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    China's factory activity unexpectedly slips into contraction in July
    PM Modi to inaugurate Bhogapuram Airport on Aug 1 in Andhra Pradesh
    Rupee rises 20 paise to 95.30 against US dollar in early trade
    APEDA Facilitates First-Ever Sea Shipment of Value-Added Flavoured Makhana from Bihar to Canada
    Indian envoy meets Chinese commerce ministry official; Calls for enhanced market access
    ED attaches Rs 94 crore in foreign bank account in fraud case against Delhi-based rice firm
    Ensure uniform deposit rates across all branches: RBI tells banks
    PM takes stock of geo-political situation, safety of seafarers, supply chain constraints
    Delhi govt to provide property Aadhaar cards; bring Land Records Bill: CM Rekha Gupta
    CCS discusses global security situation, supply chain constraints
    US economy grows a sluggish 1.5% second-quarter with inflation remaining stubbornly high
    Gold rises Rs 1,000 to Rs 1.48 lakh/10g on fresh retail buying
    DFS Launches Protection & Indemnity Insurance Product under Bharat Maritime Insurance Pool (BMIP)
    Investec Selects Infosys Finacle SaaS Platform on Microsoft Azure for Digital Banking Transformation
    Kotak Securities Earns Great Place to Work® Certification and Recognition Among India's Best Workplaces™ in Investments 2026
    India rises from 82nd to 57th in global rankings, in structural and pro-competitive reforms: Report by Competere Foundation
    Aadhaar enrolment in Manipur has reached 87-88 pc: Officials
    IndoStar Capital Finance Limited Q1FY27 Disbursements ₹ 1,235 crore up 44% vis-à-vis Q1FY26
    Global gold demand flat at 1,269 tonnes in June quarter, says WGC
    MCD to launch 5-year PPP policy to modernise school stadiums, offer free sports coaching
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    July 31, 2026
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    Manufacturing contraction highlights weak domestic demand, property-sector pressure and continued reliance on technology-related exports for economic growth.
    Manufacturing activity in China contracted in July, as the official purchasing managers' index fell below the expansion threshold and new orders and production declined. Weak domestic demand, lower building activity and possible typhoon-related disruptions contributed to the slowdown. Consumer spending, investment and property-sector weakness continue to affect confidence, while technology-related exports support growth. Policy commitments include strengthening domestic consumption amid continued reliance on exports.
    July 31, 2026
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    Public-private partnership airport development strengthens aviation, cargo logistics, export infrastructure and sustainable connectivity through an integrated international airport project.
    The Bhogapuram airport project is being implemented under a Public-Private Partnership through the Design, Build, Finance, Operate and Transfer framework. It has obtained required aerodrome, safety, fire and environmental clearances and includes infrastructure for domestic and international aviation, passenger processing and airport security. Cargo and cold-chain facilities are intended to support exports and logistics integration, while recycled-water use and LEED Platinum standards form part of the project's sustainability features.
    July 31, 2026
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    Rupee appreciation against the US dollar continued as foreign inflows and lower crude prices supported domestic currency markets.
    Rupee appreciation against the US dollar continued in early trading, supported by foreign capital inflows and lower global crude oil prices. A stronger US dollar constrained further appreciation, while expectations of continued Reserve Bank of India intervention were cited as supporting the rupee. Declining Brent crude prices, gains in domestic equity indices and net foreign institutional investment in equities were also identified as relevant market factors.
    July 31, 2026
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    Value-added Makhana exports expand international market access, support quality compliance, and improve farmer returns through processing and branding.
    Agricultural export facilitation supported the first sea shipment of value-added flavoured Makhana from Bihar to Canada. Processed and packaged to international quality and food-safety standards, the export demonstrates the role of processing, value addition and export-oriented manufacturing in expanding overseas market access. The initiative is stated to improve farmer returns through value addition, while capacity building, export infrastructure, quality compliance, market linkages and stakeholder collaboration support the agri-export ecosystem.
    July 30, 2026
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    Market access for Indian pharmaceuticals remains central to bilateral efforts to promote sustainable trade and economic cooperation.
    Enhanced market access for Indian products, particularly pharmaceuticals, was raised in discussions aimed at strengthening bilateral trade and economic ties. The discussions addressed sustainable trade, and the sides agreed to increase mutual cooperation and communication. India continues to seek greater access to China's information technology, pharmaceutical and agricultural sectors, while pursuing increased pharmaceutical exports and Chinese investment. Bilateral trade increased, but India's trade deficit widened, reflecting an ongoing imbalance in trade flows.
    July 30, 2026
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    Money laundering asset attachment targets overseas bank deposits linked to alleged loan fraud and fugitive economic offenders.
    Provisional attachment under the Prevention of Money Laundering Act was reported against Singapore bank deposits held by a company promoter and associated entities in an alleged loan-fraud and money-laundering investigation. The underlying case arises from allegations of fraud, criminal misappropriation, criminal breach of trust and cheating affecting a consortium of lending banks. Service of the attachment order was reported through mutual legal-assistance arrangements, and the promoters had reportedly been declared fugitive economic offenders.
    July 30, 2026
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    Deposit interest rate uniformity requires equal rates for similar deposits, while allowing risk-based differentiation for bulk deposits.
    Banks must apply uniform deposit interest rates across branches and customers for similar deposit amounts accepted on the same date, without discrimination. Rates payable, including for bulk deposits, must strictly follow schedules disclosed in advance on bank websites. Bulk deposit rates must be published each business day at 10:00 am, subject to a short permitted delay. Differentiated bulk-deposit rates may be offered based on applicable differential run-off rates under the Liquidity Coverage Ratio framework.
    July 30, 2026
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    Supply-chain continuity measures prioritise energy, fertiliser and seafarer protection amid conflict-driven disruptions across critical maritime transit routes.
    Supply-chain continuity and energy security measures were reviewed in response to geopolitical conflicts disrupting maritime transit routes and imports. Measures included diversification of LPG procurement, maintenance of petroleum stocks, expansion of PNG, gas-grid, LNG and city-gas infrastructure, and pipeline connectivity approvals. Fertiliser requirements and alternative procurement sources were considered to ensure uninterrupted supply. A unified monitoring mechanism and support arrangements for seafarers, including timely information, emergency assistance and counselling, were directed to protect citizens, economic interests and the Indian diaspora.
    July 30, 2026
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    Property digital identity framework proposed through comprehensive surveys, floor-level records, and unique cards to improve ownership verification.
    The proposed Delhi Land Records Bill, 2026 contemplates a digital land-records framework requiring scientific surveys of every property, comprehensive authenticated digital records and a unique Property Aadhaar Card. The proposed system would cover rural and urban residential, commercial and other properties, including floor-level records for buildings. It is intended to improve ownership verification, property transactions, inheritance, loan access, building-plan approvals and transparency in land records.
    July 30, 2026
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    Supply-chain resilience amid maritime conflict drives measures to protect energy imports, fertiliser supplies, seafarers and overseas citizens.
    Supply-chain continuity was reviewed in response to conflicts affecting maritime routes through the Strait of Hormuz, the Black Sea, the Red Sea and the Gulf of Aden. The concerns included disruptions to imports of petroleum, natural gas, fertilisers and other essential goods, risks to ships and seafarers, and the safety of Indian citizens in conflict areas. Measures were considered to maintain uninterrupted imports, protect economic interests and address constraints affecting critical energy and trade corridors.
    July 30, 2026
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    Economic growth and persistent inflation shaped slower output, import pressures, and continued interest-rate restraint despite resilient consumer spending.
    United States economic growth slowed in the second quarter as increased imports reduced gross domestic product growth, despite stronger consumer spending and business investment linked to artificial intelligence. The preferred inflation measure moderated but remained above the central bank's target, with core consumer prices showing limited change. The benchmark interest rate was retained for a fifth consecutive meeting, though some regional presidents supported an increase to address elevated inflation. Employment growth and consumer spending continued to support economic resilience amid high living costs and energy-price pressures.
    July 30, 2026
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    Gold market volatility reflects retail buying, global price trends, currency movements, and weaker domestic demand linked to higher customs duty.
    Gold prices rose on fresh buying by jewellers and retailers amid firm international trends, while silver prices declined. Improved domestic demand and a pullback in the US dollar supported gold, though a stronger rupee limited further gains. India's gold demand declined year-on-year during April-June, attributed to seasonally subdued sales, higher customs duty and an appeal to reduce purchases. Global gold demand remained broadly unchanged, while precious metals were expected to remain volatile and range-bound.
    July 30, 2026
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    Protection and indemnity insurance expands domestic maritime risk coverage for third-party liabilities and strengthens self-reliant insurance capacity.
    Bharat Maritime Insurance Pool has introduced a sovereign-backed Protection & Indemnity insurance product to cover third-party maritime liabilities, including crew and cargo claims, pollution liability and wreck removal. The product expands the pool beyond cargo and hull war-risk coverage and is supported by combined indemnity capacity and a port-correspondent network. The pool is intended to maintain uninterrupted maritime war-risk insurance, build domestic underwriting capacity, strengthen maritime risk management, reduce foreign-market dependence and promote self-reliance in specialised insurance solutions.
    July 30, 2026
    Show AI Summary
    Cloud-native digital banking transformation integrates lending, cash management and liquidity tools while supporting scalable, resilient and compliant operations.
    Digital banking transformation through a cloud-native software-as-a-service platform entails migration from legacy systems to integrated deposits, lending, virtual account management and liquidity-management capabilities. Real-time data, artificial intelligence foundations, open APIs and event-driven architecture are intended to support digital banking products, corporate cash management and operational agility. Liquidity tools are designed to provide visibility and control over cash positions and working capital. The implementation is intended to deliver scalability, resilience, security and high availability while assisting regulatory compliance; projected benefits remain subject to risks and uncertainties.
    July 30, 2026
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    Workplace culture recognition highlights continued investment in employee wellbeing, inclusion, learning, collaboration and growth at a stockbroking firm.
    Workplace culture recognition was awarded to Kotak Securities through Great Place to Work Certification for a second consecutive year and inclusion among India's Best Workplaces in Investments 2026. The recognition followed assessment of employee feedback, workplace practices and organisational culture, reflecting employee trust, engagement and belonging. The company states that it will continue initiatives supporting employee wellbeing, learning and development, inclusion, collaboration and growth.
    July 30, 2026
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    Pro-competitive reforms strengthen market conditions through competition policy, investment review, trade facilitation, and reduced international regulatory barriers.
    Structural and pro-competitive reforms between 2010 and 2023 are assessed as reducing market distortions and strengthening competitiveness. The assessment covers property-rights protection, domestic competition and international competition, including the Goods and Services Tax, Insolvency and Bankruptcy Code, regulatory improvements and trade-facilitation modernisation. Further priorities include evidence-based competition policy, consumer-welfare review of sector-specific investment restrictions, and cooperation to address international regulatory barriers.
    July 30, 2026
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    Aadhaar enrolment access expands through a new service centre, with coordinated efforts focused on improving young children's coverage.
    Aadhaar enrolment in Manipur has reached approximately 87-88 per cent, with comparatively lower coverage among children aged 0-5 years. The first Aadhaar Seva Kendra in Imphal has been inaugurated to expand access to enrolment and Aadhaar-related services. The State Government is coordinating with welfare and health departments, hospitals and UIDAI to improve young children's enrolment, alongside services available through Deputy Commissioners' offices and authorised enrolment centres.
    July 30, 2026
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    Secured retail lending growth accompanied enhanced credit controls, digital lending processes, and branch expansion by a middle-layer non-banking finance company.
    IndoStar Capital Finance Limited, a middle-layer non-banking finance company registered with the Reserve Bank of India, reported growth in secured used-vehicle finance and micro loans against property for the quarter ended June 30, 2026. It reported higher disbursements, assets under management and net interest income, alongside a lower weighted average cost of funds. The company also stated that it strengthened underwriting, customer-selection filters, scorecards and early-warning systems, while advancing electronic lending processes and expanding its branch and micro-loans-against-property network.
    July 30, 2026
    Show AI Summary
    Gold demand trends show central bank buying and OTC investment offsetting weaker ETF and jewellery demand.
    Global gold demand remained broadly unchanged during the April-June quarter, with reduced gold exchange-traded fund, bar and coin investment offset in part by over-the-counter investment supported by Asian investors. Central banks and official institutions increased net additions to gold reserves, while high prices reduced jewellery volumes and encouraged demand for lighter products. Total supply was unchanged as increased mine production was offset by lower recycling. Investment is expected to drive future demand, while high prices may continue to constrain jewellery demand and recycling.
    July 30, 2026
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    Sports infrastructure PPP framework enables private stadium operation while requiring free coaching, child protection compliance, and student performance tracking.
    The PPP framework permits private operators to modernise, operate and maintain school sports stadiums at their own cost, while providing free organised sports training to enrolled students. Operators may commercially offer paid coaching and facilities to external users outside school hours, subject to student-related obligations. Selection is based on technical eligibility and detailed evaluation of sports, PPP, operational and technology capabilities. Agreements have an initial five-year term, with possible extension based on performance, mutual consent and public interest. Child-protection compliance, bank-routed transactions and disqualification for insolvency or statutory and child-safety violations apply.

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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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