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March 18, 2026
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Tariff policy uncertainty driving higher input costs and deterring investment, worsening supply chain disruptions for manufacturers.
Tariff measures enacted and announced by the executive have raised input costs for many US manufacturers, producing supply chain disruption, higher downstream prices, and employment contraction among small and medium producers. Uncertainty from frequent proclamations, reversals, exemptions and litigation has deterred capital investment and relocation decisions. While some construction and sectoral gains are cited by the administration, those reflect earlier subsidy driven projects rather than a broad manufacturing revival attributable to tariffs, and stakeholders call for targeted relief and clearer, coordinated trade strategies.
March 18, 2026
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Digital data collection for national surveys streamlines submission and reduces processing time via CAPI and AI tools.
Modernisation of NSS data collection uses CAPI and web applications with in-built validation, bilingual interfaces, and chatbot features to enable near real-time submission, supervisory digital monitoring, and reduced processing time for survey outputs; MoSPI publishes an Advance Release Calendar for report schedules and is integrating AI into portals and a website chatbot without a fixed full-implementation timeline.
March 18, 2026
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Cluster rejuvenation for export competitiveness: integrated infrastructure, MSME centric reforms and industry led governance drive implementation.
Rejuvenation of export oriented industrial clusters requires integrated infrastructure upgradation, technology adoption, capacity building and strengthened domestic manufacturing. Emphasis on enhanced testing, certification and quality infrastructure, promotion of innovation and technology commercialisation, and sustainable financing models. MSMEs are central, needing improved access to finance, capability enhancement and integration into global value chains. Implementation should adopt industry led governance via Special Purpose Vehicles, cluster level facilitation systems, regulatory simplification, and greater state and district flexibility to translate policy into actionable, demand aligned interventions.
March 18, 2026
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Energy security: port maritime coordination ensured safe crude handling to sustain imports despite regional supply-route disruptions.
Arrival of tanker Jag Laadki at Mundra Port demonstrates the port operator's role in ensuring safe berthing and maritime coordination to maintain crude import handling amid regional hostilities. The event highlights legal-regulatory implications for port responsibilities in maritime safety and security, the impact of Strait of Hormuz disruptions on India's import-dependent energy supply, and the consequent need for sourcing diversification and resilient port governance to uphold refinery feedstock continuity.
March 18, 2026
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NBFC registration permits deposit-taking and consumer EMI lending after KYC and instant credit limit approval.
Bajaj Finance Limited is a registered NBFC-D and classified as an NBFC-ICC, authorised to lend and accept deposits. It markets the Bajaj Finserv Easy EMI Loan to convert retail appliance purchases into monthly instalments: customers complete basic KYC (mobile number and PAN), receive an instant approved limit, and finalise EMI tenure and paperwork at partner stores. Promotional terms such as zero down payment and cashback vary by store and offers, and standard disclaimers apply.
March 18, 2026
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Trade surplus driven by export growth offsets rising import costs as tariffs and energy shocks shape trade dynamics.
Japan swung to a February trade surplus as stronger-than-expected export growth, supported by Europe and other Asian markets and aided by currency depreciation, offset rising import costs driven by higher energy prices and geopolitical tensions; shipments to China and the US fell, with auto exports hit by US tariffs, while markets watch central bank policy and impending bilateral talks that may affect trade dynamics.
March 17, 2026
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Domestic LPG production increased to secure household cooking fuel supplies amid supply-route disruptions and import risks.
Domestic LPG production has been increased by diverting propane, butane, propylene and butane streams from refineries and petrochemical complexes into the LPG pool, raising domestic capacity by about twenty-five percent and allocating the full increment to domestic consumers to ensure steady household cooking gas supplies amid Strait of Hormuz-related supply risks; fertiliser stocks are adequate for Kharif and global bidding for Rabi nutrient imports will commence.
March 17, 2026
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Women representation in startups highlighted as government schemes channel targeted funding and guarantees to women-led ventures.
Women representation in DPIIT recognised startups is quantified alongside MCA corporate status data identifying closed entities with female participation. Government support schemes-FFS, SISFS, and CGSS-are described with scheme mechanics, cumulative amounts channelled through AIFs, incubators, and guarantee arrangements, and specified allocations reported to women led startups. Scheme selection counts and corresponding numbers of supported startups later categorized as closed are tabulated, while State/UT and year wise annexures detail recognised and closed entities with at least one woman director/partner.
March 17, 2026
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Disclosure of deceased account details: call for policy to enable legal heirs to access information on unclaimed accounts.
The Supreme Court queried the Centre and the Reserve Bank of India on why details of deceased persons' bank accounts cannot be disclosed to legal heirs and directed the government to devise a policy. A PIL seeks a mechanism to inform heirs about unclaimed deposits and creation of a Centralised and Searchable Database under RBI control to trace accounts; the petition also asks for procedures to minimise litigation and notes the Depositor Education and Awareness Fund as a source for refunding genuine heirs.
March 17, 2026
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Focused sourcing platform connects verified international buyers with export-ready manufacturers for streamlined finished-plastics trade.
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March 17, 2026
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CSR compliance obligations: statutory penalties apply for company and officer defaults, enforcement follows Companies Act procedures.
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March 17, 2026
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Capacity building for SDG monitoring and environmental and gender statistics to enhance evidence-based policymaking and accounting.
Capacity-building workshop to strengthen monitoring frameworks for Sustainable Development Goals, Environment Accounts, and Gender Statistics by aligning national and state indicator frameworks, enhancing use of SDG data for evidence-based policymaking, building institutional capacities for gender-responsive governance through improved gender statistics, and operationalising the System of Environmental-Economic Accounting with methods for valuing forest services, biodiversity, and ecosystem services.
March 17, 2026
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Indian Sign Language access required to ensure communication and inclusive financial services for persons with hearing and speech impairments.
The Department of Financial Services directs financial institutions to facilitate communication with persons with hearing and speech impairments by adopting Indian Sign Language and technology-enabled tools, including AI, and to use volunteers for sign language interpretation while training frontline staff to assist customers using sign language.
March 17, 2026
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Digital lending regulation tightens app vetting and reporting mechanisms to curb fraudulent loan apps nationwide.
Digital lending regulation is reinforced via RBI guidelines requiring Regulated Entities to comply, with supervisory checks and possible enforcement for non-compliance. RBI operates a Digital Lending Apps (DLA) directory for consumer verification. MeitY can block fraudulent apps under the IT framework, intermediaries must implement technology-driven vetting to curb malicious advertisements, and national cybercrime reporting and helpline channels enable public reporting. States lead investigation and prosecution, supported by central advisories, capacity-building and public awareness efforts.
March 17, 2026
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Priority sector lending targets and Kisan Credit Card expansion improve institutional credit access for agriculture and allied sectors.
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March 17, 2026
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Currency depreciation pressures foreign exchange stability and may prompt central bank intervention to stabilise markets.
Sharp currency depreciation against the US dollar, driven by rising crude prices and continued foreign institutional investor outflows, has tightened external balances and coincided with rising wholesale inflation. The central bank may deploy market-stabilising tools-including forex intervention and reserve management-while monitoring international monetary policy and domestic macro indicators to calibrate responses and guide short-term USD-INR trading ranges.
March 17, 2026
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Priority handling of incoming LPG vessels mandated to ensure expedited, safe ship-to-ship transfers and uninterrupted domestic fuel supply.
Ministry directive mandates priority handling of incoming LPG vessels at Vadinar, requiring expedited ship-to-ship transfers to daughter vessels and strict adherence to safety protocols. Vadinar port authority must ensure maximum operational efficiency, rigorous multi-agency monitoring, and elimination of procedural bottlenecks so transfers and subsequent discharges at eastern ports are completed as expeditiously as possible.
March 17, 2026
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Power tariff stability with ToD concessions and storage-driven renewable integration to meet industrial and data centre demand.
Maharashtra maintains a stable tariff regime while revising the Time-of-Day (ToD) tariff to align with solar generation-offering daytime concessions-and plans further tariff reductions to support industry and data centre growth. The policy pairs renewable targets (52% by 2030; 65% by 2035) with large-scale battery and pumped storage investments to ensure grid stability and round-the-clock cheaper power, and notes regulatory procurement estimate corrections that avoided potential financial stress.
March 17, 2026
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Digital credit access expanded through personalised cards, instant credit to loan conversion, EMI options and fraud protection.
AU Small Finance Bank expands digital, personalised consumer credit through a diversified credit card portfolio including a fully customisable card, co branded professional cards, upgrade pathways without fees, instant paperless conversion of credit limits into personal loans, and EMI conversion of purchases supported by digital tools, instant card controls, and zero liability protection to promote responsible, technology enabled access for young and first generation credit users.
March 17, 2026
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Cross border payments compliance improved: one day USD to INR settlement with transparent FX pricing and automated remittance documentation.
ECL Flow is a cross border payments platform for AI and SaaS companies that provides one business day USD to INR settlement, transparent foreign exchange pricing, automated compliance documentation including foreign inward remittance certificates, and real time payment tracking to reduce delays, clarify FX costs, and improve cash flow predictability for payroll and vendor payments.

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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