9 FINANCEOUTLOOKINDIAAUGUST, 2026CBDT INTRODUCES ITR-BN FOR SEARCH AND SEIZURE BLOCK ASSESSMENTSINDIA'S FOREX RESERVES RISE $1.08 BN TO $676.24 BN: RBI DATARUPAY CREDIT CARDS ON UPI SEE HIGH USAGE BUT WITH LOW PROFIT MARGINSRBI JUNE MEASURES DRAW $32 BN IN DOLLAR INFLOWS: RBI GOVERNORThe Central Board of Direct Taxes (CBDT) has notified a new ITR-BN form for taxpayers covered under search and seizure-related block assessments under the Income-tax Act, 2025. The new return form has been introduced through the Income-tax (Third Amendment) Rules, 2026 and will come into effect retrospectively from April 1, 2026.The newly introduced ITR-BN is a specialized return form and is not applicable to regular taxpayers, including salaried individuals or those filing standard returns RuPay credit cards on Unified Payments Interface (UPI) have cracked one of digital payments' trickiest challenges - turning credit cards into an everyday payment tool. But their use for mostly low-value transactions has presented a new challenge for banks and fintech companies: BI's June measures to attract dollar inflows have brought in nearly $32 billion so far, and are expected to provide a boost to India's balance of payments, RBI Governor Sanjay Malhotra said in an interview. According to Sanjay Malhotra, the bulk of the nearly $32 billion raised through the measures has come through the Foreign Currency Non-Resident ( Bank), or FCNR(B), deposit scheme. The scheme allows non-resident Indians (NRIs) and other eligible investors to hold foreign currency deposits with Indian banks, helping bring foreign currency into the banking system without immediately exposing depositors to fluctuations in the rupee. India's forex reserves rose by $1.08 billion to $676.237 billion for the week ended July 17, extending their upward trend, according to data released by the Reserve Bank of India (RBI).The latest increase follows a gain of $964 million in the previous reporting week, when the country's forex reserves climbed to $675.157 billion. The RBI's weekly statistical supplement showed that the country's forex reserves continued to strengthen after recovering from the declines witnessed earlier this year amid heightened global uncertainties. ever seen in India's primary market, according to Prime Database.The IPO pipeline is anchored by a host of marquee issuers, including Reliance Jio, National Stock Exchange (NSE), PhonePe, Zepto, Razorpay, Manipal Health Enterprises, Avaada Electro, OYO parent Prism, Carlsberg India, Credila Financial Services, and Dorf-Ketal Chemicals India. If these companies proceed with their public issues as planned, they could collectively raise more than Rs 1.25 lakh crore, setting the stage for one of the busiest fundraising cycles in recent years. such as ITR-1 or ITR-2. Instead, it is meant exclusively for cases involving undisclosed income identified during search and seizure proceedings conducted by the Income Tax Department. higher engagement without a clear path to profitability.RuPay credit cards linked to UPI account for nearly four in every 10 credit card transactions, but just about 8% of spending, according to a Bernstein estimate cited by Mint in October 2025. This sharp gap between transaction volume and transaction value sits at the heart of the industry's dilemma - the product is clearly driving usage, but that usage isn't translating proportionally into revenue-generating spend.
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