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    Sebi board approves slew of reforms; widens investment avenues, FPI access
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September 24, 2026
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Portfolio management reforms broaden permitted investments, establish independent fund managers, and retain registered managers' responsibility for client portfolios.
Portfolio-management reforms replace the 2020 framework and expand investments into IPOs, primary-market debt, listed overseas equity and debt, and direct plans of Indian mutual fund schemes. Investment-grade unlisted non-convertible debt may comprise up to 10 per cent of client assets under management with client consent. Independent Fund Managers may operate with registered portfolio managers, which retain responsibility and liability. Accredited-investor eligibility is broadened, while specified compliance requirements are relaxed where adequate audit trails and internal controls exist.
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
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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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What to know about conclave to elect next pope

May 7, 2025

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Vatican City, May 7 (AP) One hundred and thirty-three cardinals are sequestering themselves behind the Vatican's medieval walls for the start of a conclave starting Wednesday to elect a successor to Pope Francis.

Here are some things to know about the election of the 267th pontiff of the Catholic Church, which has 1.4 billion faithful across the world.

Why is the conclave being held now? The conclave was called after Francis died on April 21 at age 88. There was a delay between his death and the conclave to allow time for a funeral, burial and a period of mourning. It was also necessary to give cardinals time to arrive in Rome from all corners of the Earth, and to let them get acquainted before entering the conclave, an ancient ritual steeped in mystery and ritual.

What happens in a conclave? The cardinals are cut off from the world at the Vatican, between residences and the Sistine Chapel, where they vote in secret — and in silence — beneath Michelangelo's famed ceiling fresco of the Creation and his monumental “Last Judgment.” The process — fictionalised in the 2024 political thriller “Conclave” — is said to be guided by the Holy Spirit, and is designed to be both contemplative and free from outside interference.

Taking no chances, the Vatican is asking cardinals to hand over their phones for the duration of the conclave and is deactivating cell phone coverage at the Vatican.

It also plans to use signal jammers around the Sistine Chapel and the Domus Santa Marta hotel and adjacent residence where the cardinals will sleep, in order to prevent surveillance and communication with the outside world.

White or black smoke signals? The electors cast paper ballots, and voting continues until one candidate receives a two-thirds majority, or 89 votes. After two rounds of voting, ballots are burned in a special stove — black smoke signals no decision, while white smoke means a new pope has been chosen.

Electors must be under 80 years old, and are more geographically diverse than ever. They represent Catholicism's growing presence in Africa, Asia, and Latin America, as well as its traditional power base in Europe.

How long does it take? The longest conclave in history lasted nearly three years, but it's reasonable to assume that this conclave will be much, much shorter.

Cardinals this week said they expect a short conclave, though it will likely take at least a few rounds of voting. The conclave opens late afternoon Wednesday. Cardinals are expected to hold the first round of voting on Wednesday, but there is no requirement that they do so.

For most of the past century, it has taken between three and eight ballots to find a pope. John Paul I — the pope who reigned for 33 days — was elected on the third ballot in 1978. His successor, St. John Paul II, needed eight. Francis was elected on the fifth in 2013.

Who are the contenders? There are no official candidates for the papacy, but some cardinals are considered “papabile,” or possessing the characteristics necessary to become pope.

After John Paul II broke the Italian hold on the papacy in 1978, the field has broadened considerably, such that cardinals from far-flung countries are now seen as contenders. The past three popes have hailed from Poland (John Paul II), Germany (Benedict XVI) and Argentina (Francis).

Of the 133 cardinals expected to vote at the conclave, 108 were appointed by Francis. They may feel a loyalty to continuing his legacy — even though the late pontiff didn't choose cardinals based on ideology, but rather for their pastoral priorities and geographical diversity.

Beyond that, the cardinals will consider practical matters, like age. Picking a relatively young man — say in his 60s — could result in a papacy of 20 years or longer.

Picking a pope from where the church is growing – Asia or Africa – could bring more upheaval to the Vatican's Italian-heavy bureaucracy that is still smarting from the Argentine pope's go-it-alone style.

What happens after a new pope is chosen? Once a candidate receives the necessary votes and accepts, he chooses a papal name and enters the “Room of Tears” — named for the emotional weight of the responsibility ahead — to don his papal vestments.

Minutes later, he is introduced to the world from the balcony of St. Peter's Basilica with the proclamation in Latin: "Annuntio vobis gaudium magnum: Habemus Papam!” (“I bring you tidings of great joy: We have a pope!”) That will be immediately followed by the revelation of his baptismal name, in Latin, followed by the papal name he has chosen.

A line that stretches back to St. Peter and Jesus Every new pope is seen as a successor to St. Peter, the apostle believed by Catholics to have been appointed by Jesus as the head of the church. In the Gospel of Matthew, Jesus tells him, “You are Peter, and on this rock I will build my church," a verse that forms the biblical basis for the papacy.

According to tradition, Peter travelled to Rome to spread the Christian message and was martyred there during the reign of the Emperor Nero, around 64 A.D., as Christians were being persecuted. He was said to be crucified upside down at his own request, considering himself unworthy to die in the same manner as Jesus.

St. Peter's Basilica now stands over what is believed to be his tomb.

Why does the pope matter beyond the Catholic Church? Though the pope leads a religious institution, his influence extends far beyond it. Pope John Paul II played a pivotal role in supporting the Solidarity movement in his native Poland and encouraging resistance to Soviet domination in Eastern Europe. His moral leadership was credited by many with helping to hasten the end of the Cold War.

Pope Francis, the first pontiff from Latin America, became a prominent voice on global issues from climate change to migration and economic inequality. He called for compassion toward refugees, warned against the dangers of nationalism, and urged action to protect the planet — stances that resonated well beyond church walls, and at times put him at odds with political leaders.

A name to signal a papal direction The first sign of the new pope's priorities will come in the name he chooses.

A Francis II might signal a new pope's embrace of Francis' legacy of prioritising the poor and marginalised; a Pius would hint at a traditionalist restoration.

From John Paul to Benedict to Francis, each name has carried historical weight and theological intent. For the 267th pope, it will be his first message to the world. (AP) GRS GRS

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