During the week of 16th–22nd March 2026, multiple regulatory updates were issued across tax and financial domains by authorities such as the CBDT, SEBI, RBI, and DGFT. Key income-tax updates included notification of research institutions eligible for weighted deduction under Section 35(1)(ii), issuance of new Income Tax Rules 2026, and administrative directions for year-end operations. Judicial rulings clarified that interconnect charges are not royalty, inflated stock statements justify income additions, and directors are not personally liable for company tax dues. Under GST, compliance requirements were tightened for GSTR-3B filings, while rulings addressed ITC eligibility, valuation norms, and exemptions. Customs and DGFT introduced tariff revisions, export facilitation schemes, and import restrictions. SEBI implemented reforms to enhance transparency and ease compliance, while RBI revised FEMA adjudication limits and disclosure norms. Overall, the updates reflect a focus on compliance simplification, regulatory clarity, and strengthened governance across sectors.
Notifications & Circulars issued during week (16th – 22nd Mar 2026)
(Income Tax, GST, Central Excise, Custom Duty, DGFT, SEBI, MCA, IBBI, RBI)
(Click the Link for Notification/ Circular as issued)
A. Income Tax
Tea Research Association, Kolkata, West Bengal notified under section 35(1)(ii) for Scientific Research: It notifies Tea Research Association, Kolkata, West Bengal under the category of ‘Research Association’ for ‘Scientific Research’ 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 24/2026 Dated 20/03/2026)
The Ahmedabad University, Ahmedabad, Gujarat notified under section 35(1)(ii) for Scientific Research: It notifies The Ahmedabad University’, Ahmedabad, Gujarat 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 23/2026 Dated 20/03/2026)
Income Tax Rules 2026 and Income Tax Forms Notified: The rules effective from 1st April 2026, provide the procedural framework for implementation of Income Tax Act, 2025, including valuation methods, reporting requirements, administrative procedures, and compliance mechanisms. The rules also notify various compliance forms.
(Link: Income Tax Notification 22/2026 Dated 20/03/2026)
GSL Medical College and General Hospital, Rajahmundry, Andhra Pradesh notified under section 35(1)(ii) for Scientific Research: It notifies GSL Medical College and General Hospital under the aegis of GSL TRUST, Rajahmundry, Andhra Pradesh, 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 21/2026 Dated 18/03/2026)
Corrigendum to correct title of Income-tax Amendment Rules: The corrigendum amends notification 19/2026, G.S.R. 158(E) dated 5th March 2026, which amended Income Tax Rules 1962. The words ‘Income-tax (Amendment) Rules, 2026’ has been replaced with ‘Income-tax (First Amendment) Rules, 2026’.
(Link: Income Tax Notification 20/2026 Dated 16/03/2026)
Income Tax Offices to remain open on 31st March 2026 despite Holiday: CBDT has issued an administrative order under section 119, directing all Income Tax offices across India to remain open on 31st March 2026. This date coincides with Mahavir Jayanti, a closed holiday. The order is intended to facilitate completion of pending departmental work within the financial year.
(Link: Income Tax CBDT Order Dated 18/03/2026)
Advance Tax e-Campaign, clarification regarding ‘Significant Transactions’ Communication: The Income Tax Deptt acknowledged that some taxpayers received email communications containing incorrect details of ‘significant transactions’. It stated that it is actively working with its service provider to correct the error. Taxpayers have been advised to ignore the earlier emails containing inaccurate information. It clarified that such communications are facilitative reminders meant to encourage voluntary compliance, and are not enforcement notices. Taxpayers are advised to verify their transaction details, on the Compliance Portal, accessible via the e-Filing portal.
(Link: Income Tax Clarification Dated 18/03/2026)
SC, Interconnect Service charges are not Royalty to Non-Resident Telecom Operators: Case of DCIT vs Orange, SC Judgement Dated 16th March 2026. The apex court upheld the HC judgment concerning the taxability of interconnect service charges. The High Court had held that payments made for interconnect services to non-resident telecom operators do not qualify as royalty.
HC, Inflated Stock Statement to bank justifies income addition as practice held Commercial Immorality: Case of Ajay Food Products vs ITO, HC J&K Judgement Dated 11th March 2026. HC dismissed the appeal challenging an addition made based on discrepancies between stock statements submitted to a bank and the stock recorded in the books of accounts. HC ruled that inflating stock figures submitted to banks for higher credit limits constitutes ‘commercial immorality’ and constitutes undisclosed income. It held that precise, certified, and declared stock figures in bank statements cannot be later dismissed as mere estimates.
HC, Bank Account seizure quashed as Director not liable for company’s Tax dues due to Separate PAN: Case of Nitin Tanwar vs ITO, HC Delhi Judgement Dated 10th March 2026. HC allowed the writ petition and quashed the seizure of a director’s personal bank account, which had been attached to recover tax dues of a company. The petitioner had argued that he was a separate assessee with an independent PAN and regularly filed returns, and therefore his personal account could not be used for recovery of the company’s liability.
B. GST
GSTN, Advisory regarding confirmation of ‘Tax Liability Breakup, As Applicable’ in GSTR-3B: The interest is payable under section 50, when tax liability of a previous tax period is discharged in a subsequent period. Accordingly, from the February 2026 tax period onwards, the GST portal auto-populates this liability breakup based on document dates reported in GSTR-1, GSTR-1A, or IFF where such supplies relate to earlier periods. Taxpayers are now required to mandatorily open this tab on the payment page and confirm the details by clicking “SAVE” (or edit, if necessary) before filing GSTR-3B.
(GSTN Advisory Dated 16/03/2026)
GSTAT Clarifies Mandatory Documents in appeals to avoid filing Defects: It mandates that Form APL-05 must include soft copies of key documents such as the Show Cause Notice (SCN), Order-in-Original (OIO), Order-in-Appeal (OIA), statement of facts, and grounds of appeal. Payment of pre-deposit and court fees is compulsory for taxpayers unless exempted by higher court orders. Appeals can also be filed with scanned certified copies of orders, provided their authenticity is verified by the scrutiny officer. Moreover, appellants must upload authorization documents or vakalatnama for representation.
(Link: GSTAT Instructions Dated 10/03/2026)
AAAR, Per-Piece Valuation prevails over Multi-Pack Packaging in determining GST Rate on Apparel: Case of Link Up Textiles Private Limited, AAAR Tamil Nadu Ruling Dated 9th March 2026. AAAR upheld the AAR decision that men’s pyjama sets, when packed as multi-packs but valued individually below the specified threshold, attract a 5% GST rate.
AAR, Exemption allowed on Waste Remediation Services due to Pure Service to Government Authority: Case of Gorantla Geosynthetics Ltd, AAR Tamil Nadu Ruling Dated 4th March 2026. AAR ruled that services for the ‘Remediation of Waste Dump Sites’ provided to a government authority (e.g., Goa Waste Management Corporation) qualify as exempt ‘pure services’ under serial number 3 of notification 12/2017.
AAR, E-Commerce Platform not GTA due to absence of Consignment Note: Case of AV Cargo Migrators LLP, AAR Tamil Nadu Ruling Dated 5th March 2026. The applicant operates an online platform connecting vehicle owners/drivers with customers. Since, they do not issue consignment notes or physically transport goods themselves, they do not qualify as a GTA.
AAR, ITC allowed on Employee Transport as Statutory Obligation overrides Blocked Credit Rule: Case of AGS Health Private Limited, AAR Tamil Nadu Ruling Dated 4th March 2026. AAR allowed Input Tax Credit (ITC) on the leasing, renting, or hiring of motor vehicles for transporting women employees, provided such transport is obligatory under the Tamil Nadu Shops and Establishments Act.
AAR, GST applies to Member Services as law deems Association and Members Separate Persons: Case of The Coimbatore Branch of Indian Medical Association, AAR Tamil Nadu Ruling Dated 3rd March 2026. AAR ruled that Coimbatore branch of the IMA is liable to treat member subscription fees and related services as a ‘business’ and ‘supply’ under CGST. Though the IMA’s primary goal is of providing exempt healthcare, these activities constitute taxable services, ruling against principle of mutuality.
AAR, GST Exemption allowed as Medicines to Inpatients treated as Composite Healthcare Supply: Case of Dr Kamakshi Memorial Hospital Private Limited, AAR Tamil Nadu Ruling Dated 9th February 2026. AAR ruled that supplying medicines and consumables along with providing health care services to in-patients would be treated as a composite supply, and the same is exempted from GST under entry number 74 of the notification 12/2017 dated 28th June 2017.
AAR, Export Value must include all Delivered Duty Paid (DDP) costs for IGST: Case of Rangasamy Saravankumar (Arjun Knit Wear), AAR Tamil Nadu Ruling Dated 6th February 2026. AAR clarified that GST valuation and customs valuation operate under different frameworks. While GST valuation is based on transaction value including all costs up to delivery, customs valuation is limited to the value at the time and place of export. AAR ruled that all costs incurred under DDP terms up to delivery are includible in the transaction value for IGST purposes.
AAR, Classification of Dual-Use Soap as Toilet Soap due to High TFM Content: Case of Tarwani Soap Industries, AAR Chhattisgarh Ruling Dated 12th January 2026. AAR ruled that ‘toilet soaps’ are those specifically intended for personal hygiene and skin care. The Authority noted that toilet soaps generally have a higher Total Fatty Matter (TFM) content and are formulated with milder ingredients suitable for the human body. The GST rate is 5%. In contrast, soaps used for washing clothes or general household cleaning (laundry soaps) often contain harsher builders and lower TFM. The GST rate is 18%.
AAR, Concessional 5% GST on bags applies if product is Biodegradable: Case of Pradeep Verma, AAR Rajasthan Ruling Dated 27th February 2026. AAR ruled that Bio-compostable carry bags made from certified polymer materials like PBAT (Polybutylene Adipate Terephthalate), starch blends, and PLA are classified under Chapter 39 (HSN 39232990). It ruled that these specific biodegradable bags attract a concessional GST rate of 5%.
AAR, Irrigation System Rubber Rings not automatically eligible for Lower GST: Case of Arti Pitaliya, AAR Rajasthan Ruling Dated 26th February 2026. AAR clarified that if the rubber rings made by the applicant are developed using hard rubber and are completely utilised for the purpose of irrigation, in that case it will be entry 195B of Schedule II of notification 01/2017, attracting GST at 5%, classified under HSN 8424. However, it will not attract concessional duty if it is either made of something other than hard rubber or used for general purposes.
SC Allows GSTAT tenure extension due to Functional Crisis Concerns: Case of Revenue Bar association vs Union of India, SC Judgement Dated 09th March 2026. The apex court allow the Government of India to proceed further, in view of the decision in principle having been taken to the extend the tenure of Chairpersons, Presiding Officers, Presidents, and Members of different tribunals till 8th September 2026 or until the maximum age prescribed under the Tribunal Reforms Act.
SC, Clerical mistakes in GST Returns not a valid reason to deny Export Refunds: Case of Union of India vs Ruhi Siraj Makda, SC Judgement Dated 13th March 2026. The apex court upheld HC ruling that IGST refunds for exports cannot be denied due to clerical errors (e.g., zero IGST entry in GSTR-1). The court clarified that clerical errors should not deny substantive rights, provided the exporter shows they have exported goods as a zero-rated supply.
HC, GST Registration refused in Rajasthan as company failed to file returns in Tamil Nadu: Case of Leighton India Contractors Pvt Ltd vs Union of India, HC Rajasthan Judgement Dated 5th March 2026. HC held that GST registration can be denied in one state if the company is in default of compliance (e.g., non-filing of returns) in another state. The provisions of the GST Act are both State-centric and Central-centric, and non-compliance makes a company a defaulter, denying it registration elsewhere.
C. Central Excise
SC, No Excise exemption allowed due to sale to Intermediary instead of Direct Export: Case of Natural Lights Private Limited vs Principal Commissioner, SC Judgement Dated 17th March 2026. The apex court upheld HC judgment, which denied excise duty exemption, for transaction involving multiple parties, where an export order was routed through different entities before reaching the appellant, which manufactured and supplied the goods to an intermediary company.
D. Custom Duty
Common Adjudicating Authority appointed for Quantum Knits Unit of KPR Sugar Mills: The notification appoints Additional or Joint Commissioners of Customs at the Custom House, Tuticorin, to exercise powers previously vested in different adjudicating authorities across Coimbatore, Tiruchirappalli, and Chennai jurisdictions. The cases relates to Quantum Knits Unit of KPR Sugar Mills, pertaining to various show cause notices issued between 2022 and 2025.
(Link: Customs Notification 29/2026 (NT) Dated 20/03/2026)
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. 21st March 2026. The tariff value for crude palm oil is set at USD 1112 per metric ton, while gold and silver have tariff values of USD 1481 per 10 grams and USD 2262 per kilogram, respectively. The tariff value for areca nuts is fixed at USD 7020 per metric ton.
(Link: Customs Notification 28/2026 (NT) Dated 20/03/2026)
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. 20th March 2026. The tariff value for crude palm oil is set at USD 1112 per metric ton, while gold and silver have tariff values of USD 1568 per 10 grams and USD 2820 per kilogram, respectively. The tariff value for areca nuts is fixed at USD 7020 per metric ton.
(Link: Customs Notification 27/2026 (NT) Dated 19/03/2026)
Revision of Jurisdiction of Visakhapatnam Customs Commissioner: The revised jurisdiction includes major trade gateways such as Visakhapatnam Port, Gangavaram Port, Visakhapatnam International Airport, and the Container Freight Station at Bayyavaram. It also extends to the Visakhapatnam Special Economic Zone and areas falling under the Greater Visakhapatnam Municipal Corporation in AP. It also covers Inland Container Depots, airports, Export Oriented Units, SEZs, and warehouses located in districts including Anakapalli, Alluri Sitharama Raju, Visakhapatnam, Vizianagaram, Parvathipuram Manyam, and Srikakulam. It further extends to the continental shelf and Exclusive Economic Zone of India adjoining Andhra Pradesh.
(Link: Customs Notification 26/2026 (NT) Dated 16/03/2026)
Procedure for Export Cargo returned due to Strait of Hormuz Closure: The Shipping lines must file Sea Arrival Manifests, containers must be verified and seals checked, and tampered containers require full examination. Customs authorities must verify and cancel Shipping Bills and Let Export Orders while ensuring reversal or recovery of export incentives. Back to Town (BTT) clearance may be allowed after verification. Temporary international trans-shipment of LCL cargo from notified ports and airports is permitted until 31 March 2026. For liquid or break-bulk cargo diverted to India, temporary unloading and bonded storage may be allowed under Customs supervision solely for re- export or onward trans-shipment.
(Link: Customs Circular 12/2026 Dated 17/03/2026)
Facilitation in import of pet dogs and pet cats along with stranded Indians in war hit Middle East countries: As a one-time measure, pet owners must declare that the pet has lived with them for at least one month and produce available vaccination records such as a pet passport, pet book, or vaccination certificate. Even if vaccinations are delayed or documentation is incomplete, clearance may still be granted after clinical examination and necessary rabies vaccination at the port of entry. Final clearance will be issued by Animal Quarantine and Certification Services (AQCS).
(Link: Customs Circular 11/2026 Dated 16/03/2026)
Duty drawback on the export of unlocked mobile handsets by Merchant Exporters: The Instruction relates to duty drawback on export of unlocked mobile handsets by merchant exporters, in light of judicial developments. CBIC directed all field formations to strictly comply with the court rulings. The courts have effectively settled the legal position by allowing duty drawback benefits on the export of unlocked mobile handsets.
(Link: Customs Instructions 02/2026 Dated 19/03/2026)
E. Directorate General of Foreign Trade (DGFT)
Support for Exporters in view of Geopolitical Disruptions in the Gulf and West Asia Maritime Corridor: The notification introduces a time-limited support scheme titled RELIEF (Resilience & Logistics Intervention for Export Facilitation) under the Export Promotion Mission. It comprises three components i.e. enhanced export credit risk coverage for existing ECGC insured exporters (up to 100% loss cover), incentivized ECGC insurance for new shipments (up to 95% loss cover), and reimbursement of up to 50% of additional freight and insurance costs for non-ECGC insured MSME exporters.
(Link: DGFT Notification 65/2026 Dated 19/03/2026)
Amendment in Import Policy condition in Chapter 95 of ITC: The notification delete Policy Condition No. 2 (iii) under Chapter 95 of ITC (HS), 2022, Schedule 1 (Import Policy), which covers toys, games and sports requisites. The restriction contained in this sub-condition will no longer apply to such imports.
(Link: DGFT Notification 64/2026 Dated 18/03/2026)
Restrictions on Import of certain Studded Silver Jewellery: The import policy for items classified under ITC Codes 71131144 and 71131145, covering silver jewellery studded with diamonds or other precious and semi-precious stones, has been changed from ‘Free’ to ‘Restricted’. Under the revised policy, imports will now require government authorization or licensing.
(Link: DGFT Notification 63/2026 Dated 16/03/2026)
Amendment in SION A-2005 norms for Phenoxyethanol Export and Import Inputs: The amendment revises the description of the export product from ‘Phenoxyethanol (Preservative Grade)’ to ‘Phenoxyethanol’ and updates the permissible quantity of Ethylene Oxide from 0.325 kg to 0.323 kg per kg of export product, while retaining the quantity of Phenol at 0.690 kg for each kg of export.
(Link: DGFT Public Notice 52/2026 Dated 20/03/2026)
Amendments to Interest Subvention for operational clarity and Compliance: The trade notice clarifies that export credit eligibility depends on prevailing RBI directions, and subvention is not available once a loan becomes an NPA. Exporters must ensure aggregate claims remain within Rs 50 lakh per IEC, supported by bank undertakings. Mandatory generation of a Unique Identification Number (UIN) before loan disbursal is required, with no portability between banks. Subvention applies from the date of disbursal, and only for the actual loan period. Banks must submit claims through an online portal with detailed borrower data.
(Link: DGFT Trade Notice 33/2026 Dated 20/03/2026)
F. Securities and Exchange Board of India (SEBI)
Amendments to Securities Contracts Regulation Rules: The notification revise Rule 19(2)(b) relating to minimum public shareholding requirements for companies seeking listing on recognized stock exchanges. It introduces a graded framework linking the minimum public offer to the company’s post-issue capital. Companies with post-issue capital up to Rs 1,600 crore must offer at least 25% of equity or convertible securities to the public. Large companies must progressively increase public shareholding to 25% within specified timelines ranging from three to ten years after listing.
(Link: SEBI Notification Dated 13/03/2026)
Amendments to SEBI Issue of Capital and Disclosure Requirements (ICDR) Regulations: The notification introduce mandatory submission and disclosure of a draft abridged prospectus alongside offer documents across multiple stages of public issues, enhancing transparency and accessibility for investors. Depositories are now required to mark securities as ‘non-transferable’ where lock-in cannot be created. It mandate inclusion of QR codes and links in advertisements and offer-related documents to provide seamless access to key documents such as the red herring prospectus, abridged prospectus, and price band advertisements.
(Link: SEBI Notification Dated 16/03/2026)
Master Circular for Mutual Funds: It consolidates previous guidelines, replacing the earlier Master Circular dated 27th June 2024. It ensures that all stakeholders including mutual funds, asset management companies, trustees, RTAs, and market intermediaries, have a single, comprehensive reference for regulatory requirements. The actions taken under rescinded circulars, including approvals, investigations, and proceedings, remain valid and are deemed to continue under the new framework.
(Link: SEBI Master Circular Dated 20/03/2026)
Relaxation in Reporting Norms for certain Stock Brokers: The brokers who are also banks or primary dealers are now required to report only those bank accounts that are used for stock broking operations, eliminating unnecessary reporting of unrelated accounts. The circular also removes the requirement of reporting demat accounts by brokers, while ensuring that depositories share such details directly with stock exchanges. Timelines for reporting opening and closure of bank accounts are prescribed.
(Link: SEBI Circular Dated 23/03/2026)
Review of Coverage of Core Settlement Guarantee Fund (SGF) for Commodity Derivatives Segment: Earlier norms required clearing corporations to calculate credit exposure based on the simultaneous default of at least two clearing members causing the highest exposure, along with 50% of exposure from the default of all clearing members. Under the revised rule, clearing corporations must now calculate credit exposure assuming the simultaneous default of at least three clearing members and their associates causing the highest credit exposure. Also, it has introduced a new provision allowing the regulator to grant exemptions or relaxations from SGF provisions, considering market conditions, adequacy of risk management frameworks, and investor protection objectives.
(Link: SEBI Circular Dated 16/03/2026)
SEBI Board approves multiple regulatory changes to ease compliance & Improve Market Operations: The main decisions include allowing Alternative Investment Funds (AIFs) to retain liquidation proceeds under specified conditions and introducing ‘inoperative fund’ status with reduced compliance requirements. Foreign Portfolio Investors (FPIs) will be permitted net settlement of funds in cash market transactions to reduce costs. The minimum investment threshold in Social Impact Funds has been reduced from Rs 2 lakh to Rs 1,000 to boost retail participation. Reforms for InvITs and REITs provide flexibility in investments, borrowings, and asset management. Amendments to the ‘fit and proper person’ criteria relax automatic disqualifications while maintaining regulatory safeguards.
(Link: SEBI Press Release Dated 23/03/2026)
Consultation Paper on Modified Norms for Nomination in Demat and Mutual Fund Accounts: SEBI proposes to remove the provision allowing nominees to operate accounts during investor incapacitation and instead relying on the existing Power of Attorney mechanism. To simplify nomination, only the nominee’s name and relationship with the investor would be mandatory, while other details such as address, contact information, personal identifiers, and percentage share would be optional. The nomination would become the default option while opening accounts, with investors required to explicitly opt out through a consent declaration. The maximum number of nominees would be reduced from 10 to 4 to avoid operational strain and align with banking norms.
(Link: SEBI Consultation Paper Dated 17/03/2026)
SC, Diversion of funds for other than stated purposes is fraud which cannot be cured by Shareholder Ratification: Case of SEBI vs Terrascope Ventures, SC Judgement Dated 17th March 2026. The apex court held that diversion of funds raised through preferential allotment for purposes other than those stated in offer document/ prospectus/ notice establishes as fraud and same cannot be cured by consequent shareholder ratification.
G. Ministry of Corporate Affairs (MCA)
No Notification/ Circular during the week.
H. Insolvency and Bankruptcy Board of India (IBBI)
No Notification/ Circular during the week.
I. Reserve Bank of India (RBI)
FEMA Adjudication Limits revised to expand Jurisdiction of Enforcement Officers: The notification amended the adjudication framework under the Foreign Exchange Management Act (FEMA) governing jurisdiction of Enforcement Directorate (ED) officers. Previously, Additional Directors handled cases between Rs 5 crore and Rs 10 crore, while Joint Directors handled cases between Rs 2 crore and Rs 5 crore. The revised notification expands the scope by prescribing that both categories will now handle cases involving amounts exceeding Rs 2 crore but not exceeding Rs 10 crore.
(Link: Min Fin FEMA Notification Dated 18/03/2026)
Amendments to RBI FEMA Export and Import of Currency Regulations: Passengers bringing foreign exchange into the country, are required to declare foreign exchange in a Currency Declaration Form (CDF), when the aggregate value exceeds USD 10,000 or when foreign currency notes alone exceed USD 5,000 or its equivalent. The form must be presented to authorised banks or money changers when converting foreign currency into Indian rupees or reconverting rupees into foreign currency. Visitors who do not fully utilise the declared foreign exchange are required to retain the form and present it to customs authorities upon departure to take the unspent balance out of India.
(Link: RBI FEMA Notification Dated 23/02/2026)
Currency Chest operations on 31st March 2026: The RBI has directed that all banks holding Currency Chests (CCs) to keep them operational on 31st March 2026, despite the day being a public holiday. It intends to ensures smooth processing and settlement of government related transactions before the close of the financial year.
(Link: RBI Circular 250/2026 Dated 16/03/2026)
Amendments to RBI Rural Cooperative Banks Financial Statements: Presentation and Disclosures Directions: Under the revised provision, banks must disclose in their annual reports whether the deposit insurance premium payable to DICGC was paid within the prescribed timelines. If there are any delays or arrears in payment, such non-compliance must also be clearly disclosed.
(Link: RBI Circular 249/2026 Dated 16/03/2026)
Amendments to RBI Urban Cooperative Banks Financial Statements: Presentation and Disclosures Directions: Under the revised provision, banks must disclose in their annual reports whether the deposit insurance premium payable to DICGC was paid within the prescribed timelines. If there are any delays or arrears in payment, such non-compliance must also be clearly disclosed.
(Link: RBI Circular 248/2026 Dated 16/03/2026)
Amendments to RBI Regional Rural Banks Financial Statements: Presentation and Disclosures Directions: Under the revised provision, banks must disclose in their annual reports whether the deposit insurance premium payable to DICGC was paid within the prescribed timelines. If there are any delays or arrears in payment, such non-compliance must also be clearly disclosed.
(Link: RBI Circular 247/2026 Dated 16/03/2026)
Amendments to RBI Local Area Banks Financial Statements: Presentation and Disclosures Directions: Under the revised provision, banks must disclose in their annual reports whether the deposit insurance premium payable to DICGC was paid within the prescribed timelines. If there are any delays or arrears in payment, such non-compliance must also be clearly disclosed.
(Link: RBI Circular 246/2026 Dated 16/03/2026)
Amendments to RBI Payments Banks Financial Statements: Presentation and Disclosures Directions: Under the revised provision, banks must disclose in their annual reports whether the deposit insurance premium payable to DICGC was paid within the prescribed timelines. If there are any delays or arrears in payment, such non-compliance must also be clearly disclosed.
(Link: RBI Circular 245/2026 Dated 16/03/2026)
Amendments to RBI Small Finance Banks Financial Statements: Presentation and Disclosures Directions: Under the revised provision, banks must disclose in their annual reports whether the deposit insurance premium payable to DICGC was paid within the prescribed timelines. If there are any delays or arrears in payment, such non-compliance must also be clearly disclosed.
(Link: RBI Circular 244/2026 Dated 16/03/2026)
Amendments to RBI Commercial Banks Financial Statements: Presentation and Disclosures Directions: Under the revised provision, banks must disclose in their annual reports whether the deposit insurance premium payable to DICGC was paid within the prescribed timelines. If there are any delays or arrears in payment, such non-compliance must also be clearly disclosed.
(Link: RBI Circular 243/2026 Dated 16/03/2026)
J. Miscellaneous
Revision in FDI Rules for countries sharing Land Border with India: The Press Note No. 2 (2026 Series) revises Para 3.1.1 of the Consolidated FDI Policy. Under the revised policy, entities or citizens from countries sharing land borders with India can invest in India only through the Government approval route. It clarifies the meaning of “beneficial owner” by aligning it with definitions under the Prevention of Money Laundering Act and related rules. It specifies that ownership or control exceeding prescribed thresholds or enabling effective control would trigger these restrictions. The investments involving indirect ownership from such countries that do not require prior approval must comply with prescribed reporting requirements.
(Link: DPIIT Press Note 2/2006 Dated 15/03/2026)
SC, Privy purses and other privileges to erstwhile Princely States ruler does not have Legally Enforceable Right: Case of Mizo Chief Council Mizoram vs Union of India, SC Judgement Dated 13th March 2026. The apex court held that the privy purses and other privileges granted to the erstwhile rulers of the Princely States were the direct outcome of political and contractual arrangements. Such political arrangements cannot be claimed as a matter of a legally enforceable right. Thus, acquisition of land of chieftains without compensation is not violative of fundamental rights.
SC, Income of parent cannot be sole factor for determining status of OBCs Creamy Layer of Candidate: Case of Union of India vs Rohith Nathan, SC Judgement Dated 11th March 2026. The apex court held that mere determination of the status of a candidate as to whether he/she falls within the creamy layer or the non-creamy layer of the OBCs cannot be decided solely on the basis of the income of their parents. The authorities must also look at the parents’ job and social position. The court also said that similar people should not be treated differently.
HC, Coconut Held is Fruit Under EPF Act Due to Beneficial Interpretation of Welfare Law: Case of Union of India vs Shriram Coconut Products (P) Limited, HC Delhi Judgement Dated 12th March 2026. HC held that desiccation of coconut constitutes ‘preservation’ and that coconut is considered a ‘fruit’ under the Employees’ Provident Funds and Miscellaneous Provisions Act (EPF Act). It thus ruled that the business of processing coconut (desiccation) falls under the purview of EPF Act.
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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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