The RBI has issued comprehensive guidelines combining incentives and penalties for banks in currency management. The move aims to improve customer service, reporting accuracy, and efficiency in currency distribution.
The government has reduced AIDC on ammonium nitrate to nil. The move lowers import costs and ensures supply for key sectors.
Finance Ministry exempts basic customs duty on specified chemicals and polymers till June 30, 2026 under Notification 12/2026-Customs.
IBBI introduces IVS as the mandatory framework for all valuations under the Insolvency and Bankruptcy Code. The key takeaway is improved transparency and consistency in asset valuation across insolvency proceedings.
DGFT shifts multiple jewellery categories from Free to “Restricted” import status under CTH 7113. The key takeaway is that importers must now obtain licenses, with no relief for prior contracts or shipments.
RBI directs banks and financial institutions to act on a newly added UNSC sanctions entry under UAPA provisions. The circular emphasizes freezing accounts and ensuring no financial access to listed individuals linked to terrorism.
The amendment clarifies that income from investments made before 1 April 2017 is excluded from Chapter XI provisions. It ensures that legacy investments are protected from retrospective tax implications while applying anti-abuse rules prospectively.
NFRA has released detailed guidance focusing on auditing provisions and contingent liabilities under Ind AS 37. It emphasizes improved auditor–audit committee communication and stronger evaluation of management estimates. The key takeaway is enhanced audit quality and transparency in financial reporting.
The CBDT has introduced new forms for PAN correction to ensure a uniform process. Taxpayers must now use designated forms for accurate and streamlined updates.
The reform removes value restrictions on courier exports, enabling higher-value shipments. It aims to boost e-commerce exports and ease compliance for businesses.
