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    NCLT fails to arrive majority decision on Subhash Chandra's Rs 6.5 cr repayment plan
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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.
August 31, 2026
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Trade facilitation and pharmaceutical market access advance through regulatory cooperation, preferential trade modernisation, and reciprocal agricultural access.
India and Brazil are advancing bilateral trade, investment and economic cooperation through a diversified partnership focused on pharmaceuticals, chemicals, engineering goods and machinery. India-MERCOSUR engagement is being pursued through early finalisation of Terms of Reference for expansion and modernisation of the Preferential Trade Agreement. Pharmaceutical market access is supported by regulatory cooperation under the CDSCO-ANVISA MoU. Agricultural trade facilitation includes phytosanitary processes, reciprocal market access work and mutual recognition of Electronic Certificates of Origin, alongside multilateral coordination through BRICS, the G20 and the WTO.
August 31, 2026
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Cross-border UPI merchant acceptance enables Indian travellers to make UZQR payments at merchants throughout Uzbekistan.
Cross-border UPI merchant acceptance in Uzbekistan allows Indian travellers to make instant person-to-merchant payments through UPI-enabled applications by scanning the interoperable UZQR code. Integration with the Unified National QR infrastructure extends acceptance across retail, hospitality and service merchants. Regulatory approvals support HUMO's role as NIPL's authorised partner for cross-border merchant acceptance, reducing reliance on international cards and cash.
August 31, 2026
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Mobile-first aviation education supports accessible, self-paced certification-led learning and career awareness across aviation roles and geographic locations.
Flymore Aviation LLP operates a mobile-first aviation learning platform intended to make specialised aviation education more accessible and affordable for aspiring pilots, cabin crew and other aviation-sector professionals. The app provides structured, self-paced aviation courses aimed at building industry knowledge, supporting certification-led skill development, improving career awareness and assisting employment readiness across aviation functions. Course delivery through a digital platform is positioned as an alternative to location-dependent and high-cost classroom training.
August 31, 2026
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Indigenous defence technology and exports anchor the annual performance review of public sector defence enterprises.
Annual performance review of 16 Defence Public Sector Undertakings is scheduled with emphasis on indigenous technology, innovation, self-reliance and enhancement of defence exports. Chairpersons and managing directors of seven specified undertakings will present dividends attributable to the Government's equity shareholding. Publications cover self-reliance, student awareness of defence technologies, and modernisation and indigenisation roadmaps. Reported performance includes growth in turnover, profit after tax and defence exports.
August 31, 2026
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Employee provident fund and gratuity dues remain protected outside the liquidation estate despite competing financial creditor claims in insolvency proceedings.
Employee provident fund and gratuity dues of former Jet Airways workmen and employees were required to be paid in full by the liquidator. The NCLAT position upheld treats statutory employee dues relating to provident fund, gratuity and pension funds as outside the liquidation estate, protecting them from competing creditor claims. Financial creditors had argued that such dues should be distributed through the liquidation estate unless dedicated funds existed at the commencement of liquidation. The underlying questions of law remain open for an appropriate case.
August 31, 2026
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Rupee exchange-rate support amid dollar strength and oil risks as foreign-currency deposit flows bolster market sentiment.
Foreign-exchange market conditions saw the rupee recover from early losses amid possible Reserve Bank of India intervention to contain significant depreciation. Higher US Treasury yields, a broader dollar rally, rising crude oil prices and geopolitical supply risks pressured the currency. The special USD-INR forex swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings mobilised foreign-exchange inflows supported by non-resident Indian participation, strengthening market sentiment.
August 31, 2026
Show AI Summary
Financial confidence gaps persist when opaque financial journeys, dark patterns and unclear communication deter informed consumer participation.
Financial-service digitisation may expand access without ensuring consumer confidence where customers cannot understand processes, assess risks or feel secure in financial decisions. Opaque claims, redemptions, eligibility criteria and approval stages can weaken trust and discourage insurance, investment and credit participation. Hidden charges, complex documentation, forced bundling and target-driven sales practices may further impair informed choice. Greater transparency, simplified communications, real-time process visibility and AI-assisted guidance are identified as measures to reduce cognitive friction and strengthen consumer control.
August 31, 2026
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NBFC licensing enables Hyundai Capital India to begin wholesale dealer financing while preparing retail finance and risk-management infrastructure.
Hyundai Capital India has commenced financial services operations after obtaining a non-banking financial company licence from the Reserve Bank of India. Initial operations concentrate on wholesale financing for local automotive dealers. Operations are intended to expand the dealer-financing network, sales infrastructure and risk-management systems across India, supporting a subsequent phased introduction of retail financing for individual customers.
August 31, 2026
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Personal insolvency resolution approval faces criticism over low creditor recovery and alleged family-linked voting influence in the resolution process.
Personal insolvency resolution approval concerning Subhash Chandra involved a repayment plan of Rs 6.5 crore against admitted creditor claims exceeding Rs 22,000 crore. Objections were raised regarding the voting influence exercised by entities linked to the debtor's family in relation to the resolution process. Pinarayi Vijayan criticised the approval, alleging preferential treatment of powerful corporate interests.
August 31, 2026
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Foreign exchange market intervention seeks to limit rupee depreciation amid oil-price pressure, dollar strength, and capital outflows.
Foreign exchange market conditions put the rupee under depreciation pressure amid higher crude oil prices, geopolitical risks, stronger US dollar conditions, expectations of tighter US monetary policy and foreign equity outflows. RBI market intervention was reported to contain significant depreciation. Improved foreign-currency non-resident bank deposit flows and higher foreign exchange reserves supported investor sentiment and the external liquidity position.
August 31, 2026
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Psychotropic medicine diversion faces NDPS enforcement where controlled tablets allegedly travel without statutory documentation and traceability details.
Enforcement action under the Narcotic Drugs and Psychotropic Substances Act, 1985 addressed alleged inter-State diversion of psychotropic medicines transported without statutory documentation. A truck carrying Alprazolam, Tramadol, Nitrazepam and Clonazepam tablets was intercepted; the medicines and vehicle were seized and one suspect was arrested. Preliminary examination indicated erasure of identifying batch and date details and transport of region-restricted medicines without invoices, bilty or e-way bills. Investigation concerns the manufacturing, supply and distribution network involved.
August 31, 2026
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Synthetic-drug trafficking enforcement targets rail-borne amphetamine and MDMA consignments through baggage interceptions, seizures, follow-up delivery operations, and arrests.
Synthetic-drug trafficking enforcement involved two intelligence-led railway-station operations targeting amphetamine and MDMA transportation and receipt. Baggage intercepted at Bengaluru contained a crystalline substance preliminarily indicating amphetamine, while a separate Pune interception recovered substances purported to be amphetamine and MDMA tablets. The contraband and related packing material were seized under the Narcotic Drugs and Psychotropic Substances Act, 1985. Follow-up delivery action identified alleged receivers, and the carriers and alleged receivers were arrested under that statutory framework.
August 31, 2026
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India-Chile CEPA negotiations seek a balanced framework to expand trade, investment, technology cooperation and resilient supply chains.
India-Chile CEPA negotiations are being advanced toward conclusion by the end of the year through a balanced and commercially meaningful framework. The proposed partnership is intended to strengthen bilateral economic ties, expand trade and investment, and create equitable opportunities for businesses and people in both countries. Cooperation is envisaged in technology, talent and resilient supply chains, alongside enhanced engagement in healthcare, pharmaceuticals, energy, minerals, agriculture, machinery and engineering.
August 30, 2026
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Sugar price controls face persistent retail and wholesale price firmness despite duty-free imports, stockholding restrictions, and export prohibition.
Sugar retail and wholesale prices remained elevated despite measures intended to curb price increases, including duty-free imports of raw sugar, tighter stockholding norms for bulk users and dealers, and a prohibition on sugar exports. Ex-mill rates declined following the permitted duty-free imports, although customary margins continued between ex-mill, wholesale, and retail prices. Projected sugar production is lower than earlier estimates, while annual domestic demand remains substantial.

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Customs & Trade

Trump threatens to use Insurrection Act to 'put end' to protests in Minneapolis

January 15, 2026

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Minneapolis, Jan 15 (AP) President Donald Trump on Thursday threatened to invoke the Insurrection Act allowing him to deploy troops as protests against Immigration and Customs Enforcement persist in Minneapolis.

Trump made the threat after a federal officer shot a man in the leg in Minneapolis on Wednesday after being attacked with a shovel and broom handle. The incident further heightened the sense of fear and anger radiating across the city a week after an immigration agent fatally shot a woman in the head.

Trump has repeatedly threatened to invoke the rarely used federal law to deploy the US military or federalise the National Guard for domestic law enforcement, over the objections of state governors.

“If the corrupt politicians of Minnesota don't obey the law and stop the professional agitators and insurrectionists from attacking the Patriots of I.C.E., who are only trying to do their job, I will institute the INSURRECTION ACT, which many Presidents have done before me, and quickly put an end to the travesty that is taking place in that once great State,” Trump said in social media post.

In Minneapolis, smoke filled the street Wednesday night near the site of the latest shooting as federal officers wearing gas masks and helmets fired tear gas into a small crowd while protesters threw rocks and shot fireworks. Police Chief Brian O'Hara said during a news conference that the gathering was an unlawful assembly and “people need to leave.” Things later began to quiet down at the scene, and by early Thursday fewer demonstrators and law enforcement officers were there.

Such protest scenes have become common on the streets of Minneapolis since a federal agent fatally shot Renee Good on January 7 amid a massive immigration crackdown that has seen thousands of officers sent into the Twin Cities. Agents have yanked people from cars and homes and been confronted by angry bystanders who are demanding that officers pack up and leave.

Minneapolis Mayor Jacob Frey described the situation as not “sustainable.” “This is an impossible situation that our city is presently being put in and at the same time we are trying to find a way forward to keep people safe, to protect our neighbours, to maintain order,” he said.

Frey described a federal force that is five times as big as the city's 600-officer police force and has “invaded” the city, scaring and angering residents, some of whom want the officers to “fight ICE agents.” At the same time, the police force is still responsible for their day-to-day work to keep the public safe.

The Department of Homeland Security says it has made more than 2,000 arrests in the state since early December and is vowing to not back down.

Shooting followed chase --------------------------- In a statement describing the events that led to Wednesday's shooting, Homeland Security said federal law enforcement officers stopped a person from Venezuela who was in the US illegally. The person drove away and crashed into a parked car before taking off on foot, DHS said.

After officers reached the person, two other people arrived from a nearby apartment and all three started attacking the officer, according to DHS.

“Fearing for his life and safety as he was being ambushed by three individuals, the officer fired a defensive shot to defend his life,” DHS said.

The two people who came out of the apartment are in custody, it said.

O'Hara said the man shot was in the hospital with a non-life-threatening injury.

The shooting took place about 4.5 miles (7.2 kilometres) north of where Good was killed. O'Hara's account of what happened largely echoed that of Homeland Security.

Clashes in court as well --------------------------- Earlier Wednesday, a judge gave the Trump administration time to respond to a request to suspend its immigration crackdown in Minnesota, while the Pentagon looked for military lawyers to join what has become a chaotic law enforcement effort in the state.

“What we need most of all right now is a pause. The temperature needs to be lowered," state Assistant Attorney General Brian Carter said during the first hearing in a lawsuit filed by Minnesota and the cities of Minneapolis and St. Paul.

Local leaders say the government is violating free speech and other constitutional rights with the surge of law enforcement. US District Judge Katherine Menendez gave the US Justice Department until Monday to file a response to a request for a restraining order.

Justice Department attorney Andrew Warden suggested the approach set by Menendez was appropriate.

The judge is also handling a separate lawsuit challenging the tactics used by Immigration and Customs Enforcement and other federal officers when they encounter protesters and observers. A decision could be released this week.

During a televised speech before Wednesday's shooting, Gov. Tim Walz described Minnesota as being in chaos, saying what's happening in the state “defies belief.” “Let's be very, very clear, this long ago stopped being a matter of immigration enforcement,” he said. “Instead, it's a campaign of organized brutality against the people of Minnesota by our own federal government.” Military lawyers may join the surge --------------------------------------- CNN, citing an email circulating in the military, says Defense Secretary Pete Hegseth is asking the military branches to identify 40 lawyers known as judge advocate general officers or JAGs, and 25 of them will serve as special assistant US attorneys in Minneapolis.

Pentagon spokesperson Kingsley Wilson appeared to confirm the CNN report by posting it on X with a comment that the military “is proud to support” the Justice Department.

The Pentagon did not immediately respond to emails from The Associated Press seeking more details.

It's the latest step by the Trump administration to dispatch military and civilian attorneys to areas where federal immigration operations are taking place. The Pentagon last week sent 20 lawyers to Memphis, US Attorney D. Michael Dunavant said.

Mark Nevitt, an associate professor at Emory University School of Law and a former Navy JAG, said there's concern that the assignments are taking lawyers away from the military justice system.

“There are not many JAGs but there are over one million members of the military, and they all need legal support,” he said.

An official says the agent who killed Good was injured ----------------------------------------------------------- Jonathan Ross, the Immigration and Customs Enforcement officer who killed Good, suffered internal bleeding to his torso during the encounter, a Homeland Security official told The Associated Press.

The official spoke to AP on condition of anonymity in order to discuss Ross' medical condition. The official did not provide details about the severity of the injuries, and the agency did not respond to questions about the extent of the bleeding, exactly how he suffered the injury, when it was diagnosed or his medical treatment.

There are many causes of internal bleeding, and they vary in severity from bruising to significant blood loss. Video from the scene showed Ross and other officers walking without obvious difficulty after Good was shot and her Honda Pilot crashed into other vehicles.

She was killed after three ICE officers surrounded her SUV on a snowy street a few blocks from her home.

Bystander video shows one officer ordering Good to open the door and grabbing the handle. As the vehicle begins to move forward, Ross, standing in front, raises his weapon and fires at least three shots at close range. He steps back as the SUV advances and turns.

Homeland Security Secretary Kristi Noem has said Ross was struck by the vehicle and that Good was using her SUV as a weapon — a self-defense claim that has been deeply criticized by Minnesota officials.

Chris Madel, an attorney for Ross, declined to comment on any injuries.

Good's family, meanwhile, has hired a law firm, Romanucci & Blandin, that represented George Floyd's family in a USD 27 million settlement with Minneapolis. Floyd, who was Black, died after a white police officer pinned his neck to the ground in the street in May 2020.

The firm said it would conduct its own investigation and publicly share what it learns. (AP) GSP

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