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    DRI seizes over 42 kg foreign-origin gold worth more than RS. 65 crore in crackdown on gold smuggling
    MoSPI signs MoU with Thapar Institute of Engineering & Technology, Punjab for undertaking a Research Study
    NCLT forms historic 5-member bench to decide on Subhash Chandra's Rs 6.5 cr repayment plan
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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.
August 31, 2026
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Financial confidence gaps persist when opaque financial journeys, dark patterns and unclear communication deter informed consumer participation.
Financial-service digitisation may expand access without ensuring consumer confidence where customers cannot understand processes, assess risks or feel secure in financial decisions. Opaque claims, redemptions, eligibility criteria and approval stages can weaken trust and discourage insurance, investment and credit participation. Hidden charges, complex documentation, forced bundling and target-driven sales practices may further impair informed choice. Greater transparency, simplified communications, real-time process visibility and AI-assisted guidance are identified as measures to reduce cognitive friction and strengthen consumer control.
August 31, 2026
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NBFC licensing enables Hyundai Capital India to begin wholesale dealer financing while preparing retail finance and risk-management infrastructure.
Hyundai Capital India has commenced financial services operations after obtaining a non-banking financial company licence from the Reserve Bank of India. Initial operations concentrate on wholesale financing for local automotive dealers. Operations are intended to expand the dealer-financing network, sales infrastructure and risk-management systems across India, supporting a subsequent phased introduction of retail financing for individual customers.
August 31, 2026
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Personal insolvency resolution approval faces criticism over low creditor recovery and alleged family-linked voting influence in the resolution process.
Personal insolvency resolution approval concerning Subhash Chandra involved a repayment plan of Rs 6.5 crore against admitted creditor claims exceeding Rs 22,000 crore. Objections were raised regarding the voting influence exercised by entities linked to the debtor's family in relation to the resolution process. Pinarayi Vijayan criticised the approval, alleging preferential treatment of powerful corporate interests.
August 31, 2026
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Foreign exchange market intervention seeks to limit rupee depreciation amid oil-price pressure, dollar strength, and capital outflows.
Foreign exchange market conditions put the rupee under depreciation pressure amid higher crude oil prices, geopolitical risks, stronger US dollar conditions, expectations of tighter US monetary policy and foreign equity outflows. RBI market intervention was reported to contain significant depreciation. Improved foreign-currency non-resident bank deposit flows and higher foreign exchange reserves supported investor sentiment and the external liquidity position.
August 31, 2026
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Psychotropic medicine diversion faces NDPS enforcement where controlled tablets allegedly travel without statutory documentation and traceability details.
Enforcement action under the Narcotic Drugs and Psychotropic Substances Act, 1985 addressed alleged inter-State diversion of psychotropic medicines transported without statutory documentation. A truck carrying Alprazolam, Tramadol, Nitrazepam and Clonazepam tablets was intercepted; the medicines and vehicle were seized and one suspect was arrested. Preliminary examination indicated erasure of identifying batch and date details and transport of region-restricted medicines without invoices, bilty or e-way bills. Investigation concerns the manufacturing, supply and distribution network involved.

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News and Press Release

India’s Social Safety Nets Successfully Weather Global Economic and Financial Crisis; Social Sector Spending on Continuous Increase; Direct Benefit Transfer Scheme Successfully Implemented in States of Jharkhand, Tripura and Maharashtra

February 27, 2013

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India with its focus on inclusive development and timely interventions has been able to ward off the ills of global economic and financial crisis better than many other countries. The global recession and the slow down have squeezed the fiscal space for most countries. However, India’s social sector spending has seen a continuous increase. According to Survey, the country contines to work on XIIth Plan initiative for “Faster, More Inclusive and More Sustainable Growth” and strives for targeted policy for the poor with minimal leakages. To achieve greater inclusive development, the share of Central Govt. expenditure (Plan and Non-Plan) on Social Service and Rural Development increased from 14.8% in 2007-08 to 17.4% in 2012-13(BE) 2007-08 to 25.1% in 2012-13.

Survey says that under Phase 2 of Unique Identification Authority of India (UIAI), 40 crores residence are to be enrolled before end 2014. As of December 2012, 25 crores Aadhaars had been generated and approximately 20.00 crore aadhaars letters has been dispatched. Pilots on Direct benefit transfers (DBT) have also been successfully conducted in the States of Jharkhand, Tripura and Maharashra to transfer monetary benefits related to social welfare schemes. Survey says that about 10.5 crore children benefitted under the mid-day meals programme during 2011-12.

According to Survey, through Bharat Nirman Programme, the country strives to achieve a higher degree of rural- urban integration and an even pattern of growth and opportunities for the poor and disadvantaged. During 2012-13 as against of physical target of 30.10 lakhs houses, 25.35 lakhs houses were sanctioned and 13.88 lakhs had been constructed as on 31st December, 2012. The Unit assistance provided under the Indira Awas Yojana (IAY) is being revised w.e.f 1st April, 2013 from Rs.45,000 to Rs.70,000/ in plain areas and from Rs.48,500/ to Rs.75,000/ in hilly/ difficult areas/integrated action plan districts. 82 left wing extremisms affected districts have been made eligible for this higher rate of unit assistance. Under the Pradhan Mantri Gram Sarak Yojna (PMGSY), a sum of Rs.l02658 to have been released to the States and about Rs. 96939 crore spent by December, 2012. A total of 3,63,652 Km. road length connecting nearly 90,000 habitations has been completed. About 74% of rural habitations are fully covered under the provision of the safe drinking water.

Quoting the latest Human Development Report 2011, the Survey finds that the Human Development Index for India ws 0.547 in 2011 within overall global ranking of 134. ( Out of 187 countries) compared to 119 (out of 169 countries) in HDR 2010. Survey points out that the India is ranked 129 in terms of the gender inequality index(GII) which highlights the loss in achievement due to gender disparities in the areas of reproductive health, empowerment and labour force participation. The Survey mentions that the infant mortality rate (IMR) which was 58 per thousand in the year 2005 has fallen to 44 in the year 2011. The Survey highlights that not only the inequality in India is lower than many other developing countries

The Survey finds that the last decade 2000-2010 witnessed an employment growth of 1.6% per annum. Quoting NSSO Survey 2009-10 the survey says that the modest employment growth in second half of the decade was on account of a lower Labour Force Participation Rate (LFPR). The growth of those in labour force declined possibly on account of greater number of persons opting for education /skill development. The unemployment rate infact decline between 2004-05 and 2009-10 both in rural and urban areas implying that relatively large proportions of persons who will willing to work, were actually employed.

The Survey finds out that while some states have performed well in terms of growth indicators, they have performed poorly in terms of poverty, rural-urban disparity, unemployment, education, health and financial inclusion. According to Survey, Bihar has the highest decadal (2001-11) growth rate of population(25%) while Kerala has the lowest rate (4.9%). In 2011, Kerala has the highest sex ratio ( 1084), while Haryana is at the bottom (877). In terms of growth Bihar is the best performer (16.7%), Rajasthan is the worst (5.4%). Highest Poverty Head Count Ratio (HCR) exists in Bihar (53.5) while lowest is in Himachal Pradesh (9.5%). The unemployment rate is the lowest in Gujarat (18) and highest in Kerala and Bihar(73) in Urban areas and the lowest in Rajasthan (4) and again highest in Kerala (75) in rural areas. Kerala is the best performer in terms of life expectancy at birth whereas Assam is the worst performer in both males and females. Based on above findings, the Surveys calls for a rethink on the criteria used for devolution of funds to states.

The Government is following a focused approach through various flagship schemes in the areas of poverty alleviations and employment generation. The Survey points out that under MNREGA, out of total outlay of Rs.33,000 crores approved for 2012-13, Rs.25,894 crores has been released. About 4.39 crores household have been provided employment of 156 crores person days. Approximately, 168.46 lakhs Swarozjaris have been assisted with Bank credit and subsidy under Aajeevika ( SGSY/NRLM). Out of Annual Budgetary Provision of Rs.838 crores for the Swaran Jayanti, Shahri Rozgar Yojana (SJSRY) for the year 2012-13, Rs.516.77 crores have been released and a more than 4.07 lakh people have benefited from this scheme. A total of 290 lakh lives under the Janshree Bima Yojana (JBY) and 179 lakhs lives under Aam Aadmi Bima Yojana have been covered till December, 2012. Under Rashtriya Swasth Bima Yojana (RSBY) more than 3.34 crores Smart Cards have been issued in 27 States/UTs till 31st December 2012.

DSM/UM/VK

(Release ID :92606)

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Acts Income Tax