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News
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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.
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.

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News and Press Release

Sustainability is non-negotiable in India’s growth journey: Union Minister of Commerce and Industry Shri Piyush Goyal

September 15, 2025

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Harmonizing global standards will boost quality, free trade, and international collaboration: Shri Goyal

Government working in mission mode to foster a culture of quality and sustainability: Shri Goyal

Electrical and electronic industry to play key role in energy efficiency and sustainability: Shri Goyal

Sustainability is non-negotiable in India’s growth journey, Union Minister of Commerce and Industry Shri Piyush Goyal said while addressing the inauguration of the IEC (International Electrotechnical Commission) General Meeting Exhibition organized by the Bureau of Indian Standards (BIS) today. Shri Goyal said that India is very focused on sustainability as the pillar of growth because every Indian intrinsically believes in respecting nature, being born into a culture and tradition where harmony with the environment is a way of life.

He said that India believes in learning from the developed world, particularly from the high-quality standards that have helped economies across the globe to grow and prosper. He emphasized that such high standards are central to India’s own growth as the world’s fastest-growing large economy.

The Minister highlighted that initiatives such as the International Electrotechnical Commission General Meeting provide a valuable platform for the exchange of ideas, systems, and methods to decide on standards. When countries come together to develop such standards, they not only help harmonize practices and bring them to a high minimum level, but also create opportunities for stronger economic cooperation. The Minister underlined that good standards are the need of the hour for a developing country like India, as they provide the foundation for growth both at the national level and for contributing to international progress.

Shri Goyal noted that harmonizing global standards not only enhances product quality but also facilitates free trade, opens markets, and promotes wider international collaboration. He said that such initiatives will help expand open markets, encourage free and fair trade, and provide a level playing field for businesses. Referring to the participation of international experts at the IEC General Meeting, he expressed confidence that they would delve into new ideas and explore ways forward to promote the adoption of standards. He added that with many experts coming from engineering backgrounds, the deliberations at the exhibition would enrich the global conversation on standards. He reiterated that the promotion of high-quality standards is essential for ensuring consumer welfare, driving demand, and sustaining long-term growth.

The Minister highlighted India’s strong commitment to meeting its nationally determined contributions under the Paris Agreement, and further improvements made through different COP announcements. He stressed that India does this not because of external force or pressure, but as a responsible global citizen, out of belief in sustainability itself. He added that India is deeply committed to the principles of a circular economy, reducing waste, and conserving resources, and sees these principles as central to its long-term development journey.

Shri Goyal stated that standards play a critical role in building India’s future. He pointed out that India has thousands of technical bodies and committees that work on setting standards across different sectors. In the early years, the focus was more on creating standards and allowing their voluntary implementation. Over time, however, experience taught that stricter adherence to standards was necessary, leading to the introduction of Quality Control Orders in critical areas. He cited the example of QCOs for toys, which have had a transformative effect by putting an end to substandard products in the market, encouraging the manufacturing of high-quality toys in India, and ensuring the safety of children.

The Minister stressed that quality does not increase costs. On the contrary, he said, quality reduces costs by cutting wastage, improving efficiency in operations, and delivering safer and better products to consumers. He explained that quality standards ensure that people get reliable goods and services of high value for their everyday lives. He emphasized that standards must be seen as a strategic lever for consumer satisfaction, consumer safety, enhancing competitiveness, and ultimately also for meeting climate challenges.

The Minister recalled that the principle of consumer protection and quality assurance is deeply rooted in India’s heritage. He referred to Chanakya’s Arthashastra (4th century BC), which spoke of fair weights and measures, liability for traders, and penalties for adulteration, underlining that consumer rights and quality consciousness have been part of India’s civilizational values.

Referring to Prime Minister Shri Narendra Modi’s vision of “Zero Defect, Zero Effect,” Shri Goyal said that the government is working in mission mode to foster a nationwide culture of quality and sustainability. He explained that this vision reflects a dual commitment—on the one hand, ensuring the highest quality with zero defects in products and services, and on the other, pursuing sustainability with zero effect on the environment and the planet. He noted that the Prime Minister has consistently stressed the importance of combining quality with responsibility, so that India’s growth leaves behind lower pollution and contributes to a sustainable future. Shri Goyal said that this approach is empowering India to build a modern quality ecosystem across sectors. He reiterated the Prime Minister’s belief that the day is not far when the world will proudly say—“Design in India, Made in India,” and such products will be trusted across the globe as symbols of reliability, sustainability, and excellence.

The Minister also underlined the growing role of the electrical and electronic industry in energy efficiency and sustainability. He noted that as India transitions from electrical to electronic solutions, the sector can significantly reduce energy consumption, minimize pollution, and contribute to climate action while ensuring high-quality products for consumers.

Concluding his address, Shri Goyal called upon the global community to work together towards a standardized, safe, and sustainable future, where harmonized standards drive growth, protect consumers, and safeguard the planet for generations to come.

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