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    RBI invites public comments on Draft Guidelines for ‘on tap’ Licensing of Urban Co-operative Banks
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August 5, 2026
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On-tap licensing for Urban Co-operative Banks enters public consultation through draft guidelines inviting stakeholder feedback.
Draft guidelines for 'on tap' licensing of Urban Co-operative Banks have been issued for public and stakeholder consultation. Comments and feedback may be submitted until September 05, 2026, through the designated online consultation facility or by written or email submission to the specified regulatory department.
August 5, 2026
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Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
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
Show AI Summary
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
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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
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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.

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NICDC Holds Workshop on BHAVYA Scheme and NTH–BIS Testing Infrastructure in New Delhi

May 30, 2026

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Consultation Sessions Held on Strengthening Implementation Framework of BHAVYA Scheme

National Industrial Corridor Development Corporation Limited (NICDC), under the aegis of the Department for Promotion of Industry and Internal Trade (DPIIT), organised a workshop on the BHAVYA Scheme Framework and NTH & BIS Testing Facilities at Vanijya Bhawan, New Delhi.

The workshop was chaired by Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce & Industry, Government of India, Shri Amardeep Singh Bhatia, and Secretary, Department of Consumer Affairs (DoCA), Government of India, Smt. Nidhi Khare. More than 100 representatives from 31 States and Union Territories participated in the session. The workshop was also attended by senior officials from DPIIT and DoCA, Industrial Development Corporations, State Special Purpose Vehicles (SPVs), Bureau of Indian Standards (BIS), National Test House (NTH), NICDC and other stakeholder agencies.

Delivering the welcome and context-setting address, Chief Executive Officer & Managing Director, NICDC, Shri Rajat Kumar Saini, highlighted the importance of creating investment-ready industrial ecosystems supported by robust infrastructure, quality assurance mechanisms and efficient institutional frameworks. He noted that initiatives aimed at developing world-class industrial parks and strengthening testing and certification infrastructure would contribute significantly towards the vision of Viksit Bharat@2047, Make in India, PM GatiShakti National Master Plan and the National Logistics Policy.

The workshop was organised in two sessions. The first session focused on quality infrastructure and testing facilities. It included an address by Secretary, Department of Consumer Affairs, Smt. Nidhi Khare, followed by a presentation by Director General, National Test House (NTH), Dr. Alok Srivastav, on commercial testing of products and establishment of NTH laboratories. This was followed by a presentation by Deputy Director General, Bureau of Indian Standards (BIS), Shri Harmohan Jit Singh Pasricha, on the Quality Control framework, including Quality Control Orders (QCOs). The session concluded with an interactive discussion with participating States, Union Territories and stakeholder institutions.

During the session, National Test House showcased its expanding testing and quality assurance ecosystem, including capabilities in emerging areas such as drone certification, EV battery testing, aerospace components, solar equipment and organic food testing. NTH also highlighted its ongoing collaboration with NICDC to establish testing facilities and sample collection centres within industrial corridor projects, enabling industries to access testing and certification services closer to manufacturing locations. Appreciating NICDC’s industrial infrastructure, NTH noted that the industrial nodes provide an enabling environment for deployment of testing and certification facilities.

The Bureau of Indian Standards presented the evolving national quality infrastructure framework and highlighted the growing network of standards, certification systems, Quality Control Orders (QCOs) and laboratory infrastructure supporting industrial development. BIS emphasised that greater adoption of standards and quality compliance would enhance product reliability, facilitate market access, improve export competitiveness and strengthen investor confidence in India’s manufacturing ecosystem.

The second session focused on the BHAVYA Scheme framework and implementation roadmap. The session commenced with an address by Secretary, DPIIT, Shri Amardeep Singh Bhatia, followed by a detailed presentation on the BHAVYA Scheme framework covering scheme objectives, implementation structure, eligibility conditions, land requirements, SPV structures, funding provisions and the role of implementing agencies. The presentation was well received by participants and queries raised during the session were addressed.

Secretary, DPIIT, Shri Amardeep Singh Bhatia, emphasised that the success of BHAVYA would be measured not merely by creation of infrastructure but by the extent to which industrial parks attract investors and become operational manufacturing hubs. He urged States and Union Territories to prepare investor-centric proposals, highlighting competitive advantages, ease of doing business measures and supporting ecosystems that would enable industries to commence production within a reasonable timeframe.

He further encouraged States and Union Territories to submit implementation-ready proposals and noted that project evaluation would focus on long-term industrial viability and investment potential. He reiterated that the scheme seeks to create industrial parks where infrastructure readiness translates into rapid investment grounding, manufacturing activity, employment generation and export competitiveness.

Joint Secretary, DPIIT, Smt. Gurneet Tej, highlighted that the scheme has been designed with a strong focus on immediate operability and investment readiness. She encouraged States and Union Territories to identify sector-specific industrial parks, undertake parallel investor outreach activities and align infrastructure planning with the requirements of targeted industries to facilitate faster grounding of investments. She also noted that the flexibility built into the scheme should be leveraged to develop industrial parks based on local strengths, connectivity advantages and existing industrial ecosystems.

Chief Executive Officer & Managing Director, NICDC, Shri Rajat Kumar Saini, made a detailed presentation on the General and Operational Guidelines of the Bharat Audyogik Vikas Yojana (BHAVYA) Scheme. The presentation covered key provisions of the scheme, including eligibility criteria, challenge-mode selection process, implementation framework, funding structure, release of funds, monitoring mechanism, timelines, evaluation matrix, focus on social infrastructure and the framework for private developer-led industrial parks. Detailed clarifications were provided on the scheme guidelines and operational aspects to enable States and Union Territories to prepare quality proposals. States and Union Territories were also requested to examine the guidelines and provide inputs, suggestions and clarifications for consideration.

A separate presentation by NICDC focused on preparation and submission of Detailed Project Reports (DPRs) for projects proposed under BHAVYA. It covered project identification, land readiness, infrastructure planning, multimodal connectivity, utility provision, institutional arrangements, appraisal processes and documentation requirements. The presentation was followed by detailed discussions with stakeholders on practical implementation issues and suggestions for strengthening the scheme guidelines.

Chief Executive Officer & Managing Director, NICDC, Shri Rajat Kumar Saini, also demonstrated the BHAVYA portal and requested States and Union Territories to furnish the requisite information through the portal.

The workshop concluded with a call to State Governments and Union Territories to identify suitable projects, prepare robust DPRs, establish clear institutional mechanisms and ensure timely implementation of projects under BHAVYA.

BHAVYA, notified by the Government of India on 10 April 2026, with operational guidelines issued on 23 May 2026, is a transformative national initiative with an outlay of ₹33,660 crore aimed at developing 100 investment-ready, plug-and-play industrial parks across the country. The scheme seeks to create complete industrial ecosystems with ready infrastructure, multimodal connectivity, reliable utilities, smart services, logistics access, investor facilitation mechanisms and sustainable industrial planning.

A key feature of BHAVYA is its inclusive and partnership-based approach, enabling participation from State Governments, Union Territories, Central Public Sector Undertakings and the private sector. The scheme marks an important step towards broadening industrial infrastructure development in the country while leveraging private sector efficiency, investment capacity and project execution expertise.

NICDC, with its experience in developing integrated industrial corridors and smart industrial cities under the National Industrial Corridor Development Programme, is well positioned to support implementation of BHAVYA. Its work on projects such as Dholera, AURIC, Vikram Udyogpuri, Integrated Industrial Township Greater Noida and other corridor nodes provides a strong foundation in master planning, trunk infrastructure development, multimodal connectivity, SPV-based implementation, investor facilitation and creation of plug-and-play industrial ecosystems.

As BHAVYA is at an early stage of implementation, the workshop provided a valuable platform for stakeholders to share practical inputs on eligibility, land requirements, DPR preparation, institutional structures, appraisal mechanisms and project implementation. The interactions and suggestions received during the workshop are expected to support smooth, effective and time-bound implementation of the scheme.

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