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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
Show AI Summary
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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Customs & Trade

Trump plans to federalise 300 troops in Illinois, as judge blocks similar mobilisation in Oregon

October 5, 2025

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Washington, Oct 5 (AP) The Trump administration plans to federalise 300 Illinois National Guard troops, Democratic Governor JB Pritzker said Saturday, marking the latest escalation of the president's use of federal intervention in US cities.

But the same day, a similar mobilisation of 200 National Guard troops in Oregon was temporarily blocked after a federal judge found President Donald Trump was likely overstepping his legal authority in responding to relatively small protests near a US Immigration and Customs Enforcement building in Portland.

Trump has characterised both Portland and Chicago as cities rife with crime and unrest, calling the former a “war zone” and suggesting apocalyptic force was needed to quell problems in the latter. Since the start of his second term, he has sent or talked about sending troops to 10 cities, including Baltimore, Maryland; Memphis, Tennessee; the District of Columbia; New Orleans, Louisiana; and the California cities of Oakland, San Francisco and Los Angeles.

But the governors of Illinois and Oregon see the deployments differently.

“This morning, the Trump Administration's Department of War gave me an ultimatum: call up your troops, or we will,” Pritzker said in a statement. “It is absolutely outrageous and un-American to demand a Governor send military troops within our own borders and against our will.” Oregon Governor Tina Kotek talked to Trump in late September and said the deployment was unnecessary. She refused to call up any Oregon National Guard troops, so Trump did so himself in an order to Defence Secretary Pete Hegseth. That prompted the lawsuit from city and state officials.

Attorney General Pam Bondi has issued a memo that also directs component agencies within the Justice Department, including the FBI, to help protect US Immigration and Customs Enforcement facilities, including in Chicago and Portland.

Here's a snapshot of where things stand with federal law enforcement activity in Chicago, Portland, and elsewhere: In Chicago, alarms raised about racial profiling The sight of armed, camouflaged and masked Border Patrol agents making arrests near famous downtown landmarks has amplified such concerns. Many Chicagoans were already uneasy after an immigration crackdown began earlier this month. Agents have targeted immigrant-heavy and largely Latino areas.

Protesters have frequently rallied near an immigration facility outside the city, and federal officials reported the arrests of 13 protesters Friday near the US Immigration and Customs Enforcement processing facility in Broadview.

The Department of Homeland Security acknowledged that federal agents shot a woman Saturday morning on the southwest side of Chicago. A statement from the department said it happened after Border Patrol agents patrolling the area “were rammed by vehicles and boxed in by 10 cars.” “The officers exited their trapped vehicle, when a suspect tried to run them over, forcing the officers to fire defensively,” the statement said.

No law enforcement officers were seriously injured, DHS spokesperson Tricia McLaughlin said.

The woman who was shot was a US citizen and was armed with a semiautomatic weapon, according to McLaughlin. She said the woman drove herself to a hospital for treatment, but a Chicago Fire Department spokesperson told the Chicago Sun-Times that she was found near the scene and taken to a hospital in fair condition.

Immigrants' rights advocates and residents separately reported that federal agents used tear gas near grocery or hardware stores targeted for enforcement elsewhere in Chicago on Friday and detained a city council member as she questioned the attempted arrest of a man.

Deployment in Portland blocked by judge US District Court Judge Karin J. Immergut and issued the ruling temporarily blocking the deployment on Saturday afternoon, saying the relatively small protests the city has seen did not justify the use of federalised forces and allowing the deployment could harm Oregon's state sovereignty.

“This country has a longstanding and foundational tradition of resistance to government overreach, especially in the form of military intrusion into civil affairs,” Immergut wrote. She later said: “This historical tradition boils down to a simple proposition: this is a nation of constitutional law, not martial law.” Trump has called Portland “war-ravaged” and suggested the city is “burning down.” But local officials have said many of his claims and media posts appear to rely on images from 2020, when demonstrations and unrest gripped the city following the killing of George Floyd by Minneapolis police.

On Saturday, before the judge's ruling was released, about 400 protesters marched from a park to the Portland Immigration and Customs Enforcement Detention facility. The group included people of all ages and races, families with children and retirees with walkers, the Oregonian reported. Federal agents used chemical crowd control munitions, including tear gas canisters and less-lethal guns that sprayed pepper balls, and arrested at least six people as the group reached the ICE facility.

By 4 pm the crowd had thinned significantly.

A federal crime force' in Memphis On Wednesday, Hegseth, Bondi and White House Deputy Chief of Staff Stephen Miller rallied members of a federal law enforcement task force that began operating in Memphis as part of Trump's crime-fighting plan. Tennessee Governor Bill Lee, a Republican, has supported the effort.

Bondi said via social media that the task force made more than 50 arrests over a two-day period. More than 200 officers were deputised, including personnel from immigration and drug enforcement. They were serving criminal arrest warrants and teaming with state agencies on traffic stops.

Some residents, including Latinos, have expressed concerns that agents will detain people regardless of immigration status.

Louisiana's governor asks for National Guard On September 30, Republican Governor Jeff Landry asked for a guard deployment to New Orleans and other cities to help fight crime.

In a letter to Hegseth, Landry also praised the president's decision to send troops to Washington and Memphis.

He said there has been “elevated violent crime rates” in Shreveport, Baton Rouge and New Orleans, as well as shortages in local law enforcement.

But crime in some of the state's biggest cities has actually decreased recently, with New Orleans seeing a particularly steep drop in 2025 that has it on pace for the lowest number of killings in over five decades.

Appellate court weighs California deployment Trump deployed guard soldiers and active duty Marines in Los Angeles during the summer over the objections of Democratic Governor Gavin Newsom, who sued and won a temporary block after a federal judge found the president's use of the guard was likely unlawful.

The Trump administration appealed, and the block was put on hold by a three-judge panel of the 9th US Circuit Court of Appeals. The appellate case is still underway, but the panel has indicated that it believes the administration is likely to prevail. (AP) MPL MPL

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