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    Rationalisation of Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 – Draft Rules for Comments
    CARD91 offers its comprehensive PPI Suite to Indian Overseas Bank with RuPay NCMC Capability
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    SC gives Parsvnath Developers one week to deposit dues to homebuyers, warns next step is jail
    Rupee fell 14 paise to close 96.44 against US dollar
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    July 21, 2026
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    Foreign investment regulation: Draft rules propose simpler, principle-based compliance and clearer separation of procedural requirements from investment policy.
    Draft Foreign Exchange Management (Foreign Investment) Rules, 2026 propose a simplified, principle-based foreign investment framework. The proposals rationalise provisions, harmonise definitions, and separate procedural foreign-exchange requirements from foreign direct investment policy and sector-specific conditions. They aim to streamline procedures, reduce compliance burdens, enhance operational flexibility, and apply investor-neutral and investee-neutral provisions while preserving regulatory safeguards. The draft Rules remain subject to public consultation before finalisation.
    July 21, 2026
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    Prepaid payment instrument programme adds mobility and gift card capabilities with digital servicing subject to applicable programme conditions.
    Prepaid payment instrument programme launched for Indian Overseas Bank through CARD91's technology stack, incorporating RuPay National Common Mobility Card and Gift Card capabilities. The programme was implemented following requisite approvals, testing and compliance validation. The RuPay NCMC facility supports prepaid, tap-based payments for metro, bus and parking transactions, subject to the bank's programme conditions and user eligibility. Digital card servicing may include balance enquiry, transaction history, reload or top-up functions, and customer support, subject to applicable programme terms.
    July 21, 2026
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    Free trade agreements and e-commerce export reforms expand preferential market access, address non-tariff barriers, and support small exporters.
    Export market diversification is advanced through trade agreements, export-promotion measures and capacity building. Free Trade Agreements seek preferential market access, increased trade and investment, and support for labour-intensive exports, while technical barriers to trade provisions and engagement mechanisms address standards, regulatory requirements and non-tariff barriers. Cross-border e-commerce exports are supported through trade-finance and compliance assistance, E-Commerce Export Hubs, District Export Hubs, simplified courier-export procedures, reverse-logistics facilitation, logistics planning, duty-and-tax remission, and MSME export facilitation.
    July 21, 2026
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    Production Linked Incentive Schemes strengthen domestic manufacturing through investment support, export growth, employment generation, monitoring and eligibility reforms.
    Production Linked Incentive Schemes for 14 sectors promote domestic manufacturing, investment, exports, employment and global competitiveness. Overall coordination and monitoring rests with the Department for Promotion of Industry and Internal Trade, while sector-specific implementation is undertaken by the relevant ministries and departments. Implementation is periodically reviewed, with scheme modifications, rationalised guidelines, relaxation of specified eligibility conditions, project monitoring, stakeholder consultation and inter-ministerial issue resolution used to improve uptake and strengthen domestic manufacturing ecosystems.
    July 21, 2026
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    Separate corporate insolvency processes remain contested over foreign asset treatment, specialised resolution needs, and creditors' commercial decision-making.
    Separate corporate insolvency resolution processes for VIL and VOVL are disputed following reversal of an earlier consolidation direction. Independent processes were preferred because the entities operate in distinct sectors and may require specialised resolution, while creditors' choice was treated as commercial wisdom not ordinarily open to tribunal interference. The dispute also concerns whether foreign oil and gas assets should be treated as VIL assets, against the background of VIL's conversion from co-obligor to corporate guarantor to ring-fence those assets from domestic business liabilities.
    July 21, 2026
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    Drone technology collaboration promotes joint manufacturing, technology transfer, rural entrepreneurship and global market access through an integrated industrial ecosystem.
    India-Russia industrial collaboration in drone technology is proposed through engagement on technology transfer, joint manufacturing, research collaboration, investment, exports and global market access. Drone City is presented as an integrated ecosystem covering manufacturing, research and development, testing, certification support, skill development, incubation, warehousing, startup acceleration and international technology partnerships. Its expansion and panchayat-level entrepreneurship programme are expected to create rural drone enterprises and employment in manufacturing, component production, quality control, maintenance, logistics and technical support.
    July 21, 2026
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    WTO trade policy review will assess India's trade measures, transparency framework, reforms, and responses to member questions.
    India's eighth Trade Policy Review under the World Trade Organization framework examines its trade policies and developments during the 2021-2025 review period. The process uses a Government Report and a Secretariat Report and provides a comprehensive peer examination of border and behind-the-border trade measures to promote transparency, predictability and understanding. The review addresses trade agreements, Goods and Services Tax rationalisation, digital trade-facilitation measures, and Member questions on digitisation, MSMEs, women's economic participation, Viksit Bharat and the Atmanirbhar Bharat Abhiyan.
    July 21, 2026
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    Fisheries subsidy disciplines promote sustainable marine resource use while excluding aquaculture and inland fisheries from their scope.
    The WTO Agreement on Fisheries Subsidies disciplines subsidies concerning marine wild-capture fishing and fishing-related activities at sea. It prohibits subsidies linked to illegal, unreported and unregulated fishing and fishing of overfished stocks, promoting conservation and sustainable use of marine resources. Aquaculture and inland fisheries remain outside its scope. India's fisheries management framework is identified as supporting implementation while preserving policy space and safeguarding the interests of traditional and small-scale fishers.
    July 21, 2026
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    Revised Index of Core Industries adopts a new base year, adds iron ore, and revises sector measurement methodology.
    The revised Index of Core Industries series adopts 2022-23 as its base year, replaces the former series and expands coverage to nine industries by including iron ore. Steel is measured using gross production data, while only raw coal is retained to avoid double counting. Weights are derived from the corresponding Index of Industrial Production series and normalised to 100. A geometric-mean linking methodology connects the former and revised series. June 2026 provisional estimates show overall year-on-year ICI growth, led principally by iron ore and electricity.
    July 21, 2026
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    Risk-based export controls exposed alleged pharmaceutical diversion, prompting NDPS enforcement against transnational illicit opioid trafficking networks.
    Risk-based export controls and intelligence-led enforcement under the NDPS Act, 1985 addressed an alleged attempt to divert an export consignment of high-strength Tramadol Hydrochloride tablets into illicit international channels. Enquiries with the International Narcotics Control Board and competent authorities indicated that the declared destination had been misrepresented. The action involved seizure of the consignment and arrests of persons alleged to be connected with the export arrangement and conspiracy. The operation emphasises risk-based profiling, export-control scrutiny, intelligence sharing, and international coordination against pharmaceutical diversion and transnational drug trafficking.
    July 21, 2026
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    Trade tariffs on Canadian goods target alleged discrimination against American automobiles, alcohol and dairy products under trade law.
    United States trade action imposes tariffs on most Canadian goods, citing alleged discriminatory treatment of American automobiles, alcoholic beverages and dairy products. The measures apply to goods previously protected under the United States-Mexico-Canada Agreement, subject to exclusions for energy products, potash, fish and critical minerals. The stated grounds include Canadian retaliatory tariffs, restrictions on American alcohol sales, treatment of dairy imports, and tariffs on certain United States motor vehicles outside preferential trade treatment.
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    July 20, 2026
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    Concessional foreign-exchange swaps incentivise fresh FCNR(B) deposits and foreign borrowings to strengthen balance-of-payments liquidity.
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    July 20, 2026
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    Geographical indication recognition protects traditional product identity while supporting rural entrepreneurship, quality maintenance, digital access and artisan market opportunities.
    Geographical Indication recognition is being pursued for additional traditional products from Jharkhand to protect product identity and expand protected regional products. GI recognition supports cultural heritage, rural entrepreneurship and market access for artisans and primary producers. Post-registration measures emphasise product-quality maintenance and digital e-commerce access, alongside skill development, marketing initiatives, rural haats and support for non-farm sectors.
    July 20, 2026
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    Banking sector earnings concerns and geopolitical tensions pressured benchmark equities, while broader markets and selected defensive sectors gained.
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    July 20, 2026
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    Internal Ombudsman independence strengthens fair customer grievance resolution, prevents escalation, and drives institutional learning from recurring complaint patterns.
    Internal Ombudsmen should independently review qualifying customer grievances to ensure fair, reasonable and timely internal resolution rather than mechanically affirming earlier decisions. Regulated entities should prevent eligible complaints from bypassing Internal Ombudsman review and should assess redress by the quality, transparency and fairness of outcomes, not merely complaint closure. Complaint patterns should be used for root cause analysis and institutional improvements, with Boards and senior management empowering Internal Ombudsmen and treating complaint trends as early-warning information. Technology may support analytics and faster processes but cannot replace judgment, empathy and impartiality.
    July 20, 2026
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    UPI security framework mandates advanced controls, alongside risk-based limits and authentication safeguards to strengthen payment ecosystem resilience.
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    July 20, 2026
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    Fintech consumer protection strengthens payment security, data safeguards, innovation testing, fraud monitoring, cybercrime reporting, and public awareness mechanisms.
    Fintech regulation and consumer protection are being strengthened through self-regulatory standards, digital payment security controls, personal-data safeguards, regulatory sandbox testing, and cyber-fraud reporting mechanisms. The FinTech self-regulatory organisation framework promotes ethical conduct, market integrity, dispute resolution, transparency, and accountability. Banks must maintain minimum security controls for payment channels, supported by AI and machine-learning fraud monitoring for UPI transactions. Citizens may report cyber incidents and illegal loan apps through designated reporting channels, alongside awareness initiatives on fraud prevention and risk mitigation.
    July 20, 2026
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    Homebuyer order enforcement requires developer to deposit recoverable dues with interest, with imprisonment warned for continued non-compliance.
    Final homebuyer compensation and possession-related directions were enforced by requiring the developer and its officials to deposit the entire recoverable amount with annual interest in the court registry within one week. Existing asset freezes were to continue, and continued non-compliance could lead to imprisonment. The purchasers had obtained final regulatory compensation directions, but execution proceedings, notices and warrants had not resulted in payment or possession. Third-party rights and transfer of possession were restrained pending compliance.
    July 20, 2026
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    Foreign-exchange market pressure weakened the rupee as crude prices, geopolitical risk and dollar strength increased, with intervention offering support.
    Foreign-exchange market movement saw the rupee depreciate against the US dollar amid global risk aversion, higher crude oil prices, geopolitical tensions, and rising US Treasury yields. Reserve Bank of India intervention was identified as a potential support mechanism capable of limiting downside pressure. Higher dollar-index levels, domestic equity-market movements, foreign institutional equity outflows, and an increase in India's foreign-exchange reserves were also noted as relevant market conditions.

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      J-K Assembly proceedings paralysed for third day over Waqf issue; House adjourned sine die

      April 9, 2025

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      Jammu, Apr 9 (PTI) Uproar over the demand by non-BJP parties for a discussion on the new Waqf Act paralysed proceedings for the third consecutive day in the Jammu and Kashmir Assembly, which was adjourned sine die on Wednesday.

      Addressing the members in the House, Speaker Abdul Rahim Rather defended his action of disallowing the adjournment motion by some National Conference (NC) members and its alliance partners on the Waqf issue and also disallowed a no-confidence motion moved against him by three opposition members led by Peoples Conference leader Sajad Gani Lone, citing business rules and technicalities.

      Rather spoke unhindered for more than 15 minutes for the first time in the past three days as the House had been rocked by protests by treasury and opposition members who were demanding a discussion on the Waqf (Amendment) Act.

      According to the revised calendar, Wednesday was the last day of the Budget Session.

      The Speaker lauded the contribution of the members in the smooth conduct of the 21-day-long budget session.

      Earlier when the House met this morning, the NC members started demanding a discussion on the Waqf Act. The BJP members also walked into the Well demanding that they be given an opportunity to raise their issues like unemployment.

      Amid the pandemonium, the Speaker adjourned the house till 1 pm The protests started again as the House reassembled and Aam Aadmi Party (AAP) MLA Mehraj Malik, who was involved in a clash with BJP legislators and some PDP workers outside the House during the three-hour adjournment, tried in vain to raise the issue.

      The Assembly witnessed back-to-back full-day adjournments for the last two days on the Waqf issue after the Speaker refused to allow a discussion on the Waqf issue, contending that the matter was sub judice.

      On Wednesday, the NC members once again trooped into the well to demand suspension of business to discuss the Waqf Amendment act, while BJP's Balwant Singh Mankotia moved an adjournment motion to discuss the problem of unemployment.

      However, the Speaker disallowed the motion saying it is not a recent occurrence and took up scheduled business. He asked BJP member Sunil Bhardwaj to ask his question despite uproarious scenes including slogan shouting from treasury and opposition benches in support of discussion on Waqf and the unemployment issues.

      NC legislator Nazir Ahmad Khan Gurezi pleaded the Speaker to allow a 30-minute discussion using his discretionary powers so that the House could function smoothly.

      "This (Waqf Amendment act) is injustice to Muslims and the BJP, which is doing its politics on Hindu-Muslim affairs, is enacting a drama in the House by raising the issue of unemployment.

      "They were in power for the last 10 years and they should inform the House about the number of those who have been provided employment by them," Gurezi said.

      Gurezi accused the BJP of destroying the region and snatching the rights of the people over land and jobs.

      The BJP members led by Leader of Opposition Sunil Sharma walked into the well amid sloganeering by legislators from both sides. Some of them also staged a sit-in. Amid the uproar, the Speaker adjourned the house till 1 pm.

      In the morning, the NC legislators and their alliance partners met in the assembly complex in a bid to end the logjam but the meeting -- second within 17 hours -- failed to bring order in the House.

      The legislators had also met on Tuesday evening. PTI TAS TAS RT RT

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