Trade facilitation and pharmaceutical market access advance through regulatory cooperation, preferential trade modernisation, and reciprocal agricultural access. India and Brazil are advancing bilateral trade, investment and economic cooperation through a diversified partnership focused on pharmaceuticals, chemicals, engineering goods and machinery. India-MERCOSUR engagement is being pursued through early finalisation of Terms of Reference for expansion and modernisation of the Preferential Trade Agreement. Pharmaceutical market access is supported by regulatory cooperation under the CDSCO-ANVISA MoU. Agricultural trade facilitation includes phytosanitary processes, reciprocal market access work and mutual recognition of Electronic Certificates of Origin, alongside multilateral coordination through BRICS, the G20 and the WTO.
Cross-border UPI merchant acceptance enables Indian travellers to make UZQR payments at merchants throughout Uzbekistan. Cross-border UPI merchant acceptance in Uzbekistan allows Indian travellers to make instant person-to-merchant payments through UPI-enabled applications by scanning the interoperable UZQR code. Integration with the Unified National QR infrastructure extends acceptance across retail, hospitality and service merchants. Regulatory approvals support HUMO's role as NIPL's authorised partner for cross-border merchant acceptance, reducing reliance on international cards and cash.
Mobile-first aviation education supports accessible, self-paced certification-led learning and career awareness across aviation roles and geographic locations. Flymore Aviation LLP operates a mobile-first aviation learning platform intended to make specialised aviation education more accessible and affordable for aspiring pilots, cabin crew and other aviation-sector professionals. The app provides structured, self-paced aviation courses aimed at building industry knowledge, supporting certification-led skill development, improving career awareness and assisting employment readiness across aviation functions. Course delivery through a digital platform is positioned as an alternative to location-dependent and high-cost classroom training.
Indigenous defence technology and exports anchor the annual performance review of public sector defence enterprises. Annual performance review of 16 Defence Public Sector Undertakings is scheduled with emphasis on indigenous technology, innovation, self-reliance and enhancement of defence exports. Chairpersons and managing directors of seven specified undertakings will present dividends attributable to the Government's equity shareholding. Publications cover self-reliance, student awareness of defence technologies, and modernisation and indigenisation roadmaps. Reported performance includes growth in turnover, profit after tax and defence exports.
Employee provident fund and gratuity dues remain protected outside the liquidation estate despite competing financial creditor claims in insolvency proceedings. Employee provident fund and gratuity dues of former Jet Airways workmen and employees were required to be paid in full by the liquidator. The NCLAT position upheld treats statutory employee dues relating to provident fund, gratuity and pension funds as outside the liquidation estate, protecting them from competing creditor claims. Financial creditors had argued that such dues should be distributed through the liquidation estate unless dedicated funds existed at the commencement of liquidation. The underlying questions of law remain open for an appropriate case.
Rupee exchange-rate support amid dollar strength and oil risks as foreign-currency deposit flows bolster market sentiment. Foreign-exchange market conditions saw the rupee recover from early losses amid possible Reserve Bank of India intervention to contain significant depreciation. Higher US Treasury yields, a broader dollar rally, rising crude oil prices and geopolitical supply risks pressured the currency. The special USD-INR forex swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings mobilised foreign-exchange inflows supported by non-resident Indian participation, strengthening market sentiment.
Financial confidence gaps persist when opaque financial journeys, dark patterns and unclear communication deter informed consumer participation. Financial-service digitisation may expand access without ensuring consumer confidence where customers cannot understand processes, assess risks or feel secure in financial decisions. Opaque claims, redemptions, eligibility criteria and approval stages can weaken trust and discourage insurance, investment and credit participation. Hidden charges, complex documentation, forced bundling and target-driven sales practices may further impair informed choice. Greater transparency, simplified communications, real-time process visibility and AI-assisted guidance are identified as measures to reduce cognitive friction and strengthen consumer control.
NBFC licensing enables Hyundai Capital India to begin wholesale dealer financing while preparing retail finance and risk-management infrastructure. Hyundai Capital India has commenced financial services operations after obtaining a non-banking financial company licence from the Reserve Bank of India. Initial operations concentrate on wholesale financing for local automotive dealers. Operations are intended to expand the dealer-financing network, sales infrastructure and risk-management systems across India, supporting a subsequent phased introduction of retail financing for individual customers.
Personal insolvency resolution approval faces criticism over low creditor recovery and alleged family-linked voting influence in the resolution process. Personal insolvency resolution approval concerning Subhash Chandra involved a repayment plan of Rs 6.5 crore against admitted creditor claims exceeding Rs 22,000 crore. Objections were raised regarding the voting influence exercised by entities linked to the debtor's family in relation to the resolution process. Pinarayi Vijayan criticised the approval, alleging preferential treatment of powerful corporate interests.
Foreign exchange market intervention seeks to limit rupee depreciation amid oil-price pressure, dollar strength, and capital outflows. Foreign exchange market conditions put the rupee under depreciation pressure amid higher crude oil prices, geopolitical risks, stronger US dollar conditions, expectations of tighter US monetary policy and foreign equity outflows. RBI market intervention was reported to contain significant depreciation. Improved foreign-currency non-resident bank deposit flows and higher foreign exchange reserves supported investor sentiment and the external liquidity position.
Psychotropic medicine diversion faces NDPS enforcement where controlled tablets allegedly travel without statutory documentation and traceability details. Enforcement action under the Narcotic Drugs and Psychotropic Substances Act, 1985 addressed alleged inter-State diversion of psychotropic medicines transported without statutory documentation. A truck carrying Alprazolam, Tramadol, Nitrazepam and Clonazepam tablets was intercepted; the medicines and vehicle were seized and one suspect was arrested. Preliminary examination indicated erasure of identifying batch and date details and transport of region-restricted medicines without invoices, bilty or e-way bills. Investigation concerns the manufacturing, supply and distribution network involved.
Synthetic-drug trafficking enforcement targets rail-borne amphetamine and MDMA consignments through baggage interceptions, seizures, follow-up delivery operations, and arrests. Synthetic-drug trafficking enforcement involved two intelligence-led railway-station operations targeting amphetamine and MDMA transportation and receipt. Baggage intercepted at Bengaluru contained a crystalline substance preliminarily indicating amphetamine, while a separate Pune interception recovered substances purported to be amphetamine and MDMA tablets. The contraband and related packing material were seized under the Narcotic Drugs and Psychotropic Substances Act, 1985. Follow-up delivery action identified alleged receivers, and the carriers and alleged receivers were arrested under that statutory framework.
India-Chile CEPA negotiations seek a balanced framework to expand trade, investment, technology cooperation and resilient supply chains. India-Chile CEPA negotiations are being advanced toward conclusion by the end of the year through a balanced and commercially meaningful framework. The proposed partnership is intended to strengthen bilateral economic ties, expand trade and investment, and create equitable opportunities for businesses and people in both countries. Cooperation is envisaged in technology, talent and resilient supply chains, alongside enhanced engagement in healthcare, pharmaceuticals, energy, minerals, agriculture, machinery and engineering.
Sugar price controls face persistent retail and wholesale price firmness despite duty-free imports, stockholding restrictions, and export prohibition. Sugar retail and wholesale prices remained elevated despite measures intended to curb price increases, including duty-free imports of raw sugar, tighter stockholding norms for bulk users and dealers, and a prohibition on sugar exports. Ex-mill rates declined following the permitted duty-free imports, although customary margins continued between ex-mill, wholesale, and retail prices. Projected sugar production is lower than earlier estimates, while annual domestic demand remains substantial.
Aadhaar OTP verification expands online vehicle and licensing services, reducing physical visits and curbing intermediary exploitation. Aadhaar-based OTP verification will be extended to additional vehicle- and driving-licence-related services through the Vahan and Sarathi portals. The digital arrangement is intended to reduce physical visits to transport offices, prevent intermediary exploitation arising from delayed processing, and enable applications to be processed on a first-come, first-served basis. Physical attendance will remain necessary for vehicle inspections, identification of legal heirs, personal hearings, and authentication where Aadhaar OTP verification fails.
Related-party creditor voting in personal insolvency turned on whether the debtor held majority ownership or direct board control. Dissenting lenders challenged the admission and voting rights of five creditors alleged to be family-linked associate or related entities, contending that their voting share enabled approval of a personal insolvency repayment plan. They alleged invalid post-moratorium guarantee invocations, undisclosed liabilities, inadequate claim scrutiny and incorrect voting-share computation. The third member rejected the voting-rights challenge, treating associate status as requiring the debtor's personal majority shareholding or direct board control, and accepted the repayment plan.
Examination continuity and candidate fairness require re-examination where power failures prevent completion, alongside review of infrastructure accountability. NEET-PG 2026 examination continuity was disrupted for candidates at two Jaipur centres because of internal power-supply failures attributable to the technological partner and examination-conducting agency. A re-examination has been scheduled for the affected candidates, with the venue and revised admit cards to be communicated separately. Action against the entities responsible for ensuring adequate examination infrastructure is under consideration.
Women's monthly assistance eligibility restricts benefits to qualifying households and channels payments through deposits or restricted digital wallets. Delhi Lakshmi Yojana provides monthly financial assistance to eligible women through recurring deposits and restricted Central Bank Digital Currency wallets. Recurring deposits are locked until July 31, 2029, subject to possible review of the maturity period after two years from launch. Eligibility requires a qualifying woman to be the eldest female family member, meet income, residence and voter-registration requirements, and satisfy household restrictions. Income-tax payers, GST filers, government employees, higher-electricity-consuming households and four-wheeler-owning households are excluded.
Gasoline trade amid refinery disruptions relies on sanctioned fleets and dark ship-to-ship transfers, alongside continuing fuel export restrictions. Russian refinery disruption has increased gasoline imports and made India a significant supplier of gasoline to Russia. Indian supplies were principally linked to the Vadinar refinery, and increased Indian purchases of Russian crude may mean exported gasoline was produced from Russian crude. Russia has retained a gasoline export ban while domestic production remains disrupted. India-origin cargoes imported during August were carried on sanctioned fleets and involved dark ship-to-ship transfers, including transfers conducted with automatic identification system signals switched off.
Digital arrest fraud: judicial responses seek a distinct offence while preserving due process and proportionality in economic-crime enforcement. Suo motu consideration of digital-arrest fraud reflects a proactive judicial response to video-call scams involving impersonation of police, judicial officials or bureaucrats. The Union and the States have been directed to assess the problem, with a call for a distinct offence carrying proportionate penalties. Economic-crime enforcement remains subject to safeguards requiring written grounds of arrest and preventing pre-trial detention from becoming punishment. Due process, proportionality and the presumption of innocence remain central constraints.
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.
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