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September 12, 2026
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Anti-dumping and countervailing duties on solar imports await final injury findings before duty orders or investigation termination.
United States final affirmative determinations in anti-dumping and countervailing duty investigations concerning crystalline silicon photovoltaic cells and panels imported from India, Indonesia and Laos establish dumping margins and countervailing duty rates. A final injury determination remains necessary before duty orders may be issued. An affirmative injury determination will lead to anti-dumping and countervailing duty orders based on the established rates, while a negative determination will terminate the investigations.
September 12, 2026
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Multilateral trade reform challenges unilateral tariffs, carbon border measures, and sanctions while advancing equitable market access.
BRICS opposes unilateral tariff and non-tariff measures that distort trade, disrupt supply chains and widen economic disparities. It also rejects unilateral, punitive, discriminatory or protectionist carbon border adjustment mechanisms that can restrict developing countries' market access and undermine climate-adaptation and resilience efforts. BRICS supports an open, equitable and rules-based multilateral trading system, including restoration of an accessible two-tier binding dispute-settlement mechanism. Its wider agenda links trade reform with resilient supply chains, sovereign control over critical minerals, higher-value manufacturing participation, and improved finance for export-oriented small businesses.
September 12, 2026
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Consensus-based multilateral cooperation urges West Asia diplomacy, civilian protection, counterterrorism coordination, and WTO-consistent trade without unilateral restrictions.
The consensus New Delhi Declaration calls for maximum restraint in West Asia, civilian protection, and dialogue and diplomacy for lasting regional peace. It urges cooperation to maintain global trade, supply chains and energy flows under applicable international law. It also commits members to zero tolerance for terrorism, including cross-border terrorism, terrorism financing and safe havens, while rejecting double standards. Unilateral tariff and non-tariff measures, indiscriminate tariff increases, and environmental protectionism are criticised where inconsistent with WTO rules or trade-distorting.
September 12, 2026
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Multilateral trade governance faces calls for restored binding dispute settlement, opposition to unilateral tariffs and sanctions, and financial institution reform.
BRICS supports a rules-based multilateral trading system and seeks restoration of an accessible, effective, fully functioning two-tier binding dispute-settlement mechanism, including prompt appointment of Appellate Body members. It opposes unilateral tariff and non-tariff measures, trade restrictions, and economic or secondary sanctions not authorised by the UN Security Council. It also seeks reform of International Monetary Fund and World Bank governance through greater representation, quota and shareholding realignment, and increased voting power for emerging markets and developing economies.
September 12, 2026
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Global financial governance reform seeks greater emerging-economy representation, alongside expanded development finance, liquidity support and payment cooperation.
BRICS finance ministers and central bank governors seek reform of global financial governance to increase emerging-market and developing-economy representation in the International Monetary Fund and World Bank. The agenda includes quota realignment, transparent leadership selection and correction of developing-country underrepresentation. Cooperation also supports expanded New Development Bank financing, local-currency lending, a multilateral guarantees mechanism, and a more flexible Contingent Reserve Arrangement for liquidity support during balance-of-payments pressures.
September 12, 2026
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Cross-border supply-chain dependence shapes imports of industrial inputs, while foreign investment screening remains stricter for land-border linked entities.
India-China trade reflects a widening deficit driven by imports of industrial raw materials, intermediate goods and capital goods used in manufacturing. Dependence is concentrated in electronics, machinery, computers, organic chemicals, electronic components, batteries, solar modules, active pharmaceutical ingredients and specialty chemicals. Foreign direct investment norms are relaxed for certain companies outside land-border countries where beneficial ownership from such countries remains below the specified threshold and non-controlling. Entities registered in China, Hong Kong and other land-border countries remain excluded from that relaxation.
September 12, 2026
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Temporary debit holds for suspected money-mule and cyber-fraud accounts are proposed through a standardised banking procedure.
Draft Reserve Bank of India (Know Your Customer) Amendment Directions, 2026 propose a Standard Operating Procedure for banks to place temporary debit holds on amounts or accounts linked to money-mule activity and cyber-enabled financial fraud. The consolidated draft applies to commercial banks, including small finance banks, payments banks, regional rural banks and local area banks, and to urban cooperative banks. Feedback may be submitted through the Reserve Bank's Connect 2 Regulate portal or by email before final directions are issued separately.
September 11, 2026
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Municipal salary arrears and GST grant demands prompted temporary strike suspension after payment and committee assurances.
Municipal employees temporarily suspended their strike after the administration committed to pay two months' pending salaries by September 15 and arrange clearance of remaining salary arrears within 30 days. The employees had sought payment of salary arrears, increased GST grants to the civic body, and release of the outstanding difference in GST grants. A committee is to pursue the pending GST grant proposals at the government level.
September 11, 2026
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Aadhaar-linked OTP information enabled tracing of a missing adult while investigation continued to locate the minor companion.
Aadhaar-linked OTP information assisted investigators in tracing an adult student missing for more than seven months. A recent Aadhaar-based transaction recorded her husband's mobile number for OTP receipt, allowing police to trace the number and locate her. The CID had assumed investigation pursuant to a High Court order on a habeas corpus petition. The student was produced before the High Court, while tracing efforts continued for her minor companion, who remained missing.
September 11, 2026
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Inflation risks from oil shocks support proposed policy-rate tightening to prevent broader consumer-price pressures before they become entrenched.
Monetary policy tightening is advocated to counter persistent external shocks, elevated crude oil prices, and expanding inflationary pressures. The proposed response is based on the risk that sustained high oil prices may raise consumer-price inflation and entrench inflation before a complete cost pass-through occurs. Banking-system liquidity has increased through foreign currency deposit inflows, but anticipated strong credit demand is expected to absorb the surplus and normalise liquidity by the end of the financial year.
September 11, 2026
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Money-laundering investigation prompts competing demands for a police case and allegations of political misuse by investigators.
Enforcement Directorate action in the CMRL-linked matter prompted a request for registration of an FIR based on material recovered during investigation and searches under the Prevention of Money Laundering Act. BJP representatives asserted that the material warranted investigation under the Prevention of Corruption Act and alleged delay in acting on it. CPI(M) representatives disputed the investigation's neutrality, alleging coercive collection of statements and political misuse of investigative processes. The reported allegations and counter-allegations concern initiation and conduct of a criminal investigation.
September 11, 2026
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India-UK free trade agreement drives northern England delegation to develop trade links, investment pipelines, and long-term India partnerships.
India-UK Comprehensive Economic and Trade Agreement implementation is being leveraged through a strategic partnership supporting the Great North Mayor Mission to India. The mission is intended to convert free-trade opportunities into investment, commercial engagement, employment and sustained business relationships. Northern England's regions will combine collective engagement with region-specific market strategies, relationship-building and operational programmes focused on their respective economic strengths.
September 11, 2026
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Rupee depreciation reflects risk aversion and elevated crude prices, while central-bank support may cushion lower-level pressure.
Rupee depreciation against the US dollar continued amid global risk aversion, elevated crude oil prices, higher bond yields and weak domestic sentiment. Lower crude prices, recovery in domestic equities and suspected Reserve Bank of India intervention supported a partial intraday recovery. Foreign-exchange conditions were also influenced by dollar strength, inflation concerns, anticipated US data, domestic equity declines and net foreign institutional equity sales. India's foreign-exchange reserves rose sharply to a record level despite continuing currency-market volatility.
September 11, 2026
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Trade barrier reduction within BRICS is linked to startup expansion, business partnerships, digital cooperation, and secure maritime commerce.
BRICS economic cooperation is advanced through proposed removal of major trade barriers, expanded cross-border investment and business ties, and measurable annual targets for startup expansion and commercial partnerships. Secure sea lanes, open supply routes, freedom of navigation and seafarer safety are treated as necessary for global trade and supply-chain continuity. Infrastructure, strategic technologies, startup innovation and digital public infrastructure are identified as platforms for deeper cooperation, supported by incubator, MSME, startup, agriculture, health care, skills and smart-grid networks.
September 11, 2026
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Five-day banking week demand prompts nationwide union strike, disrupting public-sector banking operations and escalating action over unresolved pension issues.
Nationwide bank employee strike action disrupted cash deposits, withdrawals, cheque clearances and administrative work, principally at public sector bank branches. The principal demand is implementation of a five-day banking week by declaring all Saturdays as holidays. This demand is linked to the 12th Bipartite Settlement but remains pending government notification. Other unresolved demands concern pension updation, a uniform dearness allowance formula for pensioners, and an option for National Pension System employees to shift to the Old Pension Scheme.
September 11, 2026
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Foreign exchange compliance investigation examines alleged overseas shareholdings, unauthorised cash investments, and contractor-bribery evidence linked to public works tenders.
Foreign Exchange Management Act investigation into alleged undisclosed overseas investments led to searches of premises connected with a Karnataka public works minister, family members, associates and a private company. The investigation alleges foreign shareholdings, cash investments in a Congo-based entity through unauthorised channels, and bribe payments connected with a public works tender and foreign asset acquisition. Cash, foreign currency, digital devices and records relating to foreign entities and alleged contractor-bribery collections were seized.
September 11, 2026
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Asset restoration under anti-money-laundering law does not itself terminate criminal prosecution or excuse evasion of legal process.
Money-laundering prosecution is not rendered infructuous merely because claimant banks recover debts from attached assets restored to them. Restoration under the Prevention of Money Laundering Act enables legitimate claimants to recover losses but does not cancel or require discontinuance of criminal proceedings concerning alleged laundering and misappropriation of bank-loan funds. The Enforcement Directorate also maintains that failure to respond to summons and submit to criminal-court jurisdiction remains material to the proceedings.
September 11, 2026
Show AI Summary
Central bank digital currency development should support tokenised settlement while cybersecurity safeguards address AI-driven systemic risks.
Central bank digital currency development was urged to be advanced through wholesale and retail pilots, with stronger digital rupee capabilities supporting tokenisation. A tokenised corporate bond pilot showed that the digital rupee can enable simultaneous transfer of asset and payment legs, permitting settlement on the payment date. Tokenisation may reduce intermediaries and accelerate transfers, but requires systemic-risk and cybersecurity safeguards because errors, fraud and market shocks may spread faster. AI can improve fraud detection while also enabling sophisticated automated cyberattacks.
September 11, 2026
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Five-day banking workweek demand drives nationwide employee protest over delayed implementation and performance-linked incentive concerns.
Bank employees and officers supported a nationwide strike seeking implementation of a five-day banking system following delay in acting on an agreement between banking unions and the Indian Banks' Association. The proposed arrangement contemplated Saturday holidays with increased daily working hours to preserve customer-facing banking hours. Union representatives also objected to a unilateral and discriminatory Performance Linked Incentive scheme and sought bilateral discussions to resolve pending workweek, incentive, and other banking-sector issues.
September 11, 2026
Show AI Summary
UPI-native credit infrastructure enables pre-approved credit lines, issuance management, interoperable payments and financing across digital commerce.
Credit Line on UPI (CLOU) enables banks to offer pre-approved, risk-graded credit facilities directly through a customer's UPI ID for merchant transactions. The platform consolidates customer eligibility assessment, credit-line creation, digital consent and activation, transaction processing, risk controls, billing, payments and collections. PhiAMS supports the credit lifecycle from origination and product configuration to limit management, authorisation, billing, collections, risk management and customer servicing.

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Guidance Note – Form 91

March 30, 2026

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Form 91 – Refusal to Furnish Information

Purpose:

Form 91 is a statutory form used by the Income-tax Department to formally refuse the furnishing of information requested under section 258(2)(a) of the Income-tax Act, 2025, where the designated authority is not satisfied that disclosure of such information is in the public interest.

Who should Furnish Form 91:

Form 91 is furnished only by the designated Income-tax authority competent under section 258(2)(a) of the Income-tax Act, 2025. It is not filed by taxpayers or applicant public authorities.

Mode of Furnishing:

Form 91 is furnished electronically through the Income-tax Department’s system. The form is authenticated through a system-generated Document Identification Number (DIN) and the signature, name and designation of the issuing Income-tax authority. No separate physical seal is required.

Frequency & Due Dates:

  • Form 91 is event-based and is issued only where disclosure of information is refused on grounds of public interest.
  • There is no fixed periodicity and no statutory due date prescribed for issuance of Form 91.

Structure of Form 91:

Header Details:

  1. Form number, Document Identification Number (DIN), office of the issuing authority and date.
  2. Recipient details.
  3. Reference to the application received under section 258(2)(a) of the Act.

Content Section:

  1. Reference to the application date under section 258(2)(a).
  2. Name of the assessee.
  3. Relevant tax year (mandatory).
  4. Clear statement recording that the designated authority is not satisfied that it is in the public interest to furnish the information requested and, therefore, declines to furnish the same.

Certain details in the form are pre-filled by the system to the extent available and are required to be verified by the issuing authority before submission.

Signature Section:

  1. Signature of the issuing authority.
  2. Name of the issuing authority.
  3. Designation of the issuing authority.

Documents / Inputs Required:

  • Valid application requesting information under section 258(2)(a) of the Income-tax Act, 2025 (Form 88).

Filing / Issuance Count:

Issuance of Form 91 depends on the number of applications received under section 258(2)(a) where the designated authority determines that disclosure is not in the public interest.

Process Flow for Issuance of Form 91:

  • Receipt of application from an authorised public authority under section 258(2)(a).
  • Examination of the application and assessment of whether disclosure would be in the public interest.
  • Determination that the information requested cannot be furnished on grounds of public interest.
  • Preparation of Form 91 through the electronic system with reference to the application date, assessee name and tax year.
  • System-based authentication and electronic issuance of Form 91 to the applicant public authority.

Outcome of Processed Form 91:

  • Provides official and reasoned communication to the applicant regarding refusal to furnish the requested information.
  • Establishes a formal and traceable record of refusal through DIN.
  • Distinguishes refusal on public interest grounds from cases of non-availability of information (Form 90) or furnishing of information (Form 89).

Brief Note on Broad or Qualitative Changes Proposed:

  • Updated Legal Reference: Alignment from section 138(1)(b) of the Income-tax Act, 1961 to section 258(2)(a) of the Income-tax Act, 2025.
  • Tax-Year Specificity: Explicit requirement to mention the relevant tax year instead of assessment year, ensuring consistency with the 2025 Act.
  • Electronic Issuance: Introduction of DIN and system-generated authentication in place of manual signatures and seals.
  • Clear Public Interest Test: Simplified and precise wording to clearly record refusal based on lack of public interest.

Challenges and Solutions:

1. Challenge: Inconsistent terminology such as “assessment year” used across older forms.

Solution: Standardisation to the term “tax year” across Form 91 and other related forms under the 2025 Act.

Common Changes Made Across Forms:

1. Electronic issuance through the Department’s system

Form 91 is generated and issued electronically by the designated Income-tax authority, ensuring traceability through DIN and system-based authentication.

2. Replacement of “Assessment Year” with “Tax Year”

The terminology has been standardised to “tax year” in line with the Income-tax Act, 2025, eliminating ambiguity and ensuring consistency across all related forms.

3. Updated statutory references to the Income-tax Act, 2025

References to section 138(1)(b) of the Income-tax Act, 1961 have been replaced with section 258(2)(a) of the Income-tax Act, 2025.

4. Removal of physical signatures, stamps, and seals

Authentication is through electronic signature details (name, designation, DIN) as generated by the system, removing the requirement for physical seals or manual signatures.

5. Clear distinction from furnishing and non-availability forms

Form 91 is clearly positioned as a refusal on grounds of public interest, distinct from:

  • Form 89 (furnishing information), and
  • Form 90 (intimation of non-availability of information).

6. System-supported pre-filling of data

Key details such as applicant reference, assessee particulars, and tax year are pre-filled to the extent available, reducing errors and improving processing efficiency.

Topics

Acts Income Tax