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    How NRIs Can Structure Bank Accounts in India When They Have Both Indian and Overseas Financial Commitments
    Sugar ex-mill prices down 18 pc to Rs 55/kg after import move, curbs on hoarding: Food secretary
    SBI eyes USD 10 bln from NRIs, foreign investors ahead of RBI swap window closure
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August 25, 2026
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Sugar import authorisation and anti-hoarding controls aim to moderate ex-mill prices amid adequate domestic stocks.
Raw sugar imports were permitted, while stock limits were imposed on bulk consumers. States were directed to strengthen inspections, and nationwide flying squads were deployed to identify hoarding and speculative conduct. These measures target sugar availability and distribution across wholesale and retail channels. Ex-mill prices declined following the measures, although wholesale and retail prices had not yet reflected the reduction.
August 25, 2026
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Foreign-currency swap window closure focuses non-resident deposit mobilisation, while ECB hedging support continues for public-sector borrowers.
RBI's concessional Foreign Currency Non-Resident Bank deposit swap window closes on August 31, replacing the previous September 30 cut-off. Separately, the special US dollar-rupee foreign-exchange swap window remains available until December 31, 2026, providing concessional currency-hedging support to public sector undertakings raising external commercial borrowings. SBI expects to mobilise predominantly through deposits from non-resident Indians and foreign investors, with external commercial borrowings also visible.
August 25, 2026
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Industrial power tariff revision applies only within the shared distribution area, while steel producers seek rollback and fuel supply support.
Industrial electricity tariff revision is proposed from 1 September for 33 KV and 11 KV consumers within the Damodar Valley Corporation command area. The increase is confined to the shared distribution-licence area, while a separate and higher tariff structure applies outside it. Steel and sponge-iron industry associations oppose the revision on the basis that it will raise energy costs and affect investment conditions. They seek withdrawal of the increase and request continuing supplies of high-grade coal and iron ore for sponge-iron production.
August 25, 2026
Show AI Summary
Institutional capital facilitation prioritises repatriation, market access, regulatory predictability, and cross-border partnerships supporting technology-led long-term investment.
India-Japan investment engagement focuses on increasing long-term Japanese institutional capital flows through an enabling business environment, intellectual property protection, policy reforms and integration with global value chains. Facilitation measures include simpler profit repatriation processes, improved access to Indian capital markets, greater regulatory predictability and a seamless cross-border investment environment. GIFT City is explored as a gateway for international capital and Japan-India investment flows.
August 25, 2026
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Strategic investment partnership prioritises semiconductor manufacturing, resilient supply chains and advanced industrial collaboration between Indian and Japanese businesses.
India-Japan economic cooperation is directed toward deeper trade, investment, technology and business-to-business linkages, including economic security, supply-chain resilience, clean energy and innovation. Collaboration is focused on capital goods, machinery, automotive and advanced manufacturing, with stronger connections between Japanese enterprises and India's Tier-II and Tier-III suppliers, including Micro, Small and Medium Enterprises. Semiconductor manufacturing is identified as a significant investment area. The India-Japan Special Strategic and Global Partnership supports expanded engagement with manufacturing ecosystems, global value chains and resilient supply chains.
August 25, 2026
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Bilateral trade and investment cooperation advances through customs alignment, digital payment integration, market access discussions and investment treaty completion.
India-Cambodia trade and investment cooperation addressed trade diversification, market access, customs alignment, digital payments and investment facilitation. Discussions covered traditional medicine, e-governance, recognition of the Indian pharmacopeia, trade statistics, agricultural cooperation, banking and insurance. The parties agreed on an MoU on Customs Cooperation to promote uniform customs procedures and considered early completion and signature of the Bilateral Investment Treaty. UPI-KHQR payment integration, investment promotion, priority-sector cooperation and a private-sector feedback mechanism were also discussed.
August 25, 2026
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Voluntary pharmaceutical export compliance framework promotes legitimate trade while safeguarding controlled substances through information sharing and coordinated capacity building.
The Memorandum of Understanding creates a cooperative framework for legitimate pharmaceutical exports and safeguards against diversion of narcotic drugs, psychotropic substances and controlled precursors. A voluntary, non-binding code of conduct will recommend industry practices without imposing obligations beyond applicable law. Cooperation includes identifying export bottlenecks, streamlining procedures for compliant exporters, capacity-building programmes, lawful and confidential information sharing, and nomination of company contact persons to coordinate voluntary compliance measures.
August 25, 2026
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USD-INR forex swap facility accelerates foreign-currency mobilisation through non-resident deposits and institutional borrowing, strengthening India's external buffers.
USD-INR forex swap facility for FCNR(B) deposits, overseas foreign-currency borrowings and external commercial borrowings enabled banks to access foreign-currency funding through a special swap window. FCNR(B) deposits formed the principal component of the reported foreign-exchange inflows, reflecting participation by non-resident Indians. The FCNR(B) window was scheduled for early closure after the stated mobilisation objective was achieved ahead of schedule, and the inflows were presented as strengthening external buffers through long-term non-resident deposits and institutional funding.
August 25, 2026
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Foreign-exchange intervention moderated rupee depreciation as crude prices, importer dollar demand and geopolitical uncertainty sustained currency-market pressure.
Foreign-exchange conditions reflected a marginal weakening of the rupee against the US dollar, influenced by elevated crude-oil prices, importer demand for dollars, weaker Asian equities and geopolitical uncertainty. The currency remained within a narrow trading band, with RBI dollar sales described as moderating sharper depreciation. The RBI's special USD-INR forex swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings mobilised substantial foreign-exchange inflows, indicating support from non-resident Indian participants.
August 24, 2026
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Prior government sanction for public servants is contested as essential before money-laundering proceedings may validly proceed for official-duty acts.
Prior prosecution sanction is asserted to be a jurisdictional precondition for money-laundering proceedings against a public servant for acts connected with official duty. A former police officer challenges cognizance and process for want of sanction under the criminal procedure framework and the Maharashtra Police Act, relying on sanctions subsequently granted for co-accused public servants. The allegations concern collection of funds through the officer and their alleged laundering through an educational trust.
August 24, 2026
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Rupee exchange-rate movement gained marginal support from foreign equity inflows despite crude oil, importer demand and geopolitical pressures.
Rupee exchange-rate movement against the US dollar reflected a marginal appreciation, supported by foreign fund inflows into domestic equities. Trading remained within a narrow range amid pressures from higher crude oil prices, continuing importer demand, and geopolitical concerns. Market conditions also included a stronger dollar index, lower Brent crude futures, domestic equity declines, and net foreign institutional investment. Elevated oil prices and geopolitical uncertainty indicated a slight negative bias, while possible US dollar weakness could support the rupee.
August 24, 2026
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Retaliatory trade measures may target electricity, critical minerals and integrated automotive supply chains amid escalating cross-border tariff disputes.
Canada-United States trade relations involve escalating tariffs and contemplated reciprocal restrictions affecting goods, automotive production, electricity exports and critical-mineral supplies. Potential Canadian countermeasures include limiting or increasing the price of Ontario electricity exports and restricting supplies of critical minerals, with oil and potash also identified as possible leverage. The automotive sector faces particular exposure because Ontario production and supply chains are integrated with United States manufacturing. Negotiations also raised concern over limits on Canada's ability to conclude trade agreements with other countries without United States approval.
August 24, 2026
Show AI Summary
Mandatory biometric updates for students support continued Aadhaar authentication and access to education, scholarship and benefit-related services.
Mandatory Biometric Update camps have been launched in schools across Tamulpur district, Assam, for eligible students aged 5 to 17 years to update Aadhaar biometrics. Aadhaar biometrics require updating on attaining five years of age and again on attaining fifteen years. Timely updating supports continued Aadhaar authentication and helps avoid difficulties in accessing services where authentication is applicable, including school admissions, entrance-examination registration, scholarships and Direct Benefit Transfer schemes.
August 24, 2026
Show AI Summary
Electricity tariff affordability requires immediate review, withdrawal of higher consumer charges, and relief measures for economically weaker households.
Electricity tariff increase in Jammu and Kashmir has been opposed as imposing an unjustified and unaffordable financial burden on domestic consumers amid rising household costs. Immediate review and withdrawal of the increase are sought, together with measures to reduce electricity costs for domestic consumers, particularly economically weaker sections, and ensure affordable, reliable power supply.
August 24, 2026
Show AI Summary
Wheat export liberalisation replaces prohibitions to support farm prices while domestic stocks are expected to protect consumer supply.
Wheat and wheat-product exports are liberalised with immediate effect by revising their export policy from prohibited to free. The change covers wheat, wheat flour, maida, semolina and wholemeal atta, replacing the earlier export-ban framework and simplifying exports previously permitted through licences. The measure aims to support farmers amid depressed domestic prices, while adequate domestic availability and buffer stocks are expected to meet demand and moderate consumer prices.
August 24, 2026
Show AI Summary
Food safety compliance failures trigger licence suspensions for deficient hygiene, storage, refrigeration, sanitation and valid licensing practices.
Food safety enforcement measures resulted in suspension of food licences or registrations where establishments failed hygiene, food handling, storage, refrigeration, sanitation and licensing requirements. Deficiencies included unsafe temperature control, unclean refrigeration equipment, improper food storage and thawing, inadequate sanitisation, deteriorated or expired materials, deficient oil-quality checks, artificial colouring, pest infestation, cross-contamination risks and inadequate drainage. One outlet was also found to be operating under the name of an establishment without a valid food licence, resulting in suspension of its registration certificate.
August 24, 2026
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Central Board Governance expands through appointments of part-time non-official directors for defined terms, alongside central bank and government representatives.
Appointments to the Reserve Bank of India's Central Board expand its part-time, non-official director membership. Syed Akbaruddin, Annie George Mathew and Janmejaya Kumar Sinha have been appointed for four years from 24 August 2026, or until further orders, whichever occurs earlier. The Central Board also includes the Governor, deputy governors, the economic affairs secretary and the financial services secretary.
August 24, 2026
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Electricity tariff adjustment is linked to inflation and transmission losses, while free household units remain separately implemented.
Electricity tariff increase of 6.83 per cent after four years is presented as necessary in light of inflation and rising costs. Reducing transmission and distribution losses is identified as a means of limiting future tariff increases. Provision of 200 units of free electricity for poor and needy households through solar panels under the Muft Bijli Yojana is treated as distinct from tariff revisions.
August 24, 2026
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Sugar supply management measures target speculative stockpiling through imports, stockholding limits and earlier crushing to moderate prices.
Sugar supply is characterised as adequate, and higher prices are attributed principally to speculative buying and advance stockpiling, alongside lower output, seasonal demand and global price pressures rather than an actual shortage. Duty-free raw sugar imports and stockholding limits are intended to augment availability, curb speculative accumulation and stabilise market sentiment. Imports, existing stocks, special crushing and an earlier crushing season are expected to moderate prices and improve festive-period supply. Ethanol diversion is not identified as a cause of the price movement.

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Why meeting Trump's military spending target could be tough for NATO's lowest spender

January 23, 2025

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Madrid, Jan 23 (AP) While Europe's military heavyweights have already said that meeting President Donald Trump's potential challenge to spend up to 5 per cent of their economic output on security won't be easy, it would be an especially tall order for Spain.

The eurozone's fourth-largest economy, Spain ranked last in the 32-nation military alliance last year for the share of its GDP that it contributed to the military, estimated to be 1.28 per cent.

That's after NATO members pledged to spend at least 2 per cent of GDP on defence — a target that 23 countries were expected to meet last year that was largely motivated by concerns about the war in Ukraine.

When pressed, Spanish Prime Minister Pedro Sanchez and others in his government have emphasized Spain's commitment to European security and to NATO. Since 2018, Spain has increased its defence spending by about 50 per cent from 8.5 billion euros (USD 8.9 billion) to 12.8 billion euros in 2023.

Following years of under-investment, the Sanchez government says the spending increase is proof of the commitment Spain made to hit NATO's 2 per cent target by 2029.

But for Spain to spend even more — and faster — would be tough, defense analysts and former officials say, largely because of the unpopular politics of militarism in the Southern European nation. The country's history of dictatorship and its distance from Europe's eastern flank also play a role.

“The truth is defence spending is not popular in European countries, whether it's Spain or another European country,” said Nicolás Pascual de la Parte, a former Spanish ambassador to NATO who is currently a member of European Parliament from Spain's conservative Popular Party. “We grew accustomed after the Second World War to delegate our ultimate defense to the United States of America through its military umbrella, and specifically its nuclear umbrella." “It's true that we need to spend more,” Pascual de la Parte said of Spain.

The politics of military spending Spain joined NATO in 1982, a year after the young, isolated democracy survived a coup attempt by its armed forces and seven years after the end of the 40-year military dictatorship led by Gen. Francisco Franco.

Under a 1986 referendum, a narrow majority of Spaniards voted to stay in the alliance, but it wasn't until 1999 that the country that is now Europe's fourth-largest by population joined NATO's military structure.

In that sense, “we are a very young member of NATO”, said Carlota Encina, a defence and security analyst at the Elcano Royal Institute think tank in Madrid.

Opinion polls generally show military engagement as unpopular among Spanish voters. An overwhelming majority of Spaniards were opposed to their country's involvement in the 2003 Iraq war, polls showed at the time, but support for NATO in recent years has grown.

About 70 per cent of Spaniards were in favour of NATO sending military equipment, weapons and ammunition to Ukraine soon after Russia began its full-scale invasion of the country, according to a March 2022 poll conducted by the state-owned Centre for Sociological Studies, or CIS.

But only about half were in favour of Spain increasing its own defence budget, according to another survey CIS conducted that month.

Across the spectrum, political analysts and former Spanish politicians say militarism just isn't great politics. Madrid is nearly 3,000 kilometers (roughly 1,800 miles) west of Kiev, unlike the capitals of Poland, Estonia or Latvia, which are closer and have exceeded the alliance's 2 per cent target based on last year's estimates.

Ignasi Guardans, a Spanish former member of the European Union's parliament, said many Spaniards value their army for humanitarian efforts and aid work, like the help thousands of soldiers provided after the destructive Valencia flash floods last year.

“Now the army has returned to have some respect,” Guardans said, “but that's not NATO.” Encina said Spanish politicians generally feel much more pressure to spend publicly on other issues. “This is something that politicians here always feel and fear,” she said. The thinking goes, “why do we need to invest in defense and not in social issues?” International missions Spain's leaders point out that while they have yet to meet NATO's budget floor, it's unfair to only consider the country's NATO contributions as a percentage of GDP to measure of its commitments to Europe and its own security.

Officials often point to the country's various EU and UN missions and deployments, arguing that through them, the country contributes in good form.

“Spain, as a member of NATO, is a serious, trustworthy, responsible and committed ally,” Defence Minister Margarita Robles told reporters this week following comments made by Trump to a journalist who asked the US president about NATO's low spenders. “And at this moment, we have more than 3,800 men and women in peace missions, many of them with NATO,” Robles said.

Spain's armed forces are deployed in 16 overseas missions, according to the defense ministry, with ground forces taking part in NATO missions in Latvia, Slovakia and Romania and close to 700 soldiers in Lebanon as part of the country's largest UN mission.

Spain also shares the Morón and Rota naval bases in the south of the country with the US Navy, which stations six AEGIS destroyers at the Rota base in Cádiz.

Slippery metrics Analysts also point to the fact that Spain's government routinely spends more on defence than what is budgeted, through extraordinary contributions that can exceed the official budget during some years by 20 per cent to 30 per cent.

“The reality is, the whole thing is not very transparent,” Ignasi said.

Pascual de la Parte, who was Spain's NATO ambassador from 2017 to 2018, said the 2 per cent metric shouldn't be the only measure since not every NATO member accounts for their defence budgets in the same way.

“There is no agreement between allies in choosing which criteria decide the real spending effort,” he said, adding that, for example, while some countries include things like soldiers' pensions in their accounting, others don't. “Ultimately, they can involve very disparate realities.” (AP) PY PY

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