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September 24, 2026
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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
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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.

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Hong Kong Unveils Cheung Chau Bun Festival 2025: A Unique Cultural Celebration

April 29, 2025

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Get ready for a series of vibrant events and charming activities in the coming months Hong Kong (NewsVoir) Spring in Hong Kong means one thing: festivals – and lots of them! The much-loved Cheung Chau Bun Festival runs from 5-6 May, marking the start of a non-stop season of arts, culture, and sporting events across the city for many Indian travellers planning their summer vacations.

Held annually on the charming outlying island of Cheung Chau, this iconic event transforms the slow-paced fishing village into a whirlwind of colour, tradition, and high-flying fun. With lively parades, age-old rituals, and quirky customs unique to Hong Kong, it’s no wonder the festival draws thousands of visitors from near and far each year.

From Buns to Beats: Top Hong Kong Events This Spring A cornerstone of Hong Kong’s cultural calendar, the Cheung Chau Bun Festival is steeped in folklore and history. Recognised as part of China’s national list of intangible cultural heritage since 2011, it honours the sea god Pak Tai, who is said to have saved the island from a deadly plague in the 18th century. Today, it continues to enchant visitors with Taoist ceremonies, lion dances, and its signature event: the thrilling bun-scrambling competition. Here are a few festival highlights: Climbing Carnival – 27 April 2025 Immersing visitors in bun tower fun, the Climbing Carnival (12 pm–6 pm) promises an exciting afternoon of stall games, handicrafts, and variety shows.

Piu Sik Parade – 5 May 2025 One of the festival’s most anticipated events, the Piu Sik Parade, draws thousands of onlookers each year. During this vibrant spectacle, children dressed as deities, public figures, and pop-culture icons appear to “float” above the crowds in a vibrant, carnival-like procession.

Bun-Scrambling Competition Final – 5–6 May 2025 At midnight, the legendary Bun-Scrambling Competition begins. In this whimsical event, 12 climbers race up a roughly 14-metre tower covered in lucky buns (ping on bao), grabbing as many as they can. Higher buns earn more points, and the top scorer wins. Meanwhile, the competitor with the most buns earns the playful title of “Full Pockets of Lucky Buns.” Nightfall Celebration: A Dazzling Drone Show Beyond Cheung Chau, spring also brings Labour Day Golden Week, running (1 to 5 May), filling the city with festive energy. Highlights include the celebration of Tin Hau (20 April); Buddha’s Birthday (5 May); and the Tam Kung Festival (5 May), traditionally observed by maritime communities.

To mark the occasion, an immersive 12-minute drone show will light up the night sky at 8 pm on 1 May, set to newly composed music and framed by Hong Kong’s iconic skyline. For the best views, head to the Wan Chai Temporary Promenade.

Feel the Pulse: More from Hong Kong’s Cultural Beat Alongside the Cheung Chau Bun Festival, an exciting lineup of events comes together as part of Cultural Beat – a citywide initiative that celebrates the arts, crafts, and traditions that give Hong Kong its one-of-a-kind rhythm.

Among the highlights: • Buddha Bathing Ceremony at Po Lin Monastery (29 April–5 May) Step into serenity with this peaceful tradition, where visitors pour water over Buddha statues in a symbolic act of renewal.

• Hong Kong International Dragon Boat Races (7–8 June) Feel the adrenaline as teams paddle in sync during this high-energy showdown of speed, colour, and tradition.

• Tam Kung Festival @ Eastern District 2025 (29 April–7 May) Soak up the colour and spirit of Hong Kong, with Cantonese opera, a parade featuring lion and dragon dances, and an international lion dance competition to honour sea god Tam Kung.

As the season unfolds, Hong Kong will host even more fairs and festivals: • Affordable Art Fair Hong Kong (22–25 May) Explore connection, cultural identity, and the fusion of tradition and modernity at the Affordable Art Fair in Hong Kong this May, featuring works from 98 leading galleries.

• French May Arts Festival (through 13 July) Celebrate all things French with citywide events devoted to dance, theatre, music, cinema, circus, gastronomy, and art exhibitions.

• Chinese Culture Festival (June to September) Experience the richness of Chinese heritage through months of dance performances, opera, film screenings, talks, and art exhibitions throughout the festival.

2025 also introduces exciting new cultural events: • Cirque du Soleil KOOZA (starts from 21 May) Get swept into a whimsical world of acrobatics, stunts, and theatrical magic – a high-flying thrill from start to finish.

• The Hong Kong Jockey Club Series: Picasso for Asia - A Conversation (through 13 July) See over 60 Picasso masterpieces up close in this rare showcase at M+, offering fresh insights into the legendary artist’s creative journey.

And for sports fans: • Volleyball Nations League Hong Kong 2025 (18–22 June) Feel the energy as six top teams serve, spike, and dive in this high-stakes showdown at Hong Kong’s newest world-class venue.

To explore everything happening across the city, visit the Hong Kong Tourism Board’s dedicated Cultural Beat website. With real-time updates and insider tips, it’s your ultimate guide to experiencing the best of Hong Kong's arts, culture, and events.

About Hong Kong Tourism Board (HKTB) The Hong Kong Tourism Board (HKTB) is a government-subvented body tasked to market and promote Hong Kong as a travel destination worldwide and enhance visitors' experience once they arrive. These include making recommendations to the Government and other relevant bodies on the range and quality of visitor facilities.

The HKTB’s missions are to maximise the social and economic contribution made by tourism to the community of Hong Kong and to consolidate Hong Kong’s position as a unique, world-class, and most desired destination.

(Disclaimer: The above press release comes to you under an arrangement with Newsvoir and PTI takes no editorial responsibility for the same.). PTI PWR PWR

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