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    CCI approves proposed combination inter alia involving share acquisition(s) and merger of certain entities e.g. AAPC India, Triguna, Caddie, SMPL, Tec...
    Rupee gains 20 paise to close at 95.08 against US dollar post-RBI policy decision
    TN Budget: Revenue deficit at Rs 55,775 crore, fiscal deficit estimated at Rs 1,21,819 crore
    Tatkare slams ‘gungi gudiya’ jibe against Sunetra; Cong says row being exploited for political gains
    RBI invites public comments on Draft Guidelines for ‘on tap’ Licensing of Urban Co-operative Banks
    Pakistan-origin dry dates, routed through UAE, seized at Kandla port
    RBI keeps rates unchanged, retains neutral stance; outlook uncertain on El Nino, geopolitical risks
    Government Notifies Inventory-based Cross-border E-Commerce Export Framework under Foreign Trade Policy 2023
    Customs official among 5 held for smuggling gold of Rs 1.44 crore at Indore airport
    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
    Sensex gains 152 pts in volatile session as RBI keeps policy rates unchanged
    DRI seizes 364 metric tonne (MT) banned Pakistan-origin dry dates imports worth Rs. 3 crore
    Rupee gains 13 paise to close at 95.15 against US dollar post-RBI policy decision
    ED raids premises linked to ex-Andhra MLA Malla Vijaya Prasad in chit fund scam
    'Gungi gudiya' remark against Sunetra shows Cong's 'ideological bankruptcy': NCP leader Tatkare
    RBI holds interest rates for fourth straight meeting, awaits clearer inflation outlook
    Highlights of RBI's August monetary policy
    RBI targeting polymer currency notes launch in early FY28: Guv Malhotra
    Two women held at Delhi airport with 1 kg gold concealed as silver-coated armlet
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    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.
    August 5, 2026
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    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
    The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
    August 5, 2026
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    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
    The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
    August 5, 2026
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    Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
    The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
    August 5, 2026
    Show AI Summary
    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
    Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
    August 5, 2026
    Show AI Summary
    Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
    A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
    August 5, 2026
    Show AI Summary
    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
    Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.
    August 5, 2026
    Show AI Summary
    Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
    Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
    Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
    August 5, 2026
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    Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
    Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.
    August 5, 2026
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    Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
    Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
    August 5, 2026
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    Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
    The Reserve Bank retained the repo rate with a neutral stance amid uncertainty over energy prices and supply disruptions. Stock exchanges introduced the Closing Auction Session in the equity cash segment for eligible shares with futures and options contracts. This auction-based mechanism determines closing prices of eligible stocks and aims to make price discovery more transparent and robust.

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      BRICS Plus meets in Rio amid global shifts and internal fractures

      July 5, 2025

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      Rio de Janeiro, Jul5 (360info) On July 6-7, leaders of the BRICS countries – Brazil, Russia, India, China and South Africa – will meet in Rio de Janeiro, Brazil, a quarter of a century after the inception of the acronym.  Russia’s President Vladimir Putin and China’s President Xi Jinping will be absent, with their countries being represented by Foreign Minister Sergei Lavrov and Premier Li Qiang respectively.  The absence of Putin and Xi is likely to put the spotlight firmly on India’s Prime Minister Narendra Modi and Brazil’s President Luiz Inacio da Silva, popularly known as Lula.

      India is experiencing a unique moment as the fastest-growing of the G20 economies. Membership in BRICS lends strategic flexibility to this Global South powerhouse that can be considered “friends with everybody”, cooperating with Russia on selected issues while remaining a member of the Quad alliance with the United States.  The leaders’ summit also offers a platform for Modi’s aspirations of global leadership, just a couple of months after the uncertain outcomes of the latest round of military clashes with Pakistan.

      As the host nation, Brazil will enjoy a temporary respite from its ongoing political turbulence between supporters of Lula and former president Jair Bolsonaro. For a while, controversies over the slow preparations for the forthcoming COP30 meeting will be set aside.

      The BRICS summit marks the latest attempt by the Lula administration to assert its perspective on global affairs, after Brazilian efforts brought no tangible results in Venezuela, Ukraine, or Gaza.

      BRICS has been expanding rapidly, and now has a truly global footprint. Egypt, Ethiopia, Iran and the United Arab Emirates joined in 2024. Indonesia, the largest and most populous country in Southeast Asia, joined in 2025.  Now called the BRICS+ group, the ten-nation community has been accompanied since 2024 by a ten-nation group of partner states that include Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam. An 11th country, Saudi Arabia, is listed as a member on the BRICS Brazil 2025 website, but its membership status remains unclear.

      The grouping has come a very long way from its beginnings as a portfolio category for global financial investments.

      In November 2001, a Goldman Sachs report authored by economist Jim O’Neill proposed that the economic future of the 21st century belonged to emerging economies – Brazil, Russia, India, and China. This evolved into a political movement, as the leaders of those emerging countries began meeting on the sidelines of the United Nations General Assembly to discuss the global economic situation.

      By 2008, the commodity boom was nearing its end, and a global financial crisis was triggered by massive defaults in the US real estate market.

      Suddenly, the “BRIC” countries became engines of global economic recovery and growth. They also voiced strong criticism of international financial institutions – especially the Bretton Woods institutions, the International Monetary Fund and World Bank – for their collective failure to prevent or adequately respond to the 2008 crisis.

      In June 2009, BRICS leaders met for the first time in an official capacity in Yekaterinburg, Russia. The institutionalisation of the BRICS group was followed by the expansion of its membership. South Africa joined in 2011. The expansion has picked up pace in the past couple of years.

      Challenges of diversity The diverse membership of the BRICS+ group presents a challenge in identifying common goals in a fragmented world.

      In the division of diplomatic labour, intense negotiations among BRICS members are not matched by common policies on the global stage, which are largely reserved for criticism of existing international arrangements. This posture fuels the call for “updating” current institutions in order to enhance their legitimacy.  BRICS members often unite in their opposition to what they perceive as an unfair global order that operates to their detriment. The group advocates for new patterns of power diffusion to justify institutional reform, especially in times of crisis.

      These features place BRICS at a crossroads that will shape its global footprint.

      On the one hand, the BRICS group functions as an institutional vehicle for South–South cooperation, largely bypassing norms associated with the liberal international order.  Among members and partner states are countries that have faced Western sanctions for extended periods, such as Russia, Iran, and Cuba. Despite the imposition of severe economic sanctions on Moscow following the Russian invasion of Ukraine, and their enforcement through multilateral institutions, BRICS provided a conduit for continued trade in Russian oil.

      This departure from Western norms reinforces one of BRICS’ founding traits – a grouping of non-Western powers that offer acute criticism of the representativeness and efficiency of international institutions, while seeking a level playing field.

      On the other hand, BRICS makes little headway in terms of collective action. The group speaks in normative terms, calling for transformation, but lacks a formal mechanism for collective decision-making.

      Its defence of multilateralism, sovereignty, and the rule of law exists alongside controversial foreign policy positions such as its neutral stance on Russia’s annexation of Crimea in 2014.  Normative innovations, such as Brazil’s “Responsibility While Protecting” doctrine launched in 2011, were not endorsed or coordinated with other BRICS members. Internal dynamics limit public demands for global institutional reform.  Although BRICS members share similar criticisms of international financial institutions, their dissatisfaction diverges significantly when it comes to the United Nations system.

      Russia and China have paid only lip service to reforming the UN Security Council, acting jointly to maintain the status quo by watering down various reform proposals sponsored by Brazil, India, and South Africa.

      Divisions within the group contrast “traditional” powers (Russia and China, permanent members of the UN Security Council) with “emerging” ones (India, Brazil, and South Africa).  Little progress has been made in reforming multilateral institutions to better include emerging powers since BRICS’ inception.

      These power splits are compounded by differences in regime type. India, Brazil, and South Africa present themselves as democracies of the Global South, in contrast to the autocratic regimes of Putin’s Russia and the Chinese Communist Party.  BRICS thus constitutes an uneasy mix of countries that critique the Western-led order while having risen to prominence by engaging with it.

      By accommodating the diverse circumstances of its members, BRICS plays an important role in fostering South–South ties. However, this breadth also limits the group’s effectiveness in a polarised global order.  Two recent shortcomings highlight its limited political leverage. In June 2025, the group’s response to Israeli and US bombing of Iran (a BRICS+ member) was confined to rhetoric. Moreover, the preparatory meeting of foreign ministers in Rio failed to produce a joint declaration.

      Normative ambivalence, combined with limited collective action, has turned BRICS into a pragmatic club.

      Since the 2008 financial crisis, the group has shied away from major political controversies, from combating ISIS to the ongoing conflicts in Ukraine and Gaza. As political statements remained vague and reformist ambitions were sidelined, BRICS-related institutions proliferated alongside its growing membership – from the New Development Bank established in 2015 to the proposed guarantee fund to boost investment in member states.

      Behind the scenes, the BRICS summit will serve a multitude of purposes for its expanding membership. Several of its members have previously made calls for a “new multilateralism”, a “multipolar world order”, and the renewal of international institutions.  This time, the Global South’s democracies have an opportunity to shape new narratives. Apart from inclusive and sustainable global governance, Brazil set the 2025 summit’s agenda to focus on climate change, artificial intelligence and global health – issues underestimated in previous editions.  The BRICS group may, once again, reclaim a vanguardist position, providing Global South standpoints on these pressing global challenges. (360info.org) NPK NPK

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