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        <title>Tax Updates - Daily Update</title>
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        <description>One stop solution for Direct Taxes and Indirect Taxes and Corporate Laws in India</description>
        <category>Business/Tax/Law/GST/India/Taxation/Policies/Legal/Corporate Tax/Personal Tax/Vat Law/Legal Information/Tax Information/Legal Services/Tax Services</category>
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<title>Government Eases RCMC Requirement for Export Consignments up to Rs.3 Lakh</title>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[RCMC or Certificate of Registration is not required, wherever otherwise mandated under the Foreign Trade Policy, 2023, for export consignments with a Free-on-Board value of up to Rs. 3 lakh. Export consignments exceeding that threshold continue to require a valid RCMC or Certificate of Registration wherever applicable. The exemption reduces the initial registration burden for MSMEs, artisans, small businesses, first-time exporters and occasional exporters undertaking eligible small-value exports, including through Postal, Courier, e-commerce and other emerging channels.]]></description>
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<title>In a major breakthrough, DRI busts huge methamphetamine smuggling syndicate in one of the biggest seizures in North-East Region</title>
<link>https://www.taxtmi.com/news?id=74843</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[Intelligence-led narcotics enforcement led to the interception of four trucks in Assam and Tripura suspected of carrying methamphetamine tablets concealed in vehicle cabins. A total of 231.8 kg of suspected methamphetamine tablets, along with all four vehicles, was seized under the NDPS Act, and three persons were arrested. The action involved coordinated surveillance, interception and searches directed at an alleged drug-smuggling syndicate.]]></description>
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<title>CBIC commemorates 10 years of India’s Authorised Economic Operator (AEO) Programme; Outlines way forward and reaffirms commitment to trusted trade</title>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[India's Authorised Economic Operator Programme promotes voluntary compliance, supply-chain security, risk-based customs administration and predictable cross-border movement of goods. Compliant trade and logistics entities may receive simplified customs procedures and risk-based facilitation. Proposed process reforms include uniform operating procedures, applicant checklists, single-deficiency processing, time-bound applications, clearer financial-solvency requirements, and strengthened client relationship and validation arrangements. Documentation under the Eligible Manufacturer Importer Scheme has been reduced, supporting lower compliance burdens and a pathway towards higher AEO tiers.]]></description>
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<title>His passport deposited in court in ED case, Gujarat man secures another with fake papers</title>
<link>https://www.taxtmi.com/news?id=74841</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[Alleged fraudulent procurement of a second passport arose after a passport had been surrendered in money-laundering-related proceedings. Authorities allege that the individual falsely reported the passport as lost and obtained another passport through false information, including an incorrect address in identity documentation and supporting records. The second passport was allegedly used for international travel. Criminal proceedings concern alleged forged documents, false representations and passport-related offences under the Bharatiya Nyaya Sanhita and the Passports Act.]]></description>
<category>TaxLaws</category>
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<category>TaxTMI</category>
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<title>Rupee loses 7 paise to settle at 95.95 against US dollar</title>
<link>https://www.taxtmi.com/news?id=74840</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[Foreign-exchange market conditions resulted in the rupee weakening for a seventh consecutive session and closing lower against the US dollar. Dollar strength, foreign fund outflows, elevated crude oil prices, higher US Treasury yields and increased importer demand for dollars exerted pressure on the currency. Positive domestic equity-market performance limited the downside, while expectations of a US Federal Reserve interest-rate increase supported the dollar index.]]></description>
<category>TaxLaws</category>
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<title>Wizz Financial collaborates with City Union Bank to Unveil 'Wizz Voyager', the Ultimate Smart Travel Card</title>
<link>https://www.taxtmi.com/news?id=74839</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[Wizzmoni Financial Services Ltd. and City Union Bank Ltd. have partnered to launch Wizz Voyager, a co-branded AI-powered multi-currency prepaid travel card for Indian residents undertaking international travel. The card supports 37 international currencies and provides real-time exchange-rate locking, spending controls, transaction tracking and mobile-app-based management. It is designed to facilitate foreign-exchange spending and management of multiple currencies through a single payment instrument.]]></description>
<category>TaxLaws</category>
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<title>Finnable Appoints Sreeram Iyer, Former Global COO at ANZ Banking Group's Corporate and Institutional Business, to its Board of Directors</title>
<link>https://www.taxtmi.com/news?id=74838</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[Finnable has appointed Sreeram Ranganathan Iyer as a Non-Executive Nominee Director representing investor TVS Capital. The role is intended to strengthen board oversight as the non-banking financial company expands its lending operations. The identified priorities for sustainable growth include technology, compliance, governance, risk management, responsible lending, and data-driven underwriting. The nominee directorship reflects investor participation in governance and capability-building for a sustainable lending franchise.]]></description>
<category>TaxLaws</category>
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<title>ED arrests Kolkata man in land grabbing-linked PMLA case</title>
<link>https://www.taxtmi.com/news?id=74837</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[Money-laundering proceedings under the Prevention of Money Laundering Act concern alleged land grabbing through forged board resolutions, forged-sale agreements, fabricated deeds, and falsified property records. The alleged conduct includes manipulation of land records, civil proceedings based on false claims, denial of landowners' lawful entitlements, and threats or physical force against persons asserting legitimate rights. The investigation is linked to multiple police FIRs concerning the individual and associated entities.]]></description>
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<title>The cumulative exports (merchandise  services) during April-August 2026-27 is estimated at US$ 399.27 Billion, as compared to US$ 345.55 Billion in April-August 2025-26, an estimated growth of 15.55%.</title>
<link>https://www.taxtmi.com/news?id=74836</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[External trade estimates for April-August 2026-27 show combined merchandise and services exports of US$399.27 billion and imports of US$459.65 billion, with a trade deficit of US$60.38 billion. Merchandise exports reached US$215.91 billion, while services exports were estimated at US$183.36 billion. Non-petroleum exports increased to US$180.61 billion. Growth in August merchandise exports was driven by electronic goods, petroleum products, engineering goods, chemicals, and cotton yarn, fabrics, made-ups and handloom products. Services-sector figures for August were estimated using data available through July.]]></description>
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<title>Rupee falls 3 paise to 95.91 against US dollar in early trade</title>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[Rupee depreciation against the US dollar in early trading reflected pressure from a stronger dollar and net foreign fund outflows, notwithstanding support from positive domestic equity-market performance. Dollar strength was associated with market expectations of a US Federal Reserve interest-rate increase to address inflation linked to higher oil prices. Elevated crude oil prices and risks to oil exports remained concerns, while domestic equity gains provided countervailing support.]]></description>
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<title>CGST Delhi South Commissionerate busts firm for fraudulent availment of ITC of over Rs. 15.78 crore; arrests partner of firm</title>
<link>https://www.taxtmi.com/news?id=74834</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[The investigation concerned alleged fraudulent availment and passing on of inadmissible input tax credit through bogus invoices. Multiple suppliers were identified as non-existent, non-functional, suspended or cancelled, while field verification indicated an absence of genuine business activity at certain declared premises. Input tax credit was allegedly availed without receipt of goods and passed on through invoices without corresponding supplies. Statements recorded during investigation led to the arrest of a firm partner under the CGST Act.]]></description>
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<title>UPI Continues to Remain Free for Peer to Peer Transactions and 96% of Merchant Transactions</title>
<link>https://www.taxtmi.com/news?id=74833</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[UPI person-to-person transactions remain free irrespective of value, and person-to-merchant payments up to Rs.2,000 remain outside the merchant discount rate framework. Small merchants receiving qualifying UPI QR payments under the P2PM category continue to receive zero MDR treatment. MDR applies only to specified merchant payments above the threshold, with separate treatment for essential sectors and capital-market payments. Customers are not liable for MDR, merchants must not pass it on, and UPI application providers may not levy platform fees or hidden charges. MDR revenue supports payment ecosystem participants and small-merchant UPI adoption.]]></description>
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<title>Introduction of MDR on large value transactions to strengthen UPI's long-term sustainability: RBI</title>
<link>https://www.taxtmi.com/news?id=74832</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[Merchant Discount Rate (MDR) of 0.4 per cent applies to large-value UPI person-to-merchant payments exceeding Rs 2,000 from October 15. MDR is a merchant payment ecosystem charge, not a fee payable by customers. Person-to-person UPI payments remain free for users, while person-to-merchant UPI payments below Rs 2,000 remain free for merchants. MDR distribution is intended to support payment technology, infrastructure, acceptance networks and sustained UPI growth.]]></description>
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<title>Odisha to get Rs 3,406-cr silicon carbide semiconductor project</title>
<link>https://www.taxtmi.com/news?id=74831</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[Approval for a special economic zone-linked silicon carbide semiconductor manufacturing unit permits establishment of a facility under the jurisdiction of Falta Special Economic Zone. The unit is proposed to manufacture silicon carbide diodes and silicon carbide MOSFETs. Project financing combines government capital subsidies and promoter contribution, while the facility is projected to support export-oriented advanced semiconductor manufacturing, domestic capabilities, and technology-driven capital investment.]]></description>
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<title>India's exports jump over 26 pc in August; trade gap shrinks to five-month low</title>
<link>https://www.taxtmi.com/news?id=74830</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[Merchandise exports increased by 26.12 per cent year-on-year to USD 43.81 billion in August, led by electronics, engineering goods and petroleum products. Merchandise imports rose 14.1 per cent to USD 70.76 billion, driven by crude oil, project goods, electronic items, silver, coal and coke. Gold imports declined substantially, contributing to a five-month low merchandise trade deficit. During April-August 2026-27, higher imports reflected domestic economic expansion, energy requirements and manufacturing-sector input needs.]]></description>
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<title>Rupee extends losses for 6th session; ends 34 paise weaker at 95.88 against US dollar</title>
<link>https://www.taxtmi.com/news?id=74829</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[Foreign exchange market pressures led to a sixth consecutive session of rupee depreciation against the US dollar. Higher Brent crude prices, dollar demand from oil importers, risk aversion, a stronger dollar and elevated global Treasury yields heightened concerns over inflation and India's external trade balance. Potential RBI intervention was viewed as a factor that could support the rupee at lower levels.]]></description>
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<title>After six free years, govt sets 0.4% fee on UPI payments above Rs 2,000, capped at Rs 300</title>
<link>https://www.taxtmi.com/news?id=74828</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[Merchant discount rate framework introduces a 0.4 per cent charge on direct person-to-merchant UPI payments exceeding Rs 2,000, effective from 15 October 2026. The charge is capped at Rs 300 for higher-value payments and is payable by merchants to acquiring banks. Person-to-person transfers remain free regardless of value, and P2M payments up to Rs 2,000 remain outside the charge. App providers may not impose platform fees or hidden charges, and banks must prevent merchants from passing MDR costs to customers.]]></description>
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<title>ED chief orders action against IBC frauds, large haircuts to promoters</title>
<link>https://www.taxtmi.com/news?id=74827</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[Enforcement priorities target suspected insolvency-resolution frauds involving collusive large haircuts, promoter reacquisition of assets, related-party claim inflation, creditor-process manipulation, asset stripping, and circumvention of resolution-applicant ineligibility. Coordination with police and other agencies is emphasised for predicate offences, including joint investigation teams and committal applications to enable combined trials of predicate and money-laundering offences. Asset restoration for legitimate victims is to be pursued early, especially in investor and homebuyer frauds.]]></description>
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<title>JCB India eyes 15-20 pc export growth in FY27: MD Deepak Shetty</title>
<link>https://www.taxtmi.com/news?id=74826</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[JCB India targets 15-20 per cent export growth during the current financial year and plans a similar increase in annual production. Its export operations cover approximately 135 countries, including Southeast Asia, Africa and developed markets. The company's construction and earthmoving equipment portfolio is designed, engineered and manufactured in India for domestic and international customers, with product development focused on fuel efficiency, operator ergonomics, comfort and productivity.]]></description>
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<title>India's exports rise 26.12 pc in August; trade deficit narrows to USD 26.86 bn</title>
<link>https://www.taxtmi.com/news?id=74825</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[Merchandise exports increased sharply in August, led by petroleum product shipments, while imports also rose year-on-year. Reduced gold imports contributed to a narrower merchandise trade deficit. During the first five months of the fiscal year, the cumulative deficit widened as higher imports reflected domestic expansion, energy requirements and manufacturing-input demand. Energy commodities and electronic goods were principal contributors to the deficit, while export growth was supported by engineering goods, petroleum products, chemicals and textiles.]]></description>
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<title>CBI Arrests CGST Superintendent and a Consultant in Bribery Case</title>
<link>https://www.taxtmi.com/news?id=74824</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[Bribery allegations concerning CGST redevelopment approvals led to registration of a case against a CGST Superintendent and unknown persons. The Superintendent allegedly sought undue advantage for issuing a no-objection certificate and handing over CGST-owned flats. Following verification, a trap was laid after the complainant was allegedly directed to deliver cash to a CGST consultant. Both the Superintendent and consultant were arrested, produced before the competent court, and placed in police custody. Further investigation remains in progress.]]></description>
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<title>Global Fintech Awards 2026 Celebrate Trailblazers Shaping the Future of Finance</title>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[Global Fintech Awards 2026 recognised financial-technology innovation across banking, fintech, artificial intelligence, digital trust and identity, payments, lending, insurance, wealth management and cybersecurity. Its theme emphasised trusted, connected and inclusive financial systems, identifying Agentic AI, tokenisation and quantum technologies as areas of transformation. AI-powered financial innovation recognition covered AI applications in payments, banking, lending, insurance, and asset or wealth management.]]></description>
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<title>IIFL Finance Becomes First Non-PSU NBFC to Execute ?25 Crores Tokenised Bond Transaction</title>
<link>https://www.taxtmi.com/news?id=74822</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[IIFL Finance completed a tokenised bond transaction under the SEBI Regulatory Sandbox framework for securities tokenisation. The transaction used the Metropolitan Stock Exchange of India bidding platform, with Trust Investment Advisors Private Limited as sole arranger and advisor, and the bonds are intended to be listed on the National Stock Exchange of India. Securities tokenisation digitally represents securities through blockchain and distributed ledger technology to support more efficient, transparent and faster debt-market processes.]]></description>
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<title>DICV Expands Regional Role as India Anchors New ISEAA Customer Region</title>
<link>https://www.taxtmi.com/news?id=74821</link>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[BharatBenz's product transformation is directed toward safer, more productive and efficient commercial transport. The truck and bus portfolio is being prepared with Advanced Driver Assistance Systems calibrated to Indian operating conditions in advance of evolving safety requirements. Automated Manual Transmission technology is being expanded to improve driver comfort, reduce fatigue, support fleet safety and efficiency, and lower total cost of ownership. Customer support combines connected fleet technology, service assurance, parts availability and service-network expansion.]]></description>
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<title>India, New Zealand trade pact may come into force from later half of October: Comm Secy</title>
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<pubDate>Wed, 16 Sep 2026 17:56:02 +0530</pubDate>
<description><![CDATA[India-New Zealand Free Trade Agreement is expected to enter into force in the latter half of October 2026, subject to both parties completing operationalisation processes and procedures. The agreement grants duty-free access to New Zealand for 100 per cent of Indian exports, replacing existing peak tariffs on key Indian products. It is intended to expand bilateral trade in goods and services, promote investment, and includes New Zealand's investment commitment in India.]]></description>
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<title>TMI Updates - Newsletter dated: September 16, 2026</title>
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<description><![CDATA[Newsletter for tax updates and legal information]]></description>
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