The RBI's draft folding six circulars into a single rulebook — fixed and floating rates across banks, NBFCs, AIFIs and co-operative banks — closed for comment on 11 September. From here it goes to a final direction with a transition period, and the drafting choice that will follow you for years is the one on resets: which benchmark a floating rate may sit on, how often it may move, and what the lender must disclose when it does — in the same terms whoever lent you the money.

That matters more this month than last. The rupee is at record-low levels near ₹95 to the dollar, Brent settled the week at $104.61, and the MPC next speaks on 7 October with August's CPI heading for a 20-month high. A rate cut is not the base case in that arithmetic. Pull out the sanction letter and find two lines — the benchmark your spread sits on, and the reset date — because the repricing you did not diarise is the one that arrives as a surprise EMI. And we will repeat last week's point while it stays under-used: since 1 April banks may not take collateral on loans up to ₹20 lakh to micro and small enterprises.

The tax-audit report in Form 3CA/3CB and 3CD is due 30 September, and audit-case returns on 31 October. Those are not two deadlines a month apart. The report must be signed and uploaded before the return can be filed, so the whole of October depends on what your auditor has in hand by the end of September — and about sixteen working days remain. The Q2 TDS returns also fall on 31 October, and MSME-1, the half-yearly return of dues owed to micro and small suppliers, goes with them.

For those who missed 31 August — and no extension came, as this paper said twice it would not — the route is still a belated return, open until 31 December. It carries a fee of up to ₹5,000 under s.234F, interest at 1% a month under 234A on unpaid tax from 1 September, and the loss of the right to carry forward business losses. Unabsorbed depreciation still carries. Every part-month you wait counts as another whole month of 234A, so December is the worst possible time to do a September job.

The state has approved roughly 44,000 square metres at Sitapura, allotted through RIICO at the reserve rate, for the Jaipur Gem & Jewellery Bourse — planned as the world's first bourse dedicated to coloured gemstones and gemstone jewellery, and sized for 1,500 to 2,000 units: cutting and jewellery firms, labs, banks, insurers, logistics and security. The EPC tender is in its final stages, construction is expected to start before Diwali, and possession is planned in phases from 2028. Rajasthan already ships 17.5% of India's gems and jewellery exports, about 90% of its meenakari and 60% of its kundan.

Read it against the week's other two numbers. The duty wall in the trade's largest market is still near 16% — a 10% Section 301 tariff on the ~5.5–6% MFN rate, with India in the lower band — and the barrel that carries the goods there is above $100. A bourse does nothing about either. What it does is cut the cost of the part that is local: one address for a lab report, a bank, an insurer and a buyer who flies in once instead of four times.