NEW DELHI DECLARATION
CBDT receives around 1,100 applications under foreign assets disclosure scheme
Since the launch of the Foreign Assets of Small Taxpayers Disclosure Scheme, approximately 1,100 taxpayers have submitted applications. The scheme provides an opportunity to disclose unreported foreign assets and income at a 60 percent tax rate. Taxpayers can access information about their assets reported by foreign jurisdictions through the e-filing portal. Outreach programs have been initiated to raise awareness among various groups regarding this scheme.
Income Tax Department nudges taxpayers holding undisclosed foreign properties
The Income Tax Department is encouraging taxpayers to declare undisclosed foreign assets through the FAST-DS initiative. A new e-filing portal feature allows taxpayers to view reported asset information from foreign jurisdictions. The Department plans outreach programs to assist corporate employers, educational institutions, and professional organizations. Eligible disclosures under the scheme require a fixed tax and penalty payment for regularization.
Supreme Court allows SCBA meeting on election reforms
The Supreme Court has approved the Supreme Court Bar Association's meeting scheduled for November 2 on election reforms. Concerns were raised regarding the meeting's organization and process, prompting discussions in the courtroom. Senior advocate Jaideep Gupta expressed his doubts about the meeting while SCBA president Pradeep Rai defended its necessity. The court emphasized that the voting should be conducted by secret ballot and results remain undisclosed initially.
Jamia Milia Islamia students refuse to end protest despite poll order, scuffles break out with security personnel
Protests continue at Jamia Millia Islamia as students demand the restoration of union elections since 2006. The university announced elections would occur within 15 days after the union's constitution is approved. Students have raised concerns over the absence of a definitive timeline for these elections, leading to tensions with the administration. Classes have been shifted online due to the protests, and security has been increased on campus.
Congress seeks impartial probe into voter lists after errors appear in UP MLC polls; halt to SIR
Congress has raised concerns over discrepancies in the Uttar Pradesh voter list and demanded an impartial investigation. The party is calling for the resignation of Chief Election Commissioner Gyanesh Kumar due to alleged collusion with the BJP. Congress leaders have noted previous instances of vote record manipulations involving thousands of voters, particularly from specific communities.
India's Scotch probe of Diageo, Pernod undermining India-UK pact benefits, trade group says
The British government said "iconic UK products" like whiskies would benefit from the pact. Indian investigators, however, have privately told companies the reduced rate does not apply to bulk Scotch concentrates, creating the first significant dispute over the free trade agreement since it took effect.
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HPCL refinances Rs 50,000 crore Rajasthan refinery debt, eyes Rs 1,000 crore annual interest savings
HPCL has refinanced about Rs 50,000 crore of debt at its Rajasthan refinery, cutting borrowing costs by 105 basis points and targeting annual interest savings of Rs 1,000 crore through broader financial restructuring. The company expects the 9-million-tonne facility to approach full capacity by December, with higher refining margins improving profitability.
'Trade becoming means of weaponisation, sea routes epicenter of geopolitical tension': PM Modi highlights India's role in changing world order
Prime Minister Narendra Modi underscored the evolving nature of international relations. He explained how trade is increasingly being used as a weapon among nations. Modi highlighted that technology has emerged as a new battleground for competition and conflict. Additionally, he pointed out the rising geopolitical tensions affecting global sea routes. These remarks reflect India's acknowledgment of current shifts in the global order.
GST reforms from November 1 to simplify e-commerce seller registration, fast-track refunds
Starting November 1, the government plans to simplify GST registration for small e-commerce sellers. These reforms intend to reduce compliance burdens and facilitate faster refund processes. New measures will streamline registration by allowing sellers to declare e-commerce warehouses as their Principal Place of Business. Automated systems will issue refunds without officer intervention to improve operational efficiency. A minimum threshold for issuing show-cause notices will also be introduced to lower litigation.
US sanctions have India cornered. BRICS charts an escape route
US sanctions have significant implications on international trade, especially concerning countries like India. As BRICS countries explore alternative payment systems, the renminbi could become an attractive option. This change might reduce reliance on the US dollar and offer nations more strategic autonomy. The recent discussions emphasize the importance of cross-border interoperability and local-currency settlements among BRICS members. These developments highlight a potential shift in global economic power dynamics.
'₹2.5 lakh shoes, suits worth lakhs': BJP slams Punjab CM Bhagwant Mann
BJP spokesman Pradeep Bhandari said, "Bhagwant Mann had gone to Paris for a vacation. He brought with him shoes worth ₹2.5 lakh, suits worth lakhs of rupees for his wife and expensive perfumes without declaring them to Customs."
Current El Nino stage could be unprecedented in strength: World Meteorological Organization
The World Meteorological Organization reported that El Nino conditions may be unprecedentedly strong. Sea surface temperatures in the tropical Pacific could rise significantly above average during a specified future period. El Nino impacts include severe drought, heavy rainfall, and increased global temperatures. The phenomenon will peak towards late 2026, with effects persisting thereafter. This climate event is part of the El Nino Southern Oscillation cycle, which includes other phases.
CBDT mandates new disclosures for tax-free gains on govt securities
The Central Board of Direct Taxes has introduced new disclosure requirements for taxpayers claiming exemptions. Taxpayers will need to provide detailed information on government securities to qualify for these exemptions. Newly inserted Form 173A will require specific data, including securities value and interest earned. Taxpayers are asked to confirm the accuracy of the information they submit. This change aims to enhance transparency and compliance under the Income-Tax Act.
Delhi court declares Siddharth Khera absconder in Rs 400-crore Seagull Maritime case
A Delhi court has declared Siddharth Khera an absconder in a fraud case involving Seagull Maritime Agencies. Judicial Magistrate Deepakshi Rana ordered police to register an FIR after Khera failed to appear in court. The Supreme Court had previously allowed the investigation agency to explore diplomatic channels for his deportation. The allegations include diverting business payments to related firms alongside his father, Ajay Khera.
'Universal, non-discriminatory and verifiable': India calls for legally binding framework for nuclear disarmament at UN
India called for a universal and verifiable framework for nuclear disarmament at the UN General Assembly. The country emphasized that nuclear weapon decisions should remain under human control amid AI advancements. India reiterated its commitment to a no first use policy and a voluntary moratorium on nuclear testing. Legal assurances against nuclear attacks for non-nuclear states were also advocated by India's representatives.
China curbs spur push for local manufacturing
India's government will consult stakeholders on measures to mitigate the impact of Chinese export constraints. China recently imposed new restrictions on heavy machinery, such as tunnel boring machines, set to take effect soon. Indian officials assert that there should be no significant slowdown in highway development despite these curbs. The domestic construction industry is becoming increasingly self-sufficient regarding general equipment needs.
Modi likely to visit Russia in 2027 for annual summit: Kremlin
Prime Minister Narendra Modi is expected to visit Russia next year for an annual summit. Originally, the visit was scheduled for December, but other meetings complicated the timeline. Dmitry Peskov confirmed that the visit is more likely to occur next year. The leaders of India and Russia meet annually following a strategic partnership declaration. Modi's future visit will mark nearly 80 years of diplomatic relations between the two nations.
India probing Pernod, Diageo Scotch imports under India-UK trade pact, sources say
Indian tax officials are investigating Pernod Ricard and Diageo for how they classified bulk Scotch imports. These companies may have improperly benefitted from reduced tariffs under a recent trade agreement. Tax inspectors made surprising visits to both companies' offices to gather information about their practices. The investigations are part of a broader scrutiny faced by foreign investors in India.
Bank holiday for Mahanavmi: Are banks open or closed in your state today? Check state-wise RBI holiday list
Bank holiday today: Several Indian states observe a bank holiday in celebration of various festivals, including Mahanavami. Nevertheless, banks may remain open in some regions, so it's prudent to verify local operations. Customers can still access digital banking for transaction needs, ensuring convenience despite the holiday closures.
Exporters may be asked to monitor supply chains' indirect emissions
The Indian government is engaging in discussions about measuring Scope 3 emissions for exporters. This consideration arises as trade partners impose tighter green requirements globally. Current frameworks focus on direct emissions and exclude indirect ones, making compliance more complex. As a result, industries, especially MSMEs, may face compliance burdens if new requirements are implemented. Ultimately, the aim is to ensure that Indian exporters remain competitive in international markets.
Voters can fill Form 6 to get names re-included in electoral rolls: EC to Delhi HC
The Election Commission of India informed the Delhi High Court about two voters whose names were removed from electoral rolls. These voters could not complete the enumeration process for Special Intensive Revision due to a change of address. They sought to restore their names without using Form 6, but the court clarified their options. The court dismissed their plea and stated their concerns about false declarations were misplaced.
Uttar Pradesh, Kerala bank holiday for Mahanavami on October 19, 2026: Banks in UP to remain closed for 3 days; in Kerala, for 4 days
Uttar Pradesh and Kerala will observe public holidays on October 19 and 20, 2026, for Mahanavami and Vijaya Dashmi. Banks will remain closed for three days in Uttar Pradesh and four days in Kerala. Customers should complete any important banking tasks before the holidays begin on October 18. Digital banking services will still be available during these holidays for customer convenience.
Menstrual hygiene a fundamental right: Supreme Court warns states of contempt
The Supreme Court has mandated the central government to provide details on the implementation of menstrual hygiene rights. This ruling emphasises that menstrual hygiene is crucial for Article 21 of the Constitution. The court is apprehensive about the effective execution of this directive in remote areas. Chief secretaries from non-complying states may face contempt proceedings for failing to respond.
Putting plurilaterals to good use: India signals change in WTO stance by engaging in plurilateral agreement discussions after BRICS declaration
India has recently indicated its readiness to engage in discussions on plurilateral agreements within the WTO framework. This shift follows India's previous firm stance against such negotiations due to a lack of explicit mandate. While some international partners view this as a promising development, others remain skeptical about India's intentions. It faces increasing pressure from various nations to drop its obstructionist position towards existing agreements.
SC advances Delhi SIR hearing after plea flags deleted voters being asked to fill Form 6
The Supreme Court has agreed to advance the hearing on challenges related to Delhi's electoral rolls. This decision follows concerns about voters being required to fill Form 6 for re-inclusion. Petitioners argue that this requirement misrepresents their voting status and could lead to legal consequences. The bench is considering issuing an order to rectify these issues before the October 30 deadline.
DGFT speeds up silver imports through IIBX, other nominated agencies
The government has simplified the procedure for obtaining import authorisations for specific silver items. This change should help genuine applicants receive approvals more quickly and efficiently. Import authorisations will only be available for purchases made through the India International Bullion Exchange or specified banks. Existing applicants will have the chance to revise pending applications using this new process.
SC advances hearing on plea concerning SIR in Delhi to October 28
The Supreme Court will hear a plea on October 28 regarding the electoral roll discrepancies in Delhi. Petitioners are asking for the Election Commission to disclose reasons for notices issued during the Special Intensive Revision. The timeline for filing claims and objections under the Special Intensive Revision has been extended until October 30.
Amit Shah meets Nepal Home Minister Sudhan Gurung, discusses border security, crime
Amit Shah and Nepal's Home Minister Sudhan Gurung met to discuss enhancing bilateral cooperation. The meeting focused on issues such as border management, security cooperation, and disaster preparedness. Both leaders emphasized the importance of mutual respect and cooperation for regional peace. They reaffirmed commitments made during the First BIMSTEC Home Ministers' Meeting which stressed combating regional security threats.
BIMSTEC approves Delhi Declaration with focus on combating cross-border terror, other issues
The declaration, approved during the first meeting of BIMSTEC home ministers here, outlines principles guiding security cooperation and prioritises information sharing, mutual legal assistance, extradition, capacity building, and the effective implementation of existing agreements and plans of action, a government statement said.
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