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    RBI keeps rates unchanged, retains neutral stance; outlook uncertain on El Nino, geopolitical risks
    Government Notifies Inventory-based Cross-border E-Commerce Export Framework under Foreign Trade Policy 2023
    Customs official among 5 held for smuggling gold of Rs 1.44 crore at Indore airport
    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
    Sensex gains 152 pts in volatile session as RBI keeps policy rates unchanged
    DRI seizes 364 metric tonne (MT) banned Pakistan-origin dry dates imports worth Rs. 3 crore
    Rupee gains 13 paise to close at 95.15 against US dollar post-RBI policy decision
    ED raids premises linked to ex-Andhra MLA Malla Vijaya Prasad in chit fund scam
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    RBI holds interest rates for fourth straight meeting, awaits clearer inflation outlook
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    RBI targeting polymer currency notes launch in early FY28: Guv Malhotra
    Two women held at Delhi airport with 1 kg gold concealed as silver-coated armlet
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    SC grants interim bail to businessman Anwar Dhebar in manpower commission 'scam' case
    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
    RBI marginally raises FY27 GDP growth projection to 6.7 pc, lowers inflation forecast
    Collaboration, Inclusion and Entrepreneurship: How SIDBI MSME Samvaad Is Shaping the Future of India’s MSME Ecosystem
    RBI keeps policy rate unchanged for third time in row in FY27 amid West Asia crisis
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    August 5, 2026
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    Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
    Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
    The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
    August 5, 2026
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    Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
    Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
    August 5, 2026
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    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
    The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
    August 5, 2026
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    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
    The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
    August 5, 2026
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    Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
    The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
    August 5, 2026
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    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
    Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
    August 5, 2026
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    Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
    A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
    August 5, 2026
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    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
    Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.
    August 5, 2026
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    Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
    Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
    Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
    August 5, 2026
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    Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
    Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.
    August 5, 2026
    Show AI Summary
    Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
    Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
    August 5, 2026
    Show AI Summary
    Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
    The Reserve Bank retained the repo rate with a neutral stance amid uncertainty over energy prices and supply disruptions. Stock exchanges introduced the Closing Auction Session in the equity cash segment for eligible shares with futures and options contracts. This auction-based mechanism determines closing prices of eligible stocks and aims to make price discovery more transparent and robust.
    August 5, 2026
    Show AI Summary
    Services-sector growth slowed as weaker demand, competition and postponed orders moderated business activity, while employment improved modestly.
    Services-sector growth slowed as domestic and export orders moderated amid weaker demand, competitive pressures, softer market conditions and postponed orders. Output continued to expand, but at its weakest pace in more than four years. Employment growth improved modestly, while input costs rose and firms increased selling prices. Business confidence remained positive but declined, and the composite output indicator weakened due principally to the sharp slowdown in services activity.
    August 5, 2026
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    Interim bail conditions require residence outside the state and trial attendance in alleged manpower commission corruption proceedings.
    Interim bail was granted to Anwar Dhebar in a matter involving alleged corruption and an illegal commission mechanism linked to a state marketing corporation. Conditions require him to remain outside Chhattisgarh, attend the trial court, and provide his residential address. The allegations concern manpower supply agencies allegedly being compelled to pay commissions for clearance of legitimate bills, with proceeds routed through intermediaries. The case was registered under the Indian Penal Code and the Prevention of Corruption Act.
    August 5, 2026
    Show AI Summary
    Tax certainty measures revise fund-management safe harbours, electronic-payment charges, sectoral exemptions, business-trust treatment, and excess expenditure appropriation.
    The Taxation and Other Laws (Amendment) Bill, 2026 proposes to replace the Income-tax (Amendment) Ordinance, 2026 and amend payment-system and tax laws. It would prohibit charges on notified electronic payments, revise safe-harbour conditions for eligible investment funds and fund managers, and expand tax exemptions for Government securities, qualifying rough-diamond sales and bonded-warehouse component storage. It also modifies exemptions concerning electronic-goods contract manufacturing, data centres and business-trust dividends, while imposing a differentiated surcharge on qualifying special purpose vehicles. A separately included appropriation bill authorises excess expenditure from the Consolidated Fund of India.
    August 5, 2026
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    Growth and inflation projections reflect resilient domestic activity while energy volatility, supply disruptions, and food prices sustain inflation risks.
    Monetary policy projections for fiscal 2026-27 revise real GDP growth upward to 6.7 per cent and Consumer Price Index inflation downward to 5 per cent. Domestic activity is described as resilient amid global uncertainty, but inflationary risks persist from rainfall disruption, energy-price volatility, supply-chain uncertainty, and second-round effects of higher food, fuel and input costs. Core inflation is projected at 4.3 per cent for the fiscal year.
    August 5, 2026
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    Industry collaboration strengthens MSME competitiveness through shared resources, market linkages, capability building and inclusive support for women entrepreneurs.
    MSME development is linked to collaboration, knowledge-sharing, institutional support and capability building. Industry associations can provide networking, policy advocacy, business intelligence, skills programmes, shared infrastructure and market linkages, while collective procurement, shared logistics, digital commerce and export readiness may improve competitiveness. Women-led enterprises benefit from market-oriented capability development, mentorship, continuous learning, professional networks, capacity-building programmes and institutional support. The Development of Industry Associations initiative is intended to connect associations and facilitate the sharing of best practices.
    August 5, 2026
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    Monetary policy rate maintenance continues under a neutral stance amid energy disruption, inflation concerns and sustained currency depreciation.
    Monetary policy rate maintenance was continued with the repo rate retained at 5.25 per cent under a neutral stance amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The growth forecast was marginally increased and the inflation projection reduced. Sustained rupee depreciation against the dollar was attributed to costly oil, capital outflows, widening trade deficits and a strong US dollar.

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      Guidance Note – Form 183

      April 4, 2026

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      Form No. 183 [corresponding to erstwhile Form No. 183] – Audit Report under Section 49 for claiming deduction in respect of business of prospecting, extracting, or producing petroleum, natural gas, or both

      Purpose:

      Form No. 183 is a statutory audit report prescribed under Rule 291 of the Income-tax Rules, 2026. It is used for certifying the deduction claimed by an assessee engaged in the business of prospecting, extracting, or producing petroleum, natural gas, or both in India.

      The form verifies that:

      • The assessee’s books of account with respect to such business have been audited either under section 49 of the Income-tax Act, 2025 or under any other law
      • The assessee has deposited an amount, within time, in a special account with the State Bank of India or in a site restoration account, in accordance with a special scheme/deposit scheme made/approved by the Ministry of Petroleum and Natural Gas
      • Whether the withdrawals made from the account were for purposes specified in the special scheme/deposit scheme
      • Whether withdrawals made for purposes specified in the special scheme/deposit scheme have not been so utilised, in which case, the amount would be chargeable as income of that tax year
      • Whether withdrawals have been made for purchase of certain assets mentioned in the section, in which case, the amount would be chargeable as income of that tax year
      • Whether any amount has also been claimed as expenditure while computing income under the head ‘Profits and gains of business or profession’, and which needs to be disallowed
      • Whether any asset acquired in accordance with special scheme/deposit scheme, has been transferred before eight years, in which case, corresponding part of the cost would be chargeable as income of that tax year
      • The amount of deduction permissible in accordance with section 49

      Thus, Form No. 183 serves as a Chartered Accountant’s audit certificate authenticating the correctness of the deduction claimed under Section 48.

      Who Should File:

      Form No. 183 must be furnished by assessees engaged in the business of prospecting, extracting, or producing petroleum, natural gas, or both in India.

      The audit report in Form No. 183 is to be furnished by a Chartered Accountant.

      Frequency & Due Dates:

      Form No. 183 is furnished annually one month prior to the due date for furnishing the return of income under Section 263(1).

      Structure of Form No. 183 :

      Form No. 183 is divided into three parts.

      Part I: Audit report u/s 49 in case where accounts of the assessee have been audited under any other law

      Part II: Audit report u/s 49 in case where accounts of the assessee have not been audited under any other law

      Part III: Statement of particulars relating to claim of deduction u/s 49:

      • Accounting information: Books of account examined, method of accounting followed, maintenance of separate accounts for business of prospecting, extracting, or producing petroleum, natural gas, or both in India
      • Deposit information: amounts deposited within time in the specified account
      • Withdrawal information: amounts withdrawn, purposes of withdrawal, utilisation for stated purposes, amounts utilised for purposes not allowed, transfer of asset bought with withdrawn funds before expiry of specified time
      • Deduction permissible: Total deduction permissible in accordance with section 49

      What are the documents required to file the Form No. 183 ?

      Following documents may be required for filing Form No. 183 :

      1. Books of account / relevant documents of the business (Balance Sheet, Profit & Loss Account or Income & Expenditure statement).
      2. Audit report if audited under any other law
      3. Evidence of deposit in the specified Account
      4. Documents related to withdrawal of funds from specified Account showing purpose of withdrawal, proof of utilization
      5. Documents related to transfer of assets purchased in accordance with special scheme/Deposit Scheme

      What is the process flow of filing Form No. 183?

      The process flow includes following steps

      1. Deposit of amounts into specified Account
      2. Withdrawal of amounts (if any) from specified Account
      3. Audit by Chartered Accountant under any other law or under section 49
      4. Furnishing of Form No. 183 online by Chartered Accountant (e-form)
      5. E-verification of Form via DSC
      6. Acceptance of Form by taxpayer

      Outcome of Processed Form No. 183:

      Enables claiming of deduction under Section 49, which can be up to 20% of profits derived from the business, subject to the amount deposited.

      Brief note on broad or qualitative changes proposed:

      Key updates include the following

      • The entire form has been made into a smart form, tabulating data to make extraction easier.
      • Books of account examined – A few books of account have been provided in a tabular format so that the accountant need only tick the books examined. A field for adding any other books has been given.
      • References to account in State Bank of India or Deposit Account have been replaced with specified account since the same has been explicitly defined in the new Act.
      • Deposit and withdrawal details have been tabulated for ease of entry and extraction.
      • Data on transfer of asset has been tabulated for ease of entry and extraction.
      • Change in definition of accountant entitled to sign the audit report – The Form originally allowed three types of people to sign the report:
        • A CA as defined in the Chartered Accountant’s Act, 1949
        • A person entitled to be appointed as an Auditor u/s 226(2) of the Companies Act, 1956
        • A person entitled to audit the accounts by virtue of any other law [for those assessees whose accounts were audited under any other law]

      The new Act defines accountant in section 515(3)(b) as a CA defined in the Chartered Accountant’s Act, 1949, subject to certain exclusions, like related parties of the assessee or a CA that has been dismissed from government service or convicted of an offence, etc. Since these are reasonable exclusions, the same definition has been included in the proposed Form.

      With respect to the second category, the Companies Act, 2013 does not include a corresponding provision of section 226(2) of Companies Act, 1956. Hence, this clause has been removed as redundant.

      • Details like membership number, firm registration number, and UDIN have been incorporated in the Form to be filled in mandatorily.

      Challenges and Solutions:

      Earlier, Form No. 183 majorly had free textboxes to enter details like date of deposit/withdrawal, amount, purpose, etc. By tabulating the data, compliance as well as extraction and validation is expected to be simplified.

      Common Changes made across Forms:

      1. To make Forms system-friendly and enable e-filing and uploading, certain anomalies found due to grouping of Name, Designation, Address, PAN and Aadhaar number have been separated into different boxes.
      2. Assessment / Financial / Previous year or years have been replaced with Tax year or years, wherever appearing in the Form/Annexure.
      3. Sections, Clauses and Schedules changes as per the Income-tax Act, 2025.
      4. Currency symbol “Rs.” has been replaced with “₹”.

      Topics

      ActsIncome Tax