Search: SION
60stories
August 2026
-
Company LawCCI penalises Agro Input Dealers Association and Agro Input Welfare Association for cartelisation; orders competition compliance training
CCI penalty on agro input bodiesBy an order dated 21 August 2026 under section 27 of the Competition Act, 2002 (Case No. 06 of 2023), CCI has imposed monetary penalties on Agro Input Dealers Association (AIDA), Agro Input Welfare Association (AIWA) and four individuals, directed them to cease and desist, and ordered a competition compliance training programme.
-
Foreign TradeExport Obligation extension approved by PRC or EPCG Committee will now be issued by the system — no second application to the RA
No second applicationNew facilityTrade Notice 21/2026-27 introduces an automated facility for Advance Authorisation and EPCG cases: once the Committee approves, the exporter pays the fee on the DGFT portal and the extension letter is generated automatically.
-
GSTDGGI finds 27 undeclared pouch-packing machines in UP pan masala unit; evasion of about ₹185 crore
₹185 croreSearches at six premises in Chitrakoot and Banda led to seizure of 15.5 lakh pouches. Since the capacity-based levy began on 1 February 2026, DGGI has booked 27 cases with evasion of ₹668 crore.
-
CustomsStrait of Hormuz closure: bulk cargo bound for foreign ports may be stored and transhipped at Indian ports till 31 October 2026
Till 31 October 2026ReliefCircular 36/2026-Customs continues the facilitation for international transhipment through Indian ports and lets Commissioners permit, case by case, temporary unloading and storage of liquid, break and dry bulk cargo diverted to India.
-
Trademark & IPPatent Office puts out draft Manual of Patent Office Practice and Procedure, version 4.0: a 22-chapter guide that is not law
Draft Patent Manual v4.0Comments invitedThe Office of the CGPDTM has published a Draft Manual of Patent Office Practice and Procedure, version 4.0, 2026. It codifies procedure from filing to grant, opposition, renewal and compulsory licensing. The preface says it does not constitute rule making and does not have the force of law. It is a draft, not a final manual.
-
Income TaxIncome Tax Department verifies suspicious foreign remittances; 36 professionals who issued Form 15CB covered
394 entitiesAction neededA nationwide verification launched on 18 August 2026 covers about 394 entities and 36 professionals. CBDT has asked Accountants to exercise due care before certifying remittances in Form 15CB / Form 146.
-
Company LawCCI raises the time to offer commitments from 45 to 60 and the overall limit from 130 to 180: Commitment Amendment Regulations, 2026
45 days → 60 daysRule changeThe Competition Commission of India has amended its Commitment Regulations, 2024. The figure in regulation 3(3) for filing a commitment application goes from 45 to 60, the Commission’s first look from 7 to 15, and the overall limit from 130 to 180. A defective application is now returned and may be refiled within 10 working days, with the fee adjusted.
-
SEBISEBI cautions investors against “live trading strategies” on social media; live market data cannot be shared, educators must use prices with a 30-day lag
Live trading tips: SEBI cautionSEBI has cautioned investors about persons offering “live trading strategies / real-time strategies” on social media platforms. It has advised investors not to trust such claims, not to base investment decisions on live trading sessions and to deal only with SEBI registered intermediaries. Live market data may not be shared except for orderly market functioning or regulatory requirements.
-
InsolvencyIBBI discussion paper of 14 August 2026 proposed guidance for insolvency professionals on fraudulent or malicious initiation of CIRP under section 65; comments closed 24 August
Draft — comments closed 24 AugComments invitedIBBI’s discussion paper dated 14 August 2026 placed a draft circular for comments: nine illustrative indicators that should alert an insolvency professional to fraudulent or malicious initiation of CIRP, and an application to the Adjudicating Authority under section 60(5) read with section 65 where the professional forms that opinion. It was a proposal; the comment period ended on 24 August 2026.
-
Startup & MSMEMSMED (Amendment) Act, 2026: 90-day mediation and award timelines, 75% pre-deposit to challenge awards, CPSEs to settle MSME invoices on TReDS — commencement yet to be notified
MSMED Act amended: No. 16 of 2026Action neededThe Micro, Small and Medium Enterprises Development (Amendment) Act, 2026 (No. 16 of 2026) received the President’s assent on 13 August 2026. It sets time limits for delayed-payment disputes, lets awards be recovered as arrears of land revenue, requires Central PSEs to settle MSME invoices through TReDS and replaces penal provisions with graded penalties. It comes into force on dates the Central Government notifies.
-
Company LawNCLT sets a uniform order for cause lists: IBC admissions and resolution plans first, no “revised” lists after publication
Listed in 3 working daysRule changeAdministrative instructions issued for all Benches prescribe the sequence in which matters are listed, carry forward unheard supplementary matters to the next working day, and require a registered matter to be listed ordinarily within three working days.
-
FEMA & RBIIFSCA to all regulated entities: hold a valid SEZ Letter of Approval and IFSCA registration at all times, or face penalty, suspension or cancellation
LoA renewal: 2 months beforeAction neededIFSCA has directed every regulated entity in the IFSC to hold a valid and subsisting Letter of Approval under the SEZ Act, 2005 and the applicable IFSCA registration, licence or authorisation at all times, and not to do business without them. It notes that some entities are operating without these. The circular supersedes the direction of 3 April 2025.
-
FEMA & RBIRBI draft CVA framework: banks to compute Credit Valuation Adjustment capital charge under Basel III basic approach from 1 April 2027, with a simpler option for smaller derivative books
CVA capital charge: draftComments invitedRBI released draft Directions on 7 August 2026 to replace its 2011 Credit Valuation Adjustment (CVA) framework with the basic approach (BA-CVA) of the final Basel III framework. Banks could choose the full or reduced version; a bank with non-centrally cleared derivatives of up to ₹10 lakh crore notional could instead set its CVA charge at 100% of its counterparty credit risk charge. Proposed date of effect is 1 April 2027; comments closed on 28 August 2026.
-
CustomsTelevision sets: compliance with IS 18112:2022 under the Compulsory Registration Order deferred to 26 January 2027 — CBIC Instruction 14/2026-Customs
Now 26 January 2027ExtendedCBIC has told Customs officers that MeitY, by Notification S.O. 4182(E), has extended the date for compliance with IS 18112:2022 for television sets under the Electronics and Information Technology Goods (Requirements for Compulsory Registration) Order, 2021. The requirement, due from 26 July 2026, now applies from 26 January 2027.
-
Foreign TradeInterest subvention on export credit: EXIM Bank replaces RBI as implementing agency from 1 April 2026
RBI → EXIM BankRule changeTrade Notice 17/2026-27 records the transition under the Export Promotion Mission – Niryat Protsahan. Banks will now claim reimbursement from EXIM Bank; the benefit still reaches the MSME exporter upfront.
-
FEMA & RBIRBI draft proposes NBFCs offer only term loans, no revolving credit — credit-card NBFCs excepted; comment window closed on 28 August 2026
Draft: no revolving creditComments invitedRBI released draft amendment directions on 6 August 2026 proposing that an NBFC offer only credit products in the nature of term loans and no revolving credit products, except an NBFC authorised by RBI to issue credit cards. The draft defines “term loan” and “revolving credit” and proposes to delete the demand/call loan provisions. Comments were invited by 28 August 2026; that window has closed.
-
Income TaxCBDT FAQs on the Taxation and Other Laws (Amendment) Bill, 2026: electronics contract-manufacturing exemption to 2040-41, data centre conditions eased, new exemptions for rough diamonds
Six changes to the IT Act, 2025ClarifiedCBDT’s FAQs explain six proposals of the Taxation and Other Laws (Amendment) Bill, 2026 on the Income-tax Act, 2025: a ten-year extension of the exemption for foreign companies supplying capital goods to electronics contract manufacturers, easier data centre conditions, two new exemptions, dividend relief for unit holders of business trusts and five conditions instead of thirteen for offshore funds.
-
Foreign TradeSeven new SIONs A-3708 to A-3714 notified for pharma products including Meropenem and Liraglutide: DGFT Public Notice No. 23/2026-27
SION A-3708 to A-3714New facilityDGFT has notified seven new Standard Input Output Norms, A-3708 to A-3714, under “Chemical and Allied Product” (Product Code ‘A’). They cover Theophylline, a Liraglutide pen injection, Lumefantrine, three strengths of Meropenem injection and ophthalmic solutions. Regional Authorities can now grant Advance Authorisations for these directly.
-
GSTCBIC asks CGST zones to take illegal-mining data from State Mining Departments and examine it for GST evasion
Nodal Officer in each zoneRule changeInstruction 01/2026-GST follows a draft C&AG performance audit on GST on minerals, which found no structured mechanism for State Mining Authorities to share cases of illegal mining and transport with the GST formations.
April 2026
-
LabourMaharashtra profession tax: March and annual returns now due on 15 March; late fee waived for March 2026 returns filed by 30 April
Due date: 15 MarchRule changeMaharashtra amended rule 11 of its Profession Tax Rules on 28 February 2026, bringing the due date for the March return and for annual returns forward to 15 March. After portal problems, Trade Circular 2T of 2026 waived the whole late fee for March 2026 and FY 2025-26 PTRC returns filed by 30 April 2026 where the tax was paid by 15 March.
The morning brief
One email each working morning with the day’s tax, GST and company-law news. It is starting soon; leave your address and it comes to you from day one.