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    Income tax Department carries out nation-wide verification exercise on Restaurants suppressing turnover
    Governments of India and France sign the Amending Protocol to amend the India-France Double Taxation Avoidance Convention
    Union Minister of Commerce & Industry Shri Piyush Goyal calls for stronger collaboration to position India as global leader in agricultural and proces...
    China's exports surge in Jan-Feb despite waning trade with US
    CreditAccess Grameen Advances Inclusive Growth With USD 75 Million Syndicated Social Loan Facility
    Looking to help exporters at insurance front to deal West Asia crisis: Goyal
    AAHAR 2026 – 40th Edition: Strengthening India’s role in the global food economy through a structured B2B platform
    Union Minister of Commerce & Industry Shri Piyush Goyal Calls for Making India’s IP Approval System Among Top Five Globally in Speed, Transparency a...
    FTAs Opening New Opportunities for Pharma, Healthcare and MedTech Sectors: Union Minister of Commerce & Industry Shri Piyush Goyal
    Design to Play Key Role in India’s Decisive Decade of Development: Union Minister of Commerce & Industry Shri Piyush Goyal
    Free Trade Agreements Create New Opportunities for MSMEs to Integrate into Global Supply Chains: Union Minister of State for Commerce and Industry Shr...
    Income tax Department carries out nation-wide verification exercise on restaurants suppressing turnover
    CGST Delhi South Commissionerate arrests director of a company for fraudulent availment of Input Tax Credit (ITC) amounting to ₹60.59 crore thro...
    Secretary, DFS chairs Review meeting to monitor the progress of Public Sector Banks to expedite pending cases at NCLT
    Crude oil prices spike as a broadening Iran war threatens both transport routes and production
    I-T dept detects hidden sales worth Rs 408 crore by restaurants in countrywide operation
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    Oil prices soar as Iran names new supreme leader and digs in
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March 10, 2026
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Tax compliance verification using AI uncovers restaurant under reporting; taxpayers urged to file updated returns under Section 139(8A).
AI enabled transactional analytics compared point of sale data from restaurants with declared income and found deletion and modification of bills and exclusion of transactions leading to under reported sales. Preliminary surveys corroborated suppression and prompted targeted investigations. The Department combined targeted enforcement with a guidance campaign, SAKSHAM NUDGE, inviting identified taxpayers to file updated returns under Section 139(8A) and encouraging voluntary correction of returns.
March 10, 2026
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Dividend taxation restructured with preferential treatment for substantial holdings and altered withholding for other shareholders.
The Amending Protocol reallocates taxing rights on capital gains from sale of company shares to the jurisdiction of the company's residence, removes the Most Favoured Nation clause, introduces a split dividend withholding regime that differentiates substantial holders from other shareholders, aligns the definition of Fees for Technical Services with the India-US model, and expands Permanent Establishment to include a Service PE; it also enhances Exchange of Information, adds Assistance in Collection of Taxes, and incorporates applicable BEPS MLI provisions, subject to each Party's internal procedures for entry into effect.
March 10, 2026
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Free trade agreements expand preferential market access while protecting sensitive agricultural sectors and supporting export competitiveness.
India seeks to expand agricultural and processed food exports through recently concluded FTAs that grant preferential market access while explicitly protecting sensitive domestic sectors such as dairy and GM products and shielding key staples from import exposure. Complementary measures include promoting the Agriculture Infrastructure Fund for food processing and value addition, and providing exporter support via the Export Promotion Mission and DGFT to integrate Indian firms into global value chains.
March 10, 2026
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Trade tariff rollback boosts Chinese export resilience despite weaker US demand and geopolitical energy risks.
China's exports rose sharply in January-February driven by semiconductors, autos and electronics, with broader regional demand offsetting reduced shipments to the United States. A recent judicial ruling lowered US tariffs and, together with a potential extension of the October trade truce, has eased import barriers that supported export growth. Risks to export competitiveness include a slowing domestic economy, property-sector weakness and geopolitical energy disruptions that could curb global demand.
March 10, 2026
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External commercial borrowing qualifies under automatic route, structured as a syndicated social loan supporting eligible social projects.
A syndicated facility classified as an External Commercial Borrowing under the automatic route has been arranged to qualify as a social loan. Proceeds will be deployed under the borrower's Social Loan Framework aligned with the Social Loan Principles 2023, supported by a second-party opinion. The financing is intended to fund eligible social projects, enhance liquidity and asset-liability management, and diversify the borrower's foreign funding sources while imposing use-of-proceeds and governance conditions consistent with social loan practices.
March 10, 2026
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Insurance support for exporters to address shipping and insurance disruptions amid West Asia crisis, government seeks coordinated measures.
The government has issued Customs norms for export cargo returning to Indian ports and is developing insurance support schemes, consulting the Export Credit Guarantee Corporation and other departments to assist exporters whose goods have been shipped but face logistical and insurance problems, while an inter-ministerial group monitors developments and engages regularly with exporters.
March 10, 2026
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B2B platform expands India's food export access by linking producers, processors and MSMEs to global buyers and technology partners.
AAHAR 2026 operates as a structured B2B platform to convert India's agricultural and processing scale into global market access by enabling commercial matchmaking, export partnerships, technology transfer and investment linkages. The exhibition prioritises business outcomes-especially for MSMEs-through dedicated pavilions and buyer-seller interactions that translate government support and technological solutions into export orders, value addition and integration into international supply chains while emphasising sustainability across the food value chain.
March 10, 2026
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IP approval speed and transparency urged to position India's IP regime among global leaders with greater access for startups and women.
India aims to make its intellectual property approval system globally competitive by enhancing speed, transparency and efficiency through recruitment, technology upgrades and backlog reduction; it proposes fast track mechanisms and substantial fee concessions to improve access for startups, women entrepreneurs and micro and small enterprises while strengthening the broader innovation ecosystem via school innovation labs, incubation models and stakeholder engagement.
March 10, 2026
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Free Trade Agreements expand market access for pharmaceutical, healthcare and medtech sectors, requiring industry uptake and integrated healthcare ecosystems.
Free Trade Agreements create preferential market access for pharmaceuticals, healthcare and medtech, benefitting farmers, MSMEs and innovators but requiring active industry utilisation. Policy measures needed include building an integrated healthcare ecosystem linking manufacturing, innovation and hospitals; MSME quality upgradation and testing; skills development for caregivers and nurses to support exports; and adoption of digital health and AI for telemedicine and diagnostics.
March 10, 2026
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Design as strategic national capability: new NID and collaborative AI, industry and craft initiatives to mainstream innovation.
Design is promoted as a strategic national capability with a new National Institute of Design in eastern India to expand design education and link traditional crafts, MSMEs and industry. A five-point agenda sets out to position NIDs as regional knowledge hubs; deepen industry-academic and MSME linkages via design clinics and live cluster projects; create Service and Brand India design labs for citizen-facing services; establish joint AI and frontier-technology design labs with technical institutes; and develop the eastern NID as a model campus driven by public-private partnerships and artisan support.
March 10, 2026
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Free Trade Agreements expand market access for MSMEs, prompting quality-led growth and adoption of AI and digital tools.
Free Trade Agreements expand market access for MSMEs into developed markets but require a shift to quality-led growth because FTA coverage raises product quality expectations and duty concessions do not permit substandard goods. The statement emphasizes technology and AI adoption to improve MSME productivity and decision-making, and outlines targeted support for women entrepreneurs through digital commerce onboarding initiatives and an Assist Cell providing mentorship, funding, marketing and technology guidance to enable scaling and sustainability.
March 10, 2026
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Voluntary compliance: SAKSHAM NUDGE urges restaurants to update returns under Section 139(8A) to rectify filings.
The Income Tax Department used AI-enabled transactional analytics to detect widespread under-reporting in the Food & Beverage sector, conducted an on-site survey that revealed significant sales suppression, and has launched the SAKSHAM NUDGE campaign to encourage identified restaurants to file updated returns under Section 139(8A) while investigations continue.
March 10, 2026
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Fraudulent Input Tax Credit scheme exposed, director arrested amid allegations of bogus invoices and absence of genuine business activity.
Alleged fraudulent availment of Input Tax Credit through bogus invoices for purported supplies is based on GST return analysis and verification showing the supplier's declared premises lacked accounting records, stock or invoices and no verifiable payment trail exists; the director implicated failed to explain operations or payments and is said to have directly benefited from the non genuine paper transactions created solely to pass and utilise Input Tax Credit.
March 10, 2026
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IBC case resolution: banks urged to collaborate, reduce adjournments, and ensure time bound progression for improved recoveries.
Expediting resolution of large insolvency matters and correcting procedural inefficiencies was the focus of a high-level review. Banks were directed to adopt collaborative resolution strategies for asset value maximisation and improved recoveries, reduce adjournments and delays in filing CIRP applications, and ensure continuous monitoring of high-priority cases to achieve time-bound progression through insolvency processes.
March 10, 2026
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Force majeure declarations amid Iran conflict relieve suppliers of contractual obligations as oil shipments and production face disruption.
Intensifying hostilities involving Iran have disrupted crude oil production and tanker routes, causing widespread export constraints, storage shortages and elevated market volatility. Attacks on energy infrastructure and near-halt of tanker traffic through the Strait of Hormuz have led producers to cut output and declare force majeure, excusing contractual performance. Policymakers and market actors are considering coordinated responses-such as releasing strategic reserves or stockpiling-while alternative sourcing and technical restoration of production remain critical to stabilising supply.
March 9, 2026
Show AI Summary
Under-reporting of sales detected - data-driven inquiry prompts compliance notices for restaurants to update tax filings.
A data-driven exercise found under-reporting of sales in the restaurant sector through AI analytics comparing transactional data with reported turnover, revealing deletion and modification of bills and omission of transactions. The tax authority has opened investigations and, under the NUDGE campaign, is directing identified outlets to update their income tax returns by a compliance deadline while probes into billing-software manipulation and sampled premises continue.
March 9, 2026
Show AI Summary
Force majeure declarations disrupt oil and gas contractual supply chains, creating carriage, insurance and performance risks for parties.
Strikes and security-driven closures have caused shutdowns at major oil and gas terminals, pipelines and refineries, leading suppliers to invoke force majeure and creating contractual, insurance and logistical challenges. The effective closure of a maritime chokepoint and targeted attacks on alternative export terminals have increased carriage and routing risks, while storage constraints have forced producers to suspend output; once shut in, restart may take weeks or months, affecting mitigation, notice and performance obligations. State regulatory orders may create legal bases for interruption separate from force majeure.
March 9, 2026
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Force majeure invoked for oil shipments, suspending contractual delivery obligations amid Gulf supply disruptions and transit risks.
Military attacks and leadership developments in Iran have impaired Gulf oil and gas production and shipping, prompting a national oil company to invoke force majeure to suspend contractual shipment obligations due to extraordinary damage and security risks; resulting export curtailments, tanker transit disruptions through the Strait of Hormuz, and filled storage have reduced available supply, while governments consider reserve releases and impose regulatory measures against hoarding to stabilize markets and protect energy security.
March 9, 2026
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Fuel price freeze maintained as government directs companies to absorb costs and boosts LPG allocation to prevent shortages.
Government sources say retail petrol and diesel prices will not be raised immediately; oil marketing companies are expected to absorb current cost pressures. The state reports adequate crude and fuel stocks for six to eight weeks, has increased the minimum domestic LPG refill booking gap from 21 to 25 days to prevent hoarding, and has directed refineries to maximise LPG production while monitoring global energy developments and recalibrating allocations to maintain supply chain stability.
March 9, 2026
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Cognisance under PMLA: challenge to requirement of FIR for scheduled offences may determine prosecutorial scope.
The ED challenges a trial court ruling that refused cognisance of its PMLA prosecution because the alleged scheduled offence arose from a private complaint rather than an FIR, arguing that denying prosecution on that basis improperly shields alleged money launderers; the Delhi High Court has listed the ED's appeal for hearing and notices were issued to the accused and related entities concerning alleged usurpation of Associated Journals Limited's assets by Young Indian.

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WeBank Wins Four Awards from The Asian Banker, Gaining International Recognition for its Digital Inclusive Finance Practices

March 16, 2026

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SHANGHAI, March 16, 2026 /PRNewswire/ -- At The Asian Banker "Global Excellence In Retail Finance Awards Ceremony And Gala Dinner 2026"on 12 March, WeBank received four major awards in recognition of its technological innovation and inclusive finance capabilities. The Bank once again retained the titles of "Best Digital Bank in Asia Pacific"and "Best Digital Bank in China". It also secured two additional awards for the first time: "Best SME Bank in China (Digital Bank) "and "Best Customer Experience Initiative in Asia Pacific" for its Weilidai sign-language customer service initiative. WeBank Wins Four Awards from The Asian Banker The Asian Banker Excellence Award Programme is widely regarded as one of the most authoritative awards in the global financial industry, with assessment standards that align with the highest international benchmarks. Renowned for its professionalism, impartial and rigorous judging process, and broad industry coverage, the programme is consistently recognised by financial institutions and research bodies alike. It attracts extensive participation from banks and fintech platforms across the Asia Pacific region, and its influence now extends well beyond the region to financial markets worldwide.

Seven Consecutive Years of "Best in Asia Pacific": Demonstrating Digital Banking Excellence Over the past decade, digital banking has expanded rapidly worldwide. The number of licensed digital banks has surged from 48 in 2014 to more than 400 today, driven by flexible, efficient technological frameworks and innovative service models. These institutions have increasingly moved beyond the constraints of traditional financial services, establishing a distinctive path for digital-inclusive development.

As China's first digital bank, WeBank has placed technology at the centre of its strategy, and through its innovative business practices has positioned itself as a widely recognised global leader in digital banking.Leveraging its technological strengths, the Bank continues to broaden and deepen inclusive finance, addressing the financing challenges faced by small and micro enterprises, self-employed businesses and individual customers. As of the end of 2025, WeBank had served more than 430 million individual customers and over 7 million small and micro enterprises, using technology to bridge the "last mile" in inclusive financial services.

AI is reshaping the global financial sector. In response, WeBank took the lead in 2025 by advancing its "AI-native Bank"strategy, placing itself at the forefront at the next phase of technological transformation. The Bank has strengthened its AI foundation across infrastructure, toolchain development and diversified application frameworks, while deepening integration of AI across all business scenarios. This included reshaping organisational structures and governance systems to support a shift from a "digital-native" to an "AI-native" operating model. Powered by AI, WeBank is driving end-to-end business transformation and setting the direction for the future of digital banking. The Bank has already deployed more than 100 AI application scenarios, supported by over 800 AI agents and more than 60 digital employees. These capabilities underpin a full-process upgrade of financial services, improving operational efficiency, enhancing risk management and optimising customer experience.

At the awards ceremony, WeBank was recognized for its outstanding digital banking capabilities, retaining the titles of "Best Digital Bank in Asia Pacific" and "Best Digital Bank in China". This marks the Bank's seventh consecutive win of the Asia-Pacific award and its eighth win of the China accolade, prestigious international distinctions that underscore its leading position in the digital banking sector.

The Asian Banker noted that, underpinned by its leading digital technology capabilities, WeBank has developed a distinctive and differentiated model for inclusive financial services, establishing a commercially sustainable approach to digital inclusion. This model enables a broader segment of small and micro enterprises, as well as individual customers, to access financial services on an equal footing, supporting the high-quality development of inclusive finance.

Finance for Good, Staying True to Its Original Mission: Inclusive Finance and Warmth Gain International Recognition During the panel, WeBank's strong track record in serving micro, small and medium-sized enterprises (MSMEs) and its commitment to barrier-free innovation received high recognition during the selection, earning two major awards for the first time: "Best SME Bank in China (Digital Bank)" and "Best Customer Experience Initiative in Asia Pacific" for its Weilidai sign-language customer service project.

Small and micro enterprises are the capillaries of the real economy and core beneficiaries of inclusive finance. Since launching China's first digital, unsecured working-capital business loan product "Weiyedai" in 2017, WeBank has continued to explore a commercially sustainable model for digital inclusive finance. By leveraging technology to address the "short, small, frequent and urgent" funding needs that often constrain micro and small enterprises, the Bank has broadened access to timely, affordable credit and strengthened support for the real economy.

As of the end of 2025, Weiyedai had covered 30 provincial administrative regions in China, received more than 7 million applications from MSMEs and sole proprietors, and provided credit services to more than 1.8 million clients for a total amount of RMB 1.8 trillion. The Asian Banker noted that these results reflect WeBank's ability to harness digital technology to allocate financial resources with precision and efficiency, enabling countless micro and small enterprises across diverse industries to access timely funding.

Technology provides the engine, but WeBank aims to ensure the experience remains distinctly human. Guided by its mission of "Better Banking for All", WeBank embeds a customer-centric philosophy throughout its service model and actively advances accessibility in financial services. As early as 2015, WeBank established a dedicated accessibility task force, launched remote video identity verification for "Weilidai", and appointed full-time sign-language specialists to support customers with hearing impairments, ensuring they receive fast, convenient and secure financial services. "Weilidai" became the first bank-affiliated financial product in the industry to offer sign-language video customer service. To date, it has issued more than 265,000 loans to customers with hearing impairments, amounting to over RMB 1.17 billion.

Winning four major awards this year reflects strong international recognition of WeBank's achievements in technological innovation, inclusive finance and customer service. It also underscores the Bank's contributions to the wider community. Looking ahead, WeBank will continue to use technology as its core growth engine and inclusiveness as its guiding principle, further deepening financial innovation, enhancing service quality and efficiency, and providing sustained financial momentum to support the high-quality development of the real economy.

(Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI PWR PWR

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