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March 27, 2026
States'€™ borrowing costs harden to over 8 pc tracking uptick in G-sec yields amid Middle East conflict
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State borrowing costs harden as bond yields rise, forcing partial bids and higher returns in volatile fixed-income markets.
States' borrowing costs hardened in a State Development Loan auction as cut-off yields rose across long-term maturities, with several securities moving above 8 per cent. The increase tracked a broader rise in government bond yields amid global oil price pressures, inflationary concerns and weakness in the rupee, causing some states to accept only partial borrowing amounts or reject bids. The report notes that higher bond yields may keep borrowing costs elevated and increase volatility in fixed-income markets.
March 27, 2026
Bank loan 'fraud': ED files chargesheet against ex-RCOM executive Punit Garg
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Money laundering proceedings over bank loan fraud allegations include diversion of proceeds through offshore entities and property transactions.
Money laundering proceedings under the Prevention of Money Laundering Act concern a former senior executive of Reliance Communications and another accused in an alleged bank loan fraud case. The allegations include concealment, layering and diversion of proceeds of crime through foreign subsidiaries and offshore entities, purchase and sale of a Manhattan condominium during the insolvency process, and routing of sale proceeds through an asserted sham investment arrangement. The allegations also include personal diversion of funds for overseas education-related payments.
March 27, 2026
Form No. 66 – Frequently Asked Questions
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Minimum alternate tax and book profit reporting through Form 66, with CA certification, exemptions, and MAT credit rules.
Form No. 66 is the prescribed electronic statement for furnishing details of book profit and minimum alternate tax under section 206(1) of the Income-tax Act, 2025. It applies to companies where normal tax is lower than the minimum tax, must be filed along with the return of income, and requires certification by an Accountant/Chartered Accountant. The FAQ explains book-profit adjustments, MAT credit, exemptions, Ind-AS transition amounts, and the consequences of incorrect or missing filing.
March 27, 2026
Guidance note - Form 65
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Patent box regime filing through Form 65 enables eligible resident assessees to opt for concessional royalty taxation.
Form 65 is the prescribed application for an eligible resident assessee to exercise the option under Section 194(1) of the Income-tax Act, 2025 for royalty income from a patent developed and registered in India. It relates to the concessional 10% tax rate under the patent box regime and requires the assessee to forgo deductions or allowances against such royalty income. The form is filed electronically by the return-filing due date, with patent details, royalty particulars, expenditure information and verification requirements.
March 27, 2026
FORM 65 - Frequently Asked Questions (FAQs)
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Concessional royalty taxation under Form 65 requires resident eligibility, electronic filing, and a five-year lock-in period.
Form 65 is the prescribed income-tax application by which a resident assessee opts for concessional taxation on royalty income from a patent developed and registered in India. The form enables taxation at a flat 10% rate on gross royalty, with surcharge and cess, subject to conditions including denial of deductions, Indian patent registration, and development in India. The option must be filed electronically by the return due date, cannot be revised or withdrawn for that year, and carries a five-tax-year lock-in.
March 27, 2026
Guidance note - Form 61
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Tax deduction verification through Form 61 requires e-filing, irrevocable authorisation, and proof of transmission to the financial institution.
Form No. 61 is an irrevocable authorisation enabling tax authorities to obtain information and records from a financial institution in a Notified Jurisdictional Area for verifying deduction claims on payments made to that institution. It is filed once for the tax year before the income-tax return due date, through the e-filing portal, with details of the institution, payment, supporting documents, and proof that the first copy has been deposited or transmitted. The assessee must send the first copy to the institution and submit the second copy with proof to the Assessing Officer.
March 27, 2026
Form No. 61 – Frequently Asked Questions
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Notified jurisdictional area disclosures: Form 61 authorisation enables tax authorities to access financial records for deduction verification.
Form No. 61 is an irrevocable authorisation enabling the Central Board of Direct Taxes and designated income-tax authorities to obtain information and records from a financial institution located in a notified jurisdictional area for the purpose of claiming deduction in respect of payments made to such institution. The form must be filed once for the relevant tax year before the due date for filing the income-tax return, through the e-filing portal, and verified by DSC or EVC as applicable. The assessee must submit the first copy to the financial institution and the second copy with proof to the Assessing Officer, while waiving privacy, data protection and banking secrecy protections.
March 27, 2026
Excise duty cut on petrol, diesel; hike in export duties to cost exchequer Rs 5,500 cr in fortnight
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Excise duty reduction and export duty hike reshape fuel pricing to ease under-recoveries and protect domestic supply.
Excise duty on petrol and diesel has been reduced, while export duty on diesel and aviation turbine fuel has been increased, to address under-recoveries of oil marketing companies, support domestic fuel availability, and limit consumer price pressure amid volatility in global oil markets. The revised rates are stated to operate on a fortnightly review basis, with the policy rationale emphasising energy security, domestic supply prioritisation, and response to disrupted international crude and product markets.
March 27, 2026
Guidance note - Form 60
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International group reporting designation requires Form No. 60 for appointing the entity that files the Country-by-Country Report.
Form No. 60 is the intimation to be furnished on behalf of an international group having multiple constituent entities resident in India for designating a single constituent entity to file the Country-by-Country Report in Form No. 59. The form requires particulars of the international group, the parent entity, the designated constituent entity, and the other constituent entities resident in India, including name, address and PAN details. It is to be filed as an e-form through the income tax e-filing portal, at least 30 days before the due date for Form No. 59, followed by preview and e-verification before submission.
March 27, 2026
Guidance note - Form 59
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Country-by-Country reporting compliance for international groups, covering filing triggers, due dates, and e-form submission requirements.
Form No. 59 is the prescribed e-form for filing the Country-by-Country Report of an international group. It applies to a resident parent entity or alternate reporting entity where the consolidated group revenue exceeds the prescribed threshold, and in specified cases to a resident constituent entity where the parent is not required to report, there is no exchange arrangement with India, or a notified systemic failure exists. The report is ordinarily due within twelve months from the end of the reporting accounting year, with a shorter period in cases involving notified systemic failure. The form captures entity particulars, tax jurisdiction details, constituent entity data, and additional information.
March 27, 2026
Guidance note - Form 58
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Country-by-country reporting intimation by Indian constituent entities sets out the reporting entity and filing location for the group report.
Form No. 58 is an intimation by every constituent entity resident in India, where the parent entity of the international group is not resident in India, regarding whether it is an alternate reporting entity and, if not, the details of the parent entity or alternate reporting entity and their country or territory of residence. The form informs the income-tax authorities where the Country-by-Country Report will be filed and must be submitted two months before the due date for furnishing that report.
March 27, 2026
India's forex reserves drop USD 11.41 billion to USD 698.346 billion: RBI data
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Foreign exchange reserves decline as gold holdings fall, while foreign currency assets rise in RBI data.
India's foreign exchange reserves declined during the week ended March 20, 2026, falling by USD 11.413 billion to USD 698.346 billion, according to RBI data. The drop was attributed mainly to a sharp reduction in gold reserves, even as foreign currency assets increased during the reporting week. The RBI data further showed that the value of gold reserves decreased significantly, Special Drawing Rights were lower, and India's reserve position with the IMF increased marginally.
March 27, 2026
HIGHLIGHTS
Show AI Summary
Live-in relationship and judicial vacancies draw legal attention as high court and chief justice address key issues.
The Allahabad High Court stated that a married man living in a consensual live-in relationship with an adult woman does not amount to a criminal offence under law. The Bombay High Court dismissed a petition seeking a CBI probe against Reliance Industries Limited and Mukesh Ambani over alleged unlawful gas extraction. Separately, the Chief Justice of India urged high courts to expedite filling judicial vacancies, with special focus on elevating women judges.
March 27, 2026
Guidance note - Form 57
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Designated constituent entity intimation under income tax rules governs filing of Form 57 for international group reporting
Form No. 57 is an intimation by a designated constituent entity of an international group for the purposes of section 171(4), to be furnished under Rule 123 of the Income-tax Rules, 2026 when more than one constituent entity is required to file Form No. 56. The designated entity may file the form if the group has appointed it for compliance, and the intimation must be made at least 30 days before the due date for Form No. 56. The form captures particulars of the designated entity, the international group, the parent entity and the accounting year, and is filed online through the e-filing portal.
March 27, 2026
Guidance note - Form 56
Show AI Summary
Transfer pricing master file reporting requires constituent entities to disclose group details, thresholds, and supporting information electronically.
Form No. 56 (Master File) is an income-tax reporting document prescribed under Rule 123 of the Income-tax Rules, 2026 and section 171 of the Income-tax Act, 2025 for transfer pricing transparency. It applies to a constituent entity of an international group where the consolidated group revenue exceeds INR 500 crore and the aggregate value of international transactions exceeds INR 50 crore, or international transactions involving intangible property exceed INR 10 crore. Part A must still be furnished even if those conditions are not met. The form is filed by the due date for the return of income.
March 27, 2026
PLI Scheme disburses ₹15,554 crore in electronics and ₹2,377.56 crore in automobile sector incentives
Show AI Summary
Production Linked Incentive schemes strengthen domestic manufacturing, expand exports, and build supply chain resilience across key sectors.
Production Linked Incentive schemes across 14 sectors are being implemented to strengthen domestic manufacturing, attract investment, promote exports and generate employment. As of 31 December 2025, the schemes had cumulatively attracted investments of over Rs.2.16 lakh crore, generated production and sales of over Rs.20.41 lakh crore, supported exports of over Rs.8.3 lakh crore and created employment for more than 14.39 lakh persons across the covered sectors. The electronics and automobiles sectors have received incentive disbursements and reported incremental production through participating companies. The schemes are said to expand domestic manufacturing capacity, reduce import dependence and improve supply chain resilience. The policy framework is supplemented by initiatives for semiconductor development, electronics component manufacturing, logistics efficiency, rare earth magnet manufacture and critical mineral supply security.
March 27, 2026
PLI Schemes attract over ₹2.16 lakh crore investment, drive ₹20.41 lakh crore production and generate 14.39 lakh jobs
Show AI Summary
Production Linked Incentive schemes boost manufacturing, investment and jobs across key sectors under Make in India.
Production Linked Incentive schemes under the Make in India initiative are stated to incentivize incremental production and sales across 14 sectors, expand manufacturing capacity, and attract fresh investment within a wider industrial policy framework. The schemes are stated to have generated investments exceeding Rs.2.16 lakh crore, production and sales exceeding Rs.20.41 lakh crore, and over 14.39 lakh direct and indirect jobs, while also supporting exports, reducing import dependence, and strengthening domestic manufacturing.
March 27, 2026
India's Life Insurers Pay ₹6.30 Lakh Crore in Benefits in FY25 To Emerge as A Pillar of Household Financial Security
Show AI Summary
Life insurance strengthens household financial security as insurers pay benefits, maintain solvency, and address the protection gap.
India's life insurance sector is presented as a major pillar of household financial security, with insurers paying substantial benefits in FY25 and supporting protection, retirement planning, wealth creation, and liquidity across life stages. The text says policyholders increasingly use proceeds for lifecycle goals such as education, home purchase, travel, and reinvestment into other life insurance products, reflecting broader use of policy benefits beyond protection. It also states that insurers remain above solvency thresholds, supported by asset-liability matching and strong solvency margins, while awareness efforts continue to address the protection gap.
March 27, 2026
Fadnavis praises PM for excise cut; warns against hoarding, rumour-mongering
Show AI Summary
Excise duty cut and anti-hoarding warnings aim to protect fuel supply and prevent artificial shortages.
Excise duty on petrol and diesel was reduced to cushion consumers against rising crude prices, with oil companies said to absorb the burden without passing it on. Public warnings were issued against panic buying, hoarding, and rumour-mongering, including false claims of a nationwide lockdown, on the ground that such conduct could create an artificial shortage and disrupt supply.
March 27, 2026
China opens investigations into US trade practices in response to Trump tariff moves
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Trade retaliation escalates as China opens investigations into US restrictions on goods, technology, and green energy exports.
China launched two investigations into US trade practices in response to recent tariff-related investigations announced by the United States. One probe concerns US policies restricting Chinese goods and advanced technology exports, while the other concerns barriers affecting Chinese green energy exports. The investigations are expected to last six months, with a possible three-month extension if necessary.

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FEMA & RBI

RBI, IRDAI and SEBI Intensify Measures to Help Citizens Reclaim Unclaimed Deposits

March 24, 2026

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Simplified claim processes, digital portals and regulatory reforms enhance access, transparency and faster claim settlement

Unclaimed financial assets amounting to ₹5,777 crore returned across 22.95 lakh claims under “आपकी पँजूी, आपका अधिकार – Your Money, Your Right” nationwide campaign

The Financial Sector Regulators namely, Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), and Securities and Exchange Board of India (SEBI) have informed that as on 28.02.2026, the unclaimed amount transferred by Public Sector Banks (PSBs) to the Depositor Education and Awareness (DEA) Fund of RBI is ₹ 60,518 crore (as on 31.1.2026). Further, the unclaimed insurance amount outstanding with the insurers is ₹ 8,973.89 crore(as on 28.2.2026). Also, the value of unclaimed amounts in mutual funds under SEBI regulations is ₹ 3,749.34 crore(as on 28.2.2026).

In order to ensure timely identification of rightful claimants, reducing both the existing stock of unclaimed financial assets as well as the fresh accretion to it and to simplify and expedite the claim process for citizens, various measures have been undertaken by the Financial Sector Regulators, including, inter alia, the following:

(i) The RBI has issued comprehensive directions on settlement of claims in respect of deceased customers of banks, now consolidated under the RBI Responsible Business Conduction Directions, 2025, and an incentive scheme effective from 1.10.2025 providing a payout of 5% - 7.5% of the unclaimed deposit amount (subject to a cap) for successful settlement of claims. Banks have also been advised to undertake periodic drives to trace depositors or nominees or legal heirs, publish lists of unclaimed deposits and conduct awareness campaigns. The Banking Laws (Amendment) Act, 2025 has enabled multiple nominations in bank accounts, including successive and simultaneous nominations up to four. Further, the Indian Banks’ Association (IBA) has introduced a Common Application Form and SOP for settlement of unclaimed deposits through a dedicated portal of banks.

(ii) IRDAI has informed that the collection of details of proposer as well as nominee are mandated and are required to be collected at the proposal stage itself. Insurers have been advised to initiate all possible measures to reach out to their customer regularly by sending advance intimation about their claims due and to enhance their efforts in tracing the rightful recipient of unpaid amounts and ensure efficient disbursement of the same. Further, the SOPs, FAQs and awareness videos are made available on IRDAI website.

(iii) SEBI has introduced multiple measures to simplify transmission procedures, including promotion of nomination, simplified documentation for claims up to ₹5 lakh, and availability of detailed guidelines, including required forms and documents for various scenarios on the Association of Mutual Funds in India website. Further, as per as per SEBI’s Master Circular on Mutual Funds, dated 27.6.2024, AMCs are required to implement the image-based processing for nominee/joint holder claims to improve turnaround time and establish a dedicated help desk and webpage to assist investors in the transmission process.

Further, with the objective of enabling citizens to trace and claim their unclaimed financial assets in a simplified manner, the Department of Financial Services organised a nationwide campaign titled “आपकी पँजूी, आपका अधिकार– Your Money, Your Right” during October– December 2025 in coordination with RBI, SEBI, IRDAI. Special camps were organised in 748 districts, and as on 28.2.2026, unclaimed financial assets amounting to ₹5,777 crore relating to 22.95 lakh claims have been restituted to their rightful owners.

In terms of the DEA Fund Scheme, 2014, banks are mandated to transfer the credit balance in accounts which have not been operated upon for a period of 10 years or more, to DEA Fund. Further, the total amount of unclaimed deposits due to depositors which have been transferred to DEA Fund, form part of Contingent Liability (as off- balance sheet item) of the respective banks.

RBI has developed the Centralised Web Portal UDGAM (Unclaimed Deposits – Gateway to Access InforMation), which facilitates the registered users to search unclaimed deposits/ accounts across multiple banks at one place. RBI has informed that as on 1.3.2026 there are 18.86 lakh registered users on the UDGAM Portal.

IRDAI’s Bima Bharosa portal and SEBI’s MITRA platform have been developed for tracing unclaimed insurance proceeds and mutual fund amounts, respectively. Further, RBI has constituted an Inter-Regulatory Working Group to develop a single integrated web portal enabling citizens to search and claim their unclaimed financial assets.

This information was given by the Minister of State in the Ministry of Finance Shri Pankaj Chaudhary in Rajya Sabha today.

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