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    Trump used to slam China. Here's why he's now rolling out the red carpet for Xi
    RBI orders removal of Maharashtra minister Babasaheb Patil, 7 others as directors of Latur DCC Bank
    LPG subsidy: Aadhaar biometric authentication mandatory for subsidised refills from Oct 1
    RBI orders removal of Maharashtra minister Babasaheb Patil, 7 others as directors of Latur DCC Bank
    US tariffs on Indian goods: A Chronology
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September 20, 2026
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Tariff policy and trade truce reshape bilateral engagement as rare-earth leverage limits coercive economic measures.
United States-China trade relations are being conducted through continued tariff policy, prior export restrictions, and a trade truce after escalating tariffs did not achieve their intended effect of changing Chinese economic conduct. China's concentrated supply of rare-earth inputs used in electronics provided negotiating leverage and contributed to the trade armistice. Indications that Chinese goods are routed through third countries to lessen tariff exposure qualify the decline in the bilateral goods imbalance. Continued tariffs have not constrained China's manufacturing expansion or its access to export markets.
September 20, 2026
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Ten-year director tenure cap governs removal of ineligible cooperative bank board members after regulatory review.
RBI required Latur District Central Cooperative Bank to remove directors considered ineligible for exceeding the ten-year maximum tenure applicable to district central cooperative bank directors. The action invoked director ineligibility under the Banking Regulation Act. Following a complaint and a court-directed timeline for regulatory action, RBI sought responses from the concerned directors, seven of whom resigned. An issue was raised over whether the tenure cap could apply retrospectively to appointments made before its stated commencement and whether it was being applied uniformly.
September 19, 2026
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Biometric Aadhaar authentication becomes essential for domestic LPG consumers seeking regulated subsidised refill bookings, while market-price supply remains available.
Biometric Aadhaar authentication is required from October 1 for domestic LPG consumers to book subsidised refills at the regulated retail selling price. Authentication can be completed through delivery personnel, distributor showrooms or designated mobile applications. Consumers unwilling or unable to authenticate may obtain LPG at the applicable market price without subsidy after registering their choice through specified digital channels. The framework distinguishes subsidised LPG linked to Aadhaar-authenticated consumers from market-priced LPG and seeks targeted subsidy delivery, reduced leakage, and prevention of diversion, duplicate connections and ineligible access.
September 19, 2026
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Cooperative bank director tenure limits require disqualification and removal when service exceeds the statutory maximum period.
Directors of District Central Cooperative Banks and Central Cooperative Banks are subject to a maximum 10-year tenure under the Banking Regulation Act, 1949, as amended by the Banking Laws (Amendment) Act, 2025. RBI directed removal of a director ineligible to continue under section 10A(2A)(i), read with section 56, following concerns that directors of Latur District Central Cooperative Bank had exceeded the permitted tenure.
September 19, 2026
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Tariff treatment of Indian exports shifted from reciprocal duties to targeted trade measures, sectoral duties, and specified exemptions.
Upon expiry of the temporary global measure, an India-targeted 10 per cent Section 301 tariff, linked to forced-labour concerns, replaced it; the effective charge for most covered exports remained MFN duty plus 10 per cent. The current regime applies the Section 301 tariff to Indian exports except specified goods, with separate sectoral duties on steel, aluminium and auto components. Smartphones, medicines and energy products are exempt.
September 19, 2026
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PMLA-based FIR request over alleged consultancy payments remains under legal examination amid criticism of non-registration.
Enforcement Directorate sought registration of an FIR concerning alleged fraudulent payments by Cochin Minerals and Rutile Ltd to Exalogic Solutions, represented as IT consultancy fees. The request relied on evidence gathered through investigation and searches under the Prevention of Money Laundering Act. Registration remained under consideration after receipt of the Advocate General's legal opinion, with the Home Department examining the matter.
September 19, 2026
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Free trade agreements expand market access, entrepreneurial partnerships and youth career opportunities alongside public-sector recruitment and development participation.
Free Trade Agreements are presented as mechanisms for expanding cross-border partnerships, market access for entrepreneurs, and career opportunities for young persons. Youth employment is also linked to the expansion of the startup ecosystem beyond major cities and to public-sector recruitment through Rozgar Melas. Newly selected candidates are to join central government ministries, departments and organisations. Public service is framed around citizen-centred administration and decisions supporting a developed and self-reliant India.
September 19, 2026
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AI governance for regulated financial services enables natural-language automation while preserving enterprise security, auditability, control, and scalable deployment.
Assist-Edge enables teams to describe intended processes in natural language and use AI to create, modify, and enhance executable workflows. Working with reusable AI agents and workflows, it supports discovery, customisation, deployment, and scaling of enterprise automation. For banking, financial services, and insurance operations, its use is positioned alongside security, governance, auditability, and control, supporting governed adoption of scalable AI capabilities and movement from isolated experimentation to enterprise-wide intelligent automation.
September 19, 2026
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Recurring token reward distributions connect eligible holdings, platform activity, and partner participation through hourly settlement cycles.
BC Engine permits eligible $BC holdings to participate in hourly settlement rounds distributing BCD rewards. Participants can monitor active balances, cumulative rewards, unclaimed BCD, and settlement history through the Engine interface. Settlement amounts vary with ecosystem activity, while the mechanism links platform activity, token utility, user participation, and commercial partners through repeated value distribution rather than one-time promotional incentives.
September 19, 2026
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Asset monetisation of surplus public land and buildings is accelerated through transparent, value-oriented processes and stakeholder coordination.
NLMC's Board recommended monetisation proposals involving surplus land and building assets valued at over Rs. 5,000 crore. Monetisation is facilitated through asset identification, due diligence, valuation and appropriate process structuring, with emphasis on transparency, efficiency and value realisation. Sustained coordination with asset-owning entities is intended to expedite implementation and support timely, commercially appropriate monetisation of underutilised public assets.
September 19, 2026
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Zero forex markup on credit cards applies automatically to international transactions without conditions while preserving applicable rewards.
Zero Forex Markup applies automatically to international transactions made through all existing and new credit cards, without a new-card application, upgrade, spending threshold or other stated condition. International card spends do not attract forex markup charges. Reward Points or Cashback, where applicable to the relevant card, continue on international transactions. Existing credit cards may be used for overseas and cross-border payments without requiring a separate forex card solely to avoid such charges.
September 18, 2026
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Foreign exchange reserve valuation reflects currency movements as foreign currency assets and gold holdings decline.
India's foreign exchange reserves declined to USD 780.782 billion for the week ended September 11, driven by reductions in foreign currency assets and gold holdings. Foreign currency assets fell to USD 645.796 billion, with their dollar value reflecting movements in reserve currencies against the US dollar. Gold reserves also declined, while Special Drawing Rights increased to USD 18.845 billion. The reserve position with the IMF stood at USD 4.916 billion.
September 18, 2026
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Bulk sugar stockholding limits now allow expanded inventories only where additional supplies derive from designated import channels.
Bulk sugar consumers using more than 10 tonnes monthly as a raw material may hold up to 30 days' requirement instead of 15 days. Holdings above 15 days must consist exclusively of sugar imported under the Tariff Rate Quota or Advance Authorisation Scheme; sugar obtained from the open market remains restricted to 15 days' consumption. Bulk consumers must declare and disclose their sugar inventories every Friday through the food ministry's online portal.
September 18, 2026
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Trade facilitation and digitalisation support regional economic cooperation through simpler customs procedures, paperless exchange, resilient supply chains, and MSME access.
Priority measures included expanded intra-SCO trade, lower trade costs, resilient and diversified supply chains, trusted multimodal connectivity, greater market access, simplified customs processes, paperless trade and electronic document exchange. Digital and cross-border payments and accessible trade finance were identified to enable MSMEs and start-ups to participate in trade and value chains. Ministers agreed an Action Plan for 2026-2030 for further approval and approved regulations for a special working group on creative-economy development.
September 18, 2026
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Customs cooperation and trade facilitation advance electronic origin verification, pre-arrival information exchange, and safeguards against preferential trade misuse.
Customs cooperation and trade facilitation measures included pre-arrival information exchange, electronic verification of Certificates of Origin, and Customs automation and digitalisation. These measures are directed at facilitating legitimate trade while ensuring compliance with applicable rules and preventing misuse of preferential trade arrangements. Rail and road connectivity, freight movement, Integrated Check Posts and land-port infrastructure were reviewed to improve infrastructure utilisation and address operational bottlenecks affecting bilateral and transit trade.
September 18, 2026
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Preferential equity issuance approved to strengthen capital, support digital lending expansion, and fund subsidiary operations subject to required approvals.
OnEMI Technology Solutions Limited has approved a preferential issue of equity shares to identified investors, subject to shareholder and requisite regulatory and statutory approvals. The issuance is proposed under the Companies Act, 2013, the SEBI capital-issue and disclosure framework, other applicable SEBI regulations, and applicable law. Seventy-five per cent of the additional capital raised is proposed for infusion into its wholly owned subsidiary to support lending, technology, digital capabilities and product expansion, while the remaining twenty-five per cent is proposed for general corporate purposes.
September 18, 2026
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Fraudulent input tax credit claims through bogus invoices prompted arrest over alleged invoicing without actual supply of goods.
Alleged fraudulent availment, utilisation and passing on of inadmissible input tax credit involved invoices from purported suppliers found to be non-existent, non-functional, suspended or cancelled. Input tax credit was allegedly claimed without actual receipt of goods and passed on through invoices unsupported by corresponding supplies. Following investigation and recorded statements, the proprietor of an iron and steel trading firm was arrested under statutory arrest powers, while further investigation remains in progress.
September 18, 2026
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Direct tax collections: stronger advance tax payments support growth in corporate, non-corporate, and securities transaction tax receipts.
Direct tax collections grew through September 17, supported principally by increased advance tax payments from corporate and non-corporate taxpayers. Gross collections exceeded Rs 14.32 lakh crore, while net collections, after refunds, exceeded Rs 12.12 lakh crore. Corporate tax collections grew more strongly than non-corporate tax collections, and Securities Transactions Tax receipts recorded significant growth. The trend indicated broad-based tax buoyancy, supported by underlying economic activity, taxpayer confidence and business performance.
September 18, 2026
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Reusable consent-based KYC enables integrated onboarding, reporting, record updates and periodic re-verification for regulated financial institutions.
Central KYC-based onboarding enables regulated financial institutions to reuse a customer's existing verified identity record through the Central KYC Registry with customer consent. The integrated solution supports onboarding, KYC reporting, unsolicited notifications and re-KYC. It retrieves consented KYC records through CKYC APIs, uses facial matching or video-based customer identification for authentication, and applies AI-based duplicate detection. Reporting automates validation, image correction and real-time registry submission, while record updates and simplified periodic re-verification support the currency of institutional KYC information.
September 18, 2026
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Benchmark interest rate normalisation raises borrowing costs while monetary policy monitors inflation, wage growth, currency risks, and economic recovery.
The Bank of Japan increased the uncollateralised overnight call rate from 1.0 per cent to 1.25 per cent, advancing monetary-policy normalisation after a prolonged period of near-zero or negative rates. The increase was assessed against gradual economic recovery, inflation near its target, wage growth, currency fluctuations, elevated crude oil prices, and external risks. Further tightening remains contingent on stable price increases, wage developments, and monitoring of other risks.

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Trump makes moves to expand his power, sparking chaos, possible constitutional crisis

January 29, 2025

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Washington, Jan 29 (AP) Just a little over a week into his second term, President Donald Trump is taking steps to maximise his power, sparking chaos and what critics contend is a constitutional crisis as he challenges the separation of powers that have defined American government for more than 200 years.

The new administration's most provocative move came this week, as it announced it would temporarily halt federal payments to ensure they complied with Trump's orders barring diversity programmes.

The technical-sounding directive had enormous immediate impact before it was blocked by a federal judge, potentially pulling trillions of dollars from police departments, domestic violence shelters, nutrition services and disaster relief programmes that rely on federal grants.

Though the Republican administration denied Medicaid was affected, it acknowledged the online portal allowing states to file for reimbursement from the program was shut down for part of Tuesday in what it insisted was an error.

Legal experts noted the president is explicitly forbidden from cutting off spending for programs that Congress has approved. The US Constitution grants Congress the power to appropriate money and requires the executive to pay it out. A 50-year-old law known as the Impoundment Control Act makes that explicit by prohibiting the president from halting payments on grants or other programs approved by Congress.

“The thing that prevents the president from being an absolute monarch is Congress controls the power of the purse strings,” said Josh Chafetz, a law professor at Georgetown University, adding that even a temporary freeze violates the law. “It's what guarantees there's a check on the presidency.” Democrats and other critics said the move was blatantly unconstitutional.

"What happened last night is the most direct assault on the authority of Congress, I believe, in the history of the United States,” Sen. Angus King, an independent from Maine, said Tuesday.

While some Republicans were critical, most were supportive.

“I think he is testing the limits of his power, and I don't think any of us are surprised by it,” said Sen. Kevin Cramer, a North Dakota Republican who is close with Trump.

At first blush, the Trump administration appears to be following the correct procedures in identifying potential spending cuts, and the Impoundment Control Act outlines a procedure for how they could become permanent, said Rachel Snyderman, a former official at the Office of Management and Budget who is now at the Bipartisan Policy Centre.

Congress must eventually sign off on any cuts the administration wants to make, Snyderman said, though she noted that no president since Bill Clinton, a Democrat, has been successful in getting that done. Congress did not act on USD 14 billion in impoundment cuts Trump proposed during his prior term, she said.

“We have to see what the next steps are,” Snyderman said.

The proposed halt on grants comes after Trump, who during the campaign pledged to be “a dictator on day one,” has taken a number of provocative moves to challenge legal constraints on his power. He fired the inspectors general of his Cabinet agencies without giving Congress the warning required by law, declared that there is an immigrant “invasion” despite low numbers of border crossings, is requiring loyalty pledges from new hires, challenged the constitutional guarantee of birthright citizenship and is moving career staff out of key positions at the Department of Justice to ensure his loyalists control investigations and prosecutions.

On Tuesday evening, the new administration made its latest move, trying to prune the federal workforce by offering pay until the end of September for those who agree to resign by the end of next week.

The Trump actions have all led to a cascade of court challenges contending he has overstepped his constitutional bounds. A federal judge in Seattle has already put on hold Trump's attempt to revoke birthright citizenship, calling it a blatant violation of the nation's foundational legal document. On Tuesday, nonprofit groups persuaded a federal judge in Washington to put the administration's spending freeze order on hold until a fuller hearing on February 3.

Democratic attorneys general also rushed to court to block the order. New Mexico Attorney General Raul Torrez, a Democrat, said the swiftness of the court action against Trump's spending freeze demonstrates the “carelessness” of the order.

“My hope is that the president, working with Congress, can identify whatever his priorities are and can work through the normal constitutional order that is well established that limits the power of Democratic and Republican presidents,” he said.

The grant freeze — administration officials described it as a “pause” — fits with a long-sought goal of some Trump allies, including his nominee to run the Office of Management and Budget, Russell Vought, to challenge the constitutionality of the Impoundment Control Act. They contend the president, as the person in charge of distributing funds, should be able to have some control over how the money goes out.

Though there's little doubt the new administration wanted a court fight over its power to control spending, experts agree that this was likely not the way they hoped to present it.

“This is a really sloppy way of doing this,” said Bill Galston, of the Brookings Institution, adding that he thought it was an administration error. “This is just classic Trump. He believes it's better to be fast and sloppy than slow and precise.” In her first press conference, Trump's new press secretary, Karoline Leavitt, on Tuesday urged organizations that need the grants to call the administration and show how their operations are “in line with the president's agenda”.

“It's incumbent on this administration to make sure, again, that every penny is accounted for,” Leavitt said.

Republican lawmakers largely took the freeze in stride.

“This isn't a huge surprise to me," said Rep. Dusty Johnson of South Dakota during the House Republican retreat at one of the president's Florida golf resorts. “Clearly, Donald Trump campaigned in no small part on the idea that the Biden administration was putting out a lot of money that was not consistent with Donald Trump's values.” But Democrats and others were furious at the move, which seemed designed to undercut congressional authority.

“If President Trump wants to change our nation's laws, he has the right to ask Congress to change them,” Sen. Bernie Sanders, an independent from Vermont, said in a statement. “He does not have the right to violate the United States Constitution. He is not a king.” Chafetz, of Georgetown University, said the lack of pushback from Republican members of Congress was especially alarming because the legislative branch is the one whose powers are most at risk in the latest power play.

Even if Trump loses the legal battle, Chafetz said, he and his followers might feel like they've won by pushing things to this extreme.

“Damaging the institutions they don't like," he said, “seems to be their whole theory of governance". (AP) PY PY

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