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September 18, 2026
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Direct tax collections: stronger advance tax payments support growth in corporate, non-corporate, and securities transaction tax receipts.
Direct tax collections grew through September 17, supported principally by increased advance tax payments from corporate and non-corporate taxpayers. Gross collections exceeded Rs 14.32 lakh crore, while net collections, after refunds, exceeded Rs 12.12 lakh crore. Corporate tax collections grew more strongly than non-corporate tax collections, and Securities Transactions Tax receipts recorded significant growth. The trend indicated broad-based tax buoyancy, supported by underlying economic activity, taxpayer confidence and business performance.
September 18, 2026
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Reusable consent-based KYC enables integrated onboarding, reporting, record updates and periodic re-verification for regulated financial institutions.
Central KYC-based onboarding enables regulated financial institutions to reuse a customer's existing verified identity record through the Central KYC Registry with customer consent. The integrated solution supports onboarding, KYC reporting, unsolicited notifications and re-KYC. It retrieves consented KYC records through CKYC APIs, uses facial matching or video-based customer identification for authentication, and applies AI-based duplicate detection. Reporting automates validation, image correction and real-time registry submission, while record updates and simplified periodic re-verification support the currency of institutional KYC information.
September 18, 2026
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Benchmark interest rate normalisation raises borrowing costs while monetary policy monitors inflation, wage growth, currency risks, and economic recovery.
The Bank of Japan increased the uncollateralised overnight call rate from 1.0 per cent to 1.25 per cent, advancing monetary-policy normalisation after a prolonged period of near-zero or negative rates. The increase was assessed against gradual economic recovery, inflation near its target, wage growth, currency fluctuations, elevated crude oil prices, and external risks. Further tightening remains contingent on stable price increases, wage developments, and monitoring of other risks.
September 18, 2026
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Direct tax collections reflect stronger advance tax payments, alongside increased corporate tax, securities transaction tax, and refund issuance.
Net direct-tax collections exceeded Rs 12.12 lakh crore through 17 September, reflecting 13 per cent growth following increased advance-tax receipts. Gross direct-tax collections exceeded Rs 14.32 lakh crore, while refunds exceeded Rs 2.20 lakh crore. Corporate-tax and non-corporate tax collections increased, as did Securities Transaction Tax collections. Advance-tax receipts exceeded Rs 5.22 lakh crore, comprising increased corporate advance tax and non-corporate advance tax payments.
September 18, 2026
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Upper-layer NBFC listing compliance sharpens corporate governance conflict over public accountability, shareholder liquidity, and preservation of private ownership.
Tata Sons' status as an upper-layer non-banking financial company has brought its proposed public listing into focus after the Reserve Bank of India rejected its application to voluntarily surrender core investment company registration. Tata Sons is required to take steps to comply with the enhanced regulatory framework applicable to upper-layer NBFCs, which includes stock-market listing. Classified in 2022, Tata Sons did not meet the original listing deadline and had pursued deregistration after repaying debt.
September 18, 2026
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Upper-layer NBFC compliance places Tata Sons on a listing-oriented path emphasising transparency, governance, shareholder visibility, and philanthropic continuity.
Reserve Bank of India rejection of Tata Sons' application to surrender its core investment company registration requires compliance with the upper-layer non-banking financial company regulatory framework. The resulting regulatory path is associated with public listing. Shapoor Mistry supports listing as a means to enhance transparency, shareholder visibility, and corporate governance accountability, while potentially clarifying the holding company's value and supporting a durable flow of value towards charitable activities without compromising Tata's philanthropic mission.
September 18, 2026
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Duty-free market access will cover all covered exports upon entry into force under the bilateral free trade agreement.
Upon entry into force, the India-New Zealand Free Trade Agreement grants duty-free access in New Zealand for 100 per cent of Indian exports, including textiles and apparel, leather and footwear, engineering goods, pharmaceuticals, agriculture, and processed food products. It also provides enhanced preferential access to the Indian market for specified New Zealand exports. The Agreement further covers services, investment, professional, student and youth mobility, and cooperation in agricultural productivity, pharmaceuticals and medical devices, traditional medicine and AYUSH, technology, and trade facilitation.
September 18, 2026
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Competition clearance for additional shareholding acquisition facilitates increased investment in Azure Power's renewable energy business by OMERS Infrastructure.
Competition approval has been granted for a proposed combination involving OMERS Infrastructure Asia Holdings Pte. Ltd.'s acquisition of certain additional shareholding in Azure Power Global Limited from CDPQ Infrastructures Asia Pte. Ltd. Azure Power Global Limited is the parent entity of the Azure group, which establishes and operates renewable energy plants and sells solar power in India.
September 18, 2026
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Competition approval for interconnected acquisitions enables shared equity acquisition in Great White and sole control acquisition in ITVIS.
Competition-law approval covers an interconnected combination involving acquisition of 50% of Great White Global Private Limited's issued and paid-up equity share capital by EAAA Acquiring Entities and the Continuing Promoter group, through inter-connected steps using an acquisition special purpose vehicle that will merge into Great White. The combination also includes Mr. Mehul Shah's acquisition of sole control over ITVIS Innovations Private Limited.
September 18, 2026
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Competition approval for acquiring three Royals franchises covers cross-border professional cricket franchise ownership interests and related transaction arrangements.
Competition Commission of India granted competition approval for the proposed combination involving Westview Cricket Limited and Poonawalla Sports and Fitness Private Limited acquiring the Rajasthan Royals, Paarl Royals and Barbados Royals professional cricket franchises. The franchises operate respectively in India, South Africa and Barbados, with Rajasthan Royals participating in the Indian Premier League T20 cricket tournament organised by the Board of Control for Cricket in India.
September 17, 2026
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Sanctions bill permits punitive tariffs on oil and gas trading partners, raising energy-market and bilateral relationship concerns.
United States sanctions bill concerning Russia would authorize the President to impose sanctions on Russia and punitive tariffs of up to 100 per cent on nations importing Russian crude oil. The tariff mechanism may affect oil and gas trading partners, bilateral relations and global energy markets, with concern expressed over its implications for energy trade.
September 17, 2026
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Secondary sanctions on Russian energy trade could expose major crude importers to punitive tariffs and economic pressure.
Congressional legislation targeting Russia and Iran would authorise sanctions against Russia's leadership, energy sector, and vessels facilitating evasion of oil-delivery restrictions. It would also permit punitive tariffs of up to 100 per cent on leading trading partners continuing to import Russian oil and gas. India has identified possible effects on bilateral economic relations and the international energy market, while maintaining that diversified sourcing is necessary for energy security and that its trade and economic interests will be protected.
September 17, 2026
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Trust-nominated director consent shapes the contested chairmanship reappointment as regulatory classification renews pressure to consider a stock-market listing.
Validity of the reappointment is therefore contested under the company's internal governance framework despite the majority board vote, and the appointment is expected to be considered for ratification at the annual general meeting. The dispute also concerns the distinction between shareholder influence and directors' decision-making duties. A Trust sought to direct its nominee director to oppose a listing, but the director declined on the basis of independent director duties.
September 17, 2026
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Selective capital reduction offers a proposed shareholder-liquidity route while preserving private-company status, subject to valuation and approval scrutiny.
Tata Trusts has placed before the Tata Sons board a framework for the Shapoorji Pallonji Group to monetise part of its Tata Sons shareholding without requiring a public listing. The transaction would be valued under Rule 11UA principles, completed in two tranches over 18 months, and require Tata Sons to commence a selective capital reduction process before the National Company Law Tribunal. Completion remains contingent on financing capacity, regulatory and tribunal approvals, and scrutiny of valuation, shareholder treatment, and the legal validity of the capital-reduction structure.
September 17, 2026
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Board chair reappointment validity turns on mandatory nominee-director approval, amid separate listing-compliance and succession disputes.
Tata Sons' board reappointed its executive chairman by majority vote, but Tata Trusts contend that the resolution is void under the Articles of Association because both Trust-nominated directors must approve a chairmanship resolution. The dispute also concerns the effect of the chairman's earlier decision to step aside, an ongoing successor-selection process, and uncertainty over a nominee director's status following a failed general meeting. Separately, the rejection of Tata Sons' deregistration request has revived questions over compliance with the listing requirement applicable to an upper-layer non-banking financial company.
September 17, 2026
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Deep-sea fishing access supports export-oriented harvesting of high-value species, with foreign-port high-seas landings recognised as exports.
Deep-sea fishing policy promotes expansion of fishing operations within India's Exclusive Economic Zone (EEZ) and on the high seas to increase fisherfolk income through exports of high-value species. High-seas catch classification has been altered so that fish caught on the high seas and offloaded at a foreign port are treated as exports rather than imports.

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Customs & Trade

American lawmakers voice concern over tariffs, H1B visa issues impacting India-US ties

December 11, 2025

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New York/Washington, Dec 11 (PTI) US lawmakers said measures undertaken by the Trump administration such as the USD 100,000 fee on H1B visas and 50 per cent tariffs on India “hurt” American businesses and threaten people-to-people ties between Washington and Delhi.

US Representative Ami Bera, addressing a House Foreign Affairs South and Central Asia Subcommittee hearing, highlighted “the strong bipartisan support” the US-India partnership has received by the Congress and various White House administrations over decades.

“It's clear our interest, from the Congressional perspective and the administration perspective, is a closer relationship, both our economic interests, our geopolitical strategic interests, to create an atmosphere of security, peace, prosperity that both the Indian people want, that we also want,” Bera said at the hearing.

Titled ‘The US India Strategic Partnership: Securing a Free and Open Indo-Pacific’, the hearing heard from witnesses Director of Asian Studies Center, Heritage Foundation Jeff Smith, Executive Director of the Observer Research Foundation America Dhruva Jaishankar and External Senior Advisor, Special Competitive Studies Project Senior Fellow, Indo-Pacific Program, German Marshall Fund of the United States Sameer Lalwani.

Bera added that the announcement of the USD 100,000 fees on H1B visas “hurts American companies, disadvantages our companies.” He also said that visuals of Prime Minister Narendra Modi meeting with Russian President Vladimir Putin and Chinese leader Xi Jinping do "cause some heartburn for folks in Congress.” Democratic Congresswoman Pramila Jayapal, in her remarks, said that the tariffs announced by the Trump administration “are damaging India's economy and also hurting American businesses and consumers.” On the intensive crackdown on immigration, Jayapal said Trump has “threatened" people-to-people ties by “shutting down legal pathways to immigrate, reminiscent of a legacy of discriminatory quotas that made it extremely difficult for Indians to immigrate in the first place.” Recalling that she is the only member of Congress to have been on both a student visa and an H1B visa, Jayapal said she deeply understands the “harms of those policies, and I'm committed to making sure that we continue to provide strong legal pathways for people to come to this country from India as well as around the world.” She also voiced concern about the “anti-Indian hate that has been rising in the United States,” underscoring that Indian-Americans are extremely important to the US economy, “an integral part of our society, running major Fortune 500 companies as well as startups, and leading cutting-edge research to save lives.” Jaishankar said that the US-India partnership has strengthened considerably since 1998. “From severe US sanctions following India's nuclear tests, we've come a long way,” he said.

He, however, noted that considerable progress in consolidating the bilateral relationship over various administrations is now at a political standstill.  “The biggest obstacle concerns tariffs. President Trump's desire to balance trade with India and access India's market is precisely what India is offering,” Jaishankar said, adding that New Delhi has signed five trade agreements in recent years and is actively negotiating at least five more.  “A solution to trade and tariff differences between the United States and India is therefore at hand,” he said.

He pointed out that the other challenge relates to the US' “renewed” engagement with Pakistan's military leadership.  “Pakistan has a long and well-documented history of using non-state terrorist proxies against India. As a result of many years, India’s experience is that third-party mediation has often contributed to Pakistan's adventurism, and so the United States has pursued a policy of de-hyphenation between India and Pakistan, engaging with both but minimising involvement in their disputes,” he said.

Jaishankar stressed that there “remains considerable” progress for future collaboration, “should differences over trade and Pakistan be successfully managed between the United States and India.” PTI YAS GRS GRS

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