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August 17, 2026
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Banking sector review panel will align future growth with financial stability, inclusion and consumer protection through government recommendations.
High Level Committee on Banking for Viksit Bharat is proposed to comprehensively review the banking sector and align it with India's next phase of growth. It is intended to safeguard financial stability, financial inclusion and consumer protection, while providing views and recommendations to the Government on banking-sector development and reform.
August 17, 2026
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Prime Minister Internship Scheme enhances youth employability through paid industry exposure, cross-field learning, workplace readiness and potential full-time employment.
The Prime Minister Internship Scheme provides paid internships with leading companies across India to improve youth employability through practical workplace exposure, industry experience and skills development. It addresses the gap between classroom learning and employers' expectations of workplace readiness. Participation is not confined to academic qualifications, allowing youth to pursue fields of interest and gain hands-on professional learning. Strong internship performance may lead to full-time roles, while the scheme stresses responsible work where errors may affect quality, consumer safety and organisational reputation.
August 17, 2026
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SAFTA origin fraud in areca imports allegedly enabled improper duty exemption through false Bangladeshi-origin declarations.
SAFTA preferential duty treatment for areca-nut imports was allegedly misused by falsely declaring goods originating in South-East Asian countries as Bangladeshi origin. Since areca nuts normally attract 100% basic customs duty, the scheme sought to obtain the full SAFTA exemption reserved for qualifying Bangladeshi goods meeting Rules of Origin requirements. The alleged mechanism included routing goods through Bangladesh, changing containers and bags, using improperly obtained Certificates of Origin, and facilitating clearance through importers, Customs Brokers and IEC holders. Investigative findings also indicated cash proceeds, hawala channels and dummy entities.
August 17, 2026
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FCNR(B) concessional swap facility closure may reduce temporary foreign-currency inflow support and heighten rupee weakness concerns.
The Reserve Bank of India restricted its concessional swap facility for FCNR(B) deposits to deposits mobilised by August 31, advancing the earlier cut-off date. The facility was intended to encourage foreign-currency inflows, while banks mobilise such deposits through attractive interest rates. Market commentary indicated that existing inflows may support the rupee in the near term, but the curtailed availability of the facility could reduce this temporary cushion and increase depreciation risk.
August 16, 2026
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Temporary tariff suspension for earthquake recovery is sought to ease pressure on affected Colombian businesses.
Temporary suspension of high tariffs on Colombian products has been sought to support business recovery following a severe earthquake declared a natural disaster. The request links tariff relief to economic disruption affecting businesses amid extensive destruction, injuries and missing persons. United States emergency assistance has been provided through food, shelter and health supplies, while no response to the tariff-suspension request had been reported.
August 16, 2026
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Port-led industrial development and direct export operations aim to expand logistics infrastructure, market access and trade connectivity.
Mission Samudra is proposed as a port-led industrial and logistics development programme linked to the commencement of export-import operations at Vizhinjam seaport. It covers industrial clusters, new cities, port connectivity, logistics, development initiatives, programme management and capacity building. Direct export shipments are intended to improve overseas-market access and reduce transit time and logistics costs, particularly for small and medium enterprises. The framework also anticipates growth in warehousing, cold storage, container freight stations and logistics parks, supported by private participation and road and rail connectivity.
August 16, 2026
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Electric vehicle export diversification strengthens India's presence across European, Asia-Pacific and Latin American markets through expanding overseas demand.
India's electric motor car exports expanded sharply in the first quarter of 2026-27, reflecting increased international acceptance and competitiveness of India-manufactured electric vehicles. Europe became the principal export destination, led by Spain and the United Kingdom, with further demand across several European markets. Exports also reached Asia-Pacific markets, Nepal and emerging Latin American destinations. This wider market presence reflects improving quality and safety standards, stronger integration into global electric-vehicle supply chains, and diversification of India's electric-vehicle export profile.
August 16, 2026
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LPG production preparedness requires refiners and upstream producers to maintain capacity and increase output during supply constraints.
Government has established a standing LPG production preparedness framework under which refining companies, oil marketing companies and upstream producers may be directed to increase production during supply constraints. Companies must maintain adequate LPG storage, evacuation and transportation infrastructure and pursue technically and economically feasible production-enhancing measures. Written directions may prescribe production quantities and periods, including restrictions on alternative uses of input streams required for LPG. The production schedule is updated twice yearly to reflect new facilities and added capacity from infrastructure, technology and distribution improvements.
August 16, 2026
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Free trade agreement market access requires MSMEs, farmers and exporters to meet global quality standards.
Free trade agreements expand market-access opportunities for Indian MSMEs, exporters and producers through reduced or eliminated import duties on traded goods. Textiles, machinery, medicines, seafood and agricultural products can access international markets where they meet global standards and remain competitively priced. Farmers and producers are encouraged to develop export-oriented products, including chemical-free agricultural produce, while MSMEs may use preferential trade access to support manufacturing, exports, employment and growth.
August 15, 2026
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Chemical-free farming can strengthen agricultural exports by meeting global standards and responding to rising international demand.
Chemical-free farming is urged to meet growing global demand and expand agricultural exports. Agricultural products must meet global parameters to facilitate access to international markets, including markets opened through free trade agreements. Food processing, export-oriented farm production, and global branding of traditional cuisine, millets, spices, fruits and flowers are identified as important elements of agriculture and food production policy.
August 15, 2026
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Voluntary foreign asset disclosure allows eligible taxpayers to regularise overseas holdings with immunity from further tax, penalties and prosecution.
FAST-DS permits eligible taxpayers to disclose specified undisclosed foreign assets, foreign income, and foreign assets omitted from return schedules. Undisclosed assets or income not previously offered to tax may be declared up to Rs 1 crore on payment of an effective 60 per cent levy, based on fair market value as of 31 March 2026. Assets already offered to tax, or acquired during non-resident status but omitted from the return schedule, may be declared up to Rs 5 crore on payment of a fee. Valid declarations provide immunity from further tax, penalty and prosecution, while declared amounts are excluded from total income.
August 15, 2026
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Global pharmaceutical leadership is urged through Indian firms achieving top-five status, supported by generic manufacturing and export capacity.
Indian pharmaceutical companies are urged to attain representation among the world's five leading pharmaceutical firms, despite India's established position as a major producer of generic medicines. India has a broad manufacturing base, supplies generic medicines across numerous therapeutic categories, and exports to worldwide markets including highly regulated jurisdictions. Although pharmaceutical exports and the domestic market have expanded, Indian firms have not yet secured positions among the largest global companies. Greater international scale may be supported through acquisitions and expanded established-brand and branded-generic operations.
August 15, 2026
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Foreign asset voluntary disclosure permits eligible small taxpayers to regularise qualifying assets through tax, additional levy, and statutory immunity.
FAST-DS permits eligible small taxpayers to voluntarily disclose specified foreign assets or foreign income. It covers undisclosed foreign assets or income not offered to tax, subject to an aggregate value threshold of Rs 1 crore, and certain foreign assets omitted from the relevant return schedule, subject to a Rs 5 crore threshold and prescribed fee. Payment comprises 30 per cent tax and an additional equal amount. Disclosed income or investment is excluded from total income, with immunity from further tax, penalty and prosecution under the Black Money Act for the disclosed asset or income.
August 15, 2026
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Free trade agreement opportunities require MSMEs to meet global standards and expand exports across textiles, machinery, medicines and seafood.
Free trade agreements are presented as export-market opportunities for Indian MSMEs because they reduce or eliminate import duties on a substantial range of traded goods. MSMEs are urged to expand exports of textiles, machinery, medicines and seafood, including shrimp, by meeting global quality standards and offering products competitively. Their export role is linked to self-reliance and their significant contribution to manufacturing, exports, GDP and employment.
August 15, 2026
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Windfall gains tax on petroleum exports was reduced to support domestic fuel availability and limit export price advantages.
Special additional excise duty (windfall gains tax) on exports of petrol, diesel and aviation turbine fuel was reduced from 15 August 2026. Petrol export duty was reduced to nil, and export-duty rates on diesel and ATF were lowered. Duty rates for petrol and diesel cleared for domestic consumption remained unchanged. The export-duty framework seeks to maintain domestic petroleum-product availability and limit export advantages arising from higher global crude oil prices amid West Asia tensions.
August 15, 2026
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Energy self-reliance drives diversified fuel sourcing, expanded offshore exploration, and domestic capacity to reduce geopolitical supply vulnerability.
Energy security policy seeks to reduce exposure to geopolitical pressure and supply disruption caused by dependence on overseas fuel and strategic maritime routes. India is diversifying crude oil and LNG sourcing while strengthening domestic hydrocarbon production through offshore exploration, seismic surveys, exploratory drilling and shared infrastructure. Expanded access to sedimentary basins is intended to unlock domestic oil and gas resources. Wider piped natural gas coverage, solar generation, critical-mineral exploration, and nuclear and other non-fossil energy sources support the broader objective of energy self-reliance.
August 14, 2026
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Current account deficit widened as merchandise trade imbalance expanded, despite stronger services surplus, transfers, and positive capital inflows.
India's current account deficit widened in June 2026, principally because merchandise imports increased faster than exports and expanded the merchandise trade deficit. A higher services surplus, increased net transfers and a narrower net income deficit provided partial offsets. Net capital inflows, including foreign direct investment and foreign portfolio investment, supported a positive overall monthly balance. During the April-June quarter, despite increased services surplus and net transfers, the overall balance shifted to a deficit as the merchandise trade deficit widened.
August 14, 2026
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Concessional foreign-currency swap facility closes early for new FCNR(B) deposits while ECB and OFCB access remains available.
The concessional swap facility for FCNR(B) deposits encourages foreign-currency inflows and supports foreign-exchange liquidity. New FCNR(B) deposits eligible for the facility must be mobilised by 31 August 2026, while swaps for eligible deposits may be availed until 11 September 2026. The swap arrangement for External Commercial Borrowings and Overseas Foreign Currency Borrowings remains available until 31 December 2026.
August 14, 2026
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Insurance grievance redressal requires initial insurer complaint, prompt acknowledgement, and escalation through integrated monitoring channels when resolution remains unsatisfactory.
Insurance policyholder grievances must first be raised with the concerned insurer, whose Grievance Redressal Officer and Board-level monitoring committee oversee redressal. Complaints received through digital channels, correspondence or call centres are recorded in the insurer's Complaints Management System, integrated with Bima Bharosa. Insurers must acknowledge complaints immediately and resolve them within 14 days. Where no response is received within a reasonable period or the response is unsatisfactory, policyholders may escalate through Bima Bharosa or designated helplines, email or physical correspondence.
August 14, 2026
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Foreign exchange reserve growth reflects increases in foreign currency assets, gold holdings, special drawing rights, and IMF reserve position.
India's foreign exchange reserves rose to USD 707.002 billion for the week ended 7 August 2026. The increase comprised higher foreign currency assets, gold reserves, special drawing rights and the reserve position with the IMF. Foreign currency asset valuation incorporates appreciation or depreciation of non-US currencies held in reserve assets. Measures including the FCNR(B) scheme were introduced to attract additional foreign exchange inflows.

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Customs, DGFT & SEZ

Import of Scrap

August 8, 2014

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The import of any form of metallic waste, scrap is  permitted subject to the condition that it will not contain hazardous, toxic waste, radioactive contaminated waste / scrap containing radioactive material, any type of arms, ammunition, mines, shells, live or used cartridge or any other explosive material in any form either used or otherwise. The Import Policy for import of metallic waste and scrap as listed in Annex-I is ‘free’ subject to the condition that the consignment is accompanied by valid pre-shipment inspection certificate (PSIC), issued by recognized Pre-Shipment Inspection Agency (PSIA) certifying that the metallic scrap is free from explosive and radioactive contamination. Import of any form of metallic waste from Hodaideh, Yemen and Bandar Abbas, Iran can only be in shredded form. While import of shredded scrap is allowed through all ports, import of unshredded scrap can only take place through the following designated ports:

“1.Chennai,     2.Cochin,     3.Ennore,     4.JNPT,     5.Kandla,   6.Mormugao,   7.Mumbai,  8.New Mangalore,  9. Paradip, 10.Tuticorin,   11.Vishakhapatnam,   12. ICD Loni, Ghaziabad, 13.Pipava, 14.Mundra, 15.Kolkata,  16.ICD Ludhiana,  17.ICD  Dadri  (Greater  Noida),  18.ICD  Nagpur,19.ICD  Jodhpur,  20.ICD  Jaipur,  21.ICD  Udaipur,  22.CFS Mulund, 23. ICD Kanpur,  24.ICD Ahmedabad, 25.ICD Pitampur  and 26. ICD Malanpur”.

The details of quantum and value of metallic waste and scrap imported from various countries during each of the last three years and the current year, country and item-wise are at Annex- II.

In view of the risk to human life, property and national security, import of metal scrap in unshredded compressed and loose form is permitted only through 26 designated ports as in (a) above. Government has decided and has taken necessary steps for installing portal monitors, X-rays scanners or radiological scanners to handle metallic scraps, semi-finished products and finished products. Further eight coastal state authorities/maritime boards have been requested for installation of portal monitors at additional ports where metal scraps are handled. Atomic Energy Regulatory Board (AERB) has sensitized concerned Ministries on various aspects of issued related to radioactive contamination in imported metal scrap. Further, AERB in association with other organizations such as National Institute of Secondary Steel Technology (NISST), scrap associations, furnace associations etc  is conducting awareness programmes to sensitize various stake holders of metal recycling industry about the issue.

Annex-I

Import of Metallic Waste and Scrap

Import of following types of metallic waste and scrap are free subject to conditions of Port restrictions and PSIC and other conditions of Foreign Trade Policy/Handbook of  Procedure (2009-2014):

Sl.No.

Exim Code

Item description

1.

720410 00

Waste and scrap of cast iron

2.

72042190

Other

3.

72042920

Of High speed steel

4.

72042990

Other

5.

72043000

Waste and scrap of tinned iron or Steel

6.

72044100

Turnings,      shavings,      chips, milling waste, saw dust, fillings, trimmings and stampings, whether or not in bundles

7.

72044900

Other

8.

72045000

Remelting scrap ingots

9.

74040010

Copper scrap

10.

74040022

Brass scrap

11.

75030010

Nickel scrap

12.

76020010

Aluminium scrap

13.

79020010

Zinc scrap

14.

80020010

Tin scrap

15.

81042010

Magnesium scrap

 

Annex-II

Item-Wise Import Of Metallic Waste And Scrap

Item Description

2011-12

2012-13

2013-14

2014-15(Apr to May)

 

QTY(MT)

VAL

(Rs  in Crore)

QTY(MT)

VAL

(Rs in Crore)

QTY(MT)

VAL

(Rs in Crore)

QTY(MT)

VAL

(Rs in Crore)

 

Ferrous Waste And Scrap; Remelting Scrap  Ingots

6962720

18893.82

8197924

24356.5

4779781

16454.93

930891

3061.78

 

Copper Waste And Scrap

161942

4702.3

204262

6433.33

143735

4945.93

30864

992.36

 

Nickel Waste And Scrap

1128

39.17

668

29.02

2790

138.81

534

23.07

 

Aluminium Waste And Scrap

627672

6072.23

738470

7384.62

721630

7568.9

144700

1506.92

 

Lead Waste And Scrap

66653

652.49

51494

518.92

58834

660.33

9398

106.52

 

Zinc Waste And Scrap

48581

410.91

61219

549.78

69496

683.12

12844

135.45

 

Other Base Metals Waste & Scrap

216

2.79

294

6.56

148

4.43

42

0.47

 

Grand Total

7868912

30773.71

9254331

39278.73

5776414

30456.45

1129273

5826.57

 

 

Country-Wise Import Of Metallic Waste And Scrap

COUNTRY

2011-12

2012-13

2013-14

2014-15(Apr to May)

QTY(MT)

VAL

(Rs in Core)

QTY(MT)

VAL

(Rs in Core)

QTY(MT)

VAL

(Rs in Core)

QTY(MT)

VAL

(Rs in Core)

U ARAB EMTS

1076874

4132.16

1066360

4990.02

933296

4903.35

205647

986.36

U K

1317377

4657.64

1433017

5105.39

832394

3663.02

174910

784

U S A

1116613

3418.54

1207141

4151.17

482399

2323.58

50640

309.75

SAUDI ARAB

164208

1485.39

186664

2009.91

153312

2276.54

28633

406.65

SOUTH AFRICA

672203

1724.64

1243536

3385.12

712757

2199.88

164719

479.95

NETHERLAND

257754

1794.91

327453

2058.51

167979

1356.52

33434

231.82

GERMANY

292544

1585.25

302237

1420.14

177371

1046.84

30143

198.99

AUSTRALIA

112225

568.35

166386

704.87

188006

879.46

40084

197.51

MALAYSIA

128737

691.68

153084

887.6

134414

871.39

36042

195.21

KUWAIT

232614

724.4

238398

951.94

142162

809.15

37319

152.63

SINGAPORE

113376

575.88

180169

787.01

126787

685.16

40602

183.99

THAILAND

32776

240.04

72932

417.96

83653

658.93

17634

172.36

BELGIUM

167269

559.19

152874

652.56

75648

487.35

22711

135.98

BAHARAIN IS

109263

400.67

113123

447.35

93804

411.78

24288

93.13

POLAND

57457

218.22

143105

450.2

80763

329.37

11465

54.32

SWEDEN

156036

519.61

107603

418.95

65514

301.54

6717

36.33

ANGOLA

168266

367.54

121234

346.31

86423

300.95

12548

40.7

SPAIN

14764

122.65

32915

270.15

24316

271.76

2384

41.42

CANADA

51664

142.05

154741

432.7

76986

253.1

8889

32.29

KOREA RP

30407

293.72

32199

260.88

29439

244.65

6996

65.01

OTHER COUNTRIES

1596485

6551.18

1819160

9129.99

1108991

6182.13

173468

1028.17

GRAND TOTAL

7868912

30773.71

9254331

39278.73

5776414

30456.45

1129273

5826.57

The information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Lok Sabha today.

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