

It's all unfolding as billionaire Trump adviser Elon Musk is tearing through federal agencies with his Department of Government Efficiency firing thousands of workers nationwide, and angry voters are starting to confront lawmakers at town hall meetings back home.

“While we fully support efforts to rein in wasteful spending and deliver on President Trump's agenda, it is imperative that we do not slash programmes that support American communities across our nation,” wrote Rep. Tony Gonzales, R-Texas, and several other GOP lawmakers in the Congressional Hispanic Conference.

Democrats protest tax cuts for wealthy Democrats in the House and the Senate are vowing to fight the whole process. House Democratic Leader Hakeem Jeffries of New York was planning to gather lawmakers on the Capitol steps in protest during Tuesday's session.

“This is not what people want,” said Rep. Jim McGovern, D-Mass., during a rules debate ahead of planned votes.

“We all know that trickle-down economics,” he said about the 2017 tax breaks that flowed mainly to the wealthy, “don't work.” Trump has signalled a preference for the “big” bill but also appears to enjoy a competition between the House and the Senate, lawmakers said, as he pits the Republicans against each other to see which version will emerge on a path toward approval.

Senate Republicans, wary that Johnson can lift his bill over the finish line, launched their own scaled-back USD 340 billion package last week. It's focused on sending Trump money his administration needs for its deportation and border security agenda now, with plans to tackle the tax cuts separately later this year.

“I'm holding my breath. I'm crossing my fingers," said Sen. John Cornyn, R-Texas, who said he is rooting for the House's approach as the better option. "I think a one-shot is their best opportunity.” The House GOP faces pitfalls ahead Johnson, whose party lost seats in last November's election, commands one of the thinnest majorities in modern history, which means he must keep almost every Republican in line or risk losing the vote.

Already, several lawmakers have objected to the package either because it cuts too much or because it doesn't cut enough.

The most conservative Republicans warn it will pile onto the nation's USD 36 trillion debt load, because the cost of the tax breaks, at least USD 4.5 trillion over the decade, outweighs the USD 2 trillion in spending cuts to government programmes.

More moderate Republican lawmakers worry that the enormous budget cuts being eyed — some USD 880 billion to the committee that handles health care spending, including Medicaid, for example, or USD 230 billion to the agriculture committee that funds food stamps — will be too harmful to their constituents back home.

GOP leaders are trying to convince lawmakers that the details will be debated in the weeks to come and that this week's vote is just a first step.

The budget is being compiled during a lengthy process that first sends instructions to the various House and Senate committees, which will then have several weeks to devise more detailed plans for additional debate and votes.

“The committees need time to go work to find savings," said Majority Leader Steve Scalise, R-La. "But we can't even get to that if we don't get through the budget. So, we've got to get the first step done later this week.” Ten House GOP chairmen of the committees involved issued a joint statement in a show of force to push the package forward.

“The House's one big beautiful bill' delivers on the entirety of President Trump's policy agenda,” they wrote in a letter obtained by The Associated Press. “We must meet this historic moment with the bold action it requires.” Rep. Jodey Arrington, the Republican chairman of the House Budget Committee, told reporters he recognises the tension between Republicans who want more cuts and those from politically competitive districts who “have a higher level of sensitivity to some of the spending reforms." Arrington said with economic growth assumptions, from 1.8 per cent as projected by the nonpartisan Congressional Budget Office to 2.6 per cent as projected by House Republicans, the package would generate about USD 2.6 trillion in savings over 10 years and would ensure the plan helps reduce the deficit.

Some fiscal advocacy groups view the GOP's economic projections as overly optimistic. (AP) GRS GRS

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