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September 24, 2026
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Portfolio management reforms broaden permitted investments, establish independent fund managers, and retain registered managers' responsibility for client portfolios.
Portfolio-management reforms replace the 2020 framework and expand investments into IPOs, primary-market debt, listed overseas equity and debt, and direct plans of Indian mutual fund schemes. Investment-grade unlisted non-convertible debt may comprise up to 10 per cent of client assets under management with client consent. Independent Fund Managers may operate with registered portfolio managers, which retain responsibility and liability. Accredited-investor eligibility is broadened, while specified compliance requirements are relaxed where adequate audit trails and internal controls exist.
September 24, 2026
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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
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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
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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
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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.

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IndiGo: India's storied airline stumbles

December 7, 2025

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New Delhi, Dec 7 (PTI) IndiGo - the airline that once redefined punctuality and scale in India - cancelled hundreds of flights nationwide, undone by its biggest operational crisis yet: a potent mix of misjudged pilot requirements under new rules and a risky "lean-staffing" or "buffer-deficit" model.

Regulatory changes to pilot duty-time limits, combined with tight staffing and an aggressive winter schedule, exposed deep cracks in IndiGo's crew-planning model this month. The airline's use-every-aircraft, maximise-night-flying strategy - the backbone of its low-cost dominance - collapsed as large segments of its pilot roster were pushed into mandatory rest periods.

India's largest airline has been for the past six days cancelling hundreds of flights, including more than 650 on Sunday out of around 2,300 daily flights it operates, throwing travel plans into disarray for tens of thousands of passengers.

The disruption left many missing critical meetings, job interviews and even their own wedding receptions, while some stranded travellers were reportedly dealing with medical emergencies.

With IndiGo commanding over 65 per cent of India's domestic market, the disruptions set off a nationwide domino effect, overwhelming airports and leaving rival carriers unable to absorb the surge of displaced travellers.

Terminals were flooded with desperate, angry passengers, while thousands of pieces of baggage lay strewn across arrival and departure halls.

Regulators have stepped in, arguably belatedly, with fare caps, advisories and oversight, while the airline has rolled out fee waivers, refunds and a phased restoration plan. The steps in the near-duopoly market - IndiGo and Tata Group-owned Air India control over 91 per cent of the market share - will take time to restore normalcy.

Here is an explainer on the crisis: TRIGGER: The Directorate General of Civil Aviation (DGCA) introduced revised Flight Duty Time Limitations (FDTL) rules in phases, with full enforcement by November 1, 2025, to combat pilot fatigue and align Indian aviation with global safety standards.

Under the new rules, weekly rest for pilots was raised from 36 to 48 hours; weekly number of landings a pilot can make from midnight to early morning cut to two from six earlier, maximum time pilots can fly in flights that stretch into the night capped at 10 hours, no more than two consecutive night duties and night flights defined more tightly (00.00 - 06.00 instead of earlier 00.00 - 05.00) - all of which dramatically reduced the number of flights a pilot can operate per week.

DGCA had originally notified the revised limits in January 2024. The revised rules were notified with immediate effect on May 31 last year, with airlines initially required to comply by June 1, 2024, but their implementation was deferred to a phased roll-out starting July 1, 2025, and completing by November 1 this year.

POOR PLANNING: IndiGo reportedly underestimated how many additional pilots were needed under the new rules. For its large Airbus A320 fleet, IndiGo said it needed over 2,422 captains to operate smoothly, but had only 2,357 and a similar shortfall among first officers.

Also, adding to the problems was IndiGo's "lean-staffing" or "buffer-deficit" strategy - limited pilot hiring, thin roster reserves and an operating model heavily reliant on night flights and high aircraft utilisation. That formula worked under the old rules, but it left the airline with virtually no cushion once stricter crew-rest requirements kicked in.

CANCELLATIONS: Mass flight cancellations were reported first on December 2.

On December 3, at least 150 flights were cancelled, spread across Delhi, Bengaluru, Hyderabad, and Mumbai. And chaos only escalated thereafter.

Major airports - Delhi, Mumbai, Bengaluru, and Hyderabad, among others - turned into scenes of chaos: long queues, stranded passengers, missing baggage, cancellations even after boarding or check-in, and very poor communication from airline staff.

For thousands of passengers, the disruption was far more than an inconvenience: missed weddings, business meetings and medical emergencies, alongside costly last-minute rebookings and days of uncertainty with no clear timelines.

INITIAL AIRLINE RESPONSE: IndiGo acknowledged widespread problems for the first time on December 3, and attributed it to a multitude of factors - minor technology glitches, schedule changes linked to the winter season, adverse weather conditions, increased congestion in the aviation system and implementation of updated crew rostering rules (Flight Duty Time Limitations).

The airline said all these factors worked together to have a "negative compounding impact on our operations in a way that was not feasible to be anticipated".

IndiGo also said it would provide refunds or alternate travel arrangements.

It said the cancellations arose primarily from "misjudgment and planning gaps".

BOOKINGS: Despite problems taking root, IndiGo continued to take fresh bookings for same-day and near-future flights and checked-in passengers, later informing them that the flights were delayed and communicating cancellation after hours of wait at the airport.

Even after six days, IndiGo does not provide a clear status of flights it is operating during the day or the ones that are cancelled. It is left to passengers to find out if their flights are scheduled or cancelled, often after they reach the airport.

APOLOGY: The airline officially apologised to passengers on December 4, following three days of long airport queues and stranded travellers left waiting for flights that never took off.

The next day, IndiGo CEO Pieter Elbers issued an apology and outlined three lines of action to solve the crisis, expecting the airline to "return to a full, normal operation" between December 10 and 15.

On Sunday, IndiGo said it will operate 1,650 out of around 2,300 flights and expects to stabilise operations by December 10.

IndiGo had also announced several measures to support the affected passengers - full refunds for all cancelled flights, processed automatically to the original mode of payment; complete waiver on cancellation and rescheduling fees for travel between December 5 and December 15, 2025; hotel rooms and ground transport arranged across cities for stranded passengers; complimentary meals and snacks to be provided at airports; and lounge access for senior citizens, wherever possible.

RULES SUSPENDED: Facing public outrage and massive disruption, DGCA on December 5 granted a temporary one-time exemption for IndiGo's A320 fleet from certain night-duty and night-landing restrictions, effective until February 10, 2026.

At the same time, DGCA has opened a formal inquiry. IndiGo must submit fortnightly progress reports on crew utilisation, propose a concrete roadmap to plug staffing gaps, and generally rebuild its roster resiliency.

FARE CAPS: The crisis at IndiGo led to a surge in domestic airfares across several important cities. For example, the cheapest fare for December 6 for a Delhi to Bengaluru flight crossed Rs 40,000, with some options exceeding Rs 80,000. Minimum fare for Delhi-Mumbai touched Rs 36,107, with the highest over Rs 56,000. Last-minute fare for Delhi-Chennai surged to Rs 62,00-Rs 82,000.

The government stepped in on December 6, capping fares. The Ministry of Civil Aviation ordered all airlines to maintain strict adherence to prescribed fare caps.

SHOWCAUSE: DGCA on December 6 issued show-cause notices to IndiGo CEO Pieter Elbers and Accountable Manager Isidro Porqueras, seeking explanations within 24 hours on the massive flight disruptions.

The notices mentioned that the primary cause of the flight disruptions is the non-provisioning of adequate arrangements to cater to the revised requirements for smooth implementation of the approved FDTL scheme for the airline.

BOARD COMMITTEE: IndiGo on Sunday said its board of directors has set up a Crisis Management Group (CMG) comprising its chairman Vikram Singh Mehta and directors Gregg Saretsky, Mike Whitaker, and Amitabh Kant.

CEO Pieter Elbers is also part of the group that has been meeting regularly to monitor the situation and is being constantly updated by the management on the measures being undertaken to restore normal operations. PTI TEAM ANZ BAL BAL

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