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The Central Board of Direct Taxes (CBDT) has uncovered a sophisticated money laundering network involving Registered Unrecognised Political Parties (RUPPs), chartered accountants, and intermediaries, which has allegedly laundered ₹9,169 crore disguised as political donations to evade taxes. Investigations revealed that excess tax deductions were claimed over two assessment years—₹6,116 crore for 2022-23 and ₹3,053 crore for 2023-24—following a report on RUPPs exploiting legal loopholes. CBDT teams examined 420 bank accounts, 200 case files, and extensive WhatsApp records to trace the operations, finding that 36 RUPPs alone illegally routed ₹5,591 crore. The scheme involved donors transferring large sums to RUPPs through intermediaries, claiming tax-free donations, while receiving cash refunds. The CBDT's findings included fabricated documents aimed at obscuring audit trails, highlighting the urgent need for reforms in monitoring and data-sharing. 
Published: Nov 09 2025, 8 pmeznews.inIndia's thermal coal imports rose nearly 3% year-on-year to 12.95 million tonnes in October 2025, driven by a decline in domestic production and increased industrial demand post-monsoon, according to data from global analytics provider Kpler. Monthly imports also saw a 3.6% increase, although they remained below the five-year average of 14 million tonnes due to high stockpiles, above-average rainfall, and a new GST framework that reduced the competitiveness of imported coal. Looking ahead, Kpler projects imports to stabilize around 12 million tonnes through year-end, as improved domestic supply and high inventories are expected to limit further demand. Meanwhile, metallurgical coal imports rose 11% year-on-year to 6 million tonnes, although they fell 7.7% compared to the first half of FY26 due to high steel inventories and price softness. Overall, India's energy consumption decreased by 6% year-on-year in October.
Published: Nov 09 2025, 7 pmeznews.inAir India, following its merger with Vistara last November, is focusing on enhancing customer service and fostering a new organizational culture amid challenges such as the Ahmedabad air crash and Pakistan's airspace closure, which have led to increased costs and reduced flight operations. Since the merger, Air India's weekly flights have decreased by 16% to 4,700, with a reduction in destinations and fleet size due to aircraft retrofitting and route transfers to Air India Express. Despite efforts to boost premium economy sales, challenges persist, prompting regular upgrades from economy class. However, improvements in ground and in-flight services have been noted, including standardized crew engagement and a new bar menu tailored to destinations. Air India is also working on co-creating a unified culture, blending practices from both airlines, with a focus on a more collaborative and less hierarchical environment.
Published: Nov 09 2025, 7 pmeznews.inRussia is actively promoting business collaborations with India across various sectors, including processed food, marine products, and consumer electronics, to address the growing trade imbalance. In September 2025, India's exports to Russia saw an 11.1% year-on-year increase, reaching $405.12 million, although cumulative exports for the April-September period fell by 14.4% to $2.24 billion. Ajay Sahai from the Federation of Indian Export Organisations noted a surge in interest from Russian industries, with multiple Indian delegations visiting Russia for discussions and exhibitions. Despite a significant trade deficit of approximately $59 billion, largely due to oil imports, Russian President Vladimir Putin has acknowledged the need to enhance agricultural imports from India. The changing geopolitical landscape is making Russian consumers more receptive to Indian products, prompting plans for further delegations focusing on Fast-Moving Consumer Goods in early 2026.
Published: Nov 09 2025, 6 pmeznews.inThe Finance Ministry has confirmed that the tolerance range for determining the arm’s length price (ALP) will remain unchanged for the assessment year 2025-26, set at 1 per cent for wholesale traders and 3 per cent for all other taxpayers. This decision aims to provide policy stability and simplify compliance for companies involved in cross-border and specified domestic transactions. Under the Income Tax Act, 1961, the ALP mechanism is crucial for ensuring fair taxation and preventing profit shifting among associated enterprises. Experts highlight that this consistent tolerance band aids in annual transfer pricing documentation, allowing businesses to meet compliance requirements without frequent adjustments to internal pricing policies. However, some analysts suggest that this may be the last notification under the current framework, as proposed legislative changes could alter the methodology for future assessments.
Published: Nov 09 2025, 4 pmeznews.inRural consumption in India has significantly outpaced urban consumption in the second quarter of FY26, driven by factors such as income guarantee schemes, improved rainfall, and a surge in credit from non-banking financial companies (NBFCs), according to a report by Motilal Oswal Research. FMCG companies, including Dabur India, reported an 8.5% growth in rural areas compared to just 3% in urban regions, highlighting a 400 to 500 basis point difference. CEO Mohit Malhotra emphasized the company's strategy to capitalize on this trend through low unit pack offerings and expanded distribution in rural markets. The report also noted that reduced GST rates are facilitating a shift from unorganised to organised sectors in rural areas. Analysts predict that rising real wages and healthy rabi crop prospects will sustain this upward trajectory in rural demand, further bolstered by the upcoming wedding season and favorable agricultural conditions.
Published: Nov 09 2025, 4 pmeznews.inAir travel in the United States faced significant disruptions over the weekend, with New York City's three major airports—Newark Liberty International, LaGuardia, and John F. Kennedy International—experiencing hours-long delays. According to CNN, over 1,700 flights were cancelled nationwide, with more than 6,600 delays reported on Saturday alone, as staffing shortages among air traffic controllers were exacerbated by the ongoing government shutdown. The Federal Aviation Administration (FAA) implemented a ground stop for Newark after arrival delays exceeded four hours, while LaGuardia and JFK saw delays of up to 75 minutes and over two hours, respectively. Major airports across the country, including those in Atlanta, Washington, Chicago, and Los Angeles, also reported significant disruptions. The FAA has mandated a 4% reduction in domestic flights at 40 busy airports, with potential increases to 10% by next week if the budget impasse continues, raising concerns about the impact on holiday travel.
Published: Nov 09 2025, 3 pmeznews.inCredit card spending in India surged by 23% year-on-year to ₹2.17 lakh crore in September, driven by festive offers, GST rate cuts, and increased card issuances, according to a CareEdge report. Month-on-month, spending rose 13%, reflecting strong consumer sentiment, although this was lower than the 24% growth seen a year prior. The number of outstanding credit cards reached 11.3 crore, a 7% increase year-on-year. Private sector banks (PVBs) led this growth through strategic initiatives, while public sector banks (PSBs) saw a slight decline in market share to 74.2%. Per-card spending averaged ₹19,144, boosted by festive demand and e-commerce, with PVB customers spending ₹20,011 and PSB customers seeing a 30% increase to ₹16,927. Outstanding credit card balances stood at ₹2.82 lakh crore, down from August but up 3.7% year-on-year, indicating healthy repayment trends amid strong credit demand.
Published: Nov 09 2025, 2 pmeznews.inThe Haryana government is launching new initiatives to promote the cultivation of horticultural crops among farmers, according to a spokesperson from the Horticulture Department. The scheme encourages the growth of fruits, vegetables, flowers, and spices, with provisions for establishing new orchards and integrated vegetable farming. Farmers can receive subsidies ranging from ₹8,000 to ₹1,40,000 per acre, depending on the type of crop, with specific amounts allocated for Scheduled Caste farmers. The subsidies will be directly transferred to farmers' bank accounts, with a maximum limit of five acres eligible for assistance. Interested farmers can register for the scheme and access application details through the Meri Fasal-Mera Byora and Hortnet portals. To apply, they must provide necessary documentation, including personal details, family ID, bank account information, and a Scheduled Caste certificate if applicable.
Published: Nov 09 2025, 1 pmeznews.inIn a bid to harness India's extensive marine resources, the government has introduced new regulations for deep-sea fishing within the country's Exclusive Economic Zone (EEZ), effective November 4. These rules, part of the Budget 2025-26 initiative, aim to empower local fishermen and cooperatives while prohibiting foreign vessels from Indian waters. The framework prioritises Fishermen Cooperative Societies and Fish Farmer Producer Organisations (FFPOs) for deep-sea operations, introducing a mother-and-child vessel concept for mid-sea transhipment. To safeguard marine ecosystems, harmful practices like LED light fishing are banned, and minimum legal sizes for fish will be established. The ReALCRaft portal will streamline access for mechanised vessels, while traditional fishers remain exempt. The initiative also integrates digital systems for traceability and compliance, enhancing India's seafood export potential, particularly in high-value tuna, as the country seeks to bolster its position in the global seafood market.
Published: Nov 09 2025, 1 pm
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