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Political scorecard in 2025: Top 10 winners and losers of this year | India News


Political scorecard in 2025: Top 10 winners and losers of this year

NEW DELHI: It has been a year bookended by elections. It started with the intense campaigning for the Delhi assembly elections and ended with the surprising results of Bihar. In between, there were parliamentary showdowns, infights and figures emerging and fading away from the centre stage.In 2025, while several heavyweights failed to live up to expectations, many asserted their place back in, proving themselves the dark horses of Indian politics.The year was also a reminder that power is rarely static — and that survival often matters as much as victory.So, who were the winners and losers in politics in 2025? Here’s a look.

Winners

Nitish KumarAhead of the Bihar assembly elections, the opposition was in a hurry to write the political obituary of chief minister Nitish Kumar. Throughout the campaign, Nitish’s former deputy and RJD scion Tejashwi Yadav claimed that the chief minister was “mentally unfit” and “too old” to govern the state.Additionally, political pundits were also skeptical about Nitish’s return. They flagged anti-incumbency and infighting within the NDA to argue that the odds were stacked against him.

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However, the results presented a different picture. Bihar once again handed a sweeping mandate to the NDA, extending Nitish Kumar’s two-decade-long hold on power. The NDA secured a thumping majority, winning 202 seats in the 243-member House.Within the NDA, the BJP emerged as the strongest performer, securing 89 seats — its best-ever result in the state — followed by Nitish Kumar’s JD(U) with 85 seats.SiddaramaiahAs the Congress government reached the halfway mark in Karnataka on November 20, talk of a secret agreement became public. Several MLAs and MLCs from deputy chief minister DK Shivakumar’s faction camped in Delhi to press the party high command to honour the “deal” and make him chief minister for the next two and a half years.DKS added fuel to the speculation after he confirmed the “secret deal,” claiming that there had indeed been “a confidential understanding on leadership transition among five or six leaders” soon after the Congress won a landslide in the 2023 elections.

Karnataka CM tussle between Siddaramaiah and DKS

This triggered one of the most cordial tussles between chief minister Siddaramaiah and his deputy. The two leaders even sat down for breakfast meetings to reach an understanding, but the question over the chief ministerial post remained unanswered.For now, the standoff appears to have eased. Siddaramaiah seems to have bought more time from the high command, while DKS appears to have chosen to wait it out, with both leaders refraining from making any public remarks on the issue.Nitin NabinBihar MLA Nitin Nabin’s elevation as the working president of the Bharatiya Janata Party was a rise that few saw coming. While political pundits were speculating about the names of bigwigs with strong RSS links, Nabin’s appointment marked a major organisational shift at the top of the ruling party.Although he is only 45 years old, Nabin is a five-term MLA and has handled several key organisational responsibilities. He served as the Bihar president of the Bharatiya Janata Yuva Morcha from 2016 to 2019 and managed the BJP’s Lok Sabha and assembly campaigns in Sikkim in 2019, before being appointed co-incharge of Congress-ruled Chhattisgarh in 2021.At a time when the Congress was considered the frontrunner to retain power in the 2023 Chhattisgarh assembly polls, Nabin’s inputs to the BJP leadership predicted victory, which ultimately came true.Caste arithmetic also aligns with Nabin’s elevation as party president. The choice of Nabin, an upper-caste Kayastha — a community that constitutes barely 0.6% of Bihar’s population and is considered politically insignificant in the state — is significant because Kayasthas are among the key castes in West Bengal, where assembly elections are scheduled for May next year.Welfare schemes targeting womenPolitical mobilisation of the women vote bank through welfare schemes saw its peak in the 2025 Bihar assembly elections. Just days ahead of the elections, Prime Minister Narendra Modi rolled out the Mukhya Mantri Mahila Rojgar Yojana, which credited Rs 10,000 to the bank accounts of 1.2 crore women. Additionally, social security schemes like free electricity up to 125 units and a pension increment were also announced by chief minister Nitish Kumar in the run-up to the elections. This translated into the polling booths as women voters outnumbered men and shattered turnout records. While the overall turnout stood at 66.91 per cent, an extraordinary 71.6 per cent of women cast their votes — nearly nine percentage points higher than the 62.8 per cent turnout among men.This overwhelming participation tilted the mandate toward the NDA, boosted by welfare schemes for women. The contrast between the two alliances was simple: the NDA had already delivered the benefit, while Mahagathbandhan’s offer remained a campaign promise. For many women, that difference — money already in the bank versus a promise of future help — mattered.Chirag PaswanAt a time when stars are not aligning for Dalit leaders like Mayawati and Jitan Ram Manjhi, Lok Janshakti Party (Ram Vilas) chief Chirag Paswan emerged as the third hero in the NDA’s success in Bihar.LJP(RS) won 19 out of 29 seats, propelling the NDA past the 200-seat mark.Chirag’s dominance in Bihar and within the NDA was evident even during the seat-sharing talks, when his party got a fair share despite only one of its 143 candidates winning during the 2020 assembly polls. His bargaining power came from the 2024 Lok Sabha elections, when LJP(RV) won all five seats it contested.

Losers

CongressThe fortune wheels did not spin for Congress this year either, as 2024 was marred with poll routs and infighting for the party. Wounded by the defeats in Haryana and Maharashtra in 2024, the grand old party continued its lackluster performance in 2025.It began with the poll rout in the Delhi assembly elections, where Congress could not win even a single seat. In addition to the poll results, it also suffered an alliance breakup as collateral damage after the Aam Aadmi Party decided to walk away from the INDIA bloc.In the Bihar assembly elections, Congress experienced its steepest decline after it managed to win only six seats. Rahul Gandhi travelled over 1,300 kilometres to galvanise voter support but fell flat in comparison to the local issues that resonated more strongly with Bihar’s electorate.Meanwhile, the party encountered another crisis in Karnataka after a tussle broke out between Siddaramaiah and DK Shivakumar over the chief ministerial post. Although the situation seems defused for now, the party is sitting on a ticking time bomb that may detonate soon.Moreover, several Congress leaders flagged serious problems within the party. One of them was former Odisha MLA Mohammed Moquim, who wrote to Sonia Gandhi, calling for an “open-heart surgery” in the party and flagging a growing disconnect between the leadership and its workers.

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In his letter to Sonia Gandhi dated December 8, ex-Odisha MLA Mohammed Moquim highlighted six consecutive election losses in Odisha and three in the Lok Sabha while also questioning the selection of Mallikarjun Kharge as the party’s leader, claiming that the 83-year-old veteran “is unable to resonate with India’s youth.”Lalu clan2025 was a year of autumn for the Lalu clan. Lalu Yadav, along with his family and party, had to suffer setbacks throughout the year. In the Bihar elections, the party only won 25 seats in the assembly elections, registering one of its poorest performances.Soon, things went south on the family front as well. Just days after the poll results, Rohini Acharya — the second of RJD chief Lalu Prasad’s nine children and the donor of the kidney that saved him — announced that she was quitting politics and “disowning” her family.Reportedly, Rohini had a heated argument with her brother Tejashwi Yadav over RJD’s assembly election disaster. She also alleged she was accused of donating a “dirty kidney” to her father after “extracting crores of rupees and a Lok Sabha ticket.”Earlier, Lalu had expelled his eldest, Tej Pratap Yadav, from the party for six years after he shared a photo with a woman on Facebook and claimed he had been in a relationship with her for 12 years.Later, Tej Pratap went on to form his own party — Jan Shakti Janta Dal — which drew a blank in the assembly elections.Prashant KishorPrashant Kishor, once hailed as India’s top election strategist, entered the Bihar polls as a political aspirant and walked out as its biggest loser.After a two-year padyatra across Bihar and massive media hype around Jan Suraaj, Kishor positioned himself as a transformative alternative to both the NDA and the Mahagathbandhan. However, Jan Suraaj did not manage to win a single seat, losing security deposits in the majority of the constituencies where it fielded candidates.However, PK has repeatedly said that he won’t back down. His next test comes much sooner than 2030 — the panchayat elections in 2026 — where he may attempt to make a comeback.Arvind KejriwalAfter two sweeping victories in 2015 and 2020, Kejriwal’s AAP was swept out of power in the 2025 Delhi assembly elections. Of the 70 assembly constituencies, the BJP clinched 48 seats, while AAP managed to secure only 22.Adding insult to injury, Kejriwal also lost the New Delhi seat to BJP’s Parvesh Verma.Rising to power as an anti-graft crusader, Kejriwal found himself embroiled in corruption cases days ahead of the elections.After walking out of jail on bail, Kejriwal resigned from the top post, seeking validation from the public of Delhi. The union territory, however, refused to give the stamp of ‘Mr Clean’ to Kejriwal.DK ShivakumarDespite pulling every trick in the book, DK Shivakumar failed to replace Karnataka chief minister Siddaramaiah. After the tussle came out in the open, DKS made several trips to Delhi, but the high command has not budged.

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DKS checked all the criteria to become the Karnataka CM. He generated funds for the party during the elections, and Vokkaliga seers — one of the strongest sects in Karnataka — are also backing him. Additionally, the majority of Congress MLAs are on his side.Despite this, DKS has decided to take a step back, obey the party high command and wait for the right time to come as the high command huddles in Delhi to deliver an answer.Honorable mention: Shashi TharoorThrough his charm and “Tharoorosaurus,” Congress MP Shashi Tharoor remained in the headlines throughout the year. Another reason he grabbed eyeballs was his standoff with his own party on different occasions. Despite being a member of the CWC, the Thiruvananthapuram MP skipped several important party meetings and refused to toe the party line on multiple issues. This irked many senior leaders of the grand old party, leading to repeated to-and-fro exchanges on social media platforms and in media bites.It all began after Shashi Tharoor emerged as one of the prominent voices articulating New Delhi’s position following the Pahalgam terror attack and India’s Operation Sindoor. Later, the Centre invited him to lead an Indian delegation as part of a global outreach after Operation Sindoor, even as the Congress was raising tough questions for the government. This did not go down well with his party colleagues, who accused him of cosying up to the BJP.However, just ahead of the Kerala assembly elections, the Congress is finding it difficult to take strict disciplinary action against a popular leader in the state, effectively giving Tharoor a free lane to drive on the wrong side.Now, it is yet to be determined whether Tharoor came out as a winner or a loser after the tug-of-war session with his own party.



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ILT20: Shayan Jahangir, Jordan Cox ensure Dubai Capitals a playoff spot | Cricket News


ILT20: Shayan Jahangir, Jordan Cox ensure Dubai Capitals a playoff spot

Shayan Jahangir and Jordan Cox struck commanding half-centuries as defending champions Dubai Capitals sealed a playoff berth with a convincing six-wicket victory over Sharjah Warriorz at the Dubai International Stadium on Christmas Eve.Chasing a modest 135, the Capitals cruised to the target with ease. Jahangir set the tempo early, while Cox anchored the chase with an unbeaten 61 off 50 balls, laced with six fours and a six. His knock earned him the green belt and took him to the top of the tournament’s run charts.

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After the early loss of Sediqullah Atal, Jahangir and Cox stitched together a decisive 76-run stand. Sikandar Raza briefly pulled the Warriorz back into the contest with two quick wickets in the 14th over, dismissing Jahangir and Mohammad Nabi, but the damage had already been done. Taskin Ahmed removed Leus du Plooy late, though Cox calmly finished the chase with five balls to spare.Go Beyond The Boundary with our YouTube channel. SUBSCRIBE NOW!Earlier, Dubai Capitals’ bowlers delivered a disciplined performance to restrict Sharjah Warriorz to 134/8. Haider Ali and Waqar Salamkheil claimed two wickets apiece, with Haider conceding just 13 runs in his four overs. David Willey, Mustafizur Rahman and Mohammad Nabi chipped in with a wicket each.

Shayan Jahangir

Shayan Jahangir in action for the Dubai Capitals

Sharjah’s innings never gained momentum despite a steady knock from Johnson Charles. A sharp run-out by Willey removed Monank Patel early, while Jahangir impressed behind the stumps to stump Tom Kohler-Cadmore. Late contributions from Adil Rashid and Harmeet Singh lifted the Warriorz to a competitive but insufficient total.Player of the Match Jordan Cox praised Jahangir’s aggressive intent. “It was quite tough against spin, but when the seamers came on, we tried to put them under pressure. Jahangir was very impressive. We’ve been encouraging him to be aggressive, and it was great to watch from the other end. For me, it was about not leaving it to the next man,” he said.

Haider Ali

Haider Ali of Dubai Capitals celebrates the wicket of Tom Kohler-Cadmore

Sharjah skipper Tim Southee admitted his own over proved costly but insisted their playoff hopes remain alive.“My Over towards was defining. We had to keep taking wickets to be in with a chance. The nature of the wickets is keeping sides in it for long. Not over for us. One game left, we win that and give ourselves a chance.”

Poll

Who was the standout performer for Dubai Capitals in their latest match?

Brief Scores Sharjah Warriorz: 134/8 in 20 overs (Johnson Charles 43, Monank Patel 24; Haider Ali 2/13, Waqar Salamkheil 2/29) Dubai Capitals: 138/4 in 19.1 overs (Shayan Jahangir 51, Jordan Cox 61 not out; Sikandar Raza 2/15)



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IPO market 2026: Over 190 companies line up for debut; over Rs 2.5 lakh crore fundraising targetted


IPO market 2026: Over 190 companies line up for debut; over Rs 2.5 lakh crore fundraising targetted

India’s IPO street is gearing up for one of the most bustling years ahead as 2026 is expected to see a wave of big-ticket listings. These initial public offerings will range from telecom and fintech to consumer internet and financial services. Regulatory data cited by ET shows that 84 companies have already received clearance from Sebi to tap the primary market, collectively seeking to raise about Rs 1.14 lakh crore. A further 108 companies are still awaiting approvals and together plan to raise nearly Rs 1.46 lakh crore, taking the potential fund mobilisation to over Rs 2.5 lakh crore from more than 190 issuers.Here are the most watched IPOs to look out for in 2026:

Reliance Jio

At the centre of market attention is Reliance Jio. The telecom and digital business of Reliance Industries is widely expected to make its public market debut in 2026, with estimates placing its valuation between Rs 11 lakh crore and Rs 12 lakh crore. If launched, the offering would be the largest IPO ever in India and is expected to have a significant impact on market liquidity and investor positioning.

National Stock Exchange

Another closely tracked candidate is the National Stock Exchange of India or the NSE. The exchange has stepped closer to listing after setting aside around Rs 1,300 crore to resolve pending issues with the regulator. Market participants are now watching for a no-objection certificate from Sebi, which could unlock one of the most anticipated IPOs in the country’s capital market history.

Flipkart

India’s consumer internet and technology space is also likely to contribute several large offerings. Flipkart is preparing for a listing in 2026 and is said to be eyeing a valuation of $60 billion to $70 billion. The Walmart-backed e-commerce platform, with a strong domestic footprint, is expected to be among the biggest tech IPOs to come out of India.

PhonePe

In the fintech space, PhonePe has already taken a step forward by filing confidential draft papers with Sebi. The company is planning a $1.5 billion IPO at an estimated valuation of $15 billion, marking a key moment for the digital payments segment as it tests investor appetite in public markets.

OYO

Hospitality firm OYO is also back on the IPO track. The SoftBank-backed company has begun groundwork for an issue that could raise up to $800 million. The move comes as OYO focuses on business stability and profitability, following delays to earlier listing plans caused by market volatility.

SBI Mutual Fund

SBI Funds Management, backed by State Bank of India and Amundi, is considering raising as much as $1.2 billion through an IPO in the first half of 2026, according to Bloomberg. As the country’s largest asset manager by assets, the listing would give investors a play on the expanding mutual fund industry.

Hero Fincorp

Hero Fincorp is also planning to tap the market with an IPO of Rs 3,668.13 crore. The issue will comprise a fresh issue of Rs 2,100 crore along with an offer for sale by existing shareholders, with investor focus likely to be on the company’s performance amid caution around unsecured lending.

Navi Technologies

Navi Technologies is targeting a public listing in the second half of FY26. Founded by Sachin Bansal, the company has been scaling its businesses across personal loans, home loans and insurance, and is expected to draw attention as one of the few large fintech players of its kind to approach the market.

Zepto

Quick-commerce firm Zepto is also gearing up for the public markets and is preparing to refile its draft offer documents. The company aims to raise between $450 million and $500 million, or about Rs 4,000 crore to Rs 4,440 crore, through a mix of fresh equity and investor exits as competition in the segment intensifies, ET reported.

Boat

Consumer electronics brand boAt is also lining up a listing. The company has appointed ICICI Securities, Goldman Sachs and Nomura as its bankers and is targeting a fundraise of $300 million to $500 million at a valuation exceeding $1.5 billion, with final details expected to be firmed up closer to the filing.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)



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‘Wanted to kill myself’: Unnao rape survivor protests Kuldeep Sengar bail at India Gate | Delhi News


NEW DELHI: “I wanted to kill myself then and there, but I stopped after thinking about my family,” those were the words of the Unnao rape survivor on Tuesday evening, as she sat on the lawns of India Gate hours after a Delhi high court order granted bail to former Uttar Pradesh MLA Kuldeep Singh Sengar in the 2017 rape case.The survivor, accompanied by her mother and women’s rights activist Yogita Bhayana, staged a protest at the Delhi landmark, saying the court’s decision had left her feeling unsafe and betrayed by the system.

Delhi HC Grants Bail To Kuldeep Sengar; Victim’s Sister Says ‘Put Us In Jail To Keep Us Safe’

Speaking to news agency ANI, the survivor alleged that the timing of the bail was politically motivated, linking it to the 2027 Uttar Pradesh assembly elections. “Injustice has been done to us. Elections are coming and he has been released on bail so that his wife can contest the polls,” she said. “If such a rape accused comes out, how will we be safe?”She demanded that the bail be cancelled, saying her family was living in fear since the order was passed. Despite her anguish, the survivor said she still believed in the judicial process and would approach the Supreme Court. “I have faith in the Supreme Court. We are scared that he has been released,” she said.Delhi Police later removed the protesters from the India Gate premises. Visuals showed the survivor, her mother and the activist being carried to a police bus as they pleaded with officers to allow them to continue their protest.Women’s rights activist Yogita Bhayana questioned the grounds on which Sengar was granted bail, saying the survivor and her family had been isolated throughout their long legal battle.“They have faced difficulties from the beginning. What has happened today that the accused was given bail?” she asked. “Rapists are getting bail, and innocents are being kept in jail. After his release, the family is under threat.”The survivor’s sister also spoke out against the bail order, claiming that unidentified men had been seen roaming near their house and threatening family members. “He killed my uncle and then my father. Then this happened to my sister,” she said, referring to the chain of cases linked to Sengar. “He has been released, but we are still in danger. At least if we were in jail, we would be alive.”On Tuesday, the Delhi high court suspended Sengar’s sentence in the rape case while his appeal is pending. A CBI court had convicted him for raping a minor and sentenced him to life imprisonment. The division bench of Justice Subramonium Prasad and Justice Harish Vaidyanathan Shankar granted the relief on the condition that he furnish a bail bond of Rs 15 lakh.However, Sengar will remain in custody for now, as he has not been granted bail in a separate case related to the custodial death of the survivor’s father. He was sentenced to 10 years in that case and his appeal, along with an applicatin for suspension of sentence, is still pending before the Delhi high court.



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‘Suspicious fire’: Car with ‘Chanukah’ sign set ablaze in Melbourne; comes days after Bondi beach shooting


'Suspicious fire': Car with 'Chanukah' sign set ablaze in Melbourne; comes days after Bondi beach shooting

Australian police are investigating a “suspicious fire” after a parked car displaying a sign celebrating the Jewish festival of Hanukkah was set ablaze in Melbourne in the early hours of Thursday, raising concerns of a possible antisemitic attack.The empty vehicle, which had a “Happy Chanukah” sign fixed to its roof, was damaged by fire while parked in the driveway of a house in the suburb of St Kilda East, Victoria Police said in a statement. Occupants of the house were evacuated as a precaution, and no injuries were reported.Images aired by national broadcaster ABC showed the car scorched by the blaze. Police said detectives are making inquiries and are searching for a person who may be able to assist the investigation. “Detectives have identified a person who may be able to assist with their investigation and they are actively searching for and making enquiries into their whereabouts,” the statement said.Rabbi Effy Block of the local Chabad of St Kilda described the incident as clearly antisemitic. “Thank God no people were harmed,” he told AFP. “But this is a continuing escalation, where we see these events happening again and again.”“My Jewish community in St Kilda and Melbourne do not feel safe in their own homes and country,” he added.The incident comes amid heightened concern over hate crimes in Australia. Authorities have been moving to tighten laws and penalties following a December 14 mass shooting at a Hanukkah festival on Sydney’s Bondi Beach that killed 15 people, AFP reported.



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Chess | ‘R Praggnanandhaa is third favourite’: World No. 1 Magnus Carlsen rates Candidates 2026 line-up | Chess News


Chess | 'R Praggnanandhaa is third favourite': World No. 1 Magnus Carlsen rates Candidates 2026 line-up
Magnus Carlsen and R Praggnanandhaa

World No. 1 and five-time World Chess Champion Magnus Carlsen has shared his thoughts on the players competing in the 2026 Candidates Tournament. According to the former world champion, Indian Grandmaster R Praggnanandhaa is the third strongest contender to win the event.

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Carlsen believes that Praggnanandhaa has a good chance, but still ranks him behind two American players. The Candidates Tournament is very important in chess. The winner earns the right to challenge the current World Champion. This time, the champion is India’s D Gukesh. Eight top players will take part in the tournament, and Praggnanandhaa is the only Indian among them.The 2026 Candidates Tournament will begin on March 28 in Cyprus. Carlsen feels that Americans Hikaru Nakamura and Fabiano Caruana are the top favourites. After them, he places Praggnanandhaa. He also said that there is a clear gap between these three and the rest of the field. “Just like last time, probably the Americans are the favourites. Then we got Pragg as the third favorite, and then probably a pretty big drop off after that. Wei Yi is really good, but I don’t think he’s capable of winning enough games to win the Candidates. So it will be interesting to see,” Carlsen told Chess.com in an interview. Apart from Nakamura, Caruana, and Praggnanandhaa, the tournament will include Anish Giri from the Netherlands, Matthias Bluebaum from Germany, Javokhir Sindarov from Uzbekistan, Wei Yi from China, and Andrey Esipenko from Russia. Carlsen also spoke about players who missed out on qualifying. He feels that some strong names deserved a place in the Candidates. “I would have loved to see some more big names in the field, but then again, if you didn’t qualify, you didn’t qualify. Maybe this system should kind of account for somebody like Vincent Keymer, who was really close to qualifying a lot of times and has the highest rating of anybody who’s not there. He certainly deserved to be there, but I guess he and Arjun and a few others will have to await their returns. It’s always interesting to follow,” Carlsen added.



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Super Smash 2025-26 Schedule: Broadcast, Live Streaming details – When and where to watch in India, New Zealand & other countries




The 2025-26 Super Smash is the 21st season of New Zealand’s premier T20 cricket competition. Running from December 26, 2025, to January 31, 2026, the tournament features both men’s and women’s teams competing in a high-octane double-round-robin format. The Central Stags (Men) and Wellington Blaze (Women) enter the season as… Read full article at CricketTimes.com



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Rupee’s fall triggers fund transfer: Rich Indians rush to park money overseas; banks roll out additional regulations


Rupee's fall triggers fund transfer: Rich Indians rush to park money overseas; banks roll out additional regulations

Many Indians looking to transfer money overseas are facing tightened scrutiny from high street banks, demanding to provide detailed proof behind the origin of the funds. This comes as rupee continues to slide against the US dollar and many rush to move their funds abroad. Over the past month, at least two Mumbai-headquartered private sector banks have asked high net worth individuals (HNIs), non-resident Indians (NRIs) and even a film production company to submit chartered accountant-certified testimonials validating the source of funds proposed to be remitted abroad, according to an ET report. In several instances, customers were also told that the certification must come from accountants empanelled with the bank, rather than a CA of their choice.

Rules for overseas fund transfers

These checks come even though the regulatory framework already lays out clear limits and conditions. Under the Reserve Bank of India’s liberalised remittance scheme (LRS), resident individuals can remit up to $250,000 annually for overseas investments, property purchases, travel and other permitted purposes, according to ET. NRIs are allowed to repatriate up to $1 million a year after selling assets or property in India. Separately, businesses are permitted to make outward remittances from current accounts to pay overseas vendors and service providers, such as a movie producer transferring funds to cover hotel stays and shooting expenses in foreign locations. “Under the RBI regulations, only own funds can be remitted under LRS,” Rajesh P Shah, partner at Jayantilal Thakkar & Co told ET.

More regulations

Restrictions are particularly tight when it comes to remittances from non-resident ordinary (NRO) accounts, where borrowed funds cannot be used.NRO accounts are rupee-denominated accounts maintained by NRIs to manage income earned in India. Besides interest on fixed deposits, rental income and dividends, proceeds from redeemed mutual funds and property sales in India are typically credited to these accounts. According to Pankaj Bhuta, founder of CA firm P R Bhuta & Co, recent enforcement action may be influencing banks’ approach. He pointed to a penalty imposed on a leading bank by an appellate tribunal, noting that authorised dealer banks cannot act only as middlemen for outward remittances and must carry out due diligence to ensure the transaction complies with FEMA rules. Under RBI rules, outward remittances from NRO balances must be sourced only from legitimate receivables in India and cannot come from borrowings or transfers from other NRO accounts. “So, an authorised dealer bank may feel obliged to verify the source of funds before processing such remittances. However, a peculiar challenge arises in cases involving a change in residential status from ‘resident’ to ‘non-resident’ upon emigration. Savings bank accounts [which are subsequently redesignated as NRO accounts] often contain balances accumulated over several years, making it difficult to precisely identify the source of funds. In certain instances, despite initially furnishing income tax returns, our clients have been additionally required to provide salary certificates dating back several years to establish that the funds originated from their own income,” Bhuta said. The situation is different for corporate remittances. While LRS and NRO-related transfers prohibit the use of borrowed money, businesses face no such restriction when paying overseas vendors. These payments do not have an upper limit and can be made from working capital, including bank borrowings, provided banks verify the authenticity of invoices raised by foreign suppliers. Even so, practitioners say banks questioning the source of funds in such cases is unusual. “But assessing fund sources in such cases is strange,” said another practitioner. For years, many wealthy Indians have been shifting a portion of their assets overseas, setting up companies and trusts, transferring money to NRI relatives, and spreading wealth across currencies and jurisdictions. This strategy is often driven by diversification goals and long-term planning for the next generation, many of whom settle abroad. With the rupee hitting new lows, the urge to remit more funds has only intensified. Against this backdrop, banks’ heightened caution is being felt most acutely now, as customers pushing more money overseas encounter growing compliance hurdles.

Problems with regulations

Shah said that banks seem to be layering additional compliance requirements on top of what the rules already mandate.“Once a CA certifies the same, there should be no requirement to have an additional certificate asking for the sources of funds. But, bank compliance teams are asking for extra documents, adding to the paperwork for customers.”He further added that while bankers should do their due diligence, they should not ask for something which is unnecessary. “Over the last one month some banks are even insisting on certificates from the CAs listed with them,” he said.



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Smuggling racket busted: 186 iPhones, Pakistani cosmetics seized at Mumbai airport; 6 arrested | Mumbai News


MUMBAI: The Directorate Revenue of Intelligence (DRI) have busted a major smuggling racket with the arrest of a gang of six and seized 186 high end iphones and Pakistani cosmetic worth Rs 4 crore at the Mumbai international airport on late Tuesday.On the specific intelligence the DRI detained a group of 7 persons who arrived from Dubai at Chhatrapati Shivaji Maharaj International Airport, Mumbai.As the information was accurate that these group would be carrying huge quantities of iphones and cosmetics in commercial quantities, the officials detained them. The seven persons arrested were later identified as Arman Qureshis, Gulfam Ahmed, Amaan Bukhari, Mustafa Chauhan, Abdul Chauhan and Imran Hussain.

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The search of their baggage resulted in recovery of 186 iphones worth Rs 3.38 crores, 2,532 Pakistani origin Cosmetic beauty creams worth Rs 9.26 lakhs. Officials said that none of the aforementioned persons was able to produce any legal document showing the legitimate possession of the aforesaid recovered goods. Hence, under the reasonable belief that the aforesaid goods are liable to confiscation under Section 111 of the Customs Act, 1962, as the same were smuggled into India in contravention of the provisions of the Customs Act, 1962. During interrogations they admitted that they were acting as carriers in lieu of monetary consideration and were part of a syndicate. Officials said that if the seized goods were imported through a legitimate route, a 35% effective rate of baggage and overall duty of Rs 1.18 crores would have been attracted.



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Are you sipping right ‘tea’? FSSAI clarifies rules on beverage labeling; warns on misleading packaging


Are you sipping right ‘tea’? FSSAI clarifies rules on beverage labeling; warns on misleading packaging
Representative image (AI-generated)

The Food Safety and Standards Authority of India (FSSAI) issued a clarification on the use of the word “tea” on food packaging and labelling, stating that only beverages made from the plant Camellia sinensis can legally be sold as tea.According to the press release issued on Wednesday, the food regulator said that products such as Kangra tea, green tea and instant tea qualify as “tea” under existing food safety standards. However, the use of the term for herbal or plant-based infusions not derived from Camellia sinensis is misleading and amounts to misbranding under the law.The clarification comes after FSSAI observed that several Food Business Operators (FBOs) were marketing products like “Rooibos Tea”, “Herbal Tea” and “Flower Tea”, even though these are not obtained from the tea plant.“As per standards specified under the Food Safety and Standards (Food Product Standards and Food Additives) Regulations, 2011, tea shall be exclusively from the plant Camellia sinensis,” the regulator said. It added that labelling rules require every package to clearly indicate the true nature of the food on the front of the pack.“Therefore, the use of the word ‘Tea’ directly or indirectly for any other plant-based or herbal infusions or blends not derived from Camellia sinensis is misleading and amounts to misbranding under the provisions of the Food Safety and Standards Act, 2006,” the release stated.FSSAI further clarified that herbal or plant-based infusions that are not derived from Camellia sinensis do not qualify to be named as tea. Depending on their ingredients, such products may instead fall under the category of proprietary foods or under the Food Safety and Standards (Approval for Non-Specified Food and Food Ingredients) Regulations, 2017.Accordingly, all food business operators, including those engaged in e-commerce, have been directed to comply with the regulations and refrain from using the term “tea” for products not made from Camellia sinensis. This applies to manufacturing, packing, marketing, importing and selling such products.The regulator has also asked Commissioners of Food Safety in all states and Union Territories, as well as regional directors of FSSAI, to ensure strict enforcement of these rules. It warned that action will be taken against non-compliant businesses under the provisions of the Food Safety and Standards Act, 2006 and related regulations.



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