AI-curated court updates, legal developments, and practice-area insights for Indian legal professionals.
RBI removes fixed remittance limits on Form A2, requiring authorized dealers to establish board-approved internal policies for processing physical and online remittance requests.
RBI has moved NRD-CSR (R012) reporting under the CIMS Sankalan Portal, requiring monthly submissions by the 10th with revised formats and three approved filing channels.
RBI mandates monthly filing of Export Declaration Form (EDF) for service exporters under FEMA from 1 October 2026. Non-individual entities must comply with 30-day filing deadlines and realisation norms.
Digital creators earning overseas income must file Export Declaration Forms (EDF) under FEMA rules effective 1 October 2026, aligning influencer income with formal forex reporting.
RBI mandates the use of BIS-certified note sorting machines for authentication and fitness sorting in banks, replacing 268 outdated circulars with a unified master direction.
Madras HC quashes ₹20 lakh penalty on customs broker due to lack of evidence of knowledge, involvement, or abetment in prohibited export.
CESTAT Ahmedabad sets aside ₹25,000 penalty under Section 114AA after underlying customs duty demand was held time-barred.
Calcutta HC directs correction of 17 EDI shipping bills from 'N' to 'Y' reward flag and processing of MEIS benefits by 31 Dec 2026 due to inadvertent error.
The Gujarat High Court upheld confiscation of concealed gold, holding that goods imported in breach of statutory restrictions are ‘prohibited’ under the Customs Act, and no automatic right to redemption exists.
The Delhi High Court ruled that gold smuggled in violation of statutory import conditions is 'prohibited goods' under the Customs Act, and redemption under Section 125 is a discretionary remedy, not a right.
Effective October 1, 2026, the RBI has removed monetary limits on online submission of Form A2 for foreign remittances. The change, under A.P. (DIR Series) Circular No. 23, allows unrestricted digital processing of remittances under the Liberalised Remittance Scheme (LRS).
Effective October 1, 2026, the Reserve Bank of India mandates submission of the Non-Resident Deposits – Comprehensive Single Return (NRD-CSR) via the CIMS Sankalan Portal. This shift from the legacy XBRL platform aims to streamline reporting and improve data accuracy.
The Reserve Bank of India has introduced a Standing Liquidity Facility (SLF) for Primary Dealers (PDs) to enhance liquidity management and support orderly financial market operations. The facility will allow PDs access to overnight liquidity, strengthening their role as market makers.