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    RBI invites comments on the draft “Reserve Bank of India (Non-Banking Financial Companies – Credit Facilities) Amendment Directions, 2026”
    West Bengal seeks 100pc foodgrain, 40pc sugar jute packaging quota at SAC meeting
    RBI clasifies Tata Sons, 16 others as large NBFCs
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    Insurance Division, DFS Secures 3rd Rank in Group A Category of Grievance Redressal Assessment & Index (GRAI) for June 2026
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August 6, 2026
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Draft NBFC credit-facilities amendments open for stakeholder consultation through designated online and email feedback channels.
Draft amendments to the Non-Banking Financial Companies credit-facilities framework have been released for public consultation. Regulated entities and other interested stakeholders may submit comments or feedback through the 'Connect 2 Regulate' platform or by email using the specified subject line.
August 6, 2026
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Mandatory jute packaging reservations were urged to protect cultivators, mill workers, crop absorption, and environmentally sustainable packaging.
Mandatory jute packaging reservations were sought to be retained at full coverage for foodgrains and increased for sugar packaging for the forthcoming Jute Year. The submission before the Standing Advisory Committee emphasised absorption of bumper jute output, remunerative prices for cultivators, uninterrupted mill operations, and protection of farm and worker livelihoods. It also stressed that biodegradable jute bags offer an environmentally friendly alternative to HDPE and polypropylene woven sacks, and that dilution of compulsory packaging could undermine plastic-pollution reduction efforts.
August 6, 2026
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NBFC Upper Layer classification imposes enhanced regulation and listing obligations, while de-registration applications remain under examination.
NBFC Upper Layer classification subjects identified large non-banking financial companies to enhanced regulatory requirements for at least five years and requires stock-exchange listing within three years of identification. The framework divides NBFCs into Base, Middle, Upper and Top Layers. Seventeen large NBFCs were included in the Upper Layer list, while Tata Sons' classification remains subject to the pending examination of its de-registration application.
August 6, 2026
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Closing auction price discovery may affect benchmark levels differently based on constituent liquidity and concentrated institutional order flow.
The Closing Auction Session in the equity cash segment uses an auction-based method to determine closing prices of eligible shares with futures and options contracts, aiming to strengthen transparent and robust price discovery. Its effect on benchmark closing levels may differ according to constituent liquidity and institutional order flow. The Reserve Bank of India retained the policy repo rate and neutral stance, indicating that future policy decisions will be data-dependent and influenced by assessment of energy-cost effects on inflation.
August 6, 2026
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Public grievance redressal strengthens through monitoring, senior review, workshops, stakeholder coordination, and customer-centric service delivery improvements.
Public grievance redressal is assessed through the Grievance Redressal Assessment and Index, which analyses grievance categories and disposal. The Department of Financial Services' Insurance and Banking Divisions received third and sixth ranks respectively in the June 2026 assessment. Its framework includes disposal of grievances, random reviews by senior officials, and workshops on effective grievance redressal, supporting best practices, stakeholder coordination, technology use, customer-centric service, and accountable public service delivery.
August 6, 2026
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Distressed asset resolution integrates restructuring, insolvency advisory, funding facilitation and digital marketplaces for transparent financial recovery transactions.
The platform provides integrated advisory, management and transaction-facilitation services for Non-Performing Assets, stressed assets and distressed assets. Its services include NPA resolution, debt restructuring, One-Time Settlements, funding assistance, insolvency and bankruptcy advisory, asset reconstruction, financial restructuring and capital raising. Digital and offline marketplaces facilitate transactions involving distressed assets, receivables and related movable or immovable properties, supported by collaborations with banks, Non-Banking Financial Companies, Asset Reconstruction Companies, corporates and investors.
August 6, 2026
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Merchant discount rate framework may permit charges on notified UPI and digital payments through a government notification mechanism.
The proposed amendment to Section 10A of the Payment and Settlement Systems Act, 2007 replaces the existing income-tax-linked reference with a Central Government notification-based mechanism for electronic payment modes. It removes the current statutory restriction preventing banks and payment service providers from charging Merchant Discount Rate on notified modes, enabling the Government to permit charges for UPI and other digital payments. The policy rationale is to support funding for payment infrastructure and a sustainable revenue model for service providers.
August 6, 2026
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Neutral monetary policy stance continues as resilient growth and food-fuel inflation risks require close macroeconomic monitoring.
The Monetary Policy Committee retained the policy repo rate and continued the neutral monetary policy stance, citing the need to assess evolving growth-inflation conditions. Domestic activity was assessed as resilient, supported by consumption, investment, credit, manufacturing, services and exports, although global uncertainty, energy prices, supply-chain pressures, geopolitical developments and monsoon conditions remain risks. CPI inflation increased mainly because of food and fuel pressures, while underlying inflation remained moderate. The Committee considered that price pressures were not yet generalised and reaffirmed its commitment to align inflation with the target.
August 6, 2026
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Closing auction price discovery and a neutral monetary policy stance shaped equity market conditions amid lower crude prices.
The Closing Auction Session in the equity cash segment introduced an auction-based mechanism for determining closing prices of eligible shares with futures and options contracts, intended to make price discovery more transparent and robust. The Reserve Bank of India retained its neutral stance and left the benchmark policy rate unchanged, pending greater clarity on the inflationary effects of higher energy costs. Future policy decisions were stated to be data dependent.
August 6, 2026
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Monthly public accounts review records receipts, expenditure, tax devolution, interest payments, subsidies, and capital spending through June.
Consolidated monthly accounts up to June 2026 report total receipts of Rs.10,49,243 crore, comprising net tax revenue, non-tax revenue and non-debt capital receipts. Tax devolution transfers to State Governments total Rs.2,63,336 crore. Total expenditure is Rs.13,57,076 crore, including revenue expenditure of Rs.10,16,818 crore and capital expenditure of Rs.3,40,258 crore. Revenue expenditure includes interest payments and major subsidies.
August 6, 2026
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Illicit psychotropic drug manufacture triggered seizure, apprehensions, and investigation into planned trafficking under narcotics control law.
Illicit manufacture and trafficking of Alprazolam and Diazepam, psychotropic substances regulated under the Narcotic Drugs and Psychotropic Substances Act, 1985, were detected at a clandestine facility. Searches recovered finished and intermediary substances, together with raw materials and reaction mixtures used in manufacture, and the goods were seized under the Act. The manufacturer and an intended buyer were apprehended, with material indicating a proposed transaction for further illicit trafficking. Preliminary investigation indicated prior involvement in illegal drug production and trafficking.
August 6, 2026
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Competition approval for hotel-sector consolidation covers share acquisitions and merger of Accor-branded hotel entities into InterGlobe Hotels.
Competition approval was granted for related share acquisitions and the merger of AAPC India, Caddie, Triguna, Srilanand Mansions, Techpark and Accent into InterGlobe Hotels. The combination involves entities jointly controlled by the Bhatia Family Group and the Accor Group, including hotel-owning and developing entities, hotel management and franchising operations, leasing activities, and captive consultancy and support services relating to Accor-branded hotels in India.
August 5, 2026
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Rupee appreciation followed unchanged monetary policy, lower crude prices, weaker dollar and expectations of orderly exchange-rate management.
The rupee strengthened after the central bank maintained its policy rate and neutral monetary-policy stance. Lower crude oil prices, a weaker US dollar and declining US Treasury yields supported investor sentiment. Earlier measures to attract capital inflows remained part of the framework supporting the rupee, while the central bank stressed its endeavour to preserve an orderly currency trajectory. Future movement was linked to geopolitical de-escalation, global risk sentiment and US economic data.
August 5, 2026
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Fiscal consolidation through revenue mobilisation and leakage control aims to reduce deficits while expanding capital expenditure capacity.
Tamil Nadu's Revised Budget Estimates for 2026-27 project a revenue deficit and fiscal deficit, with outstanding liabilities comprising public debt and public-account liabilities. Revenue mobilisation is proposed through improved tax administration, collection efficiency, closure of leakages, liquor-manufacturer privilege fees, and eligible Union grants. The strategy projects gradual deficit reduction to create room for capital expenditure, supported by expenditure reforms aimed at eliminating leakages, optimising expenditure, and improving service delivery.
August 5, 2026
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Political criticism of public office-holders raises debate over media accountability, personal remarks, and acceptable public discourse.
Political criticism followed a social-media post describing Maharashtra Deputy Chief Minister Sunetra Pawar as "gungi gudiya" in connection with a press interaction on law-and-order issues in Beed district. Congress representatives stated that the post was not a personal insult, had been deleted after adverse reactions, and was followed by an expression of regret. NCP representatives termed the expression inappropriate and stressed that the principal dignitary should conduct media interactions. Shiv Sena (UBT) representatives described the phrase as not unparliamentary and linked it to criticism of a guardian minister's public responsibilities.
August 5, 2026
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On-tap licensing for Urban Co-operative Banks enters public consultation through draft guidelines inviting stakeholder feedback.
Draft guidelines for 'on tap' licensing of Urban Co-operative Banks have been issued for public and stakeholder consultation. Comments and feedback may be submitted until September 05, 2026, through the designated online consultation facility or by written or email submission to the specified regulatory department.
August 5, 2026
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Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
August 5, 2026
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Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
August 5, 2026
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Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
August 5, 2026
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Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.

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GST Day 2025, celebrating 8 years of GST, One Nation One Tax

July 1, 2025

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On the occasion of GST day 2025, celebrating 8 years of roll out of independent India’s most defining tax reformation, the Central Board of Indirect Taxes & Customs re-affirms its commitment to foster meaningful engagement with stakeholders, facilitate tax payer services and enhance awareness around the GST ecosystem. The theme for this year’s celebration is “GST-Simplifying Taxes: Empowering Citizens”

2 Awards

Yet another feather on the cap of Central Tax & Central excise, Thiruvananthapuram Zone! The Central Board of Indirect Taxes and Customs (CBIC) has conferred a ‘Commendation Certificate’ on Thiruvananthapuram CGST Zone for its outstanding performance in two core areas of GST administration:

  • Processing of GST Registrations, with 55% of applications processed within 7 days as against the national average of 17%
  • Disposal of GST Appeals, with 83% of appeals filed during the year successfully resolved.

This national-level recognition is a testament to the dedication and efficiency of the officers and staff of the Thiruvananthapuram Zone in delivering taxpayercentric services, strengthening dispute resolution, and promoting the overall ease of doing business.

3. GST Pakhwada’-Activities undertaken- The Thiruvananthapuram Zone covering Commissionerates of Kozhikode, Cochin, and Thiruvananthapuram organized various activities to engage stakeholders and raise GST awareness, celebrating both its evolution and the collaborative spirit between taxpayers and the administration.

3.1 GST Conclave 2025:- The fortnight-long ‘GST Pakhwada’, from 16th June to 1st July 2025, commenced with the GST Conclave 2025 held at Taj Vivanta, Kochi. The event was graced by Shri R. Venkataramani, Hon’ble Attorney General of India, as Chief Guest, and Shri Rajendra Kumar P., Chairman, Indirect Taxes Committee, ICAI, as Guest of Honour. A keynote session by Shri Shailendra Kumar, CEO & Founder Editor, TIOL, on “GST – Simplifying Taxes: Empowering Citizens” added depth to the deliberations. Attended by over 200 stakeholders from various sectors, the conclave received wide appreciation and media coverage, setting a vibrant tone for the celebrations.

3.2 Meet the Trade: The Zone has been constantly handholding the taxpayers and interacting with stakeholders. The Chief Commissioner during this Pakhwada has visited BPCL on 24-06-2025, our largest taxpayer in Central Excise and discussed issues faced by them. Similarly, the Chief Commissioner has visited Cochin Shipyard on 25-06-2025 as a measure to foster trust and contribute to robust tax ecosystem.

3.3 AWARENESS: The Chief Commissioner inaugurated the two day National Conference on GST conducted by ICAI in Kochi on 26th & 27th June 2025. He has also taken a Technical session on " Dispute resolution mechanism in GST with focus on reducing tax disputes".

3.4 Key Initiatives Undertaken by Thiruvananthapuram, Cochin, and Kozhikode Commissionerates during GST Pakhwada 2025:

(i) Taxpayer Assistance and Facilitation

GST Helpdesks were set up at the Commissionerate Headquarters and across all Divisions in Cochin and Kozhikode Commissionerates to address taxpayer queries and improve facilitation during the GST Pakhwada. In Thiruvananthapuram, dedicated helpdesks manned by experienced officers were established, successfully resolving 27 taxpayer grievances during the period.

(ii) Fitness and Sporting Events

As part of the ‘FIT India’ campaign, Cycle Marathons were conducted on 18th May 2025 in all three Commissionerates. In Thiruvananthapuram, the event was flagged off by Olympians Jisna Mathew, MP Jabir, and Anu Raghavan, with over 200 participants including athletes, students, trade representatives, and departmental officers. In Cochin, the marathon was flagged off by Shri P. L. Lakra, IRS, Principal Commissioner, in the presence of Shri R. Sharma, Assistant Director, Sports Authority of India. In Kozhikode, Shri Balaji Manohar, IRS, Joint Commissioner, flagged off the event, which witnessed participation from 25 officers and their children.

Additionally, inter-office sports competitions were conducted in Thiruvananthapuram to foster team spirit and engagement among officers.

(iii) Student and Youth Engagement

Thiruvananthapuram Commissionerate organized GST-themed competitions such as quizzes, essay writing, poster design, and extempore speeches across 20 schools, with active participation from over 500 students. Cochin Commissionerate engaged with college students through competitions like slogan writing and quizzes. In Kozhikode, children participated in creative contests such as poem recitals, painting, and pencil drawing at the CGST Headquarters, promoting GST awareness through art.

(iv) Outreach and Creative Awareness

Nukkad Nataks (street plays) were performed at key public locations in Thiruvananthapuram to spread GST awareness among citizens. Kozhikode Commissionerate organized GST-themed workshops and painting exhibitions by noted artists, offering visual and artistic representations of GST and its impact. Across all Commissionerates, a variety of competitions such as essay writing, slogan writing, logo designing, and quizzes were conducted for departmental officers to promote GST understanding and participation.

4 GST DAY 2025: GST Day celebrations will be conducted on 1st July, 2025 in Thiruvananthapuram. Shri K. N. Balagopal, Hon’ble Minister for Finance, Government of Kerala, has been invited to grace the occasion as the Chief Guest and has kindly consented to attend. Shri Mohanlal, renowned cine actor, has also been invited as the Guest of Honour and has graciously accepted the invitation. Commendation Certificates will be awarded to officers and staff who made exemplary contributions to GST administration in the Zone. Representatives from trade and industry associations will also be felicitated for their active and positive engagement in supporting the objectives of GST.

5 REVENUE: The GST revenue collection in the first two months of FY 2025-26 has increased with a growth rate of 18% and the Central Excise revenue with a growth rate of 14%. In FY 2024-25, The enforcement wing of the department along with audit, the two pillars enforcing investigation and compliance had booked cases with detection of Rs.580 cr.

Tax collected by CGST

Thiruvananthapuram Zone

FY 2024-25

(In Rs cr.)

Upto May

2024 in FY

2024-25

(In Rs cr.)

Upto May

2025 in FY

2025-26

(In Rs cr.)

Growth

Rate

GST

18,371

3238

3826

18%

CENTRAL EXCISE

26,824

4433

5056

14%

A NATION IS MADE WHEN TAXES ARE PAID

With unwavering commitment, the Thiruvananthapuram GST Zone continues to serve Kerala, with service at its core.

Issued by: Office of the Chief Commissioner of Central Tax, Central Excise & Customs, Thiruvananthapuram Zone

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