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News
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September 1, 2026
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Personal guarantor insolvency: repayment plan stayed pending majority determination, with restraint on direct or indirect asset alienation.
Personal-guarantee insolvency proceedings involve a stay on implementation of a repayment plan because the earlier members' views did not produce a clear majority capable of taking effect. The personal guarantor has been restrained from directly or indirectly alienating assets pending further hearing. The dispute follows split views on approval of the plan, claim admission and voting, followed by a third-member opinion that did not resolve the absence of a determinative majority. Creditors dispute the proposed recovery, claim treatment and declared net worth relevant to the guarantees.
September 1, 2026
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Rupee exchange-rate movement reflects portfolio inflows, growth data and possible central-bank support, while crude oil prices constrain gains.
Foreign-exchange market conditions strengthened the rupee by 28 paise to 94.94 against the US dollar, supported by domestic growth, controlled fiscal slippage and portfolio inflows. Possible Reserve Bank of India intervention was also identified as supportive. Higher crude oil prices, weak domestic equities and hawkish US monetary-policy signals were identified as constraints on further appreciation. Foreign investment flows, stronger-than-expected domestic growth and the fiscal-deficit position remained material factors affecting currency conditions.
September 1, 2026
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Money-laundering probe into public service recruitment irregularities examines alleged question-paper leaks, selection manipulation, and laundering through purported CSR donations.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in Public Service Commission recruitment examinations. Allegations include question-paper leaks, manipulation of candidate selection, and illegal gratification for securing appointments of relatives and favoured candidates. Recruitment rules were allegedly amended to facilitate selection of relatives. Alleged proceeds of crime were collected in cash and routed through layered banking transactions, including through a family-controlled samiti presented as receiving corporate social responsibility donations for a non-existent college.
September 1, 2026
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Personal guarantor settlement scrutiny intensifies as asset alienation is restrained pending review of a disputed creditor repayment proposal.
A five-member special bench found that no clear majority view existed under section 419(5) of the Companies Act and stayed the third member's order that had permitted the proposed recovery. Notices were directed to all parties, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. The dispute concerns approval of a personal guarantor's repayment proposal, treatment of guarantee claims, creditor voting support, assessment of the personal estate, and scrutiny of declared net worth.
September 1, 2026
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Personal insolvency proceedings restrict property alienation while notices issue to parties in the debtor's case.
A five-member special National Company Law Tribunal bench hearing Subhash Chandra's personal insolvency matter issued notices to all parties and restrained him from alienating property directly or indirectly. The restraint applies during the continuing insolvency proceedings and concerns dealings with the relevant property. The procedural measure requires the interested parties to participate in the matter.
September 1, 2026
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Aadhaar authentication alternatives enable eligible farmers with failed fingerprint verification to access loan-waiver benefits after identity verification.
Elderly farmers whose fingerprints cannot be captured for Aadhaar authentication may approach an Aaple Sarkar Seva Kendra with their Aadhaar card and bank passbook. Loan-account details are verified on the scheme portal before authentication is initiated. If authentication fails, the concerned tehsildar verifies identity using the Aadhaar card, bank passbook and 7/12 land record extract. Eligible farmers receive loan-waiver benefits directly in their bank accounts after authentication, identity verification and satisfaction of the scheme's eligibility criteria.
September 1, 2026
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GST collection growth reflected higher domestic and import revenue, while increased refunds moderated net collections during August.
GST collections recorded year-on-year growth in August, with gross receipts reaching about Rs 2 lakh crore. Domestic transaction revenue increased to over Rs 1.37 lakh crore, while import-related revenue rose to Rs 62,604 crore. Refunds increased to Rs 31,795 crore, and net GST collections stood at Rs 1.68 lakh crore after refunds.
September 1, 2026
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Personal insolvency repayment plan faces fresh hearing after a split bench prevents enforcement and restrains guarantor property transfers.
Personal insolvency proceedings were reopened before a five-member special bench after a split view on a repayment plan. As no majority view existed, including that of the third member, no final order was in force and the repayment-plan determination could not be acted upon. Notices were issued to all parties, including dissenting creditors, and the guarantor was restrained from directly or indirectly alienating property pending further consideration. Dissenting creditors also challenged the repayment-plan determination before the appellate tribunal.
September 1, 2026
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Equity market sentiment weakens as higher crude prices, geopolitical tensions and tighter monetary policy expectations curb risk appetite.
Equity-market sentiment weakened as higher crude oil prices, renewed US-Iran tensions, and expectations of prolonged tight US monetary policy reduced emerging-market risk appetite. The Sensex and Nifty declined, while domestic GDP growth above projections offered partial support. Weakness in several Asian markets, a lower US market close, and net foreign institutional equity sales reinforced cautious trading conditions.
September 1, 2026
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Money laundering investigation triggers searches linked to alleged Public Service Commission irregularities, including premises of a former chief minister's assistant.
A money-laundering investigation under the Prevention of Money Laundering Act has led to searches at seven locations in Chhattisgarh in connection with alleged irregularities at the Chhattisgarh Public Service Commission. The search operation includes the premises of K. K. Chandrakar, personal assistant to former Chief Minister Bhupesh Baghel. The investigation remains at the search and inquiry stage.
September 1, 2026
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Income-tax return filing: non-audit business and professional taxpayers use applicable forms by prescribed due dates.
August 31, 2026 was the due date for taxpayers having business or professional income who were not subject to audit. Such non-audit taxpayers may use ITR-3, ITR-4, ITR-5 or ITR-7, as applicable. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, while ITR-4 is intended for small and medium taxpayers. ITR-5 applies to firms, limited liability partnerships and cooperative societies, and ITR-7 applies to trusts and charitable institutions.
September 1, 2026
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Gold smuggling enforcement targets transit abuse, concealed carriage, and border routes through coordinated seizures and arrests nationwide.
Intelligence-led enforcement against organised gold smuggling resulted in the seizure of over 42 kg of foreign-origin gold and around 10 kg of foreign-origin silver, collectively valued at more than Rs. 65 crore, and the arrest of 25 persons. Operations targeted networks using airport transit routes, airport personnel, land-border corridors, coastal routes, and domestic road transport. Gold was concealed in wax, compound, paste, raw-chain and bar forms, including through body concealment, internally secreted capsules, clothing, and specially created cavities.
September 1, 2026
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Predictive consumption-expenditure framework will use household survey data to support poverty estimation, consumption analysis, and economic planning.
MoSPI and Thapar Institute of Engineering & Technology have entered into a memorandum of understanding for a research study to develop a predictive and analytical framework for monthly consumption expenditure in India. The study will use Household Consumption Expenditure Survey data to estimate Monthly Per Capita Consumption Expenditure at national and state levels, analyse household consumption patterns, and generate evidence relevant to poverty estimation and broader economic planning.
August 31, 2026
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Personal insolvency repayment plans: conflicting views on binding dissenting creditors prompted reconsideration through an expanded adjudicatory bench.
National Company Law Tribunal constituted a five-member bench after conflicting views on a personal insolvency repayment plan left no majority position for a formal order. The central issue is whether creditor approval of the plan binds dissenting creditors and extinguishes their claims against the personal guarantor. One view preserved dissenting creditors' independent recovery rights, while another applied the creditor-approved plan uniformly to all creditors. Disagreement also concerns the Adjudicating Authority's power to examine the resolution professional's report of the creditors' meeting.
August 31, 2026
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Personal insolvency repayment plans raise unresolved questions on dissenting creditors' rights and uniform extinguishment of claims.
Personal insolvency proceedings were referred for fresh adjudication because no majority emerged on the repayment plan. The Technical Member rejected the plan; the Judicial Member confined it to consenting creditors while preserving dissentents' recovery rights; and the Third Member approved it with uniform extinguishment of all creditors' claims. The dispute concerns whether creditor approval under section 115(1) binds dissenting creditors, the effect of section 79(2)(g), and the Adjudicating Authority's power to examine the Resolution Professional's creditors' meeting report.
August 31, 2026
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Rupee exchange-rate support through suspected intervention and FCNR(B) inflows offset pressure from dollar strength and higher crude prices.
Rupee exchange-rate movement reflected a recovery from early losses to close stronger against the US dollar, amid market expectations of Reserve Bank of India support at lower trading levels. Pressure arose from higher US Treasury yields, possible US rate-hike expectations and a broad dollar rally. Suspected intervention, FCNR(B)-related foreign-currency flows and the special USD-INR forex swap facility supported sentiment, while rising crude prices, geopolitical supply risks and foreign institutional equity outflows remained adverse factors.
August 31, 2026
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Income-tax return filing for non-audit business and professional taxpayers closes at midnight, requiring use of applicable forms.
Income-tax return filing for Assessment Year 2026-27 reaches its due date on 31 August 2026 for taxpayers having business or professional income who are not subject to audit. Such taxpayers may file the applicable ITR-3, ITR-4, ITR-5 or ITR-7. ITR-3 applies to individuals and Hindu Undivided Families with proprietary business or professional income, ITR-4 to small and medium taxpayers, and ITR-5 to firms, limited liability partnerships and cooperative societies.
August 31, 2026
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Monthly fiscal accounts track receipt composition, expenditure allocation, tax devolution, interest payments, and major subsidy outgo through July.
Union Government monthly accounts through July 2026 record total receipts comprising net tax revenue, non-tax revenue and non-debt capital receipts, with tax devolution transferred to State Governments. Total expenditure is divided between revenue and capital expenditure. Revenue expenditure includes interest payments and major subsidies.
August 31, 2026
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Personal guarantor insolvency distinguishes guarantee liability from borrower debt while creditor voting challenges question repayment-plan approval.
Personal insolvency proceedings concerning personal guarantees distinguish a guarantor's liability from the underlying borrowing entities' debts. Claims against the guarantor arise from guarantees furnished for loans obtained by Essel Group-associated entities, while the borrowers' repayment obligations remain enforceable and creditors may pursue corporate assets and securities. Dissenting lenders have challenged the resolution-plan voting process, alleging that family-linked associates or related parties should have been excluded from committee of creditors voting.
August 31, 2026
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National accounts revisions align GDP and sectoral estimates with updated price, production and banking service indicators.
National Accounts Statistics-2026 incorporates updated Producer Price Index, Index of Industrial Production and Banking Services Price Index series with base year 2022-23 into annual and quarterly GDP estimates. The revised indicators expand coverage, update weights and improve price mapping for national-account activities. GDP and gross value added estimates from 2022-23 onwards are revised at current and constant prices, with sector-specific effects in mining and quarrying, manufacturing, trade services, general government and departmental enterprises. Supply and Use Tables for 2022-23 and 2023-24 are also updated.

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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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