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March 11, 2026
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LPG supply assurance: household supplies prioritized, measures to prevent hoarding and secure alternate imports and maintain continuity.
The government affirms domestic LPG stocks and diversified procurement are sufficient to meet household cooking needs despite Strait of Hormuz disruptions. Refinery adjustments have boosted domestic LPG output and LNG cargoes have been secured; imports have been rerouted. Measures prioritise household distribution, curtail non-domestic deliveries, adjust pricing and refill intervals, and establish a committee to allocate commercial supplies. State and central authorities are directed to prevent hoarding and coordinate to maintain energy security and uninterrupted essential supplies.
March 11, 2026
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Money laundering probe under PMLA registered and searches conducted after alleged diversion of government funds into shell entities and real estate.
Enforcement Directorate registered a case under the Prevention of Money Laundering Act and searched multiple premises after a vigilance FIR alleging that bank employees and private associates diverted Haryana government funds, used accommodation (hawala) entries, transferred money to shell companies and small jewellery entities, and channelled proceeds into purported gold purchases and real estate, with significant cash withdrawals noted.
March 11, 2026
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Model policy for digital service delivery to standardise Maha e-Seva and Aadhaar centre operations, ensure timely services and operator viability.
Directed formulation of a model framework and comprehensive policy within one month to standardise delivery of government digital services through Maha e-Seva and Aadhaar service centres, ensuring timely citizen access while preserving operator viability. Immediate administrative measures include release of pending commissions, a joint meeting to address deposit refunds, and establishment of a study group to assess actual operational costs for centre operations.
March 11, 2026
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Money laundering probe targets alleged diversion of government deposits at a private bank, prompting searches and shell company tracing.
Enforcement Directorate searches under the Prevention of Money Laundering Act allege that government deposits at a private bank were diverted instead of being placed in fixed deposits; investigations target business entities, ex-bank officials, beneficiaries and real estate agents accused of providing accommodation entries. The agency alleges proceeds were routed through shell companies, layered through transactions, disguised as gold purchases and real estate investments, with substantial cash withdrawals and an identified absconder.
March 11, 2026
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Trade agreements expand market access while preserving domestic safeguards and promoting value-added food exports through targeted support.
India's export expansion strategy combines preferential market access through recently concluded Free Trade Agreements with calibrated domestic safeguards for farmers, fishermen and MSMEs - excluding concessions in sensitive sectors (notably dairy, certain cereals and pulses) and denying duty concessions or market access for genetically modified products - while promoting value addition via the Agriculture Infrastructure Fund and export handholding through the Export Promotion Mission and DGFT to integrate businesses into global value chains.
March 11, 2026
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Merger clearance: acquisition of additional stake in Curefit approved to bolster the Target's capital in the fitness sector.
The Competition Commission of India approved an additional stake acquisition by MacRitchie Investments Pte. Ltd., an investment holding company and indirect wholly owned subsidiary of Temasek, in Curefit Healthcare Private Limited to supplement the Target's capital requirements in the fitness sector; the Target is the ultimate parent of the Curefit Healthcare Group, which operates fitness management programmes, memberships, franchising and sales of fitness apparel and accessories in India, and a detailed order will follow.
March 11, 2026
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Competition approval for acquisition by Cube V of road concession businesses operating under governmental concessions.
The Competition Commission of India approved the proposed indirect acquisition by Cube Highways and Infrastructure V Pte. Ltd. of the road asset businesses housed in DYIPL, DVIPL, DGIPL and DTEHPL, comprising operations that manage roads and highways under governmental concessions. Cube V is registered as a foreign portfolio investor and operates, acquires and manages highway and transport infrastructure assets in India. A detailed order of the Commission will follow.
March 11, 2026
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Free Trade Agreements enabling preferential market access for Indian agricultural and processed food exports through standards and research.
The press release highlights that expanding Free Trade Agreements are enabling preferential market access for Indian agricultural and processed food exports and that APEDA, at AAHAR 2026, released research reports on key crops and launched packaging design solutions and technical standards with the Indian Institute of Packaging aimed at improving protection, shelf life and market presentation for region-specific, GI-tagged and organic products to support export competitiveness.
March 11, 2026
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Food safety standards underpin promotion of European flour in India, enabling market access and traceable supply chains.
Promotion of premium Italian soft wheat flour in India emphasises compliance with food safety regulations, full traceability and sustainability commitments as the core regulatory assurances supporting market entry and commercial outreach. The campaign presents European milling quality controls - careful wheat selection, computerised traceability, and independent accredited laboratory testing - as operative mechanisms ensuring conformity with EU standards and as commercial assurances to Indian buyers.
March 11, 2026
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UK-India free trade agreement expands market access for UK food and drink exporters, boosting trade engagement at AAHAR.
The UK-India Free Trade Agreement is positioned to enhance market access for UK food and drink exporters by reducing barriers and facilitating faster, cheaper trade. The UK Government, via the British High Commission and the GREAT campaign, is deploying a trade delegation and a UK Pavilion at AAHAR 2026 to translate improved market access into direct commercial engagement with Indian importers, distributors, modern retail and HoReCa operators, emphasising quality, safety and provenance to support long-term trade partnerships.
March 11, 2026
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Temporary waiver for purchase of sanctioned oil allows diversion and refining of en route cargoes to ease supply shortages.
The United States authorised a temporary waiver allowing Indian refiners to accept Russian-origin crude already at sea to address immediate energy supply disruptions amid the Iran-related conflict. The waiver is narrowly targeted to existing cargoes, framed as a short-term operational authorisation to divert, refine and rapidly release oil into markets to blunt price spikes, while officials maintain it does not signify a change in broader policy toward Russia.
March 11, 2026
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UK-India Free Trade Agreement drives West Midlands mission to secure partnerships in clean energy, technology, education and creative industries.
The West Midlands Mayoral-led trade mission to India sought to operationalise the UK-India Free Trade Agreement by securing research and industry alliances, academic partnerships and commercial engagements across clean energy, technology, manufacturing, creative industries and tourism, including a University of Warwick-Tata Power alliance, Aston University and Birmingham City University agreements, and plans for a joint taskforce with the State of Gujarat to formalise sectoral growth collaboration.
March 11, 2026
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RBI intervention prevents further rupee depreciation as outflows and geopolitical tensions pressure the currency, while oil declines temper losses.
The rupee weakened intraday amid foreign institutional investor outflows and Middle East geopolitical tensions, with a softer dollar and falling crude curbing larger losses; reported Reserve Bank of India selling and domestic bond flows helped prevent a breach of a key exchange level and set an intraday trading range.
March 10, 2026
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Pipeline supply agreement enables emergency diesel deliveries to address national fuel shortage and bolster bilateral energy cooperation.
A cross-border supply framework permits direct transport of diesel from India to Bangladesh via the Bangladesh-India Friendship Pipeline under an existing supply agreement providing for an annual allocation and optional additional quantities; recent bilateral negotiations seek to operationalise supplementary deliveries to address an acute domestic fuel shortfall while using the pipeline's capacity to reduce transport time and costs.
March 10, 2026
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Share capital reduction validation upheld as an expert valuation and statutory procedure governs minority buyouts.
The dispute concerned cancellation of minority shareholdings via statutory share capital reduction and whether the valuation met Companies Act requirements. The Court held that share valuation is an expert exercise and evaluated compliance with statutory procedure and notice obligations, noting the NCLT's price adjustment and concluding the company followed prescribed steps for the capital reduction.
March 10, 2026
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Beneficial ownership threshold from land-border countries eased, permitting limited non-controlling stakes under the automatic route with reporting.
The amendment permits non controlling investors from land border countries to invest under the automatic route where their beneficial ownership at the investor entity level does not exceed a defined threshold, while retaining sectoral caps, entry routes and attendant conditions. Such investments must be reported to the DPIIT. An expedited 60 day processing track is established for specified manufacturing sectors, conditional on majority shareholding and control of the investee remaining with resident Indian citizens or resident Indian entities owned and controlled by resident Indian citizens.
March 10, 2026
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LPG supply prioritisation: committee to allocate commercial gas based on genuine need, availability and essential service priority.
The government has prioritised household LPG supplies and constituted a three member committee of Executive Directors of Oil Marketing Companies to review representations from hotels, restaurants and other commercial users and allocate commercial LPG based on genuine need, product availability and merits of each case. Measures include directing refineries to increase LPG output and extending the refill booking cycle to discourage hoarding, while essential non domestic sectors will receive prioritised non domestic supplies subject to import constraints and production capacity.
March 10, 2026
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Cabinet approval of multitracking projects expands rail capacity and improves regional connectivity and logistics efficiency.
Cabinet approval authorises two multitracking projects (Sainthia-Pakur fourth line and Santragachi-Kharagpur fourth line) under the PM Gati Shakti framework to add about 192 km to the rail network across five districts in West Bengal and Jharkhand, increase line capacity to ease congestion, improve passenger and freight service reliability, and enhance multimodal connectivity, regional access, and environmental and logistical efficiencies.
March 10, 2026
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Trade and Economic Partnership Agreement opens high income markets and investment pathways, enabling technology transfer and jobs.
The Trade and Economic Partnership Agreement between India and EFTA implements preferential market access and capability building measures, with EFTA commitments covering 92.2% of tariff lines and India covering 82.7%, while protecting sensitive sectors. TEPA couples tariff concessions for key Indian export sectors with improved access to specialised inputs and machinery from EFTA, includes an investment facilitation element linked to industrial and technology collaboration, and provides frameworks for services cooperation and Mutual Recognition Agreements to support mobility of professionals.
March 10, 2026
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Independent Director preparedness enables senior defence officers to transition to corporate boards and meet evolving ESG and disclosure expectations.
A two-week certification program prepares senior and recently retired defence officers for service as Independent Directors by teaching the legal and regulatory framework of board responsibilities, fiduciary duties, and practical expectations of corporate boards and executive search firms. The program also addresses strengthening the Corporate Disclosure Framework, aligning domestic norms with global ESG Board Oversight standards, and advancing Trust-Based Regulation alongside Ease of Doing Business to facilitate transition into corporate board roles.

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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