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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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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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PM Modi says will overcome West Asia crisis like Covid; stresses on dialogue, diplomacy to end conflict

March 23, 2026

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New Delhi, Mar 23 (PTI) Prime Minister Narendra Modi on Monday said the difficult global conditions caused by the West Asia conflict are likely to persist for a long time and called upon the nation to remain prepared and united, just as it had stood together during the COVID-19 pandemic.

In a statement in the Lok Sabha, PM Modi addressed concerns related to the impact on fuel, fertilisers, national security and other areas in India as well on its nationals residing in the West Asia region, detailing steps taken by the government to ensure that "ordinary families face as little trouble as possible", and said a unanimous voice should go out to the world from India's Parliament on this crisis.

Reaffirming India's unwavering commitment to humanity and peace, the prime minister said the dialogue and diplomacy remain the only path to resolution and every Indian effort is directed at de-escalation and the cessation of hostilities.

Informing the House that he has engaged with all relevant West Asian leaders and urged them to reduce tensions and end the conflict, Modi emphasised that attacks on commercial ships and obstruction of international waterways like the Strait of Hormuz, through which 20 per cent of the world's energy is transported, are"wholly unacceptable".

He said endangering any life in this war runs counter to the interests of humanity and "India's effort is to encourage all parties to arrive at a peaceful resolution as soon as possible".

On India's diplomatic response to the West Asia conflict, the Prime Minister said India's stand has been clear from the very beginning, when the US and Israel attacked Iran and the latter retaliated by targeting its Gulf neighbours and Israel, "one of expressing deep concern, advocating de-escalation, and opposing attacks on civilians and on energy and transport infrastructure".

"India, through diplomacy, is making continuous efforts for the safe passage of Indian ships even amidst the war environment. Due to such efforts, several of our ships that were stuck in the Strait of Hormuz have also arrived in India in recent days," he said.

The prime minister also drew the attention of the House to the internal security dimension of the crisis, warning that certain elements attempt to exploit such situations.

He said all security agencies have been placed on alert and that security across all domains, coastal, border, cyber, and strategic installations, is being further strengthened.

"Whether it is coastal security, border security, cyber security, or strategic installations, the security of all is being reinforced," he said.

Urging patience, restraint, and vigilance, and cautioning against those who may seek to exploit the situation by spreading falsehoods, engaging in black-marketing, or hoarding, Modi appealed to all state governments to ensure strict monitoring and swift action against such elements.

Expressing his abiding faith in the collective resolve of the nation, the Prime Minister said that when every government and every citizen of this country walk together, "we can challenge every challenge, this is our identity, and this is our strength".

The prime minister remarked that the difficult global conditions caused by this war are likely to persist for a long time and called upon the nation to remain prepared and united, just as it had stood together during the COVID-19 pandemic.

The prime minister said the crisis has been going on now for more than three weeks and it is having a very adverse impact on the global economy and on people's lives. The entire world is urging all parties for the earliest resolution of this crisis, he said.

This region is important to India for yet another reason, as nearly one crore Indians live and work in the Gulf countries and among the commercial ships that sail in these seas, the number of Indian crew members is also very high, he said.

"India's concerns are naturally greater, and therefore it is essential that a united and unanimous voice goes out to the world from India's Parliament on this crisis," he said.

Modi underscored how the energy diversification strategy pursued over the past decade has proven its worth in the current crisis.

He informed the House that India has expanded its energy import sources from 27 countries to 41 countries over the past 11 years, thereby reducing dependence on any single region.

Emphasising the foresight of this approach, Modi said in today's circumstances, the steps taken over the past decade regarding energy security have become even more relevant.

Modi said India has more than 5.3 million metric tonnes of strategic petroleum reserves, and the country is also working on arrangements for more than 6.5 million metric tonnes of storage.

Apart from this, he said, there are reserves held by the domestic oil companies.

"In the last 11 years, our refining capacity has increased significantly, and the government is in constant touch with suppliers from different countries. The effort is to ensure that oil and gas supplies continue from wherever possible," he said.

Highlighting the scale of the evacuation effort, the Prime Minister said more than 3,75,000 Indians have safely returned to India since the war began, including approximately 1,000 Indians from Iran alone, of whom over 700 are young medical students.

Addressing the broader economic ramifications, Modi acknowledged that energy is the backbone of the modern economy and that West Asia is a major source for global energy needs, making the current crisis a challenge for economies worldwide.

He said the government is working with a comprehensive short-term, medium-term, and long-term strategy, supported by strong economic fundamentals, sector-specific stakeholder consultations, and a dedicated Inter-Ministerial Group that meets daily to assess and resolve every difficulty in India's import-export chain.

"I am fully confident that through the joint efforts of the government and industry, we will be able to face these circumstances effectively," he said.

The prime minister said, unfortunately, several lives were lost and some people were injured during the conflict and their families are being given the necessary help, and treatment of the injured is being ensured.

He said another question is the impact of the war on agriculture, but the good part is that the country's farmers have filled the food grain reserves, so India is well prepared in terms of food security.

"We are also making efforts to ensure that the Kharif sowing takes place properly. For this, the government has made adequate arrangements for fertilisers to deal with any emergency. In the past as well, our government did not let any global crisis impact our farmers," he said.

Modi said that as the summer season has begun in India, electricity demand has increased, but all power plants in the country have adequate coal stock available.

"India has created a record by producing more than 1 billion tonnes of coal for the second consecutive year. In the last decade, the country has also taken major steps towards renewable energy," he said. PTI GJS NAB ACB RT

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