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August 28, 2026
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Gold price volatility intensified as dollar strength, profit-booking, and customs-duty-cut reports pressured domestic bullion markets.
Domestic bullion prices declined for a third consecutive session as a stronger US dollar and sustained profit-booking after a recent rally weakened gold and silver. Gold fell sharply in the national capital and silver also declined in domestic trading, with the three-day movement reflecting ongoing price volatility in the bullion market. International spot gold remained marginally lower while investors awaited policy-related remarks concerning inflation and elevated yields.
August 28, 2026
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Direct benefit transfer strengthens welfare delivery through Jan Dhan accounts, digital payments, reduced intermediaries, and expanded financial inclusion.
Direct Benefit Transfer has transferred welfare benefits directly to beneficiaries, largely through Jan Dhan accounts, reducing intermediaries and supporting transparent delivery. The Pradhan Mantri Jan Dhan Yojana provides unbanked adults basic accounts without minimum-balance or maintenance-charge requirements, along with RuPay debit cards, accident insurance coverage, and emergency overdraft access. Banking outlets, digital-payment infrastructure, and Bank Mitras extend formal financial services to women, rural and semi-urban communities, strengthening financial inclusion and participation in the formal economy.
August 28, 2026
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Foreign exchange reserves reached a record level, supported by increases in foreign currency assets and gold holdings.
India's foreign exchange reserves increased by USD 12.422 billion to an all-time high of USD 729.328 billion for the week ended 21 August. Foreign currency assets and gold reserves recorded the principal increases, while special drawing rights and the reserve position with the IMF also rose. Foreign currency asset valuation reflects movements in non-US currencies held in the reserves. FCNR(B) and concessional swap arrangements were introduced to attract additional foreign-exchange inflows.
August 28, 2026
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IPO regulatory approval enables Jio Platforms to advance preparations for its proposed fresh equity share public offering.
Jio Platforms Ltd. has obtained Sebi's final observations for its proposed initial public offering. This key regulatory stage enables further preparations for the public issue, subject to applicable regulatory requirements. The proposed offering comprises up to 27 crore fresh equity shares and is expected to account for approximately 2.9 per cent of the company's post-issue equity base.
August 28, 2026
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Financial inclusion through basic bank accounts expands banking access with no-balance accounts, debit cards, and emergency overdraft support.
Pradhan Mantri Jan Dhan Yojana enables unbanked adults to open basic bank accounts without minimum-balance or maintenance-charge requirements. Accounts include a free RuPay debit card with accident insurance coverage and eligibility for an overdraft facility during emergencies. The scheme promotes digital transactions, financial security and participation in the formal economy, while extending banking access to rural and semi-urban communities and increasing women's financial inclusion.
August 28, 2026
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Flexible personal loan repayment enables eligible borrowers to select longer tenures, subject to eligibility, terms, verification, and repayment capacity.
Bajaj Finance personal loans offer eligible customers collateral-free borrowing with flexible repayment tenures of 12 to 108 months, subject to eligibility, applicable terms, verification and documentation. A longer tenure may reduce monthly EMIs by spreading repayment over more months, but can increase total interest payable. Borrowers should compare the interest rate, tenure, EMI, processing charges and other costs, while considering their income, existing commitments and repayment capacity. Loan Utsav 2026 provides limited-period rewards for eligible customers whose loans are successfully disbursed during the campaign period, subject to applicable terms.
August 28, 2026
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Digital arrest money laundering investigation tracks cyber-fraud proceeds through layered bank accounts, cash withdrawals, and foreign-exchange conversion.
Arrests under the Prevention of Money Laundering Act form part of an investigation into alleged digital arrest cyber fraud and laundering of fraud proceeds. Funds were reportedly routed through numerous bank accounts, withdrawn in cash, and converted into foreign currency through licensed money changers. The financial trail is linked to commodity trading, travel and foreign-exchange entities allegedly connected with cyber-fraud complaints and first information reports. The inquiry also identified alleged shell or dummy companies using proxy directors to conceal control and facilitate fund movement.
August 28, 2026
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Foreign exchange intervention and lower crude prices supported rupee appreciation despite a stronger dollar and foreign institutional investor outflows.
Foreign exchange market conditions supported a six-paise appreciation of the rupee against the US dollar at the close of trading. Lower global crude oil prices and Reserve Bank of India intervention to limit significant rupee depreciation contributed to the movement. A marginal strengthening of the US dollar and foreign institutional investor equity outflows continued to exert pressure, while FCNR(B) scheme inflows supported the currency.
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.

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Customs, DGFT & SEZ

CBIC has a big role in India’s rise in Ease of Doing Business rankings : Shri Anurag Thakur

January 27, 2020

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Union Minister of State for Finance & Corporate Affairs, Shri Anurag Singh Thakur has expressed confidence that with concerted efforts of the Central Board of Indirect Taxes & Customs (CBIC), India would further improve its position in ranking for Ease of Doing Business. While addressing at Investiture Ceremony & International Customs Day 2020 here today, Shri Thakur said that India has risen in the Ease of Doing Business Rankings by being transparent, accountable and logical. This rise in rankings is due to the efforts of the officers of CBIC as Trading Across Borders is one of the key parameter of the rankings and it is credit to the efforts of CBIC that this key parameter has performed.

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While stressing on harnessing technology for faster resolution, the Minister said that technology plays an important role by ensuring efficiency, transparency and accountability. Shri Thakur appreciated the response of Custom officials to dynamics of changing ecosystem worldwide. Customs are doing well because they work as a team besides adapting and evolving, especially in a large and diverse country like India.

He said the 2020 theme of International Customs Organisation itself highlights the changing nature and role of customs today. The theme of International Customs Day, celebrated on 26th January every year, is dedicated to the contribution of Customs towards a sustainable future where social, economic, health and environmental needs are at the heart of our actions, with the slogan “Customs fostering Sustainability for People, Prosperity and the Planet”.

Shri Thakur gave away the awards to CBIC Officers & Staff for their meritorious services on the occasion of Investiture Ceremony & International Customs Day. Presidential Award of Appreciation Certificates and World Customs Organization (WCO) Certificates of Merit Award were also presented to the distinguished officers of the CBIC.

Dr. Ajay Bhushan Pandey, Revenue Secretary, also spoke about the thrust on enhancing trade facilitation and the role of other stakeholders including participating government agencies. Revenue Secretary emphasized on use of technology in ensuring Ease of Doing Business.

Dr. John Joseph, Chairman CBIC, while congratulating the awardees highlighted recent key initiatives taken by the Customs for enhancing trade facilitation in line with the Action Plan for implementing the Trade Facilitation Agreement of the WTO ratified by India.  He also complimented the officers for their dedicated work especially in the area of preventing smuggling of environmentally sensitive items, flora and fauna. Chairman CBIC said that officers of CBIC are fully committed towards hassle free trade and taking India to newer heights in Ease of Doing Business rankings.

Shri O. P. Dadhich, Principal Chief Commissioner of Customs Delhi Zone presented the vote of thanks.

The following officers received the Presidential commendation.

A.  Exceptionally Meritorious Service rendered at the Risk of Life

  1. Shri Afaq Ahmad Giri, Assistant Director, Directorate of Revenue Intelligence (DRI) Regional Unit, Jammu;
  2. Shri Lalthanliana, Senior Intelligence Officer, DRI Regional Unit, Aizawl;
  3. Shri Ranjeet Singh, Senior Intelligence Officer, DRI Regional Unit, Jammu;

B.  Specially Distinguished Record of Service

  1. Shri Bankey Behari Agrawal, Principal Chief Commissioner, Central Goods and Services Tax & Central Excise (CGST & CEX) and Customs Zone, Hyderabad;
  2. Shri Pramod Kumar Singh, Principal Commissioner, CGST & CEX Zone, Jaipur;
  3. Shri Ashish Varma, Principal Additional Director General, DRI Zonal Unit, Ahmedabad;
  4. Shri Vimal Kumar Srivastava, Additional Director General, National Academy of Customs, Indirect Taxes & Narcotics (NACIN), Faridabad;
  5. Shri Subhash Agrawal, Commissioner of Customs, Mumbai –II Customs Zone, Mumbai;
  6. Dr. Satish S. Dhavale, Additional Director, Risk Management Centre for Customs, Directorate General of Analytics and Risk Management, Mumbai;
  7. Shri Nagendra Kumar Mishra, Additional Commissioner, CGST & CEX Zone, Ranchi;
  8. Shri Hardeep Batra, Additional Commissioner, World Customs Organisation Cell, CBIC, New Delhi;
  9. Shri Sachin Jain, Additional Commissioner, CGST & CEX Zone, New Delhi;
  10. Shri Rahul Ramesh Nangare, First Secretary, High Commission of India, London;
  11. Shri Parmod Kumar, Additional Commissioner, Tax Research Unit, CBIC, New Delhi;
  12. Ms. Sucheta Sreejesh, Additional Director, DRI Headquarters, New Delhi;
  13. Shri Gauri Shankar Sinha, Director, Goods and Services Tax Council, New Delhi;
  14. Shri Satish Pandurangarao Pattapu, Deputy Director, DRI Zonal Unit, Mumbai;
  15. Shri Rajeev Kumar Arora, Assistant Commissioner, Directorate General of Taxpayer Services, New Delhi;
  16. Shri. Ashok Kumar Gautam, Assistant Director, Directorate General of Human Resource Development (DGHRD), New Delhi;
  17. Shri S. Kalyan Iyer, Assistant Commissioner, Directorate General of Systems & Data Management, Chennai;
  18. Shri. Krishnamachari Srinivasan, Assistant Commissioner, CGST & CEX Zone, Chennai;
  19. Shri Jitender Kumar Sharma, Superintendent, Directorate of Logistics, New Delhi;
  20. Shri Vijay C. Bellary, Superintendent, CGST & CEX Zone, Bengaluru;
  21. Shri Haresh G. Parecha, Superintendent, CGST & CEX Zone, Mumbai;
  22. Shri Rakesh Bhargava, Senior Intelligence Officer, Directorate General of Goods & Services Tax Intelligence (DGGI) Zonal Unit, Ludhiana;
  23. Shri Ram Niwas, Senior Intelligence Officer, DGGI Zonal Unit, Chandigarh;
  24. Shri R. Srivatsan, Superintendent, NACIN, Chennai;
  25. Shri Vinod V. Pisharody, Senior Intelligence Officer, DRI Zonal Unit, Mumbai;
  26. Shri Krishnakant Gupta, Superintendent, Directorate General of Taxpayer Services (DGTS) Zonal Unit, Ahmedabad;
  27. Shri Shasidharan, Senior Intelligence Officer, DRI Zonal Unit, Cochin.
  28. Shri Srusti Rameswara Baba, Senior Intelligence Officer, DGGI Zonal Unit, Pune;
  29. Shri Dilip Singh Bisen, Senior Intelligence Officer, DGGI Zonal Unit, Mumbai;
  30. Shri Somit Das, Senior Intelligence Officer, DRI Zonal Unit, Kolkata;
  31. Shri K. Amudhaganesh, Senior Intelligence Officer, DRI Zonal Unit, Chennai;
  32. Shri A Shanmugaraj, Senior Intelligence Officer, DRI Regional Unit, Coimbatore;
  33. Shri Vijay Prakash Verma, Senior Intelligence Officer, DGGI Zonal Unit, Jaipur;
  34. Shri Sanjeev Kumar Bhalla, Intelligence Officer, DRI Headquarters, New Delhi;
  35. Shri Rohit Issar, Intelligence Officer, DGGI, New Delhi;
  36. Ms. Hem Lata, Senior Private Secretary, DRI Headquarters, New Delhi;
  37. Ms. Neerja Sharma, Senior Private Secretary, DGGI Headquarters, New Delhi;
  38. Ms. Nita Chirag Shah, Senior Private Secretary, DRI Zonal Unit, Ahmedabad;
  39. Ms. Radha Vijaykumar, Administrative Officer, DRI Zonal Unit, Chennai;
  40. Shri Vinod Joshi, Tax Assistant, Tax Research Unit, CBIC, New Delhi;
  41. Shri S. Nageswaran, Driver Special Grade, DGGI Headquarters, New Delhi;
  42. Shri Jaspal Chauhan, Driver Grade-I, DRI Headquarters, New Delhi;
  43. Shri M. Shanthaveerappa, Head Havaldar, DGGI Zonal Unit, Bengaluru.

 C. World Customs Organisation (WCO) Certificate of Merit

OFFICERS of CBIC

    1. Sh Rajan Chaudhary, Commissioner, Chennai-I, Chennai.
    2. Sh R K Mishra, Commissioner, JNCH, Mumbai Zone-II, Mumbai
    3. Sh Manish Kumar, Joint Commissioner, Directorate of International Customs, New Delhi             
    4. Sh Aneish P. Rajan, Joint Commissioner, Customs Preventive, Kochi.
    5. Dr. Subhash Yadav, Joint Director RMCC, Mumbai
    6. Sh Praveen Kumar Bali, Deputy Commissioner, TRU, CBIC, New Delhi
    7. Sh Kshitij Jain, Deputy Director, DG Systems, New Delhi
    8. Dr. Swati Bhanwala, Deputy Director, OSD (Land Customs), CBIC, New Delhi
    9. Dr. Anees Cherkunnath, Deputy Director, Directorate of Logistics, CBIC, New Delhi
    10. Ms. Anchita Pandoh, Deputy Commissioner, ACC Export, New  Delhi
    11. Sh Babu Lal Meena, Deputy Commissioner, Single Window, CBIC, New Delhi
    12. Sh Gyanender Saxena, Chemical Examiner Gr II, Customs Laboratory, Mumbai
    13. Sh Bibekananda Panda, Superintendent, WCO Cell, CBIC, New Delhi
    14. Sh Mukesh Bihari Pathak, Superintendent, Customs (Preventive), Jodhpur
    15. Sh Arghya Bhattacharya, Senior Intelligence Officer, DRI, KZU, Kolkata
    16. Sh Devanand P. Dhawa, Suprintendent, Customs (Preventive), Jamnagar
    17. Sh Upendra Kumar Vashishtha, Inspector (Examiner) DGHRD, New Delhi

Officers from other Government Agencies:

  1. Sh S B Singh, Deputy Director General, National Informatics Centre, New Delhi
  2. Sh Navin Kumar Vidyarthi, Indian Statistical Service, Director, TRU, CBIC, New Delhi

Recipient from Private Sector:

  1. Sh. P.S. Atree, M/s P.S. Atree & Company Pvt. Ltd., Customs Broker, New Delhi.

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Acts Income Tax