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    India’s Foreign Exchange Markets: Getting ready for the next Decade [Keynote Address delivered by Deputy Governor Shri Rohit Jain on the Annual Day ...
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August 21, 2026
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Foreign exchange market modernisation prioritises delegated decisions, customer transparency, digital workflows, local-currency settlement and accountable risk management.
Foreign exchange market modernisation advances a facilitative, principles-based framework based on delegated decision-making by Authorised Dealers, risk-based reporting, and customer-centric service standards. Authorised Dealers must apply clear internal policies, avoid unnecessary documentation, disclose charges, timelines and grievance mechanisms, and ensure consistent treatment of comparable transactions. Local-currency settlement requires viable trade corridors, competitive hedging, correspondent relationships and robust AML/CFT controls. Digital workflows, electronic trading and reporting infrastructure should improve transparency and resilience, while automated tools remain subject to explainability, review and data-protection safeguards.
August 21, 2026
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Sugar price containment measures restrict stockholding, permit duty-free imports, and strengthen inventory verification to deter hoarding.
Sugar price containment measures include stock limits for dealers, consumption-based inventory restrictions for bulk consumers, duty-free raw sugar imports, and physical verification of mill stocks to prevent hoarding and artificial scarcity. Price increases are attributed to lower domestic output, festive demand, crop damage, tighter global supplies, and speculation rather than sugar diversion for ethanol. Earlier crushing is advised to improve seasonal availability, while the ethanol programme supports management of sugar surpluses, mill liquidity, and timely sugarcane payments.
August 21, 2026
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Cross-border insolvency enforcement constrains asset recovery as Evergrande liquidation, founder asset confiscation, and audit-related claims continue.
Evergrande's insolvency process involves liquidation proceedings for its mainland property-development unit and its Hong Kong-listed holding company. Cross-border recovery is constrained by separate Hong Kong and mainland China legal systems, particularly because most operational assets are located in mainland China. Liquidators are pursuing asset-tracing and recovery measures against the founder and connected persons, as well as claims concerning pre-collapse audits. Investigations identified revenue overstatement through manipulated financial data. Creditor recoveries are expected to be limited due to substantial liabilities and constraints on asset realisation.
August 21, 2026
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Foreign exchange reserves rose through higher currency assets and gold holdings amid measures to attract external forex inflows.
India's foreign exchange reserves increased during the reporting week, led by higher foreign currency assets and gold reserves. Foreign currency assets include the dollar-value effects of movements in non-US currencies held as reserves. Special drawing rights declined marginally, while the reserve position with the International Monetary Fund increased marginally. Concessional swap arrangements formed part of measures to attract foreign-exchange inflows, while earlier reserve movements were linked to rupee pressure and dollar-sale intervention in the foreign-exchange market.
August 21, 2026
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Incremental tariff recovery aligns airport user charges with completed infrastructure, preventing passengers from funding non-operational capital projects prematurely.
User development fees and airport tariffs for Bengaluru International Airport have been revised for the April 2026 to March 2031 control period. The incremental Average Revenue Requirement framework excludes costs of identified high-value capital projects from tariffs until the relevant assets are completed, commissioned and available for users. Incremental tariff recovery may begin only upon operational availability, aligning charges with infrastructure use, reducing premature recovery risk for passengers and airlines, and encouraging timely completion of major capital works.
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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.
August 21, 2026
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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.
August 21, 2026
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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.
August 21, 2026
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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.
August 21, 2026
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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.
August 21, 2026
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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.
August 21, 2026
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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.
August 20, 2026
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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.
August 20, 2026
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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.
August 20, 2026
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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.
August 20, 2026
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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.
August 20, 2026
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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.
August 20, 2026
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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.
August 20, 2026
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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.
August 20, 2026
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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.

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Customs, DGFT & SEZ

Government Approves Fourteen (14) Proposals of Foreign Direct Investment (FDI) Amounting to about ₹ 1528.38 Crore

August 6, 2014

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Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its 207th meeting held on 4th July, 2014, the Government has approved Fourteen (14) proposals of Foreign Direct Investment (FDI) amounting to ₹ 1528.38 crore approximately.

Details of proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 4.7.2014 are as follows:

Following Fourteen (14) proposals have been approved.

Sl. No.

Name of the Company

Gist of the Proposal

Proposed Amount of FDI

Sector

1

M/s Johnson and Johnson Limited

M/s Johnson and Johnson Limited proposes to amalgamate with M/s DePuy Medical Private Limited and subsequently allot 326,752 fully paid up equity shares of ₹ 100 each to the shareholders of DMPL.

‘Nil’

 

Pharmaceuticals

2

M/s Global Pharmatech Private Limited, Bangalore

M/s Global Pharmatech Private Limited is seeking permission to issue and allot 19,68,750 equity shares of ₹ 96 each to M/s PharmaScience Inc. will towards Foreign Direct Investment of US $ 3 million.

₹ 18.90 Crore
(in three tranches)

Pharmaceuticals

3

M/s A. Menarini India Private Limited

M/s A. Menarini India Private Limited is seeking approval for the issue equity shares to M/s A. Menarini Asia-Pacific Pte Ltd, Singapore, against receipt/ infusion US $15 million.

 

Rs.91.1 Crore (approx.)

(USD 15 million)

Pharmaceuticals

4

M/s Kinedex Healthcare Private Limited, Jaipur

M/s Kinedex Healthcare Private Limited, an existing Indian pharma company, is seeking approval for increase foreign equity participation from 10% to 20%.

₹ 3.52 crore

Pharmaceuticals

5

M/s Par Formulations Private Ltd.

M/s Par Formulations Private Limited (PFPL) is seeking approval for expanding its business in India by way of acquiring the entire shareholding in a company

₹ 11.421 Crore (USD 1.9 million)

Pharmaceuticals

6

M/s Open Source Software Solutions LLP, Hyderabad

M/s Open Source Software Solutions LLP has sought approval to transfer capital to M/s Open Source Consulting Group Inc, USA, on a fully repatriable basis upto 97% of its total capital.

₹ 0.0267 Crore (Approx)

IT

7

M/s Golden Agri Resources (India) Private Limited,

M/s Golden Agri Resources (India) Private Limited, (GAR INDIA) is seeking approval for downstream investment through subscription to FDI Compliant instruments approximately up to of US 80 million.

₹ 485.9 Crore

(approx.) (USD 80 millionapprox)

Others

8

M/s FG International (India) LLP, Ahmedabad

Approval has been sought by M/s FG International (India) LLP, Ahmedabad for foreign contribution of ₹ 1 Crore comprising 90% stake by M/s ForeverGreen International LLC, USA.

₹ 1.0 Crore
 [Rs. 90,000 would be upfront and ₹ 99,10,000 would be contributed from time to time ]

Trading

9

M/s LeibherrCMCTec India Private Limited, Maharashtra

Approval has been sought by M/s Liebherr-CMCtec India Private Limited to issue 3,89,864 equity shares of ₹ 10 each of the company amounting to ₹ 38,98,642/-. The said cash consideration has been indirectly received into the account of the company.

₹ 0.39 Crore (approx.)
(already brought in for the purpose of acquiring land)

Others

10

M/s Samtel Thales Avionics Limited

An Indian company, M/s Samtel Thales Avionics Limited, engaged in Defence Sector proposes to expand its business activities in the same sector.

Nil

Defence

11

M/s Security and Intelligence Services (India) Limited.

Approval to M/s Security and Intelligence Services (India) Limited to issue 20,000 equity shares under ESOP to employees of its overseas subsidiary namely M/s SIS International Holdings Limited (SIHL).

Nil

P.S.A.

12

M/s Sinclairs Hotels Limited, Kolkata

M/s Sinclairs Hotels Limited, Kolkata has sought post-facto approval for 24,00,116 warrants issued by the company in 2007 to three Mauritius based Companies which were converted into 24,00,116 equity shares by April 2009.

 

Rs.41.52 crores
(already in)

Others (Hotels)

13

M/s ACME Solar Energy Pvt. Ltd., Gurgaon

M/s ACME Solar Energy Pvt. Ltd., Gurgaon, an investment holding company engaged in solar power business, is seeking approval for NR to NR transfer of shares and to increase foreign investment from 50% to upto 76%.

₹ 275 crore
(already approved)

Power

14

M/s Laurus Labs Private Limited (Formerly known as M/s AptuitLaurus Private Limited)

A Brownfield pharma company is seeking approval for additional FDI and NR-NR transfer by subscription and transfer of CCPS.

 

₹ 600 crore approx.

Pharmaceuticals

The following six (6) proposals have been rejected:

Sl. No.

Name of the Company

Gist of the Proposal

Sector

1

M/s Agilent Technologies (International) Private Limited

Approval/clarification has been sought by M/s Agilent Technologies (International) Private Limited to partially lease of the premises.

IT

2

Md. ShajahanBablu and Mrs. SuraiyaShajahan, Bangladesh

M/s Md. ShajahanBablu and Mrs. SuraiyaShajahan, Bangladeshi nationals, propose to incorporate a company in India with 100% FDI to engage in trading of Raw Jute, Jute Products and Agro based products.

Trading

3

M/s GoyalImpex& Industries Limited.

Post facto approval for issue of 50,974 equity shares on partly paid up basis.

Textiles

4

Ms Christine ComarmondMargotin, French

Approval has been sought by a French National for foreign investment in an LLP to be incorporated in India.

Others

5

M/s HLG Enterprises Pvt Ltd.

Post facto approval has been sought by M/s HLG Enterprises Pvt Ltd. for the issue of partly paid shares.

Textiles

6

M/s Gstaad Hotels Private Limited.

Post facto approval for issue of  75,00,000 equity shares of an foreign owned  company in the  hotel  hospitality  industry on partly paid up basis to the  existing  foreign parent.

Others (Hotels)

The following seven (7) proposals have been deferred:

Sl. No.

Name of the Company

Gist of the Proposal

Sector

1

M/s Koye Pharmaceuticals Private Limited, Mumbai

M/s Koye Pharmaceuticals Private Limited, a brownfield Pharmaceuticals company, has sought permission to issue additional 1,818 CCPS, constituting up to 6.81% of the share capital of the company on a post-issuance and fully diluted basis, to the already existing investor M/s SCI Growth Investments II, Mauritius.

Pharmaceuticals

2

M/s Amneal Pharmaceuticals Company Private Limited, Ahmedabad

M/s Amneal Pharmaceuticals Company Private Limited, a foreign owned and controlled company, is seeking approval for acquisition of entire share capital of Epsilon, through a share purchase agreement a company engaged in trading of generic pharma products and in process of setting up formulation manufacturing facility.  

Pharmaceuticals

3

M/s Empays Payment Systems India Private Limited, Mumbai

M/s Empays Payment Systems India Private Limited has requested to amend clause 8 of the FC approval by removing the stipulation of a minimum net worth of ` 100 crore.

NBFC

4

M/s Barefoot Resorts & Leisure India Pvt. Ltd., Chennai

M/s Barefoot Resorts & Leisure India Pvt. Ltd., Chennai, operating in the hospitality business, has applied for post facto approval to regularize the allotment of partly paid up shares to M/s Fruition Resorts Limited, Mauritius.

Construction and Development

5

M/s Monsanto Holdings Private Limited, Mumbai

Approval has been sought for issue of equity shares by a new company in pursuance of a demerger scheme, to the foreign shareholders of the applicant.

NBFC

6

M/s Diabu Diamond Tools (India) Private Limited, Bangalore

Post facto approval has been sought by M/s Diabu Diamond Tools (India) Private Limited for the shares allotted to M/s Diabu Diamanterkzeuge Heinz ButtnerGmbh, Germany against over delayed payables, in terms of royalty, technology transfer fee and raw material import.

Others

(Manufacturing)

7

M/s Bellota Agrisolutions and Tools Private Limited

M/s Bellota Agrisolutions and Tools Private Limited is seeking approval for the allotment of equity shares of ₹ 200/- each at par to M/s Bellota Herramientas S.A. Spain – Foreign Company for the cost towards import of new plant and machinery.

Manufacturing

In the following three (03) proposals the recommendation is to advise that FIPB approval is not required in thesecases:      

Sl. No.

Name of the Company

Gist of the Proposal

Sector

1

M/s Kemin Industries South Asia Private Limited, Tamil Nadu

 

M/s Kemin Industries South Asia Private Limited, having 100% FDI, seeking approval for setting up of “Contract Research Laboratory to do Toxicological studies for pharmaceutical, food and other products”.

Pharmaceuticals

 

2

M/s Gavis Pharma LLC., USA

M/s Gavis Pharma LLC., USA is seeking approval for acquisition of equity shares of M/s Wintac Limited, Karnataka through Right Issue.

Pharmaceuticals

 

3

M/s Ferrero India Private Limited

Approval has been sought Approval has been sought by Ferrero India Private Limited for amalgamation with two other companies to achieve synergies and other benefits

Others (Manufacturing of Confectionary products)

In the following one (01) proposal, the recommendation is to return the application with an advice to the applicant to re-approach FIPB after having the necessary Court order.

Sl. No.

Name of the Company

Gist of the Proposal

Sector

1

M/s Ventura (India) Private Limited

M/s Ventura (India) Private Limited engaged in services sector seeking approval for issuance of shares to a foreign company in the IT sector in consideration of acquiring latter’s branch office in India pursuant to a court approved scheme of demerger. 

Others

The following one (01) proposal has been withdrawn:

Sl. No.

Name of the Company

Gist of the Proposal

Sector

1

M/s INX Music Private Limited, Mumbai

M/s INX Music Private Limited, a company which aggregates and distributes music content for TV channels, having 70.85% indirect foreign investment; proposes to undertake the additional activity of broadcasting of a non-news and current affairs channel, as proposed scheme of arrangement.

Broadcasting

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