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    ITR filing for AY27 touches record 7.8 cr
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    MoSPI signs MoU with Thapar Institute of Engineering & Technology, Punjab for undertaking a Research Study
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September 1, 2026
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Income-tax return filing: non-audit business and professional taxpayers use applicable forms by prescribed due dates.
August 31, 2026 was the due date for taxpayers having business or professional income who were not subject to audit. Such non-audit taxpayers may use ITR-3, ITR-4, ITR-5 or ITR-7, as applicable. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, while ITR-4 is intended for small and medium taxpayers. ITR-5 applies to firms, limited liability partnerships and cooperative societies, and ITR-7 applies to trusts and charitable institutions.
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.

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Customs, DGFT & SEZ

India and Africa to work to double bilateral trade by 2030: Union Commerce & Industry Minister Delivers Keynote Address at Valedictory Session of 20th CII India-Africa Business Conclave

August 29, 2025

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India-Africa Business Conclave has blossomed into a defining platform for trade and partnership: Shri Piyush Goyal

Indian manufacturers can play a vital role in meeting Africa’s growing demand for affordable mobility solutions: Shri Goyal

India and Africa share complementarities in agriculture, food security, healthcare, critical minerals, renewable energy and services: Shri Goyal

India and Africa must work to double bilateral trade by 2030, focusing on value addition, technology-driven agriculture, renewable energy, and healthcare. This was stated by Union Minister of Commerce & Industry, Shri Piyush Goyal while delivering the keynote address at Valedictory Session of 20th Edition of CII India Africa Business Conclave in New Delhi today. “Together, we can move from raw material exports to value-added production for global markets,” he noted. He said that the idea of this Conclave, seeded 20 years ago, has brought out opportunities and potentials of African countries while showcasing the strengths of both Africa and India.

Shri Goyal pointed out that bilateral trade between India and Africa is already fairly balanced — with India’s exports at USD 42.7 billion and imports at USD 40 billion. However, he underlined the untapped potential across regions, “This demonstrates the opportunity we have missed out on over the years, and the scope for expansion today,” he said.

The Minister stressed that India and Africa need not compete in every sector, but rather explore complementarities. He highlighted areas such as agriculture, food security, cooperative and self-help group movements, education, skill development, capacity building, research and development, innovation, start-ups, healthcare, pharmaceuticals, and renewable energy, which provide vast opportunities for mutual benefit.

Shri Goyal highlighted the immense potential for collaboration in the automobile sector. He noted that while Africa imports nearly USD 20 billion worth of motor vehicles annually, India currently supplies only about USD 2 billion of this demand. He underlined that Indian automobiles are globally competitive, both in terms of cost and quality, with manufacturing standards on par with the best in the world. He said that Indian manufacturers can play a vital role in meeting Africa’s growing demand for passenger vehicles, commercial vehicles, two and three wheelers, and affordable electric mobility solutions. This, he added, opens up a wide delta of opportunity for African nations to access reliable, fuel-efficient, and environmentally sustainable vehicles at competitive prices, while India can, in return, benefit from greater imports of African resources such as critical minerals, petroleum products, and agricultural commodities. This balanced exchange, he said, would help both regions expand trade, generate employment, and build long-term industrial partnerships.

Shri Goyal noted that collectively, the African countries, with a billion-plus population similar to India, are aspiring to become prosperous and developed nations. Just as India is working towards achieving Viksit Bharat by 2047, Africa too is working to take prosperity to every citizen. He underlined that the Conclave is a significant milestone in strengthening India–Africa ties in this journey towards shared prosperity.

Highlighting complementarities, the Minister observed that Africa could support India in areas such as critical minerals and petroleum products, while India could support Africa in food security, technological upgradation, manufacturing, and services. He mentioned that India is cost-competitive in services like architecture, engineering, IT, AI and telecom, while also offering potential in medical tourism.

Referring to India’s close bond with Mauritius, Shri Goyal assured continued support to Mauritius in addressing inflationary pressures in essentials such as milk products, edible oils, and rice. “It is this spirit of friendship and cooperation that defines India’s engagement with Africa,” he said.

Shri Goyal also recalled India’s support to Africa during the COVID-19 pandemic, when medicines, vaccines and pharmaceutical products were provided at affordable costs, unlike the highly-priced alternatives from developed nations. He further said that India’s Unified Payments Interface (UPI) could help bring down transaction costs and strengthen Africa’s financial systems.

“India and Africa together represent over 2 billion people and one-third of the global population. Our shared history, freedom struggles, and enduring friendship provide a strong foundation for the future,” Shri Goyal said. He invoked Mahatma Gandhi’s journey in South Africa as a symbol of the deep bonds between the two regions.

Calling the Global South the true voice of the developing world, Shri Goyal urged African nations to work with India at multilateral platforms like the WTO to create common objectives and influence global decision-making. He emphasized collaboration in agriculture technologies, renewable energy, generic medicines, critical minerals, and youth partnerships, noting that the young populations of India and Africa will define the future.

Inviting all African nations to expand engagement with India at scale, Shri Goyal said:
“Our relationship is not just about history or trade — it is about shared dreams, shared challenges, and shared solutions. Together, we can transform our economies, empower our youth, and ensure prosperity for every citizen. The future is ours to capture.”

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