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    Sitharaman asks public sector banks to focus on youth; provide cool, simple banking to suit their needs
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    India-UK trade agreement to benefit Haryana's industries and services sector: CM Saini
    FM asks banks to keep pace with youth expectation; calls for outreach campaign from Oct 2
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    Zeeba Revamps Packaging and Announces Chef Vikas Khanna as Its Global Brand Ambassador
    Paul Merchants Finance Launches Loan Against Silver, Becomes India’s First NBFC to Set Up Exclusive Silver Loan Branches
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    Keralam CM flags off containers from Vizhinjam, marking start of EXIM operations
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August 18, 2026
Show AI Summary
Youth-focused banking requires public sector banks to deliver personalised digital services, financial awareness, and responsible credit engagement.
Public sector banks are urged to implement sustained youth-focused banking through campus outreach, simple personalised round-the-clock services, dedicated youth support and financial awareness. Engagement should develop long-term relationships beyond account opening while preserving prudential standards. Youth should receive guidance on the formal credit ecosystem, including credit scores, credit history, bank credit products and government credit schemes, to support responsible credit discipline and future financial needs. A dedicated portal may provide a single access point for banking awareness and suitable financial opportunities.
August 18, 2026
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Taxpayer service improvement and litigation reduction guide administrative planning for stronger infrastructure, systems, coordination and future tax department functioning.
Improvement of taxpayer services, reduction of tax litigation, infrastructure strengthening and preparation of an actionable roadmap for future Income Tax Department functioning were considered as operational priorities. Deliberations covered e-HRMS, service matters, reservation policy, systems administration, capacity building, expenditure budgeting, TDS administration, inter-agency coordination, and office infrastructure. Officials identified institutional challenges and priorities for strengthening taxpayer-facing and internal departmental functions.
August 18, 2026
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Duty-free UK market access strengthens export opportunities for Indian goods and services, supporting MSMEs, agriculture, manufacturing and global value-chain participation.
India-UK Comprehensive Economic and Trade Agreement provides duty-free access to the UK market for nearly all Indian exports and may improve the competitiveness of Haryana's manufacturing, agricultural, MSME and services sectors. Preferential access covers products including textiles, engineering goods, auto parts, processed foods and pharmaceuticals, while agricultural exports remain subject to exceptions for sensitive products. The agreement also provides market access across 137 UK services sub-sectors, supporting IT, digital, professional, financial and technical services and facilitating global value-chain participation.
August 18, 2026
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Youth banking outreach promotes campus engagement, financial awareness, responsible credit discipline and long-term access to formal banking services.
Public sector banks are urged to conduct a month-long "Banking for Youth" outreach campaign from 2 October 2026 for persons above 16 years of age. Outreach through educational and skill-development campuses should combine account opening, financial awareness and direct engagement. Banks should develop tailored youth strategies to build long-term banking relationships. Proposed measures include online learning content, lifestyle-linked benefits, dedicated youth banking support, and awareness of credit scores, credit products and government credit schemes. A dedicated youth banking-awareness portal may serve as a single access point for appropriate banking services and financial opportunities.
August 18, 2026
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Competition approval for Prudential's acquisition of equity shareholding in an Indian life insurer supports the proposed insurance-sector combination.
Competition approval has been granted for Prudential Corporation Holdings Limited to acquire certain equity shareholding in Bharti Life Insurance Company Limited. The acquirer is the holding company for its group's insurance and asset-management operations in Asia and supports operations in Asia and Africa. The target is an IRDAI-licensed Indian life insurer.
August 18, 2026
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Foreign remittance certification due diligence faces nationwide verification targeting shell entities, their controllers, and certifying professionals.
Nationwide verification of suspicious outward foreign remittances targets entities with little or no reported business activity, their controllers, and professionals issuing tax determination certificates. Scrutiny concerns remittances disproportionate to reported turnover, inconsistent with stated purposes, or linked to entities not operating from declared addresses. Form 15CB, or Form 146 under the corresponding framework, requires certifying accountants to assess taxability from books of account and relevant records, supporting tax deduction at source and treaty compliance through due care, diligence and professional judgment.
August 18, 2026
Show AI Summary
Fair Price Shop regulation introduces graded stock-shortage penalties, mandatory FIRs for major discrepancies, and restructured licensing requirements.
Fair Price Shop regulation introduces quantity-based penalties for stock discrepancies, ranging from performance-guarantee forfeiture and replenishment obligations to interim suspension, cancellation-related action and mandatory FIR registration for major shortages. Repeated or deliberate diversion or manipulation of public distribution supplies may lead to cancellation, blacklisting and FIR registration. Licensing now includes continuing regular licences and short-term temporary licences, with wider eligibility, points-based selection, card-linked performance guarantees and compulsory approved e-PoS, weighing-scale and iris-scanner use.
August 18, 2026
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Priority sector lending strengthened rural credit access through agricultural, micro-enterprise and weaker-section finance, reinforcing financial inclusion and sustainable development.
Regional Rural Banks expanded rural credit delivery while maintaining strong Priority Sector Lending performance during FY 2025-26. Almost all Regional Rural Banks met the prescribed overall priority-sector target. Agriculture and allied activities remained the largest priority-sector component, with farm credit accounting for nearly all agricultural lending. MSME finance predominantly supported micro enterprises, rural entrepreneurs, artisans and small businesses. Lending to weaker sections and finance for housing, education, renewable energy and social infrastructure promoted inclusive access to institutional credit and sustainable rural development.
August 18, 2026
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Adjustable pallet racking systems support customised, scalable warehouse storage through configurable layouts, safety assessment, installation and lifecycle support.
Adjustable pallet racking systems are configurable warehouse-storage solutions for varied inventory dimensions, weights and product types. They support bulk pallet storage, multi-level picking and high-density configurations through adjustable beams and shelves, load-bearing capacity, structural durability and space-efficient layouts. Storage configurations are customised after assessing inventory dimensions, payload requirements, available space and material-movement frequency, with support for design, installation, inspections and after-sales service.
August 18, 2026
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Domestic consumption expansion targets lower-tier markets through improved retail channels, distribution networks, employment support and household income opportunities.
China has introduced measures to strengthen domestic consumption in counties, smaller cities, townships and rural areas. The measures include upgrading township commercial centres, rural markets and local fairs; encouraging domestic and international brands to establish regional debut stores; and reusing existing land resources to improve services. They also seek better services for elderly persons and children, stronger urban-rural distribution networks, county-level employment and resident income channels. The strategy supports a shift towards household consumption amid weak domestic demand, property-sector pressures and subdued consumer sentiment.
August 18, 2026
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Currency management preserves monetary sovereignty through clean notes, secure logistics, decentralised distribution, durable banknotes, and sustainable cash-cycle operations.
Currency management supports trust in cash and monetary sovereignty through demand planning, secure production, distribution, replacement, and disposal. The Clean Note Policy requires good-quality banknotes to be available in required denominations and locations, with unfit notes continuously withdrawn and replaced. A decentralised Currency Chest network distributes fresh currency, processes returned notes, supports linked bank branches, and operates under licensing, real-time reporting, inspection, and audit requirements. Current priorities include managing uncertain cash demand, improving note durability, and reducing the carbon footprint of the cash cycle.
August 18, 2026
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Independent investigation of alleged dubious transactions requires examination of all six allegations despite prior police conclusions.
Investigation into alleged dubious transactions involving Indiabulls Housing Finance Limited and related entities must cover all six allegations identified by the Enforcement Directorate. The CBI must independently examine five allegations previously reviewed by the Delhi Police Economic Offence Wing, irrespective of its conclusion, and submit a comprehensive report. Further investigation into the sixth allegation depends on the special PMLA court deciding the CBI's pending application, after which the CBI must provide a progress or status report.
August 18, 2026
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Boss scam prevention requires independent verification of payment requests and avoidance of malicious WhatsApp attachments that enable executive impersonation.
Boss scam, or CEO impersonation fraud, uses malicious WhatsApp attachments and impersonation of regulatory officials or company executives to obtain control of WhatsApp sessions and issue fraudulent payment instructions. The alleged network supplied SIM cards, dummy SIMs, WhatsApp accounts and one-time passwords to cyber-fraud operators, illustrating a Cybercrime as a Service model. Preventive measures include avoiding suspicious ZIP, executable, library and APK files and independently verifying all financial-transfer requests.
August 18, 2026
Show AI Summary
Floating-rate personal loan prepayment protections prohibit charges and compulsory lock-ins for qualifying individual non-business borrowers from 2026.
Prepayment charges are prohibited for part or full repayment of qualifying floating-rate loans availed by individual borrowers for non-business purposes and sanctioned or renewed on or after 1 January 2026. Compulsory lock-in periods cannot restrict prepayment of such loans. Fixed-rate personal loans may still attract prepayment or foreclosure charges under lender policy and contractual terms. Borrowers should check the loan's rate type, sanction letter, loan agreement and key fact statement, where applicable, and compare applicable charges with potential interest savings before early repayment.
August 18, 2026
Show AI Summary
Premium Basmati rice positioning drives Zeeba's packaging refresh and ambassador-led campaign focused on quality, authenticity and domestic expansion.
Zeeba has refreshed its packaging and appointed Chef Vikas Khanna as global brand ambassador to support expansion in India. Its "Aisa Basmati Nahi Dekha" campaign positions the brand around export-quality Basmati rice, consistency, authenticity and a superior culinary experience. Promotional activity will extend across digital, retail and consumer touchpoints. The premium Basmati range is described as carefully sourced, naturally aged and processed according to global quality standards, with emphasis on grain quality, authentic taste, purity and consistency.
August 18, 2026
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Silver-collateral lending creates a formal secured-credit channel for eligible borrowers, subject to regulatory requirements and lender policies.
Loans against silver collateral have been introduced following the Reserve Bank of India's Lending Against Gold and Silver Collateral Directions, 2025, enabling eligible regulated lenders to accept silver as security. The offering provides a formal and transparent credit channel against eligible silver jewellery, ornaments and approved silver coins. It is intended for individuals, proprietors and MSMEs requiring liquidity for personal, business and other legitimate financial needs, subject to lending policies and applicable regulatory requirements.
August 18, 2026
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Healthcare discount membership provides instant savings on out-of-pocket care at participating premium providers without insurance claims or paperwork.
CarePass is a healthcare savings membership card providing instant point-of-billing discounts at participating premium healthcare providers across India. It covers out-of-pocket spending on hospital treatment, diagnostics, dental, vision, dermatology, hair and skin care, and IVF and maternity services, without claim processing, waiting periods or paperwork. Members present a digital CarePass at a participating provider to receive the applicable discount. Four membership tiers offer differing benefits, with higher tiers including tele-consultations and annual health checks. CarePass is a discount membership and not an insurance product.
August 18, 2026
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EXIM operations at Vizhinjam commence with container movement, supported by investor facilitation, infrastructure backing and port-led logistics development.
EXIM operations at Vizhinjam international seaport commenced with the flagging off of two containers after a successful trial export shipment. The state government proposes investor engagement, regulatory facilitation and infrastructure support to expand global export activities through the port. Mission Samudra is to operate as a port-led industrial and logistics development scheme. The deep-water port was developed under a public-private partnership model and had received commercial commissioning certification.
August 18, 2026
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Money-laundering investigation under PMLA expands through searches into alleged consultancy payments linked to CMRL and Exalogic Solutions.
Money-laundering investigation under the Prevention of Money Laundering Act involves fresh searches connected with Cochin Minerals and Rutile Ltd and Exalogic Solutions. The inquiry concerns alleged fraudulent payments made under the guise of IT consultancy services and a purported money trail involving persons allegedly connected with those transactions. The action follows earlier searches and questioning in relation to the same matter.
August 18, 2026
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Recruitment examination irregularities trigger money-laundering investigation into alleged bribery, paper leaks, answer-sheet tampering, and preferential veterinary officer selections.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in veterinary officers' final selection through a public recruitment examination. Searches covered premises linked to commission officials, alleged intermediaries, the digital evaluation entity, and selected candidates. Allegations include bribery demands, examination-paper leakage, OMR answer-sheet tampering, and facilitation of selection for relatives of commission officials.

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Customs, DGFT & SEZ

Government Approves 17 Proposals of Foreign Direct Investment Amounting to about Rs.262.5594 Crore

May 7, 2013

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Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on March 13, 2013, the Central Government has approved Seventeen (17) proposals of Foreign Direct Investment amounting to Rs. 262.5594 crore approximately.

Following are the details of proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 13.03.2013:    

Following Seventeen (17) proposals have been approved :

Sl. No.

Name of the applicant

Particulars of the proposal

FDI/NRI inflows

(Rs. In crore)

INDUSTRIAL POLICY & PROMOTION

1

Ms. Sonia Sharma and Mr. Harish Kumar Sharma

Induction of foreign capital contribution in the proposed LLP.

0.32

2

M/s Hussmann International Holdings (Netherlands) Cooperatief, U.A

Induction of foreign capital contribution in an LLP.

0.0004

PHARMACEUTICALS

3

M/s SIDD Life Sciences Pvt. Ltd., Tamil Nadu

Post facto approval for issuance of shares prior to receipt of full inward remittance.   Engaged in the business of manufacturing of medical/surgical equipment & orthopaedic appliances etc.

0.61(already brought in)

4

M/s Sanofi-Synthelabo (India) Limited, Mumbai

An existing pharma company to acquire another pharma company through internal accruals.

180.00

5

M/s Oxford Lifesciences Pvt. Ltd., Mumbai

Transfer of shares from Resident to NR in a brownfield Indian pharmaceutical company.

0.18

6

M/s Oxford Laboratories Pvt. Ltd., Mumbai

Transfer of shares from Resident to NR in a brownfield Indian pharmaceutical company.

0.52

7

M/s Mylan Laboratories Limited, Hyderabad

An existing Indian pharma company with FDI to acquire formulation vials manufacturing facility from another existing Indian pharma company.

Nil

 FINANCIAL SERVICES

8

M/s AGS Transact Technologies Limited, Mumbai

Company having FDI to set up White Label ATMs.

Nil

 DEFENCE PRODUCTION

9

M/s Amertec Systems Pvt. Ltd., New Delhi

Induction of foreign equity to carry out the manufacturing of advanced electronic systems, test systems, simulators and electronic systems for military applications.

0.05

 HOME AFFAIRS

10

M/s Pipavav Defence and Offshore Engineering Company Ltd.

A defence sector company, which has 26 percent foreign equity participation (provisional approval) including for issuance of FCCBs has sought amendment in FC approval and issuance of shares to an identified foreign investor.

Nil

INFORMATION & BROADCASTING

11

M/s Asia Net Communication Ltd.

Transfer of shares from Resident to Non-resident to carry out the business of broadcasting non-news and current affairs television channels.

0.02

INDUSTRIAL POLICY & PROMOTION

12

M/s Delhi Duty Free Services Pvt. Ltd.

Post facto approval for transfer of shares from resident to Non-resident for setting up a JV company operating duty free shops.

Nil

13

M/s Moton Colortronic Plastic Machinery (I) Pvt. Ltd.

Post-facto approval for issue and allotment of shares issued towards pre-incorporation expenses to carry out the business of manufacture of Auxillary equipment used in Plastic/Polymers processing industry.

Nil

TELECOMMUNICATIONS

14

Augere Wireless Broadband (I) Pvt. Ltd.

To capitalize the balance amount of the spectrum fee earlier paid to DoT.

70.66 (already brought in)

INDUSTRIAL POLICY & PROMOTION

15

M/s Zap Piling India Pvt. Ltd., Chennai

Post facto approval for issuance of shares on incorporation of the company, the consideration for which was received subsequently.

2.54

16

Mrs. Jayalakshmi Jagannathan, Chennai

To set up an LLP.

0.009

17

M/s Na Pali Europe SARL, France

Induction of foreign contribution in an Indian company to carry out the business of single brand retail trading.

7.65

 The following seven (7) proposals have been deferred:

Sl. No

Name of the applicant

Particulars of the proposal

1

M/s Mylan Laboratories Ltd., Hyderabad

An existing listed Indian pharma company with FDI to acquire entire business of manufacturing from another existing Indian pharma company.

2

M/s Muthoot Finance Limited, Kerala

Company having FDI to set up White Label ATMs.

3

M/s Euronet Services India Pvt. Ltd.

Company having FDI to set up White Label ATMs.

4

M/s Empays Payment System India Pvt. Ltd., Mumbai

Company having FDI to undertake the business of providing Multi-bank Instant Mobile Technology.

5

M/s Dewsoft Fabrication Private Limited, New Delhi

A defence sector company to transfer 26 % holdings to a foreign company against technology transfer fee payable to the foreign company.

6

M/s Punj Lloyd

Representation against the denial of security clearance.

7

M/s K. Tech Pvt. Ltd., Chennai

To issue equity shares against the value of import of first hand machinery to carry out the business of manufacturing certain automobile components.

             The following one (1) proposal has been rejected:

Sl. No

Name of the applicant

Particulars of the proposal

1

M/s Trakshun Management Consultants LLP

LLP to become a WOS of a foreign company.

            The following two (02) proposals have been withdrawn from the Agenda:      

Sl. No

Name of the applicant

1

M/s Srei Infrastructure Finance Limited, Kolkata

2

M/s Stemcor Holdings Ltd.

 Decision in the following one (1) proposal will be communicated separately:

 Sl. No.

Name of the applicant

Particulars of the proposal

1

M/s Domino Printech Pvt. Ltd.

Clarification regarding clause 6, 11 and 19 of FC approval dated 10.5.2012.

 

DSM/RS/ka

(Release ID :95765)

Topics

Acts Income Tax