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    Punjab extends deadline of one-time scheme for settling tax dues of pre-GST period till Sept 30
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    July 31, 2026
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    One-Time Settlement Scheme offers final pre-GST tax dispute resolution relief before stricter recovery action against defaulters begins.
    The One-Time Settlement Scheme 2025 for pre-GST tax dues has been extended until September 30. Eligible taxpayers may resolve pending legacy tax disputes with full waiver of interest and penalties and slab-wise relief in principal tax. After the deadline, recovery action may be intensified under applicable tax laws and the Punjab Land Revenue Act, including property attachment, auction and freezing of bank accounts. The department also supports amicable settlement of tax disputes through the SAMADHAN initiative.
    July 31, 2026
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    Bilateral trade agreement implementation supports expanded trade, investment and strategic cooperation through technology, security, clean energy and community links.
    The India-UK Comprehensive Economic and Trade Agreement was identified as a framework for expanding bilateral trade and investment opportunities following its operationalisation. The two governments proposed closer cooperation to use the agreement for shared prosperity, while advancing their comprehensive strategic partnership through technology, innovation, defence, security, clean energy, education and people-to-people links.
    July 31, 2026
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    Sectoral bank credit growth reflects broad-based expansion across industry, services, agriculture and personal loans, with slower credit-card growth.
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    July 31, 2026
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    Biometric identification of protesters through alleged fingerprint-Aadhaar linkage was described alongside criminal-background profiling and database creation.
    Biometric identification of protesters through fingerprints recovered from alleged stone-pelting evidence was publicly described as a proposed investigative method. A minister stated that fingerprints allegedly found on stones would be linked with Aadhaar numbers to identify participants and examine their prior records. The account also referred to analysis and categorisation of detained protesters' criminal backgrounds, creation of a separate database, and proposed action against participants described as anti-social elements or persons with criminal records.
    July 31, 2026
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    Offshore hydrocarbon exploration support funds high-risk deepwater drilling, shared infrastructure and data acquisition to strengthen domestic energy production.
    The National Offshore Exploration Scheme provides public support for deepwater and ultra-deepwater oil and gas exploration, including seismic and offshore data acquisition, exploratory drilling in frontier basins, and common production and evacuation infrastructure. It addresses the high cost and geological uncertainty of offshore drilling and includes technology adoption, digital programme management, capacity building and collaboration measures. The scheme seeks to expand domestic hydrocarbon discoveries and production, attract investment across the exploration and production value chain, and reduce reliance on imported oil and gas.
    July 31, 2026
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    Foreign exchange reserves increased as foreign currency assets and gold holdings rose, alongside measures to attract forex inflows.
    India's foreign exchange reserves increased during the reporting week, principally because foreign currency assets and gold reserves rose. Foreign currency assets, expressed in United States dollar terms, include valuation effects from movements in currencies such as the euro, pound and yen. Special Drawing Rights and the reserve position with the International Monetary Fund declined. Measures including the FCNR(B) measure were reported as efforts to attract foreign-exchange inflows following rupee pressure and dollar-sales intervention.
    July 31, 2026
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    Digital marketplace access for women's self-help group products expands e-commerce opportunities while panchayat-level citizen services are strengthened.
    Digital marketplace access for women's self-help group products is proposed through a memorandum of understanding between CSC eStore and the Jharkhand State Livelihood Promotion Society. Products marketed under the 'Palash' and 'Adiva' brands are intended to be offered through an e-commerce network to widen market access, support rural women's income and entrepreneurship, and strengthen the rural economy. Digital panchayat services are also being expanded through Common Service Centres, including banking, e-governance and Aadhaar-related services.
    July 31, 2026
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    Agricultural export facilitation expands market access for late-season mangoes through farmer aggregation and direct global market linkages.
    Agricultural export facilitation enabled an air shipment of late-season Neelam and Totapuri mangoes to an international market, expanding market access and extending the mango export season. Direct sourcing through a Farmer Producer Company supported organised aggregation, quality produce, and export-oriented supply chains. Direct procurement and export market linkages enabled participating farmers to realise higher returns than conventional market channels while promoting horticultural export diversification.
    July 31, 2026
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    Cross-border digital payment integration enables real-time Favara transfers from Maldives mobile banking applications to UPI-enabled accounts in India.
    Cross-border digital payment integration between Favara and UPI enables individuals in the Maldives to make real-time person-to-person transfers to UPI-enabled bank accounts in India through mobile banking applications. Transfers are initiated in Maldivian Rufiyaa and credited in Indian Rupees. The initial service is available through participating Maldivian banks. Permitted remittances include family-maintenance transfers under foreign inward and outward remittance categories, and gift-related transfers under foreign outward remittance. Future phases are intended to introduce QR-based merchant payments and other digital payment services.
    July 31, 2026
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    Procedural Fair Hearing in competition inquiries requires notice when the Commission departs from investigative findings before imposing action.
    Competition law procedure requires the Competition Commission to notify and hear an opposite party when departing from the Director General's findings. The penalty order concerning alleged abuse of dominance in viscose staple fibre supply was set aside because Grasim Industries was not given an opportunity to respond to the Commission's disagreement with the investigative findings. The matter was remanded for fresh, time-bound consideration without a finding on the merits.
    July 31, 2026
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    Manufacturing contraction highlights weak domestic demand, property-sector pressure and continued reliance on technology-related exports for economic growth.
    Manufacturing activity in China contracted in July, as the official purchasing managers' index fell below the expansion threshold and new orders and production declined. Weak domestic demand, lower building activity and possible typhoon-related disruptions contributed to the slowdown. Consumer spending, investment and property-sector weakness continue to affect confidence, while technology-related exports support growth. Policy commitments include strengthening domestic consumption amid continued reliance on exports.
    July 31, 2026
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    Public-private partnership airport development strengthens aviation, cargo logistics, export infrastructure and sustainable connectivity through an integrated international airport project.
    The Bhogapuram airport project is being implemented under a Public-Private Partnership through the Design, Build, Finance, Operate and Transfer framework. It has obtained required aerodrome, safety, fire and environmental clearances and includes infrastructure for domestic and international aviation, passenger processing and airport security. Cargo and cold-chain facilities are intended to support exports and logistics integration, while recycled-water use and LEED Platinum standards form part of the project's sustainability features.
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    July 31, 2026
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    Value-added Makhana exports expand international market access, support quality compliance, and improve farmer returns through processing and branding.
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    Market access for Indian pharmaceuticals remains central to bilateral efforts to promote sustainable trade and economic cooperation.
    Enhanced market access for Indian products, particularly pharmaceuticals, was raised in discussions aimed at strengthening bilateral trade and economic ties. The discussions addressed sustainable trade, and the sides agreed to increase mutual cooperation and communication. India continues to seek greater access to China's information technology, pharmaceutical and agricultural sectors, while pursuing increased pharmaceutical exports and Chinese investment. Bilateral trade increased, but India's trade deficit widened, reflecting an ongoing imbalance in trade flows.
    July 30, 2026
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    Money laundering asset attachment targets overseas bank deposits linked to alleged loan fraud and fugitive economic offenders.
    Provisional attachment under the Prevention of Money Laundering Act was reported against Singapore bank deposits held by a company promoter and associated entities in an alleged loan-fraud and money-laundering investigation. The underlying case arises from allegations of fraud, criminal misappropriation, criminal breach of trust and cheating affecting a consortium of lending banks. Service of the attachment order was reported through mutual legal-assistance arrangements, and the promoters had reportedly been declared fugitive economic offenders.
    July 30, 2026
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    Deposit interest rate uniformity requires equal rates for similar deposits, while allowing risk-based differentiation for bulk deposits.
    Banks must apply uniform deposit interest rates across branches and customers for similar deposit amounts accepted on the same date, without discrimination. Rates payable, including for bulk deposits, must strictly follow schedules disclosed in advance on bank websites. Bulk deposit rates must be published each business day at 10:00 am, subject to a short permitted delay. Differentiated bulk-deposit rates may be offered based on applicable differential run-off rates under the Liquidity Coverage Ratio framework.
    July 30, 2026
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    Supply-chain continuity measures prioritise energy, fertiliser and seafarer protection amid conflict-driven disruptions across critical maritime transit routes.
    Supply-chain continuity and energy security measures were reviewed in response to geopolitical conflicts disrupting maritime transit routes and imports. Measures included diversification of LPG procurement, maintenance of petroleum stocks, expansion of PNG, gas-grid, LNG and city-gas infrastructure, and pipeline connectivity approvals. Fertiliser requirements and alternative procurement sources were considered to ensure uninterrupted supply. A unified monitoring mechanism and support arrangements for seafarers, including timely information, emergency assistance and counselling, were directed to protect citizens, economic interests and the Indian diaspora.
    July 30, 2026
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    Property digital identity framework proposed through comprehensive surveys, floor-level records, and unique cards to improve ownership verification.
    The proposed Delhi Land Records Bill, 2026 contemplates a digital land-records framework requiring scientific surveys of every property, comprehensive authenticated digital records and a unique Property Aadhaar Card. The proposed system would cover rural and urban residential, commercial and other properties, including floor-level records for buildings. It is intended to improve ownership verification, property transactions, inheritance, loan access, building-plan approvals and transparency in land records.
    July 30, 2026
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    Supply-chain resilience amid maritime conflict drives measures to protect energy imports, fertiliser supplies, seafarers and overseas citizens.
    Supply-chain continuity was reviewed in response to conflicts affecting maritime routes through the Strait of Hormuz, the Black Sea, the Red Sea and the Gulf of Aden. The concerns included disruptions to imports of petroleum, natural gas, fertilisers and other essential goods, risks to ships and seafarers, and the safety of Indian citizens in conflict areas. Measures were considered to maintain uninterrupted imports, protect economic interests and address constraints affecting critical energy and trade corridors.

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      India, Sri Lanka ink major defence pact signalling major upswing in ties

      April 5, 2025

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      Colombo, Apr 5 (PTI) Signalling an upswing in their strategic ties nearly four decades after the IPKF episode, India and Sri Lanka on Saturday inked a defence pact to institutionalise military cooperation with Prime Minister Narendra Modi asserting that security of both the nations is interlinked and dependent on each other.

      Following talks between PM Modi and Sri Lankan President Anura Kumara Dissanayake, the two sides firmed up a total of seven pacts, including one on developing Trincomalee as an energy hub under a trilateral framework, also involving the United Arab Emirates and another agreement on power grid connectivity.

      While Modi reaffirmed that New Delhi will always stand with the people of the island nation, Dissanayake said Sri Lanka will not allow its territory to be used in any manner inimical to security interests of India as well as the region.

      In the meeting, the prime minister pitched for resolving the vexed fishermen issue between the two countries with a “humane approach” and hoped that Colombo will fulfil the aspirations of the Tamil people and conduct provincial council elections.

      In his media statement, Modi said India converted loans worth more than USD 100 million into grants in the last six months alone to help Sri Lanka and announced reducing interest rates for loans given to the island nation.

      Apart from the seven pacts, India also firmed up a debt restructuring agreement as part of its economic assistance for Colombo with Modi saying it will facilitate immediate assistance and relief to the people of Sri Lanka.

      Modi also announced a support package of approximately 2.4 billion Sri Lankan rupees for social and economic development of the Eastern provinces of Sri Lanka.

      In reflection of the importance Colombo has attached to Modi's visit, the prime minister was accorded a ceremonial welcome at the historic Independence Square and was conferred Sri Lanka's highest civilian honour, the Mithra Vibhushana.

      Though the Modi-Dissanayake talks produced over 10 concrete outcomes, the defence cooperation pact emerged as the centerpiece as it signalled an upward trajectory in defence relations leaving behind the bitter chapter of India pulling out the Indian Peace Keeping Forces (IPKF) from the island nation around 35 years ago.

      “We believe that we have shared security interests. The security of both countries is interconnected and co-dependent,” Modi said.

      “I am grateful to President Dissanayake for his sensitivity towards India’s interests. We welcome the important agreements made in the area of defence cooperation,” he said.

      In his comments, the Sri Lankan leader said, “We also discussed in detail about furthering our collaboration in the already excellent defence cooperation between the two countries.” “I reaffirmed Sri Lanka’s stance that it will not permit its territory to be used in any manner inimical to the security of India as well as regional stability.” Modi said India is proud to have fulfilled its duties as a “true friendly neighbour.

      “Whether it was the terrorist attack of 2019, the COVID pandemic, or the recent economic crisis, we have stood firmly with the people of Sri Lanka during every difficulty,” he said.

      PM Modi also placed a wreath at the IPKF memorial in Colombo, paying tributes to the Indian soldiers who made supreme sacrifices during the intervention.

      To a question on defence pact, Foreign Secretary Vikram Misri said at a media briefing that it is an umbrella framework that will make existing defence cooperation initiatives “more structured” even as he talked about “close convergence” in the narratives from both sides on “completely interlinked” nature of the national security.

      “In fact, if I recall correctly during discussions today, he said that neither Sri Lanka's land nor the oceans around it will be allowed to be used in any manner inimical to India's security,” he said.

      Misri said the defence pact will provide for more joint exercises, capacity building, increasing port calls by naval units of both countries, and could also facilitate defence industry cooperation between the two sides.

      The other notable pacts included one on cooperation in the field of sharing digital solutions and another on India's multi-sectoral grant assistance for the Eastern province.

      PM Modi also announced a comprehensive capacity-building programme for 700 Sri Lankans annually, India’s grant assistance for the development of Thirukoneswaram temple in Trincomalee, Sita Eliya temple in Nuwara Eliya, and Sacred City Complex project in Anuradhapura.

      The prime minister said relations between India and Sri Lanka are based on mutual trust and goodwill and both sides will continue to work together to fulfill the hopes and aspirations of people of the two countries.

      “President Dissanayake chose India for his first foreign visit after becoming president, and I have had the privilege of becoming his first foreign guest. This is a symbol of the depth of our special relations,” Modi said.

      “Sri Lanka has a special place in both our 'Neighbourhood First Policy' and Vision 'MAHASAGAR'. In the last four months, since President Dissanayake's visit to India, we have made significant progress in our cooperation,” he added.

      Modi had last month announced India's new vision for the Global South and named it 'MAHASAGAR' or Mutual and Holistic Advancement for Security and Growth Across Regions.

      After their talks, Modi and Dissanayake also virtually inaugurated the Sampur solar power plant and a number of other India-assisted projects.

      “The Sampur solar power plant will help Sri Lanka achieve energy security. The agreement reached to build a multi-product pipeline, and to develop Trincomalee as an energy hub will benefit all Sri Lankans,” Modi said.

      “The grid interconnectivity agreement between the two countries will create opportunities for Sri Lanka to export electricity,” he added.

      Modi said India will also provide support for the Sri Lanka Unique Digital Identity project.

      In his remarks, the prime minister also referred to the fishermen issue.

      “We also discussed issues related to fishermen's livelihood. We agreed that we should proceed with a humane approach in this matter,” he said. “We also emphasised on immediate release of the fishermen and their boats.” Referring to the Tamil issue, the prime minister also hoped that the Sri Lankan government will “fully implement” the Constitution of the country.

      “We also talked about reconstruction and reconciliation in Sri Lanka. President Dissanayake appraised me of his inclusive approach,” Modi said.

      “We hope that the Sri Lankan government will meet the aspirations of the Tamil people and fulfil its commitment towards fully implementing the Constitution of Sri Lanka, and conducting provincial council elections,” he said.

      Modi also met a group of Tamil leaders from Northern and Eastern provinces of Sri Lanka and reiterated India's “unwavering commitment” to “a life of equality, dignity and justice” for the Tamil community within an united Sri Lanka.

      The Tamil community in Sri Lanka has been demanding the implementation of the 13th Amendment that provides for devolution of power to it. The 13th Amendment was brought in after the Indo-Sri Lankan agreement of 1987.

      Modi also talked about India's assistance to Sri Lanka to help it come out of the economic stress.

      “In the last six months alone, we have converted loans worth more than USD 100 million into grants. Our bilateral ‘debt restructuring agreement’ will provide immediate assistance and relief to the people of Sri Lanka. Today we have also decided to reduce interest rates,” he said.

      “It symbolises that even today, India stands with the people of Sri Lanka,” he said.

      The prime minister also talked about the Buddhist links between the two nations.

      “I am extremely happy to announce that the Holy Relics of Lord Buddha found in 1960, in the Aravali region of my home state - Gujarat, are being sent to Sri Lanka for an exposition,” he said.

      “India will assist in the renovation of the Thirukoneswaram Temple in Trincomalee. India will also provide support in the construction of the sacred city in the Anuradhapura Mahabodhi temple complex, and the Sita Eliya temple in Nuwara Eliya,” he added.

      The Modi-Dissanayake talks were held a day after the prime minister arrived in the Sri Lankan capital after concluding his trip to Bangkok where he attended a summit of the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation). PTI MPB NPK NPK

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