Case Details: Union of India vs. Rohith Nathan - [2026] 184 taxmann.com 241 (SC)

Judiciary and Counsel Details

• R. Mahadevan & Pamidighantam Sri Narasimha, JJ.
• Arvind Kumar Sharma, Shreekant Neelappa Terdal, Aors, Tushar Mehta, Solicitor General, Ms Aishwarya Bhati, A.S.G., Mrs Alka Agrawal, Apoorva Kurup, Navanajay Mahapatra, Madhav Sinhal, Mayank Pandey, Ms Sansriti Pathak, Santosh Ramdurg & Yogesh Vats, Advs. for the Appellant.
• Basavaprabhu Patil, Sanjay Hegde, T. Raja, Sr. Advs., Vikram Hegde, Ms Chinmayi Shrivastava, Trishan Dollny, Ankit Tiwari, Arijit Sukla, Ashish, Tanay Hegde, Roy Abraham, Ms Reena Roy, Adithya Koshy Roy, Akhil Abraham Roy, Saraswata Mohapatra, M.T. Arunan, M.A. Aruneshe, Sreekar Aechuri, Aniket Chauhaan, Shashank, Shantanu Lakhotia, Divyaveer Singh, A. Sirajudeen, Arindam Sarin, Mayank Sharma, Dhruv Joshi, Vinay Kaushik, Mrs. P. S. Vijayadharni, Nishant Gautam, Sanjay Singh Thakur, Hitesh Kumar Sharma, Vijay Prtap Singh, Akhileshwar Jha, Ms Shreya Jha, Anupam Kumar, Vibhav Mishra, Ms Megha Gaur, Anuroop Chakravarti, M.S. Vishnu Sankar, Prakhar Srivastava, Ms Athira G. Nair, Aditya Santhosh, Ms Dimple Nagpal, Advs., Ms Hima Lawrence, Himinder Lal, Prateek K. Chadha, Harsh Parashar, Dr. N. Visakamurthy, Vardhman Kaushik, Varinder Kumar Sharma, Ms Manju Jetley, Parmanand Gaur, Abhikalp Pratap Singh, Ashish Batra & Siddhartha Jha, Aors for the Respondent.

Facts of the Case

In the instant case, the question was placed before the Supreme Court whether the Creamy layer exclusion solely on income without considering status and post category is unsustainable; differential treatment of similarly placed persons is impermissible

It was noted that the DoPT’s clarificatory letter dated 14.10.2004 cannot be read in isolation to dilute or override the substantive scheme of the Office Memorandum dated 08.09.1993 governing the identification of the OBC creamy layer.

Further, it was noted that overemphasis on the 2004 letter to the extent of making income alone determinative without regard to parental status or category of service would defeat the structural framework of exclusion envisaged under 1993 OM.

Supreme Court Held

The Supreme Court observed that where equivalence of posts in the PSUs and similar organisations has not been evaluated, the creamy layer status must be determined on the basis of the Income/Wealth Test.

Further, the Supreme Court observed that the income from salaries alone cannot be the sole criterion to decide whether a candidate falls within the creamy layer. The determination of creamy layer status solely based on income brackets, without reference to categories of posts and status parameters enunciated in 1993, OM, is clearly unsustainable in law.

The Supreme Court held that treating similarly placed employees of private entities and PSUs differently from the Government employees and their wards, while deciding their entitlement to reservation, would amount to hostile discrimination.

Thus, the appeals against the High Court’s order directing re-verification of the OBC status of candidates strictly under 1993 OM were to be dismissed.

List of Cases Reviewed

• Order of High Court of Judicature at Madras in W.P. Nos. 6387, 6388 and 6389 of 2017, Dated 31.08.2017
• Order of High Court of Delhi at New Delhi in W.P. Nos. 3073-3084 of 2017, Dated 22.03.2018 (para 41) affirmed

List of Cases Referred to

• Ketan v. Union of India [W.P. Nos. 3073 – 3084 of 2017, dared 22-3-2018] (para 5)
• Union of India v. Dr. Ibson Shah I [OP (CAT) No. 94 of 2021, dated 25-2-2022] (para 6)
• Ashok Kumar Thakur v. Union of India (2008) 6 SCC 1 (para 7)
• Indra Sawhney v. Union of India (2000) 1 SCC 168 (para 7)
• Indra Sawhney v. Union of India 1992 Supp (3) SCC 217 (para 7)
• Neil Aurelio Nunes v. Union of India (2022) 4 SCC 64 (para 8.4)
• Madhuri Patil v. Commissioner, Tribal Development (1994) 6 SCC 241 (para 9.1)
• K. Sampath v. State of Tamil Nadu MANU/TN/9958/2006 (para 9.3)
• R.P. Bhardwaj v. Union of India (2005) 10 SCC 244 (para 9.3)
• Union of India v. Parul Debnath (2009) 14 SCC 173 (para 10.3)
• Delhi Administration v. Nand Lal Pant (1997) 11 SCC 48 (para 10.3)
• Dr. D.K. Reddy v. Union of India (1996) 10 SCC 177 (para 10.3)
• Union of India v. Vijay Kumari 1994 Supp (1) SCC 94 (para 10.3)
• Dr. PPC Rawani v. Union of India (1992) 1 SCC 331 (para 10.3)
• Sushma Gosain v. Union of India (1989) 4 SCC 468 (para 10.3)
• State of Andhra Pradesh and another v. P. Sagar 1968 SCR (3) 595 (para 21.3)
• M.R. Balaji and others v. State of Mysore AIR 1963 SC 649 (para 21.3)
• R. Chitralekha v. State of Mysore (1964) 6 SCR 368 (para 21.4)
• K.S. Jayasree v. State of Kerala (1976) 3 SCC 730 (para 21.4)
• K.C. Vasanth Kumar and another v. State of Karnataka 1985 SCC OnLine SC 339 (para 21.4)
• State of Kerala and Others v. N.M. Thomas and Others MANU/SC/0479/1975 (para 37).

The post Creamy Layer Not Based on Income Alone | SC appeared first on Taxmann Blog.

source

The International Financial Services Centres Authority (IFSCA) has issued measures to ensure adequate “substance” in Capital Market Intermediaries (CMIs) operating in GIFT IFSC.

As part of its supervisory framework, IFSCA has been conducting multiple rounds of market intelligence visits to verify compliance with the IFSCA Capital Market Intermediaries Regulations, 2025.

1. Objective of Supervisory Visits

The visits were undertaken to assess whether CMIs maintain:

• A functional registered office presence
• Availability of Principal Officer and Compliance Officer
• Adequate infrastructure and operational setup
• Compliance with regulatory and governance requirements

2. Key Non-Compliance Observations

During these inspections, IFSCA identified several instances of non-compliance across certain CMIs:

2.1 Non-Operational Offices

• Some CMIs were found closed or unattended during business hours
• This raises concerns regarding actual operational presence in IFSC

2.2 Absence of Key Personnel

• In several cases, Principal Officers and Compliance Officers were not present
• No authorised personnel were available to respond to queries from the supervisory team

2.3 Lack of Regulatory Awareness

• Certain designated officers were found to have inadequate understanding of the applicable regulatory framework governing CMIs

2.4 Inadequate Infrastructure

• Some CMIs lacked the necessary infrastructure and systems required to carry out their business activities effectively

2.5 Use of Remote Access Tools

• Instances were observed where trading activities were conducted using remote access software such as:

1. 1. AnyDesk
   2. Ultraviewer

Such practices were found to be inconsistent with regulatory expectations in the IFSC jurisdiction.

3. Regulatory Implications

These findings indicate gaps in ensuring real operational presence and compliance among certain intermediaries. The observations highlight the need for CMIs to:

• Maintain physical and functional presence in IFSC
• Ensure availability of qualified and informed personnel
• Establish robust infrastructure and systems
• Adhere strictly to regulatory and operational norms

4. Objective of the Measures

The measures aim to:

• Strengthen regulatory oversight and compliance standards
• Ensure that CMIs maintain genuine substance and presence in IFSC
• Prevent misuse of IFSC framework through non-compliant or shell operations
• Enhance the credibility and integrity of the GIFT IFSC ecosystem

Overall, the initiative reinforces IFSCA’s commitment to maintaining a robust, transparent, and globally credible financial market environment.

Click Here To Read The Full Press Release

The post IFSCA Tightens Substance Norms for CMIs in IFSC appeared first on Taxmann Blog.

source

Editorial Team – [2026] 184 taxmann.com 425 (Article)

World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week:

1. Qatar Notifies New Framework for Direct Grant of Tax Treaty Benefits

Qatar has issued Cabinet Resolution No. (4) of 2026, published in Issue 5 of the Official Gazette on 15 March 2026 (from page 95), enabling the direct application of tax treaty benefits such as reduced withholding tax rates or exemptions with effect from 16 March 2026. Earlier, Qatar followed only a refund mechanism, under which domestic withholding tax was first deducted from payments to non-residents, and eligible non-residents could subsequently claim a refund of excess tax arising from treaty relief.

Under the Resolution, resident entities may seek “approved debtor” status, which permits them to apply treaty benefits directly when making payments to non-residents. To qualify, such entities must register with the General Tax Authority (GTA), furnish details regarding their administrative, human, technical, and financial capabilities, and satisfy prescribed thresholds relating to the volume of withholding transactions or the quantum of tax withheld. Once granted, the status remains valid for three years and may be renewed upon application made at least 60 days before expiry. The status may be revoked for non-compliance, with a fresh application permitted after one year.

Where an approved debtor proposes to make a payment to a non-resident, the latter may request direct application of treaty benefits by specifying the relevant treaty provisions and confirming that it is a tax resident of the treaty jurisdiction (supported by a residency certificate), is the beneficial owner of the income, has no permanent establishment in Qatar in respect of such income, is not part of any arrangement primarily intended to obtain treaty benefits, and satisfies all other applicable treaty conditions.

The approved debtor is required to exercise due diligence in evaluating such requests and must approve or reject them within 60 days; failure to respond will be deemed a rejection, against which no appeal lies. Upon approval, the debtor must declare that it is not acting as a conduit for onward transfer of funds and undertake liability for any penalties or uncollected taxes arising from incorrect application of treaty benefits. Additionally, the approved debtor must report such payments to the GTA, including details of the nature and amount of the payment and the identity of the recipient, and furnish supporting documentation within 30 days when called upon by the GTA.

Source – Issue 5 of the Official Gazette

2. Greece Prescribes Form for Pillar Two Top-up tax Compliance

The Greek Public Revenue Authority (AADE) has issued Decision A.1055 dated 27 February 2026, which was published in the Official Gazette on 12 March 2026, approving the form and instructions for filing the Notification identifying the person responsible for submitting the Supplementary (Top-up) Tax Information Declaration.

The Notification must be filed electronically through the myAADE portal by the Greek constituent entity of an MNE group or, where more than one Greek constituent entity exists, by the locally designated entity. The filing must be made within 15 months of the end of the relevant fiscal year, extended to 18 months for the group’s first transitional year.

Source – Decision A. 1055

Click Here To Read The Full Article

The post [World Tax News] Qatar Notifies New Framework for Direct Grant of Tax Treaty Benefits and More appeared first on Taxmann Blog.

source

Circular no. e. F.No. IFSCA-FCR0ITFS/3/2025-Banking; Dated: 19.03.2026

The International Financial Services Centres Authority (IFSCA) has launched a scheme titled “Support for Alternative Trade Instruments under Export Promotion Mission (EPM) – NIRYAT PROTSAHAN”.

The scheme is designed to enhance access to export finance for Micro, Small and Medium Enterprises (MSMEs) engaged in international value chains, with a specific focus on alternative trade finance instruments such as export factoring.

1. Objective of the Scheme

The scheme aims to:

• Improve availability of export finance for MSMEs
• Support participation of MSMEs in global value chains
• Promote the use of alternative trade finance mechanisms
• Reduce financing costs and improve liquidity for exporters

2. Coverage of Export Factoring Arrangements

The scheme provides support for export factoring arrangements, including:

• Recourse factoring, and
• Non-recourse factoring

These arrangements may be denominated in:

• Indian Rupees (INR), or
• Freely convertible foreign currencies

The arrangements must be entered into between:

• Eligible MSMEs involved in international value chains, and
• Entities regulated by:

1. 1. Reserve Bank of India (RBI), or
   2. IFSCA

3. Role of IFSC-Based Financial Entities

All International Banking Units (IBUs) and Finance Companies/Finance Units (FC/FUs) undertaking factoring activities are required to:

• Extend benefits under the scheme to eligible MSME exporters
• Provide such benefits in the form of:

1. 1. Interest subvention, or
   2. Equivalent cost support on the interest component of export factoring

4. Nature of Financial Support

The scheme specifically targets the interest cost element of export factoring, thereby:

• Lowering the effective cost of financing
• Improving cash flow for MSME exporters
• Encouraging adoption of factoring as a financing tool

5. Objective of the Initiative

The initiative seeks to:

• Strengthen export financing ecosystem in IFSC
• Promote innovative trade finance solutions
• Enhance competitiveness of MSME exporters
• Facilitate integration of Indian businesses with global markets

Overall, the scheme supports MSMEs by providing cost-effective financing alternatives, thereby boosting export growth and participation in international trade.

Click Here To Read The Full Circular

The post IFSCA Launches a Scheme Titled Support for Alternative Trade Instruments under Export Promotion Mission appeared first on Taxmann Blog.

source

Case Details: Jaydeep Mukeshbhai Virani vs. State of Gujarat - [2026] 184 taxmann.com 349 (Gujarat)

Judiciary and Counsel Details

• Nikhil S. Kariel, J.
• Apurva N Mehta for the Applicant.
• Utkarsh R Sharma & Jay Mehta, Additional Public Prosecutor for the Respondent.

Facts of the Case

The applicant filed an application for regular bail in connection with proceedings. The allegations recorded by the investigating authorities, including the Directorate General of GST Intelligence (DGGI) were that the applicant, being an active partner, had availed fraudulent ITC on inward supplies from 38 firms whose GST registrations had been cancelled ab initio on the ground of being non-existent. It was submitted that the applicant had been arrested and remained in judicial custody, and that the investigation had been completed and a complaint had already been filed before the competent authority. The matter was accordingly placed before the High Court.

High Court Held

The High Court held that since the investigation had been completed and the complaint had already been filed, no reasonable grounds existed to justify continued custody of the applicant. It was observed that the maximum punishment prescribed under Section 132 of the CGST Act had been taken into consideration. The Court analysed the principles governing bail, including the principles of personal liberty and the presumption of innocence, and found that these considerations weighed in favour of the applicant. Accordingly, the Court exercised its discretion to grant regular bail to the applicant, subject to prescribed conditions.

List of Cases Referred to

• Sanjay Chandra v. CBI [2012] 1 SCC 40 (para 7).

The post Bail Granted in ITC Fraud Case After Investigation | HC appeared first on Taxmann Blog.

source

Case Details: Yakshit Yuva Foundation vs. Commissioner of Income-tax, Exemption [2026] 184 taxmann.com 245 (Panaji-Trib.)

Judiciary and Counsel Details

• Pavan Kumar Gadale, Judicial Member & G. D. Padmahshali, Accountant Member
• Shreepada Ravi Rao, Ld. AR for the Appellant.
• Azar Zain, Ld. DR for the Respondent.

Facts of the Case

The assessee-trust was formed to impart taekwondo and self-defence training to students, including underprivileged girls in government schools. It also provided free training to underprivileged students. The trust applied for registration under section 12AB and approval under section 80G. The CIT(E) rejected the assessee’s applications for registration under sections 12AB and 80G on the ground that imparting sports training to students did not constitute ‘education’ within section 2(15). Aggrieved by the order, the assessee preferred an appeal to the Bangalore Tribunal.

ITAT Held

The Tribunal held that the registered trust’s principal object revolved around promoting and instilling the values of sportsmanship among the youngster, developing young athletes in taekwondo, and providing sports training to the children/students from rural and underprivileged class/areas. It was also noted that the appellant’s object was closely aligned with the national education policy announced by the central government of India in 2020.

It was obvious from the annual activity reports submitted for three years that the appellant trust had reached out to thousands of students to inspire and instil self-defence among underprivileged girls studying in government-aided schools. Thus, the assessee was organising its operation with much less commercial exploitation. The holistic vouching suggested that charging nominal fees from students in substance lacked commercial principle.

The term ‘education’ has been interpreted in the context of Section 2(15) by the Hon’ble Apex Court in Loka Shikshana Trust v. CIT [1975] 101 ITR 234 (SC). The Hon’ble lordship therein held that what education connotes in clause 2(15) is the process of training and developing the knowledge, skill, mind, and character of students by normal schooling. It clearly emerges that so long as the assessee is engaged in developing any knowledge or skill or character of school/college-going students, such assessee’s activities of imparting scholastic training shall fall within the scope of ‘education’ for section 2(15).

In the instant case, the assessee was admittedly engaged in imparting and developing sports knowledge to school-going girls and underprivileged students, either in-house or through workshops. Thus, an activity of providing scholastic sports training and conducting incidental workshops was with a focal view to develop the sports knowledge, skills, mind & character of school students, which could fall within the realm of ‘education’ as used in section 2(15).

List of Cases Referred to

• ‘Shyam Sunder Sarma v. Pannalal Jaiswal (2005) 1 SCC 436 (para 11)
• Sheodan Singh v. Daryao Kunwar AIR 1966 SC 1332 (para 11)
• Dilip Kumar v. Esque Finamark (P.) Ltd. 2025 INSC 102 (para 12)
• Al Jamia Mohammediyah Education Society v. CIT (Exemptions) [2024] 162 taxmann.com 114/298 Taxman 650/[2025] 482 ITR 41 (Bombay) (para 13)
• CIT (Exemptions) v. A1 Jamia Mohammediyah Education Society [2025] 176 taxmann.com 761/481 ITR 215 (SC) (para 13)
• Sole Trustee, Loka Shikshana Trust v. CIT [1975] 101 ITR 234 (SC) (para 18)
• CoC v. Welkin Foods 2026 INSC 19 (para 19)
• ACIT v. AUDA (2022) 115 CCH 253 (para 20)
• CIT (Exemptions) v. Unique Educational Society [2024] 168 taxmann.com 448 (Punjab & Haryana) (para 21)
• Deshpande Education Trust v. Asstt. CIT [2025] 181 taxmann.com 796/[2026] 309 Taxman 106 (Karnataka) (para 21)
• ITO (Exemp.) v. Chembur Gymkhana [2017] 80 taxmann.com 354 (Mumbai)/[2017] 164 ITD 279 (Mumbai) (para 26)
• Dahisar Sports Foundation v. ITO (Exemptions) [2017] 87 taxmann.com 313/167 ITD 710 (Mumbai) (para 26).

The post Sports Training Trust Eligible for Section 12AB & 80G | ITAT appeared first on Taxmann Blog.

source

Case Details: Jindal Drugs (P.) Ltd. vs. Union of India - [2026] 184 taxmann.com 350 (Bombay)

Judiciary and Counsel Details

• G. S. Kulkarni & Aarti Sathe, JJ.
• Jas Sanghavi for the Petitioner.
• Jitendra B. Mishra, Abhishek Mishra, Rupesh Dubey, Ms Raju R. Thalekar & Priyanshu Doshi for the Respondent.

Facts of the Case

The petitioner filed a writ petition challenging the determination of interest on delayed refund of IGST. It was submitted that the authorities were directed to sanction IGST refund along with statutory interest. The petitioner contended that although interest was initially sanctioned, it was subsequently reduced by a corrigendum without assigning any reasons. It was submitted that such reduction and computation of interest were contrary to the statutory mandate, which prescribes the rate and period of interest on delayed refunds. The matter was accordingly placed before the High Court.

High Court Held

The High Court held that the impugned orders determining interest were unsustainable as they failed to provide any reasons or basis for reduction and did not adhere to the mandate of Section 56 read with Section 54 of the CGST Act. It was observed that Section 56 specifically governs the liability to pay interest on delayed refunds while Section 54 lays down the statutory framework for claiming refunds. It analysed the actions of the jurisdictional officer under CGST and found that the reduction of interest through a corrigendum and the grant of nominal interest lacked legal justification. It declined to undertake the computation of interest itself and instead emphasised adherence to the statutory provisions. Accordingly, the orders were set aside to the extent of the interest component, and the designated officer was directed to re-determine the interest.

List of Cases Referred to

• Jindal Drugs (P.) Ltd. v. UOI [WP No. 4445 of 2021, dated 2-5-2022] (para 4)
• Altisource Business Solutions India (P.) Ltd. v. UOI [2025] 179 taxmann.com 313/112 GST 254/103 GSTL 274 (Bombay) (para 7)
• Lupin Ltd. v. UOI [2025] 177 taxmann.com 335/102 GSTL 151 (Bombay) (para 7).

The post HC Sets Aside IGST Refund Interest Reduction appeared first on Taxmann Blog.

source

Notification no. 22/2026, dated 20-03-2026

The Central Board of Direct Taxes (CBDT) has notified the Income-tax Rules, 2026 vide Notification No. G.S.R. 198(E) dated 20 March 2026, under Section 533 of the Income-tax Act, 2025.

The Rules will come into effect from 1 April 2026 and provide the procedural and operational framework for implementation of the new Income-tax Act, 2025.

1. Alignment with the New Income-tax Act, 2025

The newly notified rules are designed in line with the philosophy of the Income-tax Act, 2025, focusing on:

• Simplified language and structure
• Improved clarity in compliance requirements
• Enhanced usability for taxpayers and professionals

2. Key Structural Changes

The Income-tax Rules, 2026 introduce significant rationalisation compared to the earlier framework:

• Total Rules:

1. 1. Earlier (Income-tax Rules, 1962) – 511 rules
   2. New (Income-tax Rules, 2026) – 333 rules

• Total Forms:

1. 1. Earlier – 399 forms
   2. New – 190 forms

This reduction has been achieved through:

• Removal of redundant provisions
• Consolidation of overlapping rules
• Streamlining of procedural requirements

3. Simplification and Use of Structured Formats

To enhance clarity and ease of compliance, the new rules incorporate:

• Simplified drafting language
• Use of formulas and tabular formats wherever necessary
• Better structuring of provisions for ease of interpretation

4. Objective of the New Rules

The Income-tax Rules, 2026 aim to:

• Provide a clear and streamlined compliance framework
• Reduce complexity in tax procedures
• Improve efficiency in tax administration
• Align procedural law with the modernised Income-tax Act, 2025

5. Significance

The notification of the Income-tax Rules, 2026 marks a major step in operationalising the new direct tax regime in India, with a strong emphasis on simplicity, clarity, and efficiency in tax compliance and administration.

Click Here To Read The Full Notification

The post CBDT Notifies Income Tax Rules 2026 Effective from 01-04-2026 appeared first on Taxmann Blog.

source

Notification No. S.O. 1365(E); Dated: 16.03.2026

Following the completion of the term of Sh. Deep Chandra Joshi as Acting President of the National Company Law Tribunal (NCLT) on 16 March 2026, the Central Government has made a fresh appointment to ensure continuity in leadership.

1. New Acting President

The Government has appointed Sh. Bachu Venkat Balaram Das, the senior-most Judicial Member of NCLT, to discharge the functions of Acting President under Section 415(1) of the Companies Act, 2013.

2. Effective Date and Tenure

The appointment is effective from 17 March 2026 and will remain valid for:

• A period of six months, or
• Until the appointment of a regular President, or
• Until further orders are issued

Whichever is earlier.

3. Legal Basis of Appointment

The appointment has been made under the provisions of Section 415(1) of the Companies Act, 2013, which empowers the Government to designate a member to discharge the functions of the President in such circumstances.

4. Objective of the Appointment

The move ensures:

• Continuity in the functioning of NCLT
• Uninterrupted handling of corporate law and insolvency matters
• Smooth administrative and judicial operations of the Tribunal

This interim arrangement provides stability until a regular President is formally appointed.

Click Here To Read The Full Notification

The post MCA Appoints B.V.B. Das as Acting NCLT President appeared first on Taxmann Blog.

source

Notification No. DCM(CC)No.S4781/03.51.01/2025-26, Dated: 16.03.2026

The Reserve Bank of India (RBI) has directed all Currency Chest (CC) holding banks to keep their currency chests open on 31 March 2026, notwithstanding the day being a public holiday.

1. Purpose of the Direction

The direction has been issued to facilitate smooth processing of Government receipts and payments for the financial year 2025–26, particularly at the close of the financial year.

Maintaining operational currency chests ensures uninterrupted cash management and settlement of government transactions.

2. Operational Instructions to Banks

Banks have been advised to:

• Operate their Currency Chests as on a normal working day
• Ensure that all linked branches are duly informed about the special arrangement
• Facilitate seamless handling of Government-related transactions, including receipts and payments

3. Objective of the Measure

The directive aims to:

• Ensure efficient year-end financial operations
• Avoid disruptions in government accounting and settlement processes
• Maintain liquidity and cash availability within the banking system

This measure supports the smooth closure of financial accounts for FY 2025–26 and ensures timely execution of government transactions.

Click Here To Read The Full Notification

The post RBI Directs Currency Chests to Remain Open on March 31, 2026 appeared first on Taxmann Blog.

source