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    NBCC moves SC for RERA exemptions to complete 16 stalled Supertech projects
    DFS Hosts PSB Confluence 2026: Day 1 Deliberations focus on Four themes- Deposit Mobilisation, Banking for Youth, Supporting the Investment Cycle and ...
    Govt to soon announce high-level panel on 'Banking for Viksit Bharat': FM
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    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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.

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      India, Mauritius ink 8 pacts; Modi unveils 'MAHASAGAR' vision

      March 12, 2025

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      Port Louis, Mar 12 (PTI) India and Mauritius on Wednesday elevated their ties to 'enhanced strategic partnership' and inked eight pacts to boost ties in several sectors, including maritime security, and promote trade in local currencies, even as Prime Minister Narendra Modi unveiled an ambitious vision for growth and security of the Global South.

      On the second and final day of his two-day trip to Mauritius, Modi graced the national day celebrations of the island nation as the chief guest and announced a raft of development projects for the strategically-located country.

      Following talks with his Mauritian counterpart Navinchandra Ramgoolam, Modi announced India's new vision for Global South and named it "MAHASAGAR" or "Mutual and Holistic Advancement for Security and Growth Across Regions", a policy approach that came against the backdrop of China's relentless attempts to expand its influence in the Indian Ocean.

      "We are committed to extend full cooperation in the security of Mauritius' Exclusive Economic Zone," the prime minister said.

      In the meeting, Modi reiterated India's continued support and assistance to Mauritius in augmenting its defence and security needs given the shared objectives of the two nations in the region.

      The PM said a free, open, secure, and safe Indian Ocean is the common priority of India and Mauritius and that he and Ramgoolam agreed that defence cooperation and maritime security are an important part of the strategic partnership between the two countries.

      The two sides also unveiled a 'Joint Vision for an Enhanced Strategic Partnership' that outlined the futuristic approach in expanding bilateral cooperation in a range of areas including in defence and maritime security, trade, health and education, and space and climate change.

      The document noted that the two sides will enhance maritime cooperation through increasing deployment of ships and aircraft for joint maritime surveillance and hydrographic surveys.

      It said the two leaders also resolved to deepen cooperation towards securing EEZ of Mauritius, including through enhanced utilisation of newly built runway and jetty at Agalega.

      The unveiling of the 'MAHASAGAR' vision came 10 years after the prime minister announced during his visit to Mauritius in 2015 New Delhi's SAGAR or Security and Growth for All in the Region policy that formed the bedrock for India's engagement with the Indian Ocean Region.

      "We have taken the SAGAR vision forward for the stability and prosperity of this entire region. Today, taking it forward, I would like to say that our vision for the Global South will be, beyond SAGAR -- (it will be) MAHASAGAR that is"Mutual and Holistic Advancement for Security and Growth Across Regions"," Modi said in his media statement.

      The new approach will focus on the spirit of trade for development, capacity building for sustainable growth, and mutual security for a shared future, he said.

      "Under this, cooperation will be ensured through technology sharing, concessional loans and grants," Modi said.

      The agreements inked after Modi- Ramgoolam talks will provide for promoting use of national currencies for cross-border transactions, sharing of maritime data, joint work in combating money laundering and enhancing cooperation in the MSME (Micro, Small and Medium Enterprises) sector.

      In his remarks, Ramgoolam said Mauritius continues to benefit from Indian assistance for its socio-economic development, adding the two sides will continue to reinforce trade relations through the Comprehensive Economic Cooperation and Partnership Agreement (CECPA).

      At a media briefing, Foreign Secretary Vikram Misri said an agreement was inked on an Indian rupee-denominated line of credit amounting to Rs 487 crore for undertaking the replacement of water pipelines in Mauritius.

      This line of credit has been extended by the State Bank of India and it is the first ever Indian rupee-based Line of Credit that's being extended by New Delhi to any country, he said.

      In their talks, the two leaders noted that defence and maritime security cooperation remains an important pillar of bilateral relations and close cooperation in this domain has achieved a strategic dimension and benefited both countries immensely, the document on joint vision for an enhanced strategic partnership noted.

      They further agreed that Mauritius and India, having a shared commitment to ensure a free, open, safe and secure Indian Ocean Region, are natural partners in the region and reiterated their resolve to work closely in countering maritime challenges and safeguarding the larger strategic interests in the region, it said.

      The document stated Ramgoolam conveyed his appreciation to India for its "unwavering support" to Mauritius in protecting its vast Exclusive Economic Zone through provisioning of defence and maritime assets and regular deployment of ships and aircraft.

      The Mauritian PM further thanked India for its continued assistance towards refit of Coast Guard Ships Victory, Valiant and Barracuda, on grant basis.

      The document said Modi noted that Mauritius is a special maritime partner for India and is an important partner under India's Vision SAGAR. The Indian prime minister also said New Delhi will cooperate in building the new Parliament building in Mauritius and it will be a gift to the island nation from the 'Mother of Democracy'.

      Delving into strategic cooperation between the two nations, Modi said every possible help will be provided to Mauritius to help it meet the needs of its Coast Guard and that New Delhi will assist in the establishment of a police academy and national maritime information sharing centre in the country.

      "Cooperation on white shipping, blue economy and hydrography will be strengthened. We fully respect Mauritius' sovereignty in the context of Chagos," he said.

      India has been supporting the island nation in its efforts to reach a mutually beneficial deal with the UK over Chagos Islands in the Indian Ocean. In October last year, the UK had announced its decision to hand over the sovereignty of Chagos Islands to Mauritius after more than half a century under a historic agreement.

      Under the deal, sealed during the tenure of previous Mauritian PM Pravind Jugnauth, the UK would give up sovereignty over Chagos Islands but would maintain a 99-year lease over the UK-US military airbase on the largest island, Diego Garcia.

      However, the new Mauritius government led by Ramgoolam demanded reopening of talks with the UK over Chagos Islands as it sought a relook at the deal.

      The two leaders also virtually inaugurated the area health center in Cap Malheureux, and as many as 20 high impact community development projects. In his remarks, Modi said he and Ramgoolam decided to give the status of "Enhanced Strategic Partnership" to the India Mauritius ties.

      "We are each other's partners on the path of economic and social progress. Be it a natural disaster or the COVID disaster, we have always supported each other.

      "Be it defence or education, health or space, we are walking shoulder to shoulder in every field," he said.

      "In the last ten years, we have added many new dimensions to our relations. We have set new records in development cooperation and capacity building," Modi said.

      The prime minister also announced several development projects to be implemented in Mauritius under India's assistance.

      Work will be done to modernise the 100-km long water pipeline, he said.

      In the second phase of community development projects, new projects worth 500 million Mauritian rupees will be started, he added.

      "We have also agreed to settle mutual trade in local currencies," Modi said.

      The prime minister also mentioned various India-assisted projects in the island nation that included "metro express for speed in Mauritius, supreme court building for justice, social housing for comfortable stay, ENT hospital for good health, UPI and Rupay Card to promote business and tourism".

      Modi and Ramgoolam also dedicated to Mauritius the "Atal Bihari Vajpayee Institute of Public Service and Innovation".

      The prime minister also touched upon the people-to-people connection between the two nations.

      "We will work together for the use of AI (artificial intelligence) and DPI, which is digital public infrastructure in human development," Modi said.

      "For the people of Mauritius, facilities will be provided for Char Dham Yatra and Ramayana trail in India," he said.

      A contingent of Indian armed forces also participated in the national day celebrations along with a warship of the Indian Navy and the Akash Ganga skydiving team of the Indian Air Force. PTI MPB SCY

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