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May 4, 2026
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Direct tax collections rise with stronger gross receipts and lower refunds, though the revised target remains unmet.
Net direct tax collections for 2025-26 rose 5.12 per cent to over Rs 23.40 lakh crore, but remained below the revised estimate of Rs 24.21 lakh crore. CBDT data showed net corporate tax collections at Rs 10.99 lakh crore and personal income tax, including Securities Transaction Tax, at about Rs 12.41 lakh crore. Gross direct tax collection stood at about Rs 28.12 lakh crore, while refund issuance declined 1.09 per cent to Rs 4.71 lakh crore.
May 4, 2026
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LNG storage capacity expansion gains urgency as supply disruptions and geopolitical risk expose India's energy security vulnerabilities.
India is seeking to increase LNG storage capacity in response to supply disruptions and heightened geopolitical risk affecting imports from West Asia. Petronet LNG plans to add new storage tanks at multiple terminals to strengthen buffer capacity and maintain normal supplies if import flows are interrupted. The expansion is presented as part of broader efforts to support energy security and manage future crisis conditions through additional strategic reserves.
May 4, 2026
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Loan waiver fraud warnings highlight false waiver claims, deceptive certificates, fee collection, and the need to avoid such entities.
Unauthorised and misleading campaigns promising loan waivers are cautioned against, including false claims of waiver of dues to banks or NBFCs, issuance of debt waiver certificates, and collection of fees under service or legal charges. The public is advised not to associate with such persons or entities, to approach lending institutions directly for loan information, and to report such campaigns to law enforcement agencies.
May 4, 2026
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Context-driven digital payments reshape spending as UPI, credit cards and EMIs serve different consumer needs.
India's digital payments are increasingly context-driven, with consumers choosing instruments according to ticket size, urgency, intent and time of day rather than relying on a single dominant mode. UPI continues to support everyday and high-value payments, while structured credit and EMIs are expanding into routine and recurring expenses. Payment behaviour also varies by timing, and merchants are increasingly offering multiple payment options to align with consumer intent and improve conversion.
May 4, 2026
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Aadhaar verification and identity proof concerns require legislative intervention for issuance safeguards and misuse prevention.
Legislative intervention and amendments in the existing legal framework are required for reliefs seeking restrictions on Aadhaar issuance and related safeguards. The petition also sought directions treating Aadhaar only as proof of identity, while alleging misuse through weak verification, diversion of public resources, and improper access to other identity records.
May 4, 2026
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Economic vulnerability mapping gains focus as India weighs supply disruption risks, energy dependence and inflation pressure from global shocks.
India must strengthen economic vulnerability mapping and risk management across energy, food, fertilisers, metals and critical minerals to address supply disruptions and price volatility arising from geopolitical shocks. The commentary emphasises expanding physical buffers, including strategic petroleum reserves and stockpiles of essential commodities, while reducing excessive import dependence through diversified supply sources, trade routes and more effective use of free trade agreements. It also notes that fiscal, monetary, trade and supply-side interventions, supported by an emergency response mechanism, are being used to cushion external shocks.
May 4, 2026
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Specialized Investment Fund launch combines portfolio flexibility, transparency, and risk discipline for experienced investors.
HSBC Mutual Fund has launched RedHex SIF in India as a SEBI-approved Specialized Investment Fund brand for investors seeking greater portfolio flexibility within a regulated mutual fund framework. The platform offers focused, outcome-oriented strategies with transparency, governance, oversight, and risk discipline, and is aimed at experienced, institutional, and high-net-worth investors subject to a minimum investment threshold and higher investment risks.
May 4, 2026
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NATO burden-sharing and trade friction shape Europe's response as troop withdrawal and tariff pressure test transatlantic ties.
European leaders said the planned withdrawal of United States troops from Germany showed that Europe must take greater responsibility for its own security within NATO. They called for the move to be handled within the alliance framework and for the European pillar in NATO to be strengthened. The article also noted fresh trade friction, including plans for higher United States tariffs on cars and trucks from the European Union, alongside the bloc's emphasis on free trade agreements and stable supply chains.
May 4, 2026
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Commercial wisdom in insolvency bid evaluation upheld as creditors may assess feasibility beyond headline value.
Challenge to approval of a corporate insolvency resolution plan for Jaiprakash Associates Ltd. turned on the Committee of Creditors' evaluation of competing bids, including preference for Adani Enterprises' plan over Vedanta Ltd.'s revised offer. The controversy concerned transparency, evaluation metrics and whether post-deadline bid revisions could be considered in the insolvency process. The tribunal found no material irregularity and treated the CoC's decision as commercial wisdom based on overall consideration of the competing plans.
May 4, 2026
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Supreme Court and NCLAT spotlight procedural discipline, transgender law challenge, and insolvency bid selection dispute.
The Supreme Court rebuked its Registry for failing to issue notice to the Enforcement Directorate and declined urgent hearing on a plea for continuation of central armed police forces in West Bengal, saying such decisions lie with the political executive. It also agreed to hear challenges to the Transgender Persons (Protection of Rights) Amendment Act, 2026, while the NCLAT dismissed Vedanta Ltd.'s petitions against selection of Adani Enterprises' bid for Jaiprakash Associates Ltd. in insolvency proceedings.
May 4, 2026
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FDI norms eased for foreign companies with limited Chinese or Hong Kong stake, subject to sectoral conditions and reporting.
India eased FDI norms to allow foreign companies with Chinese or Hong Kong shareholding of up to 10 per cent, or a non-controlling stake, to invest under the automatic route in sectors where foreign investment is permitted, subject to applicable sectoral conditions. The revised framework retains reporting obligations and uses the beneficial ownership concept drawn from the Prevention of Money Laundering Rules, 2005. It also preserves expedited clearance for specified manufacturing activities while requiring majority Indian ownership and control.
May 4, 2026
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Section 80G donation deduction rules define eligible donees, deduction limits, cash restrictions, and verification requirements.
Section 80G allows deduction for donations to specified funds, charitable institutions, and approved bodies, subject to category-wise limits of 100% or 50% deduction, with or without a 10% adjusted gross total income cap. Eligibility depends on the donee being within the statutory list and, where required, meeting prescribed approval and compliance conditions. Cash donations above the prescribed amount are not deductible, the same donation cannot be claimed again under any other provision, and the donor must verify the donee's registration and reported information before claiming the benefit.
May 4, 2026
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Commercial wisdom in insolvency resolution plan selection shapes creditor choice over competing bids for Jaiprakash Associates.
Challenge to an insolvency resolution process for Jaiprakash Associates Ltd. centred on the Committee of Creditors' selection of Adani Enterprises' resolution plan over Vedanta's competing bid. The tribunal treated the CoC's decision as an exercise of commercial wisdom based on overall assessment of the resolution plans and found no material irregularity in the Resolution Professional's conduct of the process. The dispute arose in the CIRP context after approval of Adani Enterprises' resolution plan by the adjudicating authority.
May 4, 2026
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International trade education and policy research highlighted as IIFT marks its Foundation Day with new institutional initiatives.
The Indian Institute of Foreign Trade marked its 63rd Foundation Day with official appreciation of its role as an autonomous institution in advancing India's international trade, management education, policy research, and capacity building. The commemorations highlighted its expanding academic and institutional presence across New Delhi, Kolkata, Kakinada, and GIFT City, along with campus growth, alumni engagement, and new academic initiatives. The event also emphasized multilingual course offerings, a new website for improved accessibility and digital engagement, major conferences, research-led innovation, student recognition, and acknowledgment of retired employees and long-serving staff.
May 4, 2026
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Debt recovery tribunal reforms advance through e-filing, hybrid hearings, capacity building, and faster disposal measures.
Department of Financial Services convened a colloquium of DRAT Chairpersons and DRT Presiding Officers to strengthen the debt recovery framework through policy dialogue, reform, and performance enhancement. The discussion focused on reducing pendency, accelerating disposal of cases, capacity building, targeted training, and sharing of best practices across tribunals. Key measures included mandatory e-filing, hybrid hearings, e-DRT 2.0, stronger bank oversight, prioritisation of high-value cases, use of Lok Adalats and mediation, and the BAANKNET e-auction platform.
May 4, 2026
Show AI Summary
GST taxpayer facilitation centre strengthens voluntary compliance, transparency, and cooperative tax administration in Itanagar.
GST administration in Itanagar was strengthened with the inauguration of a new GST Bhawan as a dedicated taxpayer facilitation centre for the Itanagar Commissionerate under CBIC. The facility is intended to improve service delivery, accessibility, taxpayer engagement, and ease of compliance, and to function as a centre for facilitation, dialogue, and mutual confidence between taxpayers and the administration. Officers were described as facilitators and partners in a cooperative compliance framework, with a focus on guiding taxpayers, supporting compliance, and simplifying administrative interactions.
May 3, 2026
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Money laundering probe linked to alleged liquor scam leads to fresh seizures of cash, gold and incriminating records.
Fresh searches in a money laundering probe linked to the alleged Chhattisgarh liquor scam led to seizure of cash, gold jewellery and bullion, along with incriminating documents and digital devices. The ED said the searched entities are suspected of receiving, handling, layering or concealing proceeds of crime, while the wider investigation concerns an alleged criminal syndicate that hijacked the excise department and caused a massive loss to the state exchequer.
May 3, 2026
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Aadhaar issuance guidelines face scrutiny over tighter age-based verification and concerns about identity misuse by infiltrators.
A public interest petition seeks directions to the Unique Identification Authority of India to restrict issuance of new Aadhaar cards to citizens up to six years of age and to frame stringent guidelines for issuance of Aadhaar to adolescents and adults. The plea raises concerns that looser issuance practices may enable infiltrators to obtain Aadhaar and masquerade as Indian citizens.
May 3, 2026
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Aadhaar issuance safeguards sought to ensure identity verification, curb misuse, and clarify that Aadhaar is not proof of citizenship.
A public interest petition seeks stricter Aadhaar issuance safeguards, including limiting new Aadhaar cards to children up to six years of age and framing rigorous guidelines for adolescents and adults. It also seeks display boards clarifying that Aadhaar is only a proof of identity and not proof of citizenship, address or date of birth. The petition alleges misuse of Aadhaar by infiltrators, weak verification procedures, and diversion of public resources through wrongful access to identity documents and welfare benefits.
May 3, 2026
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Airline wind-down and refunds follow repeated bankruptcy, as rising oil prices make continued operations unsustainable.
Spirit Airlines announced an immediate orderly wind-down of operations after 34 years, cancelling all flights and ending customer service, after repeated bankruptcy proceedings and continued financial distress. The company said rising operating costs, especially higher oil prices linked to the war with Iran, made continued operation unsustainable. Customers who bought directly from the airline were told to expect refunds through a reserve fund, while passengers who booked through third-party vendors would have to seek refunds from those sellers.

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Customs & Trade

From Pilibhit’s Flutes to Global Trade: Union Minister Shri Jitin Prasada ji Highlights India’s Packaging Vision at IIP Diamond Jubilee Celebrations

May 15, 2026

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The Indian Institute of Packaging (IIP) marked the beginning of its Diamond Jubilee Year celebrations on 14th May 2026 in Mumbai, commemorating 60 years of pioneering contribution towards packaging innovation, sustainability, education, research and industrial development in India. Established under the Ministry of Commerce & Industry, Government of India, IIP has played a vital role in strengthening India’s packaging ecosystem through scientific packaging practices, sustainable solutions, export competitiveness, skill development and technological advancement across industries.

The landmark celebration reflected on IIP’s rich six-decade journey while reinforcing its commitment towards building future-ready and environmentally responsible packaging solutions aligned with the vision of Viksit Bharat.

Hon’ble Union Minister of State for Commerce and Industry and Ministry of Electronics & Information Technology, Government of India, Shri Jitin Prasada ji graced the occasion as Chief Guest and delivered a powerful address on India’s growth story being driven by the twin engines of technology and trade.

Speaking at the event, Shri Jitin Prasada ji emphasized that under the visionary leadership of Prime Minister Shri Narendra Modi ji, India today is no longer viewed merely as a population of 1.4 billion people, but as a trusted global partner and one of the world’s largest aspirational markets.

He highlighted the growing importance of AI, machine learning, sustainable technologies and innovation-driven manufacturing in strengthening India’s packaging ecosystem and global competitiveness.

“The future belongs to nations that embrace innovation, quality and sustainability. The packaging sector will play a defining role in shaping India’s global competitiveness. We must make in India, package in India and design in India — not only for ourselves, but for the entire world,” Shri Jitin Prasada ji said.

The Minister stressed that Indian consumers today are highly aspirational and quality conscious, adding that the era where “export quality” was considered separate from domestic quality is now over.

“There can be absolutely no compromise on quality. Prime Minister Narendra Modi ji always emphasizes three things — quality, quality and quality,” he remarked.

Reflecting emotionally upon his own constituency Pilibhit, Shri Jitin Prasada ji shared that nearly 95 percent of the flutes used across the world are produced there, though very few people are aware of it globally.

“But with strong packaging, branding and visibility, even a traditional product like the Pilibhit flute can reach every corner of the world. That is the power of quality packaging and presentation,” he added.

The Minister also spoke extensively about the opportunities emerging through Free Trade Agreements and India’s evolving role as a preferred destination for manufacturing and investment.

Addressing students, innovators and MSMEs, he highlighted the importance of future-ready technologies, research, sustainable packaging, biodegradable materials and testing infrastructure to help Indian industries compete globally.

He also reiterated the Government of India’s commitment towards ease of doing business, mentioning landmark reforms like the Jan Vishwas Bill which significantly reduced outdated compliances and regulatory hurdles for entrepreneurs and investors.

“India wants to roll out the red carpet for investors, not red tape,” Shri Jitin Prasada ji said, urging global investors to view India not merely as a market, but as a long-term strategic partner.

The Minister also encouraged the packaging industry to embrace sustainability as a responsibility rather than a compliance burden, stressing the importance of biodegradable materials, recycling and green packaging solutions in the years ahead.

The event also witnessed the presence of Guest of Honour Shri Raju Desai, Vice President, Plastindia Foundation, along with senior government officials, policymakers, industry leaders, academicians, exporters, manufacturers, alumni and stakeholders from across the country.

Held under the leadership of Shri R K Mishra, IRS, Director, IIP, and Shri Prabhakar Bantwal, Chairman, IIP, along with the Governing Body Members and Team IIP, the Diamond Jubilee celebrations highlighted the growing importance of innovation, sustainability and collaborative growth within India’s packaging sector.

Adding further significance to the occasion, Amitabh Singh, Chief Postmaster General, Maharashtra Circle, released a special commemorative postal stamp honouring the Indian Institute of Packaging’s 60-year legacy. Shekhar Amberkar, Deputy Director & Head – International Packaging Centre, Indian Institute of Packaging, also played a key role in the celebrations and the institute’s international outreach initiatives.

The event also witnessed the unveiling of the official Diamond Jubilee logo, release of the Diamond Jubilee souvenir and signing of an MoU with FDDI, marking a new phase of collaborative growth and institutional development.

A special presentation on Bharat Packaging Expo 2027 was also showcased during the event, highlighting India’s growing global positioning in the packaging and manufacturing ecosystem and reinforcing the country’s vision towards innovation-led industrial growth.

The celebrations further served as a platform for discussions around smart packaging, circular economy practices, sustainable materials, innovation-driven manufacturing and the evolving future of packaging in an increasingly competitive global marketplace.

Speaking on the milestone, Shekhar Amberkar, Deputy Director & Head – International Packaging Centre, Indian Institute of Packaging, said: “For six decades, the Indian Institute of Packaging has stood as a catalyst for innovation, education and sustainability within India’s packaging sector. As we enter our Diamond Jubilee Year, we reaffirm our commitment towards building globally competitive, sustainable and future-focused packaging solutions that contribute meaningfully towards the vision of Viksit Bharat.” Amitabh Singh, Chief Postmaster General, Maharashtra Circle, said: “The commemorative postal stamp celebrating the Indian Institute of Packaging is a tribute to an institution that has contributed immensely towards industrial development, innovation and nation-building. Packaging today is not merely about protection and logistics, but also about sustainability, communication and economic growth.” The Diamond Jubilee Year celebrations are expected to continue through a series of conferences, industry engagements, academic initiatives, innovation-driven collaborations and sustainability-focused discussions across the year, highlighting the evolving role of packaging in India’s growth story.

(Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI PWR PWR

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