Ministry of Finance

Timeline

1. 11 Sep2026
   Legislation

   Finance Ministry notifies 1 October 2026 commencement for Bankers' Books Evidence Act¹²

   The Finance Ministry notified that the Bankers' Books Evidence Act, 2026 takes effect on 1 October 2026. The Act received presidential assent on 13 August 2026.

   • Finance Ministry notification fixes 1 October 2026 as commencement (reported 11 September 2026)
   • Presidential assent on 13 August 2026
   • Where the bank is not a party, a court must record a special cause in writing before summoning bank officials
   • Replaces the Bankers' Books Evidence Act, 1891
2. 1 Feb2026
   Economy

   Union Budget 2026-27 presented: fiscal deficit target 4.3 percent of GDP³⁴⁵⁶

   Finance Minister Nirmala Sitharaman presented the Union Budget for 2026-27 on Sunday 1 February. It targets a fiscal deficit of 4.3 percent of GDP, lifts capital expenditure to about Rs 12.2 lakh crore and leaves income tax slabs unchanged.

   • Presented 1 February 2026 (a Sunday)
   • Total expenditure about Rs 53.47 lakh crore (revised estimate for FY26: Rs 49.64 lakh crore)
   • Fiscal deficit target 4.3 percent of GDP (about Rs 16.95 lakh crore) for FY27, against 4.4 percent for FY26
   • Capex raised to about Rs 12.2 lakh crore from about Rs 11.2 lakh crore
   • No change in income tax slabs; STT on futures raised from 0.02 to 0.05 percent and on options premium from 0.1 to 0.15 percent
   • Defence Ministry allocation Rs 7.85 lakh crore, the largest of any ministry
3. 15 Dec2025
   Legislation

   Health Security se National Security Cess Act 2025 enacted⁷⁸⁹

   The Health Security se National Security Cess Act, 2025 (Act 35 of 2025) was enacted on 15 December 2025 after the Lok Sabha passed the Bill on 5 December. It creates a cess on machines and processes used to make specified goods, initially pan masala, replacing the GST compensation cess on them, with proceeds meant for public health and national security.

   • Enacted 15 December 2025 as Act No. 35 of 2025
   • Lok Sabha passed the Bill on 5 December 2025
   • Cess is levied on machines or processes used to manufacture specified goods, initially pan masala
   • Replaces the GST Compensation Cess on those goods
   • Proceeds for public health and national security

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Sources

1. Morung Express
2. All India Radio News
3. Outlook Business
4. Scroll.in
5. ORF
6. All India Radio
7. India Code (official)
8. All India Radio
9. SCC Online