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September 24, 2026
Show AI Summary
Merchant discount rate on UPI merchant payments may be treated as a taxable payment settlement service with input credit availability.
GST treatment of MDR charged on UPI merchant payments above Rs 2,000 is to be considered by the GST Council. The MDR framework imposes a merchant-borne charge for payment processing and settlement. As these activities are services, MDR may attract GST at 18 per cent, subject to the Council's view. Merchants paying GST on MDR may claim input tax credit, potentially reducing their net tax burden.
September 24, 2026
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Fiscal responsibility limits frame cautions on new projects as budgetary discipline rather than financial crisis.
Finance-department advice treats fiscal indicators as grounds for restraint in approving additional expenditure rather than as evidence that funds are unavailable. Funding new projects may be difficult until additional resources are mobilised or allocations already approved are reallocated. Project proposals lacking budgetary provision or earmarked funding may create cash-flow pressures and fiscal-management challenges, requiring deferment until resources are finalised.
September 24, 2026
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Corporate document forgery allegations trigger investigation into unauthorised insolvency consortium participation and disputed share transfers.
An FIR concerns alleged cheating, forgery, criminal conspiracy, corporate-document misuse, and unauthorised financial liabilities arising from participation in a corporate insolvency resolution process. Allegations include entering a consortium arrangement without the Parekh Group's knowledge or authorisation, reliance on a fabricated and unapproved board resolution, and unauthorised transfer of shares to a group-controlled entity. Investigation covers disputed-record authenticity, alleged digital-signature misuse, and financial transaction trails.
September 24, 2026
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Energy security shapes continued Russian crude sourcing as alternative suppliers replace shortfalls amid potential sanctions-related restrictions.
Russian crude imports are operating near 1.8 million barrels daily in September, with refinery maintenance, stronger Chinese buying, and disruptions to Russian export infrastructure constraining availability. Middle Eastern supply, especially from Iraq and Saudi Arabia, has offset reduced Russian volumes. Potential tougher restrictions on countries purchasing Russian oil could complicate procurement, but energy security and tight physical oil markets make a significant near-term reduction in Russian crude purchases unlikely. Replacement remains technically possible but may raise procurement costs and competition for medium-grade crude.
September 24, 2026
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Direct tax payment gateway integration enables nationwide payments through digital options, branch channels, and customers' respective internet-banking services.
IDFC FIRST Bank's payment-gateway integration for Central Board of Direct Taxes collections enables Direct Tax payments through UPI, credit cards, debit cards, Retail and Corporate Internet Banking, and branch-based cheque, demand draft, or cash payments. Customers of other banks may use their own internet-banking facilities through the gateway. Taxpayers create a challan on the Income Tax e-Filing Portal, select Payment Gateway and IDFC FIRST Bank, choose a payment mode, complete payment, and download or print the paid challan. Payment confirmations are also accessible.
September 24, 2026
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Insurance distribution controls target commissions, expenses and loan-linked sales, reshaping bancassurance arrangements and intermediary remuneration structures.
IRDAI's consultation proposals for insurance distribution contemplate lower Expenses of Management limits, tighter commission controls, and greater control over loan-linked insurance practices. The prospective framework concerns insurer and intermediary remuneration, distribution expenses, and bancassurance fee structures. Reported concerns centre on potential effects on insurer earnings, intermediary economics, and lending-linked distribution arrangements; the measures are not described as final operative obligations or enforcement action.
September 24, 2026
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Personal loan eligibility and repayment planning: loan variants and digital applications remain subject to assessment, verification, and applicable terms.
Eligible customers may seek collateral-free personal loans within stated amount, tenure and interest-rate ranges. Loan amount, interest rate and tenure determine the EMI and total interest payable, while calculator results are estimates rather than final repayment obligations. Eligibility includes nationality, age, employment and credit-score conditions, but approval, final pricing and loan amount remain subject to lender assessment, document verification and applicable terms. Online applications require personal, financial and employment details and KYC verification.
September 24, 2026
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Nidhi company deposits lack insurance protection, requiring verification of government declaration before relying on high-return promises.
Each company seeking to function as a Nidhi must file Form NDH-4 for declaration or updated Nidhi status and comply with the Companies Act, 2013 and applicable Nidhi Rules. Nidhi companies may accept deposits and grant loans only to members. Public investors should verify declared Nidhi status rather than rely on unusually high-return promises, agent representations, or informal assurances. Deposits with Nidhi companies are not insured by the Deposit Insurance and Credit Guarantee Corporation, and recovery may be difficult where a company fails or fraud occurs.
September 24, 2026
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FCNR(B) liquidity deployment remains within banks' discretion, guided by credit pipelines, asset-liability positions, and prudent underwriting standards.
Banks retain full discretion to deploy liquidity mobilised through FCNR(B) deposits, based on their credit pipeline, lending proposals, liquidity outlook and asset-liability position. No sector-specific direction applies to use of these funds. FCNR(B) deposits are fixed-term foreign-currency deposits in which principal and interest are repayable in the same foreign currency, protecting non-resident depositors from direct rupee exchange-rate risk. Continued prudent credit appraisal and underwriting standards are expected.
September 24, 2026
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Compulsory Muslim marriage registration shifts registration to registrars under a statewide procedural framework, with local officials authorised when needed.
Compulsory registration of Muslim marriages will operate under the Assam Muslim Marriage Registration (Compulsory) Rules, 2026, framed under the Assam Compulsory Registration of Muslim Marriage and Divorces Act, 2024. Registration will be undertaken by registrars, with panchayat-level officials potentially authorised where application volumes require additional capacity. The framework addresses the registration forum after kazis were barred from registering Muslim marriages.
September 24, 2026
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Macroeconomic resilience supports fiscal consolidation, financial-sector stability, and orderly foreign-exchange management through persistent global and market shocks.
Policy management emphasises clear communication, policy certainty, macroeconomic and financial-sector stability, efficient use of buffers, and sustained structural reform. Fiscal prudence is treated as necessary to avoid unsustainable stimulus and preserve long-term stability. External-sector resilience rests on services exports and remittances, while oil and gold shocks and weaker capital inflows have created temporary balance-of-payments pressure. Further improvement is linked to lower oil dependence, export diversification, trade agreements, capital inflows and orderly foreign-exchange market management.
September 24, 2026
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Software export growth strengthens IT ecosystem as campus expansion supports startup activity, infrastructure development, and skilled employment.
Software export revenue generated by Technopark reached Rs 17,092 crore in FY 2025-26, reflecting year-on-year growth of approximately 17.3 per cent. Growth is attributed to IT infrastructure, a skilled talent base, and company performance. Technopark also operates as an IT and ITeS hub and startup ecosystem centre, with ongoing campus development intended to expand its position among major IT hubs.
September 24, 2026
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Artificial intelligence centre of excellence partnership advances industry-aligned training, supervised internships, startup mentorship, and applied research collaboration.
IIEST Shibpur and Tata Consultancy Services have entered into a Memorandum of Understanding to establish an Artificial Intelligence Centre of Excellence at the Electrical Engineering Department's high-performance computing laboratory. The collaboration supports industry-aligned training, professional certifications, practical projects, supervised internships, startup mentorship, curriculum benchmarking, and applied research in natural language processing, computer vision, image processing, and advanced data analytics.
September 24, 2026
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Money-laundering searches prompt protests over alleged political misuse while operations continue at public development offices and residences.
Enforcement Directorate search and survey operations connected with a money-laundering investigation continued at development authority offices and premises linked with housing administration, a realty company, and private residences. AAP workers protested against the searches, alleging political and administrative pressure through central investigative agencies. The party further alleged that the operations could disrupt the development authority's functioning and impede Punjab government welfare schemes.
September 24, 2026
Show AI Summary
Money-laundering investigation procedure raises allegations over FIR registration, conflict concerns, and the choice between police, vigilance, or federal inquiry.
A police inquiry, rather than a Vigilance inquiry, was directed following an Enforcement Directorate communication seeking registration of an FIR for cognizable offences. It was contended that FIR registration should be dealt with by the police and that governmental or ministerial intervention would raise concerns where a person facing allegations is involved in deciding the investigative course. A transfer to a federal investigative agency was sought on grounds of investigative independence and perceived conflict of interest.
September 24, 2026
Show AI Summary
Trade truce extension maintains tariff pauses and export-restriction rollbacks while negotiations continue on broader economic commitments.
United States-China trade relations may remain governed by the Busan Agreement through January 10 under a stated two-month extension, though Chinese official confirmation is pending. The arrangement maintains pauses on elevated tariffs and prior rollbacks of restrictions affecting critical minerals and high-technology exports. Negotiations may produce a broader economic package or further continuation of existing terms, while implementation of agreed commitments is under review. The parties have also proposed reciprocal alerts on AI-related hacking incidents involving national-security concerns.
September 24, 2026
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Gold Smuggling Enforcement: Concealed foreign-origin gold recovered from vehicles and a traveller, with arrests under customs law.
Gold-smuggling enforcement involved the seizure of approximately 21 kg of foreign-origin gold in two operations and the arrest of five persons under the Customs Act, 1962. Gold bars were recovered from sophisticated vehicle-chassis cavities, while gold bars and cut pieces were recovered from a passenger's specially designed cotton waist belt. The operations concerned suspected cross-border gold movement and targeted organised smuggling networks using sophisticated concealment methods.
September 24, 2026
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Cross-border gold smuggling enforcement resulted in Customs Act seizures after coordinated recovery of foreign-origin gold from border locations and a passenger.
Cross-border smuggling of foreign-origin gold through the Bangladesh route led to coordinated recoveries and seizures under the Customs Act, 1962. Gold recovered near the India-Bangladesh border was taken over for customs proceedings, including a seizure under Section 110. Foreign-origin gold concealed by a train passenger was also recovered and seized, with investigation indicating its smuggling from Bangladesh.
September 24, 2026
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BRICS tax cooperation creates standing platforms for international taxation, revenue statistics, professional capacity building and peer learning.
India-led BRICS tax cooperation established standing Working Groups on International Taxation and Transfer Pricing and Revenue Statistics, providing institutional platforms extending beyond individual Chairships. It also institutionalised an annual Young Tax Professionals Capacity Building Programme, launched the BRICS Tax Cross-Learning Lab for peer learning on client-centric administration and human-resources practices, and approved the Terms of Reference for the BRICS Tax Support Network.
September 24, 2026
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Wildlife trafficking enforcement applies protected-species safeguards to seized Tokay Geckos and enables further statutory action against suspected illegal trade.
Wildlife-trafficking enforcement led to interception of two persons and seizure of 86 live Tokay Geckos under the Wildlife (Protection) Act, 1972. Tokay Geckos receive Schedule I protection under that legislation and are listed in Appendix II of CITES, regulating international trade. The persons and recovered geckos were transferred to the Mariani Range Forest Office for further action.

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Customs & Trade

PM Modi, US VP Vance welcome 'significant progress' in negotiations for trade pact

April 22, 2025

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New Delhi, Apr 21 (PTI) India and the US said Monday that they made "significant progress" in negotiations for a mutually beneficial bilateral trade pact as Prime Minister Narendra Modi and US Vice President JD Vance held wide-ranging talks focusing on boosting cooperation in areas of defence, energy and strategic technologies.

The talks took place hours after Vance, accompanied by Indian-origin Second Lady Usha Chilukuri, and their three children -- sons Ewan, Vivek and daughter Mirabel, landed in Delhi on a largely personal four-day visit to India that comes amid growing global tensions over the US's tariff war.

The White House said Vance and Modi welcomed "significant progress" in the negotiations for the trade pact and formally announced the "finalisation of the terms of reference" for the negotiations, laying down a roadmap for further discussions about our economic priorities.

Following the talks, Modi hosted Vance and his family over dinner at his 7 Lok Kalyan Marg residence that was also joined by several Union Cabinet ministers and American officials.

The prime minister's office said Modi conveyed to Vance his warm greetings for President Donald Trump and said that he looked forward to his visit to India later this year.

In a social media post, Modi said the India-US comprehensive global strategic partnership will be a defining partnership of the 21st century for a "better future of our people and the world".

"Pleased to welcome US @VP @JDVance and his family in New Delhi. We reviewed the fast-paced progress following my visit to the US and meeting with President Trump," he said.

"We are committed to mutually beneficial cooperation, including in trade, technology, defence, energy and people-to-people exchanges," he added.

New Delhi and Washington are holding negotiations to seal a bilateral trade agreement (BTA) as agreed during Modi's talks with Trump in Washington DC in February.

The trade pact is expected to address a variety of issues including tariff and market access. India is looking at firming up the first tranche of the trade pact before Trump's pause on the customised reciprocal tariffs lapses.

The White House said the trade pact (BTA) "presents an opportunity" to negotiate a new and modern agreement focused on promoting job creation and citizen well-being in both countries, with the goal of enhancing bilateral trade and supply-chain integration in a balanced and mutually beneficial manner.

"Guided by their respective visions of 'Amrit Kaal for India' and 'Golden Age for America,' BTA is expected to create new opportunities of growth for workers, farmers, and entrepreneurs in both countries," it said.

In a post on 'X', Vance said: "It was an honor to see Prime Minister Modi this evening. He’s a great leader and he was incredibly kind to my family." "I look forward to working under President Trump’s leadership to strengthen our friendship and cooperation with the people of India!" he said.

Modi and Vance, who last met on the margins of the AI Action Summit in Paris in February, also exchanged views on various regional and global issues of mutual interest including the Russia-Ukraine conflict, and called for "dialogue and diplomacy" as the way forward.

The Indian readout said Modi and Vance "reviewed and positively assessed" the progress in various areas of bilateral cooperation.

"They welcomed the significant progress in the negotiations for a mutually beneficial India-US Bilateral Trade Agreement focused on the welfare of the people of the two countries," it said.

"Likewise, they noted continued efforts towards enhancing cooperation in energy, defence, strategic technologies and other areas," it noted.

It said Modi "fondly recalled his visit to Washington DC in February and his fruitful discussions with President Trump, which laid down the roadmap for close cooperation between India and the US, leveraging the strengths of Make America Great Again (MAGA) and Viksit Bharat 2047".

It further said Modi and Vance also "exchanged views on various regional and global issues of mutual interest, and called for dialogue and diplomacy as the way forward".

"The prime minister conveyed his warm greetings to President Trump and said that he looked forward to his visit to India later this year," the Indian readout said.

Trump is expected to visit India later this year to attend the annual summit of the Quad grouping.

"The prime minister extended his best wishes to the Vice President, Second Lady and their children for a pleasant and productive stay in India," the readout added.

Vance and his family are also visiting Jaipur and Agra.

Last month, US assistant trade representative Brendan Lynch visited India and held talks with his Indian interlocutors on firming up the BTA.

The US president's tariff tussle has stoked fears of a global trade war.

Days after announcing the reciprocal tariffs, Trump announced a 90-day pause on them for all countries, except China.

Washington is also pushing New Delhi to buy more American oil, gas and military platforms to bring down the trade deficit that stands at around USD 45 billion in India's favour.

In its statement, the White House also referred to the "positive and successful" meeting between President Trump and Prime Minister Modi in Washington earlier this year.

"During that meeting, the two leaders reaffirmed the strength of the India-US Comprehensive Global Strategic Partnership and jointly launched the India-US COMPACT (Catalyzing Opportunities for Military Partnership, Accelerated Commerce & Technology) for the 21st Century," it said.

It said Vance's visit provided an opportunity for both sides to review the progress achieved in bilateral relations and the implementation of the outcomes of the India-US Joint Statement issued following Modi-Trump talks on February 13.

External Affairs Minister S Jaishankar, NSA Ajit Doval and Principal Secretary (II) to PM Shaktikanta Das were part of the Indian delegation at the talks.

The US Vice President and his family landed in Delhi after their trip to Italy over the weekend.

The Vances visited the Akshardham temple near the banks of Yamuna and the Central Cottage Industries Emporium (CCIE) in Janpath.

Vance is the first US vice president to visit India in 12 years after Joe Biden visited New Delhi in 2013.

On April 22, the Vances will visit a number of historical sites in Jaipur including the Amer Fort, also known as Amber Fort. The fort is a UNESCO world heritage site.

In the afternoon, the US Vice President is scheduled to address a gathering at the Rajasthan International Center in Jaipur.

Vance is expected to delved into broader aspects of India-US relations under the Trump administration during his speech that is expected to be attended by diplomats, foreign policy experts, Indian government officials and academia.

The US Vice President and his family will travel to Agra on the morning of April 23, people familiar with the matter said.

In Agra, they will visit the Taj Mahal and Shilpgram which is an open air emporium showcasing various Indian artefacts, they said.

After concluding their visit to Agra, the Vances will return to Jaipur on the second half of April 23.

Vance and his family will depart for the US from Jaipur on April 24, according to the people cited above. PTI MPB KVK KVK

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