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August 18, 2026
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Money-laundering investigation under PMLA expands through searches into alleged consultancy payments linked to CMRL and Exalogic Solutions.
Money-laundering investigation under the Prevention of Money Laundering Act involves fresh searches connected with Cochin Minerals and Rutile Ltd and Exalogic Solutions. The inquiry concerns alleged fraudulent payments made under the guise of IT consultancy services and a purported money trail involving persons allegedly connected with those transactions. The action follows earlier searches and questioning in relation to the same matter.
August 18, 2026
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Recruitment examination irregularities trigger money-laundering investigation into alleged bribery, paper leaks, answer-sheet tampering, and preferential veterinary officer selections.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged irregularities in veterinary officers' final selection through a public recruitment examination. Searches covered premises linked to commission officials, alleged intermediaries, the digital evaluation entity, and selected candidates. Allegations include bribery demands, examination-paper leakage, OMR answer-sheet tampering, and facilitation of selection for relatives of commission officials.
August 18, 2026
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Export-import operations advance through operational preparedness review and planned port-led industrial and logistics development initiatives.
Operational preparedness for full land-based export-import operations at Vizhinjam Seaport was reviewed, including the Vehicle Traffic Management System. EXIM cargo operations follow a trial shipment of the port's first export container to Valencia. Mission Samudra is proposed to support port-led industrial and logistics development alongside these operations. The deep-water port was developed through a public-private partnership model and had obtained commercial commissioning certification before its dedication to the nation.
August 18, 2026
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Industrial corridor development prioritises empowered SPVs, integrated infrastructure and investor-ready parks to accelerate manufacturing investment and operations.
National Industrial Corridor Development Programme implementation prioritises timely infrastructure completion, land allotment, investment mobilisation and commencement of manufacturing. PM GatiShakti-aligned planning requires integrated connectivity, utilities and social infrastructure, while States should resolve land, clearance and SPV-power bottlenecks. BHAVYA proposes investment-ready, plug-and-play industrial parks appraised for ready land, credible demand, connectivity, utilities, realistic phasing and early investor attraction. NICDIT routes Government participation and equity support for BHAVYA project SPVs, and NICDC coordinates implementation and monitoring.
August 17, 2026
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RERA compliance exemption for stalled housing projects raises whether statutory obligations may be waived to enable phased project completion.
RERA compliance exemption is sought for completion of 16 stalled residential projects by a public sector construction entity appointed under a project-completion arrangement. The appellate insolvency tribunal declined to direct a waiver, considering itself incompetent to exempt compliance with statutory provisions. The arrangement requires phased completion, award and commencement of construction work, and oversight through an apex committee and project-wise committees. The projects remain incomplete owing to the developer's financial crisis.
August 17, 2026
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Deposit mobilisation and youth banking guide strategies for stronger public financial institutions, investment financing and Global Capability Centre opportunities.
PSB Confluence 2026 considers strategic priorities for Public Sector Banks and Public Financial Institutions across deposit mobilisation, banking for youth, investment-cycle financing and Global Capability Centres. Discussions seek practical, scalable strategies to strengthen customer engagement, youth-responsive banking propositions, institutional financing capabilities and participation in the expanding Global Capability Centre ecosystem. Youth engagement may use the MY Bharat platform to strengthen links with the formal financial system and awareness of education finance, entrepreneurship, internships and financial-sector careers. Further themes include value-chain infrastructure, priority sector lending and credit card business reform.
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
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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
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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.

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House Speaker Mike Johnson tries to push Trump's 'big' agenda forward, but GOP votes in jeopardy

February 25, 2025

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Washington, Feb 25 (AP) House Speaker Mike Johnson will try against the odds to muscle a Republican budget blueprint to passage this week, a step toward delivering President Donald Trump's “big, beautiful bill” with USD 4.5 trillion in tax breaks and USD 2 trillion in spending cuts over stiff opposition from Democrats — and even some Republicans.

With almost no votes to spare in Johnson's bare-bones GOP majority, the speaker is fighting on all fronts — against Democrats, uneasy rank-and-file Republicans and sceptical GOP senators — as he works to keep the package on track. Votes set for Tuesday evening are in jeopardy, and the outcome is uncertain.

“We're going to get everyone there,” Johnson, of Louisiana, said at an event at the start of the week, half-joking that he had a “prayer request” involved.

The package, if approved, would be a crucial part of the budget process as Trump pushes the Republicans who control Congress to approve a massive bill that would extend tax breaks, which he secured during his first term but are expiring later this year, while also cutting spending across federal programmes and services.

Slashing government is not always popular at home But Republicans are running into a familiar problem: Slashing federal spending is typically easier said than done. With cuts to the Pentagon and other programmes largely off limits, much of the other government outlays go for health care, food stamps, student loans and programmes relied on by their constituents.

It's all unfolding as billionaire Trump adviser Elon Musk is tearing through federal agencies with his Department of Government Efficiency firing thousands of workers nationwide, and angry voters are starting to confront lawmakers at town hall meetings back home.

“While we fully support efforts to rein in wasteful spending and deliver on President Trump's agenda, it is imperative that we do not slash programmes that support American communities across our nation,” wrote Rep. Tony Gonzales, R-Texas, and several other GOP lawmakers in the Congressional Hispanic Conference.

Democrats protest tax cuts for wealthy Democrats in the House and the Senate are vowing to fight the whole process. House Democratic Leader Hakeem Jeffries of New York was planning to gather lawmakers on the Capitol steps in protest during Tuesday's session.

“This is not what people want,” said Rep. Jim McGovern, D-Mass., during a rules debate ahead of planned votes.

“We all know that trickle-down economics,” he said about the 2017 tax breaks that flowed mainly to the wealthy, “don't work.” Trump has signalled a preference for the “big” bill but also appears to enjoy a competition between the House and the Senate, lawmakers said, as he pits the Republicans against each other to see which version will emerge on a path toward approval.

Senate Republicans, wary that Johnson can lift his bill over the finish line, launched their own scaled-back USD 340 billion package last week. It's focused on sending Trump money his administration needs for its deportation and border security agenda now, with plans to tackle the tax cuts separately later this year.

“I'm holding my breath. I'm crossing my fingers," said Sen. John Cornyn, R-Texas, who said he is rooting for the House's approach as the better option. "I think a one-shot is their best opportunity.” The House GOP faces pitfalls ahead Johnson, whose party lost seats in last November's election, commands one of the thinnest majorities in modern history, which means he must keep almost every Republican in line or risk losing the vote.

Already, several lawmakers have objected to the package either because it cuts too much or because it doesn't cut enough.

The most conservative Republicans warn it will pile onto the nation's USD 36 trillion debt load, because the cost of the tax breaks, at least USD 4.5 trillion over the decade, outweighs the USD 2 trillion in spending cuts to government programmes.

More moderate Republican lawmakers worry that the enormous budget cuts being eyed — some USD 880 billion to the committee that handles health care spending, including Medicaid, for example, or USD 230 billion to the agriculture committee that funds food stamps — will be too harmful to their constituents back home.

GOP leaders are trying to convince lawmakers that the details will be debated in the weeks to come and that this week's vote is just a first step.

The budget is being compiled during a lengthy process that first sends instructions to the various House and Senate committees, which will then have several weeks to devise more detailed plans for additional debate and votes.

“The committees need time to go work to find savings," said Majority Leader Steve Scalise, R-La. "But we can't even get to that if we don't get through the budget. So, we've got to get the first step done later this week.” Ten House GOP chairmen of the committees involved issued a joint statement in a show of force to push the package forward.

“The House's one big beautiful bill' delivers on the entirety of President Trump's policy agenda,” they wrote in a letter obtained by The Associated Press. “We must meet this historic moment with the bold action it requires.” Rep. Jodey Arrington, the Republican chairman of the House Budget Committee, told reporters he recognises the tension between Republicans who want more cuts and those from politically competitive districts who “have a higher level of sensitivity to some of the spending reforms." Arrington said with economic growth assumptions, from 1.8 per cent as projected by the nonpartisan Congressional Budget Office to 2.6 per cent as projected by House Republicans, the package would generate about USD 2.6 trillion in savings over 10 years and would ensure the plan helps reduce the deficit.

Some fiscal advocacy groups view the GOP's economic projections as overly optimistic. (AP) GRS GRS

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