Source: BS Context: The Insurance Regulatory & Development Authority of India (IRDAI) has directed all insurers, reinsurers, and distributing channels to establish a comprehensive fraud risk management framework. This comes in response to rising instances of insurance and cyber frauds. The guidelines are set to take effect from April 1, 2026. Key Requirements for Insurers:
EPFO to Adopt Separate Investment Benchmarks for Its Social Security Schemes
Source: BS Context: The Employees’ Provident Fund Organisation (EPFO), which manages the retirement savings of India’s formal workforce, is considering separate benchmarks for its three social security schemes: This comes after a Reserve Bank of India (RBI) suggestion to the Labour and Employment Ministry to review EPFO’s current approach of pooling all three schemes’ corpus (~₹25 trillion) with a common investment strategy, despite differing actuarial liabilities. Current Investment Pattern: Performance is currently assessed by Crisil, benchmarking debt portfolios to bond yields and equity portfolios to indices like BSE Sensex and Nifty 50. Proposed Changes: Benefits: Additional Initiative – Doorstep Delivery of Digital Life Certificates (DLCs):
Foreign Banks Propose Policy Eases to RBI
Source: ET Context: In a first-of-its-kind formal meeting, 14 foreign bank CEOs met RBI Governor Sanjay Malhotra to provide feedback on operational challenges and suggest measures to ease business in India. The recommendations focus on risk weights, priority sector lending, and on-lending norms. Key Recommendations: Foreign Banks Regulatory Framework
Banks Seek Exemption from SMS Alerts for Transactions Below â‚ą100
Source: ET Context: Banks in India have requested the Reserve Bank of India (RBI) to allow exemption from sending SMS alerts for low-value transactions (below â‚ą100), citing growing digital transaction volumes and customer notification fatigue. Key Highlights:
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA)
Source: ET Context: The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA), one of India’s strictest tax laws, is under review by an internal government committee. The panel will examine challenges in enforcement, conflicts with the Income Tax Act, and explore ways to handle undisclosed foreign assets more effectively. Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA) Objective: Key Features: Aspect Details Scope Applies to income or assets held outside India by:- Indian residents- Citizens of India- Entities controlled by Indian residents Taxation Undisclosed foreign income/assets taxed at 30% plus applicable surcharge and cess.Additional penalties and prosecution may apply in serious cases. Penalty Penalty can be equal to tax payable on undisclosed foreign income/assets.Additional penalties may apply for concealment or failure to report. Voluntary Disclosure / Compliance Government provides Voluntary Disclosure Schemes (VDS) periodically:- Allows taxpayers to disclose undisclosed foreign income/assets- Pay tax and penalty- Avoid prosecution Prosecution Willful concealment or misreporting is a criminal offense:- Imprisonment: 3 to 10 years- Fines: As per the Act Reporting Requirements Individuals and entities must report foreign income and assets in annual income tax returns.Compliance is strictly enforced with cross-checking of foreign data. Controversial Provisions:
Shift to Non-Communicable Diseases (NCDs) in India: GBD 2023 Report
Source: IE Context: The Global Burden of Disease (GBD) 2023 report, published in The Lancet and launched at the World Health Summit, Berlin, highlights a global shift in causes of mortality and morbidity, with non-communicable diseases (NCDs) now accounting for nearly two-thirds of global deaths and illnesses. In India, this trend mirrors the global pattern: deaths are increasingly caused by NCDs rather than infectious diseases. Key Highlights:
IUCN Recognises Indian Wolf as a Potential Distinct Species
Source: TOI Context: In a landmark update, the International Union for Conservation of Nature (IUCN) has, for the first time, evaluated the Indian wolf (Canis lupus pallipes) separately from the global gray wolf complex. The move acknowledges that the Indian wolf may represent a distinct species within the Canis genus, significantly enhancing its conservation priority worldwide. Key Findings of IUCN Assessment:
Kerala Launches Initiative to Promote Low-Emission Rice-Based Farming Systems
Source: TH Context: A three-day inception workshop on “Catalysing Transitions to Low-Emission Rice-Based Systems in Kerala” has begun at the College of Agriculture, Vellanikkara, marking a significant step towards climate-resilient and sustainable rice cultivation in the State. Organisers and Partners The event is jointly organised by: The initiative forms part of the Kerala Climate Resilient Agri-Value Chain Modernization Project (KERA), implemented by the Department of Agriculture and Farmers’ Welfare with World Bank support. Objectives of the Programme
KisanKraft Launches Nationwide Campaign to Promote Dry Direct Seeded Rice (DDSR) Technology
Source: BL Context: Agricultural equipment manufacturer KisanKraft Ltd. has announced a nationwide awareness and education campaign to promote its Dry Direct Seeded Rice (DDSR) technology. The initiative will begin on October 10, 2025, from Sitapur, Uttar Pradesh, and continue until December 2025, covering 10 states across India. About DDSR Technology Key Benefits
Gnani.ai Launches Self-Cloned Digital Human at Global Fintech Fest 2025
Source: FE Context: At the Global Fintech Fest 2025, Gnani.ai, a leading Indian conversational AI company, unveiled a self-cloned Digital Human, marking a major leap in human–AI interaction. The innovation aims to humanize digital communication through realistic, multilingual avatars for financial and enterprise applications. About the Digital Human Key Features
