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    GIFT IFSC emerges as a strong and vibrant international banking hub, mobilises over $52.8 billion under RBI’s FCNR(B) Swap Facility, $11.62 bn in EC...
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September 3, 2026
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Cross-border financing through GIFT-IFSC expands foreign currency mobilisation, external commercial borrowing disbursements, and international bond market access.
GIFT-IFSC's IBUs mobilised foreign-currency liquidity under the RBI's FCNR(B) deposit swap facility, with 20 IBUs sanctioning USD 54.02 billion and disbursing approximately USD 52.82 billion as at 31 August 2026. Between April and August 2026, IBUs disbursed USD 11.62 billion in External Commercial Borrowings, while Indian banks raised USD 11.12 billion through bond listings on IFSC exchanges. These activities support cross-border financing, international capital-market access and foreign-exchange inflows.
September 3, 2026
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Bilateral business council leadership appointment strengthens operational capacity to advance Canada-India economic and investment partnerships.
Operational leadership for bilateral economic engagement is strengthened through the appointment of Shuchita Sonalika as the first Chief Operating Officer of the Canada-India Business Council. The appointment is directed toward enhancing the council's capacity to support expanding investment and economic relations between Canada and India, in coordination with its board, members and partners. Sonalika brings international affairs experience in advancing India's economic partnerships across global markets.
September 3, 2026
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Regulatory certainty and compliance reforms support investment facilitation, infrastructure development, MSME credit access, and reduction of bank non-performing assets.
Regulatory certainty, ease of compliance and investment facilitation are identified as central elements of India's economic reform orientation. The Insolvency and Bankruptcy Code is included among reforms supporting regulatory certainty, reduced paperwork and easier compliance. Policy priorities include infrastructure development, artificial intelligence and data centres, credit access for MSMEs, reduction of banks' non-performing assets, fiscal discipline, and investment facilitation by central and state governments.
September 2, 2026
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Sovereign credit rating upgrade reflects resilient economic growth, fiscal quality, financial-system soundness, and external-sector resilience.
Japan Credit Rating Agency upgraded India's foreign-currency and local-currency long-term issuer ratings to A-, citing solid economic growth, strengthened growth-oriented policies and improved financial-system soundness. Improved banking asset quality, insolvency mechanisms, government capital infusion and stronger central-bank supervision support financial resilience. Fiscal quality has improved through greater infrastructure-focused capital expenditure and restraint in current spending, while a contained current-account deficit, services surplus and substantial foreign-exchange reserves support resilience to external shocks.
September 2, 2026
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Currency-market intervention and foreign capital inflows supported rupee resilience amid higher crude prices and dollar strength.
Foreign capital inflows and modest foreign institutional equity purchases supported rupee appreciation against the US dollar despite weak domestic equities, elevated crude oil prices and a stronger dollar. RBI monitoring and apparent currency-market intervention supported the rupee amid risk aversion, higher US Treasury yields and concerns over crude supply disruptions. Forthcoming US employment data remained relevant to dollar and rupee direction.
September 2, 2026
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Foreign-currency non-resident deposits bolster external liquidity through hedging support and lending flexibility during global market uncertainty.
Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits are fixed-term foreign-currency deposits for non-resident Indians, with principal and interest repayable in the deposit currency and without direct rupee exchange-rate risk. A special central-bank programme mobilised substantial FCNR(B) deposits, alongside overseas foreign-currency borrowings and external commercial borrowings, to strengthen foreign-exchange liquidity. Banks received hedging-cost support and permission to lend against the deposits. The facility was closed earlier than scheduled after its mobilisation objective was met.
September 2, 2026
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Foreign currency swap facility accelerated FCNR(B) deposit window closure after substantial diaspora inflows, while borrowing windows remain open.
Special USD-INR foreign-exchange swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings was introduced to strengthen the external sector and support foreign-exchange liquidity. FCNR(B) deposits, under which principal and interest are repayable in the same foreign currency, generated the principal share of inflows. Strong diaspora participation led to advancement of the FCNR(B) window closure. The swap facility for Overseas Foreign Currency Borrowings and External Commercial Borrowings remains open until December 31, 2026.
September 2, 2026
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GST bribery allegations led to a trap operation against officials and an intermediary in a quarrying matter.
Criminal investigation concerns alleged solicitation and acceptance of an undue advantage by CGST officials in connection with settling a GST/royalty matter involving a stone-quarrying firm. The officials allegedly arranged for a private person to collect the payment. A trap operation resulted in the private person being caught while accepting the alleged undue advantage. Searches at the accused persons' premises led to recovery of cash and jewellery, while further investigation continues.
September 2, 2026
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State GST collection growth outpaced national expansion during the first five months, alongside increased VAT and CST receipts.
Haryana's SGST collections increased by 29 per cent during April-August of financial year 2026-27, exceeding the national growth rate of 16 per cent. August 2026 post-settlement SGST revenue rose by 21 per cent, compared with national average growth of 13 per cent. Haryana accounted for less than 4 per cent of national GST taxpayers but contributed approximately 7.7 per cent of aggregate national SGST, CGST and IGST collections. VAT/CST collections rose by 13.8 per cent during the same period.
September 2, 2026
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NBFC loan servicing governance retains lender control through deterministic decision rules, maker-checker controls, reconciled migration and optional AI assistance.
Lokta Next 100 offers RBI-registered NBFCs with loan books up to Rs 100 crore post-approval loan servicing, accounting, reporting, analytics, collections, recovery and partner-management functions, excluding pure-play microfinance NBFCs. Credit, approval and money decisions remain with the lender. Maker-checker approval applies to every change, and migration requires line-by-line reconciliation before cutover. Records remain lender-owned, hosted in India and exportable. AI may propose changes but cannot post to the ledger; deterministic lender-policy rules decide changes. Platform fees are deferred for up to 24 months, subject to stated loan-book thresholds.
September 2, 2026
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RTI access to maintained records does not require creation of Aadhaar date-of-birth update data on demand.
UIDAI did not maintain separate Aadhaar data on date-of-birth updates in Bihar following the announced social security pension enhancement, including month-wise or district-wise compilations. No internal review or flagging of unusual update patterns was available or applicable in its records. The Central Information Commission clarified that the RTI framework does not require a public authority to create, compile or generate information that it does not maintain in the form requested. The initial CPIO response treating the information as outside the RTI Act was considered inappropriate.
September 2, 2026
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Transgender arrest and detention safeguards prompt calls for a standard operating procedure and clearer procedural protections.
Legal and regulatory issues include safeguards for arrest and detention of transgender persons, consultation requirements in Bar Council policy-making, and procedural accountability in electoral administration and policing. Personal insolvency proceedings raise questions about tribunal powers to constitute an expanded bench. Hospitality operators are expected to comply strictly with food-safety and hygiene norms. Proposed restrictions on minors' social-media accounts address cyberbullying, online exploitation, and harmful screen exposure.
September 2, 2026
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Railway equipment purchase orders and export order expand IC Electricals' domestic and international business pipeline.
IC Electricals Company Limited has secured railway purchase orders for electrical and electronic supplies and an export order, creating combined order inflow across domestic railway operations and international markets. Its product portfolio includes regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, alternators, traction motors, and permanent magnet alternators with controllers. Forward-looking statements on business plans, projects, and research and development remain subject to risks and uncertainties and may differ materially from actual results.
September 2, 2026
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Double deflation explains negative manufacturing GVA deflators when input prices rise faster than output prices.
Double deflation in manufacturing separately deflates gross output and intermediate consumption, with real GVA derived from their difference. Where input prices rise faster than output prices, nominal GVA may grow more slowly than real GVA, producing a negative implicit GVA deflator despite rising output and input prices. A negative manufacturing GVA deflator therefore does not establish a fall in manufactured-product prices or lower real growth. The implicit GDP deflator is a derived ratio between current-price and constant-price GDP and differs from CPI and WPI because of their distinct coverage, weights, and price concepts.
September 2, 2026
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Data centre ease-of-doing-business reforms target reliable power, prepared land, streamlined approvals and building standards for faster infrastructure deployment.
Ease-of-doing-business reforms for India's data-centre ecosystem focus on faster and sustainable infrastructure deployment through reliable power, ready-to-use land, streamlined approvals and suitable building regulations. Proposed power measures include cluster-based transmission planning, first-day sanctioned load, dual feeders and cross-border renewable-energy procurement. Data-centre-ready land banks and power-ready parcels are intended to reduce development timelines. The National Building Code 2026 recognises data centres under Group E and contains a dedicated annex on fire-risk assessment and data-centre-specific performance indicators.
September 2, 2026
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Trade facilitation and customs cooperation drive follow-up action on connectivity, regulatory coordination, investment promotion and bilateral commercial engagement.
India-Afghanistan bilateral trade and economic cooperation is being advanced through institutional engagement on trade facilitation, customs cooperation, connectivity, investment and commercial exchange. Priority areas include customs and data-sharing cooperation, visa facilitation for traders, banking and financial cooperation, pharmaceutical and agricultural trade, energy cooperation, tariff concessions, cargo connectivity and port-related matters. Follow-up action covers regulatory cooperation, improved connectivity, investment promotion and business-to-business engagement.
September 2, 2026
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Residential rooftop solar subsidy requires eligibility, prior approval, registered installation, net metering, commissioning, and verified bank details for direct transfer.
PM Surya Ghar Muft Bijli Yojana provides central financial assistance for eligible grid-connected residential rooftop solar systems, capped at Rs. 78,000 for systems of three kilowatts or more. Applicants must be Indian citizens who own a suitable house, hold a valid electricity connection, and have not received an earlier solar-panel subsidy. Applications require portal registration, distribution-company feasibility approval, installation through a registered vendor, net metering, inspection, commissioning and submission of bank details. Assistance is transferred directly after verification. State-specific net-metering procedures, approvals and additional incentives may apply.
September 2, 2026
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Sovereign credit rating upgrade reflects solid growth, stronger financial systems, and improving fiscal and external resilience.
JCR upgrades India's foreign-currency and local-currency long-term issuer ratings to A- with a stable outlook, citing sustained economic growth, productivity-oriented policies and improved financial-system soundness. Fiscal constraints include elevated deficits, intergovernmental fiscal transfers, electoral-cycle sensitivity, and high combined government debt and interest burdens. Greater emphasis on infrastructure capital expenditure has improved the quality of fiscal spending. External resilience is supported by a contained current account deficit, services surplus and foreign-exchange reserves exceeding short-term external debt.
September 2, 2026
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Personal insolvency bench constitution and repayment-plan eligibility remain contested where a larger tribunal bench stays a third-member order.
Personal insolvency proceedings raised a challenge to the National Company Law Tribunal's authority to constitute a five-member bench after a split verdict. The challenge contended that the mechanism for differing views permits reference to another member or members, but does not authorise a five-member bench. The larger bench stayed the third member's order, restricted asset alienation, and suspended an order permitting settlement of personal-guarantee claims. The dispute concerned the validity of that bench, the split-verdict reference procedure, repayment-plan eligibility, and pending creditor appeals.
September 2, 2026
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Digital lending app verification enables borrowers to identify regulated lenders, grievance channels, and warning signs before accepting loans.
GoCredit's Loan App Checker allows borrowers to search lending apps against the public Digital Lending App directory and identify the regulated lender, grievance contact and RBI Ombudsman escalation route where a match exists. Regulatory reporting by regulated entities enables app-level verification, while borrowers should also check the lender named in app disclosures and loan agreements. A directory listing is a regulated-entity disclosure, not RBI approval or endorsement. Unmatched apps should be assessed through verification steps and reported through official channels where appropriate.

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Shri Kapil Sibal’s Press Statement on 2G issues on behalf of the Government

December 10, 2011

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Press Information Bureau

Government of India

Ministry of Communications & Information Technology

10-December-2011 13:20 IST

Shri Kapil Sibal, the Union Minister for Communications and Information Technology held a press conference here today to make a statement on 2G issues on behalf of the Government. Following is the text of his press statement.

“Since the submission by the CAG of the Performance Audit Report on “Issue of Licences and Allocation of 2G spectrum”, there have been intense debate and criticism on the issue. The debate has taken a perverse turn and the NDA, besides some individuals, is making an attempt to malign and defame Shri P Chidambaram, Home Minister.

“We, in Government, categorically reject all such allegations. Shri P Chidambaram is a valued colleague and has discharged his responsibilities without fear or favour and with absolute integrity and devotion.

“Government is concerned that the public arena is being converted into a forum for a public trial of allegations and counter-allegations, many of which have no relation to facts. Government is, therefore, of the view that the matter must be put in perspective and the incontrovertible facts brought on record.

“The Telecom Sector was opened for private participation in 1994. Two licences were granted in each of the four major cities; the third licence was granted to MTNL/BSNL; and the fourth cellular operator was granted a licence in 2001 based on auction with ‘entry fee’ as the single bidding parameter. The entry fee was about Rs.1650 crore.

“Based on a Cabinet decision dated October 31, 2003, guidelines for the Unified Access Service Licences (UASL) were issued on November 11, 2003. On ‘entry fee’, the Cabinet decision of October 31, 2003 was that:

“The recommendation of TRAI with regard to implementation of Unified Access Licensing Regime for basic and cellular services may be accepted. DoT may be authorized to finalise the details of implementation with the approval of Minister of Communications & IT in this regard including the calculation of entry fee depending upon the date of payment based on the principles given by TRAI in its recommendations.” (para 2.4.6 of the note for Cabinet)

On ‘spectrum pricing, the decision was that “…the Department of Telecom and Ministry of Finance would also finalize spectrum pricing formula, which will include incentive for efficient use of spectrum as well as disincentive for sub-optimal usages…”. (para 2.1.3 of the note for Cabinet)

“All UAS licences given subsequently under the new regime were given after charging the same entry fee of about Rs.1650 crore on a first-come-first-served basis. There was no fresh auction. The licence had provisions for allocation of a certain amount of spectrum subject to availability.

“In 2007, the Ministry of Finance, in the context of issuance of permission for usage of dual technology spectrum, raised the issue of one-time fee and stated that the rate of Rs. 1600 crore, determined as far back in 2001, had been applied for a licence given in 2007 without any indexation, let alone current valuation. In response, DoT maintained that dual technology licences were issued based on TRAI’s recommendations which had not recommended any changes in the entry fee. The discussions between Ministry of Finance (MoF) and Department of Telecommunications (DoT) took place at the official level and through exchange of correspondence. DoT maintained that the initial entry fee should remain unchanged.

“On August 28, 2007, TRAI recommended that there should be no change in the policy in allotting 2G spectrum on the ground that there should be a level playing field for new entrants. DoT strongly relied on the said recommendation and reiterated the policy of no auction; no cap on number of licences; first-come-first-served basis; same entry fee; and licence bundled with spectrum.

“During the period up to the issue of Letters of Intent on January 10, 2008, Shri A Raja, then Minister of Communications, did not hold any meeting with Shri P Chidambaram, then Finance Minister. DoT turned down the suggestion of revision of entry fee and maintained that, based on TRAI’s recommendations, DoT would continue with the same policy that had been followed since 2003. Shri A Raja also assured the Prime Minister that the policy would be implemented in a fair and transparent manner.

“Letters of Intent were issued to new entrants on January 10, 2008. It is the validity of these LoIs that is now in issue.

“It will be clear from the foregoing sequence of events that Shri P Chidambaram was in no way responsible for the issue of LoIs on January 10, 2008 or the charging of entry fee of about Rs.1650 crore. In fact, the record will show that the Ministry of Finance had no knowledge that the LoIs would be issued on January 10, 2008.

“The LoIs issued on January 10, 2008 were issued on the basis of the same policy that had been followed since 2003. Government owns the policy. In fact, the Prime Minister is on record stating: “My own view has been that as far as the telecom policy that was sought to be implemented by the UPA government is concerned, in the basic policy, there was nothing wrong. It was consistent with the advice given by the TRAI; it was consistent with the need that we all felt to maximise teledensity.”

“Even while owning the policy, Government is aware that there may have been irregularities or misconduct in the implementation of the policy. Shri A Raja had categorically assured the Prime Minister that the policy would be implemented in a fair and transparent manner. Several irregularities and deviations have since been pointed out in the implementation of the policy. All these are matters that are being investigated and will be decided in accordance with law in the appropriate courts. Government wishes to emphasise that these are not matters which can be decided in a public debate. We should let the courts decide these matters.

“As Finance Minister, it was Shri P Chidambaram who raised the issue of revision of entry fee. However, the final view taken by DoT was that it would adopt the same policy that had been followed since 2003, including charging the same entry fee of about Rs.1650 crore. It is therefore preposterous to suggest that Shri P Chidambaram had any role to play in “fixing” the entry fee for the LoIs issued on January 10, 2008. It is pertinent to point out that CBI has submitted to the Supreme Court that it had looked into the matter thoroughly, recorded the statement of the then Finance Secretary, and had come to the conclusion that no official of the Ministry of Finance, including the then Finance Minister, had committed any irregularity or misconduct. Therefore, any attempt by the opposition to foist any culpability on Shri P Chidambaram is not only irresponsible but is yet another desperate attempt to make the institution of Parliamentary democracy dysfunctional.

“The opposition in Parliament has an important role to play and the Government is willing to cooperate with the opposition to ensure that all issues of importance are discussed in accordance with the rules. The opposition must also cooperate with the Government in ensuring that government business is transacted and crucial legislations are passed.”

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