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    Govt to soon announce high-level panel on 'Banking for Viksit Bharat': FM
    Rupee falls 19 paise to close at 95.61 against US dollar
    Govt to soon announce high-level panel on 'Banking for Viksit Bharat'
    Union Minister of Finance and Corporate Affairs interacts with interns from PM Internship Scheme in New Delhi
    DRI uncovers large-scale illegal use of SAFTA agreement in areca imports
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    Colombian president asks Trump to suspend tariffs to help earthquake recovery
    Mission Samudra to be launched alongside Vizhinjam’s EXIM operations
    Europe emerges top destination for India's electric car shipments in Q1
    Govt sets LPG production targets for refiners; Reliance gets largest quota
    PM urges MSMEs to tap opportunities from FTAs
    PM urges farmers to adopt 'chemical-free farming' to tap rising global demand for such food items
    Govt rolls out foreign asset disclosure scheme for small taxpayers
    Need one or two Indian pharma firms to be among global top 5: PM Modi
    Small taxpayers with€™ foreign assets to face 30 pc tax plus penalty; disclosure scheme opens till Dec 31
    PM urges MSMEs to tap opportunities from FTAs
    Govt cuts windfall gains tax on petrol, diesel, ATF exports
    Modi warns of weaponisation of resources, sea routes; urges energy self-reliance
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    August 17, 2026
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    Banking-sector reform will guide lender capacity, financial stability, inclusion, consumer protection, deposit growth and responsible credit-card expansion.
    Banking-sector reform is proposed through a high-level committee on Banking for Viksit Bharat to review the sector and align it with growth needs while safeguarding financial stability, financial inclusion and consumer protection. Key themes include deposit mobilisation, youth banking, investment support, global capability centres, value-chain infrastructure, credit cards and priority-sector lending. Public-sector banks are expected to improve competitiveness through technology, sectoral expertise, product adaptation and customer-focused deposit growth. Credit-card development must maintain responsible underwriting, customer protection and appropriate risk controls.
    August 17, 2026
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    FCNR(B) concessional swap facility availability narrows to timely mobilised deposits amid rupee depreciation and foreign currency inflow concerns.
    Foreign-exchange conditions reflected rupee depreciation amid weak domestic equity markets and higher crude oil prices. FCNR(B) concessional swap facility availability is confined to foreign currency deposits mobilised by banks within the revised cut-off period, replacing the previously longer mobilisation window. The facility is intended to encourage foreign currency inflows, while banks use the FCNR(B) scheme to mobilise foreign currency deposits through attractive interest rates.
    August 17, 2026
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    Banking sector review panel will align future growth with financial stability, inclusion and consumer protection through government recommendations.
    High Level Committee on Banking for Viksit Bharat is proposed to comprehensively review the banking sector and align it with India's next phase of growth. It is intended to safeguard financial stability, financial inclusion and consumer protection, while providing views and recommendations to the Government on banking-sector development and reform.
    August 17, 2026
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    Prime Minister Internship Scheme enhances youth employability through paid industry exposure, cross-field learning, workplace readiness and potential full-time employment.
    The Prime Minister Internship Scheme provides paid internships with leading companies across India to improve youth employability through practical workplace exposure, industry experience and skills development. It addresses the gap between classroom learning and employers' expectations of workplace readiness. Participation is not confined to academic qualifications, allowing youth to pursue fields of interest and gain hands-on professional learning. Strong internship performance may lead to full-time roles, while the scheme stresses responsible work where errors may affect quality, consumer safety and organisational reputation.
    August 17, 2026
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    SAFTA origin fraud in areca imports allegedly enabled improper duty exemption through false Bangladeshi-origin declarations.
    SAFTA preferential duty treatment for areca-nut imports was allegedly misused by falsely declaring goods originating in South-East Asian countries as Bangladeshi origin. Since areca nuts normally attract 100% basic customs duty, the scheme sought to obtain the full SAFTA exemption reserved for qualifying Bangladeshi goods meeting Rules of Origin requirements. The alleged mechanism included routing goods through Bangladesh, changing containers and bags, using improperly obtained Certificates of Origin, and facilitating clearance through importers, Customs Brokers and IEC holders. Investigative findings also indicated cash proceeds, hawala channels and dummy entities.
    August 17, 2026
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    FCNR(B) concessional swap facility closure may reduce temporary foreign-currency inflow support and heighten rupee weakness concerns.
    The Reserve Bank of India restricted its concessional swap facility for FCNR(B) deposits to deposits mobilised by August 31, advancing the earlier cut-off date. The facility was intended to encourage foreign-currency inflows, while banks mobilise such deposits through attractive interest rates. Market commentary indicated that existing inflows may support the rupee in the near term, but the curtailed availability of the facility could reduce this temporary cushion and increase depreciation risk.
    August 16, 2026
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    Temporary tariff suspension for earthquake recovery is sought to ease pressure on affected Colombian businesses.
    Temporary suspension of high tariffs on Colombian products has been sought to support business recovery following a severe earthquake declared a natural disaster. The request links tariff relief to economic disruption affecting businesses amid extensive destruction, injuries and missing persons. United States emergency assistance has been provided through food, shelter and health supplies, while no response to the tariff-suspension request had been reported.
    August 16, 2026
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    Port-led industrial development and direct export operations aim to expand logistics infrastructure, market access and trade connectivity.
    Mission Samudra is proposed as a port-led industrial and logistics development programme linked to the commencement of export-import operations at Vizhinjam seaport. It covers industrial clusters, new cities, port connectivity, logistics, development initiatives, programme management and capacity building. Direct export shipments are intended to improve overseas-market access and reduce transit time and logistics costs, particularly for small and medium enterprises. The framework also anticipates growth in warehousing, cold storage, container freight stations and logistics parks, supported by private participation and road and rail connectivity.
    August 16, 2026
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    Electric vehicle export diversification strengthens India's presence across European, Asia-Pacific and Latin American markets through expanding overseas demand.
    India's electric motor car exports expanded sharply in the first quarter of 2026-27, reflecting increased international acceptance and competitiveness of India-manufactured electric vehicles. Europe became the principal export destination, led by Spain and the United Kingdom, with further demand across several European markets. Exports also reached Asia-Pacific markets, Nepal and emerging Latin American destinations. This wider market presence reflects improving quality and safety standards, stronger integration into global electric-vehicle supply chains, and diversification of India's electric-vehicle export profile.
    August 16, 2026
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    LPG production preparedness requires refiners and upstream producers to maintain capacity and increase output during supply constraints.
    Government has established a standing LPG production preparedness framework under which refining companies, oil marketing companies and upstream producers may be directed to increase production during supply constraints. Companies must maintain adequate LPG storage, evacuation and transportation infrastructure and pursue technically and economically feasible production-enhancing measures. Written directions may prescribe production quantities and periods, including restrictions on alternative uses of input streams required for LPG. The production schedule is updated twice yearly to reflect new facilities and added capacity from infrastructure, technology and distribution improvements.
    August 16, 2026
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    Free trade agreement market access requires MSMEs, farmers and exporters to meet global quality standards.
    Free trade agreements expand market-access opportunities for Indian MSMEs, exporters and producers through reduced or eliminated import duties on traded goods. Textiles, machinery, medicines, seafood and agricultural products can access international markets where they meet global standards and remain competitively priced. Farmers and producers are encouraged to develop export-oriented products, including chemical-free agricultural produce, while MSMEs may use preferential trade access to support manufacturing, exports, employment and growth.
    August 15, 2026
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    Chemical-free farming can strengthen agricultural exports by meeting global standards and responding to rising international demand.
    Chemical-free farming is urged to meet growing global demand and expand agricultural exports. Agricultural products must meet global parameters to facilitate access to international markets, including markets opened through free trade agreements. Food processing, export-oriented farm production, and global branding of traditional cuisine, millets, spices, fruits and flowers are identified as important elements of agriculture and food production policy.
    August 15, 2026
    Show AI Summary
    Voluntary foreign asset disclosure allows eligible taxpayers to regularise overseas holdings with immunity from further tax, penalties and prosecution.
    FAST-DS permits eligible taxpayers to disclose specified undisclosed foreign assets, foreign income, and foreign assets omitted from return schedules. Undisclosed assets or income not previously offered to tax may be declared up to Rs 1 crore on payment of an effective 60 per cent levy, based on fair market value as of 31 March 2026. Assets already offered to tax, or acquired during non-resident status but omitted from the return schedule, may be declared up to Rs 5 crore on payment of a fee. Valid declarations provide immunity from further tax, penalty and prosecution, while declared amounts are excluded from total income.
    August 15, 2026
    Show AI Summary
    Global pharmaceutical leadership is urged through Indian firms achieving top-five status, supported by generic manufacturing and export capacity.
    Indian pharmaceutical companies are urged to attain representation among the world's five leading pharmaceutical firms, despite India's established position as a major producer of generic medicines. India has a broad manufacturing base, supplies generic medicines across numerous therapeutic categories, and exports to worldwide markets including highly regulated jurisdictions. Although pharmaceutical exports and the domestic market have expanded, Indian firms have not yet secured positions among the largest global companies. Greater international scale may be supported through acquisitions and expanded established-brand and branded-generic operations.
    August 15, 2026
    Show AI Summary
    Foreign asset voluntary disclosure permits eligible small taxpayers to regularise qualifying assets through tax, additional levy, and statutory immunity.
    FAST-DS permits eligible small taxpayers to voluntarily disclose specified foreign assets or foreign income. It covers undisclosed foreign assets or income not offered to tax, subject to an aggregate value threshold of Rs 1 crore, and certain foreign assets omitted from the relevant return schedule, subject to a Rs 5 crore threshold and prescribed fee. Payment comprises 30 per cent tax and an additional equal amount. Disclosed income or investment is excluded from total income, with immunity from further tax, penalty and prosecution under the Black Money Act for the disclosed asset or income.
    August 15, 2026
    Show AI Summary
    Free trade agreement opportunities require MSMEs to meet global standards and expand exports across textiles, machinery, medicines and seafood.
    Free trade agreements are presented as export-market opportunities for Indian MSMEs because they reduce or eliminate import duties on a substantial range of traded goods. MSMEs are urged to expand exports of textiles, machinery, medicines and seafood, including shrimp, by meeting global quality standards and offering products competitively. Their export role is linked to self-reliance and their significant contribution to manufacturing, exports, GDP and employment.
    August 15, 2026
    Show AI Summary
    Windfall gains tax on petroleum exports was reduced to support domestic fuel availability and limit export price advantages.
    Special additional excise duty (windfall gains tax) on exports of petrol, diesel and aviation turbine fuel was reduced from 15 August 2026. Petrol export duty was reduced to nil, and export-duty rates on diesel and ATF were lowered. Duty rates for petrol and diesel cleared for domestic consumption remained unchanged. The export-duty framework seeks to maintain domestic petroleum-product availability and limit export advantages arising from higher global crude oil prices amid West Asia tensions.
    August 15, 2026
    Show AI Summary
    Energy self-reliance drives diversified fuel sourcing, expanded offshore exploration, and domestic capacity to reduce geopolitical supply vulnerability.
    Energy security policy seeks to reduce exposure to geopolitical pressure and supply disruption caused by dependence on overseas fuel and strategic maritime routes. India is diversifying crude oil and LNG sourcing while strengthening domestic hydrocarbon production through offshore exploration, seismic surveys, exploratory drilling and shared infrastructure. Expanded access to sedimentary basins is intended to unlock domestic oil and gas resources. Wider piped natural gas coverage, solar generation, critical-mineral exploration, and nuclear and other non-fossil energy sources support the broader objective of energy self-reliance.
    August 14, 2026
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    Current account deficit widened as merchandise trade imbalance expanded, despite stronger services surplus, transfers, and positive capital inflows.
    India's current account deficit widened in June 2026, principally because merchandise imports increased faster than exports and expanded the merchandise trade deficit. A higher services surplus, increased net transfers and a narrower net income deficit provided partial offsets. Net capital inflows, including foreign direct investment and foreign portfolio investment, supported a positive overall monthly balance. During the April-June quarter, despite increased services surplus and net transfers, the overall balance shifted to a deficit as the merchandise trade deficit widened.
    August 14, 2026
    Show AI Summary
    Concessional foreign-currency swap facility closes early for new FCNR(B) deposits while ECB and OFCB access remains available.
    The concessional swap facility for FCNR(B) deposits encourages foreign-currency inflows and supports foreign-exchange liquidity. New FCNR(B) deposits eligible for the facility must be mobilised by 31 August 2026, while swaps for eligible deposits may be availed until 11 September 2026. The swap arrangement for External Commercial Borrowings and Overseas Foreign Currency Borrowings remains available until 31 December 2026.

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      Marking 75 Years: Gullas College of Medicine Host Indo-Philippines Cultural Education Exchange Summit Celebrating Friendship and Collaboration

      February 19, 2025

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      India | Philippines​ (NewsVoir) Gullas College of Medicine hosted the Indo-Philippines Cultural Education Exchange Summit to commemorate 75 years of diplomatic ties between the two nations. The event took place at the GCMI Auditorium, Gov. M Cuenco Ave., Banilad, Mandaue City, Philippines, under the theme: "A Union Fostering Global Connections: Integrating Education, Healthcare, Culture, and Tourism for a Sustainable Future." A highlight of the summit was the unveiling of the Thiruvalluvar Statue, honoring the revered Tamil poet and philosopher known for his literary masterpiece, the Tirukkural. This statue symbolizes Tamil heritage and philosophy, marking a significant cultural milestone in the Philippines. It reflects the deep historical ties between India and Southeast Asia and resonates with the growing Indian student community in the region.

      The Summit holds deep significance for both Filipino and Indian communities, celebrating a shared history of cooperation since the Treaty of Friendship signed on July 11, 1952. The event was graced by Honourable Excellency Harsh Kumar Jain, Ambassador of India to the Philippines, as the Chief Guest.

      Among the distinguished attendees were: • Honourable Excellency Harsh Kumar Jain, Ambassador of India to the Philippines • Honourable Excellency Former President of Philippines, Gloria Macapagal-Arroyo • Honourable Excellency Abdullah Daya Saidu, First secretary of the Nigerian Embassy • Honourable Excellency Rangsant Srimangkorn, Ambassador of Thailand to the Philippines • Honourable Former Chairperson Eleanor B. Almoro, Chairperson, Board of Medicine, Professional Regulation Commission (PRC) The Indo-Philippines Cultural Education Exchange Summit aimed at strengthening bilateral ties through education, healthcare, tourism, and cultural exchanges.

      Event Highlights: • Opening Remarks by Atty. Joseph Baduel, Vice President for Operations, Gullas College of Medicine Inc.

      • Cultural Performances – Featuring Sakhyam Dance Academy and Lanhing Batangan Dance Troupe.

      Key Remarks from Leaders: - Honourable Excellency Harsh Kumar Jain, Ambassador of India to the Philippines, remarked "The Indo-Philippines relationship is built on mutual respect, shared values, and a common vision for progress. As we mark 75 years of diplomatic ties, initiatives like the Indo-Philippines Cultural Education Exchange Summit deepen our collaboration in education, healthcare, and culture. The unveiling of the Thiruvalluvar statue at Gullas Medical College reflects our shared reverence for knowledge and wisdom.” Dr. David K Pillai, Chief Executive Consultant, Gullas College of Medicine, has also mentioned. "It is such a privilege to celebrate 75 years of bilateral relations between the Philippines and India. Over the years, this relationship has grown stronger through a rich exchange of culture, literature, and education. The Philippines has established itself as a premier destination for students seeking world-class medical education, and with the recent reforms tabled in the Senate allowing students from any country to practice in the Philippines, this marks a significant milestone—especially for Indian medical aspirants. I am confident that this will open new avenues for bright Indian students, further strengthening academic ties and paving the way for a future of excellence in medical education." Mr. Kadwin Pillai, CEO, Transworld Educare Pvt Ltd and Kings International Ltd., added, "We at Transworld Educare and Kings International extend our sincere gratitude to the Government of the Philippines and its Ministry of Education for commemorating Indo-Philippines 75 years of friendship at such a grand scale. The unveiling of the Thiruvalluvar statue is not just a tribute to a literary icon but a significant gesture of respect towards Tamil heritage and the people of India.

      Furthermore, we appreciate the Philippines for providing world-class medical education to aspiring Indian students. In recent years, there has been a surge of 25% in Indian students choosing the Philippines over other countries for medical education, a testament to the nation’s high academic standards and student-friendly policies." The event was concluded by closing speech by Kathreena Pillai, Member of Executive Committee.

      About Gullas College of Medicine Inc.

      The Gullas College of Medicine (GCM) was established in 1977 by the Gullas family in Banilad, Mandaue City, in response to the growing demand for more physicians to address the medical and healthcare needs of the country. The founding of GCM aimed to provide students from the Visayas and Mindanao with access to excellent medical education closer to their localities, thereby expanding opportunities for those regions.

      The University of the Visayas, founded in 1919 by Don Vicente Gullas and his wife, Lady Josefina R. Gullas, has a long-standing legacy of producing distinguished alumni in various fields, including government service, law, engineering, architecture, medicine, nursing, business, and the arts. The Gullas College of Medicine is an integral part of the University of the Visayas educational system, proudly upholding the Gullas family’s legacy of academic excellence and service.

      For more information, please visit gcm.edu.ph About Transworld Educare Pvt Ltd.

      Transworld Educare Group of companies, established in 1999, is a leading provider of medical education abroad and a premier institution for NEET and FMGE aspirants. Transworld Educare in association with Davao Medical School Foundation & Gullas College of Medicine has successfully placed over 6000+ Indian students as doctors around the world with #1 rank in passing percentage at FMGE since the last 14 years.

      Transworld Educare has a strong association with the Philippines, primarily as a facilitator of medical education for Indian students. It is recognized as a pioneer in introducing the Philippines as an ideal destination for pursuing MBBS degrees. The consultancy promotes high-quality, cost-effective medical education in Philippine institutions, which follow globally recognized curricula and use English as the medium of instruction. Transworld Educare collaborates with leading medical colleges, such as Davao Medical School Foundation (DMSF), Gullas College of Medicine and Brokenshire Medical College, providing Indian students access to world-class education and clinical training.

      For more information, please visit transworldeducare.com (Disclaimer: The above press release comes to you under an arrangement with Newsvoir and PTI takes no editorial responsibility for the same.). PTI PWR PWR

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