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September 1, 2026
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Foreign exchange market dynamics: rupee appreciation reflected portfolio inflows, domestic growth, and possible central-bank intervention amid external pressures.
The rupee appreciated against the US dollar, supported by domestic growth, controlled fiscal slippage, portfolio-related inflows and possible Reserve Bank of India intervention. Its gains were limited by weak equity markets, rising crude oil prices and a stronger dollar. External geopolitical tensions and hawkish US monetary signals remained potential pressures. Domestic indicators showed strong economic activity, while the current account deficit widened because of a higher merchandise trade deficit. Foreign portfolio inflows continued despite investors remaining net sellers during the year.
September 1, 2026
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Current account deficit widened as merchandise trade deficit increased, notwithstanding stronger services receipts, remittances, and foreign direct investment inflows.
India's current account deficit widened in the first quarter of 2026-27 as the merchandise trade deficit increased. Higher net services receipts, increased personal transfer receipts and lower net primary-income outgo partly supported the external account. Financial-account movements included higher net foreign direct investment inflows, a shift in foreign portfolio investment from net inflow to net outflow, and lower net inflows through non-resident deposits and external commercial borrowings. Foreign exchange reserves declined on a balance-of-payments basis during the quarter.
September 1, 2026
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Technology-enabled tax compliance and enforcement supported higher commercial tax collections, while GST rate reductions moderated sectoral net GST growth.
Technology-enabled tax administration supported commercial tax and net GST collection growth in Andhra Pradesh during August 2026 and the cumulative period through August. AI-based analytics and scrutiny, IGST reversals, UPI-based enforcement, registration verification, Aadhaar authentication, digital payment enablement, predictive analytics and data sharing strengthened compliance, scrutiny and revenue mobilisation. Petroleum VAT, professional tax, liquor VAT and IGST settlement also increased, while GST rate reductions moderated net GST performance in specified product sectors.
September 1, 2026
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Windfall gains tax on petroleum exports rises for petrol and diesel while aviation turbine fuel levy is reduced.
Special additional excise duty and road and infrastructure cess on petroleum-product exports are revised with effect from 1 September 2026. The export duty on diesel is increased, the levy on aviation turbine fuel is marginally reduced, and a duty is imposed on petrol exports. Existing duty rates for petrol and diesel cleared for domestic consumption remain unchanged. The windfall-tax framework seeks to support domestic fuel availability and deter exporters from benefiting from domestic and international price differences.
September 1, 2026
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Automated Free Sale and Commerce Certificate issuance reduces manual scrutiny while preserving risk-based review for eligible exporters.
DGFT has enabled automated issuance of Free Sale and Commerce Certificates through its portal for eligible exporters of items not covered by the Drugs & Cosmetics Act, 1940. Applications satisfying prevailing framework and automated processing parameters may be issued without manual scrutiny. Applications requiring verification or not meeting those parameters may be routed for manual processing, while auto-approved applications may be flagged later for risk-based review. The mechanism seeks faster, more transparent and predictable processing while retaining necessary oversight.
September 1, 2026
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Five-day banking and equitable performance incentives drive planned nationwide bank union strike amid unresolved pension demands.
United Forum of Bank Unions has proposed nationwide strike action over delayed five-day banking, the performance-linked incentive framework, and unresolved pension demands. Five-day banking was agreed under the 12th Bipartite Settlement/9th Joint Note with extended Monday-to-Friday working hours, but remains pending for implementation. Unions challenge the incentive scheme for departing from a uniform, bank-performance-linked approach and for disproportionately benefiting senior officers. The dispute is under conciliation and pending before the Delhi High Court, while pension updation, a uniform dearness allowance formula, and an old pension scheme option remain unresolved.
September 1, 2026
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Equity market volatility intensified as higher crude prices, geopolitical tensions and tighter monetary expectations weakened domestic investor sentiment.
Indian equity markets closed marginally lower as higher crude oil prices, US-Iran tensions, and expectations of prolonged tight United States monetary policy weakened risk appetite. The phased Closing Auction Session contributed to a late recovery in the benchmark index. Rising crude prices and global bond yields triggered broad-based selling across several domestic sectors, while foreign institutional equity sales and weakness in overseas markets added to pressure despite stronger-than-expected domestic economic growth.
September 1, 2026
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GST revenue collections show higher gross and net receipts alongside increased refunds and state-level settlement data.
GST revenue collections for August 2026 recorded total gross GST revenue of Rs. 1,99,853 crore, reflecting 14.8% growth over August 2025. Total refunds were Rs. 31,795 crore, including domestic refunds and export IGST refunds processed through ICEGATE. After adjustment of refunds, total net GST revenue was Rs. 1,68,057 crore, representing 8.3% growth. SGST collections and the SGST component of IGST settlement were separately identified for States and Union Territories, with post-settlement SGST aggregating Rs. 95,531 crore.
September 1, 2026
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Trade facilitation and customs preparedness feature in AILBIEA's Silver Jubilee knowledge conference on liquid bulk commerce.
AILBIEA's Silver Jubilee programme focuses on trade facilitation, customs modernisation, GST dispute preparedness and maritime-risk issues affecting liquid bulk trade. The Knowledge Conference includes sessions on the Authorised Economic Operator advantage, next-generation customs technology, GST Appellate Tribunal-era dispute preparedness, and geopolitical risks to sea-borne trade. It also marks the launch of AGS 360, integrating port information, vessel tracking, port-call estimates and maritime intelligence.
September 1, 2026
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Personal guarantor insolvency: repayment plan stayed pending majority determination, with restraint on direct or indirect asset alienation.
Personal-guarantee insolvency proceedings involve a stay on implementation of a repayment plan because the earlier members' views did not produce a clear majority capable of taking effect. The personal guarantor has been restrained from directly or indirectly alienating assets pending further hearing. The dispute follows split views on approval of the plan, claim admission and voting, followed by a third-member opinion that did not resolve the absence of a determinative majority. Creditors dispute the proposed recovery, claim treatment and declared net worth relevant to the guarantees.
September 1, 2026
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Rupee exchange-rate movement reflects portfolio inflows, growth data and possible central-bank support, while crude oil prices constrain gains.
Foreign-exchange market conditions strengthened the rupee by 28 paise to 94.94 against the US dollar, supported by domestic growth, controlled fiscal slippage and portfolio inflows. Possible Reserve Bank of India intervention was also identified as supportive. Higher crude oil prices, weak domestic equities and hawkish US monetary-policy signals were identified as constraints on further appreciation. Foreign investment flows, stronger-than-expected domestic growth and the fiscal-deficit position remained material factors affecting currency conditions.
September 1, 2026
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Money-laundering probe into public service recruitment irregularities examines alleged question-paper leaks, selection manipulation, and laundering through purported CSR donations.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in Public Service Commission recruitment examinations. Allegations include question-paper leaks, manipulation of candidate selection, and illegal gratification for securing appointments of relatives and favoured candidates. Recruitment rules were allegedly amended to facilitate selection of relatives. Alleged proceeds of crime were collected in cash and routed through layered banking transactions, including through a family-controlled samiti presented as receiving corporate social responsibility donations for a non-existent college.
September 1, 2026
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Personal guarantor settlement scrutiny intensifies as asset alienation is restrained pending review of a disputed creditor repayment proposal.
A five-member special bench found that no clear majority view existed under section 419(5) of the Companies Act and stayed the third member's order that had permitted the proposed recovery. Notices were directed to all parties, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. The dispute concerns approval of a personal guarantor's repayment proposal, treatment of guarantee claims, creditor voting support, assessment of the personal estate, and scrutiny of declared net worth.
September 1, 2026
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Personal insolvency proceedings restrict property alienation while notices issue to parties in the debtor's case.
A five-member special National Company Law Tribunal bench hearing Subhash Chandra's personal insolvency matter issued notices to all parties and restrained him from alienating property directly or indirectly. The restraint applies during the continuing insolvency proceedings and concerns dealings with the relevant property. The procedural measure requires the interested parties to participate in the matter.
September 1, 2026
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Aadhaar authentication alternatives enable eligible farmers with failed fingerprint verification to access loan-waiver benefits after identity verification.
Elderly farmers whose fingerprints cannot be captured for Aadhaar authentication may approach an Aaple Sarkar Seva Kendra with their Aadhaar card and bank passbook. Loan-account details are verified on the scheme portal before authentication is initiated. If authentication fails, the concerned tehsildar verifies identity using the Aadhaar card, bank passbook and 7/12 land record extract. Eligible farmers receive loan-waiver benefits directly in their bank accounts after authentication, identity verification and satisfaction of the scheme's eligibility criteria.
September 1, 2026
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GST collection growth reflected higher domestic and import revenue, while increased refunds moderated net collections during August.
GST collections recorded year-on-year growth in August, with gross receipts reaching about Rs 2 lakh crore. Domestic transaction revenue increased to over Rs 1.37 lakh crore, while import-related revenue rose to Rs 62,604 crore. Refunds increased to Rs 31,795 crore, and net GST collections stood at Rs 1.68 lakh crore after refunds.
September 1, 2026
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Personal insolvency repayment plan faces fresh hearing after a split bench prevents enforcement and restrains guarantor property transfers.
Personal insolvency proceedings were reopened before a five-member special bench after a split view on a repayment plan. As no majority view existed, including that of the third member, no final order was in force and the repayment-plan determination could not be acted upon. Notices were issued to all parties, including dissenting creditors, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. Dissenting creditors also challenged the repayment-plan determination before the appellate tribunal.
September 1, 2026
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Equity market sentiment weakens as higher crude prices, geopolitical tensions and tighter monetary policy expectations curb risk appetite.
Equity-market sentiment weakened as higher crude oil prices, renewed US-Iran tensions, and expectations of prolonged tight US monetary policy reduced emerging-market risk appetite. The Sensex and Nifty declined, while domestic GDP growth above projections offered partial support. Weakness in several Asian markets, a lower US market close, and net foreign institutional equity sales reinforced cautious trading conditions.
September 1, 2026
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Money laundering investigation triggers searches linked to alleged Public Service Commission irregularities, including premises of a former chief minister's assistant.
A money-laundering investigation under the Prevention of Money Laundering Act has led to searches at seven locations in Chhattisgarh in connection with alleged irregularities at the Chhattisgarh Public Service Commission. The search operation includes the premises of K. K. Chandrakar, personal assistant to former Chief Minister Bhupesh Baghel. The investigation remains at the search and inquiry stage.
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.

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Customs & Trade

Meet 'Big Alex,' Brazilian judge who led Bolsonaro's trial, challenged Trump, Musk

September 14, 2025

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Brasilia, Sep 14 (AP) Some Brazilian historians now count 14 coup attempts in the republic's 136 years. Some have been successful, including the one that installed a military dictatorship between 1964-1985.

But only the latest, which a Supreme Court panel ruled was orchestrated by former President Jair Bolsonaro, ended with prison sentences for its leaders, instigators and supporters, many of whom are already behind bars.

To a large extent, the unprecedented outcome is the result of one man's drive.

Supreme Court justice Alexandre de Moraes, the judge who spearheaded the case, has become a hero to some Brazilians and a zealot to others.

In Brazil he is better known as “Xandao,” or “Big Alex” in Portuguese. Married with three children, he is widely known for his shiny bald head and use of soccer metaphors, but also for what many see as swift and divisive actions.

De Moraes, 56, has taken on politicians, billionaire Elon Musk and Bolsonaro supporters who damaged government buildings in Brasilia, the capital, during a 2023 riot that prosecutors said was instigated by the former president.

From now on, Brazilian history books will call him the Supreme Court judge who led a five-member panel to sentence Bolsonaro to 27 years and three months in prison.

He led the trial despite pressure from the US government that sanctioned de Moraes and imposed tariffs on Brazil because of the process against Bolsonaro, an ally of US President Donald Trump.

Only one of the justices, Luiz Fux, disagreed and asked for Bolsonaro to be acquitted. But de Moraes' sway in the case is such that the longest serving member of the court, Justice Gilmar Mendes, and Chief Justice Luis Roberto Barroso popped by the panel's room at end of the trial solely to defend his work.

The panel also ruled against seven close allies of the former president, including top military men.

“I may have disagreements in some issues with Justice de Moraes," said José Eduardo Cardozo, a former justice minister who first met de Moraes about 30 years ago. "But in general his standing is rigorously righteous for those who understand constitutional law and defend the rule of law vehemently.” For Cardozo, the criticism of how he handled Bolsonaro's trial is “purely political.” Celso Vilardi, a lawyer for Bolsonaro, took swipes at de Moraes after Fux voted almost entirely in disagreement in the case.

“I am vindicated,” Vilardi told journalists Wednesday. “This was a technical vote.” But before he became Bolsonaro's lawyer in January, Vilardi had nothing but praise for de Moraes.

A driven judge who doesn't waiver Before the Bolsonaro case began, de Moraes' public image was one of a backward, conservative judge.

He frequently was mocked on social media for two videos. One shows him destroying a small marijuana plantation with his bare hands. The other exposes his discomfort among Indigenous Brazilians, who danced as they repeated his name.

Now social media is filled with images of de Moraes. Right-wing content shows the judge asking people for their private information if they don't want to be jailed, while left-wing voters portray him as Superman, an unstoppable hero rising to the task. Some memes mock his seemingly more aggressive decisions when his soccer club Corinthians loses.

Friends, adversaries and colleagues have said over the years that de Moraes does not waiver when on duty.

“History teaches us that impunity, omission and cowardice are not options for pacification, because the apparently easier path, and only apparently, is that of impunity, omission, leaving traumatic scars in our society and corrodes our democracy,” de Moraes said during the first week of Bolsonaro's trial.

A university professor and former public prosecutor, he was appointed to the country's top court in 2017 by President Michel Temer, a conservative, after a stint as his justice minister. At his confirmation hearing, some people who became known Bolsonaro supporters publicly praised de Moraes, such as Damares Alves, an evangelical leader who is now a senator.

At the time, Alves said de Moraes was an unbiased, serious judge who has the right values.

Fast forward to 2025 and many of those Bolsonaro allies now call de Moraes a “communist” and a “dictator” who deserves to be impeached and removed from the court for allegedly overstepping in the Bolsonaro investigation, including ordering house arrest for the embattled far-right leader.

“I have to apologise to my colleagues at the Workers' Party," Alves said hours before Bolsonaro was convicted. “They said we would change our minds about Alexandre de Moraes and they were right.” One of the criminal counts against the former president makes reference to military allies plotting to shoot the justice dead.

Temer, the former president, noted in a May interview with daily newspaper Folha de S.Paulo that many alleged coup plot participants were initially jailed but then released by de Moraes.

“He is no radical,” Temer said.

Opponents respond with fights and sanctions But not everyone agrees he does a good job, including figures outside Brazil.

“Alexandre de Moraes is an evil dictator cosplaying as a judge,” Musk said.

The billionaire attacked de Moraes last year after the justice threatened to suspend the social medial platform X in the nation of more than 200 million people.

The disagreement involved a monthslong dispute with Musk over free speech, far-right accounts and misinformation. In the end, the tech billionaire complied with all of de Moraes' demands, including blocking certain accounts from the platform, paying outstanding fines and naming a legal representative in Brazil, and the justice restored the social media's service.

Recently, Trump's administration imposed a 50 per cent tariff hike on Brazilian exports with vocal support from Bolsonaro's sons. The US also sanctioned de Moraes over alleged suppression of freedom of expression and overseeing the Bolsonaro trial.

A justice who comes with public security experience De Moraes previously identified with center-right administrations and politicians. Between 2015 and 2016, he was Sao Paulo state's public security secretary in a conservative setting.

Some of that experience became obvious during his term as president of Brazil's top electoral court, overseeing the 2022 election.

His efforts to fight disinformation and protect the integrity of the electoral process were praised by moderates, international institutions and supporters of President Luiz Inácio Lula da Silva as key to the results being respected.

The electoral court role was added to one he received at the start of the Bolsonaro administration as rapporteur of a “fake news” probe focused on online attacks against members of the Supreme Court. De Moraes was handpicked based on his security experience in Sao Paulo.

The two investigations resulted in arrests of political figures, blocks on social media accounts and lawsuits against business leaders, but in some ways also converged in the coup plot.

As the verdict and sentencing phase of Bolsonaro's trial ended Thursday, de Moraes made an effort to reign in his emotions as his peer Flávio Dino took almost five minutes to praise his work.

“Justice Alexandre sees this as finishing line," Dino said. “But there will be other trials, other tasks. This is a high point in his career, and we have to pay a tribute to him. That's not very common in our community.” (AP) GRS GRS

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