Union Minister of State for Finance Shri Pankaj Chaudhary participated virtually in 21st Award Ceremony of Security Printing and Minting Corporation o...
Union Minister of Commerce and Industry Shri Piyush Goyal Strengthens India-Singapore Economic Partnership through High-Level Bilateral and Business E...
Customer experience analytics enables banks to convert real-time feedback into operational improvements across high-value customer journeys. Customer experience analytics is used in banking to transform customer data and real-time feedback into operational improvements across key customer journeys. Operational teams retain responsibility for strategy and execution, supported by in-house analytics and technology platforms for multi-channel journey mapping, journey analytics and prioritisation of high-value customer segments. AI-driven customer experience management tools capture customer signals, analyse journey performance and operationalise actionable insights across teams.
Predicate-offence dependency limits retrospective addition of old FIRs to preserve money-laundering proceedings after the original scheduled offence is closed. Predicate-offence dependency under the Prevention of Money Laundering Act requires an ECIR to rest on a subsisting scheduled offence. Closure of the FIR forming its basis through an accepted cancellation report prevents continuation of money-laundering proceedings unless that closure is overturned. A previously registered FIR cannot be belatedly added merely to preserve an existing ECIR and coercive powers. Where statutory requirements are met, an independently registered ECIR may be required. Expansion of an ECIR cannot rest solely on tenuous factual links between successive disputes.
Indian rupee export invoicing rules now permit overseas contracts and invoices in rupees or foreign currency for eligible destinations. Foreign Trade Policy provisions were amended to facilitate invoicing of overseas exports and receipt of export payments in Indian rupees. For exports to countries outside the Asian Clearing Union, export contracts and invoices may be denominated in Indian rupees or any foreign currency, replacing the earlier general requirement that export earnings be received in a freely convertible currency. The applicable requirements vary according to the destination country.
Dealer inventory financing supports working-capital flexibility, vehicle inventory management and electric-vehicle network expansion for authorised dealers. Dealer inventory financing is to be provided by Federal Bank to VinFast India's authorised dealer network under a memorandum of understanding. The tailored financing is intended to improve dealers' working-capital flexibility, support maintenance of vehicle inventory, strengthen operational capability, and enable timely response to demand as the electric-vehicle distribution network expands.
Sugar supply pressures drive festive-season price increases as imports, stockholding limits and ethanol diversion shape market conditions. Sugar prices in Bengal have risen sharply ahead of the festive season, with higher prices also affecting jaggery and other sugar-derived products. Supply constraints, mill stock releases, lower production in Brazil, ethanol diversion and possible hoarding have been identified as contributing factors. Raw-sugar imports have been permitted to augment availability, while stockholding restrictions limit inventories of specified bulk consumers. Lower projected closing stocks and possible future production effects from El Nino may sustain pressure on sugar availability and increase costs for sweetmeat producers.
Foreign currency inflows and FCNR(B) deposits supported rupee sentiment, while oil prices and geopolitical risks constrained currency strength. The rupee strengthened marginally against the US dollar as the dollar index softened, but elevated crude oil prices, geopolitical uncertainty, reduced foreign participation and net foreign equity outflows constrained currency sentiment. RBI measures to attract foreign currency inflows, including FCNR(B) deposits, were expected to generate substantial inflows, although these had not produced meaningful rupee strength. Energy-market disruption and restrictions on fuel exports through the Strait of Hormuz added to external-sector pressures.
Sovereign security production priorities emphasise compliance, modernisation, employee innovation and operational excellence across currency, passport and coinage manufacturing. SPMCIL performs a sovereign production mandate covering secure currency, coinage, passports and other products of national importance through its mints, currency presses, security presses and paper mill. Modernisation, compliance, transparency, efficiency, productivity, quality and corporate governance support the fulfilment of sovereign requirements. Individual employees and units were recognised for performance in productivity, environment and safety, energy conservation, knowledge and development, vigilance, and official-language implementation.
Customs enforcement against suspected gold smuggling leads to baggage seizure and apprehension of the alleged intended receiver. Customs officers intercepted an arriving passenger at the green channel on intelligence inputs and examined baggage after X-ray screening indicated suspicious images. The examination recovered two oval capsules containing gold paste concealed in the baggage. Interrogation indicated that an alleged receiver was waiting outside the airport to collect the suspected smuggled gold. Customs officers apprehended the alleged receiver, and further investigation remains underway.
Provincial alcohol sales restrictions remain subject to economic impact assessment under proposed bilateral trade agreement negotiations. Provincial control over alcohol distribution remains distinct from federal trade-making authority. Quebec retains authority over whether United States alcohol is offered through its government-controlled liquor distribution system, despite lacking a veto over a bilateral trade agreement. Federal requests to restore United States alcohol to retail shelves cannot compel provincial action. Proposed trade commitments also concern restrictions on United States agricultural products and Canada's dairy import regime, which applies lower tariffs within designated import volumes and higher duties beyond those volumes.
Electoral-roll verification found no reported cases of specified foreign nationals receiving identity-linked benefits or voter registration. Electoral-roll special intensive revision recorded no reported cases of Pakistani, Bangladeshi or Iranian nationals obtaining Aadhaar cards, ration cards, other government benefits, or voter registration. Illegal immigrants are identified through police monitoring, intelligence measures, specialised operations and a Special Task Force. Overstayers are recorded through the District Police Module and Foreigners Identification Portal and produced before Foreigners Regional Registration Officer authorities. Persons found to be residing illegally are reported to the concerned central divisions, proceeded against through registered cases, retained pending case disposal and exit permits, and subjected to deportation steps.
Raw sugar tariff-rate quota permits duty-free imports while bulk consumers face consumption-based sugar stockholding limits. Raw sugar imports are permitted duty-free under a tariff rate quota until 31 October 2026, with online allocation to eligible millers and refiners having functional refining capacity. Applicants must provide a refining-capacity declaration and supporting Consent to Operate; preference applies to importers undertaking timely completion of imports, while non-utilisation or failure to surrender allocations constitutes non-compliance. Bulk sugar consumers meeting the prescribed consumption threshold are subject to a stock cap of 15 days' consumption from 1 September to 30 November 2026.
Duty-free raw sugar imports under tariff rate quota seek to improve domestic supply and contain rising sugar prices. Duty-free import of 10 lakh metric tonnes of raw sugar is permitted under a tariff rate quota until 31 October 2026. The import-policy measure seeks to increase domestic raw-sugar availability and restrain rising local prices amid reduced opening stocks. Price-containment measures also include a stockholding limit for bulk consumers using more than 10 tonnes of sugar monthly, restricting holdings to 15 days' consumption.
Reservation policy implementation is strengthened through capacity building, uniform institutional practices, welfare measures, and improved financial accessibility for Divyangjans. Reservation policy implementation across Public Sector Banks, Public Sector Insurance Companies, sectoral regulators and Public Financial Institutions is being strengthened through a capacity-building workshop. The programme seeks uniform and effective application of Government reservation policies and related welfare measures. Senior human-resource functionaries and Chief Liaison Officers considered practical implementation issues, actionable measures for consistency, and operational concerns. It also focuses on improving accessibility of financial services for Divyangjans.
Startup ecosystem support expands through digital infrastructure, mentorship, market linkages and specialised assistance for energy and climate-tech innovation. DPIIT's collaborations with PhonePe and Shell India create support mechanisms for DPIIT-recognised startups through technology access, digital infrastructure, mentorship, market opportunities and industry networks. PhonePe will provide transaction credits, access to the Indus AppStore, onboarding support, brand visibility, and training on fintech, sales, go-to-market strategy and business scaling. Shell India will assist energy and climate-tech startups through mentorship, strategic guidance, investor and incubator connections, participation opportunities, and knowledge-sharing materials on innovation and best practices.
India-Singapore economic cooperation advances through trade, investment, technology and business linkages, including agriculture, fintech and sustainable infrastructure collaboration. India-Singapore economic cooperation was advanced through ministerial, business and government-to-business engagements focused on deepening bilateral trade, investment, technology and commercial linkages. Discussions addressed agri-exports, GCC-based commercial parks, fintech and sustainable infrastructure, alongside expanding agricultural market linkages. The engagements reinforced commitment to strengthening trade, investment, technology and business-to-business cooperation.
Responsible AI banking requires human oversight, explainable customer decisions, fair conduct, resilient systems and inclusive credit access. Responsible AI in banking must promote inclusion, resilience and customer trust while preserving human judgement, governance accountability and clear responsibility. AI and alternative data may widen access to credit where data is obtained with consent, tested for reliability and bias, and used prudently. Banks must maintain capacity to challenge models, oversee providers, test systems under adverse conditions and intervene when automation fails. Material customer decisions must be explainable, clearly communicated and subject to review by an authorised person. Fair conduct, meaningful disclosure, impartial complaint review and transparent communication remain essential throughout the customer relationship.
Multi-Currency EEFC settlements let exporters retain foreign earnings and choose conversion timing for overseas payment obligations. Multi-Currency EEFC Account settlements enable exporters and international businesses to receive payment settlements directly into Exchange Earners' Foreign Currency accounts in the original transaction currency without immediate conversion into Indian rupees. Retention of foreign currency earnings permits businesses to choose when conversion is required, reducing repeated foreign-exchange conversion cycles and supporting management of foreign-currency cash flows and overseas obligations.
Power semiconductor foundry expansion targets Indian fabless customers through technology showcasing, process development, and collaboration in the growing semiconductor market. DB HiTek seeks to expand foundry business with Indian fabless semiconductor companies by showcasing power semiconductor and specialised process technologies. Its commercial focus includes BCD processes for automotive and industrial applications, together with silicon-carbide and gallium-nitride process development and planned volume production. Product-performance evaluations are underway with strategic customers. Customer expansion also covers X-ray, global-shutter, single-photon avalanche diode, specialty CIS, and mixed-signal/RF processes, supported by collaboration with local fabless firms.
Money-laundering allegations over payments without services raise concerns about overseas transfers, identity-linked communications, and mineral smuggling. Money-laundering allegations concern claimed payments by Cochin Minerals and Rutile Ltd. to Exalogic Solutions Pvt. Ltd., a company promoted by Veena T., without corresponding services. Searches reportedly yielded handwritten material referring to fund transfers to Dubai and digital material relating to a SIM card obtained in another person's name. Further allegations included overseas fund movement, hawala transfers, and possible thorium or monazite smuggling, all presented as allegations requiring examination.
Exchange stabilisation support aims to strengthen foreign-exchange resilience, reduce rollover dependence and restore access to longer-term market financing. Pakistan has sought a proposed Exchange Stabilisation Support Facility to reinforce foreign-exchange stability and signal currency resilience to international capital markets. The strategy seeks to reduce reliance on short-term bilateral loans, deposits and rollovers by moving towards market-based financing with longer repayment periods. Improving sovereign creditworthiness through engagement with credit-rating agencies is intended to facilitate international market access, lower borrowing costs and enable longer-maturity debt raising.
Union Finance Minister Shri Pranab Mukherjee released the first Budget Manual of the Union Government, here today. Releasing the Manual, the Finance Minister said that the Union Budget has evolved over the past six decades to reflect the strength of India's democratic processes in shaping its economy, and has emerged as a crucial tool for Public Finance Management. He said that this Manual is an attempt to bring together the entire Budget related activities and procedures etc. which were hitherto available in a dispersed manner in the form of executive instructions and guidelines . The Manual has been prepared by the Budget Division of the Department of Economic Affairs. Finance Minister Shri Mukherjee congratulated the Division for taking this initiative.
The Finance Minister said Budget Manual is a comprehensive document explaining in detail the procedures and activities connected with the preparation of Budget. Mr Mukherjee said that Budget Manual will serve as a guidance document to the officials involved in Budget making in the Finance Ministry as well as in other Ministries/Departments. He said that it is also expected to act as a good reference document for interested readers and stakeholders. He said that this document is an effort in the direction of fostering greater transparency and better understanding about procedures and systems relating to making of Union Budget.
At the outset, the Manual brings out the Constitutional provisions related to the Budget. It describes the contents of various Budget documents. The Finance Minister said that the Manual also deals with the Organizational aspects, roles and responsibilities of the Parliament, Parliamentary Committees and the responsibilities of various wings of the Executive in the Budget making process. The Union Government's accounting and classification systems have also been explained apart from the working of the Consolidated Fund of India, the Contingency Fund of India and the Public Account of India, the Finance Minister added.
Minister of State for Finance, Shri Namo Narain Meena alongwith the Secretaries of different departments of the Ministry of finance including Finance Secretary, Shri Ashok Chawla, Revenue Secretary, Shri Sunil Mitra, Expenditure Secretary, Smt. Sushma Nath, Secretary, Financial Services, Shri R. Gopalan, Secretary, Disinvestment, Shri Sumit Bose and Chief Economic Advisor, Dr. Kaushik Basu were also present on this occasion among others.
The core sections of the Manual explain the entire chain of activities related to Budget preparation right from the issue of Budget Circular in September to the Budget Day in February, including the processes of estimation of receipts and expenditure, their firming-up and finalization through the Pre-Budget Meetings and their compilation. The comprehensive calendar of Budget related activities, their timelines, details of the related duties and responsibilities of the officers and staff together with the Security and 'Lock-in' procedures have also been brought out. Finally the Manual deals with the Implementation and Reporting of various Budget announcements. There are also a series of Annexes which provide a holistic perspective on the related subjects. An attempt has been made to incorporate all the Budget related issues in the Manual so as to make it a self contained and one stop guidance document.
Text of the Finance Minister's address on the occasion is given below:
"I am pleased to participate in this function to release the Budget Manual for the Union Government. The Budget process of our country predates the Independence and has evolved over the past six decades to reflect the strength of our democratic processes in shaping our economy. It has emerged as a crucial tool for public finance management.
Budget was first introduced on 7th April, 1860, two years after the transfer of Indian administration from East-India Company to British Crown. The first Finance Member, who presented the Budget, was James Wilson. Mr. Liaquat Ali Khan, Member of the Interim Government presented the Budget of 1947-48. After Independence, India's first Finance Minister, Shri Shanmukham Chetty, presented the first budget of independent India on 26th November, 1947.
Toni Morrison, the famous author and winner of the Pulitzer and Nobel Prize for literature, had once stated, I quote-
"If there's a book you really want to read but it hasn't been written yet, then you must write it".
~Toni Morrison
The Union Government Budget Manual is one such book, the need for which has been felt for long. I am happy to note that the Budget Division has brought out this Manual. Large areas of the Budget making procedures and processes have not been in public domain, leading at times to some misinterpretations and conjectures. The Budget Manual will shed such misconceptions. I am sure this Manual will bring about greater transparency and better understanding about the Union Government Budget making procedures and systems.
The Manual attempts to outline the entire chain of events leading to the Union Budget. The purpose of this Budget Manual is to provide guidance and a training tool for the officers and staff engaged in the Budget preparation, not only in the Finance Ministry but in other Ministries/Departments as well.
Finally, I would also like to express my appreciation to the officials of the Finance Ministry for taking this initiative and completing the task of preparing the Union Government Budget Manual.
With these words I would now like to release the Budget Manual for the Union Government."
DSM/GN (Release ID :66030)
Budget Manual consolidates Union Budget procedures and roles, standardising accounting, timelines and transparency for public finance management.
The Budget Manual consolidates dispersed executive instructions into a single guidance document describing Constitutional provisions, contents of budget documents, accounting and classification systems, and the operations of the Consolidated Fund of India, the Contingency Fund of India and the Public Account of India. It delineates roles of Parliament, parliamentary committees and executive wings, and outlines the full sequence of budget formulation from the Budget Circular to Budget Day, including timelines, officer duties, security and lock-in procedures, implementation and reporting, with annexes for related subjects.
Note: It is a system-generated summary and is for quick reference only.
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