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    Protection in predicate offence doesn't automatically extend to PMLA case: Delhi HC
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August 22, 2026
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Independent PMLA proceedings require separate anticipatory bail assessment; predicate-offence protection alone cannot establish pre-arrest protection.
Protection in a predicate-offence FIR does not automatically extend to independent PMLA proceedings. Anticipatory bail in a money-laundering investigation must be assessed under the applicable PMLA condition and on the material connecting the applicant to alleged proceeds of crime. Relevant considerations include the financial trail, recorded statements, bank-account analysis, compliance with summonses, cooperation with inquiry, and the need for personal participation in evidence collection and confrontation with documentary and digital material.
August 22, 2026
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Financial accessibility for Divyangjans requires compliance standards, practical implementation measures and stronger institutional capacity across financial services.
Accessibility of financial services for Divyangjans was examined through a workshop focused on public sector banks, insurance companies, regulators and public financial institutions. Discussions covered accessibility standards, compliance requirements, legal provisions, practical implementation challenges and institutional best practices under the Sugamya Bharat initiative. Participants considered operational measures to strengthen institutional capacity, inclusivity and equitable access to financial services.
August 22, 2026
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Audit quality enhancement for small and medium auditors emphasises technology, global standards, inspection insights and stronger financial reporting.
Audit quality and financial reporting reliability were the focus of NFRA's outreach programme for small and medium audit firms. The programme promoted professional capacity-building, alignment with contemporary global standards, adoption of appropriate audit technology, and the public-interest role of the accountancy profession. Technical sessions covered audit strategy documentation, risks of material misstatement, and practical lessons from audit-firm oversight to support improved day-to-day audit practice and high-quality financial reporting.
August 22, 2026
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Cartelisation by agro-input dealer associations attracted monetary sanctions, cease-and-desist directions, and mandatory competition-compliance training for responsible officials.
Cartelisation by the two agro-input dealer associations and named individuals contravened Section 3(3)(b) read with Section 3(1) of the Competition Act, 2002. Monetary sanctions were imposed, and association office-bearers were held liable under Section 48. The parties and liable officials were directed to cease and desist from future anti-competitive conduct and to organise competition-compliance training to promote awareness and compliance within the associations.
August 22, 2026
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Circular economy partnerships promote resilient value chains, resource efficiency and sustainable growth alongside evolving India-EU trade integration.
India-Finland circular economy cooperation is being developed through business, technology, investment and commercial partnerships supporting resource-efficient and sustainable growth. Discussions focused on competitive and resilient value chains based on circularity, traceability, resource efficiency and sustainable business practices. Circular economy principles extend beyond waste management into product design, value chains, resource use, skills development and new business models. The India-EU free trade agreement remains subject to legal review and formal ratification and is not yet in force.
August 22, 2026
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Bid rigging through pre-bid exchange of sensitive price information attracted penalties and cease-and-desist directions in tyre procurement.
Bid rigging in tyre procurement was established where Rekha Agencies and SS Marketing exchanged commercially sensitive price-bid information before submitting bids for the Himachal Pradesh Tender 2013. The concerted conduct contravened the prohibition on anti-competitive agreements and bid rigging. Monetary penalties and cease-and-desist directions were imposed on both enterprises. An official of Rekha Agencies was also penalised for liability arising from the contravention, while proceedings against the official of SS Marketing stood abated following his death.
August 22, 2026
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Import tariffs on Canadian products trigger potential retaliatory levies after bilateral negotiations fail to reach agreement.
Import tariffs on Canadian products are set to be imposed by the United States at a 50% rate after bilateral negotiations did not produce an agreement. The measures cover products including hockey sticks and tongue depressors and affect a limited share of Canada's annual exports to the United States. Canada has indicated possible retaliatory levies, intensifying the bilateral trade dispute.
August 21, 2026
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Rupee exchange-rate movement reflected geopolitical tensions, crude oil conditions and market intervention, while export payment rules expanded rupee invoicing.
Foreign Trade Policy amendments facilitate export invoicing and receipt of payments in Indian rupees. For exports to countries outside the Asian Clearing Union, export contracts and invoices may be denominated in Indian rupees or any foreign currency. The earlier general requirement that export earnings be received in a freely convertible currency is thereby eased, while applicable rules continue to vary according to destination.
August 21, 2026
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Non-controlling land-bordering country ownership permits eligible foreign investment through the automatic route, subject to sectoral conditions and reporting.
Foreign direct investment may use the automatic route where non-controlling beneficial ownership from a land-bordering country in the investor entity does not exceed 10%, subject to sectoral caps, entry routes and other applicable conditions. The beneficial ownership test applies at the investor-entity level. Eligible investors need not obtain separate prior Government approval after reporting relevant information to the Government. The framework replaces the earlier approval requirement applicable even to minimal beneficial ownership from land-bordering countries.
August 21, 2026
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Climate-resilient urban water security modernises Chennai's supply and sanitation systems through ring-main infrastructure, digital monitoring, and safer sewer operations.
Chennai Climate-Resilient Water Security and Sewerage Project modernises and expands water supply and sanitation infrastructure through a loan arrangement between the Government of India and the Asian Development Bank. Measures include new pipelines, upgraded pumping stations, performance-based utility operations, and a comprehensive ring-main system to improve water-pressure balance, distribution efficiency, reliability and climate resilience. Digital monitoring and advanced blockage-detection technology are intended to improve operational decisions, customer responsiveness and worker safety while eliminating hazardous manual sewer inspections.
August 21, 2026
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Capacity-based taxation targets undeclared pouch-packing machinery used for clandestine pan masala and tobacco production and untaxed clearances.
Capacity-based taxation of pan masala and specified tobacco products is determined by the number, type and capacity of installed pouch-packing machines. Searches at interconnected manufacturing and trading premises detected unregistered operations using undeclared machinery for clandestine manufacture and clearance of pan masala, scented jarda and gutkha without payment of GST, HSNS cess and central excise duty. Finished goods, raw materials, packing materials and machinery were seized. The manufacturing firm's proprietor was prima facie identified as managing the operation and was arrested under the applicable cess and central excise laws.
August 21, 2026
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Technology risk oversight requires Urban Co-operative Banks to retain accountability while building shared and role-specific capabilities.
Urban Co-operative Banks must strengthen digital and risk-management capabilities as technology dependence exposes them to cyber threats, fraud, service-provider failures and common-platform vulnerabilities. Outsourcing critical systems does not transfer the bank's responsibility for oversight, safeguards and continuity. Boards and senior management must retain sufficient knowledge to supervise external providers effectively. Mission SAKSHAM supports role-specific, continuous capability building through physical and online learning, while collective infrastructure and shared expertise can supplement individual institutional capacity.
August 21, 2026
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Foreign exchange market modernisation prioritises delegated decisions, customer transparency, digital workflows, local-currency settlement and accountable risk management.
Foreign exchange market modernisation advances a facilitative, principles-based framework based on delegated decision-making by Authorised Dealers, risk-based reporting, and customer-centric service standards. Authorised Dealers must apply clear internal policies, avoid unnecessary documentation, disclose charges, timelines and grievance mechanisms, and ensure consistent treatment of comparable transactions. Local-currency settlement requires viable trade corridors, competitive hedging, correspondent relationships and robust AML/CFT controls. Digital workflows, electronic trading and reporting infrastructure should improve transparency and resilience, while automated tools remain subject to explainability, review and data-protection safeguards.
August 21, 2026
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Sugar price containment measures restrict stockholding, permit duty-free imports, and strengthen inventory verification to deter hoarding.
Sugar price containment measures include stock limits for dealers, consumption-based inventory restrictions for bulk consumers, duty-free raw sugar imports, and physical verification of mill stocks to prevent hoarding and artificial scarcity. Price increases are attributed to lower domestic output, festive demand, crop damage, tighter global supplies, and speculation rather than sugar diversion for ethanol. Earlier crushing is advised to improve seasonal availability, while the ethanol programme supports management of sugar surpluses, mill liquidity, and timely sugarcane payments.
August 21, 2026
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Cross-border insolvency enforcement constrains asset recovery as Evergrande liquidation, founder asset confiscation, and audit-related claims continue.
Evergrande's insolvency process involves liquidation proceedings for its mainland property-development unit and its Hong Kong-listed holding company. Cross-border recovery is constrained by separate Hong Kong and mainland China legal systems, particularly because most operational assets are located in mainland China. Liquidators are pursuing asset-tracing and recovery measures against the founder and connected persons, as well as claims concerning pre-collapse audits. Investigations identified revenue overstatement through manipulated financial data. Creditor recoveries are expected to be limited due to substantial liabilities and constraints on asset realisation.
August 21, 2026
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Foreign exchange reserves rose through higher currency assets and gold holdings amid measures to attract external forex inflows.
India's foreign exchange reserves increased during the reporting week, led by higher foreign currency assets and gold reserves. Foreign currency assets include the dollar-value effects of movements in non-US currencies held as reserves. Special drawing rights declined marginally, while the reserve position with the International Monetary Fund increased marginally. Concessional swap arrangements formed part of measures to attract foreign-exchange inflows, while earlier reserve movements were linked to rupee pressure and dollar-sale intervention in the foreign-exchange market.
August 21, 2026
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Incremental tariff recovery aligns airport user charges with completed infrastructure, preventing passengers from funding non-operational capital projects prematurely.
User development fees and airport tariffs for Bengaluru International Airport have been revised for the April 2026 to March 2031 control period. The incremental Average Revenue Requirement framework excludes costs of identified high-value capital projects from tariffs until the relevant assets are completed, commissioned and available for users. Incremental tariff recovery may begin only upon operational availability, aligning charges with infrastructure use, reducing premature recovery risk for passengers and airlines, and encouraging timely completion of major capital works.
August 21, 2026
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Customer experience analytics enables banks to convert real-time feedback into operational improvements across high-value customer journeys.
Customer experience analytics is used in banking to transform customer data and real-time feedback into operational improvements across key customer journeys. Operational teams retain responsibility for strategy and execution, supported by in-house analytics and technology platforms for multi-channel journey mapping, journey analytics and prioritisation of high-value customer segments. AI-driven customer experience management tools capture customer signals, analyse journey performance and operationalise actionable insights across teams.
August 21, 2026
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Predicate-offence dependency limits retrospective addition of old FIRs to preserve money-laundering proceedings after the original scheduled offence is closed.
Predicate-offence dependency under the Prevention of Money Laundering Act requires an ECIR to rest on a subsisting scheduled offence. Closure of the FIR forming its basis through an accepted cancellation report prevents continuation of money-laundering proceedings unless that closure is overturned. A previously registered FIR cannot be belatedly added merely to preserve an existing ECIR and coercive powers. Where statutory requirements are met, an independently registered ECIR may be required. Expansion of an ECIR cannot rest solely on tenuous factual links between successive disputes.
August 21, 2026
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Indian rupee export invoicing rules now permit overseas contracts and invoices in rupees or foreign currency for eligible destinations.
Foreign Trade Policy provisions were amended to facilitate invoicing of overseas exports and receipt of export payments in Indian rupees. For exports to countries outside the Asian Clearing Union, export contracts and invoices may be denominated in Indian rupees or any foreign currency, replacing the earlier general requirement that export earnings be received in a freely convertible currency. The applicable requirements vary according to the destination country.

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RELEASE OF SUPPLY AND USE TABLES OF 2020-21 AND 2021-22: DETAILED PRODUCT-INDUSTRY INSIGHTS INTO THE INDIAN ECONOMY

July 31, 2025

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The Ministry of Statistics and Programme Implementation (MoSPI) has released the ‘Supply and Use Tables of 2020-21 and 2021-22’. Supply and Use Tables (SUTs) represent a detailed snapshot of all economic activities taking place in the economy. They are powerful analytical tools that present the structure of an economy as well as interlinkages among the various economic actors.

Purpose of SUT

Supply and Use Tables (SUT) serve multiple purposes and have gained prominence due to their statistical robustness and analytical flexibility. They offer a comprehensive framework that integrates the three approaches to measuring Gross Domestic Product (GDP)—production, income, and expenditure within a unified structure. SUT is a very powerful tool for comparing and reconciling data from diverse sources, thereby improving the coherence and consistency between production and expenditure estimates. Compilation of product-wise value of output by different industries, net product taxes, trade and transport margin, import on supply side, and intermediate consumption by different industries, final use, export by products make the SUT more data demanding. These detailed product-level information by industry enables policymakers, researchers, and academicians to undertake granular analysis of the structure, composition and dynamics of the economy.

The SUTs for the years 2020–21 and 2021–22 have been compiled using the estimates of macroeconomic aggregates published in the National Accounts Statistics (NAS) 2024, which provides the Final Revised Estimates for 2020-21 and for 2021-22.

SUT Framework

Supply and Use Tables (SUT) are presented as two interlinked matrices: the Supply Table and the Use Table, structured in a product-by-industry matrix. The Supply Table captures the total supply of goods and services, both from domestic production by industry and from imports. In contrast, the Use Table records the utilization of these products across various components—intermediate consumption by industries, final consumption, gross capital formation, and exports.

The foundation of the SUT framework lies in the product identity, which states that the total supply of a product (from domestic production and imports) must equal its total use (as intermediate consumption, final consumption, capital formation and exports). This identity ensures that all economic flows are accounted for, and thus, SUTs facilitate a coherent and balanced representation of the economy, enabling the three approaches to GDP measurement—production, income, and expenditure—to converge to a single, harmonized estimate.

In the National Accounts Statistics (NAS), GDP estimates derived from the production/income and expenditure sides often differ due to different data sources used for estimation. The resulting difference is published as ‘discrepancy’ on the expenditure side in the NAS. The SUT framework enables the compilers to reconcile and adjust these discrepancies, ensuring consistency between the production/income and expenditure estimates.

Compilation of SUT

The SUT of 2020-21 and 2021-22 has 140 products and 66 industries. These are compiled based on the estimates of macro aggregates published in NAS 2024, survey data like Annual Survey of Industries (ASI), several administrative data sources. The estimates provided in SUT are at current prices and are based on the methodologies in alignment with the United Nations System of National Accounts (SNA).

Preparation of SUT involves four activities: (i) Identification of Industries and Products, (ii) Compilation of Supply Table, (iii) Compilation of Use Table and (iv) Product Balancing. Industries are identified from National Industrial Classification (NIC) of ASI data for manufacturing and Compilation Categories (CC) of NAS for sectors other than manufacturing. Products are identified as per National Product Classification for Manufacturing Sector (NPCMS) and National Product Classification for Services Sector (NPCSS).

The supply table is generally prepared at basic prices as NAS also compiles the output of industries at basic prices. However, to account for the final utilization of the products, the supply table provides mechanism which moves the valuation of products from basic prices to purchasers’ prices as recorded in use table. The compilation draws upon various data sources, including NAS statements, Annual Accounts of Corporations, ASI data, Export-Import (EXIM) database of DGCIS for imports of goods; RBI data for imports of services; CBIC tariff data for import duties.

The use table provides gross value added at basic prices by industries (following production approach) and GDP by deducting imports from final uses (following expenditure approach). Moreover, it also shows the components of value added by industry from income side estimates. The compilation of this information involves analysis of several supplementary data sources specific to each product or industry. Key sources include Cost of Cultivation Studies (CCS), ASI data, Companies data from of MCA and NDE, EXIM data, and data from the Reserve Bank of India (RBI).

Key Highlights

  • Total supply of goods and services at purchasers’ price in the economy is 407.52 Lakh Crore Rs. and 523.08 Lakh Crore Rs. in 2020-21 and 2021-22 respectively.
  • In both years, out of the total supply at basic prices, agricultural goods contributed 11–13%, mining goods 2%, manufactured goods 30–33%, manufacturing-related services 3%, and services from the service sector around 55%.
  • In 2020–21, the top five industries with the highest GVA-to-GVO ratio—ranging from 0.96 to 0.80—were Ownership of Dwellings, Fishing & Aquaculture, Forestry and Logging, Agriculture, and Education & Research. Higher GVA-to-GVO ratio implies better efficiency and value addition within the industry.
  • In 2021-22, Ownership of dwellings, Fishing & Aquaculture, Forestry and Logging, Agriculture & Crude Petroleum are the top five industries with the highest GVA-to-GVO ratio with same range.
  • In 2020–21, five industries with the lowest GVA-to-GVO ratio—ranging from 0.15 to 0.10—were Production, processing and preservation of meat, fish, fruit, vegetables, oils and fats; Manufacture of dairy products; Manufacture of grain mill products & animal feeds; Manufacture of communication equipment; and Other Manufacturing.
  • In 2021-22, five industries with the lowest GVA-to-GVO ratio—ranging from 0.12 to 0.09— were Production, processing and preservation of meat, fish, fruit, vegetables, oils & fats; Manufacture of communication equipment; Manufacture of dairy products; Manufacture of grain mill products & animal feeds; Manufacture of coke & refined petroleum products.
  • Construction accounted for the highest share of total intermediate consumption, contributing 13.82% in 2020–21 and 14.03% in 2021–22.
  • In 2020–21, goods accounted for a larger share of intermediate consumption, constituting 70%, while services contributed the remaining 30%. A similar pattern is observed in Private Final Consumption Expenditure (PFCE), where goods comprised 62% and services 38% of the total PFCE.
  • In 2021–22, goods accounted for intermediate consumption of 72%, while services accounted for the remaining 28%. In Private Final Consumption Expenditure (PFCE), where goods made up 59% and services constituted 41% of the total PFCE.
  • In 2020-21, a discrepancy of (-) 2,46,154 Crore Rs. between the production and expenditure side GDP estimates was addressed by adjusting the expenditure components. This was done by reducing Private Final Consumption Expenditure (PFCE) by 3,05,628 Crore Rs., Change in Inventories (CIS) by 18,897 Crore Rs., and Imports by 78,374 Crore Rs. as part of the CIF adjustment.
  • In 2021–22, a discrepancy of (-) 2,16,579 Crore Rs. between the production and expenditure side GDP estimates was reconciled by adjusting the expenditure components. This was done by reducing Private Final Consumption Expenditure (PFCE) by 3,55,540 Crore Rs., Change in Inventories (CIS) by 1,884 Crore Rs., and Imports by 1,37,081 Crore Rs. as part of the CIF adjustment.

As a forward-looking measure, the Ministry plans to integrate the compilation of the Supply and Use Tables (SUT) with compilation of the Annual National Accounts Statistics in the new series. This integration aims to ensure consistency and coherence across the three approaches to GDP compilation, while also helping to reduce the time lag in preparing the SUT.

The ‘Supply and Use Tables of 2020-21 and 2021-22’ and a Methodological Note on SUT Compilation are available for download on the MoSPI official website at:

https://mospi.gov.in/publication/supply-use-tables.

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