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September 24, 2026
Show AI Summary
Merchant discount rate on UPI merchant payments may be treated as a taxable payment settlement service with input credit availability.
GST treatment of MDR charged on UPI merchant payments above Rs 2,000 is to be considered by the GST Council. The MDR framework imposes a merchant-borne charge for payment processing and settlement. As these activities are services, MDR may attract GST at 18 per cent, subject to the Council's view. Merchants paying GST on MDR may claim input tax credit, potentially reducing their net tax burden.
September 24, 2026
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Fiscal responsibility limits frame cautions on new projects as budgetary discipline rather than financial crisis.
Finance-department advice treats fiscal indicators as grounds for restraint in approving additional expenditure rather than as evidence that funds are unavailable. Funding new projects may be difficult until additional resources are mobilised or allocations already approved are reallocated. Project proposals lacking budgetary provision or earmarked funding may create cash-flow pressures and fiscal-management challenges, requiring deferment until resources are finalised.
September 24, 2026
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Corporate document forgery allegations trigger investigation into unauthorised insolvency consortium participation and disputed share transfers.
An FIR concerns alleged cheating, forgery, criminal conspiracy, corporate-document misuse, and unauthorised financial liabilities arising from participation in a corporate insolvency resolution process. Allegations include entering a consortium arrangement without the Parekh Group's knowledge or authorisation, reliance on a fabricated and unapproved board resolution, and unauthorised transfer of shares to a group-controlled entity. Investigation covers disputed-record authenticity, alleged digital-signature misuse, and financial transaction trails.
September 24, 2026
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Energy security shapes continued Russian crude sourcing as alternative suppliers replace shortfalls amid potential sanctions-related restrictions.
Russian crude imports are operating near 1.8 million barrels daily in September, with refinery maintenance, stronger Chinese buying, and disruptions to Russian export infrastructure constraining availability. Middle Eastern supply, especially from Iraq and Saudi Arabia, has offset reduced Russian volumes. Potential tougher restrictions on countries purchasing Russian oil could complicate procurement, but energy security and tight physical oil markets make a significant near-term reduction in Russian crude purchases unlikely. Replacement remains technically possible but may raise procurement costs and competition for medium-grade crude.
September 24, 2026
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Direct tax payment gateway integration enables nationwide payments through digital options, branch channels, and customers' respective internet-banking services.
IDFC FIRST Bank's payment-gateway integration for Central Board of Direct Taxes collections enables Direct Tax payments through UPI, credit cards, debit cards, Retail and Corporate Internet Banking, and branch-based cheque, demand draft, or cash payments. Customers of other banks may use their own internet-banking facilities through the gateway. Taxpayers create a challan on the Income Tax e-Filing Portal, select Payment Gateway and IDFC FIRST Bank, choose a payment mode, complete payment, and download or print the paid challan. Payment confirmations are also accessible.
September 24, 2026
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Insurance distribution controls target commissions, expenses and loan-linked sales, reshaping bancassurance arrangements and intermediary remuneration structures.
IRDAI's consultation proposals for insurance distribution contemplate lower Expenses of Management limits, tighter commission controls, and greater control over loan-linked insurance practices. The prospective framework concerns insurer and intermediary remuneration, distribution expenses, and bancassurance fee structures. Reported concerns centre on potential effects on insurer earnings, intermediary economics, and lending-linked distribution arrangements; the measures are not described as final operative obligations or enforcement action.
September 24, 2026
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Personal loan eligibility and repayment planning: loan variants and digital applications remain subject to assessment, verification, and applicable terms.
Eligible customers may seek collateral-free personal loans within stated amount, tenure and interest-rate ranges. Loan amount, interest rate and tenure determine the EMI and total interest payable, while calculator results are estimates rather than final repayment obligations. Eligibility includes nationality, age, employment and credit-score conditions, but approval, final pricing and loan amount remain subject to lender assessment, document verification and applicable terms. Online applications require personal, financial and employment details and KYC verification.
September 24, 2026
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Nidhi company deposits lack insurance protection, requiring verification of government declaration before relying on high-return promises.
Each company seeking to function as a Nidhi must file Form NDH-4 for declaration or updated Nidhi status and comply with the Companies Act, 2013 and applicable Nidhi Rules. Nidhi companies may accept deposits and grant loans only to members. Public investors should verify declared Nidhi status rather than rely on unusually high-return promises, agent representations, or informal assurances. Deposits with Nidhi companies are not insured by the Deposit Insurance and Credit Guarantee Corporation, and recovery may be difficult where a company fails or fraud occurs.
September 24, 2026
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FCNR(B) liquidity deployment remains within banks' discretion, guided by credit pipelines, asset-liability positions, and prudent underwriting standards.
Banks retain full discretion to deploy liquidity mobilised through FCNR(B) deposits, based on their credit pipeline, lending proposals, liquidity outlook and asset-liability position. No sector-specific direction applies to use of these funds. FCNR(B) deposits are fixed-term foreign-currency deposits in which principal and interest are repayable in the same foreign currency, protecting non-resident depositors from direct rupee exchange-rate risk. Continued prudent credit appraisal and underwriting standards are expected.
September 24, 2026
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Compulsory Muslim marriage registration shifts registration to registrars under a statewide procedural framework, with local officials authorised when needed.
Compulsory registration of Muslim marriages will operate under the Assam Muslim Marriage Registration (Compulsory) Rules, 2026, framed under the Assam Compulsory Registration of Muslim Marriage and Divorces Act, 2024. Registration will be undertaken by registrars, with panchayat-level officials potentially authorised where application volumes require additional capacity. The framework addresses the registration forum after kazis were barred from registering Muslim marriages.
September 24, 2026
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Macroeconomic resilience supports fiscal consolidation, financial-sector stability, and orderly foreign-exchange management through persistent global and market shocks.
Policy management emphasises clear communication, policy certainty, macroeconomic and financial-sector stability, efficient use of buffers, and sustained structural reform. Fiscal prudence is treated as necessary to avoid unsustainable stimulus and preserve long-term stability. External-sector resilience rests on services exports and remittances, while oil and gold shocks and weaker capital inflows have created temporary balance-of-payments pressure. Further improvement is linked to lower oil dependence, export diversification, trade agreements, capital inflows and orderly foreign-exchange market management.
September 24, 2026
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Software export growth strengthens IT ecosystem as campus expansion supports startup activity, infrastructure development, and skilled employment.
Software export revenue generated by Technopark reached Rs 17,092 crore in FY 2025-26, reflecting year-on-year growth of approximately 17.3 per cent. Growth is attributed to IT infrastructure, a skilled talent base, and company performance. Technopark also operates as an IT and ITeS hub and startup ecosystem centre, with ongoing campus development intended to expand its position among major IT hubs.
September 24, 2026
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Artificial intelligence centre of excellence partnership advances industry-aligned training, supervised internships, startup mentorship, and applied research collaboration.
IIEST Shibpur and Tata Consultancy Services have entered into a Memorandum of Understanding to establish an Artificial Intelligence Centre of Excellence at the Electrical Engineering Department's high-performance computing laboratory. The collaboration supports industry-aligned training, professional certifications, practical projects, supervised internships, startup mentorship, curriculum benchmarking, and applied research in natural language processing, computer vision, image processing, and advanced data analytics.
September 24, 2026
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Money-laundering searches prompt protests over alleged political misuse while operations continue at public development offices and residences.
Enforcement Directorate search and survey operations connected with a money-laundering investigation continued at development authority offices and premises linked with housing administration, a realty company, and private residences. AAP workers protested against the searches, alleging political and administrative pressure through central investigative agencies. The party further alleged that the operations could disrupt the development authority's functioning and impede Punjab government welfare schemes.
September 24, 2026
Show AI Summary
Money-laundering investigation procedure raises allegations over FIR registration, conflict concerns, and the choice between police, vigilance, or federal inquiry.
A police inquiry, rather than a Vigilance inquiry, was directed following an Enforcement Directorate communication seeking registration of an FIR for cognizable offences. It was contended that FIR registration should be dealt with by the police and that governmental or ministerial intervention would raise concerns where a person facing allegations is involved in deciding the investigative course. A transfer to a federal investigative agency was sought on grounds of investigative independence and perceived conflict of interest.
September 24, 2026
Show AI Summary
Trade truce extension maintains tariff pauses and export-restriction rollbacks while negotiations continue on broader economic commitments.
United States-China trade relations may remain governed by the Busan Agreement through January 10 under a stated two-month extension, though Chinese official confirmation is pending. The arrangement maintains pauses on elevated tariffs and prior rollbacks of restrictions affecting critical minerals and high-technology exports. Negotiations may produce a broader economic package or further continuation of existing terms, while implementation of agreed commitments is under review. The parties have also proposed reciprocal alerts on AI-related hacking incidents involving national-security concerns.
September 24, 2026
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Gold Smuggling Enforcement: Concealed foreign-origin gold recovered from vehicles and a traveller, with arrests under customs law.
Gold-smuggling enforcement involved the seizure of approximately 21 kg of foreign-origin gold in two operations and the arrest of five persons under the Customs Act, 1962. Gold bars were recovered from sophisticated vehicle-chassis cavities, while gold bars and cut pieces were recovered from a passenger's specially designed cotton waist belt. The operations concerned suspected cross-border gold movement and targeted organised smuggling networks using sophisticated concealment methods.
September 24, 2026
Show AI Summary
Cross-border gold smuggling enforcement resulted in Customs Act seizures after coordinated recovery of foreign-origin gold from border locations and a passenger.
Cross-border smuggling of foreign-origin gold through the Bangladesh route led to coordinated recoveries and seizures under the Customs Act, 1962. Gold recovered near the India-Bangladesh border was taken over for customs proceedings, including a seizure under Section 110. Foreign-origin gold concealed by a train passenger was also recovered and seized, with investigation indicating its smuggling from Bangladesh.
September 24, 2026
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BRICS tax cooperation creates standing platforms for international taxation, revenue statistics, professional capacity building and peer learning.
India-led BRICS tax cooperation established standing Working Groups on International Taxation and Transfer Pricing and Revenue Statistics, providing institutional platforms extending beyond individual Chairships. It also institutionalised an annual Young Tax Professionals Capacity Building Programme, launched the BRICS Tax Cross-Learning Lab for peer learning on client-centric administration and human-resources practices, and approved the Terms of Reference for the BRICS Tax Support Network.
September 24, 2026
Show AI Summary
Wildlife trafficking enforcement applies protected-species safeguards to seized Tokay Geckos and enables further statutory action against suspected illegal trade.
Wildlife-trafficking enforcement led to interception of two persons and seizure of 86 live Tokay Geckos under the Wildlife (Protection) Act, 1972. Tokay Geckos receive Schedule I protection under that legislation and are listed in Appendix II of CITES, regulating international trade. The persons and recovered geckos were transferred to the Mariani Range Forest Office for further action.

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Trump extends his reach into Congress in ways large and small

September 4, 2025

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Washington, Sep 4 (AP) The invitation arrived in the final days of the summer recess, President Donald Trump's political team summoning House Republican staff to an early morning meeting about the One Big Beautiful Bill Act and the coming midterm elections.

“Attendance will be tracked by Team Trump — see you there!” read the flyer obtained by The Associated Press.

On Wednesday morning, staffers lined up to check in to the private meeting at Republican National Committee headquarters across the street from the US Capitol.

What would have been a routine political strategy session with White House press secretary Karoline Leavitt, pollster Tony Fabrizio and political director James Blair showcased the depth of Trump's reach into the affairs of the legislative branch, with Republican majorities in Congress being led by a powerful executive.

As Congress returns for a busy fall stretch, Trump was pushing lawmakers to drop their probe into the Jeffrey Epstein files — "it's enough," he said at the White House — despite a groundswell of bipartisan support for a full airing of the Justice Department's information about the former financier accused of sex trafficking.

Trump has unleashed squadrons of federal law enforcement and National Guard troops in Washington, D.C., and is eyeing similar incursions into other cities, including Chicago, even after a federal judge said his use of the military to quell protests in Los Angeles broke the law.

And perhaps most threatening in the erosion of the separation of powers, Trump has utilized a highly rare administrative tool to claw back federal funds Congress had already approved, in what has been viewed as a brazen, muscular display of unchecked executive authority that is courting a federal government shutdown Sept. 30.

“Time and time again, we are seeing priorities that are out of line with what the American people want,” Democratic Rep. Pete Aguilar of California, the chairman of the House Democrats, said at a Wednesday press conference at the Capitol.

Perhaps nowhere is the acquiescence of the Congress, where Republicans hold the majority, so revealing than in the morning meeting at the Capitol Hill Club on the third floor of RNC headquarters.

“At least one staffer per office expected,” the invitation read.

Lawmakers piled in first, with almost full attendance, and then staff attended a separate private session. They were shown polling, particularly on voter attitudes about the big bill of tax breaks and spending cuts that Trump signed into law, as Republicans prepare to defend their majority ahead of next fall's midterm elections.

The takeaway: The “One, Big, Beautiful Bill Act” is now called “The Working Families Tax Cuts Act.” “It's not a rebranding,” said House Speaker Mike Johnson said afterward. “What we have to do to sell it is tell the truth.” Trump had initially named the bill himself, coming up with it during a White House meeting back in spring. The moniker stuck, and was typed out on the title page of the sprawling, nearly 1,000-page package — until Democrats in the Senate succeeded in stripping it out, on technical grounds.

But two months after Trump signed the bill into law at a Fourth of July ceremony at the White House, even the president has acknowledged it wasn't his best marketing.

“I'm not going to use the term 'great, big, beautiful,” Trump said during a Cabinet meeting last week. “That was good for getting it approved. But it's not good for explaining to people what it's all about.” Johnson, who said he missed the morning session to take his son to school, also said he spoke with Trump near midnight and “fully” endorses the strategy.

“This was all pre-arranged with me,” Johnson said. “We're closely coordinating with the White House.” Johnson acknowledged the big bill has not proven popular with voters, but he insisted that's because they don't fully realize what's in it.

The big bill extends tax rates and brackets that have been in place since Trump's first term. It offers new cuts, including no taxes on tipped income, higher tax credits for children and deductions for some seniors. It also imposes new Medicaid work requirements and extends work requirements for those receiving food stamps assistance.

Half of US adults expect the new tax law will help the rich, according to a poll from The Associated Press-NORC Center for Public Affairs Research. Most — about 6 in 10 — think it will do more to hurt than help low-income people.

The nonpartisan Congressional Budget Office has estimated some 10 million more Americans will go without health care coverage and 2.4 million fewer people will qualify for food stamps under the new law.

CBO also estimated it will result in less income for the poorest Americans, with more money for the wealthy.

“Republicans don't have a branding problem, they have a substance problem,” Senate Democratic Leader Chuck Schumer said Wednesday.

“Americans hate the Republicans' big, ugly bill.” While leadership from the White House can prove powerful in motivating lawmakers to fall in line behind a president's priorities, Trump is leading the GOP into a new era of executive power that is steamrolling past the legislative branch in a way unseen in peacetime presidencies.

Senators are considering rare rules changes that would allow Republicans to meet Trump's demands to more speedily confirm his executive branch nominees, even as the president has summarily fired the newly confirmed head of the Centers for Disease Control and Prevention and the White House engages in a legal battle to oust Lisa Cook, a Senate-confirmed member of the Federal Reserve Board.

Also Wednesday, House Republicans quietly approved a resolution to stand up a new committee to reinvestigate the Jan. 6, 2021, attack on the Capitol as they continue to contest what happened after Trump sent a mob of supporters to fight the 2020 election he lost to Democrat Joe Biden.

Trump was impeached for inciting the 2021 insurrection at the Capitol, but was later acquitted. (AP) NB NB

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