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    UCO Bank launches IFSC Banking Unit at GIFT City
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August 13, 2026
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International banking unit expands cross-border financing, trade finance and foreign-currency service access through GIFT City operations.
UCO Bank has launched an International Financial Services Centre Banking Unit at GIFT City to provide permitted international banking services. The unit offers trade finance, external commercial borrowings, foreign-currency loans, loan syndication, treasury services and other permitted financial services. It serves Indian corporates, exporters, importers, financial institutions, overseas businesses and other eligible customers requiring cross-border financing and access to global financial markets. FCNR(B) deposits are also offered through the unit.
August 13, 2026
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Last-mile credit access is prioritised through timely lending, wider beneficiary coverage, digital support and stronger fraud vigilance.
Banking-sector participation is emphasised through last-mile credit access for MSMEs, women entrepreneurs, rural artisans, small farmers and other underserved beneficiaries. Banks are urged to expedite government-scheme applications, maximise coverage and use technology for timely financial support. Industrial-policy assistance and incentives cover startups, SC/ST entrepreneurs, persons with disabilities and first-generation entrepreneurs. Greater coordination, expanded village banking access, and vigilance against cyber fraud and mule accounts are also prioritised.
August 13, 2026
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Merchandise trade growth saw rising exports to major markets alongside increased imports and continuing United States trade-pact negotiations.
India's merchandise trade data records increased July exports to the United States and China, alongside growth in imports from both markets. Exports to Singapore, the United Arab Emirates, the Netherlands, Germany, South Africa, Tanzania, Australia, Malaysia, Sri Lanka, Italy and Vietnam showed positive growth, while July exports declined for the United Kingdom, Bangladesh, Saudi Arabia and Nepal. Imports also increased from Russia, Korea, Singapore, Germany, Oman, Malaysia, Taiwan and Brazil. India and the United States are negotiating a trade pact amid an additional United States tariff on India.
August 13, 2026
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GST transport documentation enforcement addresses freight movement of metals without valid e-way bills and invoices under applicable rules.
GST enforcement action led to the seizure of copper and aluminium ingots transported by freight train without valid e-way bills and invoices. The metals were found in three train wagons during inspection of parcel cargo. Further proceedings are to be undertaken under applicable GST rules concerning movement of goods without prescribed transport documentation.
August 13, 2026
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Merchandise trade deficit widens as import growth outpaces exports despite strong petroleum, electronics and engineering shipments.
Merchandise trade in July 2026 saw exports rise 19.63 per cent and imports increase 17.52 per cent, widening the trade deficit to a six-month high. Petroleum products, electronics, engineering goods and marine goods supported export growth, while crude oil and several commodity and capital-goods categories increased imports. During April-July 2026-27, faster import growth widened the cumulative merchandise trade deficit compared with the corresponding prior-year period.
August 13, 2026
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Bribery allegations in GST enforcement prompted arrest after alleged payment demand to avoid a tax-liability notice.
Bribery allegations involving GST enforcement led to the arrest of a CGST Superintendent after a complaint alleged that payment was demanded from a private company to avoid issuance of a tax-liability demand notice and to close the matter. A trap operation resulted in the public servant being apprehended while allegedly accepting part of the demanded bribe, and the amount accepted was recovered. Searches were undertaken, and investigation remained ongoing.
August 13, 2026
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Trade performance shows rising merchandise and services exports, but faster import growth expands the overall trade deficit.
India's combined merchandise and services exports and imports increased in July 2026 and April-July 2026-27, while the overall trade deficit widened. Cumulative exports were estimated at US$ 316.42 billion and imports at US$ 365.85 billion, resulting in a trade deficit of US$ 49.43 billion. Merchandise exports, non-petroleum exports, and exports excluding petroleum and gems and jewellery grew, led by petroleum products, electronic goods, engineering goods and chemicals. Services trade recorded a cumulative surplus of US$ 69.17 billion.
August 13, 2026
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Student GIC referral programmes integrate connectivity credits with funding verification and post-arrival banking arrangements for eligible international students.
Referral arrangements connect mobile connectivity benefits with the Student Guaranteed Investment Certificate application journey. Applicants may access an online portal through a referral link, submit documents, complete know-your-customer verification, and fund the GIC from permitted Indian bank accounts in no more than two transactions. After arrival, students may activate the GIC account and open a linked bank account for receipt of GIC transfers. Eligible verified applicants receive non-cash mobile credits usable only against mobile bills, subject to a cap on the bill portion payable through credits.
August 13, 2026
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Global Capability Centre banking support connects offshore and onshore operations to simplify financial management and enable cross-border expansion.
Global Capability Centre banking support is positioned around connected offshore and onshore banking, international network access, digital banking platforms, and expertise in treasury centres, cross-border corporates, and evolving GCC operating models. The approach seeks to simplify financial operations and support GCC expansion across global markets. India's GCC ecosystem is characterised as a leading global capability hub, with capability centres evolving into strategic enterprise hubs requiring support for operational and financial complexities across markets.
August 13, 2026
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Investment banking registration enables regulated cross-border offerings, listings, debt transactions and capital-market advisory through GIFT City.
IFSCA registration under the IFSCA (Capital Market Intermediaries) Regulations, 2025 authorises Nexent Capital IFSC Private Limited to operate as an investment banker from GIFT City. Permitted activities include management of initial and follow-on public offerings, SPAC and secondary listings, depository receipt issuances, debt capital-market transactions, and other capital-market advisory mandates. The firm proposes to provide transaction structuring, listing-readiness, execution and post-listing capital-markets support for companies seeking capital raising and listing opportunities through GIFT City's exchanges.
August 13, 2026
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Merchandise export growth was driven by petroleum, electronics, engineering and marine goods, while rising imports widened the trade deficit.
India's merchandise exports increased in July, while imports also rose and widened the trade deficit. Export growth was attributed to higher overseas shipments of petroleum products, electronics, engineering goods and marine goods. Exports and imports both recorded growth during the April-July fiscal period, and exports to West Asian countries increased in July.
August 13, 2026
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EXIM operations at international seaport to commence after customs clearance, bonded-area establishment, and temporary highway connectivity.
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August 13, 2026
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Renewable energy reliability requires storage, grid readiness and ancillary service markets alongside competitive clean-power procurement.
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August 13, 2026
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Accredited Investor certification facilitates eligible investors' access to alternative investment products, lower thresholds and applicable regulatory flexibilities.
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August 13, 2026
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Manufacturing GVA growth under the revised national accounts series highlights stable sectoral contribution and resilience-focused industrial measures.
Manufacturing performance is assessed under the revised National Accounts Statistics series using 2022-23 as the base year. Manufacturing's share of total Gross Value Added at current prices remained broadly stable through 2025-26, and Manufacturing GVA at constant prices achieved a compounded annual growth rate of 10.88% from 2022-23 to 2025-26. Production Linked Incentive schemes, logistics and industrial-corridor measures, semiconductor initiatives, and MSME support seek to strengthen domestic manufacturing, diversify supply chains, reduce import dependence, and improve resilience.
August 13, 2026
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Electronic inspection and certified copies expand digital access to judicial records while supporting efficient case management and reduced delays.
NCLT has launched e-Inspection and e-Certified Copy Services for faster and more convenient access to judicial records and certified copies by advocates, litigants and other stakeholders. The services support a technology-enabled Registry framework and transparent, efficient justice delivery. Pendency monitoring, workload redistribution, Special Benches, maximisation of court time, and registration and listing guidelines are intended to improve case management, optimise limited judicial resources and reduce avoidable delays.
August 13, 2026
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CBDC-based food subsidy transfers enable eligible beneficiaries to use Digital Rupee wallet credits for traceable foodgrain purchases.
CBDC-based Direct Benefit Transfer under the Pradhan Mantri Garib Kalyan Anna Yojana will credit eligible beneficiaries' food subsidies as programmable Digital Rupee tokens directly into CBDC wallets. Beneficiaries may use these credits to purchase foodgrains from empanelled merchants through secure, real-time and traceable payments, replacing conventional bank-account transfers. The model is intended to improve traceability, reduce leakages and cash handling, enable real-time monitoring of subsidy use, and provide a scalable framework for CBDC integration with welfare schemes.
August 13, 2026
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Preferential trade agreement negotiations begin under agreed terms covering market access, origin rules, trade remedies and dispute settlement.
India and the Southern African Customs Union have signed Terms of Reference to commence negotiations for a Preferential Trade Agreement. Negotiations are envisaged on trade in goods and market access, rules of origin, customs procedures and trade facilitation, trade remedies including bilateral safeguards, sanitary and phytosanitary measures, technical barriers to trade, dispute settlement, and legal and horizontal provisions. The Terms of Reference establish the negotiating framework only; preferential tariff treatment and other operative commitments depend on conclusion of a final agreement.
August 12, 2026
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Prepaid plan restructuring eliminates mid-tier daily-data options and channels subscribers toward higher-priced plans with expanded data access.
Bharti Airtel has discontinued prepaid plans combining 1.5 GB daily data allowances with unlimited calling, directing subscribers towards higher-priced plans with expanded data access, including unlimited 5G data. The restructuring reduces low-priced unlimited-data offerings and changes the pricing architecture for customers using discontinued mid-tier plans. Management links tariff repair to differentiated mobile-plan categories and sustained average revenue per user growth.
August 12, 2026
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Insolvency professional conduct faces money-laundering allegations over re-admitted claims, creditor committee changes, and a connected resolution applicant.
Enforcement action under the Prevention of Money Laundering Act concerns allegations that an insolvency professional re-admitted claims earlier rejected as spurious and fraudulent during the Corporate Insolvency Resolution Process. The alleged re-admission altered the Committee of Creditors' composition and facilitated consideration of a resolution plan allegedly submitted for, and funded through an entity controlled by, a company promoter under investigation for diversion of bank-loan funds. Adverse findings reportedly included acting beyond authority by relying on fabricated and improperly submitted material.

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Customs, DGFT & SEZ

President Inaugurates Coir Board Diamond Jubilee Celebrations

November 25, 2013

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Coir Industry - Playing A Pivotal Role in the Development of the Rural Economy

Shri Pranab Mukherjee, President of India inaugurated the Coir Board Diamond Jubilee Celebrations here today. The President said that he was happy to note that the coir industry has grown into a highly successful sector and has spread into other coconut growing States and today, thousands of household units are engaged in fibre extraction and spinning of coir yarn throughout the coir producing regions. The industry employs about 7 lakh workers, predominantly women in more than 14 states and Union Territories and is amongst the foremost foreign exchange earning industries in the country with a positive growth trajectory.

The President also lauded the efforts of the Coir industry for evolving in a remarkable way - in terms of quality improvement, technological and scientific upgradation of the products, better market research and product promotion – to become a net earner of over 1100 crores from the export of its products, and added that in the 12th Plan, sufficient allocations have been made to this traditional agro-based cottage industry to enable it to expand further. Its further growth is bound to have a positive multiplier effect as most of the units in this industry are in the rural segment of our economy – in the category of micro industries and nearly 40% are small and medium scale production units.

The President added that coir wood, a new innovation, is an important outcome of the research carried out by the Coir Board – and this product is fast establishing itself as a substitute for a traditional wood.

In the coir industry where 80% of the workforce is constituted by women, the President said that it is commendable that the Coir Board has developed the Mahila Coir Yojna Scheme to specifically focus on women in rural areas – and train them to take up spinning of coir yarn and other simple processes in coir manufacturing. This opening is an opportunity for them to not only contribute, but also develop their own self–confidence and self-reliance. The Coir Board is taking several measures to improve the living conditions of coir workers and helping them to optimize the returns on their efforts and the resources invested by them.

The Minister of MSME (Independent Charge), K. H. Muniyappa also congratulated the Coir Board for its successful efforts and continuous innovation of new products to popularize this natural, eco-friendly fibre and added that the coir industry has been playing a pivotal role in the development of the rural economy in the coconut producing States of the country and is expanding in many non-traditional States at a fast pace and providing significant employment and income to rural artisans of these States.

The Minister said that the MSME sector as a whole provides livelihood to around 8 crore people through 3.6 crore enterprises. Coir is one of the major traditional industries catered to by the MSME Ministry. Coir industry is a labour intensive industry and is concentrated in the coastal belt of the country where the employment opportunities are limited. The coir industry has been maintaining its growing trend over a decade now in spite of heavy odds like shortage of raw materials, stiff competition from synthetic products, etc. and congratulated the manufacturers, workers and experts other stake holders of the industry for being able to sustain the growth in the industry with their persistent efforts.

The Minister added that due to the concerted efforts of the Coir Board, coir industry has now attained a national status with its presence in 14 States and Union Territories including North Eastern States like Assam & Tripura. Coir Board has come up with an array of technologies and machinery to cater to the current developmental needs of the coir industry. The latest addition to these wonderful array of machinery items, that is a versatile spinning machine which can produce large quantities of coir yarn without core thread through an entirely new spinning technology and diversified products like coir jacket, coir chappal, coir umbrella, coir curtains, coir pith binderless board etc.

Union Minister of State for Human Resource Development, Shri Shashi Tharoor highlighted the need for a brand ambassador for coir to globally spread the message and activities of the Board. The Coir Board should collaborate with National Skill Development Agency, an autonomous body that coordinates the skill development efforts of the government and the private sector to achieve the skilling targets of the ongoing 12th Five Year Plan and beyond, he said.

Shri Tharoor also stressed the need to raise the level of income in the coir industry, stem the below-par achievements of mechanisation and kindle interest among youngsters to join the traditional sector.

Prof P J Kurien, Deputy Chairperson of the Rajya Sabha, said the workers welcoming modernisation was a good sign for the industry and further added that the Board is into diversification in a big way - the wood being produced out of coir is checking deforestation. The manure-infused coir pith has proved to be a substitute for soil, thereby promoting horticulture. Then there are geo-textiles which are an excellent deterrent to soil erosion.

MSME Secretary, Shri Madhav Lal said that the Diamond Jubilee Celebrations will generate awareness about the inherent potential of the sector, elevate the coir products to greater heights of popularity and attract sophisticated buyers and further added that in the highly environmentally sensitized world, non-traditional products like coir-pith, compressed grow-bags and coir composites have caught the imagination of sophisticated overseas markets and the sector holds a lot of potential for innovative, non-traditional, value added products which can convert the other-wise waste into not only a high foreign exchange earner for the economy, but also a cost effective way of creating sustained employment in coastal and other areas, especially in the rural India.

The Secretary said that the Ministry of MSME intervenes through Coir Board in areas of modernization of production processes, development of machinery and equipments, product development and diversification, development of environment friendly technologies, technology transfer, incubation, testing and service facilities, development of skilled manpower, women-oriented self employment, Development of production infrastructure, domestic and export market promotion and welfare measures like Coir Workers’ Group Personal Accident Insurance Scheme for the benefit of coir workers. 26 coir clusters have been taken-up for development under SFURTI by providing common facilities and other infrastructural support.

Professor Balachandran, Chairman, Coir Board said that the Coir Board was working on combining coir with other natural fibres such as silk, jute and sisal to bringing out more innovative products. “That day is not far when coir will find a place in the manufacturing of moulded furniture, TV cabinets and car dash-boards,” he added.

As a part of the Diamond Jubilee Celebrations, the Coir Board has planned a series of activities to be held during the month of November, 2013 which include: World Coir Fair coinciding with IITF 2013, Exhibitions at Dilli Haat and other locations, International Buyer Seller Meet, National Seminar on innovative coir products, Women’s Meet on self employment opportunities in coir industry and Coir Road Show from Kanyakumari to Jammu Tawi to popularize the environment friendly properties of coir products and the contributions of this industry to the rural economy.

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