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October 2026
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LabourESIC revises constitution and functioning of Medical Boards under section 37 of the Code on Social Security, 2020: Fixed Medical Board to meet at least once a month
Board at least once every monthRule changeESIC has issued revised arrangements, with immediate effect, for the Medical Boards that examine and assess Insured Persons under section 37 of the Code on Social Security, 2020. A Fixed Medical Board is ordinarily to meet at least once every month, a Rotational Peripatetic Medical Board will sit at different ESIC/ESIS Hospitals as required, and the Special Medical Board for occupational disease cases continues at designated centres.
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FEMA & RBIRBI issues Master Circular on credit facilities to Scheduled Castes and Scheduled Tribes: what banks must do
Master Circular, 1 Oct 2026RBI has issued its Master Circular consolidating instructions to banks on credit facilities to Scheduled Castes and Scheduled Tribes. It covers credit planning, help with applications, no insistence on deposits, rejection of loan applications only at the next higher level, the 40 per cent share under the DRI scheme, the credit guarantee scheme for SC entrepreneurs, and monitoring through a special cell at Head Office.
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FEMA & RBIRBI withdraws 268 currency-management circulars issued between 1976 and 2025 after consolidating them into Master Directions
268 circulars withdrawnRule changeRBI has withdrawn 268 circulars and guidelines on currency management, dated from 9 August 1976 to 24 April 2025. Some have been consolidated into function-wise Master Directions and subject-specific instructions; others have become obsolete or redundant. A separate circular of the same day lets a bank’s Board delegate monitoring of ATM cassette swaps to a Committee of Executives.
September 2026
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Income TaxAudit-case ITR for AY 2026-27 can now be filed till 21 November 2026; audit report date moves to 21 October
21 November 2026ExtendedCBDT has extended the return due date for persons subject to audit from 31 October 2026 to 21 November 2026. The specified date for the audit report moves from 30 September to 21 October 2026.
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Income TaxTDS on property bought from a non-resident: Forms 132 and 141 amended from 1 October 2026
Form 141, Schedule ERule changeThe Income-tax (Fifth Amendment) Rules, 2026 bring the case where a resident individual or HUF deducts tax on buying immovable property from a non-resident into rules 215, 218 and 219, and add a new Schedule E to Form No. 141.
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CustomsScrip fraud cases under section 28AAA: Customs must first adjudicate the misdeclaration, then ask DGFT to cancel
Section 28AAAClarifiedInstruction 17/2026-Customs tells field formations how to decide show cause notices that were held up because DGFT had not cancelled the instrument — in three situations the wait is no longer the rule.
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InsolvencyIBBI lists six red flags of IBC misuse; insolvency professionals must apply to the Adjudicating Authority where the process serves a fraudulent purpose — Circular 105
Six red flags for IPsClarifiedIBBI says it has information from law enforcement and regulatory agencies that the IBC framework is, in certain cases, being misused for purposes other than insolvency resolution or liquidation. Circular No. IBBI/CIRP/105/2026 dated 9 September 2026 gives insolvency professionals six illustrative indicators to watch for and requires an application to the Adjudicating Authority where, on reasonable grounds, the process appears to serve a fraudulent or malicious purpose.
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SEBISEBI proposes net settlement of funds for outright cash-market trades of mutual fund schemes; securities to stay gross. Comment window closed on 24 September 2026
MF net fund settlement: draftComments invitedA SEBI consultation paper issued on 3 September 2026 proposes to let a mutual fund scheme net its fund obligations for outright buy and sell transactions in the cash market, as already permitted for FPIs. Netting would be only at scheme level, securities would continue to settle gross, and STT and stamp duty would stay on delivery basis. Comments were due by 24 September 2026; the window has closed.
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Foreign TradeDGFT starts automatic issue of Free Sale and Commerce Certificates for eligible applications
Auto-issuedReliefEligible applications on the DGFT portal will be issued without manual scrutiny by the Regional Authority. Others continue on the manual route, and auto-approved cases can be flagged for review.
August 2026
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Foreign TradeBank Guarantee Repository on DGFT portal gets expiry alerts, status tracking and digitally signed notices: Trade Notice No. 23/2026-27
BG expiry alerts: 60 and 45 daysNew facilityDGFT has deployed new features in the Bank Guarantee Repository Module on its portal. Exporters must now indicate whether a BG is a fresh submission or a replacement, and will get system emails 60 days and 45 days before a BG expires. Regional Authorities can issue digitally signed renewal, encashment and return communications through the portal.
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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.
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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.
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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.
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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.
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SEBIInvITs: SEBI allows add-back of debt-funded major maintenance expense of road projects in Net Distributable Cash Flows, with unitholder approval
Major maintenance add-backRule changeSEBI has changed the framework for computing Net Distributable Cash Flows of InvITs. Payments towards major maintenance expense of road projects, to the extent funded by external borrowing, can be added back at the HoldCo/SPV level and at the Trust level. The add-back needs unitholder approval with at least 60% of votes cast, a statutory auditor’s certificate and specified disclosures.
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Foreign TradeHalal certification under i-CAS for meat exports to Egypt: transition period extended from six to nine months — DGFT Notification 28/2026-27
6 months → 9 monthsExtendedDGFT has amended Notification No. 59/2025-26 dated 9 February 2026 for exports of specified meat and meat products to Egypt. The mandatory India Conformity Assessment Scheme (i-CAS)-Halal will now take effect after nine months from that notification instead of six, to allow Egyptian halal certification bodies to complete onboarding and accreditation.
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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.
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