Economy & Banking

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Kerala Report Economy & Banking Polity & Governance Reports & Indices

CAG puts undue benefit to contractors in Rebuild Kerala roadworks at Rs 67.49 crore

A Comptroller and Auditor General report on roadworks under the Rebuild Kerala Initiative found deficiencies in project planning, deviations from contractual provisions and irregular payment arrangements that gave contractors undue financial benefit and added to the State's financial burden.
Under the initiative, 29 roads spanning 718.94 km across 13 districts were selected for reconstruction during 2019-20 and 2020-21 at a sanctioned cost of Rs 5,119.54 crore.
The CAG examined 10 of the 29 roadworks, implemented by the Kerala State Transport Project, as part of its compliance audit.
On the Alappuzha-Changanassery road the audit identified an undue benefit of Rs 39.27 crore to the contractor after deviations in the procedure for approving changes to bridge-widening works.
A further Rs 28.22 crore of undue benefit was attributed to the splitting of payment stages for earthwork and ground-improvement works, which in some cases allowed payments between 333 and 911 days ahead of the scheduled completion of the stage.
The Uruvachal-Maruthayi road contract, awarded for Rs 100.43 crore in October 2020, was entirely subcontracted for Rs 93.67 crore in August 2021, contrary to the agreement conditions.
The audit observed that this undermined the tendering process, which required bids to be considered only from contractors who had qualified through technical evaluation.

Undue benefit flagged: Rs 67.49 crore Roads selected: 29 roads, 718.94 km, 13 districts Sanctioned cost: Rs 5,119.54 crore Roadworks audited: 10 of 29
Why it matters for exams: CAG findings with exact figures on a named State programme are classic report-and-index questions.
Kerala PSCUPSC
13 October 2026 Source: The New Indian Express report

In plain words

CAG Comptroller and Auditor General of India — The constitutional authority that audits the accounts of the Union and the States.

RKI Rebuild Kerala Initiative — The State programme for reconstruction after the floods and landslides of 2018.

KSTP Kerala State Transport Project — The State agency that implemented the audited roadworks.

International Economy Economy & Banking Polity & Governance

EU removes Panama and Viet Nam from its list of non-cooperative jurisdictions for tax purposes, leaving eight

The Council of the European Union updated the EU list of non-cooperative jurisdictions for tax purposes on 9 October 2026.
Panama and Viet Nam were removed from the list, and no jurisdiction was added.
Both were moved to Annex II, the state of play document: Panama pending a new review by the OECD Global Forum, and Viet Nam until its review is carried out.
Belize was removed from Annex II.
Eight jurisdictions remain on the list: American Samoa, Anguilla, Guam, Palau, Russia, the Turks and Caicos Islands, the US Virgin Islands and Vanuatu.
The list, often called the EU blacklist, is reviewed twice a year and covers jurisdictions that have not met EU standards on tax transparency, fair taxation and anti-base-erosion measures.

Updated on: 9 October 2026 Removed: Panama and Viet Nam Jurisdictions remaining on the list: 8
Why it matters for exams: The EU list of non-cooperative tax jurisdictions is a standard question on international tax cooperation, and the membership changes each review.
Kerala PSCUPSC

In plain words

Annex II — The EU's state of play list of jurisdictions that have given commitments on tax reform and are being monitored.

OECD Global Forum Global Forum on Transparency and Exchange of Information for Tax Purposes — The body that reviews whether jurisdictions exchange tax information to agreed standards.

National Statutory body Economy & Banking Polity & Governance

Bureau of Indian Standards: the national standards body set up under the BIS Act 2016, with a branch office at Kochi

The Bureau of Indian Standards (BIS) is the National Standard Body of India, established under the BIS Act 2016.
It was established for the harmonious development of the activities of standardization, marking and quality certification of goods.
Through standardization, certification and testing, BIS provides safe, reliable quality goods, minimizes health hazards to consumers, promotes exports and import substitution, and controls the proliferation of varieties.
BIS has its Headquarters at New Delhi.
Its 5 Regional Offices are at Kolkata (Eastern), Chennai (Southern), Mumbai (Western), Chandigarh (Northern) and Delhi (Central).
Branch Offices, including one at Kochi, offer certification services to industry and serve as a link between State Governments, industries, technical institutions and consumer organizations.

Established under: BIS Act 2016 Headquarters: New Delhi Regional Offices: 5 Southern Regional Office: Chennai Branch Office in Kerala: Kochi
Why it matters for exams: BIS's statutory basis, its role in standards and certification, and its regional structure are common questions on economic institutions in UPSC and Kerala PSC papers.
Kerala PSCUPSC
13 October 2026 Source: Bureau of Indian Standards Updated 15 October 2026

In plain words

Standardization Setting common quality norms — One of the activities for whose harmonious development BIS was established.

Marking Placing a standards mark on goods — One of the activities BIS was established to develop, along with quality certification.

Branch Office Local office under a Regional Office — BIS Branch Offices, including Kochi, offer certification services to industry.

Kerala Institution Economy & Banking Polity & Governance

Kerala State Planning Board: first constituted in September 1967 with Chief Minister E. M. S. Namboothiripad as Chairperson

The State Planning Board was first constituted in September 1967 with Chief Minister E M S Namboothiripad as its Chairperson.
Four non-officials and four officials were nominated as Members; M K Hameed was Vice Chairperson and Member for Industries and Infrastructure, with T P Kuttiamu (Irrigation) and Prof Joseph Mundassery (Education and Social Services) among the Members.
The Board was constituted for the formulation and evaluation of the State's Plan programmes on a scientific basis, and the Bureau of Economics and Statistics gave it research, library and administration facilities.
It was assigned the task of preparing the Annual Economic Review and undertook the preparation of the draft Fourth Five-Year Plan for the State.
In October 1968 it convened a Seminar whose papers and conclusions were published as Alternative Policies for the Fourth Five-Year Plan.
The Board was reconstituted in 1969 with Chief Minister C Achutha Menon as Chairperson, and that Board gave the State's Fourth Five-Year Plan (1969-1974) its final shape.

First constituted: September 1967 First Chairperson: E M S Namboothiripad, Chief Minister First Vice Chairperson: M K Hameed Members at the start: Four non-officials and four officials Reconstituted under C Achutha Menon: 1969
Why it matters for exams: The Planning Board's first constitution, its chairpersons and the plans it shaped are recurring Kerala PSC questions on state administration.
Kerala PSCUPSC
13 October 2026 Source: Kerala State Planning Board Updated 14 October 2026

In plain words

Annual Economic Review Yearly report on the State's economy — The Board was assigned the task of preparing it.

Bureau of Economics and Statistics State government statistics office — It gave the Planning Board research, library and administration facilities.

National Economy Economy & Banking

Indian Railways registers 6.14% growth in freight loading

The Ministry of Railways said on 13 October 2026 that freight loading in September 2026 was 135.35 million tonnes, up 6.14 per cent from 127.52 million tonnes in September 2025.
Commodity-wise growth was led by Food Grain at 25 per cent, Clinker at 20 per cent and Domestic Container at 10 per cent, with Coal at 9 per cent.
Coal rakes supplied to power plants rose to 443 per day from 397, a growth of 11.6 per cent.
September freight revenue rose by ₹1,266 crore, a growth of 9.3 per cent.
Cumulative loading from April to September 2026 stood at 833.7 million tonnes, up 4.1 per cent, with cumulative freight revenue up 3.7 per cent.

Loading, September 2026: 135.35 million tonnes Loading, September 2025: 127.52 million tonnes Growth: 6.14 per cent Coal rakes per day: 443 (from 397) Freight revenue rise: ₹1,266 crore April–September 2026 loading: 833.7 million tonnes
Why it matters for exams: Monthly railway freight figures are a standard source of economy questions and of data for Indian Railways descriptive answers.
Kerala PSCUPSC

In plain words

Rake — A full set of railway wagons moved together as one train load.

Clinker — An intermediate product of cement manufacture, carried in bulk by rail.

National Infrastructure Economy & Banking Polity & Governance

PM GatiShakti National Master Plan completes five years with 421 projects worth ₹20.23 lakh crore evaluated

The Ministry of Commerce and Industry said on 13 October 2026 that the PM GatiShakti National Master Plan has completed five years since Prime Minister Narendra Modi launched it in October 2021.
The platform now integrates more than 1,800 data layers from 58 Central Ministries/Departments and all 36 States and Union Territories.
It supports more than 65 software modules and tools and over 100 mobile and web applications.
The Network Planning Group has evaluated 421 infrastructure projects worth approximately ₹20.23 Lakh Crore.
The platform was developed indigenously by the Bhaskaracharya National Institute for Space Applications and Geo-informatics (BISAG-N).
The Union Cabinet has approved an Integrated Transport and Logistics Authority to strengthen research, planning, evaluation, monitoring and impact assessment in transport and logistics.

Launched: October 2021 Data layers: more than 1,800 Ministries/Departments: 58 Projects evaluated: 421 Value of projects: ₹20.23 Lakh Crore
Why it matters for exams: The launch year, the developing agency BISAG-N, the Network Planning Group and the new Integrated Transport and Logistics Authority are directly askable facts.
Kerala PSCUPSC

In plain words

BISAG-N Bhaskaracharya National Institute for Space Applications and Geo-informatics — A central government institute that builds geospatial platforms and applications.

NPG Network Planning Group — The body that appraises infrastructure projects for integrated multimodal planning under PM GatiShakti.

State Focus Telangana Report Economy & Banking Reports & Indices

Hyderabad office leasing reaches 13.1 million sq ft in nine months, up 50% on a year earlier, says Knight Frank

A Knight Frank India report says Hyderabad recorded 13.1 million square feet of office leasing during the first nine months of 2026, a 50% year-on-year increase from 8.8 million square feet.
The volume surpasses the full-year leasing recorded in every year since 2018; the previous full-year high was 12.8 million square feet in 2019.
Global capability centres (GCCs) leased 6.2 million square feet, up 70%, and accounted for 47% of the city's total office transactions.
Flexible workspace operators expanded leasing 2.5 times to 3.5 million square feet, a 26% share.
Third-quarter leasing was 5.6 million square feet, up 92% year-on-year, and vacancy fell to 11.8% from 13.3% a year earlier.
Average transacted office rents rose 9% year-on-year to ₹82 per square feet per month in the third quarter.

Office leasing, Jan–Sep 2026: 13.1 million sq ft Growth over a year earlier: 50% GCC share of transactions: 47% Third-quarter vacancy: 11.8% Average rent per month, third quarter: ₹82 per sq ft
Why it matters for exams: Hyderabad's IT and GCC-led office boom is a standard economy fact for Telangana: remember 13.1 million sq ft, 50% growth and the 47% GCC share.
Kerala PSCUPSC
13 October 2026 Source: The Hindu

In plain words

GCC Global capability centre — An in-house centre a global company sets up in India to run technology or business work.

Knight Frank India Property consultancy — The property consultancy whose office-market report supplies these figures.

Country Focus Background Economy & Banking

Kerala holds 19.7 per cent of India's inward remittances, second only to Maharashtra, with the UAE the second-largest source after the US

The Reserve Bank of India's sixth round of its Remittances Survey puts Kerala's share of India's inward remittances at 19.7 per cent in FY24 (the 2023-24 financial year), up from 10.2 per cent in FY21.
Maharashtra ranks first with 20.5 per cent and Tamil Nadu third with 10.4 per cent.
The UAE is the second-largest source of remittances after the US; its share fell from 26.9 per cent in FY17 to 19.2 per cent in FY24.
India's total remittances more than doubled to $118.7 billion in FY24 from $55.6 billion in FY11.
Kerala's share had fallen to 10.2 per cent in FY21 after the Covid-19 pandemic affected inflows from the Gulf Cooperation Council countries.

Kerala's share of inward remittances: 19.7 per cent UAE's share of remittances: 19.2 per cent India's total remittances: $118.7 billion
Why it matters for exams: Remittances and the Gulf link are central to Kerala's economy, so questions on state shares and source countries are common in Kerala PSC and UPSC papers.
Kerala PSCUPSCBank
13 October 2026 Source: The Wire

In plain words

Remittances Money sent home by migrants working abroad — In the RBI survey, Kerala's share of India's inward remittances is 19.7 per cent.

Country Focus Background Economy & Banking

India-UAE CEPA has lifted bilateral trade past $100 billion, with India running a $26.53 billion deficit

The India-UAE Comprehensive Economic Partnership Agreement (CEPA) came into force in May 2022.
Bilateral trade stood at $101.25 billion in 2025-26, against $100.03 billion in 2024-25.
Commerce and Industry Minister Piyush Goyal said the CEPA has helped bilateral trade cross $100 billion.
India's exports to the UAE were $37.36 billion and imports $63.89 billion, leaving India a trade deficit of $26.53 billion.
UAE foreign direct investment into India was $2.45 billion in April-December of 2025-26, against $4.34 billion in 2024-25.

Bilateral trade 2025-26: $101.25 billion India's trade deficit: $26.53 billion UAE investment into India: $2.45 billion (April-December of 2025-26)
Why it matters for exams: India's trade pacts and its trade balance with a major partner such as the UAE are recurring economy and international-relations questions.
Kerala PSCUPSCBank
13 October 2026 Source: Deccan Chronicle

In plain words

CEPA Comprehensive Economic Partnership Agreement — India's free trade pact with the UAE, in force since May 2022.

Country Focus Plan Economy & Banking Science & Technology

Dubai studies an integrated underground transport network as RTA outlines a plan for mobility in three dimensions

At the Mohammed bin Rashid Leadership Forum 2026 in Dubai, RTA director general Mattar Al Tayer said the authority is studying an integrated underground system to move people, goods and services.
He described a Dubai that moves in three dimensions: the sky, the land and underground.
Dubai records more than 11 million journeys a day, over 7,000 every minute, and its daytime population is expected to double by 2040.
The RTA aims for one in every four journeys in Dubai to be autonomous by 2030.
The first air taxi station is expected in 2026, and plans include the Dh34-billion Metro Gold Line.
The forum also heard that Al Maktoum International Airport is designed to handle up to 260 million passengers a year.

Daily journeys in Dubai: more than 11 million Autonomous share target: one in four journeys by 2030 Metro Gold Line: Dh34 billion
Why it matters for exams: Dubai's transport targets and the leaders who set them are useful for questions on Gulf infrastructure and the emirates' local governments.
Kerala PSCUPSC
13 October 2026 Source: Khaleej Times

In plain words

MBRLF Mohammed bin Rashid Leadership Forum — A Dubai forum where government and private-sector leaders discuss the emirate's future plans.

International International organisation Economy & Banking

World Trade Organization: 166 members, headquartered in Geneva, created by the Uruguay Round

The WTO has 166 members, accounting for 98% of world trade, and its headquarters is in Geneva, Switzerland.
It was established on 1 January 1995 and was created by the Uruguay Round negotiations (1986-94).
The WTO is run by its member governments; decisions are normally taken by consensus.
Its main decision-making body is the Ministerial Conference, which meets usually every two years.
Below it is the General Council, which meets several times a year in Geneva and also sits as the Dispute Settlement Body and the Trade Policy Review Body.
Its functions include administering WTO trade agreements, serving as a forum for trade negotiations, handling trade disputes and monitoring national trade policies; its working languages are English, French and Spanish.

Members: 166 Share of world trade: 98% Headquarters: Geneva, Switzerland Established: 1 January 1995 Created by: Uruguay Round negotiations (1986-94)
Why it matters for exams: The WTO's membership, structure and origin in the Uruguay Round are frequent international organisations questions in UPSC and PSC papers.
Kerala PSCUPSC
13 October 2026 Source: World Trade Organization

In plain words

Ministerial Conference WTO's main decision-making body — It meets usually every two years.

Dispute Settlement Body General Council in its dispute role — The General Council meets as this body to oversee procedures for settling disputes between members.

Country Focus Law Economy & Banking Polity & Governance Science & Technology

UAE waives intellectual property fees for student inventors and People of Determination under Cabinet Resolution No. 136 of 2026

The UAE is waiving intellectual property registration fees for student inventors and People of Determination under Cabinet Resolution No. 136 of 2026.
The Ministry of Economy and Tourism began implementing it on 14 September, with full exemptions across 29 industrial property services.
The services cover patents, industrial designs, utility certificates and integrated circuit layouts.
Both groups share 11 exempt services, including patent and industrial design applications and annual protection fees for years two to five; these fees ran from Dh100 to Dh1,000.
People of Determination get nine more exempt services (fees of up to Dh9,000) and student inventors nine others (fees of up to Dh4,500).
Patent applications rose 9 per cent in the first half of 2026, the ministry said.

Instrument: Cabinet Resolution No. 136 of 2026 Services exempted: 29 In force from: 14 September
Why it matters for exams: Cabinet resolutions, intellectual property and inclusion measures in a Gulf economy are typical current-affairs questions with a clear ministry and a clear number.
Kerala PSCUPSC
13 October 2026 Source: The National

In plain words

People of Determination The UAE's official term for persons with disabilities — The UAE uses this term in its laws and services for persons with disabilities.

Utility certificate A form of industrial property protection — A lighter patent-like right for inventions, among the services now exempted.

Country Focus Report Economy & Banking Reports & Indices

IMF projects UAE economy to contract 3.9 per cent in 2026 and rebound 7.7 per cent in 2027 if Hormuz reopens

The IMF's latest World Economic Outlook projects the UAE economy to contract by 3.9 per cent in 2026 and rebound at 7.7 per cent in 2027.
The rebound is conditional on shipping routes normalising and the Strait of Hormuz reopening.
The Middle East and North Africa region is the only region expected to contract in 2026, by an estimated 2 per cent.
Oman is the only GCC member forecast to grow in 2026, at 4.1 per cent.
The IMF projects global growth of 3.1 per cent in 2026 and 3.4 per cent in 2027.
IMF chief economist Silvana Tenreyro said the global economy has been resilient but that resilience is reaching its limits.

UAE growth 2026 (IMF): -3.9 per cent UAE growth 2027 (IMF): 7.7 per cent MENA region 2026: -2 per cent
Why it matters for exams: IMF forecasts, the Strait of Hormuz and GCC growth figures are frequent in economy and international-affairs papers, and a Gulf slowdown bears on Kerala's expatriate income.
Kerala PSCUPSCBank
13 October 2026 Source: The National

In plain words

IMF International Monetary Fund — The global lender whose World Economic Outlook gives twice-yearly growth forecasts.

Strait of Hormuz Waterway between the Persian Gulf and the Gulf of Oman — A key route for Gulf oil exports.

Country Focus Budget Economy & Banking Polity & Governance

UAE Cabinet approves Dh292.5 billion federal budget for 2027-2029, with Dh90.1 billion for 2027

The UAE Cabinet has approved a federal budget of Dh292.5 billion for 2027-2029, announced by Vice President and Ruler of Dubai Sheikh Mohammed bin Rashid on 12 October.
The 2027 annual budget is set at Dh90.1 billion.
Social development and social benefits take the largest share of the 2027 budget: Dh34.6 billion, or 38.4 per cent.
Government affairs receive Dh29.1 billion (32.3 per cent) and federal expenses Dh17.8 billion (19.7 per cent).
Sheikh Mohammed said the government's priorities remain education, health, housing, social services, quality of life and stability of the citizen.
The Federal Competitiveness and Statistics Centre said the economy grew 0.4 per cent to Dh961.9 billion in the first half of 2026.

Federal budget 2027-2029: Dh292.5 billion 2027 annual budget: Dh90.1 billion Largest head (2027): Social development: Dh34.6 billion (38.4 per cent)
Why it matters for exams: Federal budget size, its largest heads and who announced it are standard Gulf-economy questions, and the budget affects the Gulf jobs and remittances Kerala depends on.
Kerala PSCUPSCBank
13 October 2026 Source: The National

In plain words

Federal budget UAE federal government budget — It funds federal ministries and services, while each emirate keeps its own local budget.

FCSC Federal Competitiveness and Statistics Centre — The federal body that publishes UAE economic and statistical data.

State Focus Uttar Pradesh Project Economy & Banking Polity & Governance

Noida Authority plans a 20,000-hectare 'New Noida' as land in the existing city runs short

The New Okhla Industrial Development Authority (Noida Authority) has drawn up a plan to develop 'New Noida' over around 20,000 hectares, reported in October 2026.
CEO Krishna Karunesh said land availability in the existing urban area has become limited; about 90 per cent of the present area, nearly 20,000 hectares in 168 sectors, is already developed.
Land acquisition for New Noida is expected to begin soon in phases.
The authority has set a target of 500,000-600,000 direct and indirect jobs by 2030.
Around 120 projects worth nearly ₹35,000 crore are expected to be grounded at the fifth ground-breaking ceremony (GBC), covering data centres, electronics, commercial real estate, logistics and institutional development.
Three Metro corridors are proposed, and the state government is working on policy options for an additional floor area ratio (FAR) in existing Noida, which was established in 1976 as an industrial township near Delhi.

Planned area: around 20,000 hectares Jobs target by 2030: 500,000-600,000 Projects at fifth GBC: around 120 projects, nearly ₹35,000 crore Existing Noida: 168 sectors, about 90 per cent developed Noida established: 1976
Why it matters for exams: Urban planning, industrial townships and development authorities are recurring topics in economy and governance papers.
Kerala PSCUPSC
13 October 2026 Source: Business Standard

In plain words

Noida Authority New Okhla Industrial Development Authority — The development authority that plans and allots land in Noida.

FAR Floor Area Ratio — The ratio of total built-up floor area to plot area; a higher FAR permits taller construction.

State Focus Uttar Pradesh Relief Agriculture & Rural Economy & Banking Polity & Governance

Uttar Pradesh transfers ₹493 crore in crop-loss assistance to 9,18,091 farmers hit by floods and excessive rain

Chief Minister Yogi Adityanath transferred ₹493 crore in crop-loss assistance to the bank accounts of 9,18,091 farmers hit by floods, excessive rainfall, hailstorms and cyclones, at an event in Gorakhpur reported on 13 October 2026.
The money goes directly to farmers through Direct Benefit Transfer (DBT), with no middlemen in the disbursement.
Families whose houses were damaged get an additional ₹1.20 lakh under the Mukhyamantri Awas Yojana, separate from the ₹493 crore.
For loss of human life, instructions have been issued to give ₹4 lakh to the family within 24 hours.
Procurement centres for paddy and coarse grains such as jowar, bajra and maize will open from 15 October in districts hit by excessive rain and waterlogging.
The Chief Minister said nearly ₹1,000 crore has already been given to disaster-affected farmers and citizens this monsoon season.

Crop-loss assistance: ₹493 crore Farmers covered: 9,18,091 Extra housing aid (Mukhyamantri Awas Yojana): ₹1.20 lakh Aid on loss of life: ₹4 lakh within 24 hours Paid out this monsoon: nearly ₹1,000 crore
Why it matters for exams: State disaster-relief schemes, Direct Benefit Transfer and crop-loss compensation are standard questions in governance and agriculture papers.
Kerala PSCUPSC
13 October 2026 Source: The Hindu

In plain words

DBT Direct Benefit Transfer — Government benefits paid straight into the beneficiary's bank account, cutting out middlemen.

National Address Economy & Banking Environment & Climate Polity & Governance

PM Modi tells Bloomberg New Economy Forum that India grows 'with the world and for the world'

Prime Minister Narendra Modi addressed the Bloomberg New Economy Forum in New Delhi on Tuesday, 13 October 2026. He said, 'India does not grow at anyone's expense. We grow with the world and for the world.' Calling India the 'mother of democracy', he cited more than 100 languages, around 80,000 registered newspapers and publications, and over 1,000 satellite television channels. He said India's renewable energy capacity has reached approximately 300 gigawatts (GW), up from about 75 GW in 2014, or nearly four times more capacity. The Prime Minister said India's target of sourcing 40 per cent of installed electricity capacity from non-fossil fuel sources by 2030 was achieved in November 2021, nine years ahead of schedule, and that India became the first G20 nation to do so. Business Standard reports that India's non-fossil power capacity, including nuclear power and large hydropower, stood at 304 GW at the end of August 2026, and that the remarks come ahead of the COP31 climate summit next month in Antalya, Turkey.

Renewable energy capacity: Around 300 gigawatts (GW) Non-fossil capacity, end of August 2026 (as reported by Business Standard): 304 GW Pledge met: 40 per cent non-fossil installed capacity, nine years ahead of 2030, as stated by the Prime Minister Registered newspapers and publications: Around 80,000
Why it matters for exams: Headline energy and economy figures cited in the Prime Minister's address, and the climate-summit calendar, are frequent current-affairs questions.
UPSCSSCBank
13 October 2026 Source: Business Standard

In plain words

G20 Group of Twenty — The forum of major economies; the Prime Minister said India was the first member to meet its 40 per cent non-fossil pledge.

COP31 31st Conference of the Parties — The climate summit due next month in Antalya, Turkey.

National Scheme Economy & Banking Polity & Governance

EPFO urges eligible PF trusts to use Amnesty Scheme, 2026 before the 28 December deadline

The Employees' Provident Fund (EPF) Scheme 2026, notified on 29 June 2026, carries a transitional Amnesty for Provident Fund (PF) trusts. It offers a one-time chance to regularise, with retrospective effect, the exempt status of PF trusts recognised under the Income Tax Act, 1961 but lacking a formal exemption order under section 17 of the EPF&MP Act, 1952 or section 143 of the Code on Social Security, 2020. The window runs for six months from notification and expires on 28 December 2026; operational guidelines were issued in a circular of 11 July 2026. Benefits include waivers of Code on Social Security requirements such as minimum employee headcount, corpus size and the 3-year compliance rule. After regularisation, establishments may comply either as exempt or as unexempt. EPFO is also coordinating with the Income Tax Department on data sharing to bring non-compliant trusts into the framework.

EPF Scheme 2026 notified: 29 June 2026 Amnesty window: Six months, expiring 28 December 2026 Operational circular: 11 July 2026 Eligible trusts: Income Tax-recognised PF trusts without a formal exemption order
Why it matters for exams: Social-security schemes, their deadlines and the statutes behind them (EPF&MP Act, Code on Social Security) are common in economy and governance questions.
Kerala PSCUPSCSSCBank

In plain words

EPFO Employees' Provident Fund Organisation — The body urging eligible establishments to apply before the deadline.

Exempt establishment PF trust with an exemption order — An establishment that manages its own provident fund through a recognised trust under an exemption order.

National Agreement Art, Culture & History Economy & Banking

HAL, National Culture Fund and ASI sign MoA for heritage works at Hampi, Taj Mahal and Bekal Fort

Hindustan Aeronautics Limited (HAL), the National Culture Fund (NCF) and the Archaeological Survey of India (ASI) signed a Memorandum of Agreement on 13 October 2026 in New Delhi. It covers heritage conservation and development works at Hampi in Karnataka, the Taj Mahal in Agra, Uttar Pradesh, and Bekal Fort in Kerala. HAL has accorded in-principle approval for financial support of ₹23.60 crore for the projects over the financial years 2026-27 to 2028-29. At Hampi, a UNESCO World Heritage Site, the works include the historic North and South Bazaar areas, extending approximately 270 metres and 250 metres respectively. The projects will be carried out under the technical guidance and supervision of the ASI, with the NCF facilitating implementation.

HAL financial support (in-principle): ₹23.60 crore Period: 2026-27 to 2028-29 Sites: Hampi, Taj Mahal, Bekal Fort Hampi works: North Bazaar about 270 metres; South Bazaar about 250 metres
Why it matters for exams: Heritage sites, the bodies that protect them and corporate (CSR) support for them are standard art-and-culture and current-affairs material, and Bekal Fort is a Kerala site.
Kerala PSCUPSC

In plain words

NCF National Culture Fund — Set up by the Ministry of Culture to bring the Government and the corporate sector together for heritage conservation and promotion.

ASI Archaeological Survey of India — Gives technical guidance and supervision for the projects.

Kerala Finance Economy & Banking Polity & Governance

Kerala considers extending the Pay Revision Commission's term

Chief Minister V D Satheesan told the Assembly that the government is considering extending the term of the current Pay Revision Commission.
The extension is meant to help the commission do its work and collect information more effectively.
The preceding commission's term expired in July 2024; the present commission was constituted in February 2026 and its terms of reference were finalised in March.
The Chief Minister put outstanding dearness allowance (DA) arrears at Rs 21,670 crore and dearness relief (DR) arrears at Rs 14,387 crore.
He said the government is examining whether interim relief can be given until the next pay revision.
The earlier government's order on leave surrender benefits has been kept in abeyance.

DA arrears: Rs 21,670 crore DR arrears: Rs 14,387 crore Previous commission's term ended: July 2024 Present commission constituted: February 2026
Why it matters for exams: Pay Revision Commissions, DA and DR are recurring Kerala PSC topics on service and state finance.
Kerala PSC
13 October 2026 Source: Kerala Kaumudi

In plain words

DA Dearness Allowance — An allowance paid to employees to offset the rise in the cost of living.

DR Dearness Relief — The corresponding relief paid to pensioners.

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