RBI Tweaks Reference Date For Fortnightly Reporting By Scheduled Banks

The Reserve Bank of India has tweaked the cut-off date for fortnightly reporting by scheduled banks, without changing the reporting frequency itself. The change has been brought by the notification of the Reserve Bank of India Scheduled Banks' (Amendment) Regulations, 2025.Banks, which were already filing returns on a fortnightly basis, will now report their statement of position as on the last day of the fortnight, instead of the earlier practice of reporting figures as on a Friday. The change...

RBI Issues New Internal Ombudsman Rules For Credit Bureaus, NBFCs And Prepaid Payment Companies

The Reserve Bank of India has rolled out a fresh set of rules that make it mandatory for several financial sector players to appoint an internal ombudsman, a senior, independent official who will review certain customer complaints before they are finally rejected. Through three separate notifications issued on January 14, 2026, the RBI notified the Internal Ombudsman Directions for Credit Information Companies, eligible Non-Banking Financial Companies, and large non-bank Prepaid Payment...

CCPA Imposes Rs.10 Lakh Penalty On Flipkart And Meta For Misleading Listings Of Walkie-Talkies

The Central Consumer Protection Authority has, in two separate orders, imposed a penalty of Rs.10 lakh each on Flipkart Internet Private Limited and Meta Platforms Inc for indulging in misleading advertisements and unfair trade practices by permitting the listing and sale of walkie-talkies on their platforms without mandatory disclosures required under law.A coram of Chief Commissioner Nidhi Khare and Commissioner Anupam Mishra was dealing with matters relating to the sale of walkie-talkies on...

CBIC Revises Tariff Values For Gold, Silver, Edible Oils And Brass Scrap

The Central Board of Indirect Taxes and Customs (CBIC) has updated tariff values for edible oils, brass scrap, gold, silver and areca nuts. By a notification issued on 15 January 2026, the CBIC notified revised tariff values effective from 16 January 2026, fixing the tariff value of gold at USD 1,483 per 10 grams and silver at USD 2,950 per kilogram. The CBIC has also notified that there is no change in the tariff value of areca nuts falling under tariff item 080280. Further, revised tariff...

DGFT Restricts Import Of Low-Ash Metallurgical Coke For Six Months

In a recent notification, the Directorate General of Foreign Trade (DGFT) tightened norms for the import of low-ash metallurgical coke, placing it under the “Restricted” category for a six-month period from 1 January 2026 to 30 June 2026. During this period, such imports will be allowed only with approval under Policy Condition No. 08 of Chapter 27 of the import policy.Low-ash metallurgical coke refers to coke with an ash content of below 18%. It is a key raw material used in steel and...

CCPA Fines China Gate ₹50,000 For Service Charge Automatically Levied At Bora Bora Mumbai

The Central Consumer Protection Authority (CCPA) has recently levied a penalty of Rs 50,000 on China Gate Restaurant Private Limited for automatically adding a service charge to restaurant bills and charging GST on it, calling the practice unfair to consumers. The order relates to the company's “Bora Bora” outlet in Mumbai. The order was passed by a coram comprising Chief Commissioner Nidhi Khare and Commissioner Anupam Mishra. The Authority said the service charge was not optional in...

Accused Cannot Demand Company and Bank Records During Investigation To Answer Queries: Delhi High Court

The Delhi High Court has held that an accused cannot invoke Section 91 of the Code of Criminal Procedure to seek production of company and bank records during an ongoing investigation merely to help him answer questions during interrogation, ruling that such a demand would amount to allowing the accused to interfere with the investigation. Dismissing a petition filed by Shantanu Prakash, former director of Educomp Infrastructure and School Management Limited, Justice Neena Bansal Krishna said, ...

Income Tax Disputes Before HCs Doubled In Value Over Past Four Financial Years: Govt Tells Rajya Sabha

A sharp escalation in the value of income tax disputes pending before High Courts has emerged from fresh data placed before Parliament, with the total disputed amount nearly doubling between FY 2020-21 and FY 2024-25. The figures were disclosed in a reply tabled in the Rajya Sabha by the Minister of State in the Ministry of Finance Pankaj Chaudhary, capturing year-wise pendency and amounts locked at each appellate stage.The numbers paint a split-screen picture of India's tax dispute system. At...

Centre Defends Onion Export Ban, Says MEP Was 'Temporary' & Needed To Protect Consumers Amid Price Spikes

The Centre has clarified on Onion export ban and imposition of Minimum Export Price (MEP), were 'temporary' and 'necessary' to protect consumers, especially low-income households, during years when adverse weather conditions and lower arrivals led to sharp spikes in retail prices. On fair-farmer remuneration, the Centre explained that it balanced consumer price stability and farmer remuneration by monitoring availability, arrivals, buffer stock position and price trends of Onions...

MCA Redefines Small Company Criteria, Raises Paid Up Capital Cap To Rs 10 Crore and Turnover Cap To Rs 100 Crore

The Ministry of Corporate Affairs has revised the definition of small companies by increasing the turnover ceiling from Rs 40 crore to Rs 100 crore and the paid-up capital threshold from Rs 4 crore to Rs 10 crore.The notification was issued on December 1, 2025 which took effect immediately. The amendment updates the Companies (Specification of Definition Details) Rules, 2014. These rules were first notified in March 2014 and last revised in September 2022. Only private companies that are...

Central Govt Ensuring GST Rate Cuts Are Passed On To Consumers: Finance Ministry Tells Lok Sabha

The Ministry of Finance has informed the Lok Sabha that, where several GST rates were rationalised, the Central Government has put in place a coordinated tax-administration mechanism to ensure that businesses actually pass on the GST rate-cut benefits to consumers. CBIC Monitoring Prices After GST Rate Cuts The Finance Ministry stated that the CBIC has been monitoring prices of key GST-covered goods, including packaged foods and pharmaceuticals, comparing prices pre- and post-22...

Finance Ministry Tables Bill To Hike Excise On Tobacco, Introduces New Cess On Pan Masala

On December 1, 2025, the finance minister Nirmala Sitharaman introduced the Central Excise (Amendment) Bill, 2025 and the Health Security and National Security Cess Bill, 2025, in the Lok Sabha, which will replace the existing Compensation Cess. The Central Excise (Amendment) Bill, 2025, seeks “to give the government the fiscal space to increase the rate of central excise duty on tobacco and tobacco products so as to protect tax incidence”. The Central Excise (Amendment) Bill,...