News Updates
Centre Appoints Naveen Kumar B, Former ED Additional Director, As Law Member Of PMLA Adjudicating Authority
The Central Government has appointed Naveen Kumar B as Member (Law) of the Adjudicating Authority under the Prevention of Money Laundering Act, 2002 (PMLA).Kumar is a retired Additional Director (Prosecution) of the Directorate of Enforcement (ED). The appointment has been made by the President of India, according to an office order issued by the Ministry of Finance's Department of Revenue on August 11.He will hold the post at Level 14 of the Pay Matrix. His tenure will be for five years from...
Russia Appoints Former CJI D.Y. Chandrachud As Arbitrator In Investment Treaty Dispute With Ukrainian Bank
Former Chief Justice of India D.Y. Chandrachud has been appointed by Russia as its arbitrator in a new investment treaty dispute brought by Ukrainian state-owned bank Oschadbank over assets and operations it says it lost in south-eastern Ukraine.According to a report published by Global Arbitration Review (GAR) on August 7, 2026, the dispute will be heard by a three-member tribunal under the 1998 Ukraine-Russia bilateral investment treaty. The tribunal will be presided over by Costa Rican...
Parliament Passes Taxation And Other Laws Amendment Bill, Amends Statute On Digital Payment Charges
Parliament has passed the Taxation and Other Laws (Amendment) Bill, 2026, which makes several tax-related changes and also changes the rules governing charges on electronic payments. The amendment could open the door for charges to be imposed on UPI transactions in the future.The Rajya Sabha passed the Bill on Tuesday and sent it back to the Lok Sabha, which had already cleared the legislation. This completes the parliamentary process.The bill changes the way the government decides which digital...
US Court Dismisses Criminal Charges Against Gautam and Sagar Adani, Raises Concerns Over DOJ Process
A US federal court on Monday dismissed with prejudice the securities fraud and wire fraud charges against Adani Group Chairman Gautam Adani, his nephew Sagar Adani, and former Adani Green Energy CEO Vneet Jaain.US District Judge Nicholas G. Garaufis, however, questioned the process followed by the US Department of Justice in seeking the dismissal. He observed that it was “highly unusual” for DOJ official R. Trent McCotter to have reached the decision largely in collaboration with defence counsel...
MSME Suppliers To Get At Least 50% Of Award If Court Challenge Takes Over Six Months Under New Amendment
MSME suppliers will be entitled to receive at least 50% of an awarded amount if an application to set aside a decree, award, other order, or mediated settlement agreement remains pending for more than six months under the Micro, Small, and Medium Enterprises Development (Amendment) Act, 2026, once the provision comes into force.The bill was introduced in the Rajya Sabha on July 28 by the Union Minister for Micro, Small and Medium Enterprises Jitan Ram Manjhi. It was passed by the Rajya Sabha on...
Bankers' Books Evidence Bill Introduced In Parliament To Recognise Digital Bank Records As Evidence
The Centre has proposed replacing the colonial-era Bankers' Books Evidence Act, 1891 with the Bankers' Books Evidence Bill, 2026, which expressly recognises electronic and digital bank records, including those stored on cloud infrastructure, as admissible evidence in legal proceedings. The bill, introduced in the Lok Sabha on Tuesday by Union Finance Minister Nirmala Sitharaman, expands the definition of "bankers' books" to include records maintained in physical form as well as those stored...
RBI Appoints Monisha Chakraborty As Executive Director To Oversee Forex And Markets Regulation
The Reserve Bank of India on Monday appointed Monisha Chakraborty as Executive Director with effect from 3 August 2026. Before her appointment, Chakraborty was serving as Chief General Manager-in-Charge in the Reserve Bank of India's Department of Supervision. She has over three decades of experience at the central bank, having worked in the areas of Supervision, Foreign Exchange, and Government and Bank Accounts. Chakraborty has also served as Banking Ombudsman and was part of a technical...
SEBI Appoints Prasanta Mahapatra As Executive Director
The Securities and Exchange Board of India (SEBI) on Monday announced that Prasanta Mahapatra has assumed charge as Executive Director. He will oversee the Corporation Finance Investigation Department and the Recovery and Refund Department of the market regulator.Prior to his elevation, Mahapatra served as Chief General Manager at SEBI. Having joined the regulator in April 1999, he has worked across several departments, including Market Regulation, Investigation, Enquiries and Adjudication,...
Mumbai Court Directs CBI To Furnish Chargesheet To Ex-RCFL CEO Devang Mody In ₹7,623 Crore Fraud Case
A Special CBI Court in Mumbai on Friday directed the Central Bureau of Investigation (CBI) to furnish an electronic copy of the chargesheet to former Reliance Commercial Finance Ltd. (RCFL) Chief Executive Officer and Director Devang Pravin Mody. Mody is accused in the alleged ₹7,623 crore bank fraud case involving Reliance ADA Group companies. The case relates to alleged irregularities in loans extended by a consortium of 31 banks and financial institutions to Reliance Commercial Finance Ltd....
UNCITRAL's Next 60 Years Will Be About Inclusive, Tech-Responsive Commercial Law: AG R. Venkatramani
Attorney General R. Venkatramani on July 24 said that the next 60 years of the United Nations Commission on International Trade Law (UNCITRAL) would be about ensuring international commercial law remains inclusive, technologically responsive and truly global. He said this would be critical as international trade and commerce continue to evolve. Delivering the welcome address at the international conference commemorating UNCITRAL's 60th anniversary, Venkatramani said the Commission had spent the...
CBIC Forms Working Group To Examine PAN-Based Centralised GST Administration For Multi-GSTIN Taxpayers
The Central Board of Indirect Taxes and Customs (CBIC) has constituted a Working Group to examine a proposal for centralised administration of taxpayers holding multiple Goods and Services Tax (GST) registrations under the same Permanent Account Number (PAN). The proposal covers taxpayers whose GST registrations fall under different Central Tax jurisdictions.The move is aimed at promoting ease of doing business and improving administrative efficiency. It seeks to streamline GST administration...
