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    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
    Current account deficit widens to USD 6.2 bn in Jun: RBI data
    Concessional swap facility attracts USD 56.85 bn forex inflows: RBI
    DFS Highlights Mechanism for Timely Redressal of Insurance Policyholders’ Grievances
    Forex kitty jumps USD 14.14 bn to USD 707 bn in one of the biggest weekly expansions
    PROVISIONAL ESTIMATES OF WHOLESALE PRICE INDEX, OUTPUT PRODUCER PRICE INDEX, AND TRIAL INPUT PRODUCER PRICE INDEX FOR THE MONTH OF JULY 2026, AND FINA...
    Logistics Data Bank Tracks 10 Crore EXIM Containers, Provides Visibility across Logistics Chain
    APEDA and Government of Tripura Organise International Organic Buyer-Seller Meet to Expand Global Market Linkages
    WPI inflation eases to 9.78 pc in July on softening in fuel prices
    IDFC FIRST Bank secures its first international rating with Investment Grade from S&P Global Ratings
    DRI busts illegal drug manufacturing facility in Jewar, UP; 30 kg drugs seized and two persons arrested
    UCO Bank launches IFSC Banking Unit at GIFT City
    Banking sector has key role to play as India on way to become 3rd largest economy: Gujarat CM
    India's exports to US rise 12.85 pc in Jul; shipments to China jump 64.57 pc: Govt data
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    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.
    August 15, 2026
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    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
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    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
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    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
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    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
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    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.
    August 14, 2026
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    Insurance grievance redressal requires initial insurer complaint, prompt acknowledgement, and escalation through integrated monitoring channels when resolution remains unsatisfactory.
    Insurance policyholder grievances must first be raised with the concerned insurer, whose Grievance Redressal Officer and Board-level monitoring committee oversee redressal. Complaints received through digital channels, correspondence or call centres are recorded in the insurer's Complaints Management System, integrated with Bima Bharosa. Insurers must acknowledge complaints immediately and resolve them within 14 days. Where no response is received within a reasonable period or the response is unsatisfactory, policyholders may escalate through Bima Bharosa or designated helplines, email or physical correspondence.
    August 14, 2026
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    Foreign exchange reserve growth reflects increases in foreign currency assets, gold holdings, special drawing rights, and IMF reserve position.
    India's foreign exchange reserves rose to USD 707.002 billion for the week ended 7 August 2026. The increase comprised higher foreign currency assets, gold reserves, special drawing rights and the reserve position with the IMF. Foreign currency asset valuation incorporates appreciation or depreciation of non-US currencies held in reserve assets. Measures including the FCNR(B) scheme were introduced to attract additional foreign exchange inflows.
    August 14, 2026
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    Wholesale and producer price indices show July inflation movements, provisional estimates, final revisions, and manufacturing input-price trends.
    Wholesale Price Index, Output Producer Price Index, and trial Input Producer Price Index estimates under the 2022-23 base-year series set out provisional July 2026 measures and final May 2026 revisions. All-commodities WPI stood at 110.0 in July 2026, with year-on-year inflation of 9.78 per cent. The all-commodities Output PPI was unchanged at 109.9, while the trial Input PPI for manufacturing was provisionally estimated at 105.9. Final May WPI, Output PPI and trial Input PPI measures were revised from their respective provisional estimates.
    August 14, 2026
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    Logistics data visibility enables EXIM container tracking, operational analytics and multimodal shipment monitoring across India's logistics chain.
    Logistics Data Bank provides near real-time visibility of India's EXIM container movement through technology-based tracking and stakeholder monitoring tools. RFID-based coverage extends across ports, terminals, inland logistics facilities, rail networks, industrial zones, borders and highways. The platform uses RFID, Internet of Things, Big Data and Cloud technologies, with analytics on dwell time, transit time, and port and terminal performance to identify logistics bottlenecks. LDB 2.0 adds high-seas tracking of export containers and multimodal shipment visibility.
    August 14, 2026
    Show AI Summary
    International organic buyer-seller linkages support Tripura producers through direct sourcing engagement, market access and sustainable export opportunities.
    International Organic Buyer-Seller Meet in Tripura created a direct platform for organic producers, Farmer Producer Organisations, exporters and international buyers to explore sourcing opportunities, market requirements and long-term commercial linkages. Organic and naturally produced goods, including Queen Pineapple, GI-tagged Kalikhasa Rice, organic ginger and turmeric, black sesame, jackfruit and scented lemon, were showcased through product displays and producer interactions. The initiative seeks to strengthen global market access, sourcing partnerships and income opportunities for organic farmers.
    August 14, 2026
    Show AI Summary
    Wholesale price inflation moderation was driven by softer fuel prices, while manufactured goods and primary articles recorded higher inflation.
    Wholesale price inflation moderated in July, led by a decline in fuel and power inflation and a marginal easing in food-article inflation. Inflation in manufactured products and primary articles increased, making the moderation uneven across groups. Mineral oils, food articles, basic metals, non-food articles, food products, and chemical products remained significant inflation drivers. The output Producer Price Index remained unchanged year-on-year, with lower manufacturing and mining inflation offset by higher agriculture and electricity producer-price inflation.
    August 14, 2026
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    International investment-grade issuer ratings support expanded foreign-currency funding, trade finance, correspondent banking and cross-border financial market access.
    IDFC FIRST Bank's inaugural international investment-grade issuer credit ratings, with a stable outlook, are expected to improve access to international funding markets and global financial counterparties. The rating is intended to support standby letter of credit lines, foreign-currency funding through its GIFT City International Banking Unit, mobilisation of FCNR(B) deposits, correspondent banking relationships and cross-border trade finance. Strong capitalisation, improving profitability, stable asset quality and a granular retail funding profile underpin the outlook.
    August 14, 2026
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    Clandestine psychotropic drug manufacturing faces enforcement targeting precursor chemicals, concealed laboratories, illicit production networks and trafficking operations.
    Enforcement action against clandestine manufacture of psychotropic substances led to the detection of a residential drug-production facility. Searches recovered amphetamine and intermediary forms, precursor chemicals, reagents, raw materials, and manufacturing equipment. Field testing indicated the presence of amphetamine, a psychotropic substance regulated under the Narcotic Drugs and Psychotropic Substances Act, 1985. The recovered apparatus and materials indicated illicit manufacture, while preliminary investigation pointed to short-term, intermittently operated facilities intended to conceal production activities.
    August 13, 2026
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    International banking unit expands cross-border financing, trade finance and foreign-currency service access through GIFT City operations.
    UCO Bank has launched an International Financial Services Centre Banking Unit at GIFT City to provide permitted international banking services. The unit offers trade finance, external commercial borrowings, foreign-currency loans, loan syndication, treasury services and other permitted financial services. It serves Indian corporates, exporters, importers, financial institutions, overseas businesses and other eligible customers requiring cross-border financing and access to global financial markets. FCNR(B) deposits are also offered through the unit.
    August 13, 2026
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    Last-mile credit access is prioritised through timely lending, wider beneficiary coverage, digital support and stronger fraud vigilance.
    Banking-sector participation is emphasised through last-mile credit access for MSMEs, women entrepreneurs, rural artisans, small farmers and other underserved beneficiaries. Banks are urged to expedite government-scheme applications, maximise coverage and use technology for timely financial support. Industrial-policy assistance and incentives cover startups, SC/ST entrepreneurs, persons with disabilities and first-generation entrepreneurs. Greater coordination, expanded village banking access, and vigilance against cyber fraud and mule accounts are also prioritised.
    August 13, 2026
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    Merchandise trade growth saw rising exports to major markets alongside increased imports and continuing United States trade-pact negotiations.
    India's merchandise trade data records increased July exports to the United States and China, alongside growth in imports from both markets. Exports to Singapore, the United Arab Emirates, the Netherlands, Germany, South Africa, Tanzania, Australia, Malaysia, Sri Lanka, Italy and Vietnam showed positive growth, while July exports declined for the United Kingdom, Bangladesh, Saudi Arabia and Nepal. Imports also increased from Russia, Korea, Singapore, Germany, Oman, Malaysia, Taiwan and Brazil. India and the United States are negotiating a trade pact amid an additional United States tariff on India.
    August 13, 2026
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    GST transport documentation enforcement addresses freight movement of metals without valid e-way bills and invoices under applicable rules.
    GST enforcement action led to the seizure of copper and aluminium ingots transported by freight train without valid e-way bills and invoices. The metals were found in three train wagons during inspection of parcel cargo. Further proceedings are to be undertaken under applicable GST rules concerning movement of goods without prescribed transport documentation.

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      Acted swiftly to prevent panic after Maha Kumbh stampede: Yogi Adityanath

      March 3, 2025

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      Lucknow, Mar 3 (PTI) Uttar Pradesh Chief Minister Yogi Adityanath on Monday said his government acted swiftly to control the situation after the January 29 stampede at the Maha Kumbh in Prayagraj, ensuring timely medical aid for victims while preventing widespread panic.

      Addressing a gathering of Indian Institute of Management (IIM) and Indian Postal Service officials in Lucknow, Adityanath said, "We did not allow the incident to be excessively highlighted as eight crore devotees and sadhus were present in Prayagraj and the Kumbh Mela area at the time and panic could have worsened the situation." At least 30 people were killed and 60 others injured in the stampede at the Sangam ghat on Mauni Amavasya, a key bathing day of the Maha Kumbh.

      Adityanath noted that apart from millions of devotees, seers and sadhus from 13 Akhadas were also scheduled to take the ritualistic 'Amrit Snan' (holy dip) that morning.

      He explained that two major challenges often arise in such events -- determining the bathing order among the Akharas, which has historically led to disputes, and ensuring the ritual proceeds smoothly at the scheduled time of 4 AM.

      Despite the tragedy, all Akhadas were prepared to go ahead with the 'snan', but the administration intervened to postpone the event.

      "I personally requested them to delay the ritual to manage the situation," Adityanath said, adding that officials closely monitored the crowd, evacuated the Sangam area by noon, and ensured the 'snan' resumed by 2:30 PM.

      He underscored the importance of effective crisis management, stating, "In difficult situations, many people panic and give up, but we must develop the strength to make firm decisions with patience and control." The chief minister also emphasised the importance of effective coordination among stakeholders, including devotees, sadhus and administrative officials.

      "I personally initiated dialogues to maintain order and ensure smooth execution of the event," he said.

      "When faced with adversity, many people give up, assuming that things will take their course. However, true leadership lies in tackling challenges with composure, just as we did during Maha Kumbh to ensure its smooth execution," he said.

      The Maha Kumbh, held once every 12 years, attracts millions of pilgrims from across the world, making crowd management a critical challenge for authorities. This year, over 66 crore pilgrims attended the religious event, according to the Uttar Pradesh government which has been projecting it as a major success.

      Adityanath also stressed the importance of patience and resilience in handling difficult situations, citing the successful execution of the Maha Kumbh as an example.

      Speaking at the programme on "Nation-Building through the Successful Organization of Mahakumbh," held with officials from IIM and the Indian Postal Service, he highlighted how effective crisis management ensured a smooth and orderly event.

      The CM noted that Mahakumbh teaches patience and adherence to natural laws.

      Referring to past reports by international media and UNESCO, the chief minister pointed out that earlier editions of Maha Kumbh were often associated with chaos, mismanagement, and filth.

      "In 2019, we aimed to change that perception. When we step away from the beaten path and do something different, it becomes memorable," he said.

      Recalling an incident from the 2013 Kumbh, Adityanath said, "As a Yogi, I was at my camp in Prayagraj when I read news reports that the Prime Minister of Mauritius had visited but refused to take a dip in the Ganga due to pollution. He merely offered his prayers from a distance and left.

      "This incident stayed with me. A foreign dignitary came to our sacred event and left disappointed. It meant there was a flaw in our preparations, and we needed to fix it." Underlining the 2019 Kumbh's emphasis on hygiene, the chief minister explained that the event site, located on sandy riverbanks, previously had unsanitary toilet arrangements.

      "Sanitation facilities were makeshift, leading to unbearable stench, flies, mosquitoes, and potential disease outbreaks. We changed this by installing one lakh properly managed toilets with routine cleaning, ensuring not a single drop of sewage entered the Ganga or Yamuna," he said.

      The chief minister credited the police for their role in maintaining security and managing crowds efficiently. "For any large-scale event, crowd management is critical. A sense of safety among attendees is paramount. In 2019, we introduced special four-month training programs for police personnel to enhance their preparedness," he added.

      Discussing the 2025 Maha Kumbh, the CM acknowledged that the turnout exceeded expectations.

      "We estimated that the crowd would double compared to 2019, but the actual numbers surpassed all records. This required significant expansion in event planning," he said.

      Preparations for 2025 included expanding the fairgrounds, increasing infrastructure, and designating parking and holding areas across neighbouring districts like Mirzapur, Bhadohi, Kaushambi, Jaunpur, Fatehpur, Pratapgarh, Chitrakoot, and Rae Bareli.

      "In 2013, a stampede at the railway station claimed 42 lives. Learning from that, we expanded not just the main Prayagraj Junction but nine other railway stations and the airport," he said.

      Adityanath stressed that religious gatherings are inherently disciplined.

      "During the 2025 Mahakumbh, a minor stampede occurred between 1:15 AM and 1:30 AM on January 28-29, while over four crore people were present at the venue. Yet, within 15 minutes, people voluntarily created a green corridor, allowing medical teams to reach the injured," he noted.

      The CM also highlighted the economic benefits of such large-scale religious events. "Maha Kumbh contributes significantly to the economy. It provides employment opportunities and supports various businesses. Previously overlooked, its economic impact is now being recognised," he said.

      Maha Kumbh 2025 was held from January 13 (Paush Purnima) to February 26 (Maha Shivaratri), marking the first time the fair lasted until Maha Shivaratri.

      "In past editions, the event would wind down after Basant Panchami, leaving only Kalpvasis. This time, daily attendance after Mauni Amavasya ranged from 1.5 to 1.75 crore people. On Basant Panchami, around three crore people participated, while on Magh Purnima, the count was two crore," he explained.

      Highlighting international participation, CM Adityanath said, "The event saw visits of the President, Vice President, Prime Minister, governors, chief ministers, 74 ambassadors and high commissioners, Bhutan's King, 12 foreign ministers, and representatives from over 100 countries. Business leaders, film stars, and cricketers also took part." The CM mentioned UNESCO's interest in studying Mahakumbh's environmental impact. "We ensured that no sewage or industrial waste entered the Ganga." "In Kanpur, four crore litres of sewage used to flow into the river daily. We had it sealed off three years ago. Today, not a single drop enters the Ganga," he said.

      Adityanath highlighted Maha Kumbh's role in national unity, infrastructure development, and environmental conservation, aligning with PM Narendra Modi's vision of "Ek Bharat, Shreshtha Bharat." He emphasised that the event transcended caste, religion, and language barriers, bringing millions together in devotion.

      The Uttar Pradesh government invested Rs 7,500 crore, with Rs 6,000 crore allocated for infrastructure in Prayagraj and surrounding areas. "This ensured better connectivity, sanitation, and essential facilities for pilgrims," Adityanath noted.

      Cultural and religious landmarks were also developed, including 12 corridors linked to Akshayavat, Saraswati Koop, and Maharishi Bharadwaj. "These sites now reflect our heritage and spiritual legacy," Adityanath stated.

      He said, "Maha Kumbh teaches patience and discipline. Whether for faith or economy, such events leave a lasting impact and contribute to national development." PTI KIS RT RT RT

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