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    Government Boosts MSME Financing Through SIDBI and ECLGS 5.0
    India's Market Opportunity is Growing, and the Trade is Taking Notice
    50,000 Students to Participate in Season 2 of the Franklin Templeton National Mutual Fund Olympiad 2026
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    August 4, 2026
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    MSME credit expansion combines SIDBI lending initiatives with guaranteed additional working-capital facilities for eligible borrowers.
    MSME credit access is being expanded through SIDBI's branch network, direct lending, refinance support, co-lending arrangements, affordable credit for informal micro-entrepreneurs, and invoice-based digital credit for micro enterprises. Emergency Credit Line Guarantee Scheme 5.0 enables eligible MSMEs to obtain additional credit linked to peak fund-based working-capital outstanding, with full guarantee coverage for member lending institutions against defaults on the additional facility. The scheme also covers scheduled passenger airlines under distinct eligibility and guarantee parameters.
    August 4, 2026
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    Furniture and interiors sourcing platform connects Indian manufacturers with domestic and international trade buyers through direct procurement opportunities.
    imm india 2026 is presented as a business-to-business sourcing platform linking Indian furniture, home de cor, rug, carpet, mattress and handicraft manufacturers with domestic and international trade buyers. It is intended to provide direct manufacturer access, design-led sourcing and project-scale procurement opportunities for architects, designers, retailers, hospitality professionals and real estate developers. The programme includes a hosted buyer initiative, industry conferences, knowledge sessions and awards addressing innovation, sustainability, craftsmanship and design.
    August 4, 2026
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    Financial literacy Olympiad builds students' practical understanding of mutual funds, financial planning, market concepts and responsible investment participation.
    Financial literacy and investment awareness are promoted through a nationwide, multi-level educational competition for undergraduate and postgraduate students. Participants are assessed on mutual funds, investment fundamentals, financial planning, market concepts and long-term wealth creation, with exposure to market-linked products including ETFs, portfolio management services, alternative investment funds and specialised investment funds. The initiative combines academic institutions and financial-sector participants to improve practical investment knowledge, informed decision-making and responsible participation in investment markets.
    August 4, 2026
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    WTO dispute settlement challenges test India's safeguards, agricultural support, technology tariffs and production-linked incentives across pending proceedings.
    Nine pending WTO disputes against India concern safeguard measures, sugar support and export schemes, information and communications technology tariffs, and technology-sector incentives. India contests the claims as consistent with its WTO rights and obligations. Appeals concerning iron and steel safeguards, sugar measures, and certain information and communications technology tariff reports remain pending, including because the WTO Appellate Body is non-functional. Other proceedings concern Chinese challenges to production-linked incentives, tariffs, and solar, automotive, renewable-energy and information-technology measures; one panel proceeding is ongoing and another panel has not been constituted.
    August 4, 2026
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    Digital business law and entrepreneurship education combine management, compliance and innovation training for technology-driven enterprise careers and ventures.
    The MBA programme integrates management education, entrepreneurial capability, digital business law, and legal and policy awareness for technology-driven enterprise. It addresses compliance, digital platforms, data-driven decision-making, artificial intelligence, digital transactions, intellectual property, cross-border commerce and evolving regulatory frameworks. The programme is designed for prospective founders, start-up professionals, transforming family businesses and careers in consulting, strategy, business development, policy-oriented enterprises and digital commerce, with industry-relevant entrepreneurship education and digital-first learning.
    August 4, 2026
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    Savings account access expands through video KYC, mobile banking, no-minimum-balance options, monthly interest payments and deposit insurance coverage.
    Savings accounts provide monthly interest payments, liquidity and access to funds, subject to eligibility, internal policies and applicable terms. Digital account opening through Video KYC is available for an account with no minimum balance requirement, supported by mobile banking for UPI transfers, bill payments and balance monitoring. Account variants include premium, value-oriented, agricultural, financial-inclusion, children's and basic no-frills accounts. Deposit insurance applies up to the prescribed limit per depositor per bank.
    August 4, 2026
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    Foreign-exchange market conditions supported a modest early rupee gain, while importer demand and policy data remained key factors.
    Foreign-exchange market conditions supported a marginal early appreciation of the rupee against the US dollar, led by broad US-dollar weakness, improved risk sentiment, lower oil-price levels and foreign portfolio inflows. Importer demand for dollars moderated the movement. Market direction remained linked to the forthcoming monetary-policy decision and US economic data, while reported central-bank activity was described as helping smooth currency volatility. The US dollar index, crude-oil movements, global supply expectations and domestic equity-market activity were relevant exchange-rate influences.
    August 4, 2026
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    Quality statistics drive statistical-system reform through administrative data, interoperable systems, stronger governance, and international cooperation for evidence-based policymaking.
    Quality statistics are advanced through modernised national statistical systems, administrative data, digital public infrastructure, and stronger data-governance and privacy standards. Cooperation among national statistical offices is intended to address data gaps through knowledge sharing, methodological harmonisation and statistical innovation. Discussions also emphasised digital dissemination, transformational statistical reforms, and the use of administrative data for timely, cost-effective and granular official statistics, supported by harmonised metadata, interoperable systems and institutional collaboration.
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    Digital statistical modernisation strengthens survey quality, macroeconomic indicators, international standards alignment and infrastructure performance monitoring through standardised data systems.
    National statistical modernisation uses digital survey platforms with validation checks, AI-enabled support and multilingual interfaces, alongside short-duration surveys and administrative data to improve sampling and timely official statistics. Reforms include base revisions for Gross Domestic Product, Consumer Price Index and Index of Industrial Production; adoption of metadata, quality-assessment and classification standards; and alignment with international statistical principles and methodologies. Sustainable development indicators and infrastructure monitoring are supported through a national indicator framework, PAIMANA and a standardised performance dashboard.
    August 3, 2026
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    Windfall gains tax on petroleum exports increases to discourage exports and preserve domestic fuel availability during regional supply disruptions.
    Special additional excise duty on exports of petrol, diesel and aviation turbine fuel has been increased for the relevant fortnightly period, while existing duty rates for petrol and diesel cleared for domestic consumption remain unchanged. The windfall gains tax is intended to preserve domestic availability of petroleum products during the West Asia crisis and prevent exporters from benefiting unduly from price differences linked to elevated global crude oil prices.
    August 3, 2026
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    Online Astrology Platform Regulation: consumer department reported no guidelines, while information requests required revised factual disclosures.
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    Business combination disclosure outlines shareholder approval, registration requirements, financing conditions, and forward-looking risks for the proposed public listing.
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    August 3, 2026
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    Bilateral investment and trade facilitation drive proposed co-investment, digital cooperation and advanced manufacturing partnerships between Indian and Uzbek businesses.
    India-Uzbekistan cooperation is proposed through co-investment, co-manufacturing and co-innovation, supported by the Bilateral Investment Treaty to promote investor confidence and reciprocal investment. Priority sectors include mining, textiles, healthcare, agriculture, food processing, digital technologies and advanced manufacturing. Trade facilitation measures include reducing trade barriers, mutual recognition of standards, approvals, testing and certification, customs digitalisation and improved trade routes. Regulators and standard-setting bodies are expected to cooperate under a structured, time-bound economic partnership.
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    Concessional agricultural credit supports working capital, crop diversification, allied activities, and digital expansion under the Kisan Credit Card scheme.
    The Kisan Credit Card-Modified Interest Subvention Scheme provides concessional institutional credit to reduce farmers' interest burdens and improve timely working-capital access. The scheme is reported to support cropping intensity, multi-season cultivation, diversified crop portfolios, timely input use, and credit discipline through the Prompt Repayment Incentive. It also supports dairy, livestock, and fisheries-based income diversification. Credit-delivery measures include collateral-free lending, digital platforms, simplified applications, coverage expansion, and awareness campaigns. State-wise data tracks operative accounts, outstanding credit, and non-performing Kisan Credit Card accounts.
    August 3, 2026
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    Banking inclusion expands rural access while digital credit systems and payment security controls address service delivery and cyber fraud.
    Banking inclusion is pursued by providing banking outlets within a five-kilometre radius of inhabited villages, with branch expansion permitted subject to rural-coverage requirements and continuing assessment of uncovered areas. Agricultural credit delivery uses digital loan, beneficiary-verification, processing and claim-settlement systems. Digital payment security measures require minimum controls for payment channels and include fraud-intelligence sharing, artificial-intelligence-based identification of money-mule activity, digital lending-app analysis, cyber-incident reporting, public awareness campaigns and electronic-banking training.
    August 3, 2026
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    Foreign exchange market movement strengthened the rupee as lower crude prices, investment inflows and improved risk sentiment provided support.
    Foreign exchange market movement saw the rupee strengthen for a sixth consecutive trading session against the US dollar, supported by declining global crude oil prices, a softer dollar, foreign institutional investment inflows and gains in domestic equity markets. Improved global risk sentiment followed the decision to defer planned US military strikes against Iran and allow diplomatic engagement. Renewed geopolitical tensions were identified as a factor that could limit further appreciation.
    August 3, 2026
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    Quarterly financial performance reflects revenue growth, improved standalone profitability, and continued investment in AI-led digital technology platforms.
    Quarterly financial performance reported revenue growth in standalone and consolidated operations, higher standalone profit before tax, and a return to consolidated profitability. The company continues to invest in an AI-led, intellectual-property-driven digital technology strategy through enterprise software, SaaS platforms, digital commerce, cloud, data and AI solutions. Its priorities include scalable platforms, proprietary technology assets, recurring-revenue offerings, partnerships and selective acquisitions. Complete financial results, notes to accounts and regulatory disclosures are available through exchange filings and the company website.
    August 3, 2026
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    MSME delayed-payment reforms strengthen award recovery, faster dispute adjudication, invoice discounting, and interim supplier payment protection.
    MSME delayed-payment reforms seek faster adjudication, strengthened recovery and improved liquidity for enterprise suppliers. Courts may direct payment of at least half of an awarded amount where a setting-aside application remains pending beyond six months. Mediated settlements and arbitral awards may be recovered as arrears of land revenue and recognised as legally enforceable debts under the insolvency framework. The measures also provide graded penalties, voluntary digital registration, invoice settlement through the Trade Receivables Discounting System, and additional Facilitation Councils.
    August 3, 2026
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    Monetary policy rate setting remains cautious as inflation, liquidity, growth and global uncertainty shape the policy stance.
    Monetary policy rate setting is expected to remain cautious amid global uncertainty, rising inflation risks and steady domestic growth. The inflation outlook is affected by energy-price pass-through, higher input costs, and seasonal and monsoon-related food-price pressures. Policy decisions are expected to remain data-dependent, guided primarily by domestic inflation, liquidity conditions and economic growth. A cautious or neutral stance is identified as preferable while external risks and inflation developments persist.
    August 3, 2026
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    Forward-looking financial disclosure raises revenue and earnings guidance while describing non-GAAP measures, capital allocation, and material business risks.
    Financial performance reporting identifies increased bookings, revenue growth, continuing earnings, and backlog, with segment-level operating and margin measures. The release addresses cash flow, capital allocation through dividends, acquisitions and share repurchases, and increased full-year revenue and earnings guidance. Forward-looking statements concerning financial performance, operations, demand, liquidity and capital deployment are subject to identified risks and uncertainties. Non-GAAP measures are presented as supplemental to GAAP measures, with definitions and reconciliations stated to be available in accompanying materials.

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      News and Press Release

      Scope of Rule 16 of Central Excise Rules, 2002 regarding - Credit of duty on goods brought to the factory

      June 29, 2009

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      Rule 16 of Central Excise Rules, 2002

      Rule 25 - Penalty

      Rule 16 allows the return of duty paid goods within the factory premises for being re-made, refined, re-conditioned or for any other reason.  In this regard, the following provisions have been prescribed:

      Sub Rule (1) states that manufacture can avail cenvat credit on returned goods and utilize the same according to Cenvat Credit Rules, 2004

      Sub Rule (2) states that (i) where the process undertaken by the manufacturer on returned goods does not amount to manufacture, he shall reverse the cenvat credit (ii) if the process is amounting to manufacture, he shall be pay duty of excise as is required to be paid in normal course.

      Sub Rule (3) states in case of any difficulty in following the provisions of sub-rule (1) or (2), he has to follow such conditions as specified by the commissioner.

      Facts in the Present Case:

      Manufacturer was clearing goods through various depots situated at different places in the country which sometimes were returned by the depots on account of some defect for being re-made, re-conditioned or repaired etc.

      Case of the Manufacturer

      Manufacturer did not avail cenvat credit and removed the goods after processing or repairing activity removed the goods. Manufacturer did not follow the procedure laid down under sub-rule (3).

      Case of the Department

      Manufacturer was required to obtain permission from the competent authority.  They were supposed to inform the authorities about the receipt of goods. Department contended that non-compliance of sub-rule (3) could lead to clandestine removal of goods.

      Observation and Decision of Tribunal

      There must be evidence that the goods received for reconditioning, repairing etc. and the goods cleared again after completing the process are the same. Rule 16 lays down the procedure to check clandestine removal of goods on the pretext of reconditioning, repairs etc. Indeed, where the law prescribes the procedure for doing something, it must be done in that manner. Rule 25(1)(d) of the Central Excise Rules, 2002/2004 provides for imposition of penalty in cases of contravention of any provision of the rules or the notification issued thereunder, and therefore for contravention of Rule 16, the respondent could be saddled with penalty.

      But the liability to penalty under clause (d) is qualified by the words "with intent to evade payment of duty". Thus unless there is evidence showing mens-rea on the part of the manufacturer to evade payment of duty, perhaps no penalty can be imposed in terms of Rule 25(1)(d).

      In the present case, the allegations against the respondent are more in the realm of suspicion than proof.

       

      Full text of Judgment - visit

      COMMISSIONER OF CENTRAL EXCISE, CHANDIGARH Versus GOETZE INDIA LTD. - 2009 -TMI - 33786 - CESTAT, NEW DELHI

      Further:

      In KAILASH TRANSFORMERS Versus COMMISSIONER OF C. EX., ALLAHABAD - 2008 -TMI - 30514 - CESTAT NEW DELHI, it was held that provisions of Rule 16 are not applicable.

       

      Some Other Cases

       KAYTEE SWITCHGEAR LTD. Versus COMMISSIONER OF C. EX., BANGALORE - 2009 TMI - 33154 - CESTAT BANGLORE

      Returned goods - modification - Motor received back, then it is dismantled and certain modifications are made and later is cleared again - these modification cannot be tread as manufacture - "stator" and "rotor" were already in the Motor so modification in them would not amounts to manufacture - Once it is considered that the process does not amount to manufacture, then the appellants should pay an amount equal to the credit taken by them

      SEW EURODRIVE INDIA PVT. LTD. Versus COMMISSIONER OF C. EX., VADODARA - 2008 TMI - 31329 - CESTAT AHMEDABAD

      Received goods back for re-conditioning or remaking - officers entertained a view that the credit availed by the appellant is required to be reversed - due procedure under the law was followed by them in availing the credit, which was required to be reversed only at the time of removal of the goods - admittedly the goods were still lying in the factory premises, no mala fide intention can be attributed to the appellant for evading any duty so as to justifiably invoke the penal action

       COMMR. OF C. EX. (APPEALS), NAGPUR Versus CHANVIM ENGINEERING (I) PVT. LTD. - 2008 TMI - 4128 - CESTAT, MUMBAI

      Assessee took credit on goods on rejected goods got returned back - since the goods could not be reconditioned and were cleared as such as scrap without any manufacturing process the assessee was required to reverse the entire credit taken by them as per Rule 16(2) CCR - there is merits in the Revenue's contention that when goods have been cleared "as such" as scrap, assessee are required to reverse the credit taken by them on retuned goods - Bona fide mistake - penalty set aside

      BALAJI GALVANISING INDUS. LTD. Versus C.C. & C. EX. (A), HYDERABAD-I - 2008 TMI - 30537 - CESTAT BANGLORE

      Appellants are manufacturers of Wires from Wire Rods - input wire rod used in order to manufacture the wires, which were removed on payment of duty - denial of Modvat credit on inputs on the ground that the process does not amount to manufacture - In view of the taxation laws amendment act 2006, which amended Rule 16 of the Central Excise Rules, credit should be allowed of duty paid of wires (on receipt back of wires) - assessee's appeal allowed

      R.K. SILK MILLS (INDIA) LIMITED Versus COMMISSIONER OF C. EX., JAIPUR-I - 2008 TMI - 30449 - CESTAT NEW DELHI

      Return back of duty paid finished goods - duly recorded in register - alleged that appellant cleared duty paid returned after processing without payment of duty without following procedure u/r 16(1) & 16(2) - in spite that assessee was eligible to take credit on the duty paid return goods, appellant has neither availed credit nor paid duty on removal of re-processed goods, which is against the Law - Technical reasons for denying substantive benefit is not called for - matter remanded

      TOYOTA KIRLOSKAR MOTOR PVT. LTD. Versus COMMR. OF C. EX., L.T.U., BANGALORE - 2008 TMI - 30320 - CESTAT BANGLORE

      Appellants clear the vehicles before launching a new model to show room on payment of duty - credit is taken as per Rule 16(1) on these vehicles returned to factory in terms of Rule 16 of CCR - appellants' contention that when the goods are actually removed for sale, the duty is required to be paid only on T.V., is not acceptable - contention that Rule 16 cannot override Section 4, is also not acceptable - there is no manufacturing when the vehicles are returned so differential duty payable

       

       

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