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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, DGFT & SEZ

Union Minister of Commerce & Industry Shri Piyush Goyal Calls Upon Automotive Industry to Deepen Localisation, Expand Exports and Prepare to Serve Global Markets

September 5, 2026

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Shri Goyal Highlights Export Opportunities and Calls for Global-Standard Products from India

Resilience in automotive sector to come from partnerships, technology, innovation, R&D, skill development and diversified global markets: Shri Goyal

AI will help automotive industry become more efficient, competitive and customer-friendly; job roles may change, but jobs will grow: Shri Goyal

Government ready to support industry with critical minerals, technology, plug-and-play infrastructure and industrial parks

Union Minister of Commerce and Industry Shri Piyush Goyal today addressed the 66th SIAM Annual Convention as Chief Guest and called upon the Indian automotive industry to seize the opportunities emerging from India's expanding trade partnerships, growing domestic market and global shifts in manufacturing. He urged the industry to deepen localisation, invest in technology, innovation, research and development, expand exports and prepare itself to serve global markets.

Shri Goyal said the automotive sector would be one of the most important drivers of India's growth story in the years to come. He said the industry had demonstrated strong growth and that rising incomes and aspirations offered considerable scope for this growth to continue.

The Minister said India should not be satisfied with merely serving the domestic market and urged companies to “think globally”. He said global competition would intensify as more global car companies come to India and stressed that companies must use economies of scale in India to serve markets across the world. He observed that production would increasingly shift out of developed countries because of unaffordable costs, regulatory overburden, shortage of youth and talent, and inadequate industrial capacities. Companies that anticipate these changes, plan for the future and seize emerging opportunities would benefit, while those remaining in the comfort of their existing businesses and markets risked being left behind.

Shri Goyal said India had made a “best effort” through intense negotiations with the European Union and that the support extended by international companies during the negotiations was noteworthy. He said the outcome provided opportunities for bilateral and multilateral trade, growing exports, improved technology absorption and adoption of the latest technologies, and urged companies to take full advantage of these opportunities.

He cautioned that companies should not produce products of a different quality for India compared to their international or domestic markets. Referring to instances where vehicles were reportedly not being exported because their Indian designs were considered suboptimal compared to globally sold models, he urged the industry to ensure that products manufactured in India meet global standards.

The Minister said the Government was opening pathways to tremendous opportunities for the automotive industry through trade agreements. He highlighted that nine trade agreements had been finalised in the last four and a half years under the leadership of Prime Minister Shri Narendra Modi, covering economies with a combined GDP of around $60 trillion. He said this represented a major shift in India's approach, reflecting the self-confidence of “New India”, the pace of reforms and the transformation of India's ecosystem.

Shri Goyal said the India-EU agreement, described by the European Commission President as the “mother of all deals”, would be operational by March next year, urging the automotive industry to prepare to leverage the opportunities. He also noted that the UK agreement was already operational, providing, to his understanding, 100 per cent access for most auto components at zero duty.

The Minister said India's trade agreements had been negotiated after extensive consultations with hundreds of sectoral chambers and stakeholders. He said the Government had consulted not only line ministries but also private-sector associations and groups of companies, and that every trade agreement, bilateral trade agreement and preferential trade agreement undertaken by the Government had been widely welcomed. He said that, in the US bilateral trade agreement, not a single Indian sensitivity had been compromised, including those relating to farmers, fishermen, MSMEs, workers, handloom and handicraft sectors and industry. He reiterated that the Government had protected India's sensitivities to the highest extent possible through consultations and that the agreement represented only the first tranche, with continued engagement with stakeholders to follow.

Shri Goyal said India had recorded $863 billion in exports of goods and services last year and set an ambitious target of $1 trillion for the current year. He said exports were growing at around $9 billion a month during the first five months, with merchandise exports growing faster than services after many years. With a gap of around $29 billion to the target over the remaining seven months, he urged industry to raise the monthly pace to $12 billion and said he would rather aim high and fall short than set a suboptimal target, expressing confidence that India and its 1.4 billion people had the capability to achieve the target.

Shri Goyal said AI would help the automotive sector expand capabilities, improve efficiency and competitiveness and enhance customer service, while creating new job profiles, stressing that “job roles may change, but jobs will grow”. He said technology adoption was essential for inclusive and sustainable growth and that resilience extended beyond supply chains to business plans, innovation, R&D, technology, skill development and talent, with AI playing an important role in building resilient and sustainable mobility for Viksit Bharat.

Shri Goyal said sustainable mobility should go beyond replacing petrol and diesel vehicles with electric vehicles, noting that companies often presented different comparisons on EVs, hybrids, battery imports and energy sources depending on their product portfolios. He stressed that sustainability must have both environmental and economic dimensions and questioned claims of indigenisation involving only 10-15 per cent value addition to imported goods.

Pointing to actual performance, he cited India's export of around one million cars last year, growing exports by Maruti and the emergence of world-class electric vehicles from Tata Motors and Mahindra, including Maruti's exports of electric cars.

Shri Goyal said the automotive sector had strong growth potential, with ACMA reporting around 16-17 per cent growth and several automobile companies recording over 20 per cent growth, driven by rising incomes and aspirations. He also highlighted growing demand for two-wheelers and premium vehicles, supported by expanding highways and around $130 billion in annual investment in road infrastructure, while stressing the need for better road quality. Shri Goyal urged the automotive industry to look more actively at export markets, saying that exports could potentially double every two years.

Shri Goyal said the perception that Indian automobiles were made only for India was changing, with India-designed electric vehicles being engineered in Britain and Europe demonstrating the potential of global partnerships. He said resilience would come from partnerships and urged companies to further deepen localisation.

He said the Government was monitoring company-wise import-export data to assess actual levels of indigenisation and urged companies unable to localise certain products to compensate by expanding exports. He assured the industry that the Government was willing to create the necessary enablers and extend support wherever required.

Shri Goyal said that, as the global environment became more complex, India was seeking to secure the “four M’s of mobility” through trusted global partnerships, namely molecules, modules, megawatts and markets.

On molecules, he referred to rare earths, magnets and the Critical Mineral Mission, and said India was exploring linkages in some FTAs with the availability of rare earths and critical minerals, promoting ocean exploration for special minerals and participating in Pax Silica with the United States.

He said the Government would support companies undertaking innovation, investment and R&D in this area and highlighted the ₹1 lakh crore Research and Development Innovation Fund.

On modules, he urged companies to examine components they continue to import and pursue technology collaborations and partnerships wherever required.

Shri Goyal said his recent visit to Japan witnessed strong interest from Japanese companies in partnering with India, with more than 50 one-on-one meetings and interactions with around 500 companies. He said European companies were also seeking partnerships and talent from India, while Japan had indicated a requirement for 300,000 people annually, presenting opportunities for Indian companies to train apprentices and build a skilled talent pool.

Shri Goyal said this also presented an opportunity for Indian companies to collaborate with overseas companies, bring technology to India, manufacture products here and sell them back to those markets.

On megawatts, he said India needed to become self-sufficient in energy and promote indigenous energy sources. He stressed the need to become self-sufficient in crude oil, LPG and LNG, and to develop or bring to India technologies for batteries and other technologies.

He said India needed to produce increasingly efficient vehicles because environmental sustainability required a better future.

Shri Goyal said India demonstrated resilience in addressing the challenge of permanent magnets by bringing together the automotive industry, startups, IREL, the science and technology establishment and relevant Ministries. He said the collective response from industry and startups was encouraging, with a startup demonstrating two two-wheeler motors, one using permanent magnets and the other without them.

According to the Minister, the startup claimed that the motor without permanent magnets was cheaper, lighter, had better features and delivered better output. He said he had asked one of the industry's member companies to engage with the startup and validate the claim, noting that the startup had already presented validations from different agencies.

He described the development as particularly satisfying from the perspective of India's objective of becoming more self-reliant under the vision of Atmanirbhar Bharat.

Shri Goyal said India should not set suboptimal export targets despite the global turmoil, stressing that trade agreements and India’s global partnerships were aimed at creating opportunities for Indian industry. He said countries were seeking to expand trade with India and urged companies to make the most of the opportunity.

He said India had a clear roadmap to become a developed nation by 2047 and stressed the need to reduce dependence on imported crude oil and energy by promoting domestic exploration and utilising the country’s natural resources.

Shri Goyal said the Government was willing to support large automotive and auto-component projects through land and plug-and-play infrastructure and invited industry to identify locations for such ecosystems. He also offered to facilitate country-specific industrial parks based on industry demand.

Concluding his address, Shri Goyal urged the industry to deepen localisation, expand exports and set an ambitious export target, stressing that competing with the best in the world was essential to achieving Viksit Bharat 2047. He assured the industry of the Government’s continued support and said India’s growth at an unprecedented pace would require the collective effort and confidence of its 1.4 billion people.

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