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    SIDBI organizes a conclave of the Heads of Regional Rural Banks (RRBs) on expanding SIDBI-RRB MSME Co-Lending arrangement
    SC sets aside show cause notice to Tata Steel over input tax credit availed during FY19-23
    HC flags fraudulent use of Aadhaar by infiltrators to get Indian citizenship; calls for action
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    India to be among top 5 Nestle markets in coming years, a major export hub : Global CEO
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    CCI approves acquisition of 100% share capital of Tao Digital Solutions by Cyient Ltd
    CCI approves acquisition of 100% stake in Kestrel Coal Group Pty Ltd. by Yancoal Australia from certain sellers
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August 26, 2026
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MSME co-lending supports digital paperless credit delivery through rural banks for underserved rural and semi-urban enterprises.
SIDBI-RRB MSME co-lending arrangement is proposed for expansion to increase credit access for micro, small and medium enterprises in rural and semi-urban areas. The arrangement combines SIDBI's understanding of MSME credit requirements with Regional Rural Banks' local reach. SIDBI's Co-Lending Origination Platform provides an end-to-end digital credit process intended to enable faster, paperless loan processing, in-principle sanction communication, documentation and direct account disbursement without branch visits.
August 26, 2026
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Input tax credit mismatch alone cannot support fraud-based GST demand without an assessing officer's recorded satisfaction of fraud or suppression.
Section 74 GST demand proceedings require the assessing officer's independent satisfaction of fraud, wilful misstatement or suppression of facts. An input tax credit mismatch or alleged short payment alone cannot establish these conditions. Unsupported assertions of suppression for invoking extended limitation are insufficient, and audit objections cannot replace the assessing officer's satisfaction. A show cause-cum-demand notice lacking factual allegations of a deliberate device to evade tax or avail excess input tax credit is vulnerable.
August 26, 2026
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Fraudulent Aadhaar procurement exposes identity-verification gaps and prompts disclosure, expedited investigation, deportation, and statutory review measures.
Fraudulent procurement of Aadhaar and other identity documents by foreign nationals who infiltrate borders may undermine identity verification, immigration control and national security. Coordinated action is required to trace and deport such persons, prevent re-entry, strengthen document verification, and complete investigations without delay. Amendments to the Aadhaar Act are to be considered to assist investigating agencies, while a dedicated procedure is required to address border infiltration and human trafficking. Aadhaar enrolment records are to be supplied to police, followed by timely deportation proceedings.
August 26, 2026
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Foreign investment liberalisation proposals receive industry support, subject to preserving AIF treatment, grandfathering, and prospective application.
Proposed foreign-investment liberalisation, including treatment of stakes below 10 per cent and a greater role for market forces in valuation, is welcomed. Preservation of the existing treatment of Alternative Investment Funds under the IOCC framework is emphasised, together with grandfathering of transactions and funds undertaken under the current regulatory position. Newly introduced requirements should operate prospectively to support a simpler, predictable and investment-friendly foreign-investment framework.
August 26, 2026
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India market expansion guides Nestle 's volume-led growth, export-hub development and long-term investment without compromising product quality.
Nestle 's India strategy focuses on volume-led growth, wider consumer reach, portfolio development, efficiency improvements and sustained long-term investment. Growth is intended to combine increased household penetration with pricing, premiumisation, affordability and value offerings. India is also intended to develop further as a production and export hub for global markets, supported by manufacturing capacity and expanding overseas supplies. Product quality and consumer interests remain constraints on the pace of expansion.
August 26, 2026
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Credit awareness through regular score and report review supports responsible borrowing, error detection, and informed credit management.
Free online access to the Credit Pulse Report is available through the Bajaj Finance website. Users verify their registered mobile number through OTP authentication, provide identifying particulars including PAN and date of birth, and then view the available credit score. The report may be reviewed and downloaded to examine repayment history, active credit accounts, recent enquiries and other recorded credit information. Periodic review can help identify unfamiliar accounts, inaccurate repayment records, overdue amounts, unupdated information and changes in credit utilisation.
August 26, 2026
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Credit lifecycle consistency requires facility-specific treatment so UPI-linked credit records, repayments and customer obligations remain aligned.
CARD91's Credit Lifecycle Consistency Framework calls for facility-specific treatment of Credit Line on UPI transactions and continuing credit events. Credit limits, outstanding balances, repayments, refunds, reversals and EMI conversions should be accurately connected to the relevant customer account and applied according to the underlying facility's terms. Bank policy, customer consent, transaction controls and portfolio actions should remain aligned. Customer-facing applications, statements and alerts should consistently reflect available credit, outstanding obligations and repayment schedules, while disputes and manual corrections follow documented, reviewable processes.
August 26, 2026
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Non-revolving credit lines require term-loan structures supporting multiple drawdowns without replenishing sanctioned limits for NBFC lending products.
Proposed restrictions on revolving credit facilities for most NBFCs would generally require credit products to operate as term loans, rather than facilities in which principal repayment automatically restores the available borrowing limit. Compliance may require technology capable of managing multiple drawdowns within an approved sanction, separate repayment schedules, amortisation and servicing workflows, while preventing repaid principal from replenishing the sanctioned limit.
August 26, 2026
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Reciprocal trade tariffs intensify as negotiations confront market access, cultural protections, industrial safeguards, and sovereignty concerns.
US-Canada tariff escalation involves reciprocal import duties following failed negotiations over market access and trade in dairy, alcoholic beverages, automobiles, steel, aluminium and softwood lumber. United States tariff action relies on a rarely used trade-law power permitting duties against countries considered to discriminate against American businesses, without a prior investigation or stated time limit. Negotiations also raised concerns about protection of major industries, cultural protections and Canada's freedom to conclude trade agreements with other countries.
August 26, 2026
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Diaspora engagement supports skilled mobility, investment links, remittances, and citizen welfare while encouraging compliance with local laws.
Indian diaspora engagement in Japan supports bilateral goodwill, business links, investment opportunities and people-to-people ties. Skilled Indian professionals are encouraged to understand local requirements, learn Japanese language and culture, and pursue opportunities in healthcare, trades, engineering, artificial intelligence, accountancy and maritime work. Diaspora members are also encouraged to maintain connections with India, contribute through digital education and knowledge-sharing, and comply with local laws and regulations. Remittances and government support for citizens' welfare, safety and crisis assistance abroad are recognised as important aspects of diaspora engagement.
August 26, 2026
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Semiconductor and AI cooperation advances through industry engagement, investment facilitation, and accelerated economic partnership review.
India-Japan cooperation in semiconductors and artificial intelligence is being strengthened through industry engagement, investment facilitation, technology partnerships and an economic-security-oriented framework. India's semiconductor strategy covers chip design, machinery and materials, fabrication, ATMP/OSAT, research, and talent development, supported by Semicon India initiatives. Bilateral engagement also seeks to address industry concerns, expand manufacturing and innovation partnerships, and accelerate review of the Comprehensive Economic Partnership Agreement to reflect emerging economic opportunities.
August 26, 2026
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Virtual trader engagement platform strengthens weekly grievance feedback, policy information sharing, and institutional dialogue between government and trading communities.
The Virtual Conference Interaction Meetings provide a weekly, accessible forum for retail traders to engage with the Government, receive information on relevant schemes, policies and reforms, and submit grievances and suggestions. The platform enables recurring concerns to be identified and communicated to concerned Ministries and Departments for consideration and redressal. It seeks to strengthen institutionalised dialogue, feedback, transparency, trust and cooperation between the Government and the trader community.
August 26, 2026
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Competition clearance for full acquisition permits Cyient to acquire Tao Digital Solutions, a global digital transformation and technology services provider.
Competition Commission of India approved Cyient Limited's acquisition of 100% of Tao Digital Solutions Inc.'s share capital from its existing shareholders. The full share capital acquisition transfers complete ownership of Tao Digital Solutions to Cyient. Tao Digital Solutions provides global digital transformation and technology services, including product engineering, managed services, cybersecurity, payments, digitization and AI, cloud services, and data services, and operates in India through its wholly owned subsidiary, Tao Digital India Private Limited.
August 26, 2026
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Competition clearance for full coal-sector acquisition addresses limited Indian market links through metallurgical and thermal coal sales.
Competition approval covers Yancoal Australia Limited's acquisition of 100% equity interest and warrants in Kestrel Coal Group Pty Ltd. The target holds an 80% interest in the Kestrel Joint Venture, which operates a Queensland coal mine producing principally metallurgical coal and a smaller volume of thermal coal. Neither the acquirer nor the target has a physical presence in India. Their Indian nexus is limited to coal exports and the joint venture's sales of metallurgical coal into India.
August 25, 2026
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Customs classification of unassembled vehicle imports requires fresh hearing after reserved tax challenge was released without verdict.
The dispute concerns customs classification of imported unassembled vehicle parts. Customs authorities allege that parts imported in separate shipments should have been declared as completely knocked down (CKD) units, attracting the higher duty applicable to CKD imports, rather than as individual components subject to lower duty. The manufacturer contests the resulting customs demand. Proceedings have been released for fresh hearing before the regular indirect-tax writ bench, with status quo maintained for four weeks.
August 25, 2026
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Retaliatory tariffs on imported goods escalate trade measures, targeting key sectors while maintaining support for affected domestic businesses.
Canada has imposed retaliatory tariffs on United States-origin industrial and consumer goods following increased United States tariffs on Canadian goods. Effective 8 September, the measures apply at rates of 15%, 25% and 50% across more than 700 products, including steel, aluminium, appliances, dairy products, seafood, furniture, clothing, pulp and paper, and electronics. Existing countertariffs on automobiles remain in force. The measures seek to protect domestic businesses and reduce imports, supported by assistance for affected workers and businesses amid risks to integrated cross-border supply chains.
August 25, 2026
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Foreign-exchange market intervention and lower crude prices supported rupee appreciation, while USD/INR remained range-bound amid shifting dollar conditions.
Foreign-exchange market conditions supported rupee appreciation against the US dollar, driven by stronger domestic equity markets, a weaker US dollar and lower crude oil prices. The USD/INR pair remained broadly range-bound, with oil-price movements and Reserve Bank intervention identified as key near-term influences. The special USD-INR foreign-exchange swap facility for FCNR(B) deposits, overseas foreign-currency borrowings and external commercial borrowings mobilised substantial foreign-exchange inflows.
August 25, 2026
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Section 301 tariffs may have lower impact where major exports remain outside their scope amid resilient domestic demand.
Economic resilience is attributed to buoyant domestic demand, increased manufacturing and services activity, improving liquidity conditions, credit growth, investment activity and rebounding foreign capital inflows. Recovery in the southwest monsoon improved kharif sowing and reservoir storage, partly mitigating agricultural-sector risks. US Section 301 tariffs are expected to have a comparatively lower effect because major Indian exports to the United States, including smartphones, petroleum products and pharmaceuticals, remain outside their scope. Foreign direct investment improved with higher gross inflows, while outward foreign direct investment continued to decline.
August 25, 2026
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BIS certification exemptions may be structured for high-tech manufacturers to ensure timely equipment imports and support domestic manufacturing operations.
Mandatory Bureau of Indian Standards (BIS) certification requirements for equipment and components used by high-technology manufacturers may be addressed through a proposed exemption framework. Possible exemptions may be structured at the company, industry, product, project or bulk level to support timely availability of imported equipment, goods and services for manufacturing operations. The approach is directed at high-technology industries generally, particularly semiconductor and artificial intelligence sectors, while addressing delays associated with mandatory certification and complex procedures for specialised imported parts and equipment.
August 25, 2026
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Corporate social responsibility should prioritise measurable community outcomes, transparency, capable implementing agencies, and strategic integration with sustainability objectives.
Corporate social responsibility should prioritise measurable community outcomes rather than expenditure alone. Effective CSR depends on community-responsive design, capable implementing agencies, rigorous monitoring, social audits, and transparent use of technology and data. Public sector enterprises may use thematic priorities, convergence with government programmes, and institutional collaboration to replace isolated interventions with strategic CSR. CSR capacity building encompasses legal and regulatory frameworks, governance, project planning, impact assessment, reporting, ESG and the Social Stock Exchange.

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Customs & Trade

Senate up late voting on GOP tax breaks, spending cuts plan that's central to Trump agenda

April 5, 2025

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Washington, Apr 5 (AP) Senators kept plugging through the night and into Saturday in contentious debate over a Republican budget plan that's central to President Donald Trump's agenda for trillions of dollars in tax breaks and boosts to border security and defense funds, all while slashing other government spending.

It could not have come at a more difficult political moment. The US economy is churning over Trump's vast tariff scheme sent stocks plummeting, and experts are warning of soaring costs for consumers at home and threats of a potential recession. Even some Republicans have expressed concerns.

But GOP leaders with a nod from Trump are determined to march ahead, pushing past a hardened line of opposition from Democrats, who are unified against what they decry as tax breaks for the wealthy at the expense of federal programs Americans rely on. Approval, expected later Saturday morning, would pave the way for Republicans in coming months to muscle a tax cut bill through both chambers of Congress, just as they did in Trump's first term.

“Let the voting begin," Senate Majority Leader John Thune, R-S.D., said Friday night.

The evening kicked off what's called vote-a-rama as Democrats were intent on making the effort as politically painful as possible, with votes on some 20 amendments to the package that GOP senators will have to defend before next year's midterm elections.

Among them were proposals to ban tax breaks for the super-wealthy, end Trump's tariffs and clip his efforts to shrink the federal government. One, in response to the Trump national security team's use of Signal, sought to prohibit military officials from using any commercial messaging application to transmit war plans. Most were failing.

Democrats accused Republicans of laying the groundwork for increasing deficits and cutting key safety net programs such as Medicaid and nutritional assistance to help pay for tax cuts they say disproportionately benefit the rich.

“Trump's policies are a disaster," said Senate Democratic Leader Chuck Schumer of New York, as is Elon Musk's Department of Government Efficiency. “Republicans could snuff it out tonight, if they wanted.” The Republicans frame their work as preventing a tax increase for most American families, arguing that unless Congress acts, the individual and estate tax cuts that Republicans passed in 2017 will expire at the end of this year.

The Senate package pulls in other GOP priorities — including $175 billion to bolster Trump's mass deportation effort, which is running short of cash, and another $175 billion for the Pentagon to build up the military — from an earlier budget effort.

Sen. John Barrasso, the No. 2 ranking GOP senator, said voters gave Republicans a mission and a mandate in November, and the Senate budget plan delivers.

“It fulfils our promises to secure the border, to rebuild our economy and to restore peace through strength,” Barrasso said.

Throughout the day, the debate was generally one-sided, as Democrats were taking full advantage of 25 hours of their available time, while Republicans yielded much of theirs to push ahead to the all-night voting frenzy. Pizza was wheeled in on a cart, for Republicans. Tacos, for Democrats.

Republicans use their majority to swat them back most amendments, often in rambunctious voice votes, though one GOP proposal to protect Medicare and Medicaid from cuts was adopted.

A few Democratic proposals, however, did draw some GOP support, including those to protect the Federal Emergency Management Agency and the bargaining rights of federal workers, backed by Sen. Susan Collins of Maine and Sen. Lisa Murkowski of Alaska, among others.

One Republican, Sen. Bill Cassidy of Louisiana, expressed his own misgivings about tax breaks adding to the federal deficits and said he has assurances that Trump officials would seek the cuts elsewhere.

“This vote isn't taking place in a vacuum,” he said, a nod to the turmoil over Trump's tariffs.

And Republican Sen. Rand Paul of Kentucky, the lone GOP opponent to the plan so far, questioned the math being used by his colleagues that he said would pile on the debt load. “Something's fishy,” he said.

The House and Senate take different approaches that will eventually have to be resolved.

The House GOP budget plan provided for $4.5 trillion in tax breaks over 10 years, with some $2 trillion in savings pointed at changes to Medicaid, food stamps and other programs.

The Senate's budget plan allows for extending the tax cuts under a scoring method that treats them as not adding to future deficits, even though a new estimate from the Joint Committee on Taxation projects they will add $5.5 trillion over the next decade when including interest, and $4.6 trillion not including interest.

On top of that, an additional $1.5 trillion in the senators plan would enable them to include some of Trump's campaign promises, such as no taxes on tips, Social Security benefits and overtime. Republicans are also looking to increase the $10,000 deduction for state and local taxes, something that lawmakers from states such as New York, California and New Jersey say is necessary for their support.

The House and Senate are also at odds over increasing the debt limit, which is needed by summer to allow more borrowing. The House had boosted the debt limit by $4 trillion in its plan. But with Trump wanting the issue off the table, the Senate ups it to $5 trillion to push any further votes on the matter until after next year's midterm elections.

The plan instructs four Senate committees to find at least $1 billion each in budget reductions. That's just a small fraction of the what's needed to offset the costs of the tax breaks. But GOP leadership emphasizes that's a low floor and that committees will be on the hunt for far more.

Already, the GOP leaders are confronting concerns from fiscal hawks in deep red states and congressional districts who want trillions of dollars in spending cuts to help pay for the tax breaks. At the same time, dozens of lawmakers in swing districts and states are worried about what those cuts will mean for their constituents, and for their reelection chances.

The GOP leadership has encouraged members to just get a budget plan over the finish line, saying they have time to work out the tough questions of which tax breaks and spending cuts to include.

Extending the the 2017 breaks would cut taxes for about three-quarters of households but raise them for about 10%. In 2027, about 45% of the benefit of all the tax cuts would go to those making roughly $450,000 or more, according to the Urban-Brookings Tax Policy Center, which analyzes tax issues. (AP) NSA NSA NSA

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