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    Sebi board approves slew of reforms; widens investment avenues, FPI access
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    K'taka Deputy CM Parameshwara rejects Opposition's allegation of 'bankruptcy'
    EOW registers case against businessman, 4 others for ''forgery, unauthorised transactions''
    India's Russian oil imports hold near 1.8 million bpd as Middle East fills gaps
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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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Troubles at Air India continue: Flights to London, Paris cancelled; glitch hits San Francisco-Mumbai flight

June 17, 2025

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Mumbai/Kolkata, Jun 17 (PTI) Troubles continued at Air India, which is facing the biggest crisis since Tata group bought the airline three and a half years back, with its flights to London and Paris on Tuesday being cancelled for varied reasons and a glitch forcing fliers on San Francisco-Mumbai flight to deplane during a stopover.

While Air India cancelled the Delhi-Paris flight after some problems were detected during pre-flight checks, its Ahmedabad-London one was cancelled due to unavailability of aircraft, the airline said.

Separately, Air India terminated its San Francisco-Mumbai flight at its scheduled stopover at Kolkata early on Tuesday morning after one of its engines developed a technical snag.

The disruptions came as investigators probe what caused a London-bound Air India flight to crash in Ahmedabad shortly after take-off on June 12, killing more than 270 people onboard and on the ground.

The incident dealt a severe blow to the airline and its owner Tata, which prides itself for producing luxury cars to salt and software as well as assembly of iPhone.

In a statement, Air India said flight AI143 from Delhi to Paris has been cancelled after "mandatory pre-flight checks identified an issue which is being presently addressed".

It did not detail the issue that came to light during pre-flight checks.

"However, in view of the flight coming under the restrictions on night operations at Paris Charles de Gaulle (CDG) airport, the said flight has been cancelled," Air India said.

The airline said it is providing hotel accommodation and also offering full refunds on cancellations or complimentary rescheduling if opted by the passengers.

Air India also said it is making alternative arrangements to fly passengers to their destination at the earliest.

The airline, which on Monday resumed flights from Ahmedabad to London Gatwick with a new code AI159 instead of AI171 of the flight that crashed on June 12, had to cancel the flight on Tuesday due to unavailability of aircraft.

It denied claims that a technical snag led to the cancellation and maintained that it has made alternative arrangements for the affected passengers to their destination and offered full refunds on cancellations or complimentary rescheduling if opted by them.

Air India's official website confirmed that the AI-159 flight from Ahmedabad to the Gatwick airport in London stands cancelled after being rescheduled. The plane was scheduled to depart at 3 pm from the Sardar Vallabhbhai Patel International Airport (SVPIA).

"Flight AI-159 from Ahmedabad to Gatwick (London) has been cancelled today (Tuesday) due to the unavailability of the aircraft, resulting from airspace restrictions and additional precautionary checks, leading to longer than usual turnaround of aircraft, and not due to any technical snag as claimed," an AI spokesperson said.

"We regret the inconvenience caused to our passengers and have made alternative arrangements to fly them to their destination. We are providing hotel accommodation and also offering full refunds on cancellations or complimentary rescheduling if opted by passengers," he added.

Consequently, flight AI-170 from London (Gatwick) to Amritsar on June 17 stands cancelled, the airline said.

Iran has closed its airspace due to its ongoing war with Israel, affecting flights headed to Europe.

AI's direct flight from Ahmedabad to London was earlier known by its assigned code 'AI-171'.

Airport sources said the flight having code AI-171 was suspended after the horrific crash which claimed 270 lives, including 29 people on the ground.

It resumed operation on Monday (June 16), five days after the crash, with a new flight code AI-159, said an airport official.

Separately, an Air India flight from San Francisco to Mumbai via Kolkata suffered a technical snag early Tuesday, requiring passengers to deboard during a scheduled halt at the Netaji Subhash Chandra Bose International Airport.

The termination led to chaotic scenes at the Netaji Subhash Chandra Bose International Airport as the 211 passengers on the Boeing 777-200 LR tried to convince officials to let them reach their destination at the earliest.

The Tata Group-owned carrier did not issue an official statement.

Sources said Air India is making "special arrangements" to fly the stranded passengers to Mumbai. No further details were available.

Usually, the carrier flies directly to Mumbai from San Francisco but the ongoing geopolitical events, including the closure of Pakistani airspace, have led AI to reroute it and take a "technical halt" in Kolkata.

Flight AI-180 landed in Kolkata at the scheduled time of 12.45 am, even though it took off one hour late from San Francisco.

According to sources, a technical issue was detected during routine post-landing checks, and the airline decided to do a comprehensive check.

It was scheduled to depart for Mumbai at 2 am, but passengers came to know of the problems only after 2.40 am when the crew announced there was a problem with the left engine, according to a PTI reporter who was on the flight.

However, this announcement was accompanied by a specific promise, that the snag will take up to 25 minutes to get sorted, the reporter said.

However, as the clock ticked by, distraught passengers having connecting flights from Mumbai started enquiring about the progress of the work with the cabin crew, but there was no clear response, the reporter said.

With the Ahmedabad accident being fresh, some passengers also said a delay is better than a mishap, while some wondered how an aircraft which had travelled thousands of kilometres could face problems in the last leg from Kolkata to Mumbai.

The next announcement came at 4.20 am when the pilots sought another 15-20 minutes for rectification of the problem.

The engineers could be seen working on the left engine even as a drizzle continued, but the problem persisted. Finally, around 5.20 am, the pilots announced that a resolution was not possible and asked all passengers to deplane.

After disembarking and passing the mandatory immigration, collecting baggage and passing the customs channels, the passengers were asked to sit in a designated area.

A few passengers pleaded with officials asking for the earliest option to travel to Mumbai. Some got lucky, while others continued to wait.

Finally, an Air India official announced that Mumbai-bound flights were mostly full and convinced a bulk of the passengers to check into a hotel. PTI IAS AA ANZ BAL BAL

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