The Union Home Ministry has issued the Foreign Contribution (Regulation) Amendment Rules, 2024, effective January 1, 2025. These amendments address NGOs' challenges with transferring FCRA funds from tax refunds and allow unspent administrative expenses to carry forward.

The Defence Ministry has unveiled a reform roadmap for 2025, focusing on streamlined procurement, public-private partnerships, and technology transfer. The plan aims to enhance defence capabilities, promote ease of business, and establish India as a credible defence exporter.

India plans to exceed $1 billion in organic product exports next year while exploring Mutual Recognition Agreements in sensitive sectors like fisheries. Organic food exports have grown significantly, with efforts underway to enhance food testing infrastructure and market access.

India's export basket diversifies, with significant growth in the export of bananas, ghee, office stationery, and solar PV modules. While traditional sectors remain key, these new commodities help aim to boost global export share to 4-5%.

India's CBIC clarified that vouchers do not count as supply of goods or services and are exempt from GST, though related services are taxable. It also addressed Input Tax Credit issues on Ex-Works Contracts, aiding businesses in tax certainty.

The government will update standards for organic agricultural products to match EU grades

Bank credit growth is anticipated to slow this financial year after a robust 16% growth last year, due to high-base effects, RBI's revised risk weights, and slower economic activity impacting lending to NBFCs and unsecured loans.

The article discusses the contrasting regulatory approaches to social media content moderation between the United States and Europe. President-elect Trump aims to end perceived anti-conservative bias on platforms, while Europe enforces stricter content removal to prevent potential harm.

The Quadrilateral Security Dialogue (Quad), involving the US, India, Australia, and Japan, marks its 20th anniversary, reaffirming its commitment to a "free, open, and inclusive Pacific," initially formed to aid 2004 Tsunami-affected countries.

The Central Board of Direct Taxes (CBDT), led by chairman Ravi Agrawal, plans to adopt a 'PRUDENT' approach by 2025, focusing on professionalism, technology, and effective administration to enhance taxpayer services and build trust in the tax system.