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    Rupee falls 8 paise to 95.25 against US dollar in early trade
    APEDA Facilitates First-Ever Export of GI-tagged Mithila Makhana by Sea Route from Bihar to Australia
    Government signs strategic MoUs with key industry leaders and ecosystems to strengthen support to StartUps
    No Charges for UPI Users
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August 10, 2026
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Foreign-exchange market conditions weakened the rupee as stronger dollar and crude prices offset support from reserve growth and inflows.
Foreign-exchange market conditions saw the rupee weaken against the US dollar in early trading, influenced by a stronger dollar and higher global crude oil prices. Foreign institutional equity inflows and increased foreign-exchange reserves moderated pressure on the rupee. Market attention remained focused on developments in West Asia and the Reserve Bank of India, alongside movements in the dollar index, crude oil prices and domestic equity markets.
August 10, 2026
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GI-tagged Mithila Makhana export facilitation expands sea-route market access while supporting quality compliance and farmer-linked value chains.
Export facilitation for GI-tagged Mithila Makhana enabled the first commercial sea-route shipment from Bihar to Australia. APEDA, in association with the Bihar agriculture department, supported market access, coordination, capacity building and stakeholder engagement. The export model is intended to improve farmer price realisation, require adherence to global quality standards, and strengthen growers, processors and exporters. A separate HS Code for Makhana has taken effect under the Finance Bill, 2025, supporting product-specific trade classification.
August 10, 2026
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Startup ecosystem support expands through digital payments, cloud access, AI innovation, investment readiness, governance support and global market programmes.
DPIIT has entered into strategic MoUs to support DPIIT-recognised startups through payment infrastructure, entrepreneurship development, cloud technology, mobility innovation, investment readiness and global-market access. Eligible startups may receive payment and cloud support, technical training, mentorship, startup formalisation assistance, market and investor connections, AI and mobility enablement, and programmes addressing governance, financial readiness, compliance and international expansion. The collaborations promote innovation across digital payments, clean energy, artificial intelligence, climate technology, advanced manufacturing, mobility and automotive technology.
August 10, 2026
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UPI transaction charges remain unavailable for consumers and person-to-person payments, while limited threshold-based merchant MDR may be considered.
Proposed amendment of section 10A of the Payment and Settlement Systems Act, 2007 is intended to support UPI sustainability, technological advancement and resilience. Consumer payments and person-to-person transactions are to remain free. Any future merchant discount rate would apply only to limited merchant transactions above a threshold, at a nominal rate, while most merchant transactions remain free. The framework supports investment in cybersecurity, fraud prevention and infrastructure, alongside a self-sustaining and inclusive digital-payment ecosystem.
August 10, 2026
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Fair competition cooperation in renewable energy markets advances knowledge-sharing and evidence-based enforcement across interconnected digital and energy markets.
BRICS competition authorities adopted a Joint Statement strengthening cooperation to promote fair competition, including in renewable energy markets. Cooperation focuses on dialogue, knowledge-sharing and consideration of cross-border competition challenges in digital markets, emerging technologies and the energy transition. Competition enforcement is to remain principled and evidence-based, supporting efficiency, consumer welfare, innovation and merit-based competition. A collaborative renewable-energy competition study identified evolving market dynamics and areas for future cooperation.
August 10, 2026
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Cost optimisation in public finance strengthens investment decisions, risk allocation, indigenous manufacturing and value-driven government expenditure through specialised financial expertise.
ICoAS cost optimisation supports public financial management through prudent resource utilisation, financial oversight and improved cost management across government. Its role includes supporting indigenous manufacturing, better investment decisions, efficient public expenditure and maximum value for public spending. With greater private-sector participation and Public-Private Partnerships, ICoAS officers are expected to promote cost efficiency, appropriate risk allocation and sound project structuring. Capacity building emphasises integrity, financial modelling, data visualisation, analytical frameworks and artificial intelligence for improved public-finance management.
August 9, 2026
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Co-operative development financing would expand through direct assistance, share-capital participation and wider operational powers for sectoral support.
National Cooperative Development Corporation (Amendment) Bill, 2026 proposes to broaden the Corporation's mandate to promote co-operative development. It would permit direct loans and grants to co-operative societies and other entities engaged in co-operative development, where funds are used for co-operative purposes. With Central Government approval, the Corporation could participate in the share capital of such entities. The proposals also expand the meaning of foodstuffs, remove geographical restrictions for industrial-goods assistance, and provide additional functional powers.
August 9, 2026
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GST compliance failures and electricity subsidy controls raise allegations of financial irregularities and potential losses to the public exchequer.
Allegations based on a Comptroller and Auditor General report identified purported GST compliance failures involving outstanding tax liabilities, e-way bills generated after cancellation of GST registrations, limited bill scrutiny, non-compliance, and turnover mismatches. The allegations also concerned electricity subsidies extended to consumers with prolonged zero bills or apparent non-residence, presenting these issues as possible financial irregularities and losses to the public exchequer.
August 9, 2026
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Money-laundering prosecution complaints allege fund diversion through shell entities, credit-facility evergreening, layered transactions and fictitious project expenditure.
Money-laundering prosecution complaints allege that funds from toll-road projects and credit facilities were diverted through group companies, contractors, shell entities and conduit accounts. In the toll-road matter, allegedly sham or back-dated subcontracting arrangements and subsequent documentation were used to portray transfers as genuine project expenditure. In the credit-facilities matter, fresh facilities were allegedly used to repay, rotate and evergreen earlier liabilities rather than for sanctioned end-use, with funds layered and presented as legitimate business expenditure or receipts. Attached assets are sought to be confiscated as alleged proceeds of crime.
August 9, 2026
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Direct Benefit Transfer pension disbursement replaces cooperative-bank doorstep delivery, while preserving home payments for beneficiaries unable to use bank accounts.
Direct Benefit Transfer of social security and welfare pensions to Aadhaar-linked bank accounts is intended to replace cooperative-bank doorstep delivery, except for bedridden and similarly situated beneficiaries. The change addresses delays in remitting undistributed pensions, deficient record updates and reconciliation, duplicate payments, delivery incentives, and compliance with Direct Benefit Transfer norms. Criticism focuses on beneficiary access to linked commercial-bank accounts, possible minimum-balance deductions, exclusion of cooperative banks, and the effect on doorstep-delivery workers.
August 8, 2026
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Engineering business growth supported Raymond's first-quarter performance, with export expansion, capacity investment and net-debt-free financial flexibility.
Raymond Limited reported unaudited first-quarter FY27 growth in total income, EBITDA and profit before tax before exceptional items, while remaining net-debt-free with a net cash surplus. Its Engineering business comprises Precision Technology & Auto Components and Aerospace & Defence. Growth in the former was attributed to export expansion, operating leverage, product mix and cost reductions. Aerospace & Defence growth was linked to production for global OEMs, portfolio expansion and increased capacity, although margins were affected by targeted research and development investment. Forward-looking statements remain subject to regulatory, political, economic and technological risks.
August 8, 2026
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Savings account selection requires comparison of effective interest, fees, digital service, access, and individual banking needs.
Savings-account selection should compare effective interest returns under slab-based rates, recurring operating charges and the customer's actual banking needs. Net value depends not only on advertised rates but also on relevant minimum-balance, card, ATM, alert and transfer fees. Digital reliability, customer support, branch availability and ATM access should be assessed according to the customer's average balance, cash use, transfer frequency, travel patterns and need for in-person assistance. The suitable account is one that matches real banking behaviour.
August 8, 2026
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Urban cooperative bank regulation promotes licensing, governance, compliance support and cybersecurity measures to strengthen stability and depositor confidence.
Urban cooperative banks are encouraged to recognise regulatory support through liberalised branch opening, doorstep banking, demand drafts, life certificates, dedicated regulatory coordination, enhanced gold-loan limits, one-time settlements and progress towards on-tap licensing. Sound governance is material to sectoral stability, while small-borrower lending is presented as a comparatively safe lending segment. The umbrella body can support member banks through technical expertise, compliance assistance, cybersecurity solutions and participation in a security operations centre to strengthen depositor confidence.
August 8, 2026
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Korean food export promotion combines buyer consultations, regulatory guidance and consumer experiences to support entry into Indian and South Asian markets.
Korean food export promotion in India and South Asia combined business consultations with consumer-facing activities. Individual meetings connected Korean exporters with regional buyers and generated memoranda of understanding for products including frozen gimbap, ginseng wine and kombucha. Exporters received on-site guidance concerning non-tariff barriers, including food import customs clearance and certification requirements. Preparatory online sessions addressed import procedures, regulatory matters and consumer trends, while consumer events promoted Korean food through tasting, retail and experiential activities.
August 8, 2026
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Illegal immigration enforcement prioritises dismantling entry, documentation and employment networks while requiring citizens to report information through police channels.
Illegal immigration enforcement involves continuous identification and verification operations, coordination with relevant officials, and confidential investigation of networks facilitating entry, identity documentation, accommodation and employment. Enquiries extend to intermediaries, contractors, Aadhaar procurement and verification practices, rather than focusing only on apprehended individuals. Citizen vigilantism, moral policing and social-media targeting of suspected migrants are discouraged because they may compromise investigations; information should instead be given through proper police channels.
August 8, 2026
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Technology, transparency and governance strengthen urban cooperative banks through modern customer services, depositor protection and cooperative-sector support.
Technology adoption, transparency, sound governance and modern customer services are identified as necessary for urban cooperative banks to remain competitive. Banks are encouraged to join the sector's umbrella organisation and self-regulatory body, which provides capital, information-technology infrastructure and liquidity support. Protection of depositors' money remains a regulatory responsibility, while banks are expected to improve governance, train staff, adopt technology and enhance customer-centric services. Customer prosperity and reduced perception gaps between the central bank and urban cooperative banks are emphasised as measures to strengthen the sector.
August 8, 2026
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Authorised Dealer Category-II licensing expands permissible FEMA current account and foreign trade transaction services for cross-border payment customers.
An Authorised Dealer Category-II approval under the Foreign Exchange Management (Authorised Persons) Regulations, 2026 enables Paul Merchants to undertake additional permissible non-trade current account transactions under FEMA, excluding gifts and donations, and foreign trade transactions within the applicable per-transaction limit. The approval supports foreign exchange and cross-border payment services, including overseas remittances for education, medical treatment, travel, and conference or event participation.
August 8, 2026
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Integrated investor claim portal modernisation advances digital KYC, streamlined verification, stakeholder-informed safeguards, and efficient investor claim settlement services.
Integrated IEPFA Portal 2.0 is proposed to modernise investor claim processing through digital KYC, pre-filled Form IEPF-5, entitlement search, and a simplified e-Verification Report filing workflow. Stakeholder feedback included Aadhaar eKYC address validation, KYC for authorised representatives, entitlement-letter validation checks, bulk DSC and eSign functionality, integration of approved IEPF Form-4 data, lower-value share valuation using NSE and BSE data, and alerts for frequent address changes to prevent fraud.
August 7, 2026
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Foreign capital inflows supported the rupee despite geopolitical uncertainty, oil-price pressures, and volatile global market sentiment.
Foreign capital inflows supported a marginal strengthening of the rupee against the US dollar despite global risk aversion arising from uncertainty surrounding negotiations affecting the Strait of Hormuz. Higher crude oil prices and weak domestic equity sentiment remained relevant pressures. Near-term currency movement was expected to depend on developments in the negotiations, weekend decisions, US employment data, the dollar index, crude oil prices, and the reported increase in foreign exchange reserves.
August 7, 2026
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Energy security through diversified sourcing protected fuel supplies during Hormuz disruption and supports domestic exploration and alternative fuels.
Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.

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Techniques of Improving Quality, Reliability and Productivity Can be Applied to Clean up Administration, Improve Reliability of Public Services and Increase Agricultural Productivity : FM

February 8, 2011

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Union Finance Minister, Shri Pranab Mukherjee has said that the techniques of improving quality, reliability and productivity can be applied to clean up administration, improve reliability of public services and increase agricultural productivity. He said that Indian Statistical Institute (ISI) can play a lead role in these areas that can bring about a positive change for the nation at large. Shri Mukherjee was speaking at the inaugural function of the International Congress on International Congress on Productivity, Quality, Reliability, Optimisation and Modelling-ICPQROM-2011 organized by the ISI along with the other two premier organisations Quality Council of India and Defence Research and Development Organisation (DRDO), here today. The International Congress was inaugurated by the Prime Minister of India.

Remembering Prof. P C Mahalanobis, the founder of ISI, Finance Minister Shri Mukherjee said it was he who had realized the need for launching a Statistical Quality Control (SQC) movement for large scale training of industrial managers, executives, engineers, technicians and also government officials. The Finance Minister further said that Indian Industry has benefited a lot from training and problem solving services offered by ISI at an affordable price. 

Finance Minister Shri Mukherjee said that the quality movement now brings together many subjects including reliability, optimization and modelling techniques. He said that the successful applications of these techniques help industries to improve quality of whatever they do. Shri Mukherjee said that in India many sectors like pharmaceuticals, high tech manufacturing, automobiles, design engineering, IT and ITES have successfully used these techniques to improve the quality of their offerings significantly. The Finance Minister said that in many of these fields, India is now considered to be a force to reckon with – a significant change from the scenario that we had a few decades back, the Minister said. 

Shri Mukherjee said that with the passage of time, the form of the quality challenge has changed. With the massive development of computing technology and the huge advancement of the internet, the availability of data has increased manifold, he said. The Finance Minister said that the quality requirements also have become very stringent and now there is a lot of focus on various services and on areas like marketing and human resources. He said that this has required new techniques and approaches to be developed and researchers and practitioners in this field have experimented with many approaches. The Finance Minister further said that the Indian Statistical Institute has played a key role in this area by promoting application of statistical methodologies in many areas. Even within industries these methodologies are being used in hitherto untapped areas like finance, sales, advertisements, customer relationship management and security, said the Minister. 

The Text of the speech of the Finance Minister delivered at the occasion of inauguration of the International Congress on International Congress on Productivity, Quality, Reliability, Optimisation and Modelling-ICPQROM-2011is as follows: 

“It is a great pleasure to address for the International Congress on Productivity, Quality, Reliability, Optimization and Modelling with the very apt theme of ‘A journey towards excellence’. It is a matter satisfaction that this congress is being organized by the Indian Statistical Institute along with the other two premier organisations Quality Council of India and Defence Research and Development Organisation (DRDO). 

The Indian Statistical Institute has all along been pioneer in the quality movement in India. In fact, Prof. P C Mahalanobis, the founder of ISI, was a polymath who had studied physics and mathematics, had deep interest in literature and finally turned to economics and statistics. Furthermore, he had realized the need for launching a Statistical Quality Control (SQC) movement and invited Dr. Walter Shewhart to India for three months during the winter of 1947 – 48. He realized the need for large scale training of industrial managers, executives, engineers, technicians and also government officials. At the same time he understood that industries should be supported for problem solving and accordingly SQC units were set up in different places from 1953 onwards. His untiring efforts to sustain the movement brought about large dividends – he invited all the top experts of the field and organized several seminars / conferences – to keep up the momentum. Indian industry benefited a lot from the large scale training and problem solving services offered by the Institute at an affordable price 

The seed sown by Prof. Mahalanobis has now grown into a huge tree over time. The SQC movement has grown into a full-fledged quality movement. It has been realized by industrialists as well as policy makers within the Government that quality and productivity are essential for growth in any field – be it business or administration. The quality movement now brings together many subjects including reliability, optimization and modelling techniques. The successful applications of these techniques help industries to improve quality of whatever they do. In India many sectors like pharmaceuticals, high tech manufacturing, automobiles, design engineering, IT and ITES have successfully used these techniques to improve the quality of their offerings significantly. So much so that in many of these fields India is now considered to be a force to reckon with – a significant change from the scenario that we had a few decades back. 

With the passage of time, the form of the quality challenge has changed. With the massive development of computing technology and the huge advancement of the internet, the availability of data has increased manifold. The quality requirements also have become very stringent and now there is a lot of focus on various services and on areas like marketing and human resources. This has required new techniques and approaches to be developed. Researchers and practitioners in this field have experimented with many approaches. The Indian Statistical Institute has played a key role in this area by promoting application of statistical methodologies in many areas. Even within industries these methodologies are being used in hitherto untapped areas like finance, sales, advertisements, customer relationship management and security. 

Quality Council of India (QCI) functioning under the aegis of the Department of Industrial Policy and Promotion is responsible for establishment and operation of national accreditation structure. QCI, being a joint venture of the government and the industry association, is a successful example of public-private partnership in the field of accreditation and quality control. Accreditation facilitates international trade by way of establishing equivalence and global acceptance of certification, inspection and testing being undertaken by various conformity assessment bodies, in areas of quality, environment, food safety etc. QCI through its National Quality Campaign has been promoting quality by enabling manufacturers and suppliers of goods and services to apply quality standards and tools and simultaneously empowering consumers to demand quality goods and services. The promotion of quality encompasses all segments including manufacturing, health, education and public services. 

DRDO, as we all know, is working for indigenous development of weapons, sensors & platforms required for the Armed Forces. DRDO also has been playing a crucial role in expanding and deepening the knowledge-base of life sciences in the country through strengthening and use of national resources including know-how and expertise. 

Institutions of research should continuously strive for excellence; constantly review their own performance through self appraisal. There is a need for our research institutions to develop linkages with the field and the intended beneficiaries. The pace of technology dissemination from the lab to the ultimate users in the industry and agriculture is slow. To enhance the productivity we must devise efficient and cost effective ways for transfer of technology. We also need to spend more and more on technology up- gradation and skill development to remain competitive and keep improving the quality of our products and services

Over the years, the exercises carried out in development and implementation of statistical methodologies for solving problems of a wide variety have led to accumulation of rich and varied experiences. On the one hand, practitioners have found innovative solutions and interesting ways to implement them. On the other hand academicians have developed newer tools and methodologies. The exchange of ideas, therefore, will be very valuable. In particular, many ideas will be generated that can be applied to different walks of life. The techniques of improving quality, reliability and productivity can be applied to clean up administration, improve reliability of public services and increase agricultural productivity. I believe that the ISI can play a lead role in these areas that can bring about a positive change for the nation at large. 

I am sure that in this conference a massive exchange of knowledge and ideas will take place. There will be learning from each other and also development of deep understanding regarding the issues involved in implementation of methodologies to reap the benefits of scientific development. I sincerely hope that this conference, with the overwhelming participation of experts that it has and the tremendous enthusiasm that it has generated, will facilitate a journey towards excellence.” 

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