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    ED arrests additional collector in Chhattisgarh PSC irregularities case
    Trusted Innovation: Shaping the Future of Finance - Keynote address delivered by Shri Shirish Chandra Murmu, Deputy Governor, Reserve Bank of India at...
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September 11, 2026
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Money laundering investigation into public service examination irregularities resulted in arrest and proposed custodial interrogation of an additional collector.
Money-laundering proceedings under the Prevention of Money Laundering Act concern alleged corruption, question-paper leaks, and manipulation of state Public Service Commission examinations conducted in 2020 and 2021. An additional collector, formerly an officer on special duty in the office of the then chief minister, was arrested in connection with the investigation. Custodial interrogation is proposed to be sought before the special Prevention of Money Laundering Act court.
September 11, 2026
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Trusted financial innovation requires resilient payments, inclusive design, accountable digital lending, responsible AI, and proportionate risk-based regulation.
Trusted financial innovation requires financial stability, customer protection, security, transparency, accountability and fairness. Digital payments, as critical infrastructure, require operational and cyber resilience, ecosystem-wide fraud prevention, effective authentication, grievance redressal and timely customer access to funds. Digital lending does not dilute regulated-lender responsibility; borrowers must understand loan terms, and data use must be consent-based, purpose-linked and secure. Institutions remain accountable for algorithmic decisions, model bias and explainability. Regulation should be proportionate to risk while supporting inclusive, resilient innovation.
September 11, 2026
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Trusted fintech innovation requires inclusive design, consent-based data use, resilience, responsible scaling, and proportionate activity-based regulation.
Fintech should advance financial inclusion through accessible savings, insurance, pensions and small-ticket credit, while AI, quantum computing and tokenisation serve consumer service, credit assessment, efficiency and fraud prevention. Trust requires mitigating AI-related risks, treating customer data as a fiduciary responsibility, using consent-based and purpose-limited data sharing, and maintaining resilience, continuity and cybersecurity at scale. Regulation is proportionate and activity-based, calibrated to risk, capacity, systemic significance and consumer conduct.
September 11, 2026
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Industrial smart cities support manufacturing partnerships, localisation, technology collaboration and investor facilitation for expanded operations in India.
NICDC conducted business-to-business meetings with Russian counterparts, BRICS delegates, prospective investors and industry representatives to explore manufacturing partnerships, localisation, technology collaboration and supply-chain integration. Industrial Smart Cities were presented as platforms offering serviced industrial land, quality infrastructure, multimodal connectivity and investor facilitation for manufacturing investment. The engagements promoted collaboration among manufacturers, technology providers and supply-chain participants.
September 11, 2026
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Free trade agreement implementation advances through signature, conclusion and parliamentary approval, enabling tariff reductions and predictable trade rules.
European Commission submission to the European Council seeks authority to sign and conclude the EU-India Free Trade Agreement. Following adoption and entry into force, the agreement is intended to improve market access, reduce tariffs, remove unnecessary trade barriers, and establish predictable rules for trade and investment. After Council approval, the final text requires European Parliament approval before implementation.
September 11, 2026
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Bilateral economic partnership prioritises non-energy trade, investment certainty, currency settlements, connectivity, and manufacturing collaboration to expand commercial cooperation.
Bilateral economic and industrial cooperation prioritises diversification beyond energy trade, expanded non-energy exports, reciprocal investment, currency settlement mechanisms and transport connectivity. Priority sectors include pharmaceuticals, engineering goods, chemicals, textiles, food products, marine products, auto components and tractors. A bilateral investment treaty is intended to provide investor legal certainty, while free-trade negotiations with the Eurasian Economic Union are intended to widen market access. Businesses and officials are expected to address barriers involving payments, certification, standards, logistics, visa access and approvals, and to promote manufacturing collaboration through investment-ready industrial corridors.
September 11, 2026
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Intra-BRICS trade facilitation requires open markets, streamlined regulation, diversified supply chains, local-currency payments, and stronger digital cooperation.
Intra-BRICS trade cooperation prioritises wider market access, diversified supply chains, simplified regulatory procedures and faster consignment clearance. Cooperation is proposed across agriculture, services, manufacturing, startups and emerging technologies, including professional mobility and recognition of qualifications. Payment-system linkages, local-currency trade, digital public infrastructure, artificial intelligence, fintech, data centres and semiconductors are identified as areas for collaboration. Trade facilitation, digital documentation, MSME support, business partnerships and stronger global value chains are intended to support economic integration.
September 11, 2026
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Technology-neutral banking-record evidence framework standardises certification and limits non-party bank official summons to special-cause situations.
Bankers' Books Evidence Act, 2026 modernises the evidentiary framework for banking records and replaces the earlier legislation. It recognises records maintained in physical, electronic, digital, virtual, cloud-based, and other contemporary forms. Certification is simplified and standardised, including through manual, digital, or electronic signatures. Summoning a bank official where the bank is not a party requires special cause recorded in writing by the court. The framework may be extended to specified financial-sector entities or classes of entities.
September 11, 2026
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International financial governance reform promotes emerging-market representation, quota realignment, local-currency settlements, and interoperable cross-border payment cooperation.
BRICS supports reform of international financial governance to increase emerging-market and developing-economy representation in the IMF and World Bank through quota and voting realignment. It opposes unilateral tariffs and non-tariff measures that distort trade and conflict with WTO rules, while supporting a rules-based multilateral trading system. BRICS also promotes local-currency trade and investment settlements and interoperable cross-border payment mechanisms, without creating a common currency or unified payment system. Development-finance cooperation includes expanded local-currency financing, project preparation, private-capital mobilisation and a phased, member-driven investment platform.
September 11, 2026
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Rupee exchange-rate pressure persisted as global risk aversion and elevated crude prices outweighed supportive market factors.
Foreign-exchange market conditions kept the rupee under pressure against the US dollar amid global risk aversion and elevated crude oil prices. A correction in crude prices, recovery in domestic equities, and suspected Reserve Bank of India intervention helped the currency recover much of its intraday decline. Dollar strength, rising bond yields, geopolitical tensions, weak monsoon rainfall, and inflation concerns were identified as continuing factors affecting near-term currency sentiment.
September 11, 2026
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Five-day banking week demand drives coordinated bank employee strike action and planned escalation over unresolved employment conditions.
Bank employees affiliated with seven unions under the United Forum of Bank Unions undertook a one-day strike to press for implementation of a five-day banking week and resolution of pending employment-related demands. The unions maintained that the proposed workweek was a genuine working-condition measure rather than an attempt to reduce employee responsibilities. They proposed phased escalation, including a further multi-day strike and an indefinite strike, if the government and the Indian Banks' Association did not address the demands.
September 11, 2026
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Cross-border payment interoperability and local-currency trade are urged to deepen BRICS commerce, digital access, and supply-chain resilience.
BRICS members and partner countries are encouraged to link payment systems, expand local-currency trade settlement, and make digital trade globally accessible. Market-access priorities include opening goods and services markets, reducing non-tariff barriers, simplifying regulatory procedures, and facilitating faster consignment clearance. Proposed cooperation also addresses diversified supply chains, professional qualification recognition, agricultural technology, trade-finance access for micro, small and medium enterprises, digital trade documentation, and platforms for agricultural commodity trading and investment cooperation.
September 11, 2026
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Party disciplinary inquiry and money-laundering allegations prompt proposed internal resolution and consideration of lawful action after legal advice.
Internal party discipline concerning a clash between an elected representative and party workers is being addressed through an inquiry report, prior suspension of two workers, and efforts to secure an amicable resolution. Consideration of a corruption case arising from an Enforcement Directorate request for registration of an FIR is subject to legal advice and a decision on lawful governmental action. The request concerns alleged evidence gathered through investigation and searches under the Prevention of Money Laundering Act.
September 11, 2026
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Money laundering investigation into alleged bank-loan diversion examines forged project reports, mortgaged-property sales, and suspected proxy purchasers.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged diversion of bank-loan funds through fake or forged project-completion reports. The allegations include sale of five mortgaged properties at grossly undervalued consideration, with some buyers suspected to be benamis or proxies. These sales were allegedly intended to alienate assets and prevent their attachment under anti-money-laundering law.
September 11, 2026
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Five-day banking workweek demand drives nationwide strike, disrupting public-sector branch services while digital banking transactions remain operational.
Banking services at public sector banks were disrupted by a nationwide strike seeking a five-day workweek and resolution of wage-related demands. Branch operations affecting cash deposits, withdrawals, cheque clearance and administrative work were impacted, while digital banking channels remained functional. The central demand is declaration of all Saturdays as bank holidays, with other pending issues concerning pension updation, uniform dearness allowance for pensioners, and an option for National Pension System employees to move to the Old Pension Scheme.
September 11, 2026
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Maritime blockade and sanctions constrain oil exports but leave strait security, regional escalation, and energy-market disruption unresolved.
US-led maritime blockade and sanctions are assessed as substantially restricting Iran's oil exports while enabling increased non-Iranian petroleum flows through the Strait of Hormuz and alternative routes. The conflict continues to disrupt a major global oil-and-gas transit corridor despite partial restoration of shipping flows. Regional proxy attacks on oil facilities and shipping near the Bab el-Mandeb extend the disruption, threatening Red Sea and Suez Canal routes and contributing to higher energy prices and inflationary pressure.
September 11, 2026
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Foreign-exchange market pressure from oil costs and portfolio outflows weakens the rupee despite reserve support.
Rupee depreciation against the US dollar was attributed to elevated crude oil prices, rising global yields and net foreign portfolio equity outflows, which increased pressure through the import bill. Record foreign exchange reserves, active Reserve Bank market intervention and robust domestic growth provided countervailing support. Sustained costly crude oil and foreign portfolio outflows nevertheless remained the principal near-term pressures on currency stability.
September 10, 2026
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Five-day banking demand prompts nationwide bank-union strike, likely disrupting public-sector branch services and advancing unresolved pension demands.
Nationwide bank-union strike action is scheduled for 11 September to press for five-day banking and unresolved employee pension demands. Cash withdrawals, deposits and other branch operations at public-sector banks may be affected. Union demands include a five-day working week, improved pensions, a uniform dearness-allowance formula for pensioners, and an option for National Pension System employees to move to the old pension scheme. A further three-day nationwide strike has been threatened from 28 September.
September 10, 2026
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Biometric Aadhaar Authentication for GST Registration becomes mandatory to prevent fraudulent registrations using misused taxpayer identity credentials.
GST registration is impermissible without biometric-based Aadhaar authentication, addressing allegations of fraudulent registrations obtained through misuse of PAN and Aadhaar credentials. The requirement strengthens taxpayer identity verification in the GST registration process. Related issues include allegedly defamatory online posts, film release pending certification, sporting guidelines for women athletes returning after maternity, and the importance of an independent, ethical and fearless Bar to judicial independence.
September 10, 2026
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Gold-smuggling enforcement targets concealment methods, transit-route abuse, and airport-staff collusion through intelligence-led interception operations nationwide.
Intelligence-led customs enforcement against organised gold smuggling led to seizures of foreign-origin gold across airport, rail, road and Indo-Bangladesh border routes. Gold was concealed through melting, defacing, conversion into chains, dust or paste, and hiding in vehicles, baggage, machinery and body-worn articles. Seizures under the Customs Act, 1962 followed failures to produce documentation substantiating licit possession. The activity also identified transit passengers, airport staff, recipients and handlers involved in clandestine removal and movement of smuggled gold.

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PMLA / Black Money

National Herald case: Sonia, Rahul term ED's plea in Delhi HC 'abuse of process of law'

September 22, 2026

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New Delhi, Sep 22 (PTI) Congress leaders Sonia Gandhi and Rahul Gandhi have termed as "abuse of the process of law" a plea filed in the Delhi High Court by the Enforcement Directorate challenging a trial court order refusing to take cognisance of its charge sheet against them in the National Herald-linked money laundering case.

In their response, the Gandhis have opposed the ED's revision petition saying it is "not maintainable" as the trial court's order is "perfectly legal and sound in law and does not suffer from any jurisdictional error, perversity, irregularity or illegality".

On Tuesday, Justice Sachin Datta was informed by the Gandhis' counsel that they have filed the replies on September 18. The court listed the matter for further hearing on October 12.

"The petitioner (ED) has miserably failed to demonstrate that the complaint filed by the ED was maintainable on the basis of the statutory provisions, applicable to the case. It is writ large that the words 'private complaint' or 'a complaint by a public person/citizen', do not find any place in the entire statutory framework," the replies, filed through advocates Sushil Bajaj, Tarannum Cheema and Kanishka Singh, said.

On December 16, 2025, the trial court had held that cognisance of the agency's complaint in the case was "impermissible in law" as it was not founded on an FIR.

In its order, the trial court had said that an investigation and the consequent prosecution complaint (equivalent to a chargesheet) pertaining to the offence of money laundering were "not maintainable" in the absence of an FIR for the offence mentioned in the schedule to the PMLA.

It had said the agency's probe stemmed from a private complaint, and not an FIR, and despite receiving the complaint made by BJP leader Subramanian Swamy and the consequent summoning order in 2014, the CBI refrained from registering an FIR in relation to the alleged scheduled offence.

The ED, in its plea in the high court, claimed that the trial court order has in effect given a hall pass to a category of money launderers only on the ground that the scheduled offence is reported by a private individual by way of a complaint to a magistrate.

Opposing the ED's plea, the Gandhis said this case provides the only instance where a non-statutory complaint by a private person has been made the foundation of initiating proceedings under the PMLA.

"Faced with this impasse, the petitioner is embarking upon an endeavour to find support from general and convenient self-invented legal premises. Leaving the relevant statutory provisions aside it is being canvassed that a private complaint culminating in the passing of a cognisance order, is even superior to an FIR, which has no judicial confirmation. It is an argument of convenience," the reply, settled by senior advocate R S Cheema, said.

It added that a private complaint, under no circumstances, can serve as a foundational instrument for registration of an ECIR under the Act, incitation of investigation and launching of the prosecution.

The Gandhis said they have filed the reply only on the legal issue involved in the matter and prayed that the ED's petition be "dismissed being an abuse of process of law".

The reply also mentioned that the ED has filed the petition in the high court at a "lightning speed" as the order was passed by the trial court on December 16, 2025 and the agency approached the high court on December 17.

"The swiftness with which the petitioner proceeded in the matter speaks volumes about the extraordinary interest that the department is taking in the case.

"This approach when seen in light of the fact that the present case is apparently one single instance in the entire country where the department has proceeded on basis of a private complaint leaves a lot to be answered on the extraneous reasons which weighed with the petitioner to move with undue haste, given the fact that in such cases layers of approvals are required to be taken before filing," it said.

It said that in the Act itself there is absolutely no mention of the words 'private complaint' and this is unequivocal reflection of the legislative intent.

The reference made in the Act, in terms of what constitutes action taken in the predicate offence to contemplate action under the PMLA, is restrained to investigation in form of an FIR or a complaint by a person authorised to investigate.

On December 22, 2025, the high court had issued notice to the Gandhis and others on the main petition as well as on the ED's application seeking a stay on the December 16 trial court order, which held that cognisance of the agency's complaint in the case was "impermissible in law" as it was not founded on an FIR.

Besides the Gandhis, the high court also issued notices to Suman Dubey, Sam Pitroda, Young Indian, Dotex Merchandise Pvt Ltd and Sunil Bhandari on the ED's plea.

The ED has accused Sonia and Rahul Gandhi, as well as late Congress leaders Motilal Vora and Oscar Fernandes, along with Dubey, Pitroda, and the private company Young Indian of conspiracy and money laundering.

It has been alleged that they acquired properties worth approximately Rs 2,000 crore belonging to the Associated Journals Limited (AJL), which published the National Herald newspaper.

It also alleged that the Gandhis held 76 per cent shares in Young Indian, which "fraudulently" usurped the assets of AJL in exchange for a Rs 90 crore loan. PTI SKV ZMN

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