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    Govt sets LPG production targets for refiners; Reliance gets largest quota
    PM urges MSMEs to tap opportunities from FTAs
    PM urges farmers to adopt 'chemical-free farming' to tap rising global demand for such food items
    Govt rolls out foreign asset disclosure scheme for small taxpayers
    Need one or two Indian pharma firms to be among global top 5: PM Modi
    Small taxpayers with€™ foreign assets to face 30 pc tax plus penalty; disclosure scheme opens till Dec 31
    PM urges MSMEs to tap opportunities from FTAs
    Govt cuts windfall gains tax on petrol, diesel, ATF exports
    Modi warns of weaponisation of resources, sea routes; urges energy self-reliance
    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
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    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
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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.
    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
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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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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.

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      Customs & Trade

      India imposes 'uniquely burdensome' certification requirements, make it difficult for American companies to sell in the country: White House

      April 3, 2025

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      New York/Washington, Apr 3 (PTI) India imposes its “own uniquely burdensome” testing and certification requirements in sectors such as chemicals, telecom products, and medical devices, making it "difficult or costly" for American companies to sell their products in the country, the White House said.

      In a fact sheet issued after US President Donald Trump announced sweeping reciprocal tariffs on countries that levy taxes on US goods, the White House stated that non-tariff barriers—meant to limit the quantity of imports/exports and protect domestic industries—also deprive US manufacturers of reciprocal access to markets around the world.

      Citing the example of India, the White House fact sheet said: "India imposes its own uniquely burdensome and/or duplicative testing and certification requirements in sectors such as chemicals, telecom products, and medical devices that make it difficult or costly for American companies to sell their products in India. If these barriers were removed, it is estimated that US exports would increase by at least USD 5.3 billion annually.” Trump announced a 26 per cent “discounted reciprocal tariff” on India, half of the 52 per cent levies imposed by the country on American goods, as he described India as “very, very tough.” The fact sheet, titled ‘President Donald J Trump Declares National Emergency to Increase our Competitive Edge, Protect our Sovereignty, and Strengthen our National and Economic Security’, noted that Trump has declared that foreign trade and economic practices have created a national emergency, and his order imposes responsive tariffs to strengthen the international economic position of the United States and protect American workers.

      On the issue of addressing trade imbalances, the White House said that Trump is working to level the playing field for American businesses and workers by confronting the unfair tariff disparities and non-tariff barriers imposed by other countries.

      “For generations, countries have taken advantage of the United States, tariffing us at higher rates,” it said, citing the example that the United States imposes a 2.5 per cent tariff on passenger vehicle imports (with internal combustion engines), while the European Union (10 per cent) and India (70 per cent) impose much higher duties on the same product. For networking switches and routers, the United States imposes a 0 per cent tariff, but India (10-20 per cent) levies higher rates. For rice in the husk, the US imposes a tariff of 2.7 per cent, while India (80 per cent), Malaysia (40 per cent), and Turkey (31 per cent) impose higher rates. Apples enter the United States duty-free, but not so in Turkey (60.3 per cent) and India (50 per cent).

      “The United States has one of the lowest simple average most-favoured-nation (MFN) tariff rates in the world at 3.3 per cent, while many of our key trading partners, like Brazil (11.2 per cent), China (7.5 per cent), the European Union (5 per cent), India (17 per cent), and Vietnam (9.4 per cent), have simple average MFN tariff rates that are significantly higher,” the White House fact sheet said.

      The White House stated in the fact sheet that China’s non-market policies and practices have given China global dominance in key manufacturing industries, decimating US industry. “Between 2001 and 2018, these practices contributed to the loss of 3.7 million US jobs due to the growth of the US-China trade deficit, displacing workers and undermining American competitiveness while threatening US economic and national security by increasing our reliance on foreign-controlled supply chains for critical industries as well as everyday goods.” As he announced the tariffs from the Rose Garden in the White House, Trump held up a chart showing the tariffs that countries such as India, China, the European Union, Japan, Taiwan, South Korea, Bangladesh, Sri Lanka, and Pakistan levy on US products and the reciprocal levies that these countries will now have to pay.

      On India, the chart showed that the country charged 52 per cent tariffs on the US “including currency manipulation and trade barriers,” and America will now charge India “discounted reciprocal tariffs” of 26 per cent.

      “India, very, very tough. Very, very tough. The Prime Minister just left. He's a great friend of mine, but I said, ‘You're a friend of mine, but you're not treating us right.’ They charge us 52 per cent. You have to understand, we charge them almost nothing, for years and years and decades, and it was only seven years ago, when I came in, that we started with China and we took in hundreds of billions of dollars from China in tariffs,” Trump said.

      Prime Minister Narendra Modi had visited Washington DC in February, less than a month after Trump took the oath of office and began his second term in the White House as President.

      Describing 2 April 2025 as “Liberation Day,” Trump announced reciprocal tariffs of varying degrees on 185 nations.

      “This is Liberation Day, waiting for a long time. 2 April 2025 will forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed, and the day that we began to make America wealthy again, going to make it wealthy, good and wealthy,” Trump said on Wednesday in remarks from the Rose Garden in the White House as he announced the closely-watched reciprocal tariffs on countries that impose levies on American goods.

      In his nearly hour-long remarks on a cold Wednesday late afternoon in the Rose Garden, Trump listed various countries from around the world and the tariffs they charge on US products, saying, “For decades, our country has been looted, pillaged, raped, and plundered by nations near and far, both friends and foes alike. American steelworkers, autoworkers, farmers, and skilled craftsmen… They really suffered gravely. They watched in anguish as foreign leaders have stolen our jobs. Foreign cheaters have ransacked our factories, and foreign scavengers have torn apart our once-beautiful American dream.” Joined by factory and automotive workers as well as members of his Cabinet in the audience, Trump signed the “historic Executive Order” instituting reciprocal tariffs on countries throughout the world.

      “Reciprocal. That means they do it to us and we do it to them. Very simple. Can't get any simpler than that,” Trump said to applause from those gathered for the event. PTI YAS ARD ARD

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