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    Senior citizen threatened with terror funding case probe, duped of Rs 7.2 crore
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August 28, 2026
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Cyber fraud impersonating enforcement officials coerced a senior citizen into bank and cryptocurrency transfers through terror-funding threats.
Cyber fraudsters allegedly impersonated public officials and threatened a senior citizen with implication in money laundering, terror funding and cybercrime. Using WhatsApp video calls and purported official notices, they allegedly induced the victim to transfer funds to multiple bank accounts and a cryptocurrency wallet on the pretext of proving innocence. The victim reportedly liquidated fixed deposits and mutual fund investments before identifying the deception and reporting it through the cybercrime helpline. A cyber police case was registered for further investigation.
August 28, 2026
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Rupee depreciation against US dollar reflects foreign investor outflows and crude supply disruptions, moderated by weaker dollar and oil prices.
Foreign institutional investor outflows and disruptions in global crude oil supplies placed downward pressure on the rupee against the US dollar. A weaker dollar index and lower Brent crude prices moderated the decline. Market commentary anticipated a narrow trading range, with expected Reserve Bank of India protection at the upper end and oil importer, month-end, and importer demand supporting the lower end. Participants also monitored the US Federal Reserve Chair's Jackson Hole speech.
August 27, 2026
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Emergency flood response measures coordinate rescues, suspend cross-border transport, and address risks to public safety.
Severe flash floods in Nepal and along the Nepal-Tibet border prompted cross-border rescue coordination for missing and stranded persons, warnings of continued downstream flood risk, and international relief support. Preventive public-safety measures included temporary suspension of an Indo-Nepal bus service. Separate developments included disruption of public services during an employee strike, investigation of an aircraft crash, market measures affecting sugar and onion prices, and proposed trade engagement for greater market access for basmati rice and processed food exports.
August 27, 2026
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Regulatory review of fraud allegations requires timely consideration of representations while merits and standing remain undecided.
SEBI must consider and decide, within two weeks, representations alleging fraud by an Indian logistics company and its subsidiary. The allegations concern systematic over-invoicing of freight charges and forged documentation, with a parallel criminal investigation based on an FIR registered by the Delhi Police Economic Offences Wing. No determination has been made on the merits of the allegations or the complainant's standing to approach SEBI. The allegations and criminal proceedings were disclosed in IPO offer documents.
August 27, 2026
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Personal insolvency repayment plans test creditor voting thresholds, valuation safeguards, and limits on commercial review under insolvency law.
Personal insolvency resolution under the Insolvency and Bankruptcy Code involved approval of a repayment plan providing for payment of Rs 6.25 crore to creditors and Rs 25 lakh towards process costs against admitted creditor claims of about Rs 22,006.57 crore. Objections by dissenting creditors were rejected because they held less than 20 per cent of voting share, while the plan received 80.81 per cent support. Valuation indicated that the personal estate was worth less than the amount offered, and the tribunal declined to replace creditor commercial wisdom or assess settlement adequacy.
August 27, 2026
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Sovereign credit rating stability reflects policy continuity, infrastructure investment, external strength, and fiscal consolidation pressures.
India's sovereign credit rating retained a BBB stable outlook, supported by strong growth, an external balance sheet, stable institutions, policy predictability, and infrastructure investment. Public investment and consumer demand are expected to sustain growth and assist fiscal consolidation. Constraints include weak fiscal performance, elevated government debt and interest burdens, and low per-capita income. Long-term rating support depends on financing infrastructure investment without materially widening the current-account deficit and on reducing the fiscal deficit through stable fiscal and monetary policies.
August 27, 2026
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Sugar import liberalisation and stockholding limits seek to moderate retail prices amid constrained domestic supply and restricted exports.
Sugar price-control measures combine duty-free raw sugar imports, stockholding limits for dealers and bulk consumers, and an export prohibition to address elevated retail prices and curb hoarding. Domestic supply remains constrained by reduced sugarcane output, prior exports and diversion of sugar to ethanol. Net production is estimated below projected domestic demand, while closing stocks are expected to remain limited. Import access, inventory restrictions and export controls therefore operate as market-stabilisation mechanisms.
August 27, 2026
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Money-laundering investigation into alleged homebuyer fraud led to searches and freezing of assets linked to realty promoters.
Money-laundering proceedings were initiated under the Prevention of Money Laundering Act on the basis of police FIRs alleging fraudulent inducement and non-delivery of residential plots. Searches at premises linked to real estate promoters resulted in the seizure or freezing of luxury vehicles, jewellery, bank accounts and securities. The investigation alleges that substantial upfront payments for residential plots were received, but a significant portion of promised plots remained undelivered, and certain plots were allegedly sold to third parties without consent.
August 27, 2026
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Commercial card governance enables configurable credit, approvals, virtual cards and controlled supplier payments across enterprise payment workflows.
SpendFlow combines commercial card program configuration, credit management, virtual cards, spend controls, approvals, supplier payments, billing and accounting in one architecture. It supports centrally governed rules with approved corporate-level variations, enterprise hierarchy management, and virtual cards linked to entities, employees, accounts or credit facilities. Multi-tier approvals and virtual-card supplier payments support controlled business payment functions, while core banking and ERP connectivity links card activity with banking and enterprise financial workflows.
August 27, 2026
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Basmati rice market access may be pursued through trade agreement review, subject to import limits and safety standards.
Market access for Indian basmati rice may be pursued through review of the Comprehensive Economic Partnership Agreement, as rice remains a sensitive sector subject to import quantity limits and duties beyond permitted quantities. Processed food exports offer further opportunities where exporters comply with Japanese quality and safety standards. Bilateral cooperation also covers investment, supply chains, technology partnerships and capital flows supporting infrastructure, manufacturing and semiconductor ecosystems.
August 27, 2026
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Capital allocation discipline governs consideration of further Air India funding alongside business strategy, cash flow and investment requirements.
Further capital investment in Air India will be evaluated by Singapore Airlines' board through a disciplined capital-allocation process. Assessment will consider the group's capital requirements, Air India's business strategy, operating cash flow, investment needs for aircraft and products, and multi-hub investments intended to support long-term growth and returns. As a significant minority shareholder, Singapore Airlines supports Air India's transformation programme with Tata Sons, but no commitment to provide additional capital is indicated.
August 27, 2026
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Semiconductor investment cooperation anchors expanded India-Japan industrial partnerships across technology, manufacturing, clean energy, infrastructure, and financial services.
Semiconductor and artificial-intelligence cooperation centres on a six-pillar semiconductor strategy encompassing chip design, semiconductor machinery and materials, fabrication, ATMP/OSAT, research and development, and talent development. Japanese participation is sought across semiconductor materials and equipment, power semiconductors, electronics, AI, logistics and related advanced technologies. Development of semiconductor clusters is linked to reliable power, ultra-pure water, skilled manpower and social infrastructure.
August 27, 2026
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Financial inclusion through basic bank accounts enables direct welfare transfers, digital payments, insurance access and credit for excluded households.
PMJDY provides unbanked adults with basic bank accounts without minimum-balance or maintenance-charge requirements, free RuPay debit cards with accident insurance cover, and eligible overdraft support. Through the JAM framework, PMJDY accounts enable direct transfer of welfare benefits using bank accounts, Aadhaar-based biometric verification and mobile connectivity, reducing intermediary involvement and delays. The scheme emphasises rural, semi-urban, marginalised and women account holders while supporting access to insurance, pensions, savings, digital payments and credit, including MUDRA loans.
August 27, 2026
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Contract food services expansion strengthens Rassense's nationwide institutional operations through new academic partnerships and technology-led service delivery.
Rassense Pvt Ltd reports crossing a workforce of more than 5,000 employees and projects revenue exceeding INR 600 crore. Its contract food services operations serve educational institutions, corporate campuses, healthcare facilities and industrial locations. New operations at IIM Jammu, IIM Bangalore and IIT Guwahati strengthen its nationwide institutional presence. Expansion is supported by academic institution partnerships, local workforce development, operational excellence, and technology-led capabilities in food production, food waste reduction and supply-chain management.
August 27, 2026
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Cyber fraud awareness promotes safe digital banking by teaching customers to verify communications, protect credentials, and report suspicious transactions.
Cyber-fraud awareness and digital banking safety were promoted through community sessions addressing phishing, impersonation, OTP and UPI fraud, QR-code scams, digital-arrest fraud, and fraudulent customer-care calls. Participants were guided to identify authentic banking communications, avoid sharing confidential credentials, verify callers and links before acting, and promptly report suspected unauthorised transactions. Customer vigilance, financial literacy, and institutional security measures were emphasised as complementary safeguards against digital financial fraud.
August 27, 2026
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Personal insolvency repayment plans may be approved despite minimal creditor recovery when requisite voting support and comparative valuation support them.
Personal insolvency repayment plan approval was granted under the Insolvency and Bankruptcy Code, 2016, despite objections that creditor recoveries were negligible and the proposed payment uncertain. The plan received 80.81 per cent voting support, while dissenting creditors held less than 20 per cent voting share. Valuation showed that the debtor's personal estate was materially below the offered amount, and rejection could result in bankruptcy and lower recovery. Assessment of settlement adequacy was treated as a matter of creditor commercial wisdom.
August 27, 2026
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Prison escape security lapses prompt coordinated tracing measures, transport monitoring, inter-state alerts, and a detailed custodial-security inquiry.
Prison escape and custodial-security lapses arose after a detainee escaped from Aluva Sub Jail, allegedly by using an under-construction structure within the premises to cross the compound wall. Following his later appearance at a police station seeking return of his Aadhaar card, search measures included a lookout circular, information sharing with police stations, railway-security coordination, and alerting police in Assam. A detailed inquiry has been initiated into the prison-security deficiencies enabling the escape.
August 27, 2026
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Women's savings account selection depends on practical benefits, charges, eligibility, and banking needs rather than the account label.
Women's Savings Accounts may provide standard banking facilities together with additional services or benefits for eligible women. Their suitability depends on practical use of digital banking, transfers, payments, alerts, debit-card facilities, accessibility, security features, charges, and minimum-balance conditions. Since regular Savings Accounts may offer comparable facilities, the additional benefits should be assessed against associated costs and conditions. Selection should be based on comparison of eligibility, facilities, balance requirements, benefits, customer support, and authentication safeguards rather than the account's women-focused label alone.
August 27, 2026
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Retirement annuity selection prioritises payout structure, taxation, insurer strength and flexibility over brand comparison for informed retirement decisions.
Retirement planning may combine market-linked accumulation during working years, deferred annuities that lock future guaranteed income, and immediate annuities that convert retirement savings into regular payments. Annuity choice depends on whether the priority is higher income, continuation for a surviving spouse, or return of capital on death. Product comparison should consider market-linked growth versus income certainty, taxation of annuity income at applicable slab rates, insurer strength, and flexibility in deferment, payout frequency and policy loans.
August 27, 2026
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Foreign exchange inflows through deposit and borrowing measures provided near-term rupee support amid lower crude prices.
Reserve Bank special measures relating to FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings were identified as attracting foreign-exchange inflows and providing near-term support to the rupee. The Reserve Bank became a net dollar buyer in June after two months of sales to support the rupee. The FCNR(B) window remained open until August 31, while the market outlook anticipated broader rupee depreciation over subsequent weeks.

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Customs, DGFT & SEZ

Inauguration of KPCS Plenary 2019

November 18, 2019

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The Plenary meeting of the Kimberley Process Certification Scheme (KPCS) is being hosted by India, the present Kimberley Process (KP) Chair, from 18th to 22nd November, 2019 in New Delhi. The Plenary meeting was inaugurated by Commerce Secretary, Dr. Anup Wadhawan. Speaking on this occasion Commerce Secretary said that India, as a founding member of KP, has been actively involved in the development of KP as an important protocol in trade of diamonds which has ensured that 99.8% of the diamonds in the world are conflict free. He further added that we need to keep KP efficient and effective as a process to maintain this conflict diamond free status. He informed the gathering that India is committed to make this process stronger in terms of further strengthened administration and implementation, efficient in terms of delivery of what it promises, more transparent and empathetic towards the living standards of people who are dependent on the production, trade and manufacture of diamonds.

In his address Commerce Secretary stated that India has given leadership to address the issue of differentiation between Natural Diamonds and Lab Grown Diamonds and will take further initiatives to have better differentiation and ensure responsible business on this front. He also said that India always advocates consensus based decision making process, as it ensures that even the weakest voice is heard.

Commerce Secretary informed that India is sensitive to the issues and challenges of artisanal and small scale mining and acknowledges the contribution made by the KP members, observers and agencies for their upliftment.  We need to continue supporting artisanal and small scale mining countries with capacity building, technical assistance and education on valuation, differentiation between Natural and Lab Grown diamonds, importance of legal and formal mining practices said Commerce Secretary.

Currently, India exports around USD 24 billion cut and polished diamonds. It is expected that India will reach an export target of USD 1 trillion in coming years and the gem and jewellery sector particularly cut and polished diamonds will contribute significantly to achieve this target.

The importance of KPCS is immense to India as more than one million people are directly employed by the diamond industry. The industry also plays pivotal role in sustaining livelihoods of these people.

During the inaugural session meetings of different working groups and committees of Kimberley Process Certification Scheme (KPCS) were held. Three special forums regarding Financial inclusion and women empowerment through sustainable livelihood creation, Diamond industry - Adapting to change, Diamond origin and identification were also held during the Plenary meeting.

India is one of the founder members of Kimberley Process Certification Scheme and is the Chair of Kimberley Process for the year 2019. India had earlier chaired KPCS in the year 2008. Additional Secretary, Department of Commerce, B.B. Swain, has been designated as KP Chair 2019 and Ms. Rupa Dutta, Economic Adviser, Department of Commerce has been designated as India’s KP Focal Point.

The closing session of the KPCS will be held on 22nd November 2019 in New Delhi and India will hand over the KP Chair to the Russian Federation.

The inaugural session today was attended by Commerce Secretary, Dr. Anup Wadhawan, Additional Secretary, Department of Commerce, B.B. Swain and KP Chair, Stephane Fischler. President, World Diamond Council, Shamiso Mtisi, Coordinator of Civil Society Coalition, officials from Gem and Jewellery Export Promotion Council and representatives of the diamond industry.

The Kimberley Process is a joint initiative involving Government, International Diamond Industry and Civil Society to stem the flow of Conflict Diamonds. “Conflict Diamonds” means rough diamonds used by rebel movements or their allies to finance conflict aimed at undermining legitimate governments.  It is also described in United Nations Security Council (UNSC) resolutions.

In 1998, certain rebel movements in Africa (Sierra Leone, Angola, D.R. of Congo, Liberia) were selling, among other things, illegally obtained diamonds – known as conflict diamonds – to fund their wars against legitimate governments. With a view to find ways to stop trade in conflict diamonds, world’s diamond industry, United Nations, Governments and leading NGOs came together and in November 2002 at Interlaken, where the final draft of the Kimberley Process measures were ratified by more than fifty nations. The KPCS came to into effect from 1st January, 2003 and evolved into an effective mechanism for stopping the trade in conflict diamonds.

At present, KPCS has 55 members representing 82 countries including EU with 28 members. The Kimberley Process is chaired, on a rotating basis, by participating countries. KP Vice-Chair is generally elected by KP Plenary each year who becomes the Chair in the next year. India is the current Chair of KPCS with Russian Federation as Vice Chair for the year 2019.

In accordance with the KP Core document, the work of the Kimberley Process is carried out through its seven Working Groups and Committees, which discuss issues on regular basis through teleconferences and exchange of mails, and meet twice in a year for in-person meeting at Intersessional and Plenary meetings organized by KP Chair. Further, based on requirement, other in-person meetings can also be organized by Working Group Chair. The KPCS works on principle of consensus and all the decisions are taken in Plenary session or through written procedure unanimously by all members.

As per the Scheme, each shipment of rough diamonds being exported and imported by crossing an international border be transported in a tamper proof container and accompanied by a validated Kimberley Process Certificate. The shipment can only be exported to a co-participant country in the KPCS. No uncertified shipments of rough diamonds are permitted to enter a participant country.

Since 2003, India has been actively participating in the KPCS process and is a member of all Working Groups of KP (except for WGAAP).  Department of Commerce is the nodal Department and Gem & Jewellery Export Promotion Council (GJEPC) is designated as the KPCS Importing and Exporting Authority in India. GJEPC is responsible for issuing KP Certificates and is also the custodian of KP Certificates received in the country.

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