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    Commerce and Industry Minister Shri Piyush Goyal Calls for Deeper, Resilient and More Balanced Intra-BRICS Trade
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    BRICS calls for bigger emerging-market voice in IMF, World Bank; criticises unilateral tariffs
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    Wizz partners with Appreciate to enable seamless global Investing through Wizz Financial App
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September 11, 2026
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Intra-BRICS trade facilitation requires open markets, streamlined regulation, diversified supply chains, local-currency payments, and stronger digital cooperation.
Intra-BRICS trade cooperation prioritises wider market access, diversified supply chains, simplified regulatory procedures and faster consignment clearance. Cooperation is proposed across agriculture, services, manufacturing, startups and emerging technologies, including professional mobility and recognition of qualifications. Payment-system linkages, local-currency trade, digital public infrastructure, artificial intelligence, fintech, data centres and semiconductors are identified as areas for collaboration. Trade facilitation, digital documentation, MSME support, business partnerships and stronger global value chains are intended to support economic integration.
September 11, 2026
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Technology-neutral banking-record evidence framework standardises certification and limits non-party bank official summons to special-cause situations.
Bankers' Books Evidence Act, 2026 modernises the evidentiary framework for banking records and replaces the earlier legislation. It recognises records maintained in physical, electronic, digital, virtual, cloud-based, and other contemporary forms. Certification is simplified and standardised, including through manual, digital, or electronic signatures. Summoning a bank official where the bank is not a party requires special cause recorded in writing by the court. The framework may be extended to specified financial-sector entities or classes of entities.
September 11, 2026
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International financial governance reform promotes emerging-market representation, quota realignment, local-currency settlements, and interoperable cross-border payment cooperation.
BRICS supports reform of international financial governance to increase emerging-market and developing-economy representation in the IMF and World Bank through quota and voting realignment. It opposes unilateral tariffs and non-tariff measures that distort trade and conflict with WTO rules, while supporting a rules-based multilateral trading system. BRICS also promotes local-currency trade and investment settlements and interoperable cross-border payment mechanisms, without creating a common currency or unified payment system. Development-finance cooperation includes expanded local-currency financing, project preparation, private-capital mobilisation and a phased, member-driven investment platform.
September 11, 2026
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Rupee exchange-rate pressure persisted as global risk aversion and elevated crude prices outweighed supportive market factors.
Foreign-exchange market conditions kept the rupee under pressure against the US dollar amid global risk aversion and elevated crude oil prices. A correction in crude prices, recovery in domestic equities, and suspected Reserve Bank of India intervention helped the currency recover much of its intraday decline. Dollar strength, rising bond yields, geopolitical tensions, weak monsoon rainfall, and inflation concerns were identified as continuing factors affecting near-term currency sentiment.
September 11, 2026
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Five-day banking week demand drives coordinated bank employee strike action and planned escalation over unresolved employment conditions.
Bank employees affiliated with seven unions under the United Forum of Bank Unions undertook a one-day strike to press for implementation of a five-day banking week and resolution of pending employment-related demands. The unions maintained that the proposed workweek was a genuine working-condition measure rather than an attempt to reduce employee responsibilities. They proposed phased escalation, including a further multi-day strike and an indefinite strike, if the government and the Indian Banks' Association did not address the demands.
September 11, 2026
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Cross-border payment interoperability and local-currency trade are urged to deepen BRICS commerce, digital access, and supply-chain resilience.
BRICS members and partner countries are encouraged to link payment systems, expand local-currency trade settlement, and make digital trade globally accessible. Market-access priorities include opening goods and services markets, reducing non-tariff barriers, simplifying regulatory procedures, and facilitating faster consignment clearance. Proposed cooperation also addresses diversified supply chains, professional qualification recognition, agricultural technology, trade-finance access for micro, small and medium enterprises, digital trade documentation, and platforms for agricultural commodity trading and investment cooperation.
September 11, 2026
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Party disciplinary inquiry and money-laundering allegations prompt proposed internal resolution and consideration of lawful action after legal advice.
Internal party discipline concerning a clash between an elected representative and party workers is being addressed through an inquiry report, prior suspension of two workers, and efforts to secure an amicable resolution. Consideration of a corruption case arising from an Enforcement Directorate request for registration of an FIR is subject to legal advice and a decision on lawful governmental action. The request concerns alleged evidence gathered through investigation and searches under the Prevention of Money Laundering Act.
September 11, 2026
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Money laundering investigation into alleged bank-loan diversion examines forged project reports, mortgaged-property sales, and suspected proxy purchasers.
Money-laundering investigation under the Prevention of Money Laundering Act concerns alleged diversion of bank-loan funds through fake or forged project-completion reports. The allegations include sale of five mortgaged properties at grossly undervalued consideration, with some buyers suspected to be benamis or proxies. These sales were allegedly intended to alienate assets and prevent their attachment under anti-money-laundering law.
September 11, 2026
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Five-day banking workweek demand drives nationwide strike, disrupting public-sector branch services while digital banking transactions remain operational.
Banking services at public sector banks were disrupted by a nationwide strike seeking a five-day workweek and resolution of wage-related demands. Branch operations affecting cash deposits, withdrawals, cheque clearance and administrative work were impacted, while digital banking channels remained functional. The central demand is declaration of all Saturdays as bank holidays, with other pending issues concerning pension updation, uniform dearness allowance for pensioners, and an option for National Pension System employees to move to the Old Pension Scheme.
September 11, 2026
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Maritime blockade and sanctions constrain oil exports but leave strait security, regional escalation, and energy-market disruption unresolved.
US-led maritime blockade and sanctions are assessed as substantially restricting Iran's oil exports while enabling increased non-Iranian petroleum flows through the Strait of Hormuz and alternative routes. The conflict continues to disrupt a major global oil-and-gas transit corridor despite partial restoration of shipping flows. Regional proxy attacks on oil facilities and shipping near the Bab el-Mandeb extend the disruption, threatening Red Sea and Suez Canal routes and contributing to higher energy prices and inflationary pressure.
September 11, 2026
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Foreign-exchange market pressure from oil costs and portfolio outflows weakens the rupee despite reserve support.
Rupee depreciation against the US dollar was attributed to elevated crude oil prices, rising global yields and net foreign portfolio equity outflows, which increased pressure through the import bill. Record foreign exchange reserves, active Reserve Bank market intervention and robust domestic growth provided countervailing support. Sustained costly crude oil and foreign portfolio outflows nevertheless remained the principal near-term pressures on currency stability.
September 10, 2026
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Five-day banking demand prompts nationwide bank-union strike, likely disrupting public-sector branch services and advancing unresolved pension demands.
Nationwide bank-union strike action is scheduled for 11 September to press for five-day banking and unresolved employee pension demands. Cash withdrawals, deposits and other branch operations at public-sector banks may be affected. Union demands include a five-day working week, improved pensions, a uniform dearness-allowance formula for pensioners, and an option for National Pension System employees to move to the old pension scheme. A further three-day nationwide strike has been threatened from 28 September.
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Biometric Aadhaar Authentication for GST Registration becomes mandatory to prevent fraudulent registrations using misused taxpayer identity credentials.
GST registration is impermissible without biometric-based Aadhaar authentication, addressing allegations of fraudulent registrations obtained through misuse of PAN and Aadhaar credentials. The requirement strengthens taxpayer identity verification in the GST registration process. Related issues include allegedly defamatory online posts, film release pending certification, sporting guidelines for women athletes returning after maternity, and the importance of an independent, ethical and fearless Bar to judicial independence.
September 10, 2026
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Gold-smuggling enforcement targets concealment methods, transit-route abuse, and airport-staff collusion through intelligence-led interception operations nationwide.
Intelligence-led customs enforcement against organised gold smuggling led to seizures of foreign-origin gold across airport, rail, road and Indo-Bangladesh border routes. Gold was concealed through melting, defacing, conversion into chains, dust or paste, and hiding in vehicles, baggage, machinery and body-worn articles. Seizures under the Customs Act, 1962 followed failures to produce documentation substantiating licit possession. The activity also identified transit passengers, airport staff, recipients and handlers involved in clandestine removal and movement of smuggled gold.
September 10, 2026
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Customer-focused digital vehicle financing introduces a paperless, automated journey for eligible existing and new banking customers.
Eligible existing and new-to-bank customers may access a simplified Auto and Two-Wheeler financing journey through a fully digital, end-to-end paperless process. Automated decisioning, straight-through processing, digital documentation and dealer integration are intended to enable application-to-disbursement within 30 minutes, reduce financing friction and accelerate access to vehicle finance. The broader initiative uses customer engagement and employee capability-building measures to convert customer feedback into faster action and improved service experiences.
September 10, 2026
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Global investing through regulated IFSC infrastructure enables digital access to international stocks, funds, onboarding, remittance support, and portfolio diversification.
Wizzmoni Financial Services Limited and Appreciate are integrating global-investing infrastructure into the Wizz Financial App. Retail and high-net-worth customers may access US-listed stocks, exchange-traded funds and Global Mutual Funds through a digital experience with onboarding, a single-KYC journey and multi-bank remittance support. International investing is routed through regulated GIFT City IFSC infrastructure and is positioned as a compliant pathway under the RBI's Liberalised Remittance Scheme framework, alongside existing foreign-exchange and cross-border payment services.
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Money laundering charge framing requires strong suspicion, not conclusive proof, where alleged abuse of office generated tainted property.
Money-laundering charges were ordered to be framed against nine accused on allegations that manipulation of a railway hotel lease tender enabled the transfer of undervalued land through DMCPL and subsequent share transfers to Rabri Devi and Tejashwi Yadav. The land was treated as alleged proceeds of crime arising from abuse of public office. At the charge-framing stage, strong suspicion, rather than conclusive proof of criminal intent, was sufficient. Documentary material concerning land transfers, company control, loans, shareholding changes and subsequent transfers supported the allegations.
September 10, 2026
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Financial-sector tokenisation and self-regulation are proposed alongside fiduciary data stewardship for next-generation digital finance services.
Financial-sector digitalisation is being advanced through proposed tokenisation of corporate bonds, digital public infrastructure for next-generation financial services, and recognition of an additional self-regulatory organisation. The Unified Lending Interface is identified as an example of such infrastructure. Trust is central to the financial system, and fintech entities are expected to treat data as a fiduciary responsibility rather than as a business asset. United Fintech Forum has received approval as the second self-regulatory organisation for the financial sector.
September 10, 2026
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MSME export readiness and sustainable GeM bidding depend on compliance, cost discipline, reliable delivery, and operational systems.
MSME export readiness requires consistent product quality, reliable delivery, documentation, regulatory compliance and operational systems capable of sustaining buyer trust. Digital trade processes require relevant registrations, including IEC and GST, and use of ICEGATE and DGFT systems. Free Trade Agreements may enable reduced or zero customs duties in specified markets, subject to applicable eligibility conditions and rules.
September 10, 2026
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Biometric Aadhaar authentication becomes mandatory for GST registration to prevent fraudulent use of stolen taxpayer identity credentials.
GST registration is prohibited, for the time being, unless biometric-based Aadhaar authentication is completed. The requirement applies across the country and addresses fraudulent registrations obtained through misuse of PAN and Aadhaar details. Biometric authentication is treated as necessary to curb fake registrations, revenue loss and harassment caused by identity misuse. Authorities may raise objections concerning practical difficulties in implementation.

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10 FDI Proposals Amounting to Rs. 1259.92 Crore Approved

August 23, 2012

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Press Information Bureau

Government of India

Ministry of Finance

23-August-2012 18:03 IST

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on July 27, 2012, the Government of India has approved ten (10) Proposals of Foreign Direct Investment (FDI) amounting to Rs. 1259.92 crore approximately. 

Details of Proposals considered in the Foreign Investment Promotion Board (FIPB) Meeting held on 27.07.2012     

Following 10 (Ten) proposals have been approved

Sl. No.

Name of the applicant

Particulars of the proposal

FDI/NRI inflows (` In crore)

COMMERCE

1

M/s Anamika Tea Holding Ltd., Mauritius

Acquisition of equity shares of the company engaged in the business of plantation/ cultivation and manufacturing and selling of tea.

1.85

ECONOMIC AFFAIRS

2

M/s Vinci Energies India Pvt. Ltd., Delhi

Induction of foreign equity into an investing cum operating company, whose operating activities have not commenced.

15.50

3

M/s Kemper System (India) Pvt.  Ltd., Pune

Ex post facto approval for transfer of shares from resident to Non Resident in a company engaged in wholesale trading prior to issue of Press Note 4 of 2006 dated February 10, 2006.

0.10 (already brought)

4

M/s DEG-Deutsche Investitions-und Entwicklungsgesellschaft mbH

Induction of foreign investment into the India Fund which will act as Investing Company to invest in equity, equity-linked and debt instruments of Indian companies engaged in infrastructure service, supply chains and logistics, healthcare services, entertainment and leisure goods and consumer packaged goods, which are permitted under extant FDI policy.

55.00

PHARMACEUTICALS

5

M/s Fresenius Kabi (Singapore) Pte. Ltd., Singapore

To sell equity shares of the Indian company through Offer For Sale method (OFS) whereby the shares may be purchased by all eligible persons under the scheme including foreign investors.  The Indian company is engaged in the business of pharmaceutical sector.

No fresh inflow

FINANCIAL SERVICES

6

M/s Equitas Holdings Pvt. Ltd.

To increase the foreign equity participation in an investing company.

140.00

INDUSTRIAL POLICY & PROMOTION

7

M/s CIIE Initiatives (i3E Trust)

To increase the foreign equity participation upto 50 per cent.

40.00

INFORMATION & BROADCASTING

8

The Walt Disney Company (Southeast Asia) Pte. Ltd.

Induction of foreign equity for inter alia expansion of the business and making downstream investment in other companies and subsidiaries of the company, including broadcasting companies.

1000.00

INDUSTRIAL POLICY & PROMOTION

9

M/s High Mark Credit Information Services Pvt. Ltd.

Induction of foreign equity to carry out the business of credit information company.

7.40

INFORMATION & BROADCASTING

10

M/s Packt Publishing Private Limited, Mumbai

Induction of foreign equity to carry out the business of providing services relating to publication of books to M/s Packt Publishing Ltd., an UK based company.

0.07

The following 16 (Sixteen) proposals have been deferred

Sl.No

Name of the applicant

Particulars of the proposal

1

M/s Multi Screen Media Pvt. Ltd.

Induction of foreign equity to carry out the business of production of television programmes in India languages primarily for export, sale and distribution of Indian language audio visual production. Downlink   certain TV channels.

2

M/s Unitech Wireless (Tamilnadu) Pvt. Ltd.

Induction of foreign equity to carry out the business of providing unified access services.

3

M/s Mahindra and Mahindra Limited, New Delhi

To set up a new JV with M/s Rafael Advanced Defence System Ltd for production and development of naval defence system and other Products.

4

M/s Man Chung Lim Granites India Pvt. Ltd.

To issue equity shares against foreign remittance made as ‘pre-operative expenses’ for security deposit and import of machinery for raising, purchase and export of Granite stones under 100% EOU scheme.

5

M/s Arch Pharmalabs Limited, Mumbai

Induction of foreign investment in an existing company engaged in the business of manufacture and sale of Active Pharmaceutical Ingredients and contract research and manufacturing services.

6

M/s B Braun Singapore Pte Limited, Singapore

Acquisition of shares of the company engaged in the business of life saving intravenous fluids and ophthalmic products.

7

M/s Pfizer Limited, Mumbai

Induction of foreign equity in an operating cum investing company to carry out the business in pharmaceutical sector.

8

M/s InterCall Asia Pacific Holdings Pvt. Ltd., Singapore

To set up a WOS to undertake the business of providing audio, video and web conferencing services for business, commercial, banking and other establishments.

9

M/s Scribble Media & Entertainment Pvt. Ltd., Hyderabad

Induction of foreign equity to carry out the business of publication of evening news publication titled “Post Noon”.

10

M/s Cloverdell Investments Ltd. Mauritius

Induction of foreign equity in an operating NBFC with downstream investments in companies engaged in/proposed to be engaged, inter alia, in the business of housing finance, stock broking (including derivatives and currency derivatives broking), depository participant service, commodity broking and investment advisory activities.

11

M/s Vyome Biosciences Private Limited, Delhi

Induction of foreign equity to carry out the activities relating to pharmaceuticals sector.

12

M/s Zim Laboratories Limited, Nagpur

Induction of foreign equity to carry out the activities relating to pharmaceuticals sector.

13

M/s Ordain Health Care Global Pvt. Ltd., Chennai

Induction of foreign investment in an existing company engaged in the business of manufacturing, research & development for technology advancement, and marketing of pharmaceutical finished dosage formulations.

14

M/s Sutures India Private Limited, Bangalore

Induction of foreign investment in an existing company engaged in the business of manufacturing and export of sutures, surgical tapes, mesh bone wax, atraumatic needles, skin staplers and surgical gloves.

15

M/s Stellence Pharmscience Pvt. Ltd., Bangalore

Induction of foreign equity by way of transfer and issue of equity shares and compulsory convertible preference shares to carry out the business of manufacture and sale of Active Pharmaceutical Ingredients and advanced intermediates.

16

Dr. A. Jawahar Palaniappan, USA

Post facto approval for regularization of equity shares.  The company is engaged in the activity of printing magazines, telephone directories, text books, etc.

The following 4 (Four) proposals have been rejected: 

Sl.No

Name of the applicant

Particulars of the proposal

1

M/s Brovis Wireless Networks Private Limited, Chennai

Ex-post facto approval for allotment of shares against capitalization of suppliers money used for importing materials and softwares, etc.  The company is engaged in the business of manufacturing of parts and accessories of apparatus for Radio, Radio/ line Telephony/ Telegraphy/ Data (Radio Access Equipment and Services)

2

M/s Mfar Realtors Pvt. Ltd., Cochin

Conversion of an existing Private Limited company into LLP.  The company is engaged in the business of construction and development of residential properties.

3

M/s Advent Business Credit Development Company Pvt. Ltd.

To delete one of the condition in the FC approval.

4

M/s Greycells Education Ltd.

To issue warrants to carry out the business of educational services rendered by technical or vocational colleges, schools and other institutions.

 In the following 01 (One) proposal, FIPB recommended that the applicant may be advised that no specific approval is required: 

Sl.No.

Name of the applicant

Particulars of the proposal

FDI/NRI inflows (` in crore)

1

M/s Aman Sewing & Embroidery Threads Pvt. Ltd.

To change the activity from import of Sewing Threads and sale the same to domestic end users (Test-Marketing) to import of Sewing Threads and wholesale trade of the same to its industrial/ institutional customers.

Nil

The following 01 (One) proposal has been withdrawn from the Agenda: 

Sl. No

Name of the applicant

1

M/s Alburaq Trading LLP, Maharashtra

* * * * *

DSM/RS/GN

Topics

Acts Income Tax