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    India’s Foreign Exchange Markets: Getting ready for the next Decade [Keynote Address delivered by Deputy Governor Shri Rohit Jain on the Annual Day ...
    Govt rejects ethanol link to sugar price surge, says duty free imports allowed to curb prices
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August 21, 2026
Show AI Summary
Foreign exchange market modernisation prioritises delegated decisions, customer transparency, digital workflows, local-currency settlement and accountable risk management.
Foreign exchange market modernisation advances a facilitative, principles-based framework based on delegated decision-making by Authorised Dealers, risk-based reporting, and customer-centric service standards. Authorised Dealers must apply clear internal policies, avoid unnecessary documentation, disclose charges, timelines and grievance mechanisms, and ensure consistent treatment of comparable transactions. Local-currency settlement requires viable trade corridors, competitive hedging, correspondent relationships and robust AML/CFT controls. Digital workflows, electronic trading and reporting infrastructure should improve transparency and resilience, while automated tools remain subject to explainability, review and data-protection safeguards.
August 21, 2026
Show AI Summary
Sugar price containment measures restrict stockholding, permit duty-free imports, and strengthen inventory verification to deter hoarding.
Sugar price containment measures include stock limits for dealers, consumption-based inventory restrictions for bulk consumers, duty-free raw sugar imports, and physical verification of mill stocks to prevent hoarding and artificial scarcity. Price increases are attributed to lower domestic output, festive demand, crop damage, tighter global supplies, and speculation rather than sugar diversion for ethanol. Earlier crushing is advised to improve seasonal availability, while the ethanol programme supports management of sugar surpluses, mill liquidity, and timely sugarcane payments.
August 21, 2026
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Cross-border insolvency enforcement constrains asset recovery as Evergrande liquidation, founder asset confiscation, and audit-related claims continue.
Evergrande's insolvency process involves liquidation proceedings for its mainland property-development unit and its Hong Kong-listed holding company. Cross-border recovery is constrained by separate Hong Kong and mainland China legal systems, particularly because most operational assets are located in mainland China. Liquidators are pursuing asset-tracing and recovery measures against the founder and connected persons, as well as claims concerning pre-collapse audits. Investigations identified revenue overstatement through manipulated financial data. Creditor recoveries are expected to be limited due to substantial liabilities and constraints on asset realisation.
August 21, 2026
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Foreign exchange reserves rose through higher currency assets and gold holdings amid measures to attract external forex inflows.
India's foreign exchange reserves increased during the reporting week, led by higher foreign currency assets and gold reserves. Foreign currency assets include the dollar-value effects of movements in non-US currencies held as reserves. Special drawing rights declined marginally, while the reserve position with the International Monetary Fund increased marginally. Concessional swap arrangements formed part of measures to attract foreign-exchange inflows, while earlier reserve movements were linked to rupee pressure and dollar-sale intervention in the foreign-exchange market.
August 21, 2026
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Incremental tariff recovery aligns airport user charges with completed infrastructure, preventing passengers from funding non-operational capital projects prematurely.
User development fees and airport tariffs for Bengaluru International Airport have been revised for the April 2026 to March 2031 control period. The incremental Average Revenue Requirement framework excludes costs of identified high-value capital projects from tariffs until the relevant assets are completed, commissioned and available for users. Incremental tariff recovery may begin only upon operational availability, aligning charges with infrastructure use, reducing premature recovery risk for passengers and airlines, and encouraging timely completion of major capital works.
August 21, 2026
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Customer experience analytics enables banks to convert real-time feedback into operational improvements across high-value customer journeys.
Customer experience analytics is used in banking to transform customer data and real-time feedback into operational improvements across key customer journeys. Operational teams retain responsibility for strategy and execution, supported by in-house analytics and technology platforms for multi-channel journey mapping, journey analytics and prioritisation of high-value customer segments. AI-driven customer experience management tools capture customer signals, analyse journey performance and operationalise actionable insights across teams.
August 21, 2026
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Predicate-offence dependency limits retrospective addition of old FIRs to preserve money-laundering proceedings after the original scheduled offence is closed.
Predicate-offence dependency under the Prevention of Money Laundering Act requires an ECIR to rest on a subsisting scheduled offence. Closure of the FIR forming its basis through an accepted cancellation report prevents continuation of money-laundering proceedings unless that closure is overturned. A previously registered FIR cannot be belatedly added merely to preserve an existing ECIR and coercive powers. Where statutory requirements are met, an independently registered ECIR may be required. Expansion of an ECIR cannot rest solely on tenuous factual links between successive disputes.
August 21, 2026
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Indian rupee export invoicing rules now permit overseas contracts and invoices in rupees or foreign currency for eligible destinations.
Foreign Trade Policy provisions were amended to facilitate invoicing of overseas exports and receipt of export payments in Indian rupees. For exports to countries outside the Asian Clearing Union, export contracts and invoices may be denominated in Indian rupees or any foreign currency, replacing the earlier general requirement that export earnings be received in a freely convertible currency. The applicable requirements vary according to the destination country.
August 21, 2026
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Dealer inventory financing supports working-capital flexibility, vehicle inventory management and electric-vehicle network expansion for authorised dealers.
Dealer inventory financing is to be provided by Federal Bank to VinFast India's authorised dealer network under a memorandum of understanding. The tailored financing is intended to improve dealers' working-capital flexibility, support maintenance of vehicle inventory, strengthen operational capability, and enable timely response to demand as the electric-vehicle distribution network expands.
August 21, 2026
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Sugar supply pressures drive festive-season price increases as imports, stockholding limits and ethanol diversion shape market conditions.
Sugar prices in Bengal have risen sharply ahead of the festive season, with higher prices also affecting jaggery and other sugar-derived products. Supply constraints, mill stock releases, lower production in Brazil, ethanol diversion and possible hoarding have been identified as contributing factors. Raw-sugar imports have been permitted to augment availability, while stockholding restrictions limit inventories of specified bulk consumers. Lower projected closing stocks and possible future production effects from El Nino may sustain pressure on sugar availability and increase costs for sweetmeat producers.
August 21, 2026
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Foreign currency inflows and FCNR(B) deposits supported rupee sentiment, while oil prices and geopolitical risks constrained currency strength.
The rupee strengthened marginally against the US dollar as the dollar index softened, but elevated crude oil prices, geopolitical uncertainty, reduced foreign participation and net foreign equity outflows constrained currency sentiment. RBI measures to attract foreign currency inflows, including FCNR(B) deposits, were expected to generate substantial inflows, although these had not produced meaningful rupee strength. Energy-market disruption and restrictions on fuel exports through the Strait of Hormuz added to external-sector pressures.
August 21, 2026
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Sovereign security production priorities emphasise compliance, modernisation, employee innovation and operational excellence across currency, passport and coinage manufacturing.
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August 20, 2026
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Customs enforcement against suspected gold smuggling leads to baggage seizure and apprehension of the alleged intended receiver.
Customs officers intercepted an arriving passenger at the green channel on intelligence inputs and examined baggage after X-ray screening indicated suspicious images. The examination recovered two oval capsules containing gold paste concealed in the baggage. Interrogation indicated that an alleged receiver was waiting outside the airport to collect the suspected smuggled gold. Customs officers apprehended the alleged receiver, and further investigation remains underway.
August 20, 2026
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Provincial alcohol sales restrictions remain subject to economic impact assessment under proposed bilateral trade agreement negotiations.
Provincial control over alcohol distribution remains distinct from federal trade-making authority. Quebec retains authority over whether United States alcohol is offered through its government-controlled liquor distribution system, despite lacking a veto over a bilateral trade agreement. Federal requests to restore United States alcohol to retail shelves cannot compel provincial action. Proposed trade commitments also concern restrictions on United States agricultural products and Canada's dairy import regime, which applies lower tariffs within designated import volumes and higher duties beyond those volumes.
August 20, 2026
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Electoral-roll verification found no reported cases of specified foreign nationals receiving identity-linked benefits or voter registration.
Electoral-roll special intensive revision recorded no reported cases of Pakistani, Bangladeshi or Iranian nationals obtaining Aadhaar cards, ration cards, other government benefits, or voter registration. Illegal immigrants are identified through police monitoring, intelligence measures, specialised operations and a Special Task Force. Overstayers are recorded through the District Police Module and Foreigners Identification Portal and produced before Foreigners Regional Registration Officer authorities. Persons found to be residing illegally are reported to the concerned central divisions, proceeded against through registered cases, retained pending case disposal and exit permits, and subjected to deportation steps.
August 20, 2026
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Raw sugar tariff-rate quota permits duty-free imports while bulk consumers face consumption-based sugar stockholding limits.
Raw sugar imports are permitted duty-free under a tariff rate quota until 31 October 2026, with online allocation to eligible millers and refiners having functional refining capacity. Applicants must provide a refining-capacity declaration and supporting Consent to Operate; preference applies to importers undertaking timely completion of imports, while non-utilisation or failure to surrender allocations constitutes non-compliance. Bulk sugar consumers meeting the prescribed consumption threshold are subject to a stock cap of 15 days' consumption from 1 September to 30 November 2026.
August 20, 2026
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Duty-free raw sugar imports under tariff rate quota seek to improve domestic supply and contain rising sugar prices.
Duty-free import of 10 lakh metric tonnes of raw sugar is permitted under a tariff rate quota until 31 October 2026. The import-policy measure seeks to increase domestic raw-sugar availability and restrain rising local prices amid reduced opening stocks. Price-containment measures also include a stockholding limit for bulk consumers using more than 10 tonnes of sugar monthly, restricting holdings to 15 days' consumption.
August 20, 2026
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Reservation policy implementation is strengthened through capacity building, uniform institutional practices, welfare measures, and improved financial accessibility for Divyangjans.
Reservation policy implementation across Public Sector Banks, Public Sector Insurance Companies, sectoral regulators and Public Financial Institutions is being strengthened through a capacity-building workshop. The programme seeks uniform and effective application of Government reservation policies and related welfare measures. Senior human-resource functionaries and Chief Liaison Officers considered practical implementation issues, actionable measures for consistency, and operational concerns. It also focuses on improving accessibility of financial services for Divyangjans.
August 20, 2026
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Startup ecosystem support expands through digital infrastructure, mentorship, market linkages and specialised assistance for energy and climate-tech innovation.
DPIIT's collaborations with PhonePe and Shell India create support mechanisms for DPIIT-recognised startups through technology access, digital infrastructure, mentorship, market opportunities and industry networks. PhonePe will provide transaction credits, access to the Indus AppStore, onboarding support, brand visibility, and training on fintech, sales, go-to-market strategy and business scaling. Shell India will assist energy and climate-tech startups through mentorship, strategic guidance, investor and incubator connections, participation opportunities, and knowledge-sharing materials on innovation and best practices.
August 20, 2026
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India-Singapore economic cooperation advances through trade, investment, technology and business linkages, including agriculture, fintech and sustainable infrastructure collaboration.
India-Singapore economic cooperation was advanced through ministerial, business and government-to-business engagements focused on deepening bilateral trade, investment, technology and commercial linkages. Discussions addressed agri-exports, GCC-based commercial parks, fintech and sustainable infrastructure, alongside expanding agricultural market linkages. The engagements reinforced commitment to strengthening trade, investment, technology and business-to-business cooperation.

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Form No. 17 – Frequently Asked Questions (FAQ)

March 25, 2026

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Form No. 17 – Frequently Asked Questions (FAQ)

(Form of application under section 45(3)(b) and section 45(4)(b) of the Income-tax Act, 2025)

Name of form as per I.T. Rules, 1962

Form No. 3CF

Name of form as per I.T. Rules, 2026

Form No 17

Corresponding section of I.T. Act, 1961

35

Corresponding section of I.T. Act, 2025

45

Corresponding Rule of I.T. Rules, 1962

5C,5F

Corresponding Rule of I.T. Rules, 2026

32,35

1. What is Form No. 17?

Ans: Form No. 17 is an application form prescribed for seeking approval under:

  • Section 45(3)(b) of the Income-tax Act, 2025 (in case of a company), and
  • Section 45(4)(b) of the Income-tax Act, 2025 (in case of a research association/ university/ college/ other institution).

2. Who should file Form No. 17?

Ans: Form No. 17 should be filed by any of the following applicants seeking approval under the Income-tax Act, 2025:

  • a Company (for approval under section 45(3)(b)), or
  • a Research association/ University/ College/ Other institution (for approval under section 45(4)(b)).

3. Is Form No. 17 mandatory?

Ans: Form No. 17 is mandatory only if the applicant wants to obtain approval under section 45(3)(b) or section 45(4)(b) of the Income-tax Act, 2025.

4. When can Form No. 17 be filed?

Ans: Form No. 17 can be filed at any time during the financial year preceding the tax year from which the approval is sought. However, application for tax year 2026-27 can be made during that tax year.

5. Where should Form No. 17 be filed?

Ans: The application in Form No. 17 shall be made to the Income Tax authority in the manner prescribed under the Rules.

6. What is the mode of filing Form No. 17?

Ans: Form No. 17 must be furnished electronically.

7. Should Form No. 17 be filed using DSC or EVC?

Ans: Form No. 17 shall be furnished electronically:

  • under Digital Signature (DSC), if the return of income is required to be furnished under digital signature; or
  • through Electronic Verification Code (EVC) in other cases.

8. Who should verify Form No. 17?

Ans: Form No. 17 must be verified by the person who is authorised to verify the return of income under section 265 of the Income-tax Act, 2025 (as applicable to the applicant).

9. What information is required in Form No. 17?

Ans: Form No. 17 requires the applicant to provide details broadly under the following parts:

(A) Part A – Incorporation / Constitution details

Includes details such as:

  • applicant type (company/ research association/ university/ college/ other institution)
  • name, address, PAN, status, residential status
  • email ID and contact number
  • relevant section code
  • incorporation/registration details
  • registrations under DARPAN/ FCRA/ Income-tax Act, 2025 (if applicable)
  • past rejection details (if any)

(B) Part B – Key persons and operational details

Includes:

  • details of founders, trustees, directors, shareholders holding 5% or more, etc.
  • beneficial owners (where applicable)
  • research facilities managed/ owned/ controlled
  • research projects undertaken in last three Tax Years
  • return filing details for last three Tax Years
  • income and expenditure details for last three Tax Years

10. What is the “Code relevant to Section” in Form No. 17?

Ans: In Form No. 17, the applicant must select the appropriate code depending on the nature of the organisation and the applicable clause. The codes include:

  • Research association [section 45(3)(a)(i)]
  • University/College/Other institution [section 45(3)(a)(i)]
  • Research association [section 45(3)(a)(ii)]
  • University/College/Other institution [section 45(3)(a)(ii)]
  • Company [section 45(3)(b)]

11. What registrations must be disclosed in Form No. 17?

Ans: The applicant must disclose registrations (where applicable), including:

  • registration under section 332 of the Income-tax Act, 2025 (if registered)
  • approval under Schedule VII of the Income-tax Act, 2025 (if approved)
  • approval/recognition by DSIR (if applicable)
  • registration/approval under section 45 of the Income-tax Act, 2025 (if already registered)
  • registration under FCRA Act (if registered)
  • registration on DARPAN portal (mandatory where applicant receives or intends to receive any grant/assistance from Government)

12. Is DARPAN registration mandatory to be filled in Form No. 17?

Ans: DARPAN registration number must be mandatorily provided if the applicant receives or intends to receive any grant or assistance from the Central Government or State Government.

13. What should be done if the applicant’s past application under section 45 was rejected?

Ans: If any past application for approval under section 45(3)(b) or 45(4)(b) (or corresponding provisions) was rejected, the applicant should provide copy of the rejection order.

14. What details of key persons are required in Form No. 17?

Ans: Form No. 17 requires details of all key persons such as:

  • Author(s)/ Founder(s)/ Settlor(s)/ Trustee(s)
  • Members of society/ governing council
  • Director(s)
  • shareholders holding 5% or more shareholding
  • office bearer(s)

The details include name, relation, PAN, address, mobile number and email ID.

15. What if a key person is not an individual?

Ans: If any person listed as a key person is not an individual, the applicant must provide details of natural persons who are beneficial owners (5% or more) of such person as on the date of application.

16. What operational details are required to be provided?

Ans: The applicant must provide details of laboratory/ research facility/ university/ college/ other institution managed/ controlled/ administered/ owned by the applicant, including:

  • name and PAN
  • whether notified/order passed under section 45 (Yes/No)
  • year of establishment
  • nature of activity
  • address
  • whether owned by applicant
  • person-in-charge details

17. What research project details must be furnished?

Ans: The applicant must provide details of research projects undertaken during the last three Tax Years, including:

  • project name
  • duration (from and to dates)
  • current status (ongoing/completed)
  • date of initiation
  • project cost/ estimated project cost
  • amount paid to other R&D institution (if any)

18. What income and expenditure details are required?

Ans: Form No. 17 requires details such as:

  • nature of business income (if any) and whether incidental to objectives
  • whether separate books maintained
  • return of income filed for last three Tax Years
  • donations and grants received for last three Tax Years
  • expenditure on research and non-research for last three Tax Years
  • annual research expenditure details for last three Tax Years

19. Is the Annexure in Form No. 17 mandatory?

Ans: The Annexure is to be filled only if the association claims exemption as per Schedule III (Table Sl. No. 23).

20. What enclosures/documents are required to be attached with Form No. 17?

Ans: The following documents/details may be required as enclosures (as applicable):

  • self-certified copy of instrument of creation (if constituted under an instrument)
  • self-certified copy of creation/establishment document (if not constituted under an instrument)
  • self-certified copy of registration documents (RoC/ firms & societies/ trusts etc.)
  • self-certified copy of FCRA registration (if applicable)
  • self-certified copy of existing notification/ order granting approval under section 45 (if any)
  • comprehensive note on research activities (or NIL declaration if none)
  • audited annual accounts for last three Tax Years (or NIL declaration for each year)
  • donors list for last three Tax Years (or NIL declaration)
  • patent/copyright/ trademark details (if any)

21. What are the key conditions applicable after approval is granted?

Ans: The approval granted is subject to conditions such as:

  • maintaining books of account / separate books of account for sums received for research
  • getting books audited and furnishing audit report by due date under section 263(1)
  • maintaining statement of donations received and amount applied for research
  • furnishing statement of research work done by due date under section 263(1)
  • ensuring activities remain genuine and as per conditions of approval

22. What is the due date for furnishing audit report and related statements after approval?

Ans: The audit report and required statements must be furnished by the due date of furnishing the return of income under section 263(1) of the Income-tax Act, 2025.

23. Can the approval granted under section 45 be withdrawn?

Ans: Yes. The prescribed authority may withdraw the approval granted under section 45(3)(b) or 45(4)(b) if it is satisfied that the applicant:

  • has ceased activities, or
  • activities are not genuine, or
  • activities are not being carried out in accordance with conditions/rules.

24. Will the applicant get an opportunity of being heard before rejection/withdrawal?

Ans: Yes. No order treating the application as invalid, rejecting the application, or withdrawing the approval shall be passed without giving a reasonable opportunity of being heard.

25. What is the processing timeline for Form No. 17?

Ans: The processing steps include:

  • deficiency letter may be served if defect/ document missing (within one month)
  • applicant must remove deficiency within 30 days from the end of the month in which the deficiency letter is served.
  • if complete, inquiry and recommendation by jurisdictional authority within 3 months
  • approval notification or rejection order to be issued within one year from the end of the month in which Form No. 17 is filed

26. How to ensure Form No. 17 is successfully submitted (DSC/ EVC steps)?

Ans: While submitting Form No. 17 electronically:

  • select the appropriate verification mode (DSC or EVC) as applicable
  • complete verification as per the authorised person under section 265
  • ensure acknowledgment is generated after successful submission

27. What is UDIN and when is it required in relation to Form No. 17?

Ans: UDIN (Unique Document Identification Number) is required for documents/certificates issued by an accountant (where applicable) as defined in the section 515(3)(b) of the Act. Where Form No. 17 requires audit report or certification by an accountant (such as statements certified by auditor), UDIN should be generated and mentioned as per professional requirements for validity and traceability.

28. Is Form No. 17 to be submitted physically also?

Ans: The form is to be furnished electronically. Additionally, the applicant is required to send a copy of the application in Form No. 17 to Member (IT), CBDT along with the acknowledgment receipt as evidence of having furnished the application form in duplicate in the office of the jurisdictional Commissioner/ Director.

29. What is the significance of Form No. 17 approval?

Ans: Approval under section 45(3)(b) or 45(4)(b) enables the applicant entity to be recognised for the purposes of the Income-tax Act, 2025, and supports eligibility of donors/payments as per the applicable provisions linked with such approval.

30. What common mistakes should be avoided while filing Form No. 17?

Ans: Applicants should avoid:

  • incorrect “Code relevant to Section” selection
  • incomplete registration details (DARPAN/ FCRA/Income-tax Act, 2025 approvals)
  • missing enclosures (instrument, audited accounts, donor lists, NIL declarations where required)
  • mismatch in key person details and beneficial ownership disclosures
  • not completing DSC/ EVC verification properly

Topics

Acts Income Tax