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News
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March 30, 2026
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Rupee volatility and RBI forex exposure cap reshape market sentiment amid geopolitical tensions and dollar strength.
Rupee volatility in foreign exchange markets intensified amid geopolitical tensions, risk-off sentiment, elevated dollar demand and firmer crude prices, with the currency touching an intra-day low before settling lower against the US dollar. The Reserve Bank of India reduced the net open position that banks may maintain overnight and capped the Net Open Position (NOP-INR) for banks at USD 100 million, with compliance required by 10 April, as part of oversight of banks' foreign exchange exposure.
March 30, 2026
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Quarterly reporting of non-resident client details through Form 092 requires online filing, declarations, and timely verification.
Quarterly reporting requirements apply to specified funds and stock brokers dealing with non-resident clients under Rule 157. Form 092 is the prescribed quarterly statement for furnishing non-resident client particulars, including name, contact details, country of residence, Tax Identification Number, and, where TIN is unavailable, the unique identification number issued by the foreign jurisdiction. The form must be filed online on the e-Filing portal within 15 days from the end of each quarter, and all non-resident clients dealt with during the quarter may be reported in the same return.
March 30, 2026
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Public interest refusal to furnish information under income-tax law now uses electronic Form 91 with DIN authentication.
Form 91 is the statutory electronic form used by the designated Income-tax authority to refuse furnishing information requested under section 258(2)(a) of the Income-tax Act, 2025 where disclosure is not considered to be in the public interest. It is issued only by the competent authority, records the application reference, assessee details and relevant tax year, and states the refusal on public interest grounds. The form is authenticated through a system-generated DIN and electronic issuance details, creating a formal and traceable record distinct from forms used for furnishing information or intimation of non-availability.
March 30, 2026
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Money laundering probe intensifies as Nepal widens scrutiny of former prime ministers and protests continue after arrests.
Protests continued in Nepal after the arrest of former Prime Minister K P Sharma Oli and former home minister Ramesh Lekhak in connection with the alleged suppression of the Gen Z protests, while the Department of Money Laundering Investigation and police intensified scrutiny of former prime ministers Sher Bahadur Deuba, K P Sharma Oli and Pushpa Kamal Dahal. The probe expanded after preliminary enquiries and the arrest of former minister Deepak Khadka in a money laundering case, with allegations of financial benefits for facilitating licences and contracts and forensic confirmation of burnt banknote fragments.
March 30, 2026
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Public interest refusal for tax information requests through Form 091 by the designated Income-tax authority.
Form 091 is the prescribed income-tax form used by the designated Income-tax authority to refuse furnishing information sought under section 258(2)(a) of the Income-tax Act, 2025, where disclosure is not considered to be in the public interest. It is issued only after an information request is received and declined, applies separately for each tax year, and is authenticated by the authority's signature, name, and designation without requiring an official seal.
March 30, 2026
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Insolvency code amendments tighten timelines, add creditor-initiated resolution, and curb frivolous delays in the process.
Insolvency and Bankruptcy Code amendments introduce stricter timelines, an out-of-court creditor-initiated resolution mechanism, and an enabling framework for group and cross-border insolvency. The revised framework replaces the underutilised fast-track route with a creditor-initiated insolvency process based on debtor-in-possession and creditor-in-control principles, subject to safeguards and defined timelines. The amendments also provide deterrent measures against abuse of process, including penalties for vexatious and frivolous proceedings, and seek to protect the integrity of the resolution system by discouraging delay-causing litigation.
March 30, 2026
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Non-availability of information intimation under Form 90 is issued electronically after record verification and DIN authentication.
Form 90 is the electronic intimation issued by the designated Income-tax authority under section 258(2)(a) of the Income-tax Act, 2025, where requested information is unavailable in departmental records or no assessment has been made for the relevant tax year. It is generated after verification of records, authenticated through the Department's system with DIN, and includes the application reference, assessee name, and mandatory tax year. The form is event-based, has no fixed periodicity or due date, and standardises the term tax year for clear and traceable communication.
March 30, 2026
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Non-availability of information intimation under income tax law through Form 090 communicates missing records, not rejection.
Form 090 is the prescribed intimation used by the designated Income-tax authority to communicate that information sought under section 258(2)(a) of the Income-tax Act, 2025 is not available in departmental records for the specified tax year. It is issued electronically after verification of records, is event-based, and must be furnished separately for each tax year. The form requires the exact tax year, recipient details, DIN and date, application reference, assessee name, and a statement confirming non-availability of information or that no assessment has been made.
March 30, 2026
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Electronic information disclosure under the Income-tax Act, 2025 uses Form 89 for structured, traceable furnishing or refusal.
Form 89 is the electronic statutory form used by the designated Income-tax authority to furnish permissible information in response to a valid application by an authorised public authority under section 258(2)(a) of the Income-tax Act, 2025, for a specified assessee and a single tax year. It is an event-based form, furnished through the Department's system with DIN and system-generated authentication, and is linked to the corresponding application in Form 88. The form contains assessee particulars in Part A and disclosure-limited information details in Part B, and it also allows recording of refusal, wholly or partly, where disclosure is not considered to be in the public interest.
March 30, 2026
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Taxpayer information disclosure under authorised application governs Form 089, with electronic furnishing and limited, confidential disclosure.
Form 089 is the statutory online form used by designated income-tax authorities to furnish taxpayer-related information in response to a valid application made by an authorised public authority under section 258(2)(a) of the Income-tax Act, 2025. It is tax-year specific, furnished electronically, and may be used only for information available in departmental records and within the permissible scope of disclosure. The authority may refuse disclosure for unauthorised, invalid, incomplete, or overbroad requests, and the reasons must be recorded electronically.
March 30, 2026
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Assessee information requests under the Income-tax Act now require online Form 88 filing by authorised public authorities only.
Form 88 is the prescribed application for obtaining information about an assessee under Section 258(2)(a) of the Income-tax Act, 2025. It is available only to authorised public authorities, including regulatory and law-enforcement agencies, government departments authorised under Rule 155, and other competent authorities empowered by the Central Government. A separate application is required for each assessee and each tax year; consolidated requests are not allowed. The form must be filed online through the e-Filing portal with electronic verification and supporting documents uploaded electronically.
March 30, 2026
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E-commerce duty moratorium ends unresolved as WTO members defer tariff and TRIPS safeguards talks.
The World Trade Organization meeting ended without consensus on extending the moratorium on customs duties on electronic transmissions, leaving the issue of tariffs on digital downloads and streaming unresolved. The lapse of the moratorium also coincided with the expiry of the TRIPS non-violation complaint safeguard, increasing the possibility of challenges to WTO-compliant measures and reducing policy space for developing countries. Related WTO reform and e-commerce work programme discussions were also deferred for continued negotiation in Geneva.
March 30, 2026
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Insolvency and bankruptcy reform drives banking health, with proposed changes aimed at faster admission of resolution applications.
The Insolvency and Bankruptcy Code is described as a central mechanism for improving banking sector health through recovery of non-performing assets under the insolvency resolution process. The proposed amendment Bill seeks further changes to the framework, including measures to reduce the time taken for admission of insolvency resolution applications, while the resolution process is said to have coincided with better company performance and improved corporate governance.
March 30, 2026
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Taxpayer information requests under Form 088 require authorised filing, specific grounds, separate tax year submissions, and electronic portal authentication.
Form 088 is the online application used by authorised public authorities, regulatory bodies, law-enforcement agencies, and other competent authorities to seek specific taxpayer information under Section 258(2)(a) of the Income-tax Act, 2025. It must be filed separately for each taxpayer and each tax year through the e-Filing portal, with narrowly framed particulars, stated reasons, and supporting authorisation where necessary. Incomplete, overbroad, or unauthorised requests may be returned or rejected, and communications are issued electronically with portal-based status tracking.
March 30, 2026
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Tonnage Tax Scheme audit report filing requires accountant certification, supporting annexures, and electronic submission within the specified date.
Form No. 81 is prescribed for furnishing the audit report under section 232(21) for a company that has opted for taxation under the Tonnage Tax Scheme. The report, prepared and certified by an accountant, verifies books of account, computation of shipping income, compliance with charter-in limits, and other statutory conditions. It is to be furnished on or before the specified date and may include annexures such as charter arrangement certificates, related party notes, asset notes, and loss statements.
March 30, 2026
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Tonnage Tax Scheme reporting requires accountant certification, separate books, and detailed disclosure of shipping income and compliance.
Form 81 is an accountant's report for a company opting for the Tonnage Tax Scheme, certifying the correctness of books of account and income computation for qualifying ships. It requires separate books, disclosure of charter-in compliance, shipping income, statutory reserve details, ship-wise tonnage income, related party transactions, depreciation, non-exclusive assets, and losses, with mandatory annexures where applicable and reasons for any negative or qualified answers.
March 30, 2026
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Tonnage Tax Scheme option filing requires Form 80, supporting vessel documents, and electronic verification of eligibility.
Form No. 80 is the prescribed electronic application for an Indian company engaged in operating ships or inland vessels to exercise or renew the option to be governed by the Tonnage Tax Scheme. It requires particulars of the applicant, ships or inland vessels, supporting certificates and approvals, and is used to verify whether the statutory conditions for coverage under Chapter XII-G are satisfied.
March 30, 2026
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Tonnage tax scheme application rules govern Form 80 filing, renewal, verification, completeness, and false statement liability.
Form 80 is the mandatory application for an eligible Indian company engaged in the operation of ships or inland vessels to exercise or renew the option under the tonnage tax scheme. The form must be filed within the prescribed time, includes Part A for all cases and Part B only for renewal, and requires detailed ship-wise particulars with supporting annexures. It is filed with the jurisdictional Joint Commissioner and must be signed by the authorised signatory. Incomplete applications may be treated as invalid, and false statements in the form or annexures attract prosecution.
March 30, 2026
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Pass-through taxation reporting for investment funds through Form 79, with unit holder income disclosure and auto-generated statements.
Form 79 is the consolidated annual statement for Investment Funds to report income paid or credited to unit holders under the pass-through taxation framework. Eligible Category I or Category II AIFs, and comparable IFSCA-regulated funds subject to the stated conditions, must file it annually by 15 June with detailed fund-level income, loss, set-off, and unit holder-wise distribution particulars. The form requires verification by both an authorised person and a qualified accountant, and its filing triggers auto-generation of Form 78 statements for unit holders.
March 30, 2026
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Investment fund income distribution reporting requires Form 79 filing online with supporting records and prescribed timelines.
Form 79 is the statement of income paid or credited by an investment fund to persons liable to tax on such income, and it must be filed by the person responsible for making the payment or credit on behalf of the fund. The statement is to be submitted online through the Income Tax e-filing portal by 15 June of the financial year following the tax year, with supporting records including audited financial statements, unit holder details, income distribution data, loss set-off computations, and the relevant registration certificate.

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News and Press Release

110th Meeting of Network Planning Group under PM GatiShakti evaluates key Infrastructure projects

March 21, 2026

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NPG evaluates projects from Ministry of Railways, Ministry of Housing and Urban Affairs, Ministry of Road, Transport and Highways

The 110th meeting of the Network Planning Group (NPG) was convened at the Department for Promotion of Industry and Internal Trade (DPIIT) to evaluate infrastructure projects. The meeting focused on enhancing multimodal connectivity and logistics efficiency in alignment with the PM GatiShakti National Master Plan (PMGS NMP). The NPG evaluated 02 Rail projects, 02 Metro projects, 02 Road and Highway projects for their conformity to the PM GatiShakti principles of integrated multimodal infrastructure, last-mile connectivity to economic and social nodes and ‘Whole of Government’ approach. These initiatives are expected to boost logistics efficiency, reduce travel times, and deliver significant socio-economic benefits to the catchment areas of the project. The evaluation and anticipated impacts of these projects are detailed below:

Doubling of Rail line from Arakkonam to Chengalpattu (Tamil Nadu)The Ministry of Railways has proposed the doubling of the existing single broad-gauge railway line between Chengalpattu (CGL) and Arakkonam (AJJ) in Tamil Nadu. The project spans approximately 67.794 kilometres and passes through the districts of Chengalpattu, Kanchipuram, and Ranipet under the administrative jurisdiction of the Chennai Division of Southern Railway. The alignment covers 12 stations, including the junction stations at Chengalpattu and Arakkonam, five crossing stations, and five halt stations along the route.

The proposed doubling aims to enhance line capacity, improve operational efficiency, and facilitate smoother movement of passenger and freight traffic along this important corridor. The project is expected to reduce congestion, minimize delays, and strengthen regional connectivity, supporting economic growth and improved rail services across the region.

Proposed Quadrupling between Whitefield and Bangarpet Stations (Karnataka): The Ministry of Railways has proposed the construction of a double line between Whitefield and Bangarpet stations in Karnataka, covering approximately 47 km. The proposed quadrupling of the Whitefield–Bangarpet section is aimed at significantly enhancing logistics efficiency along the Bengaluru–Chennai corridor. Under the plan, the existing double line will be prioritized for passenger services, while the additional two lines will primarily handle freight traffic, reducing detention, improving punctuality, and augmenting overall line capacity.

This strategically important corridor provides vital inter-state connectivity between Karnataka and Tamil Nadu and supports substantial freight movement. The project is expected to lower transportation costs and enhance the global competitiveness of Indian industry by facilitating efficient movement of containerized EXIM cargo, steel, cement, petroleum products, fertilizers, and agricultural produce. With support from key freight terminals and sidings, the initiative will strengthen supply chains, optimize logistics operations, and contribute to sustained industrial and regional economic growth.

Ministry of Housing and Urban Affairs (MoHUA)

Mumbai Metro Line 11 (Anik Depot to Gateway of India) (Maharashtra): The Ministry of Housing and Urban Affairs has proposed the construction of Mumbai Metro Line–11 from Anik Depot to Gateway of India in Maharashtra, spanning a total length of 17.41 km. The fully underground corridor will feature multiple interchange stations connecting operational and upcoming metro lines, further strengthening the integrated metro network of approximately 337 km across the Mumbai Metropolitan Region. The alignment will provide high-capacity connectivity to key residential, commercial, institutional, and heritage areas of South and Central Mumbai, including Wadala, Byculla, Nagpada, Crawford Market, CSMT, Horniman Circle, and the Gateway of India.

The project is expected to deliver significant socio-economic benefits by easing road congestion and enhancing overall urban mobility. It will result in savings in travel time, vehicle operating costs, and fuel consumption, while also contributing to reduced road accidents and lower air pollution levels. The implementation of Metro Line–11 will substantially augment Mumbai’s public transport infrastructure and support the development of a more efficient, sustainable, and environmentally responsible urban transport system.

Pune Metro Rail Project Line-4B: Hadapsar-Loni Kalbhor and Line-4C: Hadapsar Bus Depot to Saswad Road (Maharashtra): The Ministry of Housing and Urban Affairs has proposed the development of Pune Metro Line–4 extensions (4B and 4C) in Maharashtra, covering a total length of 16.67 km. The proposed corridors are aimed at strengthening connectivity in Pune’s eastern and south-eastern regions by linking key residential, industrial, and emerging township areas along the Pune–Solapur Highway and Saswad Road, including Hadapsar, Manjari, Lonikalbhor, Phursungi, Bhekrai Nagar, and Wadki. Line–4B (Hadapsar–Lonikalbhor) will run along the Pune–Solapur Highway, while Line–4C (Hadapsar Bus Depot–Saswad Road) will extend along Saswad Road with seamless integration at Hadapsar.

The project is expected to significantly enhance Pune’s public transport infrastructure by improving connectivity with major bus depots and the Pune–Daund railway line. The extensions will facilitate smoother urban mobility, reduce road congestion and travel time, and contribute to lower vehicular emissions. The initiative will support sustainable urban growth and provide efficient, reliable public transport options for the expanding metropolitan region.

Ministry of Road, Transport and Highways (MoRTH)

Construction of 4 Lanning of Badnawar-Petlawad-Thandla-Timarwani from Badnawar Bypass  Timarwani Interchange of Delhi Mumbai expressway (NE-4)(Madhya Pradesh): The Ministry of Road Transport and Highways has proposed the four-laning of the 80.450 km Badnawar–Petlawad–Thandla–Timarwani corridor in Madhya Pradesh to enhance regional connectivity and strengthen economic integration. The upgraded highway will improve linkages between Badnawar, Petlawad, and Thandla and major cities including Ujjain, Dewas, Bhopal, Indore, Ratlam, Dahod, and Godhara, facilitating better access to essential services, markets, and employment opportunities.

The project will also provide seamless connectivity to the PM MITRA (Pradhan Mantri Mega Integrated Textile Region and Apparel) Park near Dotriya village in Dhar district, along with improved access to the Delhi–Mumbai Expressway and the Pithampur logistics hub. The enhanced corridor is expected to boost industrial growth, improve freight efficiency, and contribute significantly to the socio-economic development of the region.

Construction of FotuLa Tunnel with Approaches on NH-1(Ladakh): The Ministry of Road Transport and Highways has proposed the construction of the 2.65 km Fotu La Tunnel in the Union Territory of Ladakh to ensure reliable, all-weather connectivity along the Srinagar–Leh corridor (NH-01). The tunnel will bypass one of the highest and most weather-sensitive stretches of the highway, preventing frequent winter closures caused by heavy snowfall, avalanches, and black ice. The project is expected to reduce travel distance by approximately 8.5 km and cut travel time by around 23 minutes, significantly enhancing safety and operational efficiency.

Strategically important, the tunnel will facilitate uninterrupted movement of defence convoys and essential supplies, strengthening logistics along this critical route. It will also promote socio-economic development by ensuring stable connectivity between Leh, Kargil, and Srinagar, benefiting key locations such as Kargil, Khaltsi, Budhkharbu, Lamayuru, and Leh. Year-round access will improve connectivity to Leh Airport, support remote habitations, and drive sustained economic growth in Ladakh by maintaining continuous linkage with the rest of the country.

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