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September 1, 2026
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Foreign exchange market dynamics: rupee appreciation reflected portfolio inflows, domestic growth, and possible central-bank intervention amid external pressures.
The rupee appreciated against the US dollar, supported by domestic growth, controlled fiscal slippage, portfolio-related inflows and possible Reserve Bank of India intervention. Its gains were limited by weak equity markets, rising crude oil prices and a stronger dollar. External geopolitical tensions and hawkish US monetary signals remained potential pressures. Domestic indicators showed strong economic activity, while the current account deficit widened because of a higher merchandise trade deficit. Foreign portfolio inflows continued despite investors remaining net sellers during the year.
September 1, 2026
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Current account deficit widened as merchandise trade deficit increased, notwithstanding stronger services receipts, remittances, and foreign direct investment inflows.
India's current account deficit widened in the first quarter of 2026-27 as the merchandise trade deficit increased. Higher net services receipts, increased personal transfer receipts and lower net primary-income outgo partly supported the external account. Financial-account movements included higher net foreign direct investment inflows, a shift in foreign portfolio investment from net inflow to net outflow, and lower net inflows through non-resident deposits and external commercial borrowings. Foreign exchange reserves declined on a balance-of-payments basis during the quarter.
September 1, 2026
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Technology-enabled tax compliance and enforcement supported higher commercial tax collections, while GST rate reductions moderated sectoral net GST growth.
Technology-enabled tax administration supported commercial tax and net GST collection growth in Andhra Pradesh during August 2026 and the cumulative period through August. AI-based analytics and scrutiny, IGST reversals, UPI-based enforcement, registration verification, Aadhaar authentication, digital payment enablement, predictive analytics and data sharing strengthened compliance, scrutiny and revenue mobilisation. Petroleum VAT, professional tax, liquor VAT and IGST settlement also increased, while GST rate reductions moderated net GST performance in specified product sectors.
September 1, 2026
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Windfall gains tax on petroleum exports rises for petrol and diesel while aviation turbine fuel levy is reduced.
Special additional excise duty and road and infrastructure cess on petroleum-product exports are revised with effect from 1 September 2026. The export duty on diesel is increased, the levy on aviation turbine fuel is marginally reduced, and a duty is imposed on petrol exports. Existing duty rates for petrol and diesel cleared for domestic consumption remain unchanged. The windfall-tax framework seeks to support domestic fuel availability and deter exporters from benefiting from domestic and international price differences.
September 1, 2026
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Automated Free Sale and Commerce Certificate issuance reduces manual scrutiny while preserving risk-based review for eligible exporters.
DGFT has enabled automated issuance of Free Sale and Commerce Certificates through its portal for eligible exporters of items not covered by the Drugs & Cosmetics Act, 1940. Applications satisfying prevailing framework and automated processing parameters may be issued without manual scrutiny. Applications requiring verification or not meeting those parameters may be routed for manual processing, while auto-approved applications may be flagged later for risk-based review. The mechanism seeks faster, more transparent and predictable processing while retaining necessary oversight.
September 1, 2026
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Five-day banking and equitable performance incentives drive planned nationwide bank union strike amid unresolved pension demands.
United Forum of Bank Unions has proposed nationwide strike action over delayed five-day banking, the performance-linked incentive framework, and unresolved pension demands. Five-day banking was agreed under the 12th Bipartite Settlement/9th Joint Note with extended Monday-to-Friday working hours, but remains pending for implementation. Unions challenge the incentive scheme for departing from a uniform, bank-performance-linked approach and for disproportionately benefiting senior officers. The dispute is under conciliation and pending before the Delhi High Court, while pension updation, a uniform dearness allowance formula, and an old pension scheme option remain unresolved.
September 1, 2026
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Equity market volatility intensified as higher crude prices, geopolitical tensions and tighter monetary expectations weakened domestic investor sentiment.
Indian equity markets closed marginally lower as higher crude oil prices, US-Iran tensions, and expectations of prolonged tight United States monetary policy weakened risk appetite. The phased Closing Auction Session contributed to a late recovery in the benchmark index. Rising crude prices and global bond yields triggered broad-based selling across several domestic sectors, while foreign institutional equity sales and weakness in overseas markets added to pressure despite stronger-than-expected domestic economic growth.
September 1, 2026
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GST revenue collections show higher gross and net receipts alongside increased refunds and state-level settlement data.
GST revenue collections for August 2026 recorded total gross GST revenue of Rs. 1,99,853 crore, reflecting 14.8% growth over August 2025. Total refunds were Rs. 31,795 crore, including domestic refunds and export IGST refunds processed through ICEGATE. After adjustment of refunds, total net GST revenue was Rs. 1,68,057 crore, representing 8.3% growth. SGST collections and the SGST component of IGST settlement were separately identified for States and Union Territories, with post-settlement SGST aggregating Rs. 95,531 crore.
September 1, 2026
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Trade facilitation and customs preparedness feature in AILBIEA's Silver Jubilee knowledge conference on liquid bulk commerce.
AILBIEA's Silver Jubilee programme focuses on trade facilitation, customs modernisation, GST dispute preparedness and maritime-risk issues affecting liquid bulk trade. The Knowledge Conference includes sessions on the Authorised Economic Operator advantage, next-generation customs technology, GST Appellate Tribunal-era dispute preparedness, and geopolitical risks to sea-borne trade. It also marks the launch of AGS 360, integrating port information, vessel tracking, port-call estimates and maritime intelligence.
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
Show AI Summary
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.

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Customs & Trade

Ontario's premier: Canada should be ready to cut electricity, critical minerals as trade woes worsen

August 24, 2026

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Toronto, Aug 24 (AP) Ontario Premier Doug Ford said Monday in an interview with The Associated Press that Ronald Reagan would be “throwing up” over President Donald Trump's trade policies and threatened to cut off electricity and critical minerals to the United States if the escalating Canada-US trade fight worsens.

Ford said Trump has underestimated Canadians' willingness to endure economic pain rather than give in to US pressure.

“He underestimates Canada. We're all in,” Ford said. “Up here, we're at a fever pitch, everyone's in for an economic war. They know they're going to have to sacrifice.” Ford said Trump had “declared war, economic war against his closest friend and ally” before turning to Reagan, whose opposition to tariffs Ford previously featured in a television advertising campaign aimed at Americans.

Ford noted that Trump keeps a portrait of Reagan near his desk. Reagan was a strong advocate of free trade and repeatedly warned that protectionist tariffs could trigger retaliation and hurt American consumers and workers.

“He'd be throwing up on him from the picture if he knew what was going on, spinning around in his grave right now,” Ford said. “He should maybe take that picture off the wall and move it somewhere else. Because right now, Ronald Reagan would be disgusted with President Trump.” Ford's comments came after Prime Minister Mark Carney walked away from trade negotiations with the Trump administration late Friday, saying Washington demanded too much in exchange for tariff relief.

The United States imposed 50 per cent tariffs Saturday on about $20 billion worth of Canadian goods, while Carney announced dollar-for-dollar retaliation beginning Sept 8.

Trump escalated the dispute again Monday, threatening to impose a 50 per cent tariff on Canadian automobiles, auto parts and steel starting next year.

“Canada has been ripping off the United States of America for years,” Trump wrote on social media Monday morning.

Criticising what he called Canada's “ridiculously high tariffs” on American farmers, Trump added: “Not sustainable, and NOT ANYMORE!” Ford threatens critical minerals and electricity ------------------------------------------------ Ford said “everything is on the table” if the dispute worsens, including cutting off electricity and critical minerals from Ontario. He also called for Canada to consider using oil and potash as leverage.

“I'll cut them off,” Ford said of critical minerals. “You won't get a grain of sand out of Ontario.” Critical minerals are increasingly important to US national security and manufacturing. The Pentagon has sought more secure supplies of minerals used in military aircraft, missiles, munitions and electronics as Washington tries to reduce reliance on China, which dominates the mining or processing of several strategically important minerals.

Ford specifically cited high-grade nickel shipped to the United States and uranium refined in Ontario.

“What would they do without the high-grade nickel that we ship down to the US?” Ford said.

Ford said Canada should consider increasingly severe retaliation if Trump continues targeting Canadian industries, including oil and potash, while Ontario could raise electricity prices or stop sending power south.

“We power 1.5 million homes and businesses,” Ford said. “Everything's on the table. I'll do whatever it takes.” If Trump continues trying to dismantle Canadian manufacturing, Ford said, “he better have a pack of batteries.” Ford has used electricity as leverage before. During an earlier phase of the dispute, Ontario imposed a 25 per cent surcharge on electricity exported to Michigan, Minnesota and New York. Trump responded by threatening to double tariffs on Canadian steel and aluminum before both sides backed away.

Auto industry becomes a central battleground ------------------------------------------------- Ford accused Trump of seeking not simply a better trade deal but to hollow out Canadian industries and move production south.

Ford said Trump wants to make Canada a vassal state.

“He wants to bleed out every single sector and bring them down to the US,” Ford said.

The auto sector is especially important to Ontario, the centre of Canada's vehicle manufacturing industry. Plants and suppliers in Ontario are tightly integrated with factories in Michigan and other US states, with parts routinely crossing the border multiple times during production.

Automakers including Ford, General Motors and Stellantis operate major assembly plants in Ontario, and the wider supply chain supports tens of thousands of jobs. Trump's new threat of a 50 per cent tariff on Canadian vehicles and parts puts that sector directly at the centre of the escalating dispute.

US Trade Representative Jamieson Greer said Monday that “the only reason Canada has auto production in the first place” was because of the 1960s Auto Pact, under which Canada used access to its market to encourage vehicle production north of the border.

“If he thinks the Canadian people are going to roll over and just continue buying American-made vehicles, it's not going to happen,” Ford said.

Ford says he opposed preliminary deal ----------------------------------------- Ford also disclosed that he had opposed the preliminary agreement Carney was considering before Canada walked away from the negotiations.

“I wasn't supporting the deal,” Ford said.

Ford said he was unwilling to restore American liquor to Ontario store shelves as part of an agreement and had been prepared to publicly break with the proposed deal.

“I wasn't going to put the booze back on the shelves,” Ford said. “I was ready to go out there and call a press conference ... and say I'm not buckling over.” Ford said he understood Washington had sought language late in the negotiations that would have restricted Canada's ability to negotiate trade agreements with other countries without U.S. approval. Carney has called that demand unacceptable and a question of Canadian sovereignty.

“Who does he think he is?” Ford said of Trump. “You gotta be kidding.” Reagan fight returns --------------------- Ford's Reagan comments revived an earlier clash with Trump. Last year, Ontario paid for US television advertisements featuring excerpts from a 1987 Reagan address warning that tariffs can provoke retaliation and trade wars.

Trump accused Ontario of misrepresenting Reagan and abruptly ended trade negotiations with Canada. Ford later agreed to pause the campaign so talks could resume.

“He doesn't respect anyone," Ford sad.

Yet despite the increasingly hostile rhetoric, Ford said Canada should remain willing to negotiate.

“I never believe in walking away from the table,” Ford said. “Continue negotiating and see where we go. (AP) KSI KSI

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