December 05, 2025

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INCOME TAX

5
Dec

Notification No. 166/2025 (Delhi)
S.O. 5551(E).— In the exercise of the powers conferred by clause (b) of sub-section (2) of section 80G of the Income-tax Act, 1961

2
Dec

Notification No. 163/2025 (Delhi)
S.O. 5442(E).— In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961

2
Dec

Notification No. 164/2025 (Delhi)
S.O. 5441(E).—In exercise of the powers conferred by sub-clause (b) of clause (46A) of section 10 of the Income-tax Act, 1961

2
Dec

Notification No. 165/2025 (Delhi)
S.O. 5440(E).— In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961

RBI

5
Dec

RBI/DOR/2025-26/191 (Delhi)
Reserve Bank of India (Small Finance Banks – Securitisation Transactions) Directions, 2025

5
Dec

RBI/DOR/2025-26/192 (Delhi)
Reserve Bank of India (Small Finance Banks - Interest Rates on Advances) Directions, 2025

5
Dec

RBI/DOR/2025-26/193 (Delhi)
Reserve Bank of India (Small Finance Banks – Classification, Valuation, and Operation of Investment Portfolio) Directions, 2025

5
Dec

RBI/DOR/2025-26/194 (Delhi)
Reserve Bank of India (Small Finance Banks – Asset Liability Management) Directions, 2025

5
Dec

RBI/DOR/2025-26/195 (Delhi)
Reserve Bank of India (Small Finance Banks – Income Recognition, Asset Classification and Provisioning) Directions, 2025

5
Dec

RBI/DOR/2025-26/196 (Delhi)
Reserve Bank of India (Small Finance Banks – Resolution of Stressed Assets) Directions, 2025

5
Dec

RBI/DOR/2025-26/197 (Delhi)
Reserve Bank of India (Small Finance Banks – Treatment of Wilful Defaulters and Large Defaulters) Directions, 2025

5
Dec

RBI/DOR/2025-26/198 (Delhi)
Reserve Bank of India (Small Finance Banks - Financial Statements: Presentation and Disclosures) Directions, 202

5
Dec

RBI/DOR/2025-26/199 (Delhi)
Reserve Bank of India (Small Finance Banks – Prudential Norms on Declaration of Dividends) Directions, 2025

5
Dec

RBI/DOR/2025-26/200 (Delhi)
Reserve Bank of India (Small Finance Banks – Know Your Customer) Directions, 2025

5
Dec

RBI/DOR/2025-26/171 (Delhi)
Reserve Bank of India (Commercial Banks – Managing Risks in Outsourcing) Directions, 2025

5
Dec

RBI/DOR/2025-26/172 (Delhi)
Reserve Bank of India (Commercial Banks - Climate Finance and Management of Climate Change Risks) Directions, 2025

5
Dec

RBI/DoR/2025-26/173 (Delhi)
Reserve Bank of India (Commercial Banks – Forthcoming Instructions) Directions, 2025

5
Dec

RBI/DOR/2025-26/174 (Delhi)
Reserve Bank of India (Commercial Banks – Miscellaneous) Directions, 2025

5
Dec

RBI/DOR/2025-26/175 (Delhi)
Reserve Bank of India (Small Finance Banks – Licensing) Guidelines, 2025

5
Dec

RBI/DOR/2025-26/176 (Delhi)
Reserve Bank of India (Small Finance Banks – Acquisition and Holding of Shares or Voting Rights) Directions, 2025

5
Dec

RBI/DoR/2025-26/177 (Delhi)
Reserve Bank of India (Small Finance Banks - Voluntary Amalgamation) Directions, 2025

5
Dec

RBI/DOR/2025-26/178 (Delhi)
Reserve Bank of India (Small Finance Banks - Branch Authorisation) Directions, 2025

5
Dec

RBI/DOR/2025-26/381 (Delhi)
Reserve Bank of India (Small Finance Banks – Digital Banking Channels Authorisation) Directions, 2025

5
Dec

RBI/DOR/2025-26/179 (Delhi)
Reserve Bank of India (Small Finance Banks – Undertaking of Financial Services) Directions, 2025

5
Dec

RBI/DOR/2025-26/180 (Delhi)
Reserve Bank of India (Small Finance Banks - Governance) Directions, 2025

5
Dec

RBI/DOR/2025-26/181 (Delhi)
Reserve Bank of India (Small Finance Banks – Cash Reserve Ratio and Statutory Liquidity Ratio) Directions, 2025

5
Dec

RBI/DOR/2025-26/182 (Delhi)
Reserve Bank of India (Small Finance Banks – Prudential Norms on Capital Adequacy) Directions, 2025

5
Dec

RBI/DoR/2025-26/183 (Delhi)
Reserve Bank of India (Small Finance Banks- Resource Raising Norms) Directions, 2025

5
Dec

RBI/DOR/2025-26/184 (Delhi)
Reserve Bank of India (Small Finance Banks – Interest Rate on Deposits) Directions, 2025

5
Dec

RBI/DOR/2025-26/185 (Delhi)
Reserve Bank of India (Small Finance Banks – Credit Facilities) Directions, 2025

5
Dec

RBI/DOR/2025-26/186 (Delhi)
Reserve Bank of India (Small Finance Banks – Credit Cards and Debit Cards: Issuance and Conduct) Directions, 2025

5
Dec

RBI/DOR/2025-26/187 (Delhi)
Reserve Bank of India (Small Finance Banks – Credit Information Reporting) Directions, 2025

5
Dec

RBI/DOR/2025-26/188 (Delhi)
Reserve Bank of India (Small Finance Banks – Credit Risk Management) Directions, 2025

5
Dec

RBI/DOR/2025-26/190 (Delhi)
Reserve Bank of India (Small Finance Banks – Transfer and Distribution of Credit Risk) Directions, 2025

5
Dec

RBI/DOR/2025-26/189 (Delhi)
Reserve Bank of India (Small Finance Banks - Concentration Risk Management) Directions, 2025

3
Dec

RBI/2025-26/100 (Delhi)
Consolidation of Regulations – Withdrawal of circulars

3
Dec

RBI/DOR/2025-26/144 (Delhi)
Reserve Bank of India (Setting Up of Wholly Owned Subsidiaries by Foreign Banks) Guidelines, 2025

3
Dec

RBI/2025-26/99 (Delhi)
Compliance with Know Your Customer (KYC) norms

3
Dec

RBI/DOR/2025-26/143 (Delhi)
Reserve Bank of India (Universal Banks- Licensing) Guidelines, 2025

3
Dec

RBI/DOR/2025-26/145 (Delhi)
Reserve Bank of India (Commercial Banks – Acquisition and Holding of Shares or Voting Rights) Directions, 2025

3
Dec

RBI/DoR/2025-26/146 (Delhi)
Reserve Bank of India (Commercial Banks - Voluntary Amalgamation) Directions, 2025

3
Dec

RBI/DOR/2025-26/147 (Delhi)
Reserve Bank of India (Commercial Banks - Branch Authorisation) Directions, 2025

3
Dec

RBI/DOR/2025-26/380 (Delhi)
Reserve Bank of India (Commercial Banks – Digital Banking Channels Authorisation) Directions, 2025

3
Dec

RBI/DOR/2025-26/148 (Delhi)
Reserve Bank of India (Commercial Banks – Undertaking of Financial Services) Directions, 2025

3
Dec

RBI/DOR/2025-26/150 (Delhi)
Reserve Bank of India (Commercial Banks – Cash Reserve Ratio and Statutory Liquidity Ratio) Directions, 2025

3
Dec

RBI/DOR/2025-26/151 (Delhi)
Reserve Bank of India (Commercial Banks- Prudential Norms on Capital Adequacy) Directions, 2025

3
Dec

RBI/DoR/2025-26/152 (Delhi)
Reserve Bank of India (Commercial Banks-Resource Raising Norms) Directions, 2025

3
Dec

RBI/DOR/2025-26/153 (Delhi)
Reserve Bank of India (Commercial Banks – Interest Rate on Deposits) Directions, 2025

3
Dec

RBI/DOR/2025-26/154 (Delhi)
Reserve Bank of India (Commercial Banks – Credit Facilities) Directions, 2025

3
Dec

RBI/DOR/2025-26/155 (Delhi)
Reserve Bank of India (Commercial Banks – Credit Cards and Debit Cards: Issuance and Conduct) Directions, 2025

3
Dec

RBI/DOR/2025-26/156 (Delhi)
Reserve Bank of India (Commercial Banks- Credit Information Reporting) Directions, 2025

3
Dec

RBI/DOR/2025-26/157 (Delhi)
Reserve Bank of India (Commercial Banks – Credit Risk Management) Directions, 2025

3
Dec

RBI/DOR/2025-26/158 (Delhi)
Reserve Bank of India (Commercial Banks - Concentration Risk Management) Directions, 2025

3
Dec

RBI/DOR/2025-26/159 (Delhi)
Reserve Bank of India (Commercial Banks- Transfer and Distribution of Credit Risk) Directions, 2025

3
Dec

RBI/DOR/2025-26/160 (Delhi)
Reserve Bank of India (Commercial Banks – Securitisation Transactions) Directions, 2025

3
Dec

RBI/DOR/2025-26/161 (Delhi)
Reserve Bank of India (Commercial Banks - Interest Rates on Advances) Directions, 2025

3
Dec

RBI/DOR/2025-26/162 (Delhi)
Reserve Bank of India (Commercial Banks – Classification, Valuation, and Operation of Investment Portfolio) Directions, 2025

3
Dec

RBI/DOR/2025-26/163 (Delhi)
Reserve Bank of India (Commercial Banks – Asset Liability Management) Directions, 2025

3
Dec

RBI/DOR/2025-26/164 (Delhi)
Reserve Bank of India (Commercial Banks – Income Recognition, Asset Classification and Provisioning) Directions, 2025

3
Dec

RBI/DOR/2025-26/165 (Delhi)
Reserve Bank of India (Commercial Banks – Resolution of Stressed Assets) Directions, 2025

3
Dec

RBI/DOR/2025-26/166 (Delhi)
Reserve Bank of India (Commercial Banks – Treatment of Wilful Defaulters and Large Defaulters) Directions, 2025

3
Dec

RBI/DOR/2025-26/167 (Delhi)
Reserve Bank of India (Commercial Banks - Financial Statements: Presentation and Disclosures) Directions, 2025

3
Dec

RBI/DOR/2025-26/168 (Delhi)
Reserve Bank of India (Commercial Banks – Prudential Norms on Declaration of Dividends and Remittance of Profit) Directions, 2025

3
Dec

RBI/DOR/2025-26/169 (Delhi)
Reserve Bank of India (Commercial Banks – Know Your Customer) Directions, 2025

3
Dec

RBI/DOR/2025-26/170 (Delhi)
Reserve Bank of India (Commercial Banks - Responsible Business Conduct) Directions, 2025

2
Dec

RBI/FED/2025-26/98 (Delhi)
Amendments to Directions - Compounding of Contraventions under FEMA, 1999

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INDIAN ECONOMY
Russia identifies six key export areas for India; ready to ease trade rules

Russia has identified six sectors — including consumer goods, pharmaceuticals, and telecom equipment — where Indian companies can expand their presence in the Russian market. As the India–Russia Business Forum opened on Thursday, both sides acknowledged India’s widening trade deficit with Russia and committed...

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'Opportunity for us': RBI governor Sanjay Malhotra sees impact of Trump tariffs as 'minimal'; says 'should be able to come out of this stronger'

RBI governor Sanjay Malhotra is of the view that the tariffs imposed on Indian exports are an opportunity for the sector. In a post RBI policy press conference, Malhotra told reporters that the impact of tariffs has been 'minimal'. US President Donald Trump in August imposed 50% tariffs on Indian exports to A...

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RBI MPC Meeting: Key takeaways from RBI’s latest policy

The Reserve Bank of India on Friday reduced the repo rate by 25 basis points to 5.25%, ending its two-meeting pause and extending the monetary easing cycle that began in February. With this move, the central bank has delivered 125 bps of cumulative cuts in 2025, a shift Governor Sanjay Malhotra said was made ...

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RBI GDP Growth 2025: Central bank raises FY26 growth forecast to 7.3%

The Reserve Bank of India’s rate-setting Monetary Policy Committee (MPC) on Friday revised India’s GDP forecast for FY2025-26 upwards to 7.3%, compared with the earlier estimate of 6.8%. For Q3 FY26, the central bank raised its growth estimate to 7.0% from 6.4%. The forecast for Q4 FY26 was also raised to ...

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RBI Inflation FY2025-26: MPC slashes inflation aim by 60 bps to 2% as food prices ease

The Reserve Bank of India’s Monetary Policy Committee (MPC) on Friday said inflationary pressures have continued to ease, aided by recent GST rate cuts, a benign outlook on food prices, and improved supply conditions. The central bank, which has been signalling a disinflationary trend for several months, has ...

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Explainer: How non-tariff barriers are choking Indian exports

By Ajay Srivastava Non-tariff barriers (NTB) now cause more export loss than tariffs ever did. India must raise the issue of NTBs in trade talks, make recognition of standards reciprocal, escalate unjust rules to the World Trade Organisation, use counter-measures where needed, & insert NTB-discipline claus...

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India, Canada discuss contours of trade pact

India and Canada held preliminary talks on the broad contours of their proposed Comprehensive Economic Partnership Agreement (CEPA) negotiations for which are likely to be launched soon. Commerce and industry minister Piyush Goyal held a virtual meeting with Canada’s minister of international trade Maninde...

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India seeks trade parity with Russia

As Russian President Vladimir Putin arrived in India on Thursday on a two-day visit, India sought harmonisation of standards with Russia and reduction of regulatory barriers to enable higher exports that will balance the trade between the two countries and take it to $100 billion by 2030. “It (bilateral tr...

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RBI’s big move: 6 game-changing takeaways you can’t miss – From 25 bps rate cut to Rs 1 trillion liquidity boost

The Reserve Bank of India has gone big on liquidity boost in its December Monetary Policy Committee (MPC) meeting. The RBI MPC unanimously decided to cut rates by 25 basis points to 5.25% and maintains policy stance at ‘neutral’. This MPC was keenly awaited, especially given the fact that the rupee hit a life...

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MARKET & FINANCE
Russian firms queue for Indian market trading licence

Russian firms are stepping up their entry into India’s capital markets, with the number of Russia-linked Foreign Portfolio Investors (FPIs) registered with the Securities and Exchange Board of India (Sebi) rising sharply from just three in 2023 to 23 today. At least five more Russian entities are currently in...

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Retail stress to drive next wave of NPA sales as ARC AUM shrinks: Crisil

Asset reconstruction companies (ARCs) are entering a critical transition phase as the supply of large corporate bad loans dwindles and retail stress becomes the dominant driver of the distressed-assets pipeline, according to Crisil Ratings. Analysts stated that the assets under management of private ARCs are ...

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Russian investors can directly invest in India now: Sberbank’s new First India MF opens

All eyes are on the key announcements and partnerships that are likely to be announced as Russian President Vladimir Putin meets Prime Minister Narendra Modi for the 23rd India-Russia annual summit in India. Close on the heels of the summit, the National Stock Exchange announced that SBER Bank, Russia’s large...

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GLOBAL CORPORATE
Brazil Soy Exports Jump 64% in November Ahead of Chinese Shift to US

Brazil's soybean exports jumped 64% in November from a year ago to 4.2 million metric tons, the government said on Thursday, with good local supply allowing elevated shipments before the world's largest importer China shifts to United States' beans. Brazil soy exports normally fall towards the end of the y...

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US Trade With China Probably Needs to Be Smaller, USTR's Greer Says

U.S. trade with China needs to be balanced and probably needs to be smaller, U.S. Trade Representative Jamieson Greer said on Thursday, adding that he viewed a 25% drop in goods trade with China as heading in the "right direction." "The landing zone with China is our trade with them needs to be more balanc...

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IKEA to Ramp up US Production as Tariffs Bite

IKEA plans to source more products from factories in the United States, the Swedish furniture group's top supply chain executive told Reuters, as President Donald Trump's tariffs drive up the cost of importing bookcases, mattresses and sofas. This marks a big shift for IKEA after the share of the company's...

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Airbus Confirms November Deliveries Dip After Industrial Glitch

Airbus delivered 72 planes in November to reach 657 so far this year, the European planemaker said on Friday. The figure, underscoring a weak November cited by Airbus CEO Guillaume Faury after an industrial glitch, means the world's largest planemaker has to deliver a near-record 133 planes in December to ...

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US to sell bombs to Canada in $2.7-bn deal

The United States said Thursday it had approved a $2.68-billion sale of bombs to Canada, where Prime Minister Mark Carney is sharply expanding defense spending amid uncertainties over relations with Washington. The State Department said the air strike weapons will include up to 3,414 BLU-111 bombs, which w...

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Banking
Govt may seek bids for $7 billion IDBI Bank stake this month

India is poised to seek bids for its $7.1 billion majority stake in IDBI Bank Ltd., a key step in its long-running effort to privatize the previously-distressed lender and accelerate a divestment push. Talks with potential suitors are at an advanced stage, according to people familiar with the matter. A go...

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Russia’s Sberbank charts major India expansion plan

Russia’s majority state-owned Sberbank is preparing a major expansion in India and plans to seek regulatory approval within three years to convert its existing branches into a wholly owned subsidiary, CEO Herman Gref said. The lender, which is the key intermediary in rupee-ruble settlements and facilitates...

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GLOBAL ECONOMY
Trade Report
Country Month Link
Switzerland July 2019 Click
UAE Non-Oil Private Sector Growth Accelerates in November, PMI Shows

The United Arab Emirates' non-oil private sector output expanded at its fastest pace in 11 months in November, driven by robust market conditions and a surge in new business, a survey showed on Friday. The seasonally adjusted S...

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China's November Exports Expected to Have Rebounded off US Tariff Truce

China's exports likely returned to growth in November after an unexpected dip in October, as manufacturers rushed to move inventory to take advantage of a fresh tariff truce with the U.S. In a deal in late October that followed...

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German Economy Faces Tepid Growth in 2026 Due to Global Trade Slowdown, Says IW Institute

Germany's economic recovery will remain subdued next year as exports struggle and global trade slows, according to a forecast by the German Economic Institute IW seen by Reuters on Friday. The IW forecasts Germany's real gross...

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German Industrial Orders Rise More Than Expected in October

German industrial orders rose more than expected in October, but the increase was driven by large-scale orders, according to data released on Friday. Orders rose by 1.5% on the previous month on a seasonally and calendar adjust...

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INDIAN CORPORATE
British American Tobacco sells 9% ITC Hotels stake for Rs 3,800 crore, retains 6.3% equity

British American Tobacco (BAT) sold a 9 percent stake in ITC Hotels for about Rs 3,800 crore, cutting its holding in the company to 6.3 percent. BAT earlier held 15.3 percent in the recently demerged hotels business of ITC Ltd,...

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Dream11 returns with second-screen sports platform, targets $10 bn global revenue opportunity

Dream11 co-founder and CEO Harsh Jain on Thursday announced the company’s newest bet, a second-screen sports entertainment platform that allows fans to watch matches alongside sports creators through interactive watch-alongs. The ...

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S&P raises RIL’s ratings

S&P Global Ratings on Thursday said it has raised long-term issuer credit rating on Reliance Industries to ‘A-‘ from ‘BBB+’. The rating firm also raised its long-term issue ratings on the senior unsecured debt the company issued ...

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Suzlon to set up AI enabled smart factories

Suzlon Energy plans to build three AI-enabled smart factories as it looks to speed execution of its 6.2 gigawatt order book and streamline logistics, group Chief Executive Officer JP Chalasani said. Two of the plants are planne...

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GST
Advisory on reporting values in Table 3.2 of GSTR-3B

Table 3.2 of Form GSTR-3B captures the inter-state supplies made to unregistered persons, composition taxpayers, and UIN holders out of the total supplies declared in Table 3.1 & 3.1.1 of GSTR-3B and is auto-populated from corresponding supplies declared in GSTR-1, GSTR-1A, and IFF in the requisite tables. ...

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No GST on leasing out residential premises as hostel for students: SC

The Supreme Court on Thursday held that leasing out of residential premises to an entity which is using it as hostel for students and working professionals is exempted from GST. A bench of justices JB Pardiwala and KV Viswanathan upheld the verdict of the Karnataka High Court which said that leasing out of...

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Insolvency
S&P upgrades India’s insolvency regime to Group B on stronger creditor protection under IBC

S&P Global Ratings has upgraded its jurisdiction ranking assessment for India’s insolvency regime, citing a more creditor-friendly framework under the Insolvency and Bankruptcy Code (IBC). The global rating agency moved India to G...

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Recovery under Insolvency code declines to 25% in Q2

The realisations under the Insolvency and Bankruptcy Code (IBC) has declined to around 25% as of September 2025 from 30% in the first quarter of FY26, reflecting the need to improve effectiveness of IBC in the resolution processes...

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