12 October 2026 | English | FREE Current Affairs PDF

Today’s Highlight: The 57th GST Council recommended removing the arrest powers of tax officers and raising the prosecution threshold from Rs 1 crore to Rs 5 crore. It also approved ITC refunds on input services and capital goods, so GST reforms, thresholds and dates are very likely exam questions for Banking and SSC aspirants.

News in One Liner – 10, 11 & 12 October 2026

PIB News

MoSPI Unveils Environmental Accounts Strategy 2026-2030

The Ministry of Statistics and Programme Implementation released the ‘Strategy for Environmental Economic Accounts in India 2026-2030’ to measure the economic value of natural resources. It succeeds the 2022-2026 roadmap and builds on the UN SEEA Central Framework and the updated UN System of National Accounts (SNA) 2025. Coverage widens to forests, land, minerals, soil, water quality, carbon stock, biodiversity, energy and pollination services.

DFS Orders Mandatory Reporting of SC Beneficiaries

After intervention by the National Commission for Scheduled Castes, the Department of Financial Services directed public banks and financial institutions to report Scheduled Caste beneficiary data scheme-wise and bank-wise. The tracking covers PM MUDRA Yojana, Stand-Up India, PM SVANidhi and the National SC-ST Hub. NCSC Chairman Kishore Makwana said the commission will closely monitor the reporting.

India-EFTA TEPA Covers 99.6% of Export Basket

Commerce Secretary Rajesh Agrawal said the India-EFTA Trade and Economic Partnership Agreement covers 99.6% of India’s export basket. EFTA nations opened 92.2% of their tariff lines, while India opened 82.7% of its lines covering 95.3% of EFTA exports. Under Article 7.1, EFTA committed $100 billion of investment over 15 years and one million direct jobs.

Navy Launches First Fleet Support Ship FSS-1

The Indian Navy launched ‘FSS-1’, the first of five Fleet Support Ships of about 44,000 tonnes, and laid the keel of the second ship at Hindustan Shipyard Limited, Visakhapatnam. Defence Minister Rajnath Singh presided over the event. The ships carry out replenishment at sea and are built with over 80% indigenous content in a project worth over Rs 19,000 crore.

NCAHP Notifies Autonomous Board and Assessment Rules

The National Commission for Allied and Healthcare Professions notified regulations creating statutory autonomous boards and a Central Assessment Committee. The boards will maintain registers, enforce professional ethics and handle complaints, while the committee will inspect and rate institutions. Standardised competency-based curricula begin with B.MRIT and M.MRIT programmes in 2026-27.

Industry News

57th GST Council Scraps Arrest Powers, Raises Prosecution Limit

The 57th GST Council, chaired by Finance Minister Nirmala Sitharaman, recommended removing the arrest powers of GST officers and raising the prosecution threshold from Rs 1 crore to Rs 5 crore. Late-filing penalties fall from Rs 25,000 to Rs 10,000 and no show-cause notices will be issued below Rs 10,000. The reforms take effect from April 1, 2027, and rate changes will be considered once a year.

GST Council Approves ITC Refunds on Services and Capital Goods

The 57th GST Council recommended amending Section 54(3) of the CGST Act, 2017, to allow Input Tax Credit refunds under inverted duty structures. Refunds on input services start from November 1, 2026, and on capital goods from April 1, 2027, spread over 60 months. The Council also proposed removing Section 17(5) restrictions on items such as life and health insurance and outdoor catering, with 90% provisional refunds within 10 days.

Average Effective GST Rate Falls to 10.84%

Finance Ministry data showed the average effective GST rate falling from 11.74% to 10.84% after rate cuts and slab consolidation. The effective rate on domestic supplies fell to 13.13% from 14.55%, far below the 15.8% revenue neutral rate set at the 2017 launch. Gross GST collections still grew 11.6% to Rs 12.46 lakh crore in H1 FY27 as the taxable base expanded 25.8%.

India Targets $1 Trillion Exports This Year: Goyal

Commerce and Industry Minister Piyush Goyal said India aims for $1 trillion of exports in the current year, after a record $863 billion last year. He spoke at the curtain raiser of the 31st CII Partnership Summit in New Delhi. He also urged CII to set up Free Trade Agreement utilisation desks in every State Council to help MSMEs, and noted the next summit will be in Visakhapatnam.

Financial News

PSU Banks Raise Repo-Linked Lending Rates by 25 bps

Bank of Baroda, Punjab National Bank, Indian Overseas Bank and Indian Bank raised their repo-linked lending rates by 25 basis points after the RBI lifted the repo rate to 5.50%. Bank of Baroda’s rate is now 8.15%, PNB and IOB 8.35%, and Indian Bank 8.20%. Floating-rate home, auto, retail and MSME loans linked to the external benchmark will see higher EMIs or longer tenures.

RBI: 37% of CPI Basket Above 4% Target

The RBI’s monetary policy report showed that 37% of the weighted CPI basket now has inflation above the 4% target, pointing to broad-based price pressure. Food and beverages inflation rose to 5.9%, with animal protein and spices accounting for nearly 48% of the increase. The RBI tracks items in four diffusion bands: below 2%, 2-4%, 4-6% and above 6%.

SEBI Mandates Credit Risk-o-Meter for Debt Securities

SEBI made a colour-coded ‘Credit Risk-o-Meter’ mandatory for debt securities in offer documents, advertisements and online bond platforms. Where several agencies rate a security, the meter shows the lowest rating, and unsecured instruments must carry the word ‘Unsecured’ in bold red. Platforms must update the meter automatically within 24 hours of a rating change, and the circular applies 45 days after issue.

National & State News

JOSH Teams Launched Under TB Mukt Bharat Abhiyaan

The Health Ministry launched ‘JOSH Teams’ (Joint Squad for Health) to involve youth volunteers in community-led tuberculosis elimination. The teams will start in 55 districts across 11 states and will raise awareness, reduce stigma and promote timely care. The effort supports India’s goal of eliminating TB ahead of the WHO’s 2030 SDG deadline.

16th Finance Commission Backs One-Time Grant for Urban Bodies

The Sixteenth Finance Commission, chaired by Dr Arvind Panagariya, recommended a one-time grant for Urban Local Bodies that merge peri-urban villages. The suggestion came during consultations with state representatives in Kerala. The money would help build roads, drainage, waste management and water supply in the merged areas during the 2026-27 to 2030-31 award period.

Supreme Court Asks Centre for Panel on Pharma Marketing Code

The Supreme Court directed the Centre to set up an expert committee to consider giving legal force to the Uniform Code for Pharmaceutical Marketing Practices. The direction follows a PIL on freebies and sponsored trips given to doctors by drug companies. The panel will examine whether the code can be made binding under laws such as the Drugs and Cosmetics Act.

World News

India Joins US and 13 Partners on Industrial Overcapacity

India, the United States and 13 partner economies issued a joint declaration to tackle structural industrial excess capacity driven by non-market policies. They flagged steel, solar equipment, batteries and critical minerals, where overproduction depresses global prices. The partners pledged to share trade monitoring data, align anti-dumping standards and strengthen supply chains.

IMF’s Georgieva Urges Action on Debt and Inequality

IMF Managing Director Kristalina Georgieva urged countries to act quickly on record public debt and widening inequality ahead of the IMF-World Bank Annual Meetings in Washington. She warned that global public debt will cross $100 trillion by year-end, with medium-term growth near 3.2%. She called for rebuilding fiscal buffers, targeted tax reforms and protecting social safety nets.

Appointments and Resignation

NPCI’s Dilip Asbe Joins SWIFT Supervisory Board

NPCI Managing Director and CEO Dilip Asbe has been appointed an independent director on SWIFT’s new 15-member Supervisory Board. SWIFT has moved from a single board to a two-tier structure, with the Supervisory Board supported by a 25-member SWIFT Council. The board will guide SWIFT’s work on digital assets, AI, post-quantum cryptography and faster cross-border payments.

Press Council of India Reconstituted with 13 Journalists

The Information and Broadcasting Ministry notified 13 journalist members to the reconstituted Press Council of India under the Press Council Act, 1978. Six are newspaper editors, including Pradeep Kumar Jain and Aparna Shukla, and seven are working journalists such as Vinod Kohli and Kingshuk Pramanik. The PCI is a quasi-judicial body based in New Delhi that safeguards press freedom.

Science & Technology

WHO Prequalifies Serum Institute’s Cervavac HPV Vaccine

The World Health Organization prequalified Cervavac, India’s first indigenous quadrivalent HPV vaccine made by the Serum Institute of India. Prequalification lets UNICEF and Gavi buy and supply the low-cost vaccine to other countries. It protects against HPV types 6, 11, 16 and 18 and was developed with the Department of Biotechnology.

Centre to Release AI Regulation Consultation Paper

Electronics and IT Minister Ashwini Vaishnaw said the government will release a public consultation paper on Artificial Intelligence regulation within a month. The proposed risk-based framework aims to curb deepfakes, protect copyright and prevent algorithmic bias while supporting innovation. It also stresses protecting creators from unauthorised use of their content to train AI models.

Summits & Conferences

PM Modi to Inaugurate India Mobile Congress 2026

Prime Minister Narendra Modi will inaugurate the 10th edition of the India Mobile Congress at Bharat Mandapam, New Delhi, with Communications Minister Jyotiraditya Scindia. The event showcases 5G, 6G research, satellite communication, quantum computing and semiconductors. It is co-hosted by the Department of Telecommunications and the Cellular Operators Association of India.

Sports News

Manush Shah, Diya Chitale Make History at WTT China Smash

Manush Shah and Diya Chitale became the first Indian mixed doubles pair to reach a WTT Grand Smash semifinal at the WTT China Smash 2026 in Beijing. The fifth seeds beat Romania’s Eduard Ionescu and Bernadette Szocs 3-0 in the quarterfinals. They lost 1-3 to Chinese Taipei’s seventh seeds Lin Yun-Ju and Cheng I-Ching in the semifinal.

Defence News

IAF Marks 94th Anniversary; Air Chief Outlines Priorities

The Indian Air Force celebrated its 94th anniversary on October 8, 2026. Air Chief Marshal Amar Preet Singh stressed operational readiness, indigenous technology such as the Tejas Mk1A and the AMCA, and multi-domain capability. He also highlighted integrated air defence, space-based surveillance and counter-drone systems.

Awards & Honors

Anne Carson Wins 2026 Nobel Prize in Literature

The Swedish Academy awarded the 2026 Nobel Prize in Literature to Canadian poet and essayist Anne Carson. The citation praised her ‘bold and inventive oeuvre’ that, in playful dialogue with the classical tradition, has created new forms for contemporary literature. The prize carries 12 million Swedish kronor, about 1.2 million US dollars.

Obituaries

Veteran Actor Nana Patekar Dies at 75

Veteran actor and social activist Nana Patekar passed away at 75 in Goa on October 8, 2026 after a cardiac arrest, and was given a full state funeral by the Maharashtra government. He won three National Film Awards, for Parinda, Krantiveer and Agnisakshi, and received the Padma Shri in 2013. His best-known films include Ab Tak Chhappan and Natsamrat.

Ranking and Reports

WWF Report: Wildlife Populations Down 73% Since 1970

The WWF Living Planet Report 2026 found that average monitored wild vertebrate populations fell 73% between 1970 and 2022. It tracked nearly 6,000 species across more than 35,000 populations. Freshwater ecosystems saw the steepest decline, Latin America and the Caribbean the worst regional drop, while tigers, bluefin tuna and green sea turtles showed recovery.