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March 24, 2026
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Zero Coupon Bonds compliance certificate must be filed electronically each tax year by eligible issuers.
Form No. 3 is the prescribed accountant's certificate under rule 7 for certifying utilisation of funds raised through notified Zero Coupon Bonds. It is mandatory for each relevant tax year and applies to every issuer of a notified Zero Coupon Bond, including infrastructure capital companies, infrastructure capital funds, infrastructure debt funds, and public sector companies. The certificate must be filed electronically within two months from the end of the relevant tax year and is year-specific, with revision permitted only if the system enables it.
March 24, 2026
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Zero-coupon bond notification under Rule 7 requires strict filing, investment, rating and listing compliance before tax recognition.
Form 2 is the prescribed application under Rule 7 for infrastructure capital companies, infrastructure capital funds, infrastructure debt funds and public sector companies seeking notification of a proposed zero-coupon bond. Notification is a mandatory pre-condition for the bond to qualify as a zero-coupon bond and to obtain the special tax treatment of discount. The form collects applicant, bond and investment details so the Central Government can verify tenure, credit rating, listing, investment commitments and reporting undertakings.
March 24, 2026
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Turmeric export disruption hits Marathwada trade as conflict halts shipments and weakens domestic prices.
The conflict involving the US, Israel and Iran has disrupted turmeric exports from Maharashtra's Marathwada region, with shipments to Gulf and African markets reported to have stopped completely. The trade interruption has affected turmeric grown across the region's turmeric belts, including Hingoli, Nanded, Wardha, Parbhani, Yavatmal and Washim. The Vasmat variety from Hingoli received a Geographical Indication tag in 2024, and consignments from Hingoli and adjoining areas are shipped abroad after processing through Tamil Nadu and Kerala.
March 24, 2026
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AI-driven cooperative banking summit spotlights digital innovation, cybersecurity, regulatory compliance and sector-wide collaboration in urban cooperative banks.
The Bharat Cooperative Banking Summit & Awards 2026 is a three-day forum for urban cooperative banks focused on AI-driven cooperative banking, digital innovation, cybersecurity, regulatory technology, operational resilience and regulatory compliance. It brings together senior leaders, policymakers, regulators, fintech partners and technology providers for collaboration, knowledge exchange and alignment with evolving digital and regulatory expectations. The awards segment recognises excellence in leadership, innovation, governance, financial inclusion, digital transformation and service within the cooperative movement.
March 24, 2026
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Zero Coupon Bond notification requires mandatory advance filing of Form No. 2 with prescribed details and supporting documents.
Form No. 2 is the prescribed electronic application under rule 7 of the Income-tax Rules for notification of a Zero Coupon Bond under section 2(112) of the Act. Filing is mandatory before issue, must be made at least three months in advance, and is issue-specific. It is to be filed by an infrastructure capital company, infrastructure capital fund, infrastructure debt fund, or public sector company with the required details and supporting annexures.
March 24, 2026
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Client code modification reporting requires monthly online filing by stock exchanges for cash and derivative transactions.
A monthly statement is required from stock exchanges reporting modified client code transactions in cash and derivative market transactions. The form must be filed online by all stock exchanges through the income tax e-filing portal, and its smart-form format captures basic exchange details. The format also incorporates commodity derivative details previously associated with Form 3BC, which has been rendered redundant, while no other changes are made to the Cash Market and Derivative Market tables.
March 24, 2026
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Stock exchange reporting rules require monthly filing of client code modification statements through the e-filing portal.
Form No. 1 is a mandatory monthly statement to be furnished by a stock exchange for transactions in which client codes have been modified after registration in the system. It applies to both cash and derivative markets, must be filed within 15 days from the end of each relevant month, and is submitted only online through the Income Tax e-Filing portal. Once filed and acknowledged, it cannot be edited, and submission requires a valid PAN.
March 24, 2026
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Tax Year transition and repeal savings preserve continuity while the Income-tax Act, 2025 simplifies compliance and reorganises filings.
The Income-tax Act, 2025 replaces the Income-tax Act, 1961 as a streamlined and modernised code, while preserving the underlying tax policy, continuity of pending matters, and the existing compliance architecture. The new Act substitutes the concept of Assessment Year with Tax Year, applies prospectively from 1 April 2026, and continues the old Act for tax years beginning before that date. Transitional provisions preserve rights, liabilities, pending proceedings, tax payments, return filing, reassessment, appeals, deductions, and losses under the repealed Act, while the new Act reorganises forms, withholding provisions, and compliance statements in simplified and consolidated form.
March 24, 2026
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Anticipatory banking drives India hub expansion for stronger engineering, data, and cloud support across digital banking platforms.
Expansion of a global capability center in India to strengthen engineering, data intelligence and cloud architecture support for a digital sales and service platform used by financial institutions. The India hub is intended to deepen technical capacity for platform development, security, scalability and reliable digital banking delivery, while supporting the company's move toward anticipatory banking through data-driven and AI-enabled capabilities.
March 24, 2026
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Startup incubation and investor access drive Galgotias Investo Pitch 2026 with grants for early-stage ventures.
Galgotias University organised "Galgotias Investo Pitch 2026" to support innovation and entrepreneurship by connecting startups with investors, industry leaders, incubation stakeholders, and government representatives. The event focused on startup scaling, venture capital access, business incubation, mentorship, market entry, and the use of artificial intelligence for scalable and cost-effective business growth. The University also announced an endowment grant for twelve early-stage startups as part of its continued support for the startup ecosystem.
March 24, 2026
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Bancassurance partnership drives digital-first insurance access, streamlined underwriting, and broader financial inclusion across underserved markets.
Strategic bancassurance partnership between Axis Max Life Insurance Limited and YES BANK has been reaffirmed as a long-running distribution alliance focused on digital-first delivery and hyper-personalized protection solutions. The collaboration combines the insurer's protection expertise with the bank's branch network and digital infrastructure to deliver insurance through streamlined customer journeys, including video consultations and agile underwriting, across protection, savings, education planning, retirement planning and wealth creation needs. The partnership is also directed toward expanding insurance access in underserved markets and supporting the objective of "Insurance for All by 2047".
March 24, 2026
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LNG supply disruption and force majeure risk could keep global gas prices elevated for years.
Damage to Qatar's Ras Laffan liquefied natural gas terminal has disrupted a major part of the country's LNG export capacity and may trigger force majeure on long-term supply contracts. The facility is complex, costly to repair, and likely to require a prolonged shutdown and staged restoration because LNG plants must be warmed and cooled slowly. The supply shortfall is likely to keep global LNG prices elevated and may shift some markets toward coal.
March 23, 2026
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RoDTEP benefits restored for exporters as West Asia crisis raises freight costs and disrupts maritime trade.
Restoration of RoDTEP benefits was announced for eligible export products from February 23, 2026 to March 31, 2026, with the rates and value caps applicable on February 22, 2026 restored in full. The measure responds to the West Asia crisis and the resulting disruption to global trade, including higher freight costs, rising insurance premiums, and maritime logistics challenges affecting export consignments moving to or through the region.
March 23, 2026
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Conflict of interest framework strengthens disclosure, recusal, and investment restrictions for top market regulator officials.
Sebi approved a conflict of interest and disclosure framework for its top officials, bringing the Chairman and Whole Time Members within the definition of insider and requiring disclosure of assets, liabilities, and immovable property in specified formats. The framework also provides for ethics infrastructure, a digital conflict-management system, a whistleblower mechanism, recusal procedures, and uniform restrictions on investments and trading in equity and equity-related instruments for senior officials.
March 23, 2026
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CAPF recruitment and promotion law draws opposition objections as discussion time is allotted in the Rajya Sabha.
The Business Advisory Committee of the Rajya Sabha allotted eight hours for discussion on the proposed Central Armed Police Forces (General Administration) Bill, 2026, while the Bill was not taken up in the House on the reported day. The proposed umbrella legislation is intended to regulate the recruitment, deputation and promotion of CAPF officers, and several opposition parties objected to its introduction and sought fuller scrutiny of such legislation.
March 23, 2026
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Corporate compliance reform proposals expand CSR flexibility, decriminalise procedural defaults, and streamline mergers and governance.
Proposed amendments to the Companies Act and LLP Act seek to promote ease of doing business, reduce compliance burden, and decriminalise procedural defaults by replacing criminal provisions with civil penalties. The bill also proposes streamlined mergers and amalgamations, hybrid-mode meetings, flexibility in share buy-backs, simplified closure and voluntary exit, and easier compliance for small companies, startups, producer companies, and certain LLPs.
March 23, 2026
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PMLA extradition proceedings advance in Torres jewellery fraud case involving alleged hawala routing and USDT conversion.
Extradition proceedings were initiated under the PMLA against an absconding Ukrainian accused in the Torres jewellery fraud investigation after the Enforcement Directorate approached the special PMLA court for compilation and attestation of papers to prepare a dossier for transmission to foreign authorities. The case concerns allegations that customers were cheated through Platinum Hern Private Limited, operating as Torres Jewellery, by collecting cash in exchange for Moissanite diamonds and other jewellery, with the receipts allegedly routed through hawala operators and converted into USDT cryptocurrency in a money-laundering investigation.
March 23, 2026
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Money laundering attachment over alleged diversion of club funds through fake accounts and routing of proceeds to properties and deposits.
Provisional attachment under the Prevention of Money Laundering Act covered assets worth about Rs 34.51 crore, including movable and immovable properties and fixed deposits linked to persons connected with the United Services Club matter. The Enforcement Directorate alleged that club funds were diverted through fake bank accounts opened in the names of genuine vendors, then routed to personal and joint accounts of the accused and associates. The alleged proceeds of crime were used to acquire properties, create fixed deposits, and channel funds through a trust to accounts linked to a chartered accountant and related entities.
March 23, 2026
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Independent directors must support governance concerns with evidence and record unresolved issues to protect minority shareholder interests.
Independent directors must act responsibly when raising concerns about a company's functioning or proposed actions, and any insinuations affecting governance or minority shareholder interests must be supported by proper evidence. Such concerns should be taken up with the board and, if unresolved, recorded in the minutes of the board meeting. Independent directors may question the company in board-level forums, but they cannot make vague or unsubstantiated allegations and must ensure that minority shareholder interests are protected.
March 23, 2026
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Fiscal discipline and GST compliance in Gujarat are highlighted through surplus targets, controlled debt, higher capital spending and rising tax collections.
Gujarat's fiscal management is said to be maintained under the Gujarat Fiscal Responsibility Act, 2005, with an aim to ensure fiscal stability, accountability and a revenue surplus. The state reportedly remains within prescribed ceilings for fiscal deficit and debt, has not defaulted on debt repayment, and has not taken an overdraft or advance for many years. The discussion also highlights increased capital expenditure, concerns over non-developmental spending and debt burden, and growth in GST taxpayers, return filing compliance and tax revenue.

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Customs & Trade

Trump seethes over Supreme Court justices who opposed him on tariffs, especially those he appointed

February 21, 2026

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Washington, Feb 21 (AP) President Donald Trump's vision of the Supreme Court, in which his three appointees are personally loyal to him, collided with the court's view of itself Friday when six justices voted to strike down Trump's signature economic policy — global tariffs imposed under an emergency powers law.

The outcome led Trump to launch an unusually stark personal attack on the justices, with special rancor reserved for the two Trump appointees who defied him.

The case represented a challenge of Trump's many untested, yet forcefully stated imperatives on everything from trade to immigration policy and the court's ability to maintain its independence and, at times, act as a check on presidential authority.

“The Supreme Court's ruling on tariffs is deeply disappointing and I'm ashamed of certain members of the court, absolutely ashamed, for not having the courage to do what's right for the country,” Trump said in the White House briefing room several hours after the court issued its decision, authored by Chief Justice John Roberts.

Trump said he expected as much from the three Democratic appointees on the court. “But you can't knock their loyalty,” he said. “It's one thing you can do with some of our people.” Asked specifically about Justices Neil Gorsuch and Amy Coney Barrett, who were part of the majority, Trump said, “I think it's an embarrassment to their families, if you want to know the truth, the two of them.” Vice President JD Vance, whose wife, Usha, spent a year as a law clerk to Roberts, echoed the president's criticism, though he didn't make it personal. “This is lawlessness from the Court, plain and simple,” Vance wrote on X.

Legal opposition to the tariffs crossed political lines, with a key challenge coming from the libertarian-leaning Liberty Justice Center and support from pro-business groups like the Chamber of Commerce.

Trump has had a checkered history with the court dating back to the start of his first White House term in 2017, though he won his biggest court battle in 2024, a presidential immunity ruling that prevented him from being prosecuted over efforts to undo his 2020 election loss.

In the first year of his second term, he won repeated emergency appeals that allowed him to implement major aspects of his immigration crackdown and other key parts of his agenda.

Presidential criticism of Supreme Court decisions has its own long history. President Thomas Jefferson was critical of the court's landmark Marbury v. Madison case, which established the concept of judicial review of congressional and executive action. President Franklin Roosevelt, frustrated about decisions he thought blunted parts of the New Deal, talked about older justices as infirm and sought to expand the court, a failed effort.

In 2010, President Barack Obama used his State of the Union speech, with several members of the court in attendance, to take aim at the court's just-announced Citizens United decision that helped open the floodgates to independent spending in federal elections. Justice Samuel Alito, who hasn't attended the annual address since, mouthed the words “not true” in response from his seat.

Trump, though, crossed a line in the way he assailed the justices who voted against him, Ed Whelan, a senior fellow at the Ethics and Public Policy Center and a former law clerk for Justice Antonin Scalia, wrote in an email.

“It's entirely fine for a president to criticize a Supreme Court ruling that goes against him. But it's demagogic for President Trump to contend that the justices who voted against him did so because of lack of courage,” Whelan wrote.

Some presidents also have criticized justices they appointed for decisions they've made.

Following the seminal Brown v. Board of Education decision in 1954, President Dwight D. Eisenhower told friends that appointing Chief Justice Earl Warren had been his biggest mistake, according to biographer Stephen E. Ambrose.

Objecting to a dissenting vote in an antitrust case, President Theodore Roosevelt once allegedly said of Justice Oliver Wendell Holmes, wounded in action during the Civil War, that he ”could carve out of a banana a judge with more backbone.” But these remarks were conveyed in private, not at a livestreamed presidential appearance in the White House briefing room.

On a personal level, Trump has had a sometimes tense relationship with Roberts, who has twice issued public rebukes of the president over attacks on federal judges.

Trump didn't mention Roberts by name on Friday, but he seemed to be assailing the chief justice when he said he lost the case because the justices “want to be politically correct,” “catering to a group of people in D.C.” Trump used similar language when he criticized Roberts' vote in 2012 that upheld Obamacare.

Similar to the timing following the Citizens United ruling, the president and some members of the court, dressed in their black robes, are likely to be in the same room Tuesday when Trump delivers his State of the Union address.

Justice Ruth Bader Ginsburg once nodded off during a presidential speech in the House of Representatives, attributing her drowsiness to some fine California wine. No justice is likely to be napping Tuesday night. (AP) MNK MNK

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