Current Context: The CBIC has introduced system-based auto-approval for Indian Financial System Code (IFSC) registration to enhance ease of doing business. ABOUT IFSC & CBIC IFSC (Indian Financial System Code): 11-digit alphanumeric code identifying every bank branch in India. Ensures accurate and secure online fund transfers (NEFT, RTGS). Used for domestic transactions; SWIFT code is used for international ones. CBIC: Part of Department of Revenue, Ministry of Finance. Established in 1964 as Central Board of Excise & Customs, renamed CBIC in 2018. Responsible for policies on Customs, GST, Excise, and anti-smuggling measures.Read More

Current Context: The Reserve Bank of India (RBI) has extended the Integrated Ombudsman Scheme (RB-IOS, 2021) to include Central and State Co-operative Banks for faster redress of customer grievances. ABOUT RB-IOS 2021 Objective: Provide a cost-free, quick, and fair grievance redress system for customers of regulated entities. Coverage Includes: All Commercial Banks, Regional Rural Banks, Primary Urban Co-operative Banks, and NBFCs(with ₹100 crore assets). System Participants under the Payment and Settlement Systems Act, 2007. Credit Information Companies. Integration: Unified three previous Ombudsman schemes (Banking, NBFC, and Digital Transactions). Approach: “One Nation, One Ombudsman”. Power: Can award compensation up to ₹20....Read More

Current Context: : The Ministry of Finance has launched the Foreign Currency Settlement System (FCSS) at GIFT IFSC, placing India among select global centres like Hong Kong and Tokyo that have local foreign currency settlement infrastructure. ABOUT FCSS Authorised By: International Financial Services Centres Authority (IFSCA). Objective: Enables local settlement of foreign currency transactions between IFSC Banking Units (IBUs). Initial Phase: Begins with US Dollar transactions, to be expanded later. Operator: CCIL IFSC Limited, subsidiary of Clearing Corporation of India Limited. Benefits: Real-time settlement reduces delays from 48 hours to near-instant. Reduces dependency on foreign correspondent banks. ABOUT GIFT CITY....Read More

Current Context: The Union Minister for Finance launched the Goods and Services Tax Appellate Tribunal (GSTAT) in New Delhi. ABOUT GSTAT Established Under: Central Goods and Services Tax Act, 2017. Function: Hears appeals under CGST and State/UT GST Acts. Composition: President (Supreme Court judge or former High Court Chief Justice) Judicial Members Technical Members (Centre & State) Eligibility: Requires long judicial or revenue service experience (25 years in Group A for technical members). Tenure: 4 years or until 70 years (President) and 67 years (other members). Powers: Equivalent to a Civil Court – can hear cases, pass orders, impose penalties,....Read More

Current Context: India and Australia have signed a Mutual Recognition Arrangement (MRA) for organic products under the India–Australia Economic Cooperation and Trade Agreement (ECTA) at Vanijya Bhavan, New Delhi. ABOUT THE MUTUAL RECOGNITION ARRANGEMENT (MRA) Purpose: Allows mutual acceptance of organic certification standards, eliminating duplicate inspections. Coverage: Unprocessed plant products (excluding greenhouse crops and aquatic plants) Processed plant-based foods (including third-country certified ingredients processed in India or Australia) Wine Implementing Agencies: Agricultural and Processed Food Products Export Development Authority (APEDA), Ministry of Commerce and Industry, India Department of Agriculture, Fisheries and Forestry (DAFF), AustraliaRead More

Current Context : The Union Ministry of Commerce and Industry has launched Industrial Park Rating System (IPRS) 3.0 to benchmark and categorise industrial parks across India. ABOUT IPRS 3.0 Developer : Introduced by Department for Promotion of Industry and Internal Trade (DPIIT) with support from the Asian Development Bank (ADB). Classification : Industrial parks will be rated as Leaders, Challengers, and Aspirers. New Parameters : Sustainability, Green infrastructure, Logistics connectivity, Digitalisation, Skill linkages, Talent feedback.Read More

Current Context: While no specific laws exist in India against the Pink Tax, the National Consumer Disputes Redressal Commission (NCDRC) has ruled that companies must avoid gender-based price discrimination. ABOUT PINK TAX Not a government tax — refers to extra cost charged for women’s products compared to similar men’s products. Seen in toys, haircuts, dry cleaning, razors, shampoos, lotions, clothing, salon services Originated in California, U.S. (1994) after studies showed: Women’s personal care products cost 13% more, Women’s clothing 7–8% costlier than men’s. In India: No legal prohibition Prices based on market demand Studies show clear price gaps between male....Read More

Current Context: Government will implement the next-generation GST reform from 22 September 2025 with a simplified two-rate structure and digital filing. ABOUT GST REFORM 2025 New Structure: Two main GST slabs – 5% and 18%. New High Rate: 40% GST on luxury and sin goods (pan masala, cigarettes, etc.). Ease of Filing: Faster refunds, digital filing, and reduced disputes. BENEFITS OF REFORMS Social Protection: Exemption on GST for insurance and essential medicines. Lower Prices, Higher Demand: Reduced rates increase consumption and savings. Support for MSMEs: Lower input costs for cement, auto parts, handicrafts. Ease of Living: Simpler structure → fewer....Read More

Current Context : Jane Street Group (US firm) filed an appeal in the Securities Appellate Tribunal (SAT) against SEBI, alleging market manipulation. About SAT Established under: SEBI Act, 1992. Type: Quasi-judicial statutory body. Jurisdiction: Entire India. Headquarters: Mumbai. Functions Hears appeals against orders of: SEBI, IRDAI, Can be approached by any aggrieved person (companies, investors, intermediaries). Composition Presiding Officer: Retired or sitting SC Judge / Chief Justice / HC Judge with 7+ years experience. Judicial Members: HC Judges (5+ years). Technical Members: Senior govt. officials or experts with 15+ years experience in finance/securities. Appointed by: Central Government in consultation with....Read More

Current Context : India’s Foreign Direct Investment (FDI) inflows rose 15% year-on-year to USD 18.62 billion in April–June FY26, compared to USD 16.17 billion in the same quarter last year. USA emerged as the largest investor, with inflows tripling to USD 5.61 billion. ABOUT FDI Meaning: Investment by a company or individual from one country into business interests in another country. Law: Governed under Foreign Exchange Management Act (FEMA). Regulator: Reserve Bank of India (RBI). RELEVANT DATA : Total FDI (Equity + Reinvested Earnings + Other Capital): USD 25.2 billion. Top Sources: USA (USD 5.61 bn), Singapore (USD 4.59 bn),....Read More