During the week of 29 December 2025 to 4 January 2026, extensive regulatory and policy changes were notified across taxation, indirect taxes, trade, financial regulation, corporate law, insolvency, and banking. Income-tax updates included fresh notifications granting weighted deductions for scientific research and key High Court rulings on royalty taxation and precedence of PMLA over tax recovery. GST saw a major shift to Retail Sale Price–based valuation and higher tax rates for tobacco, pan masala, and related products effective February 2026, along with new electronic ITC reversal and RCM tracking mechanisms. Central Excise was effectively revived for tobacco through capacity-based levies, machine-based duty rules, and revised rates. Customs implemented multiple tariff concessions under trade agreements, imposed safeguard and anti-dumping duties, revised tariff values, and mandated body-worn cameras at airports. DGFT launched export support schemes, eased organic sugar exports, restricted coke imports, and amended EOU procedures. SEBI, MCA, IBBI, and RBI issued significant compliance, governance, KYC, prudential, and reporting reforms, reinforcing transparency and regulatory discipline.
Notifications & Circulars issued during week (29th– 4th Jan 2026)
(Income Tax, GST, Central Excise, Custom Duty, DGFT, SEBI, MCA, IBBI, RBI)
(Click the Link for Notification/ Circular as issued)
A. Income Tax
The Christian Medical College Vellore Association, Vellore, Tamil Nadu notified under section 35(1)(ii) for Scientific Research: The notification notifies ‘The Christian Medical College Vellore Association’, Vellore, Tamil Nadu for ‘Scientific Research’ under the category of ‘University, college or other institution’ for the purposes section 35(1)(ii) of the Income-tax Act, read with rules 5C and 5E of the Income-tax Rules. This section allows for deduction equal to one and half times while computing taxes for expenses relating to scientific research.
(Link: Income Tax Notification 173/2025 Dated 29/12/2025)
Indian Institute of Science Education and Research, Pune notified under section 35(1)(ii) for Scientific Research: The notification notifies ‘Indian Institute of Science Education and Research’, Pune for ‘Scientific Research’ under the category of ‘University, college or other institution’ for the purposes section 35(1)(ii) of the Income-tax Act, read with rules 5C and 5E of the Income-tax Rules. This section allows for deduction equal to one and half times while computing taxes for expenses relating to scientific research.
(Link: Income Tax Notification 174/2025 Dated 29/12/2025)
Cancer Institute’ (W.I.A), Chennai notified under section 35(1)(ii) for Scientific Research: The notification notifies ‘Cancer Institute’ (W.I.A), Chennai for ‘Scientific Research’ under the category of ‘University, college or other institution’ for the purposes section 35(1)(ii) of the Income-tax Act, read with rules 5C and 5E of the Income-tax Rules. This section allows for deduction equal to one and half times while computing taxes for expenses relating to scientific research.
(Link: Income Tax Notification 175/2025 Dated 30/12/2025)
HC, World Cup Sponsorship payment split into Ad Spend and Royalty: Case of LG Electronics India Pvt Ltd vs DIT (International), HC Delhi Judgement Dated 24th December 2025. HC held that one third of the ICC sponsorship fee paid by LG Electronics to a Singapore based entity related to the right to use the ICC trademark and was taxable as royalty, and that tax was required to be deducted at source at the rate of 15% under the India-Singapore Double Taxation Avoidance Agreement.
HC, Recovery by income tax department prior to conclusion of trial under PMLA is erroneous in Law: Case of ACIT vs State, HC Delhi Judgement Dated 18th September 2025. HC held that application of income tax department for release of FDR towards tax liability not entertained until conclusion of trial under Prevention of Money Laundering Act (PMLA) since PMLA has an overriding effect over the provisions of Income Tax Act.
B. GST
Retail Sale Price based valuation under GST for Pan Masala, Tobacco and Cigarette Products w.e.f. 1st Feb 2026: The notification provide for valuation of supply of certain specified goods on the basis of declared Retail Sale Price (RSP) under the CGST Act. The specified goods covered under the notification include pan masala, unmanufactured tobacco (other than tobacco leaves), cigars, cheroots, cigarillos and cigarettes, other manufactured tobacco and tobacco substitutes, as well as products containing tobacco or nicotine substitutes intended for inhalation without combustion. The retail sale price has been defined as the maximum price declared on the package, inclusive of all taxes, duties, cess or surcharges.
(Link: CGST Notification 19/2025 Dated 31/12/2025)
Valuation of supply of specified goods on the basis of declared Retail Sale Price (RSP): The notification insert a new Rule 31D in the CGST Rules, which provides that, notwithstanding any other provisions, the value of supply of notified goods shall be deemed to be the retail sale price declared on such goods, reduced by the amount of applicable tax.
(Link: CGST Notification 20/2025 Dated 31/12/2025)
GST Rate on Biris at 9%, Tobacco & Pan Masala at 20% effective 1st Feb 2026: Pan Masala, Cigarettes, Tobacco and similar products will attract a 20% CGST (Total 40% including SGST 20%), while Biris will be taxed at 9% GST (Total 18% including SGST 9%), as per the notification. The Schedule VII, i.e. items with 14% CGST rate and all related entries have been deleted. Similar notifications have been issued under IGST and UTGST.
(Link: CGST Notification (Rate) 19/2025 Dated 31/12/2025, IGST Notification (Rate) 19/2025 Dated 31/12/2025, UTGST Notification (Rate) 19/2025 Dated 31/12/2025)
Compensation Cess at NIL Rate on Pan Masala and Tobacco effective 1st Feb 2026: The notification has notified the reduction of Goods and Services Tax (Compensation to States) Cess to ‘Nil’ on specified pan masala and tobacco products.
(Link: Compensation Cess Notification (Rate) 03/2025 Dated 31/12/2025)
Advisory & FAQ on Electronic Credit Reversal and Re-claimed Statement & RCM Liability/ITC Statement: The advisory clarifies the operation and upcoming validations for the Electronic Credit Reversal and Re-claimed Statement (ITC Reclaim Ledger) and the RCM Liability/ITC Statement (RCM Ledger) to ensure accurate reporting and prevent excess ITC claims. The ITC Reclaim Ledger tracks temporary ITC reversals in Table 4(B)(2) and subsequent reclaims in Tables 4(A) (5) and 4(D)(1) of GSTR-3B. The RCM Ledger, tracks RCM liability in Table 3.1(d) and corresponding ITC in Tables 4(A)(2)/(3). While warnings currently appear, the portal will soon block GSTR-3B filing where reclaims or RCM ITC exceed available balances. Taxpayers with negative balances must mandatorily reverse excess ITC or pay additional RCM liability before filing.
(Link: GSTN Advisory Dated 29/12/2025)
AAR, GST payable on Foreign Patent filing costs due to import of Legal Services: Case of Medtrainai Technologies Private Limited, AAR West Bengal Ruling Dated 24th December 2025. AAR ruled that the company is required to pay GST towards reimbursement of expenses a Japanese patent attorney has incurred towards filing a patent in the Japanese Patent Office. The company is filing the patent in favour of one of the directors. The company is not planning to do business in Japan. As per Entry no. 2 of the Notification No. 13/2017 (Rate) dated 28th June 2017, tax is liable to be paid on a reverse charge basis.
HC, Performance Incentives not taxable due to absence of service to Media Houses: Case of PC CGST vs Nexus Alliance Advertising and Marketing Pvt Ltd, HC Delhi Judgement Dated 5th December 2025. HC held that performance incentives received by an advertising agency from media houses were not liable to service tax.
(Link: HC Delhi Judgement Dated 05/12/2025)
C. Central Excise
Central Excise (Amendment) Act, 2025 to come into Force from 1st February 2026: As per the notification, the provisions of Central Excise (Amendment) Act 2025 shall come into force from 1st February 2026. The amendments seek to levy a higher excise duty on tobacco and related products.
(Link: Central Excise Notification 03/2025 (NT) Dated 31/12/2025)
Centre notifies Chewing Tobacco, Jarda and Gutkha under Section 3A Excise Levy: The notification brings specified tobacco products under the excise duty regime based on packing capacity. As per the notification, chewing tobacco, jarda scented tobacco and gutkha, when manufactured with the aid of packing machines and packed in pouches, will be treated as notified goods under Section 3A of the Central Excise Act. The notification clarifies that chewing tobacco includes filter khaini and defines packing machines comprehensively.
(Link: Central Excise Notification 04/2025 (NT) Dated 31/12/2025)
Capacity based Excise Rules for Chewing Tobacco, Gutkha and Jarda: CBIC has notified the Chewing Tobacco, Jarda Scented Tobacco and Gutkha Packing Machines (Capacity Determination and Collection of Duty) Rules 2026, which will come into force with effect from 1st February 2026. It reintroduces a capacity-based levy system under section 3A of the Central Excise Act. Under the new framework, excise duty will be determined based on the number of packing machines installed and their maximum rated production capacity, linked to the retail sale price (RSP) of pouches.
(Link: Central Excise Notification 05/2025 (NT) Dated 31/12/2025)
Central Excise notification amended to specifically include Gutkha: The earlier excise notification 01/2022 (NT), dated 1st February 2022 related to tobacco products, has been amended to substitute the words ‘Pan masala containing tobacco’ with ‘Gutkha’ in the relevant table. It is intended to bring greater clarity and consistency in the excise treatment and regulation of Gutkha.
(Link: Central Excise Notification 06/2025 (NT) Dated 31/12/2025)
Revision of Central Excise Duty Rates on Tobacco and Related Products: As per the notification, Cigarettes, Hukka and other such specified goods will attract additional excise duty. It will be in addition to GST as applicable. Under the new framework, excise duty on unmanufactured tobacco (Heading 2401) has been set at 18%. Cigarettes attract duty based on length and type, with rates ranging from Rs. 2,050 to Rs. 8,500 per thousand, or ad valorem rates such as 21% or Rs 4,170 per thousand, whichever is applicable. Tobacco substitutes, cigarillos, and other smoking products have also been assigned revised ad valorem or specific rates.
(Link: Central Excise Notification 03/2025 (T) Dated 31/12/2025)
Monthly Excise Duty rates notified for Chewing Tobacco, Jarda and Gutkha Manufactured Using Packing Machines: As per the notification, Chewing Tobacco and Jarda Scented Tobacco, and Gutka will attract additional excise duty. It will be in addition to GST as applicable. It applies to chewing tobacco (including filter khaini), jarda scented tobacco, and gutkha. The levy is applicable where these notified goods are manufactured with the aid of packing machines and packed in pouches bearing a declared retail sale price (RSP). The duty structure is based on two key parameters, i.e. Retail Sale Price (RSP) per pouch, and Speed of the packing machine, measured in pouches per minute.
(Link: Central Excise Notification 04/2025 (T) Dated 31/12/2025)
FAQs on Machine-Based levy in case of Chewing Tobacco, Jarda Scented Tobacco & Gutkha: The FAQs explain that duty rates have been notified separately and that a capacity-based levy applies only to manufacturers producing these goods in pouches using packing machines. Duty is determined on a deemed production basis linked to the maximum rated capacity and retail sale price, not actual output. Mandatory declarations in Form CE DEC-01, technical certification by a Chartered Engineer, monthly filings, and CCTV installation are prescribed. The jurisdictional excise authority will verify declarations through physical inspection and determine annual capacity.
(Link: Central Excise FAQs FinMin PIB Release Dated 01/01/2026)
D. Custom Duty
Implementation of fifth tranche of tariff concessions under India-Australia ECTA: The earlier notification 62/2022 dated 26th December, 2022 has been amended in line with India’s commitments under India- Australia Economic Cooperation and Trade agreement (ECTA). The Table containing CD rates, AIDC rates and Health Cess rates has been substituted.
(Link: Customs Notification 50/2025 (T) Dated 30/12/2025)
Implementation of second tranche of tariff concessions under India-EFTA with Switzerland: The earlier notification 41/2025 dated 30th September, 2025 has been amended in line with India’s commitments under the India–EFTA Trade and Economic Partnership Agreement (TEPA), with Switzerland. The Table containing CD rates, AIDC rates and Health Cess rates has been substituted.
(Link: Customs Notification 51/2025 (T) Dated 30/12/2025)
Implementation of second tranche of tariff concessions under India-EFTA with Norway: The earlier notification 42/2025 dated 30th September, 2025 has been amended in line with India’s commitments under the India–EFTA Trade and Economic Partnership Agreement (TEPA), with Norway. The Table containing CD rates, AIDC rates and Health Cess rates has been substituted.
(Link: Customs Notification 52/2025 (T) Dated 30/12/2025)
Implementation of second tranche of tariff concessions under India-EFTA with Iceland: The earlier notification 43/2025 dated 30th September, 2025 has been amended in line with India’s commitments under the India–EFTA Trade and Economic Partnership Agreement (TEPA), with Iceland. The Table containing CD rates, AIDC rates and Health Cess rates has been substituted.
(Link: Customs Notification 53/2025 (T) Dated 30/12/2025)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver: CBDT notified the Tariff Values of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver, which shall come into force w.e.f. 31st December 2025. The tariff value for crude palm oil is set at USD 1035 per metric ton, while gold and silver have tariff values of USD 1398 per 10 grams and USD 2406 per kilogram, respectively. The tariff value for areca nuts is fixed at USD 7679 per metric ton.
(Link: Customs Notification 78/2025 (NT) Dated 30/12/2025)
Amendments to The Sea Cargo Manifest and Trans-shipment Regulations: The notification pertains to the extension of the filing deadline for the Sea Cargo Manifest and Trans-shipment Regulations till 31st March 2026. The amendment specifically relates to the information required to be submitted in Form-XII Table.
(Link: Customs Notification 79/2025 (NT) Dated 31/12/2025)
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver: CBDT notified the Tariff Values of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver, which shall come into force w.e.f. 1st January 2026. The tariff value for crude palm oil is set at USD 1077 per metric ton, while gold and silver have tariff values of USD 1405 per 10 grams and USD 2413 per kilogram, respectively. The tariff value for areca nuts is fixed at USD 7679 per metric ton.
(Link: Customs Notification 80/2025 (NT) Dated 31/12/2025)
Anti-dumping Duty on Hot rolled flat products of alloy or non-alloy steel reduced by amount of Safeguard Duty: The notification amends the Anti-dumping Duty on Hot rolled flat products of alloy or non-alloy steel, originating in or exported from Vietnam and imported into India, imposed vide notification No. 32//2025-Customs (ADD), dated the 12th November, 2025. It has been amended to provide that, since safeguard duty has been imposed on the subject goods vide Notification No. 02/2025-Customs (SG) dated 30th December, 2025, the anti-dumping duty equal to the anti-dumping duty mentioned in notification 32/2025, minus the safeguard duty payable, if any, shall be imposed.
(Link: Customs Notification 40/2025 (ADD) Dated 30/12/2025)
Anti-dumping Duty on Low Ash Metallurgical Coke originating in or exported from Australia, China, Columbia, Indonesia, Japan and Russia: Anti-dumping Duty has been imposed on imports of Low Ash Metallurgical Coke originating in or exported from Australia, China, Columbia, Indonesia, Japan and Russia and imported into India. It shall be effective for a period of five years.
(Link: Customs Notification 41/2025 (ADD) Dated 31/12/2025)
Safeguard Duty on Non-Alloy and Alloy Steel Flat Products: Safeguard Duty has been imposed on imports of Non-Alloy and Alloy Steel Flat Products, namely (a) Hot Rolled Coils, Sheets and Plates, (b) Hot Rolled Plate Mill Plates, (c) Cold Rolled Coils and Sheets, (d) Metallic Coated Steel Coils and Sheets, whether or not profiled, including Galvanneal, Coated with Zinc or Aluminium-Zinc or Zinc-Aluminium-Magnesium, and (e) Colour Coated Coils and Sheets, whether or not profiled. It shall be effective for a period of three years.
(Link: Customs Notification 02/2025 (SG) Dated 30/12/2025)
Customs orders Video Recording of passenger interactions at Airports: The instruction mandate the use of Body Worn Cameras (BWCs) by uniformed Customs officers engaged in passenger baggage clearance at international airports, particularly at Red Channel counters. A detailed Standard Operating Procedure prescribes how BWCs must be worn, activated, supervised, and handled during passenger interactions. Recordings are to be securely transferred, encrypted, centrally stored under vigilance supervision, and retained for 90 days unless required for investigations or proceedings.
(Link: Customs Instructions 34/2025 Dated 30/12/2025)
SC, Export of goods governed by Foreign Trade Policy and not by FSSAI: Case of Commissioner Customs vs Hightop Trading Private Limited, SC Judgement Dated 17th October 2025. The apex court reaffirmed that exports are regulated primarily by the Foreign Trade Policy (FTP) and not by Food Safety and Standards Authority of India (FSSAI) norms unless such standards are expressly incorporated into the FTP. Upholding the CESTAT’s decision, the Court dismissed the Revenue’s appeal and set aside confiscation, customs duty demand, redemption fine, and penalties imposed on a rice exporter for alleged misclassification.
E. Directorate General of Foreign Trade (DGFT)
Allowing Export of 50,000 MT of Organic Sugar per financial year: The notification provide partial relaxation in the export policy for organic sugar by permitting its export up to an annual ceiling of 50,000 metric tonnes per financial year. It modifies the earlier restriction whereby exports were prohibited until further orders.
(Link: DGFT Notification 51/2025 Dated 29/12/2025)
Validity of Minimum Export Price on Natural Honey extended till March 2026: DGFT has extended the validity of the Minimum Export Price of US Dollar 1400 FOB per Metric Ton on Natural Honey till 31st March, 2026. Natural Honey, classified under ITC(HS) Code 04090000, continues to remain freely exportable.
(Link: DGFT Notification 52/2025 Dated 31/12/2025)
Government restricts import of Low Ash Metallurgical Coke for Six Months: The import of Low Ash Metallurgical Coke, having ash content below 18%, including coke fines/coke breeze and ultra-low phosphorous metallurgical coke (with phosphorous content up to 0.030% and size up to 30 mm with 5% size tolerance), falling under ITC (HS) Codes 27040020, 27040030, 27040040 and 27040090, has been placed under the ‘Restricted’ category. The restriction will be effective from 1st Jan26 to 30 Jun26. Imports of metallurgical coke with ash content above 18%, as well as other imports under above codes, are outside scope of this restriction and shall continue to remain ‘Free’.
(Link: DGFT Notification 53/2025 Dated 31/12/2025)
Amendments in Handbook of Procedures to standardise permissions for EOUs: The Public Notice relates to Chapter 6 of the Handbook of Procedures (HBP) relating to the Export Oriented Units (EOU) Scheme, A new provision, Para 6.41, has been introduced in Chapter 6 of the Handbook of Procedures. Appendix 6N of Appendices and Aayat Niryat Forms (ANFs) has been notified which prescribes standardised formats of letters and permissions issued by Development Commissioners to EOUs.
(Link: DGFT Public Notice 41/2025 Dated 31/12/2025)
Launch of Market Access Support (MAS) under Export Promotion Mission – NIRYAT DISHA: The Market Access Support (MAS) Intervention under the Export Promotion Mission (EPM) – NIRYAT DISHA has been launched, with a view to strengthening India’s export market access through structured support for activities such as Buyer-Seller Meets (BSMS), Reverse Buyer-Seller Meets (RBSMS), trade fairs, exhibitions, and related market access initiatives. It is being operationalised on a pilot basis to facilitate early implementation and active stakeholder participation. Implementation shall be undertaken through the Trade Connect ePlatform (https://www.trade.gov.in).
(Link: DGFT Trade Notice 19/2025 Dated 31/12/2025)
Launch of Interest Subvention for Pre- and Post- Shipment Export Credit: DGFT has launched an Interest Subvention scheme for Pre- and Post-Shipment Export Credit under the Export Promotion Mission (EPM) – Niryat Protsahan. The scheme offers an interest subvention of 2.75% per annum, applicable to pre- and post-shipment export credit, with a maximum benefit of Rs 50 lakh per financial year per exporter. The subvention is available only for eligible MSME manufacturer and merchant exporters under a notified list of HSN six-digit tariff lines, following RBI guidelines on export credit.
(Link: DGFT Trade Notice 20/2026 Dated 02/01/2026)
Launch of Collateral Support for Export Credit under Export Promotion Mission (EPM): DGFT has announced the launch of Collateral Support for Export Credit under the Export Promotion Mission (EPM) – Niryat Protsahan. The scheme aims to improve access to formal export credit for MSME exporters, especially those facing difficulty in providing collateral. Implemented on a pilot basis through the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), the facility provides credit guarantee coverage of up to 85% for Micro and Small exporters and 65% for Medium exporters, with a maximum guarantee limit of Rs 10 crore per exporter for FY 2025–26.
(Link: DGFT Trade Notice 21/2026 Dated 02/01/2026)
F. Securities and Exchange Board of India (SEBI)
Certification mandated for Compliance Officers of Managers of Alternative Investment Funds (AIFs): The Regulations provide that Managers of AIFs are required to appoint a Compliance Officer who meets eligibility criteria specified by SEBI. The circular specifies that such Compliance Officers must obtain certification by passing the NISM Series-III-C: Securities Intermediaries Compliance (Fund) Certification Examination conducted by the National Institute of Securities Market. Trustees, sponsors, or managers must also ensure that compliance with this requirement is expressly reported in the Compliance Test Report.
(Link: SEBI Circular Dated 30/12/2025)
Specification of the consequential requirements with respect to SEBI Merchant Bankers Regulations: The amendment notified on 5th December 2025 include redefining the principal officer role, revising application and registration procedures, introducing minimum net worth and liquid net worth requirements for Category I and II merchant bankers, and mandating minimum revenue generation. It prohibits merchant bankers from managing their own issues or issues where key personnel hold significant shares. The consequential requirements for compliance has been specified.
(Link: SEBI Circular Dated 02/01/2026)
G. Ministry of Corporate Affairs (MCA)
MCA extends Annual Filing deadline without Additional Fees: The circular provides compliance relief to companies by extending the due date for filing financial statements and annual returns for FY 2024–25 without payment of additional fees. It provides that companies are now permitted to file key statutory e-forms—such as MGT-7, MGT-7A, AOC-4, AOC-4 CFS, AOC-4 (XBRL), and NBFC-specific AOC forms—up to 31 January 2026 with zero additional fees.
(Link: MCA General Circular 08/2025 Dated 30/12/2025)
Amendments to Companies Appointment and Qualification of Directors Rules – Director KYC Triennial Filing: The Companies (Appointment and Qualification of Directors) Rules, 2025 have been amended to provide procedural changes to director identification and KYC compliance. It mandates exclusive use of Form DIR-3 KYC-Web, discontinuing parallel references to e-forms and web services. A substituted Rule 12A now requires every individual holding a Director Identification Number (DIN) as on 31st March of a financial year to file KYC intimation once every third consecutive financial year by 30th June, rather than annually. Additionally, any change in a director’s mobile number, email address, or residential address must be reported through DIR-3 KYC-Web within 30 days.
(Link: MCA Notification Dated 31/12/2025)
Amendments to Companies Removal of Names of Companies from Register of Companies Rules: A proviso has been added to rule 4(3), to provide that in case of any other Government Company, including its subsidiaries, the indemnity bond in Form STK-3A, in respect of one or more directors appointed or nominated by the Central Government or State Government, shall be given by an authorised representative not below the rank of Under Secretary or equivalent, in the administrative Ministry or Department of the Government of India or the State Government, as the case may be, on behalf of the Company.
(Link: MCA Notification Dated 31/12/2025)
H. Insolvency and Bankruptcy Board of India (IBBI)
Amendments to IBBI Liquidation Process Regulations: The amendment provides for mandatory electronic filing of all liquidation Forms on the IBBI platform. The Forms must include all required enclosures and adhere strictly to updated timelines for each form.
(Link: IBBI Notification Dated 02/01/2026)
Statement of Beneficial Ownership and Affidavit under CIRP Regulations: The circular prescribe mandatory formats for the Statement of Beneficial Ownership and an Affidavit on eligibility under section 32A of the IBC. It requires every resolution plan to disclose detailed beneficial ownership information of the Prospective Resolution Applicant (PRA) and to include a sworn affidavit clarifying whether the PRA is eligible for section 32A immunity. The Resolution Professional is expressly made responsible for ensuring that both documents form part of the resolution plan submitted to the Committee of Creditors and are filed before the Adjudicating Authority under section 30(6) of IBC.
(Link: IBBI Circular Dated 29/12/2025)
NCLAT, Shareholders have locus standi to file appeal under section 61 of IBC: Case of Balkishan Shrikisan Baldawa vs Agri-Tech (India) Limited, NCLAT Delhi Judgement Dated 15th December 2025. The appellate tribunal held that shareholders have locus standi to file appeal under section 61 of the Insolvency and Bankruptcy Code and hence the appeal is maintainable. Section 61 of IBC governs appeals against orders from the Adjudicating Authority (NCLT) to the NCLAT.
I. Reserve Bank of India (RBI)
Amendment to RBI All India Financial Institutions- Know Your Customer Directions: The amendment clarify the accountability for customer verification within the Central KYC Records Registry (CKYCR) framework. It has been specified that the regulated entity which last uploads or updates a customer’s KYC record in CKYCR shall be responsible for verifying the customer’s identity and/or address. Consequently, All India Financial Institutions (AIFIs) that download and rely on current and PML-compliant CKYCR records are not required to re-verify identity or address.
(Link: RBI Circular 157/2025 Dated 29/12/2025)
Amendment to RBI Asset Reconstruction Companies- Know Your Customer Directions: Similar amendments refer above brief details for notification 157/2025 dated 29/12/2025.
(Link: RBI Circular 158/2025 Dated 29/12/2025)
Amendment to RBI Local Area Banks- Know Your Customer Directions: Similar amendments refer above brief details for notification 157/2025 dated 29/12/2025.
(Link: RBI Circular 159/2025 Dated 29/12/2025)
Amendment to RBI Non-Banking Financial Companies- Know Your Customer Directions: Similar amendments refer above brief details for notification 157/2025 dated 29/12/2025.
(Link: RBI Circular 160/2025 Dated 29/12/2025)
Amendment to RBI Payments Banks- Know Your Customer Directions: Similar amendments refer above brief details for notification 157/2025 dated 29/12/2025.
(Link: RBI Circular 161/2025 Dated 29/12/2025)
Amendment to RBI Regional Rural Banks- Know Your Customer Directions: Similar amendments refer above brief details for notification 157/2025 dated 29/12/2025.
(Link: RBI Circular 162/2025 Dated 29/12/2025)
Amendment to RBI Rural Cooperative Banks- Know Your Customer Directions: Similar amendments refer above brief details for notification 157/2025 dated 29/12/2025.
(Link: RBI Circular 163/2025 Dated 29/12/2025)
Amendment to RBI Small Finance Banks- Know Your Customer Directions: Similar amendments refer above brief details for notification 157/2025 dated 29/12/2025.
(Link: RBI Circular 164/2025 Dated 29/12/2025)
Amendment to RBI Urban Cooperative Banks- Know Your Customer Directions: Similar amendments refer above brief details for notification 157/2025 dated 29/12/2025.
(Link: RBI Circular 165/2025 Dated 29/12/2025)
Amendment to RBI Commercial Banks- Know Your Customer Directions: Similar amendments refer above brief details for notification 157/2025 dated 29/12/2025.
(Link: RBI Circular 166/2025 Dated 29/12/2025)
Amendment to RBI Commercial Banks- Financial Statements Presentation and Disclosures Directions: The amendment modifies disclosures under Schedule 1 (Capital) to require banks to separately disclose, by way of a note, the amount of deposit held, that is earmarked as Credit Risk Mitigation (CRM) for offsetting non-centrally cleared derivative exposures to the Head Office (including overseas branches). Such amount shall not be reckoned for regulatory capital or other statutory requirements.
(Link: RBI Circular 167/2025 Dated 01/01/2026)
Amendment to RBI NBFC- Prudential Norms for Capital Adequacy Directions: Under the revised norms, loans to high-quality infrastructure projects shall attract a risk weight of 75% where at least 2% of the sanctioned project debt has been repaid and 50% where at least 5% of the sanctioned project debt has been repaid, subject to the project continuing to meet the prescribed conditions. The repayment threshold shall be computed based on the total sanctioned project debt, including any additional debt sanctioned subsequently.
(Link: RBI Circular 168/2025 Dated 01/01/2026)
Amendment to RBI NBFC- Concentration Risk Management Directions: The amendment inserts a provision to paragraph 4(4), which provides for the definition of “Infrastructure Lending”, and specify the criteria for classifying as lending to ‘high-quality infrastructure projects’. The criteria specified e.g. the infrastructure project has completed at least 1 year of operations post achievement of the date of completion of commercial operations, without breach of any material covenants stipulated by the lenders; the exposure is classified as ‘standard’ in the books of the lender; the borrower has sufficient internal or external financial arrangements to cover current and future working capital and other funding requirements of the project.
(Link: RBI Circular 169/2025 Dated 01/01/2026)
Returns of Department of Payment and Settlement Systems- Submission in CIMS: Following the launch of the next generation datawarehouse of RBI i.e. Centralised Information Management System (CIMS), it has now been decided to commence the reporting of MTSS Business R103 Monthly return in CIMS for the reporting period December 2025 onwards.
(Link: RBI Circular 170/2025 Dated 01/01/2026)
Returns of Department of Payment and Settlement Systems- Submission in CIMS: Following the launch of the next generation datawarehouse of RBI i.e. Centralised Information Management System (CIMS), it has now been decided to commence the reporting of WLA Statistics R330 Monthly return in CIMS for the reporting period December 2025 onwards.
(Link: RBI Circular 171/2025 Dated 01/01/2026)
Returns of Department of Payment and Settlement Systems- Submission in CIMS: Following the launch of the next generation datawarehouse of RBI i.e. Centralised Information Management System (CIMS), it has now been decided to commence the reporting of PPI Statistics R100 Monthly, and PPI Customer Grievances R360 Monthly return in CIMS for the reporting period December 2025 onwards.
(Link: RBI Circular 172/2025 Dated 01/01/2026)
Withdrawal of Rs 2000 Denomination Banknotes Status: The Reserve Bank of India (RBI) had announced the withdrawal of Rs 2000 denomination banknotes from circulation vide Press Release dated 19th May 2023. These notes can be exchanged/ deposited/ send through India Post from any post office in the country, to any of the 19 RBI Issue Offices for credit to their bank accounts in India. The ₹2000 banknotes continue to be legal tender. The total value of Rs 2000 banknotes in circulation, which amounted to Rs 3.56 lakh crore, has declined to Rs 5669 crore as at the close of business on 31st December 2025. Thus, 98.41% of the banknotes has since been returned.
(Link: RBI Press Release Dated 01/01/2026)
J. Miscellaneous
Small Savings Schemes Interest Rates for January to March 2026: Ministry of Finance has announced that the interest rates on all Small Savings Schemes for the fourth quarter of FY 2025–26 (1 January 2026 to 31 March 2026) will remain unchanged from those applicable in the third quarter. Accordingly, rates such as 4.0% on Savings Deposits, 6.9% to 7.5% on Time Deposits, 6.7% on 5-Year Recurring Deposits, 8.2% under the Senior Citizen Savings Scheme, 7.4% under the Monthly Income Account Scheme, 7.7% for National Savings Certificates, 7.1% for Public Provident Fund, 8.2% for Sukanya Samriddhi Account Scheme and 7.5% for Kisan Vikas Patra (maturing in 115 months) continue without change.
(Link: FinMin Instructions Dated 31/12/2025)
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Compiled by:- CMA Yash Paul Bhola, MBA, FCMA, Former Director (Finance), National Fertilizers Limited.
Disclaimer: The contents of this article are for informational purposes only. The user may refer to the relevant notification/ circular/ decisions issued by the respective authorities for specific interpretation and compliances related to a particular subject matter)
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