Government securities auction: re-issue offered via multiple-price bidding with non-competitive facility and electronic submission, timed settlement.
Re-issue of Government stocks will be sold via price-based auctions using the multiple price method; both competitive and non-competitive bids are permitted with up to 5% of each issue reserved for eligible individuals and institutions under the Non-Competitive Bidding Facility. Bids must be submitted electronically on the RBI E-Kuber system within prescribed time windows for non-competitive and competitive submissions, with allotment and payment following the auction schedule. The stocks will be eligible for When Issued trading under RBI guidelines.

Advance Pricing Agreements securing transfer pricing certainty with prospective pricing methods and rollback for prior years.
The APA framework provides transfer pricing certainty by fixing pricing methods and the Arm's Length Price for up to five future years, with an option to rollback for four preceding years to deliver up to nine years of certainty. In July 2017 the CBDT signed nine Unilateral APAs across multiple sectors covering transactions such as software development, IT enabled services, engineering design, distribution and contract manufacturing, and affirmed continued expansion of the APA programme to support a non adversarial tax environment.

Reference rate for US dollar updated; corresponding cross-currency rupee rates for euro, pound and yen provided.
The Reserve Bank issued an updated reference rate for the US dollar and, using middle cross currency quotes, provided rupee rates for the euro, pound sterling and the yen, and stated that the SDR Rupee rate will be based on that reference rate.

Foreign Direct Investment rights for NRIs allow FDI and portfolio routes with repatriation and non repatriation options.
NRIs may invest in Indian companies' equity instruments under the Foreign Direct Investment (FDI) Scheme, acquire securities on a stock exchange on repatriation basis under the Portfolio Investment Scheme or on a non-repatriation basis, purchase other securities per Schedule 5, trade approved exchange traded derivatives out of INR funds on non-repatriation basis, contribute foreign capital to LLPs under FDI rules, and acquire units of investment vehicles pursuant to the Regulations' specified schedules.

Supervisory colleges established to strengthen information exchange and cooperative supervision of internationally active scheduled commercial banks.
Supervisory Colleges have been established for six Scheduled Commercial Banks with significant international presence to enhance information exchange and cooperation among supervisors, improve understanding of banking groups' risk profiles, and facilitate more effective supervision of internationally active banks.

Interest rate deregulation prompts NABARD to revise refinance pricing, adjusting long term rural credit support accordingly.
NABARD periodically reviews and revises long term refinance interest rates, supplying refinance to scheduled commercial banks, cooperative banks and RRBs from market and own resources; these revisions reflect prevailing market conditions. The Long Term Rural Credit Fund (LTRCF) was created to provide long term refinance to cooperative banks and RRBs, funded by contributions arising from Priority Sector Lending shortfalls by scheduled commercial banks, and NABARD has set and subsequently lowered the interest rate on advances under LTRCF.

Reference rate for US dollar set; cross currency rupee rates and SDR rupee linkage disclosed for market reference.
The publication sets a daily reference rate for the US dollar, compares it with the prior day's rate, and, using middle cross currency quotations, provides corresponding rupee exchange rates for the euro, pound sterling and Japanese yen. It also confirms the SDR rupee rate will be based on that reference rate.

Monetary Policy Committee meeting scheduled; resolution to be published publicly at specified time following deliberations.
The Monetary Policy Committee will convene to issue the Third Bi-monthly Monetary Policy Statement for 2017-18; the Committee's resolution will be posted on the institution's website at the stated time immediately after the meeting, providing the public disclosure mechanism for the policy decision.

Reference rate determination: central bank published US dollar reference and corresponding cross currency rupee rates today.
The Reserve Bank of India published the Reference Rate for the US dollar for 27 July 2017 and the previous day's value, and provided euro, pound sterling and yen rupee rates derived from that reference rate using cross currency middle rates. The release states that the SDR Rupee rate will be based on the published reference rate, establishing the operative basis for conversion and valuation for that date.

Fiscal deficit target and conditional borrowing flexibility imposed, subject to debt and interest to revenue compliance.
The Government reports a steady reduction in the Centre's fiscal deficit and summarizes State fiscal deficits and outstanding liabilities. Pursuant to Fourteenth Finance Commission recommendations, States are subject to a fiscal deficit target with conditional flexibility to borrow additional amounts only if they satisfy prior-year debt to GSDP and interest to revenue thresholds and have no revenue deficit when borrowing limits are fixed. The Centre increased States' share of divisible taxes and provided post devolution revenue deficit grants to certain States.

Credit guarantee for startups enables collateral-free lending via portfolio guarantees with lender exposure capped per borrower.
The Credit Guarantee Scheme for Startups provides a government backed portfolio guarantee to enable collateral free lending to DIPP recognised startups, guaranteeing lender exposure up to a capped amount per eligible borrower across instruments like term loans, working capital and venture debt. Coverage is portfolio based with losses reckoned against net cash losses; eligible MLIs include scheduled banks, financial institutions, RBI registered NBFCs and SEBI registered AIFs. KYC mandates Aadhaar for resident directors/partners and passport for non residents. The scheme is managed by the National Credit Guarantee Trustee Company with oversight by a Management Committee and a Risk Evaluation Committee.

Reference exchange rate publication sets the base US dollar rate and informs derived rupee cross currency rates and SDR conversion.
Publication of the Reserve Bank of India's reference exchange rate for the US dollar establishes the official benchmark for the rupee on July 26, 2017, with the prior day's rate noted; derived cross-currency rupee rates for the euro, pound sterling and yen are provided using the reference and middle cross-currency quotes, and the SDR-rupee rate is to be based on that reference.

Reference rate for the US dollar set as the operative benchmark, determining cross currency exchange rates and SDR linkage.
The Reference rate for the US dollar is declared as the operative rupee benchmark for the specified date, with the prior day's figure noted for comparison. Exchange rates for euro, pound sterling and yen are computed from that USD reference using cross currency middle rates, and the SDR Rupee rate is stated to be based on the published reference rate.

Government securities auction: re-issue offered via price-based multiple-price auction with reserved non-competitive allotment.
Sale by price-based, multiple-price auction of specified Government securities is to be conducted electronically on the central banking system; distinct electronic submission windows are prescribed for non-competitive and competitive bids, with a reserved proportion of each issue allocated to eligible bidders under the Non-Competitive Bidding Facility. Auction results will be announced on the auction date and payment by successful bidders will follow on the prescribed settlement date. The securities will be eligible for When Issued trading under the existing guidelines.

Reference rate for US dollar set; it determines cross-currency rupee rates and SDR rupee valuation update.
The document reports the Reference Rate for the US dollar and, using middle cross currency quotes, provides corresponding rupee exchange rates for the euro, pound sterling and yen; it states that the SDR Rupee rate will be based on the published reference rate.

Insolvency and bankruptcy reforms to improve recoveries and regulatory restructuring tools aimed at restoring bank asset quality.
Public sector banks' concentrated impairments in sectors like infrastructure, steel and textiles have restrained system credit growth and prompted portfolio rebalancing. The Government and central bank have enacted statutory and regulatory measures to restore asset quality: the Insolvency and Bankruptcy Code to improve recoveries and an amendment empowering regulator directed resolution, alongside supervisory tools including the Prompt Corrective Action framework, Income Recognition and Asset Classification norms, and multiple restructuring schemes and lender forums to manage stressed assets.

Interest subvention for short-term crop loans secures subsidised lending rates and targeted relief measures for farmers post demonetisation.
Post demonetisation relief includes a 60 day grace period with a prompt repayment incentive for eligible crop loan dues, a two month interest waiver for cooperative bank short term crop loans with upfront deposit of waived interest, NABARD borrowings for on lending to cooperative banks at a concessional rate, continuation of the Interest Subvention Scheme to ensure short term crop loans reach farmers at the capped ground level rate, and regulatory measures promoting Financial Inclusion Plans and permitted Banking Outlets to expand rural banking coverage.

Reference rate for US Dollar established as the official benchmark, with cross currency rupee rates and SDR conversion based on it.
The Reserve Bank of India published the Reference Rate for the US Dollar for July 21, 2017 and noted the prior day's rate; it provided derived Euro, Pound Sterling and Japanese Yen exchange rates for July 20 and July 21, 2017 based on the Dollar reference rate and cross currency middle rates, and stated that the SDR Rupee rate will be based on the published reference rate.

Reference rate for US Dollar updated; cross-currency rupee rates and SDR Rupee linkage announced effective today.
The Reserve Bank of India published an updated reference rate for the US Dollar and accompanying cross currency exchange rates for EUR, GBP and JPY against the Rupee, reporting current and preceding day benchmarks and middle rates; the announcement specifies that the SDR Rupee rate will be determined on the basis of the published reference rate, creating a direct linkage for SDR conversions.

The Future of Cash prompts policy debate on currency, payments and digital transition, with data and professional credibility also central.
Announcement of a one-day conclave inaugurated by the Union Finance Minister with sessions on The Future of Cash, addressing currency and payment-system policy, and on Data as the oil of the 21st Century, focusing on data's economic value and India's policy response, followed by a panel on restoring the credibility and effectiveness of the economics profession in policymaking and international engagement.