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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>Freedom to Spend Smarter: AU Small Finance Bank Credit Cards Bring Rewards, EMI Flexibility and Lounge Access to India''s Biggest Shopping Month</title>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[Credit-card spending features include conversion of eligible purchases into EMIs, selected no-cost EMI options, reward points, cashback, merchant discounts and payment flexibility. Travel-related benefits may include domestic airport lounge access, travel-booking discounts, fuel-surcharge waiver and anniversary-linked rewards. The AU 0101 application enables transaction tracking, balance and interest-rate monitoring, EMI conversion and bill-payment management. Features and offers are subject to change, customer eligibility, internal policies and partner-merchant terms.]]></description>
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<title>Rupee falls 8 paise to 95.25 against US dollar in early trade</title>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[Foreign-exchange market conditions saw the rupee weaken against the US dollar in early trading, influenced by a stronger dollar and higher global crude oil prices. Foreign institutional equity inflows and increased foreign-exchange reserves moderated pressure on the rupee. Market attention remained focused on developments in West Asia and the Reserve Bank of India, alongside movements in the dollar index, crude oil prices and domestic equity markets.]]></description>
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<title>APEDA Facilitates First-Ever Export of GI-tagged Mithila Makhana by Sea Route from Bihar to Australia</title>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[Export facilitation for GI-tagged Mithila Makhana enabled the first commercial sea-route shipment from Bihar to Australia. APEDA, in association with the Bihar agriculture department, supported market access, coordination, capacity building and stakeholder engagement. The export model is intended to improve farmer price realisation, require adherence to global quality standards, and strengthen growers, processors and exporters. A separate HS Code for Makhana has taken effect under the Finance Bill, 2025, supporting product-specific trade classification.]]></description>
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<title>Government signs strategic MoUs with key industry leaders and ecosystems to strengthen support to StartUps</title>
<link>https://www.taxtmi.com/news?id=74209</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[DPIIT has entered into strategic MoUs to support DPIIT-recognised startups through payment infrastructure, entrepreneurship development, cloud technology, mobility innovation, investment readiness and global-market access. Eligible startups may receive payment and cloud support, technical training, mentorship, startup formalisation assistance, market and investor connections, AI and mobility enablement, and programmes addressing governance, financial readiness, compliance and international expansion. The collaborations promote innovation across digital payments, clean energy, artificial intelligence, climate technology, advanced manufacturing, mobility and automotive technology.]]></description>
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<title>No Charges for UPI Users</title>
<link>https://www.taxtmi.com/news?id=74208</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[Proposed amendment of section 10A of the Payment and Settlement Systems Act, 2007 is intended to support UPI sustainability, technological advancement and resilience. Consumer payments and person-to-person transactions are to remain free. Any future merchant discount rate would apply only to limited merchant transactions above a threshold, at a nominal rate, while most merchant transactions remain free. The framework supports investment in cybersecurity, fraud prevention and infrastructure, alongside a self-sustaining and inclusive digital-payment ecosystem.]]></description>
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<title>Competition Commission of India (CCI) hosts BRICS Heads of Competition Authorities 2026 meeting</title>
<link>https://www.taxtmi.com/news?id=74207</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[BRICS competition authorities adopted a Joint Statement strengthening cooperation to promote fair competition, including in renewable energy markets. Cooperation focuses on dialogue, knowledge-sharing and consideration of cross-border competition challenges in digital markets, emerging technologies and the energy transition. Competition enforcement is to remain principled and evidence-based, supporting efficiency, consumer welfare, innovation and merit-based competition. A collaborative renewable-energy competition study identified evolving market dynamics and areas for future cooperation.]]></description>
<category>TaxLaws</category>
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<category>TaxTMI</category>
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<title>ICoAS fraternity reaffirms commitment to cost optimisation for Atmanirbhar Bharat on ICoAS day 2026</title>
<link>https://www.taxtmi.com/news?id=74206</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[ICoAS cost optimisation supports public financial management through prudent resource utilisation, financial oversight and improved cost management across government. Its role includes supporting indigenous manufacturing, better investment decisions, efficient public expenditure and maximum value for public spending. With greater private-sector participation and Public-Private Partnerships, ICoAS officers are expected to promote cost efficiency, appropriate risk allocation and sound project structuring. Capacity building emphasises integrity, financial modelling, data visualisation, analytical frameworks and artificial intelligence for improved public-finance management.]]></description>
<category>TaxLaws</category>
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<title>Govt to introduce bill in Lok Sabha to broaden NCDC's mandate for co-operative sector growth</title>
<link>https://www.taxtmi.com/news?id=74205</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[National Cooperative Development Corporation (Amendment) Bill, 2026 proposes to broaden the Corporation's mandate to promote co-operative development. It would permit direct loans and grants to co-operative societies and other entities engaged in co-operative development, where funds are used for co-operative purposes. With Central Government approval, the Corporation could participate in the share capital of such entities. The proposals also expand the meaning of foodstuffs, remove geographical restrictions for industrial-goods assistance, and provide additional functional powers.]]></description>
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<title>AAP govt indulged in large-scale financial irregularities, caused losses to exchequer: Delhi minister</title>
<link>https://www.taxtmi.com/news?id=74204</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[Allegations based on a Comptroller and Auditor General report identified purported GST compliance failures involving outstanding tax liabilities, e-way bills generated after cancellation of GST registrations, limited bill scrutiny, non-compliance, and turnover mismatches. The allegations also concerned electricity subsidies extended to consumers with prolonged zero bills or apparent non-residence, presenting these issues as possible financial irregularities and losses to the public exchequer.]]></description>
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<title>ED files chargesheets in 2 PMLA cases against Anil Ambani Group companies, ex-executives</title>
<link>https://www.taxtmi.com/news?id=74203</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[Money-laundering prosecution complaints allege that funds from toll-road projects and credit facilities were diverted through group companies, contractors, shell entities and conduit accounts. In the toll-road matter, allegedly sham or back-dated subcontracting arrangements and subsequent documentation were used to portray transfers as genuine project expenditure. In the credit-facilities matter, fresh facilities were allegedly used to repay, rotate and evergreen earlier liabilities rather than for sanctioned end-use, with funds layered and presented as legitimate business expenditure or receipts. Attached assets are sought to be confiscated as alleged proceeds of crime.]]></description>
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<title>RJD criticises UDF govt's move not to disburse pensions through cooperative banks</title>
<link>https://www.taxtmi.com/news?id=74202</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[Direct Benefit Transfer of social security and welfare pensions to Aadhaar-linked bank accounts is intended to replace cooperative-bank doorstep delivery, except for bedridden and similarly situated beneficiaries. The change addresses delays in remitting undistributed pensions, deficient record updates and reconciliation, duplicate payments, delivery incentives, and compliance with Direct Benefit Transfer norms. Criticism focuses on beneficiary access to linked commercial-bank accounts, possible minimum-balance deductions, exclusion of cooperative banks, and the effect on doorstep-delivery workers.]]></description>
<category>TaxLaws</category>
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<title>Raymond Limited reports a healthy Q1 FY27 performance</title>
<link>https://www.taxtmi.com/news?id=74201</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[Raymond Limited reported unaudited first-quarter FY27 growth in total income, EBITDA and profit before tax before exceptional items, while remaining net-debt-free with a net cash surplus. Its Engineering business comprises Precision Technology  Auto Components and Aerospace  Defence. Growth in the former was attributed to export expansion, operating leverage, product mix and cost reductions. Aerospace  Defence growth was linked to production for global OEMs, portfolio expansion and increased capacity, although margins were affected by targeted research and development investment. Forward-looking statements remain subject to regulatory, political, economic and technological risks.]]></description>
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<title>Why Most People Choose the Wrong Savings Account And How Not to Be One of Them</title>
<link>https://www.taxtmi.com/news?id=74200</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[Savings-account selection should compare effective interest returns under slab-based rates, recurring operating charges and the customer's actual banking needs. Net value depends not only on advertised rates but also on relevant minimum-balance, card, ATM, alert and transfer fees. Digital reliability, customer support, branch availability and ATM access should be assessed according to the customer's average balance, cash use, transfer frequency, travel patterns and need for in-person assistance. The suitable account is one that matches real banking behaviour.]]></description>
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<title>RBI has proactively helped UCBs; cooperatives should look at regulator differently: Shah</title>
<link>https://www.taxtmi.com/news?id=74199</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[Urban cooperative banks are encouraged to recognise regulatory support through liberalised branch opening, doorstep banking, demand drafts, life certificates, dedicated regulatory coordination, enhanced gold-loan limits, one-time settlements and progress towards on-tap licensing. Sound governance is material to sectoral stability, while small-borrower lending is presented as a comparatively safe lending segment. The umbrella body can support member banks through technical expertise, compliance assistance, cybersecurity solutions and participation in a security operations centre to strengthen depositor confidence.]]></description>
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<title>Ministry of Agriculture, Food and Rural Affairs and aT Host '2026 K-Food Fair in New Delhi, India'</title>
<link>https://www.taxtmi.com/news?id=74198</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[Korean food export promotion in India and South Asia combined business consultations with consumer-facing activities. Individual meetings connected Korean exporters with regional buyers and generated memoranda of understanding for products including frozen gimbap, ginseng wine and kombucha. Exporters received on-site guidance concerning non-tariff barriers, including food import customs clearance and certification requirements. Preparatory online sessions addressed import procedures, regulatory matters and consumer trends, while consumer events promoted Korean food through tasting, retail and experiential activities.]]></description>
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<title>No compromise on tackling illegal immigrants' issue: Minister Priyank Kharge</title>
<link>https://www.taxtmi.com/news?id=74197</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[Illegal immigration enforcement involves continuous identification and verification operations, coordination with relevant officials, and confidential investigation of networks facilitating entry, identity documentation, accommodation and employment. Enquiries extend to intermediaries, contractors, Aadhaar procurement and verification practices, rather than focusing only on apprehended individuals. Citizen vigilantism, moral policing and social-media targeting of suspected migrants are discouraged because they may compromise investigations; information should instead be given through proper police channels.]]></description>
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<title>Technology, transparency key for urban cooperative banks to stay competitive: Shah</title>
<link>https://www.taxtmi.com/news?id=74196</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[Technology adoption, transparency, sound governance and modern customer services are identified as necessary for urban cooperative banks to remain competitive. Banks are encouraged to join the sector's umbrella organisation and self-regulatory body, which provides capital, information-technology infrastructure and liquidity support. Protection of depositors' money remains a regulatory responsibility, while banks are expected to improve governance, train staff, adopt technology and enhance customer-centric services. Customer prosperity and reduced perception gaps between the central bank and urban cooperative banks are emphasised as measures to strengthen the sector.]]></description>
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<title>Paul Merchants Gets RBI Approval for Perpetual AD Category-II Licence Under Revised FEMA Framework</title>
<link>https://www.taxtmi.com/news?id=74195</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[An Authorised Dealer Category-II approval under the Foreign Exchange Management (Authorised Persons) Regulations, 2026 enables Paul Merchants to undertake additional permissible non-trade current account transactions under FEMA, excluding gifts and donations, and foreign trade transactions within the applicable per-transaction limit. The approval supports foreign exchange and cross-border payment services, including overseas remittances for education, medical treatment, travel, and conference or event participation.]]></description>
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<title>IEPFA Organises Stakeholder Engagement with Nodal Officers of Companies on Integrated IEPFA Portal 2.0</title>
<link>https://www.taxtmi.com/news?id=74194</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[Integrated IEPFA Portal 2.0 is proposed to modernise investor claim processing through digital KYC, pre-filled Form IEPF-5, entitlement search, and a simplified e-Verification Report filing workflow. Stakeholder feedback included Aadhaar eKYC address validation, KYC for authorised representatives, entitlement-letter validation checks, bulk DSC and eSign functionality, integration of approved IEPF Form-4 data, lower-value share valuation using NSE and BSE data, and alerts for frequent address changes to prevent fraud.]]></description>
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<title>Rupee settles with 5 paise gain at 95.17 against US dollar</title>
<link>https://www.taxtmi.com/news?id=74193</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[Foreign capital inflows supported a marginal strengthening of the rupee against the US dollar despite global risk aversion arising from uncertainty surrounding negotiations affecting the Strait of Hormuz. Higher crude oil prices and weak domestic equity sentiment remained relevant pressures. Near-term currency movement was expected to depend on developments in the negotiations, weekend decisions, US employment data, the dollar index, crude oil prices, and the reported increase in foreign exchange reserves.]]></description>
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<title>India weathered Hormuz disruption without fuel shortages: Puri</title>
<link>https://www.taxtmi.com/news?id=74192</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.]]></description>
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<title>RBI invites public comments on the draft Directions on ‘Credit Valuation Adjustment (CVA) Framework’</title>
<link>https://www.taxtmi.com/news?id=74191</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[Credit Valuation Adjustment framework revisions align CVA capital treatment with final Basel III standards. Eligible banks may use the full or reduced basic approach, while banks with an insignificant volume of non-centrally cleared derivatives may calculate their CVA capital charge at 100 per cent of the counterparty credit risk capital charge. The draft also clarifies CVA hedge recognition, introduces risk weights sensitive to sector and credit quality, and separates systematic and idiosyncratic CVA risk in the full basic approach.]]></description>
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<title>RBI invites comments on the draft “Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Eleventh Amendment Directions, 2026”</title>
<link>https://www.taxtmi.com/news?id=74190</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[Proposed amendments to the leverage ratio framework would revise Chapter VII of the 2025 Commercial Banks Prudential Norms on Capital Adequacy Directions to implement the Basel Committee's Leverage Ratio 2017 Standard. Public comments and feedback on the draft Eleventh Amendment Directions, 2026, are invited until August 28, 2026, through the designated online platform, postal submission, or email.]]></description>
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<title>87 Proposals Received under BHAVYA Scheme during First Round of Phase-I</title>
<link>https://www.taxtmi.com/news?id=74189</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[BHAVYA Scheme Phase-I proposals submitted by State and Union Territory governments will be evaluated and scored under prescribed eligibility and evaluation criteria. Challenge-based project selection considers connectivity and site suitability, quality of core, value-added and social infrastructure in the detailed project report, and the industrial ecosystem and policy enablers. The Scheme guidelines provide for completion of the first-phase selection process within one year from notification.]]></description>
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<title>India successfully concludes the 16th BRICS Trade Ministers' Meeting in Jaipur under its BRICS Chairship 2026</title>
<link>https://www.taxtmi.com/news?id=74188</link>
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<pubDate>Mon, 10 Aug 2026 13:39:32 +0530</pubDate>
<description><![CDATA[BRICS ministers adopted measures supporting a development-centred multilateral trading system with the World Trade Organization at its core, preservation of Special and Differential Treatment, binding two-tier dispute settlement, and developing economies' policy space for food security and public stockholding. MSME measures include study of an invoice discounting mechanism and credit-assessment principles focused on cash flow rather than collateral. Value-chain measures provide for a GVC Action Plan, technical cooperation, Special Economic Zone cooperation and digitised trade documents, alongside principles for trusted cross-border digitally delivered services.]]></description>
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<title>TMI Updates - Newsletter dated: August 10, 2026</title>
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<description><![CDATA[Newsletter for tax updates and legal information]]></description>
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