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    DGGI busts Rs 593 crore fake invoice fraud; mastermind arrested in Bengaluru
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February 28, 2026
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Wrongful availment of input tax credit exposed; GST practitioner arrested and probe launched under CGST provisions.
A tax enforcement operation exposed an organised network issuing fake invoices and e way bills to wrongfully avail input tax credit through numerous GST registrations and shell entities. A registered GST practitioner was identified as the coordinator, arrested under provisions of the CGST Act, and remanded; investigators are tracing beneficiaries and quantifying the fraudulent input tax credit claims.
February 27, 2026
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Model mediation procedures enable mutually agreed mediation with a mediator and a time bound effort to reach a solution.
An annexure on model mediation procedures permits a Party to request mediation against a measure alleged to adversely affect trade, requires sufficiently detailed requests identifying the measure and effects, and makes mediation subject to mutual agreement. The annexure governs mediator selection, locations and modalities, provides that failure to agree on a mediator within the specified time results in rejection of the request, encourages a time bound endeavour to reach a mutually agreed solution after mediator appointment, and allows consideration of interim solutions.
February 27, 2026
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Tax revenue review urges accelerated compliance measures and AI-driven enforcement to strengthen state tax collection.
The Chief Minister reviewed tax and non-tax receipts, identified a shortfall versus annual tax targets, and directed departments to accelerate collection through transparency, efficiency and innovation. The meeting highlighted strengthened compliance measures-GST 2.0, AI-based risk analysis, extensive taxpayer scrutiny, e-invoicing and e-way bill monitoring-resulting in targeted investigations, control of fake input tax credit claims, and recovery actions; the Chief Minister also ordered enhanced excise vigilance during festivals.
February 27, 2026
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Political accountability: Opposition criticised for AI Summit protest, while government affirms focus on national development and institutional strengthening.
Prime Minister Narendra Modi criticised the opposition for a shirtless protest at an AI summit as evidence of its decline, emphasising that the government will continue its development agenda. He argued that an opposition's democratic role is to offer alternatives rather than reflexive opposition, cited millennials and Gen Z voter shifts as eroding the opposition's support, and linked recent trade deals to strengthened national institutions and reclaimed capability.
February 27, 2026
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Border management measures: intensified vigilance and financial scrutiny to prevent illegal migration and secure identity records.
Directives mandate intensified vigilance, inter-agency coordination and stricter financial scrutiny in India-Nepal border districts to counter illegal migration. Authorities will verify reported migrants and death cases, update or delete identity records upon confirmation, and conduct door-to-door verification while safeguarding genuine voters. A zero-tolerance stance on illegal construction and encroachments is paired with verification of business financing. District magistrates must ensure bank compliance with RBI reporting and PAN linkage, and sub-registrar offices face accountability for defective reporting of high-value property transactions.
February 27, 2026
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GST reform underscores tax policy's role in inclusive sustainable development and strengthening cooperative federalism and accountability.
Tax policy is described as the foundation for mobilising resources and promoting inclusive, sustainable development through an equitable tax framework. Goods and Services Tax is identified as a historic unifying reform that simplifies the indirect tax regime, strengthens cooperative federal relations, and aligns taxation with trust, accountability and welfare oriented objectives to promote production and shared prosperity.
February 27, 2026
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Creditor-driven decision-making upheld: courts must limit review to statutory confines to preserve insolvency speed and finality.
The IBC privileges creditor-driven decision-making, speed and certainty by confining judicial review to narrow statutory compliance, thereby protecting commercial choices of the Committee of Creditors as matters of commercial wisdom. Expansive judicial scrutiny is value-destructive-lengthening timelines, raising transaction costs, encouraging strategic litigation and undermining predictability and finality-so respect for statutory limits preserves timely reorganisation of viable firms and swift exit of non-viable businesses.
February 27, 2026
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Rupee depreciation driven by foreign outflows and rising oil prices puts pressure on currency and equity markets.
Rupee declined against the US dollar due to large foreign fund outflows, higher global crude oil prices and weakening domestic equity markets; foreign institutional investors sold heavily and forex reserves fell in the reporting week, even as a GDP calculation revision raised the growth estimate, highlighting resilience amid external pressures.
February 27, 2026
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Fugitive economic offender arrested abroad; extradition sought under Fugitive Economic Offenders Act and PMLA measures.
A fugitive alleged to have run an extensive investment fraud was arrested in Dubai after an Interpol Red Notice; the Enforcement Directorate submitted an extradition request and dossier through the Ministry of External Affairs citing a prior declaration under the Fugitive Economic Offenders Act and ongoing PMLA investigations. ED actions include filing two chargesheets, arresting associates, attaching assets, and securing court-ordered confiscation, while coordinating with UAE authorities to effect provisional arrest and repatriation for prosecution.
February 27, 2026
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Base year revision updates GDP measurement using new data and methods to better capture household and digital economy activity.
The government implemented a revised national accounts series with a new base year revision to update GDP measurement using contemporary data sources and methods. The revision addresses pandemic and tax system disruptions, will be extended into back series under the new methodology, and incorporates administrative and survey data to improve household sector measurement, private corporate allocation and new economy sectors, plus methodological shifts such as segregation of multi activity corporations and adoption of double deflation where appropriate.
February 27, 2026
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Prima-facie evidence assessment dictates whether complex corruption prosecutions can be sustained on available investigative material.
Prima-facie assessment of available evidence was central to the judge's review of the excise-policy prosecution: the court found the prosecution's material lacked concrete proof and relied on conjecture, and accordingly declined to sustain charges against the accused. The judge's prior decisions emphasize insistence on statutory preconditions for money laundering allegations and close scrutiny of magistrate and summons orders.
February 27, 2026
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Priority sector credit projections guide bank annual plans, prioritising agriculture, MSME lending and rural infrastructure financing.
Projection of priority sector credit potential quantifies exploitable lending needs across agriculture, MSME and other priority segments for the State, with agriculture accounting for the largest share and MSME receiving substantial allocation. Component estimates include crop and term loans, ancillary activities, housing, education, export credit, social infrastructure, renewable energy and agri infrastructure. The assessment is a consultative planning tool to guide banks' Annual Credit Plans and district credit strategies, signalling increased credit absorption capacity and alignment with sectoral priorities and infrastructure requirements to support rural resilience and enterprise development.
February 27, 2026
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Foreign influence allegations challenge political credibility as historic funding and security ties are used to rebut trade criticism.
Allegations claim the Congress accepted funds from the CIA and KGB during Indira Gandhi's tenure, producing policy effects such as an exchange-rate adjustment favoring Soviet imports and the decision not to pursue a proposed covert operation against a foreign nuclear facility; these claims are presented to rebut current criticisms of an interim bilateral trade framework by portraying past governance as compromised by foreign influence.
February 27, 2026
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GDP growth projection revised upward; nominal growth strong and economy expected to expand markedly next fiscal year.
GDP growth for the next fiscal year has been revised upward and nominal GDP outlook strengthened, with officials forecasting the economy will cross the four trillion dollar threshold. The upward revision follows a national accounts base-year update to 2022-23 that integrates new data sources and methodological changes to reflect structural shifts, and it alters nominal GDP levels with consequential effects on fiscal-deficit ratios while leaving key fiscal indicators like primary and revenue deficits and capital expenditure ratios broadly unchanged.
February 27, 2026
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GDP calculation revamp raises official growth estimate and restructures sectoral measurement, affecting fiscal and policy benchmarks.
A methodological overhaul adopting a 2022-23 base year revises GDP computation by introducing double deflation for manufacturing and agriculture, replacing single deflation, and shifting household estimation to regular surveys. The new series integrates administrative sources (GST, PFMS, vehicle data) to better capture informal and fast growing sectors, producing upward revisions to headline real and nominal growth rates, altering sectoral contributions-notably manufacturing and services-and changing fiscal deficit and policy benchmarks that require recalibration of prior forecasts.
February 27, 2026
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Money laundering probe under PMLA progresses as ED seeks statements and attaches assets amid linked bank fraud allegations.
PMLA investigation alleges bank loan fraud by group companies; the ED sought to record the principal individual's statement in a Yes Bank-linked money laundering case but he did not appear and his spouse sought adjournment. The ED has previously questioned the individual, conducted extended interrogation, attached a Mumbai residence under anti-money laundering law, filed multiple money laundering cases against group entities, and formed a Special Investigation Team to probe related instances. A parallel agency registered a fresh criminal case and conducted searches concerning alleged cheating of a public sector bank.
February 27, 2026
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Base-year revision of GDP raises growth estimates and updates methodology using tax and administrative data.
The national accounts have been rebased to 2022-23 and revised by incorporating GST, PFMS and vehicular-registration data to refine GDP measurement. The methodology now uses double deflation for manufacturing and agriculture, more granular deflators elsewhere, and compiles household-sector levels from annual enterprise and labour-force surveys instead of inter-survey proxies, producing revised quarterly and annual real and nominal GDP estimates and altered growth profiles across recent periods.
February 27, 2026
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Foreign exchange reserves dip, driven by declines in currency assets, gold holdings, SDRs and IMF reserve position.
India's foreign exchange reserves fell by USD 2.119 billion for the week ended February 20, lowering total reserves to USD 723.608 billion. The decline was driven by decreases in foreign currency assets (down USD 1.039 billion to USD 572.564 billion), gold reserves (down USD 977 million to USD 127.489 billion), Special Drawing Rights (down USD 84 million to USD 18.84 billion), and the reserve position with the IMF (down USD 18 million to USD 4.716 billion).
February 27, 2026
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Fiscal receipts and expenditure review reports major tax receipts, state tax devolution and primary outlays through January.
Consolidated monthly accounts to January 2026 report Centre receipts at 79.5% of revised estimates-mainly Tax Revenue with Non Tax and Non Debt Capital Receipts-and an increased transfer to States as Devolution of Share of Taxes. Total expenditure is 74.3% of estimates, split between Revenue and Capital Expenditure, with Interest Payments and Major Subsidies forming the principal components of Revenue Expenditure.
February 27, 2026
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DTAA narrowing prompts NRIs to move from traditional offshore structures to IFSCA regulated Gift City USD fund structures.
Tightening of treaty shopping rules under foreign exchange regulation, expanded beneficial ownership disclosure and increased tax authority scrutiny have eroded the cost benefit of Singapore and Mauritius structures, prompting NRIs to consider IFSCA regulated Gift City USD denominated funds. Gift City offers open ended equity funds, Category II AIFs with multi year lock ins and Category III AIFs for active equity strategies; advisers emphasise modelling embedded gains, consulting tax advisors on DTAA applicability, and assessing currency risk, liquidity profiles and the distinction between MOIC and IRR before restructuring.

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THE LEELA CONCLUDES THE FOURTH SEASON OF #POLOINTHEPINKCITY WITH A CELEBRATION OF THE ROYAL SPORT, CULTURE AND REFINED LUXURY

February 11, 2026

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The tournament featured a pre-finale gala at the newly unveiled Amber Terrace and an exhibition victory by The Leela Polo Team, bringing together gracious hospitality and Rajasthan's enduring polo heritage JAIPUR, India, Feb. 11, 2026 /PRNewswire/ -- The Leela Palaces, Hotels and Resorts marked the successful conclusion of #PoloInThePinkCity, as the fourth season of The Leela Maharaja Sawai Man Singh Polo Cup reaffirmed the brand's commitment to preserving and celebrating the royal sport of polo through thoughtfully curated experiences that blend heritage with contemporary luxury. L-R: Kr Vikramaditya Singh Barkan, Team Optiemus Achievers, Mr. Digvijay Singh, HH Sawai Padmanabh Singh of Jaipur, Mr. Anuraag Bhatnagar, Parul Rai, Maharaj Narendra Singh, Mr. Anoop Pandey, Mrs. Anjali Mehra, Team V Polo, IV Singh The season commenced on February 7 with an elegant pre-finale gala dinner at The Amber Terrace, the newly launched rooftop destination at The Leela Palace Jaipur. Overlooking the Aravalli Hills, the evening unfolded against the backdrop of the terrace's distinctive 'root-to-fruit' cocktail and culinary philosophy, offering guests an immersive introduction to the palace's newest social address. The gathering brought together visionaries from Jaipur's cultural landscape alongside leading voices from fashion and the arts, including singer Manasi Scott, designer Nikhil Mehra, director Prahlad Kakkar, actor and creator Monica Vaswani and actor Chayan Chopra, setting the tone for a weekend defined by elegance and anticipation - hallmarks of #PoloInThePinkCity. On February 8, the focus shifted to the polo field at the Rajasthan Polo Club. Ahead of the final, an exhibition match saw The Leela Polo Team take on the Jindal Polo Team, with The Leela Polo Team emerging victorious with a score of 4–3. Sawai Padmanabh Singh - Icon of India by The Leela and captain of The Leela Polo Team - delivered a standout performance, scoring two goals, alongside two goals by Rao Himmat Singh Bedla. The highlight of the day was the grand finale of the 4-chukker The Leela Maharaja Sawai Man Singh Polo Cup 2026, contested between Team Optiemus Achievers and Team V Polo. In a closely fought match, Team Optiemus Achievers claimed the title with a final score of 7–5, bringing the fourth season of #PoloInThePinkCity to a thrilling close. Speaking on the occasion, Mr. Anuraag Bhatnagar, Chief Executive Officer, The Leela Palaces, Hotels and Resorts, said, "The Leela Maharaja Sawai Man Singh Polo Cup reflects our enduring commitment to honouring India's royal sporting heritage through experiences that embody true Indian luxury. As we conclude the fourth season of this association with the Rajasthan Polo Club, it is especially meaningful to see this journey unfold alongside the unveiling of the reimagined The Leela Palace Jaipur and The Amber Terrace - spaces that represent how we continue to evolve while remaining deeply rooted in culture, craftsmanship and gracious hospitality." The event was further elevated by the association of BMW Excellence Club, as Luxury Mobility Partner, and Hibiki Whisky, as Celebrations Partner, whose shared values of craftsmanship, precision and refined experiences resonated seamlessly with The Leela's philosophy. Mr. Vitesh Barar, Director Marketing BMW India , said, "We are proud to partner with the Leela Maharaja Sawai Man Singh Polo Cup through BMW Excellence Club, an experience that perfectly aligns with BMW's ethos of precision, craftsmanship, and refined luxury. Polo, much like BMW, is a sport that embodies heritage, elegance, and performance, qualities that resonate deeply with our brand. The seamless blend of tradition and modernity showcased at Polo Cup mirrors BMW's commitment to delivering driving experiences that combine cutting-edge technology with timeless sophistication. We celebrate this unique convergence of sport, culture, and luxury, and look forward to creating unforgettable moments for connoisseurs of excellence." "The Maharaja Polo Cup is a rare convergence of heritage and modern luxury - an environment where Hibiki feels instinctively at home. Through this association, Hibiki is experienced not merely as a whisky, but as an expression of balance, craftsmanship, and time. These are moments that cannot be bought, only experienced - true to the spirit of Hibiki, The Masterpiece of Japanese Artistry" commented Rohini Menezes, Category Manager, The House of Suntory, Suntory Global Spirits . As the curtain falls on its fourth season, this event stands as a testament to The Leela's role as a custodian of the royal sport - creating moments where heritage, sport and modern luxury converge with effortless grace. About The Leela Palaces, Hotels and Resorts The Leela Palaces, Hotels and Resorts is India's largest institutionally owned and managed pure-play luxury hospitality brand. Backed by the Brookfield Group, The Leela operates 14 award-winning properties across India's premier leisure and business destinations. Recognized globally for architectural excellence and bespoke services, The Leela has been ranked the #1 hospitality brand globally by Travel + Leisure World's Best Awards in 2020 and 2021, and among the top three in 2023 and 2024. The brand remains committed to delivering timeless Indian hospitality through world-class luxury experiences. For more information, please visit our website www.theleela.com and connect with us on Facebook , Twitter and Instagram . About The Leela Palace Jaipur Set against the Aravalli Hills, The Leela Palace Jaipur is a modern palace that blends Rajasthan's regal heritage with contemporary luxury. Spread across eight acres of landscaped gardens, the palace features 194 elegant rooms and suites, immersive cultural experiences, and Aujasya Spa by The Leela, rooted in ancient Indian wellness traditions. The palace's signature dining destinations include Jamavar, a fine-dining homage to India's royal kitchens; The Aravalli Dining Room, an elegant all-day restaurant inspired by Jaipur's regal heritage; The Peacock Lounge, an exclusive lounge offering refined Mediterranean cuisine; The Jharokha Bar, celebrating the spirited essence of Royal Rajasthan; and The Amber Terrace, overlooking the Aravalli Hills, offering root-to-fruit inspired cocktails paired with modern Asian cuisine. Celebrated as a preferred address for iconic celebrations and discerning travellers, The Leela Palace Jaipur has been recognised with Two Michelin Keys (2025), ranked among the Top Hotels in India by Condé Nast Traveller UK Readers' Choice Awards 2025, and named Favourite Indian Leisure Hotel at the Condé Nast Traveller India Readers' Travel Awards 2025. Photo: Embedded Media Logo: Embedded Media (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI

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