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    Govt rolls out foreign asset disclosure scheme for small taxpayers
    Need one or two Indian pharma firms to be among global top 5: PM Modi
    Small taxpayers with€™ foreign assets to face 30 pc tax plus penalty; disclosure scheme opens till Dec 31
    PM urges MSMEs to tap opportunities from FTAs
    Govt cuts windfall gains tax on petrol, diesel, ATF exports
    Modi warns of weaponisation of resources, sea routes; urges energy self-reliance
    Current account deficit widens to USD 6.2 bn in Jun: RBI data
    Concessional swap facility attracts USD 56.85 bn forex inflows: RBI
    DFS Highlights Mechanism for Timely Redressal of Insurance Policyholders’ Grievances
    Forex kitty jumps USD 14.14 bn to USD 707 bn in one of the biggest weekly expansions
    PROVISIONAL ESTIMATES OF WHOLESALE PRICE INDEX, OUTPUT PRODUCER PRICE INDEX, AND TRIAL INPUT PRODUCER PRICE INDEX FOR THE MONTH OF JULY 2026, AND FINA...
    Logistics Data Bank Tracks 10 Crore EXIM Containers, Provides Visibility across Logistics Chain
    APEDA and Government of Tripura Organise International Organic Buyer-Seller Meet to Expand Global Market Linkages
    WPI inflation eases to 9.78 pc in July on softening in fuel prices
    IDFC FIRST Bank secures its first international rating with Investment Grade from S&P Global Ratings
    DRI busts illegal drug manufacturing facility in Jewar, UP; 30 kg drugs seized and two persons arrested
    UCO Bank launches IFSC Banking Unit at GIFT City
    Banking sector has key role to play as India on way to become 3rd largest economy: Gujarat CM
    India's exports to US rise 12.85 pc in Jul; shipments to China jump 64.57 pc: Govt data
    50 tonnes of copper without e-way bills seized by Delhi GST, Railways joint team
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    August 15, 2026
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    Global pharmaceutical leadership is urged through Indian firms achieving top-five status, supported by generic manufacturing and export capacity.
    Indian pharmaceutical companies are urged to attain representation among the world's five leading pharmaceutical firms, despite India's established position as a major producer of generic medicines. India has a broad manufacturing base, supplies generic medicines across numerous therapeutic categories, and exports to worldwide markets including highly regulated jurisdictions. Although pharmaceutical exports and the domestic market have expanded, Indian firms have not yet secured positions among the largest global companies. Greater international scale may be supported through acquisitions and expanded established-brand and branded-generic operations.
    August 15, 2026
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    Foreign asset voluntary disclosure permits eligible small taxpayers to regularise qualifying assets through tax, additional levy, and statutory immunity.
    FAST-DS permits eligible small taxpayers to voluntarily disclose specified foreign assets or foreign income. It covers undisclosed foreign assets or income not offered to tax, subject to an aggregate value threshold of Rs 1 crore, and certain foreign assets omitted from the relevant return schedule, subject to a Rs 5 crore threshold and prescribed fee. Payment comprises 30 per cent tax and an additional equal amount. Disclosed income or investment is excluded from total income, with immunity from further tax, penalty and prosecution under the Black Money Act for the disclosed asset or income.
    August 15, 2026
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    Free trade agreement opportunities require MSMEs to meet global standards and expand exports across textiles, machinery, medicines and seafood.
    Free trade agreements are presented as export-market opportunities for Indian MSMEs because they reduce or eliminate import duties on a substantial range of traded goods. MSMEs are urged to expand exports of textiles, machinery, medicines and seafood, including shrimp, by meeting global quality standards and offering products competitively. Their export role is linked to self-reliance and their significant contribution to manufacturing, exports, GDP and employment.
    August 15, 2026
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    Windfall gains tax on petroleum exports was reduced to support domestic fuel availability and limit export price advantages.
    Special additional excise duty (windfall gains tax) on exports of petrol, diesel and aviation turbine fuel was reduced from 15 August 2026. Petrol export duty was reduced to nil, and export-duty rates on diesel and ATF were lowered. Duty rates for petrol and diesel cleared for domestic consumption remained unchanged. The export-duty framework seeks to maintain domestic petroleum-product availability and limit export advantages arising from higher global crude oil prices amid West Asia tensions.
    August 15, 2026
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    Energy self-reliance drives diversified fuel sourcing, expanded offshore exploration, and domestic capacity to reduce geopolitical supply vulnerability.
    Energy security policy seeks to reduce exposure to geopolitical pressure and supply disruption caused by dependence on overseas fuel and strategic maritime routes. India is diversifying crude oil and LNG sourcing while strengthening domestic hydrocarbon production through offshore exploration, seismic surveys, exploratory drilling and shared infrastructure. Expanded access to sedimentary basins is intended to unlock domestic oil and gas resources. Wider piped natural gas coverage, solar generation, critical-mineral exploration, and nuclear and other non-fossil energy sources support the broader objective of energy self-reliance.
    August 14, 2026
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    Current account deficit widened as merchandise trade imbalance expanded, despite stronger services surplus, transfers, and positive capital inflows.
    India's current account deficit widened in June 2026, principally because merchandise imports increased faster than exports and expanded the merchandise trade deficit. A higher services surplus, increased net transfers and a narrower net income deficit provided partial offsets. Net capital inflows, including foreign direct investment and foreign portfolio investment, supported a positive overall monthly balance. During the April-June quarter, despite increased services surplus and net transfers, the overall balance shifted to a deficit as the merchandise trade deficit widened.
    August 14, 2026
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    Concessional foreign-currency swap facility closes early for new FCNR(B) deposits while ECB and OFCB access remains available.
    The concessional swap facility for FCNR(B) deposits encourages foreign-currency inflows and supports foreign-exchange liquidity. New FCNR(B) deposits eligible for the facility must be mobilised by 31 August 2026, while swaps for eligible deposits may be availed until 11 September 2026. The swap arrangement for External Commercial Borrowings and Overseas Foreign Currency Borrowings remains available until 31 December 2026.
    August 14, 2026
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    Insurance grievance redressal requires initial insurer complaint, prompt acknowledgement, and escalation through integrated monitoring channels when resolution remains unsatisfactory.
    Insurance policyholder grievances must first be raised with the concerned insurer, whose Grievance Redressal Officer and Board-level monitoring committee oversee redressal. Complaints received through digital channels, correspondence or call centres are recorded in the insurer's Complaints Management System, integrated with Bima Bharosa. Insurers must acknowledge complaints immediately and resolve them within 14 days. Where no response is received within a reasonable period or the response is unsatisfactory, policyholders may escalate through Bima Bharosa or designated helplines, email or physical correspondence.
    August 14, 2026
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    Foreign exchange reserve growth reflects increases in foreign currency assets, gold holdings, special drawing rights, and IMF reserve position.
    India's foreign exchange reserves rose to USD 707.002 billion for the week ended 7 August 2026. The increase comprised higher foreign currency assets, gold reserves, special drawing rights and the reserve position with the IMF. Foreign currency asset valuation incorporates appreciation or depreciation of non-US currencies held in reserve assets. Measures including the FCNR(B) scheme were introduced to attract additional foreign exchange inflows.
    August 14, 2026
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    Wholesale and producer price indices show July inflation movements, provisional estimates, final revisions, and manufacturing input-price trends.
    Wholesale Price Index, Output Producer Price Index, and trial Input Producer Price Index estimates under the 2022-23 base-year series set out provisional July 2026 measures and final May 2026 revisions. All-commodities WPI stood at 110.0 in July 2026, with year-on-year inflation of 9.78 per cent. The all-commodities Output PPI was unchanged at 109.9, while the trial Input PPI for manufacturing was provisionally estimated at 105.9. Final May WPI, Output PPI and trial Input PPI measures were revised from their respective provisional estimates.
    August 14, 2026
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    Logistics data visibility enables EXIM container tracking, operational analytics and multimodal shipment monitoring across India's logistics chain.
    Logistics Data Bank provides near real-time visibility of India's EXIM container movement through technology-based tracking and stakeholder monitoring tools. RFID-based coverage extends across ports, terminals, inland logistics facilities, rail networks, industrial zones, borders and highways. The platform uses RFID, Internet of Things, Big Data and Cloud technologies, with analytics on dwell time, transit time, and port and terminal performance to identify logistics bottlenecks. LDB 2.0 adds high-seas tracking of export containers and multimodal shipment visibility.
    August 14, 2026
    Show AI Summary
    International organic buyer-seller linkages support Tripura producers through direct sourcing engagement, market access and sustainable export opportunities.
    International Organic Buyer-Seller Meet in Tripura created a direct platform for organic producers, Farmer Producer Organisations, exporters and international buyers to explore sourcing opportunities, market requirements and long-term commercial linkages. Organic and naturally produced goods, including Queen Pineapple, GI-tagged Kalikhasa Rice, organic ginger and turmeric, black sesame, jackfruit and scented lemon, were showcased through product displays and producer interactions. The initiative seeks to strengthen global market access, sourcing partnerships and income opportunities for organic farmers.
    August 14, 2026
    Show AI Summary
    Wholesale price inflation moderation was driven by softer fuel prices, while manufactured goods and primary articles recorded higher inflation.
    Wholesale price inflation moderated in July, led by a decline in fuel and power inflation and a marginal easing in food-article inflation. Inflation in manufactured products and primary articles increased, making the moderation uneven across groups. Mineral oils, food articles, basic metals, non-food articles, food products, and chemical products remained significant inflation drivers. The output Producer Price Index remained unchanged year-on-year, with lower manufacturing and mining inflation offset by higher agriculture and electricity producer-price inflation.
    August 14, 2026
    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.
    August 13, 2026
    Show AI Summary
    Last-mile credit access is prioritised through timely lending, wider beneficiary coverage, digital support and stronger fraud vigilance.
    Banking-sector participation is emphasised through last-mile credit access for MSMEs, women entrepreneurs, rural artisans, small farmers and other underserved beneficiaries. Banks are urged to expedite government-scheme applications, maximise coverage and use technology for timely financial support. Industrial-policy assistance and incentives cover startups, SC/ST entrepreneurs, persons with disabilities and first-generation entrepreneurs. Greater coordination, expanded village banking access, and vigilance against cyber fraud and mule accounts are also prioritised.
    August 13, 2026
    Show AI Summary
    Merchandise trade growth saw rising exports to major markets alongside increased imports and continuing United States trade-pact negotiations.
    India's merchandise trade data records increased July exports to the United States and China, alongside growth in imports from both markets. Exports to Singapore, the United Arab Emirates, the Netherlands, Germany, South Africa, Tanzania, Australia, Malaysia, Sri Lanka, Italy and Vietnam showed positive growth, while July exports declined for the United Kingdom, Bangladesh, Saudi Arabia and Nepal. Imports also increased from Russia, Korea, Singapore, Germany, Oman, Malaysia, Taiwan and Brazil. India and the United States are negotiating a trade pact amid an additional United States tariff on India.
    August 13, 2026
    Show AI Summary
    GST transport documentation enforcement addresses freight movement of metals without valid e-way bills and invoices under applicable rules.
    GST enforcement action led to the seizure of copper and aluminium ingots transported by freight train without valid e-way bills and invoices. The metals were found in three train wagons during inspection of parcel cargo. Further proceedings are to be undertaken under applicable GST rules concerning movement of goods without prescribed transport documentation.

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      Long, fraught timeline of tensions between Iran, US as nuclear negotiations loom

      April 9, 2025

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      Washington, Apr 9 (AP) Iran and the United States will hold talks in the sultanate of Oman on Saturday in an attempt to jump-start negotiations over Tehran's rapidly advancing nuclear programme.

      President Donald Trump insists they'll be direct negotiations. However, Iran's Foreign Minister Abbas Araghchi says he'll be speaking indirectly through a mediator to US Mideast envoy Steve Witkoff.

      Regardless of the format, the talks represent a milestone in the fraught relations between the two nations over Iran's programme, which is enriching uranium close to weapons-grade levels.

      Here's a timeline of the tensions between the two countries over Iran's atomic programme.

      Early days 1967 — Iran takes possession of its Tehran Research Reactor under America's “Atoms for Peace” programme.

      1979 — Shah Mohammad Reza Pahlavi, fatally ill, flees Iran as popular protests against him surge.

      Ayatollah Ruhollah Khomeini returns to Tehran and the Islamic Revolution sweeps him to power. Students seize the United States Embassy in Tehran, beginning the 444-day hostage crisis. Iran's nuclear programme goes fallow under international pressure.

      August 2002 — Western intelligence services and an Iranian opposition group reveal Iran's secret Natanz nuclear enrichment facility.

      June 2003 — Britain, France and Germany engage Iran in nuclear negotiations.

      October 2003 — Iran suspends uranium enrichment.

      February 2006 — Iran announces it will restart uranium enrichment following the election of hard-line president Mahmoud Ahmadinejad. Britain, France and Germany walk out of stalled negotiations.

      June 2009 — Iran's disputed presidential election sees Ahmadinejad re-elected despite fraud allegations, sparking Green Movement protests and violent government crackdown.

      October 2009 — Under President Barack Obama, the US and Iran open a secret backchannel for messages in the sultanate of Oman.

      July 2012 — US and Iranian officials hold face-to-face secret talks in Oman.

      July 14, 2015 — World powers and Iran announce a long-term, comprehensive nuclear agreement that limits Tehran's enrichment of uranium in exchange for the lifting of economic sanctions.

      The nuclear deal collapses May 2018 — Trump unilaterally withdraws the US from the nuclear agreement, calling it the “worst deal ever”.

      He says he'll get better terms in new negotiations to stop Iran's missile development and support for regional militias. Those talks don't happen in his first term.

      May 8, 2019 — Iran announces it will begin backing away from the accord. A series of regional attacks on land and at sea blamed on Tehran follow.

      January 3, 2020 — A US drone strike in Baghdad kills Gen. Qassem Soleimani, the architect of Tehran's proxy wars in the Middle East.

      January 8, 2020 — In retaliation for Soleimani's killing, Iran launches a barrage of missiles at military bases in Iraq that are home to thousands of American and Iraqi troops.

      More than 100 US service members suffer traumatic brain injuries. As Iran braces for a counterattack, the Revolutionary Guard shoots down a Ukrainian passenger plane shortly after takeoff from Tehran's international airport, reportedly mistaking it for a US cruise missile. All 176 people on board are killed.

      July 2020 — A mysterious explosion tears apart a centrifuge production plant at Iran's Natanz nuclear enrichment facility. Iran blames the attack on archenemy Israel.

      April 6, 2021 — Iran and the US under President Joe Biden begin indirect negotiations in Vienna over how to restore the nuclear deal. Those talks, and others between Tehran and European nations, fail to reach any agreement.

      April 11, 2021 — A second attack within a year targets Iran's Natanz nuclear site, again likely carried out by Israel.

      April 16, 2021 — Iran begins enriching uranium up to 60 per cent — its highest purity ever and a technical step from weapons-grade levels of 90 per cent.

      February 24, 2022 – Russia launches its full-scale invasion of Ukraine. Moscow ultimately will come to rely on Iranian bomb-carrying drones in the conflict, as well as missiles.

      July 17, 2022 — An adviser to Iran's supreme leader, Kamal Kharrazi, says that Iran is technically capable of making a nuclear bomb, but has not decided whether to build one. His remarks will be repeated by others in the coming years as tensions grow.

      Mideast wars rage October 7, 2023 — Hamas militants from the Gaza Strip storm into Israel, killing 1,200 people and taking 250 others hostage. This begins the most intense war ever between Israel and Hamas. Iran, which has armed Hamas, offers support to the militants. Regional tensions spike.

      November 19, 2023 — Yemen's Houthi rebels, long supported by Iran, seize the ship Galaxy Leader, beginning a monthslong campaign of attacks on shipping through the Red Sea corridor that the US Navy describes as the most intense combat it has seen since World War II. The attacks mirror tactics earlier used by Iran.

      April 14, 2024 — Iran launches an unprecedented direct attack on Israel, firing over 300 missiles and attack drones. Israel, working with a US-led international coalition, intercepts much of the incoming fire.

      April 19, 2024 — A suspected Israeli strike hits an air defense system by an airport in Isfahan, Iran.

      July 31, 2024 – Ismail Haniyeh, a Hamas leader, is assassinated apparently by Israel during a visit to Tehran after the inauguration of reformist President Masoud Pezeshkian.

      September 27, 2024 — Israeli airstrike kills Hezbollah leader Hassan Nasrallah.

      October 1, 2024 — Iran launches its second direct attack on Israel, though a US-led coalition and Israel shoot down most of the missiles.

      October 16, 2024 — Israel kills Hamas leader Yahya Sinwar in the Gaza Strip.

      October 26, 2024 — Israel openly attacks Iran for the first time, striking air defence systems and sites associated with its missile programme.

      Trump returns — and reaches out January 20, 2025 — Trump is inaugurated for his second term as president.

      February 7, 2025 – Iran's Supreme Leader Ayatollah Ali Khamenei says proposed talks with the US are “not intelligent, wise or honourable”.

      March 7, 2025 – Trump says he sent a letter to Khamenei seeking a new nuclear deal with Tehran.

      March 15, 2025 — Trump launches intense airstrikes targeting Houthi rebels in Yemen, the last members of Iran's self-described “Axis of Resistance” capable of daily attacks.

      April 7, 2025 — Trump announces the US and Iran will hold direct talks in Oman. Iran says they'll be indirect talks, but confirms the meeting.

      April 12, 2025 — First round of talks between Iran and the US scheduled to take place in Oman. (AP) PY PY

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