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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.
August 31, 2026
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Income-tax return filing for non-audit business and professional taxpayers closes at midnight, requiring use of applicable forms.
Income-tax return filing for Assessment Year 2026-27 reaches its due date on 31 August 2026 for taxpayers having business or professional income who are not subject to audit. Such taxpayers may file the applicable ITR-3, ITR-4, ITR-5 or ITR-7. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, ITR-4 to small and medium taxpayers, and ITR-5 to firms, limited liability partnerships and cooperative societies.
August 31, 2026
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Monthly fiscal accounts track receipt composition, expenditure allocation, tax devolution, interest payments, and major subsidy outgo through July.
Union Government monthly accounts through July 2026 record total receipts comprising net tax revenue, non-tax revenue and non-debt capital receipts, with tax devolution transferred to State Governments. Total expenditure is divided between revenue and capital expenditure. Revenue expenditure includes interest payments and major subsidies.
August 31, 2026
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Personal guarantor insolvency distinguishes guarantee liability from borrower debt while creditor voting challenges question repayment-plan approval.
Personal insolvency proceedings concerning personal guarantees distinguish a guarantor's liability from the underlying borrowing entities' debts. Claims against the guarantor arise from guarantees furnished for loans obtained by Essel Group-associated entities, while the borrowers' repayment obligations remain enforceable and creditors may pursue corporate assets and securities. Dissenting lenders have challenged the resolution-plan voting process, alleging that family-linked associates or related parties should have been excluded from committee of creditors voting.
August 31, 2026
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National accounts revisions align GDP and sectoral estimates with updated price, production and banking service indicators.
National Accounts Statistics-2026 incorporates updated Producer Price Index, Index of Industrial Production and Banking Services Price Index series with base year 2022-23 into annual and quarterly GDP estimates. The revised indicators expand coverage, update weights and improve price mapping for national-account activities. GDP and gross value added estimates from 2022-23 onwards are revised at current and constant prices, with sector-specific effects in mining and quarrying, manufacturing, trade services, general government and departmental enterprises. Supply and Use Tables for 2022-23 and 2023-24 are also updated.
August 31, 2026
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Trade facilitation and pharmaceutical market access advance through regulatory cooperation, preferential trade modernisation, and reciprocal agricultural access.
India and Brazil are advancing bilateral trade, investment and economic cooperation through a diversified partnership focused on pharmaceuticals, chemicals, engineering goods and machinery. India-MERCOSUR engagement is being pursued through early finalisation of Terms of Reference for expansion and modernisation of the Preferential Trade Agreement. Pharmaceutical market access is supported by regulatory cooperation under the CDSCO-ANVISA MoU. Agricultural trade facilitation includes phytosanitary processes, reciprocal market access work and mutual recognition of Electronic Certificates of Origin, alongside multilateral coordination through BRICS, the G20 and the WTO.
August 31, 2026
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Cross-border UPI merchant acceptance enables Indian travellers to make UZQR payments at merchants throughout Uzbekistan.
Cross-border UPI merchant acceptance in Uzbekistan allows Indian travellers to make instant person-to-merchant payments through UPI-enabled applications by scanning the interoperable UZQR code. Integration with the Unified National QR infrastructure extends acceptance across retail, hospitality and service merchants. Regulatory approvals support HUMO's role as NIPL's authorised partner for cross-border merchant acceptance, reducing reliance on international cards and cash.
August 31, 2026
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Mobile-first aviation education supports accessible, self-paced certification-led learning and career awareness across aviation roles and geographic locations.
Flymore Aviation LLP operates a mobile-first aviation learning platform intended to make specialised aviation education more accessible and affordable for aspiring pilots, cabin crew and other aviation-sector professionals. The app provides structured, self-paced aviation courses aimed at building industry knowledge, supporting certification-led skill development, improving career awareness and assisting employment readiness across aviation functions. Course delivery through a digital platform is positioned as an alternative to location-dependent and high-cost classroom training.
August 31, 2026
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Indigenous defence technology and exports anchor the annual performance review of public sector defence enterprises.
Annual performance review of 16 Defence Public Sector Undertakings is scheduled with emphasis on indigenous technology, innovation, self-reliance and enhancement of defence exports. Chairpersons and managing directors of seven specified undertakings will present dividends attributable to the Government's equity shareholding. Publications cover self-reliance, student awareness of defence technologies, and modernisation and indigenisation roadmaps. Reported performance includes growth in turnover, profit after tax and defence exports.
August 31, 2026
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Employee provident fund and gratuity dues remain protected outside the liquidation estate despite competing financial creditor claims in insolvency proceedings.
Employee provident fund and gratuity dues of former Jet Airways workmen and employees were required to be paid in full by the liquidator. The NCLAT position upheld treats statutory employee dues relating to provident fund, gratuity and pension funds as outside the liquidation estate, protecting them from competing creditor claims. Financial creditors had argued that such dues should be distributed through the liquidation estate unless dedicated funds existed at the commencement of liquidation. The underlying questions of law remain open for an appropriate case.
August 31, 2026
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Rupee exchange-rate support amid dollar strength and oil risks as foreign-currency deposit flows bolster market sentiment.
Foreign-exchange market conditions saw the rupee recover from early losses amid possible Reserve Bank of India intervention to contain significant depreciation. Higher US Treasury yields, a broader dollar rally, rising crude oil prices and geopolitical supply risks pressured the currency. The special USD-INR forex swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings mobilised foreign-exchange inflows supported by non-resident Indian participation, strengthening market sentiment.

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Our Constitution has Stood the test of Time as it has Ensured Peaceful Reconstruction and National Renewal, Cooperative Federalism and inclusive Development - Dr. Ashwani Kumar The Law & Justice Minister Addresses The Law Day Function

November 26, 2012

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Government of India

Ministry of Law & Justice

26-November-2012 17:39 IST

Stating that the Constitution of India has stood the test of time, Dr. Ashwani Kumar, Minister of Law and Justice, has said that it has ensured peaceful reconstruction and national renewal, cooperative federalism and inclusive development. Addressing the Law Day function here today as the Guest of Honour, Dr. Kumar said that the Constitution of India has served as an “auxiliary precaution” against transient impulses, and has moderated the political discourse consistent with the non negotiable constitutional imperatives. Inaugurated by the Chief Justice of India, the function was organized by the Supreme Court Bar Association.

Following is the text of the Law and Justice Minister’s address at the Law Day function: “This is indeed, a special day in the life of our nation. This day, 63 years ago the people of India gave unto themselves their national charter to establish a sovereign, socialist, secular and democratic republic and a promise to ensure for all Indian citizens justice, liberty, equality and fraternity.

This is an occasion to offer tribute and pay our humble obeisance to the framers the Constitution who took nearly three years to give us this magnificent document, hailed as amongst the finest constitutions in the world. It draws on the models provided by the constitutions of the US, Canada, Australia, the Irish Free State, the British constitution and the Government of India Act 1935, and draws its legal authority from the Indian Independence Act of 1947. The Indian Independence Act was itself a result of the protracted struggle for India’s freedom. During the Indian Freedom movement, the Indian National Congress had pledged to provide guarantees for fundamental rights which remain the sheet anchor of our national charter.

Our Constitution has stood the test of time. It has ensured peaceful reconstruction and national renewal, cooperative federalism and inclusive development. It has served as an “auxiliary precaution” against transient impulses, and has moderated the political discourse consistent with the non negotiable constitutional imperatives.

It has subserved the twin objectives of a government limited by laws and committed to constitutionalisation. As a nation, we can be justly proud of our abiding commitment to the rule of law, free elections, fundamental rights of the people, directive principles of state policy, federalism, and decentralization of power as the bedrock of constitutional governance.

The task of ensuring that our republican charter remains a “living Constitution” stands entrusted to superior judiciary, more particularly to the Supreme Court. The great judges of this Court have not shirked from shifting their attention from word play to the facts of life. Through a balancing of pretending constitutional absolutes, the court has preserved the fine constitutional balance within which the three organs of the state are required to work. Our constitutional jurisprudence built on the edifice of path breaking judgments of this Court have enriched the functioning of democracy in action.

The Landmark judgments of the apex Court have indeed clothed the skeleton of the basic Law. I can recall path breaking judgments of the Court in - D.S. Nakara , Royappa, Dayanand Shetty, Indra Sawhney, S.R. Bommai , Kesavananda Bharati , Minerva Mills, Waman Rao , Bachchan Singh , Maneka Gandhi , I.R. Coelha , Chameli Singh, Khatri , Mohini Jain, Hussainara Khatun, Bandhua Mukti Morcha and many others all of which have vindicated the conscience of the Constitution.

The promise of the constitution would have remained a dead letter but for the higher judiciary which, as the final arbiter has given content to the spirit of the Constitution and by giving it meaning in “new settings as society changes.” We know that there is no such thing as a constitutional provision with a static meaning. Only when given life by the court can the law “rule”. Indeed, as Judge Cardozo reminded us , and I gook “the outstanding truths of life, the great and unquestioned phenomena of society are not to be argued away as myths and vagaries when they do not fit within our little moulds. If necessary, we must remake the moulds. We must seek a conception of law which realism can accept as true …….”

While arbitrating upon the often competing constitutional imperatives and leaning in favor of the justice of the cause before them, courts have refrained from becoming the third or a revising legislative chamber and the “ Laxman Rekha” in this regard has been drawn by the judges themselves.

The UPA government remains committed to and pledges itself to secure the foundations of the rule of law and judicial independence - integral components of the non-negotiable basic structure of the constitution. The promise of the Constitution in this regard cannot be fulfilled unless we can ensure affordable and speedy justice to all our citizens in larger freedom. A series of initiatives have been taken by the Government towards this in recent times. These include:

a. Establishing a National Mission for Justice Delivery and Legal Reforms

b. Notification of a National Court Management System by the Supreme Court for addressing the issues of case management, court management, setting measureable standards for performance of the courts and the National System of Judicial Statistics in the country

c. A Sub Group on improving the court procedure and court processes for better criminal justice system has been constituted under the Chairman, Law Commission to suggest necessary changes in this regard.

d. An amount of Rs.595 crore was released as central assistance to States / UTs for infrastructure development of subordinate judiciary during 2011-12.

e. The 13th Finance Commission has allocated a grant of Rs.5000 crore for the States over a period of 5 years between 2010-2015 for various initiatives such as increasing the number of court working hours using the existing infrastructure by holding morning / evening / shift courts; enhancing support to LokAdalats to reduce the pressure on regular courts; providing additional funds to State Legal Services Authorities to enable them to provide legal aid to the marginalized and empower them to access justice; and promoting the Alternative Dispute Resolution (ADR) mechanism to resolve some of the disputes outside the court system etc.

In conclusion, let us celebrate our venerated Constitution today and hereafter for not only does its spirit reflect our past, it defines our present and will determine our future as a nation committed to democracy and constitutionalism. We will need to summon our will and intellect to translate into action the promise of the Constitution for the vast multitude of our people to whose welfare our founding fathers were so passionately committed.

The defining moments of history often come without a warning. It is for us to ensure that our “living Constitution” can respond to these moments of history in an age of revolutionary global transformation. Indeed, all national histories, as Gurudev Tagore reminded us are only chapters of a bigger one. At a time when we aspire to play our rightful role on the world stage , India’s ascendancy must represent to the world the vindication of its high Constitutional ideals – the constant expansion of human freedoms, an embrace of diversity and multiculturalism, a repudiation of extremes and an irrevocable commitment to the ideals of a secular and liberal democracy.”

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