NEW DELHI: The Election Commission on Tuesday published draft voter lists for Madhya Pradesh and Kerala under the special intensive revision (SIR) exercise, releasing major deletion in both states. As per the updates rolls, 42,74,160 names have been removed in Madhya Pradesh, while Kerala recorded deletion of more than 24 lakh voters.In Madhya Pradesh, the current voter count stands at 5,31,31,983 as of December 23, 2025, down from 5,74,06,143 recorded on October 27. Joint chief electoral officer Ram Pratap Singh Jadon said the deletions include more than 8.46 lakh deceased voters, over 8.42 lakh untraceable electors, and nearly 22.78 lakh people who have shifted residences.

Another 2.76 lakh duplicate entries and around 29,900 names under miscellaneous categories were also struck off. Officials also identified around 8.65 lakh unmapped voters whose names appear in the rolls but whose data is missing from the 2003 records. These voters will be issued notices and will need to present documents before the Electoral Registration Officers.In Kerala, the draft list published by the state’s Chief Electoral Officer Rathan U Kelkar shows the removal of over 24 lakh names after the enumeration stage of the SIR process. The draft now includes 2,54,42,352 voters, down from the pre-revision total of 2,78,50,855. Deleted names include more than 6.49 lakh deceased voters, 6.45 lakh untraceable electors, and over 8.16 lakh voters who were found to have permanently shifted. The state also weeded out 1.36 lakh duplicate entries and 1.60 lakh names placed under other categories. Kelkar said objections to the draft can be filed until January 22, and the final rolls will be published on February 21. As part of the SIR, Kerala also undertook a voter-mapping exercise, completing about 93 percent of it by December 18, with most unmapped cases reported from Thiruvananthapuram, Kottayam, and Ernakulam. Hearings for unmapped voters will follow as notices are issued through booth-level officers, who will outline the reasons for the hearings and list required documents. Kelkar added that booth-level officers visited households three times before marking voters as untraceable. Those whose names do not appear in the draft rolls will need to apply afresh for inclusion.The first phase of the special intensive revision was carried out in Bihar in September ahead of the assembly elections. The ongoing exercise will also cover Andaman and Nicobar Islands, Chhattisgarh, Goa, Gujarat, Kerala, Lakshadweep, Puducherry, Rajasthan, Tamil Nadu, Uttar Pradesh and West Bengal.

The US economy grew at a faster-than-expected annual rate of 4.3% in the July–September quarter, driven by stronger consumer spending, exports and government outlays, even as inflation remained above the Federal Reserve’s comfort level, according to official data released on Tuesday, AP reported.Gross domestic product (GDP), which measures the total value of goods and services produced, accelerated from a revised 3.8% growth rate in the April–June quarter, the Commerce Department said in a report delayed by the government shutdown. Economists surveyed by FactSet had expected growth of around 3%, AP reported.Despite the stronger expansion, inflationary pressures picked up. The personal consumption expenditures (PCE) index — the Fed’s preferred inflation gauge — rose at a 2.8% annual pace in the third quarter, compared with 2.1% in the previous quarter. Core PCE inflation, which excludes volatile food and energy prices, increased to 2.9% from 2.6%.Consumer spending, which accounts for nearly 70% of US economic activity, grew at a 3.5% annual rate in the third quarter, up from 2.5% in the April–June period. A separate measure of the economy’s underlying strength — which includes consumer spending and private investment but excludes volatile components such as exports, inventories and government spending — expanded at a 3% pace, slightly higher than the 2.9% recorded in the second quarter.Trade also contributed to growth. Exports surged at an 8.8% annual rate, while imports, which subtract from GDP, declined by 4.7%.Tuesday’s release marks the first of three official estimates for third-quarter GDP growth. Outside of the first quarter — when the economy contracted for the first time in three years as companies rushed to import goods ahead of President Donald Trump’s tariff rollout — the US economy has continued to post solid growth.This resilience has come despite sharply higher borrowing costs imposed by the Federal Reserve in 2022 and 2023 to rein in inflation that surged as the economy rebounded strongly from the COVID-19 recession of 2020.While inflation remains above the Fed’s 2% target, the central bank cut its benchmark lending rate three consecutive times to end 2025, largely due to concerns over a cooling labour market.Recent jobs data have pointed to slowing momentum. The government reported last week that the economy added 64,000 jobs in November, following a loss of 105,000 jobs in October. The unemployment rate climbed to 4.6% last month, its highest level since 2021.Economists describe the labour market as being stuck in a “low hire, low fire” phase, as businesses remain cautious amid uncertainty over Trump’s tariff policies and the lingering impact of elevated interest rates. Since March, job creation has averaged 35,000 a month, down from 71,000 in the year ended March. Federal Reserve Chair Jerome Powell has said he expects those figures to be revised lower.

China has escalated trade tensions with India by launching a dispute at the World Trade Organization (WTO) over New Delhi’s policies covering solar cells, solar modules and information technology goods, seeking formal consultations under the global trade body’s dispute settlement mechanism, Reuters reported.The WTO said on Tuesday that China has requested dispute consultations with India, Reuters reported, marking the first procedural step in resolving trade disagreements under WTO rules.“China said the measures in question include India’s tariff treatment and certain measures that China said are contingent upon the use of domestic inputs and otherwise discriminate against Chinese imports,” the WTO said in a statement, quoted Reuters.Earlier last week, China had moved the WTO against India by formally requesting consultations, challenging New Delhi’s tariffs on information and communication technology (ICT) products and subsidy measures in the solar sector, PTI reported.In a statement, China’s Ministry of Commerce alleged that India’s measures violate multiple WTO obligations, including the principle of national treatment, and amount to import-substitution subsidies that are explicitly prohibited under WTO rules.“They grant unfair competitive advantages to India’s domestic industries while undermining China’s interests,” the ministry said, urging India to honour its WTO commitments and promptly revise the disputed measures.The latest move comes less than a week after India announced the imposition of anti-dumping duties on cold-rolled steel imports from China for a period of five years, a step New Delhi said was aimed at protecting its domestic industry.In October, Beijing had sought consultations over what it described as unfair subsidies provided by India to its electric vehicle and battery sectors.That earlier petition alleged that India’s incentive schemes for electric vehicles and batteries distorted competition and adversely affected Chinese manufacturers.Under WTO rules, consultations are the first formal step in the dispute process, giving both sides a chance to sit across the table and try to settle their differences before the issue moves towards a dispute settlement panel.

Judit Polgár and Richárd Rapport (Photo Credit: FIDE)

NEW DELHI: William Shakespeare wrote in A Midsummer Night’s Dream, “Though she be but little, she is fierce.” Hungary, too, has never been the biggest country on the chess map. Yet, it has long played the game with a fearlessness that belies its size.With none of the resources of the Soviet Union or the institutional machinery that defines modern chess powerhouses, Hungary, a country of around 10 million people, nevertheless produced players who stood shoulder to shoulder with the world’s best.

And it did so repeatedly, across generations, often without the kind of support structures that are considered essential today.Standing at the forefront of Hungarian chess now is World No. 13 Richárd Rapport, the country’s top-ranked player and one of the most creative grandmasters of his generation.Tall and fair-skinned, with an infectious smile and long, silky blond hair, Rapport is one of the circuit’s most recognisable figures. But bring up Hungarian chess, and the smile gives way to a rare seriousness.“I think, for us, we have had players, top, top level players, let’s say high level players, more or less ending with me for a long time, since I can remember,” Rapport told TimesofIndia.com on the sidelines of Global Chess League (GCL). “We had them in the 60s, 70s even.”A small country, but big namesBy the middle of the 20th century, Hungarian players were already shaping global chess culture.As Budapest became a chess hub and cafés turned into places where ideas would shape, just like the smoke circle off cigarettes’ prolonged puffs, Hungarian players developed a reputation for a deep understanding of strategies and originality.But the golden age arrived most visibly in the post-second world war decades.“We had Portisch,” Rapport added with some pride, knowing that for chess fans, the name needs no embellishment.“Portisch is still alive, of course, and he’s a big legend of chess. He was number three, number two at some point.”

Lajos Portisch (FIDE Photo)

Lajos Portisch, nicknamed the “Hungarian Botvinnik”, also was not just any strong player; he became a global icon at one time.For years, the nine-time Hungarian Champion was among the world’s top contenders, repeatedly challenging for the world championship after taking part in the World Chess Championship Candidates cycle a total of eight times (1966-1990).Alongside him were names like Zoltán Ribli and Gyula Sax, players who regularly found themselves in the world’s top ten.“This team with Ribli, Sax and all these guys,” Rapport recalled, “they were like, let’s say top 10 at some point or for a longer or shorter time, but still they were there.”The Polgár momentThen came a chapter that went truly beyond medals and rankings. “Then we had the next era, right? Judit and Peter (Leko)” Rapport said. “Judit Polgár and Zoltan Almási also.”Judit Polgár, the youngest of the three famous Polgár sisters, did something no Hungarian before her had done and something no woman has done since.Refusing to be boxed into women-only competition, she played exclusively in open events against strong male competitors and forced the chess world to take notice.

Judit Polgár (FIDE Photo)

At her peak, she broke into the world’s top ten and defeated a roll call of world champions. She became the first woman to break 2700 Elo in July 2005 and defeated 11 reigning or former world champions, including Garry Kasparov, Anatoly Karpov, and Viswanathan Anand.Alongside her was Peter Leko, the current Hungarian No. 2 and another product of Hungary’s quiet excellence, who would go on to challenge Vladimir Kramnik for the World Championship title in 2004.“It’s a very nice generation in a way,” Rapport smirked. For Hungary, it felt like continuity. One great generation handing the baton to the next.Tromsø 2014: The last great Hungarian teamRapport’s own rise coincided with what many insiders see as the peak of modern Hungarian chess: the 2014 Chess Olympiad in Tromsø, Norway.“So we took medal (silver) in Tromsø Olympiad,” Rapport said. “And then it kind of ended the generation, I think, in 2014, with me kind of joining the team.”What made that team remarkable wasn’t just the medal.“We had like four players above 2700,” he further explained. “Which is like great because we are a very small country.”In elite chess, 2700 is an unsaid benchmark of the world’s absolute top. For a small European nation to field four such players was almost unheard of.The sudden silence in the circuitWhat followed, however, has not been a gradual decline, but something far stranger.“From that team, I’m still okay above 2700,” Rapport added. “And Peter, let’s say, came back to play, which is very nice. But the other guys just quit. Just altogether. They didn’t even lose their rating. They just vanished.”Within a few years, an entire generation of elite Hungarian players stepped away from top-level chess.

Péter Leko (Photo Credit: FIDE)

The Hungarian team that clinched silver at the 2014 Olympiad featured eminent names such as Péter Lékó, Csaba Balogh, Zoltán Almási, Richard Rapport, and Judit Polgár.Today, with Rapport now 29, the rest, now in their late 30s or 40s, have either stepped away from competitive chess altogether or, like Lékó, appear only sporadically in top-level tournaments, largely focusing on commentary and other roles.For a country that had always relied on continuity, the gap was suddenly visible.Lack of institutional foundationPerhaps the most striking part of Rapport’s reflection is his admission that Hungary’s success was never built on strong institutional foundations.“I don’t think we really had a support built around chess,” he said. “Professional support. We had support for amateur chess or to hang around. But we never really had support for climbing the highest of the heights.“And somehow still people got there, individually or one way or the other.”How?“People just investing their own money, investing their own time,” Rapport explained. “Parents a lot when they were young.”For decades, that patchwork approach worked. But modern chess is a different beast. With the introduction of technology in chess, the game has become more demanding and resource-heavy.So, where is the next generation of Hungary?“We don’t really have the next generation,” Rapport stated bluntly. “We have some players, sure, but it’s not quite the same flavour, unfortunately. Maybe it’s a bit of bad luck also. Some talented kids are leaving chess for one reason or the other.”

Richárd Rapport (Photo by Lennart Ootes)

The Hungarian No. 1 doesn’t want to be too negative, though.“I’m not super pessimistic about our situation in chess,” he added. “But also far from very happy and very satisfied.”Rapport understands Hungarian chess and believes that if the nation’s chess setup seeks an overhaul, the responsibility lies across the ecosystem, from administrators to players to grassroots organisers.“Anyone could do more,” he said. “Not only on the top level, like the national team, but also lower-level people.However, being the top-ranked player of the country, Rapport also knows that he will have to take the lead if things are to be changed for good.“As they say, the fish stinks from its head. If we are doing well, more people will get inspired,” he remarked.He knows it won’t be easy.“It’s a very difficult mission to accomplish,” he concluded. “But I’m kind of hoping to help our chess, and maybe bring it back to its former glory.”

It’s the fourth week of December. It is the last and final chance to look at your financial to-do list for 2025.A pension scheme you picked years ago pops up with a deadline. A tax return you meant to revise “next weekend” is now starting on December 31. And in the background, PAN-Aadhaar compliance still trips up people who assumed it was “already done.”TL;DR: Driving the newsThis isn’t a “get rich in 2026” story. This is the boring, powerful stuff: File what must be filed, switch what must be switched, and keep your IDs clean so you don’t spend January fighting portals, penalties, and paperwork.Three very different deadlines are converging:

Then there is the issue of a policy nudge toward DIY investingMiss one, and you could lose money, tax breaks – or even get locked out of your own financial records.

1. The NPS Alert: ‘Scheme A’ is being sunset – your move ends December 25

For most subscribers, the National Pension System is “set and forget.” That is precisely why a recent notice from the Pension Fund Regulatory and Development Authority matters.If you’re one of the 1.7+ crore Indians investing via the National Pension System (NPS), this affects a small – but vulnerable – segment of investors.

What’s happeningPFRDA is merging Scheme A (under Tier I, Active Choice) with other broader schemes. Why? Because Scheme A, which had exposure to “alternative” instruments like REITs, InvITs, AIFs, and structured debt, has a small corpus and limited diversification.The PFRDA says the merger will “improve liquidity, diversification and risk-adjusted outcomes” by pooling it with Schemes C and E – those focused on corporate debt and equities.Why you should careUnless you act by December 25, your allocation will be moved for you. But till then, you can voluntarily switch your portfolio without any additional cost.This is rare: Regulators don’t usually give a “free switch” window. And given that alternative investments can behave very differently during market stress, this is a chance to reset your retirement planning on your own terms.What to do

Zoom in

One-liner to remember:You don’t want to wake up in January and find that your pension money moved into a scheme you didn’t pick – just because you missed logging in before Christmas.

2. The Tax Warning: December 31 is the final, no-excuses wall for FY 2024–25

Applies to: Belated or revised ITRs for Assessment Year 2025–26 (FY 2024–25)Why this is a big dealThis isn’t a soft “recommended by” deadline. This is the last legally permitted date to fix tax filings if you:Missed the original due date (file belated return)Need to correct past errors (revise return)

The hidden cost of missing it:

According to Section 139(1) of the Income Tax Act, these losses are only allowed to be carried forward if the original return was filed on time or within this final window. Exception alert:

But if you’re sitting on short-term stock losses, crypto red ink, or business write-offs, you can’t just say, “I’ll fix it later.”What happens if you miss December 31?You enter the ITR-U zone:

So yes, there’s a door – but it comes with a heavy price tag.Your action plan (for regular salaried taxpayers):Set aside 60–90 minutes before year-end.

Don’t forget e-verification. Many miss this last step and assume the return is complete when it isn’t.

3. Aadhaar–PAN: A silent December 31 deadline – but only for some

Applies to: PAN holders who got their PAN using Aadhaar Enrolment ID (application before October 1, 2024)What CBDT says:If your PAN was issued on the basis of an Aadhaar Enrolment ID – not the Aadhaar number itself – you must intimate your Aadhaar before the end of 2025.This is separate from the June 30, 2023 linking deadline, which applied to everyone else.

Why it mattersAn “inoperative” PAN means:

What you should do:

4. A small savings signal hiding in plain sight

One December development looks minor until viewed in context.Answering a question in the Lok Sabha on December 15, 2025, minister of state for finance Pankaj Chaudhary said that commissions for small savings agents were reviewed keeping in view the government’s shift toward digital transactions.He also disclosed that commission outgo to MPKBY and SAS agents rose from Rs 2,324.15 crore in 2010–11 to Rs 4,149.77 crore in 2023–24, according to reported figures.The consumer takeaway is not that agents are villains. In many regions, they remain the primary interface for savers without easy digital access. The signal is simpler: distribution has a cost, and policy increasingly prefers self-service where possible.For savers, the practical question is whether they are using an agent out of necessity or inertia.

The one-page December money checklist

By December 25:NPS → Log in → If Scheme A → Decide and switch (no-cost window)By December 31:Tax return (belated or revised) → File and e-verifyAadhaar–PAN → Check if you fall into the Enrolment ID group → Link if neededOngoing:Small savings via agent? → Collect paperwork, prefer digital next timeCheck if your PAN is inoperative – fix immediately to avoid ripple effects

The bottom line

This December isn’t about FOMO trades or tax-saving hacks. It’s about quiet, powerful actions that clean up your financial pipes before the New Year.“Financial health isn’t just about chasing returns – it’s about stopping avoidable losses, blocked access, and regret-filled Januarys.”If you do nothing else this week:

Sometimes, staying financially strong isn’t about what you gain. It’s about what you don’t lose.

Ambuja Cements has moved to consolidate the Adani Group’s cement assets by approving schemes to merge ACC and Orient Cement into itself, creating a single listed platform aimed at sharper operating leverage and cost synergies.The transaction is entirely share-based, with no cash payout. ACC shareholders will receive 328 Ambuja shares of face value Rs 2 each for every 100 ACC shares of face value Rs 10, while Orient Cement shareholders will get 33 Ambuja shares of face value Rs 2 each for every 100 Orient shares of face value Rs 1, according to an ET report.At current prices, the swap values ACC at about Rs 1,772 a share against a market price of around Rs 1,777, making the deal broadly valuation-neutral for ACC investors. Orient Cement is valued at roughly Rs 178 per share versus a CMP of Rs 163, implying a premium of about 9%, according to domestic brokerage Emkay.The schemes have appointed dates of January 1, 2026 for ACC and May 1, 2026 for Orient, and are expected to take effect over the next year, subject to regulatory and shareholder approvals. Following the announcement, Orient Cement shares rose up to 10% to Rs 180, ACC gained about 1.5%, and Ambuja advanced nearly 4%.Ambuja already owns close to 50% of ACC and around 73% of Orient. To acquire the remaining minority stakes, the company will issue roughly 308 million new shares for ACC and about 18–19 million shares for Orient, taking the total new issuance to around 326–327 million shares.This will raise Ambuja’s outstanding equity from about 2.47 billion shares to roughly 2.78–2.80 billion shares, implying dilution of around 12–13% for existing Ambuja shareholders once all ongoing mergers, including Sanghi and Penna, are accounted for. Motilal Oswal estimates promoter holding will decline from 67.65% to about 60.9% post all announced amalgamations, even as public and institutional shareholding increases.For the Adani Group, the merger marks the culmination of a two-year effort to bring Ambuja, ACC, Orient, Sanghi and Penna under a single operating and ownership structure. The company has described the move as a “transformational step” that simplifies the cement business, replaces the Master Supply Agreement model with direct ownership and allows tighter control over manufacturing, logistics and branding.Ambuja expects operational synergies to deliver at least Rs 100 per tonne in cost savings through network optimisation, logistics efficiencies and lower corporate overheads. The merged entity underpins the group’s plan to expand cement capacity from about 107 mtpa to 155 mtpa by FY28, backed by a largely debt-free balance sheet and continued capital expenditure.Brokerage projections factor in rising volumes and improving utilisation over FY26–28. Motilal Oswal estimates EBITDA per tonne could increase from around Rs 1,043 in FY26 to Rs 1,230 by FY28, with margins crossing 21%. Emkay expects consolidated EBITDA to rise to about Rs 118 billion by FY28, with margins above 23%.For Ambuja shareholders, analysts see the deal as earnings-accretive despite dilution, given that ACC trades at a steep discount to Ambuja on EV/EBITDA and EV/tonne metrics. Motilal Oswal’s pro-forma estimates show Ambuja’s EPS rising from about Rs 16.9 to Rs 18.6 for FY25 once ACC is consolidated, and from Rs 10.1 to Rs 10.6 in the first half of FY26, even after accounting for the higher share count.At current valuations of roughly 15–16 times FY27 EV/EBITDA and about $128 per tonne, Ambuja still trades below its five-year average multiples, suggesting scope for rerating if synergies materialise. In the near term, however, the balance sheet may see some pressure, with net cash expected to dip briefly into net debt in FY26–27 before turning positive again by FY28.ACC shareholders now face a valuation-neutral exit but a shift in exposure, as ACC will be delisted into Ambuja. While ACC trades at about 7.1 times FY27 EV/EBITDA and around $71 per tonne, swapping into Ambuja offers exposure to a larger, pan-India platform with higher growth ambitions. State incentives linked to ACC’s operations in Maharashtra, Madhya Pradesh and Uttar Pradesh are expected to continue accruing to Ambuja post-merger.Orient Cement minority shareholders emerge as the clearest beneficiaries, with the swap embedding a near-9% premium and offering an exit from a small-cap regional player into Ambuja’s larger balance sheet and expansion pipeline.Regulatory approvals for multiple amalgamations remain a key risk, alongside execution challenges in integrating plants, systems and people. Until approvals are in place, operations will continue under the existing Master Supply Agreement. Post-merger, Ambuja will be the Adani Group’s sole listed cement vehicle, while brands such as “Adani Ambuja Cements” and “Adani ACC” are expected to continue in their respective markets.(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)

Geoffrey Boycott (Getty Images)

Before India’s batting maestros Sunil Gavaskar and Sachin Tendulkar stamped their dominance on the list of Test cricket’s top run-getters, West Indies’ legendary all-rounder Garry Sobers held the record for a long time, finishing his career with just over 8,000 runs.Go Beyond The Boundary with our YouTube channel. SUBSCRIBE NOW!Gavaskar later became the first batter to breach the 10,000-run mark and retired with 10,122 runs from 125 matches in 1987. Tendulkar then lifted the record even higher when he bid adieu with a staggering 15,921 runs from 200 matches in 2013. Before all that, Sobers had created the benchmark for most runs when he retired in 1974.

Sobers played for the mighty West Indies from 1954 to 1974, scoring 8,032 runs at a stunning average of 57.78 in just 93 Tests, including 26 hundreds and 30 fifties.Seven years later, on this day in 1981 — December 23 — England great Geoffrey Boycott surpassed the long-standing record in style in Delhi, hitting a hundred at the Feroz Shah Kotla Stadium. The match ended in a draw, despite England declaring their first innings at 476/9.

December 23, 1981 — The day Boycott etched his name in the record books

The England opener was in the final phase of a long career, having debuted against Australia at Nottingham in 1964. The India tour was his last Test series for the then 41-year-old batting legend.Before the fateful day, Boycott needed 82 runs to break Sobers’ towering record. England captain Keith Fletcher won the toss and decided to bat first in Delhi.

England started confidently as their openers — Boycott and Graham Gooch — scored steadily and added 132 runs for the opening wicket. Both reached their half-centuries before Dilip Doshi provided the hosts with their first breakthrough, dismissing Gooch for 71 off 176 balls, an innings that included 11 fours.By the end of the opening day, the record belonged to the England batter, with Boycott finishing on 86 not out to take his overall tally to a record 8,037 runs. England went to stumps at 190/1.Boycott completed his hundred — his 22nd and final century — the next day before falling to Doshi for 105. He struck just seven fours in his marathon 285-ball knock and added another century partnership of 116 runs with Chris Tavare, who scored a majestic 149 off 303 balls, including 18 fours.England ended Day 2 at 428/4, before the following day was taken as a rest day due to Christmas.England declared at 476/9 on Day 3, but India replied steadily, with opener and captain Gavaskar contributing 46. At stumps, India were 172/3, with Gundappa Viswanath unbeaten on 67 and Sandeep Patil on 30. India batted through the entire fourth day, adding 204 runs for the loss of four wickets, with Viswanath scoring 107.India were eventually bowled out for 487 on the final day, after which England batted briefly before declaring their second innings on 68 without loss. The two teams then shook hands on a draw, but the match remains best remembered for Boycott’s record-breaking feat on the opening day.

Geoffrey Boycott’s ‘abrupt’ final goodbye

Boycott brought down the curtain on his 18-year Test career in the next match of the tour at the iconic Eden Gardens. It was a subdued end, as he managed just 18 and 6 in the two innings of the Kolkata Test, which also ended in a draw.Hosts India won the six-match series 1-0, following their 138-run victory in the opening Test at the Wankhede Stadium in Mumbai.The Kolkata Test was the fourth match of the series, and interestingly, Boycott returned to England before the tour concluded, abruptly ending his Test career as the leading run-getter in the format’s history.