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September 12, 2026
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Consensus-based multilateral cooperation urges West Asia diplomacy, civilian protection, counterterrorism coordination, and WTO-consistent trade without unilateral restrictions.
The consensus New Delhi Declaration calls for maximum restraint in West Asia, civilian protection, and dialogue and diplomacy for lasting regional peace. It urges cooperation to maintain global trade, supply chains and energy flows under applicable international law. It also commits members to zero tolerance for terrorism, including cross-border terrorism, terrorism financing and safe havens, while rejecting double standards. Unilateral tariff and non-tariff measures, indiscriminate tariff increases, and environmental protectionism are criticised where inconsistent with WTO rules or trade-distorting.
September 12, 2026
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Multilateral trade governance faces calls for restored binding dispute settlement, opposition to unilateral tariffs and sanctions, and financial institution reform.
BRICS supports a rules-based multilateral trading system and seeks restoration of an accessible, effective, fully functioning two-tier binding dispute-settlement mechanism, including prompt appointment of Appellate Body members. It opposes unilateral tariff and non-tariff measures, trade restrictions, and economic or secondary sanctions not authorised by the UN Security Council. It also seeks reform of International Monetary Fund and World Bank governance through greater representation, quota and shareholding realignment, and increased voting power for emerging markets and developing economies.
September 12, 2026
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Global financial governance reform seeks greater emerging-economy representation, alongside expanded development finance, liquidity support and payment cooperation.
BRICS finance ministers and central bank governors seek reform of global financial governance to increase emerging-market and developing-economy representation in the International Monetary Fund and World Bank. The agenda includes quota realignment, transparent leadership selection and correction of developing-country underrepresentation. Cooperation also supports expanded New Development Bank financing, local-currency lending, a multilateral guarantees mechanism, and a more flexible Contingent Reserve Arrangement for liquidity support during balance-of-payments pressures.
September 12, 2026
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Cross-border supply-chain dependence shapes imports of industrial inputs, while foreign investment screening remains stricter for land-border linked entities.
India-China trade reflects a widening deficit driven by imports of industrial raw materials, intermediate goods and capital goods used in manufacturing. Dependence is concentrated in electronics, machinery, computers, organic chemicals, electronic components, batteries, solar modules, active pharmaceutical ingredients and specialty chemicals. Foreign direct investment norms are relaxed for certain companies outside land-border countries where beneficial ownership from such countries remains below the specified threshold and non-controlling. Entities registered in China, Hong Kong and other land-border countries remain excluded from that relaxation.
September 12, 2026
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Temporary debit holds for suspected money-mule and cyber-fraud accounts are proposed through a standardised banking procedure.
Draft Reserve Bank of India (Know Your Customer) Amendment Directions, 2026 propose a Standard Operating Procedure for banks to place temporary debit holds on amounts or accounts linked to money-mule activity and cyber-enabled financial fraud. The consolidated draft applies to commercial banks, including small finance banks, payments banks, regional rural banks and local area banks, and to urban cooperative banks. Feedback may be submitted through the Reserve Bank's Connect 2 Regulate portal or by email before final directions are issued separately.
September 11, 2026
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Municipal salary arrears and GST grant demands prompted temporary strike suspension after payment and committee assurances.
Municipal employees temporarily suspended their strike after the administration committed to pay two months' pending salaries by September 15 and arrange clearance of remaining salary arrears within 30 days. The employees had sought payment of salary arrears, increased GST grants to the civic body, and release of the outstanding difference in GST grants. A committee is to pursue the pending GST grant proposals at the government level.
September 11, 2026
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Aadhaar-linked OTP information enabled tracing of a missing adult while investigation continued to locate the minor companion.
Aadhaar-linked OTP information assisted investigators in tracing an adult student missing for more than seven months. A recent Aadhaar-based transaction recorded her husband's mobile number for OTP receipt, allowing police to trace the number and locate her. The CID had assumed investigation pursuant to a High Court order on a habeas corpus petition. The student was produced before the High Court, while tracing efforts continued for her minor companion, who remained missing.
September 11, 2026
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Inflation risks from oil shocks support proposed policy-rate tightening to prevent broader consumer-price pressures before they become entrenched.
Monetary policy tightening is advocated to counter persistent external shocks, elevated crude oil prices, and expanding inflationary pressures. The proposed response is based on the risk that sustained high oil prices may raise consumer-price inflation and entrench inflation before a complete cost pass-through occurs. Banking-system liquidity has increased through foreign currency deposit inflows, but anticipated strong credit demand is expected to absorb the surplus and normalise liquidity by the end of the financial year.
September 11, 2026
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Money-laundering investigation prompts competing demands for a police case and allegations of political misuse by investigators.
Enforcement Directorate action in the CMRL-linked matter prompted a request for registration of an FIR based on material recovered during investigation and searches under the Prevention of Money Laundering Act. BJP representatives asserted that the material warranted investigation under the Prevention of Corruption Act and alleged delay in acting on it. CPI(M) representatives disputed the investigation's neutrality, alleging coercive collection of statements and political misuse of investigative processes. The reported allegations and counter-allegations concern initiation and conduct of a criminal investigation.
September 11, 2026
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India-UK free trade agreement drives northern England delegation to develop trade links, investment pipelines, and long-term India partnerships.
India-UK Comprehensive Economic and Trade Agreement implementation is being leveraged through a strategic partnership supporting the Great North Mayor Mission to India. The mission is intended to convert free-trade opportunities into investment, commercial engagement, employment and sustained business relationships. Northern England's regions will combine collective engagement with region-specific market strategies, relationship-building and operational programmes focused on their respective economic strengths.
September 11, 2026
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Rupee depreciation reflects risk aversion and elevated crude prices, while central-bank support may cushion lower-level pressure.
Rupee depreciation against the US dollar continued amid global risk aversion, elevated crude oil prices, higher bond yields and weak domestic sentiment. Lower crude prices, recovery in domestic equities and suspected Reserve Bank of India intervention supported a partial intraday recovery. Foreign-exchange conditions were also influenced by dollar strength, inflation concerns, anticipated US data, domestic equity declines and net foreign institutional equity sales. India's foreign-exchange reserves rose sharply to a record level despite continuing currency-market volatility.
September 11, 2026
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Trade barrier reduction within BRICS is linked to startup expansion, business partnerships, digital cooperation, and secure maritime commerce.
BRICS economic cooperation is advanced through proposed removal of major trade barriers, expanded cross-border investment and business ties, and measurable annual targets for startup expansion and commercial partnerships. Secure sea lanes, open supply routes, freedom of navigation and seafarer safety are treated as necessary for global trade and supply-chain continuity. Infrastructure, strategic technologies, startup innovation and digital public infrastructure are identified as platforms for deeper cooperation, supported by incubator, MSME, startup, agriculture, health care, skills and smart-grid networks.
September 11, 2026
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Five-day banking week demand prompts nationwide union strike, disrupting public-sector banking operations and escalating action over unresolved pension issues.
Nationwide bank employee strike action disrupted cash deposits, withdrawals, cheque clearances and administrative work, principally at public sector bank branches. The principal demand is implementation of a five-day banking week by declaring all Saturdays as holidays. This demand is linked to the 12th Bipartite Settlement but remains pending government notification. Other unresolved demands concern pension updation, a uniform dearness allowance formula for pensioners, and an option for National Pension System employees to shift to the Old Pension Scheme.
September 11, 2026
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Foreign exchange compliance investigation examines alleged overseas shareholdings, unauthorised cash investments, and contractor-bribery evidence linked to public works tenders.
Foreign Exchange Management Act investigation into alleged undisclosed overseas investments led to searches of premises connected with a Karnataka public works minister, family members, associates and a private company. The investigation alleges foreign shareholdings, cash investments in a Congo-based entity through unauthorised channels, and bribe payments connected with a public works tender and foreign asset acquisition. Cash, foreign currency, digital devices and records relating to foreign entities and alleged contractor-bribery collections were seized.
September 11, 2026
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Asset restoration under anti-money-laundering law does not itself terminate criminal prosecution or excuse evasion of legal process.
Money-laundering prosecution is not rendered infructuous merely because claimant banks recover debts from attached assets restored to them. Restoration under the Prevention of Money Laundering Act enables legitimate claimants to recover losses but does not cancel or require discontinuance of criminal proceedings concerning alleged laundering and misappropriation of bank-loan funds. The Enforcement Directorate also maintains that failure to respond to summons and submit to criminal-court jurisdiction remains material to the proceedings.
September 11, 2026
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Central bank digital currency development should support tokenised settlement while cybersecurity safeguards address AI-driven systemic risks.
Central bank digital currency development was urged to be advanced through wholesale and retail pilots, with stronger digital rupee capabilities supporting tokenisation. A tokenised corporate bond pilot showed that the digital rupee can enable simultaneous transfer of asset and payment legs, permitting settlement on the payment date. Tokenisation may reduce intermediaries and accelerate transfers, but requires systemic-risk and cybersecurity safeguards because errors, fraud and market shocks may spread faster. AI can improve fraud detection while also enabling sophisticated automated cyberattacks.
September 11, 2026
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Five-day banking workweek demand drives nationwide employee protest over delayed implementation and performance-linked incentive concerns.
Bank employees and officers supported a nationwide strike seeking implementation of a five-day banking system following delay in acting on an agreement between banking unions and the Indian Banks' Association. The proposed arrangement contemplated Saturday holidays with increased daily working hours to preserve customer-facing banking hours. Union representatives also objected to a unilateral and discriminatory Performance Linked Incentive scheme and sought bilateral discussions to resolve pending workweek, incentive, and other banking-sector issues.
September 11, 2026
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UPI-native credit infrastructure enables pre-approved credit lines, issuance management, interoperable payments and financing across digital commerce.
Credit Line on UPI (CLOU) enables banks to offer pre-approved, risk-graded credit facilities directly through a customer's UPI ID for merchant transactions. The platform consolidates customer eligibility assessment, credit-line creation, digital consent and activation, transaction processing, risk controls, billing, payments and collections. PhiAMS supports the credit lifecycle from origination and product configuration to limit management, authorisation, billing, collections, risk management and customer servicing.
September 11, 2026
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BRICS trade cooperation highlights export growth and addresses non-tariff barriers, value chains, agriculture, services and digital economy.
BRICS trade cooperation is marked by reported growth in member-country exports and a near doubling of BRICS nations' share of global exports. Business-forum discussions address non-tariff barriers affecting global value chains, agriculture and agri-technologies, services trade, women-led enterprises and the digital economy.
September 11, 2026
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Foreign exchange reserve accumulation through concessional forex swaps strengthened foreign currency assets while gold reserves and special drawing rights declined.
India's foreign exchange reserves increased by USD 44.903 billion to USD 785.706 billion in the week ended September 4, following an increase in the preceding reporting week. Reserve accumulation resumed after concessional forex swap initiatives announced amid local-currency depreciation. Foreign currency assets rose to USD 648.168 billion, including valuation effects from non-US currencies. Gold reserves and special drawing rights declined, while the reserve position with the International Monetary Fund increased marginally.

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News and Press Release

Boilers Bill, 2024 introduced in Rajya Sabha

August 8, 2024

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New Bill to replace a century old law

Boilers Bill to improve trust by decriminalising offences

3 out of 7 offences decriminalised, speedy redressal for all non-criminal offences

Obsolete provisions removed to enhance Ease of Doing Business

New Act to prioritise safety of workers

The Boilers Bill, 2024 was introduced in Rajya Sabha today by Union Minister for Commerce and Industry Shri Piyush Goyal. It repeals the Boilers Act, 1923 (5 of 1923).

Earlier, the Cabinet chaired by Prime Minister, Shri Narendra Modi on 2nd August, 2024 had approved repealing of the existing Boilers Act, 1923 and introduction of “Boilers Bill, 2024” in the Parliament. The salient features of the Bill are as under:

It has been drafted as per modern drafting practices to give more clarity to the provisions of the Bill. The similar provisions which are at different places in the Boilers Act,1923 have been grouped together in six chapters for easier reading and understanding of the Act. All the functions/powers of the Central Government, State Governments and Central Boilers Board have been enumerated in detail to avoid any confusion. 

For Ease of Doing Business (EoDB), the Bill will benefit boiler users including those in MSME sector as provisions related to the decriminalisation have been incorporated in the Bill. Out of the seven offences, to ensure safety of boilers and personnel dealing with boilers, in four major offences which may result in loss of life and property, criminal penalties are retained. For other offences, provision is being made for fiscal penalty. Moreover, for all non-criminal offences ‘fine’ has been converted into ‘penalty’ to be levied through executive mechanism instead of courts as existed earlier.

The proposed bill will enhance safety as specific provisions have been made in the Bill to ensure the safety of persons working inside a boiler and that repair of boiler is undertaken by qualified and competent persons.

Background

The Government of India is examining all the pre- constitution Acts from the point of view of their suitability and relevance in the current times.

The Boilers Act, 1923, a pre-constitution Act, deals with the safety of life and property. Hence, it is important to continue with the enactment by reviewing the provisions of the existing Act and introduction of a new Boilers Bill, 2024 in Parliament. 

The Boilers Act, 1923 was comprehensively amended in the year 2007 by the Indian Boilers (Amendment) Act, 2007 wherein inspection and certification by independent third party inspecting authorities was introduced. However, on further examination of the existing Act, a need has been felt for review of the Act and also to incorporate the decriminalised provisions in consonance with the Jan Vishwas (Amendment of Provisions) Act, 2023.

The existing Act has, accordingly, been reviewed wherein redundant /obsolete provisions have been omitted and certain substantive enabling provisions have been made for the rules and regulations which were not earlier provided. Certain new definitions have also been incorporated and few existing definitions have been amended so as to give more clarity to the provisions of the Bill. (details given in enclosed Annexure) 

Annexure

Salient features of the Boilers Bill, 2024

Act has been divided into six chapters and provisions have been rearranged chapter wise. (In existing Act there are no chapters and similar provisions are at different places).

Following redundant/obsolete provisions in the Boilers Act,1923 have been omitted;

Section 1(2): Applicability of Act to the whole of India,

Section 2A: Applicability of Act to feed-pipes, and

Section 2B: Applicability of Act to Economiser.

Following new definitions have been incorporated in the Clause -2 of the Boilers Bill, 2024: 2(k): notification, 2(p): regulations, 2(q): State Government.

Following definitions have been amended in the Clause -2 of the Boilers Bill, 2024 in line with provisions in the Act: 2(d): Boiler component, 2(f): Competent Authority, 2(j): Inspecting Authority.

Decriminalization provisions for the Boilers Act,1923 as contained in the Jan Vishwas (Amendment of Provisions) Bill, have been incorporated in clauses 27, 28, 29, 30, 31, 39 & 42 and two new clauses namely, 35 (Adjudication) & 36 (Appeal) have been incorporated in the Boilers Bill, 2024. Accordingly, for non-criminal offences ‘fine’ has been converted into ‘penalty’ (Clauses: 27, 28, 30(1) and 31).

Following provisions have been incorporated in the Bill for making substantive enabling provisions for the rules and regulations existing in the Act: Clauses, 3(7), 5(8), 10(1)(f), 10(2), 11(2), 12(9), 23(4) & 32(2).

Power of Central Government to make rules (clause 39); Power of Board to make regulations (clause 40) and   Power of State Government to make rules (clause 42) in the Bill have been enumerated in detail, in line with different provisions in the Bill.

Following new provisions have been incorporated in the Bill:
(i) Clause 43 (Power to remove difficulties): For removal of any difficulty in giving effect to the provisions of the Boilers Act, 2024 within a period of three years

(ii) Clause 44 (Repeal and Saving): For saving different rules, regulations, orders etc. under the Boilers Act,1923 till new rules, regulations, orders etc. are notified under the re-enacted Boilers Act, 2024.

Redrafting of different clauses done as per current drafting practices and referencing of different provisions incorporated.

Topics

Acts Income Tax