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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.
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
Show AI Summary
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
Show AI Summary
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.

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Customs & Trade

New Supreme Court term confronts justices with Trump's aggressive assertion of presidential power

October 5, 2025

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Washington, Oct 5 (AP) A monumental Supreme Court term begins Monday with major tests of presidential power on the agenda along with pivotal cases on voting and the rights of LGBTQ people.

The court's conservative majority has so far been receptive, at least in preliminary rulings, to many of President Donald Trump's aggressive assertions of authority. Liberal Justice Ketanji Brown Jackson invoked the Calvin and Hobbes comic strip after one such decision allowing the cut of USD 783 million in research funding.

"This is Calvinball jurisprudence with a twist,” Jackson wrote. “Calvinball has only one rule: There are no fixed rules. We seem to have two: that one, and this administration always wins.” The conservative justices could be more sceptical when they conduct an in-depth examination of some Trump policies, including the president's imposition of tariffs and his desired restrictions on birthright citizenship.

If the same conservative-liberal split that has marked so many of Trump's emergency appeals endures, "we are in for one of the most polarising terms yet,” said Irv Gornstein, executive director of the Supreme Court Institute at Georgetown University's law school.

The justices will pass judgment in the next 10 months on some of Trump's most controversial efforts.

Three major cases on presidential power are on the docket The justices are hearing a pivotal case for Trump's economic agenda in early November as they consider the legality of many of his sweeping tariffs. Two lower courts have found the Republican president does not have the power to unilaterally impose wide-ranging tariffs under an emergency powers law.

States and small businesses argue Trump cannot usurp Congress' taxation powers by declaring national emergencies and using tariffs to address them.

The administration, though, says the law does give the president the power to regulate importation, and that includes tariffs. Four dissenting judges on a federal appeals court in Washington bought that argument, mapping out a possible legal path at the high court.

In December, the justices will take up Trump's power to fire independent agency members at will, a case that probably will lead the court to overturn, or drastically narrow, a 90-year-old decision. It required a cause, like neglect of duty, before a president could remove the Senate-confirmed officials from their jobs.

The outcome appears to be in little doubt because the conservatives have allowed the firings to take effect while the case plays out, even after lower-court judges found the firings illegal. The three liberal justices have dissented each time.

Another case that has arrived at the court but has yet to be considered involves Trump's executive order denying birthright citizenship to children born in the United States to parents who are in the country illegally or temporarily.

The administration has appealed lower-court rulings blocking the order as unconstitutional, or likely so, flouting more than 125 years of general understanding and an 1898 Supreme Court ruling. The case could be argued in the late winter or early spring.

The court could hand Republicans significant victories on voting rights and campaign finance The future of electoral districts with majorities of Black, Hispanic or Native American voters hangs in the balance in a case about congressional redistricting in Louisiana that will be argued in mid-October.

The Republican-led state has abandoned its defence of a political map that elected two Black members of Congress. Instead, Louisiana wants the court to reject any consideration of race in redistricting in a case that could bring major changes to the Voting Rights Act.

Chief Justice John Roberts and the other five conservative justices have been sceptical of the consideration of race in public life, including a decision in 2023 that ended affirmative action in college admissions.

Louisiana's position would allow it and other Republican-controlled states in the South to draw new political maps that eliminate virtually all majority Black House districts, which have been Democratic strongholds, voting rights experts say.

The justices failed to decide the case in June after hearing arguments during its last term. The court does not need to go as far as Louisiana wants to reject the congressional map.

But a second round of arguments is a rare occurrence at the Supreme Court, and sometimes presages a major change by the justices. The Citizens United decision in 2010 that led to dramatic increases in independent spending in US elections came after it was argued a second time.

Republicans, including the Trump administration, also are behind a drive to wipe away limits on how much political parties can spend in coordination with candidates for Congress and president.

The justices are reviewing an appellate ruling that upheld a provision of federal election law that is more than 50 years old. Democrats had asked the court to leave the law in place, and the Supreme Court upheld it in 2001.

But Roberts, who just marked his 20th anniversary as chief justice, has led a court that has struck down one campaign finance regulation after another.

No date for arguments has been set.

Transgender women and girls face a test over their participation on school sports teams More than two dozen states have enacted laws barring transgender women and girls from participating in certain sports competitions.

The justices are hearing cases from Idaho and West Virginia, where transgender athletes won lower court rulings.

The Supreme Court in June upheld a ban on gender-affirming care for transgender youth, but pointedly did not decide any broader issues about transgender rights.

They quickly agreed to take up the state appeals, which raised questions under the Constitution's guarantee of equal treatment and the federal law known as Title IX that dramatically expanded the participation of girls and women in sports in public schools and colleges.

The court has yet to set an argument date.

Justice Samuel Alito is most likely possible retirement in 2026 Alito turns 76 in April, young by Supreme Court standards. But he might not want to stay around and gamble on the possibility of Democrats flipping the Senate in next year's elections and seeing a Democrat capture the White House two years later.

Retiring next summer would allow Trump to name a similarly conservative but much younger replacement who would almost certainly win confirmation from the Republican-led Senate.

For close watchers of the court, Alito has done only one thing out of the ordinary: signed a contract to write a book that is expected out next year. Even as his junior colleagues have moved quickly to sign book deals. Alito, by contrast, waited nearly 20 years.

He did not respond to a request for comment for this story.

Alito is not the oldest justice. Clarence Thomas is 77, but he has shown no signs of leaving, certainly not before he is set to become the longest-serving justice in US history in 2028. (AP) MPL MPL

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