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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
    Rupee falls 19 paise to close at 95.61 against US dollar
    Govt to soon announce high-level panel on 'Banking for Viksit Bharat'
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    DRI uncovers large-scale illegal use of SAFTA agreement in areca imports
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    Colombian president asks Trump to suspend tariffs to help earthquake recovery
    Mission Samudra to be launched alongside Vizhinjam’s EXIM operations
    Europe emerges top destination for India's electric car shipments in Q1
    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
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    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
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    August 17, 2026
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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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      Customs & Trade

      Perform or perish: Cong's strong message to party cadres at Ahmedabad session

      April 9, 2025

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      Ahmedabad, Apr 9 (PTI) After two days of brainstorming, the Congress on Wednesday sent out a strong message to party cadres from the land of Mahatma Gandhi and Sardar Patel to strengthen the organisation and take on the BJP electorally on the basis of its ideological strength.

      After hours of deliberations at the AICC session organised on the banks of the Sabarmati river, the party hit out at the BJP over the issue of nationalism saying while the Congress binds people together, the saffron party seeks to divide.

      The Congress adopted three resolutions at the session, including 'Nyaypath' that seeks to take the BJP head-on over its nationalism push and strongly pitched itself as the defender of the Constitution, vowing to "fight back every assault on the federal structure".

      While one resolution was on seeking to assert the legacy of Sardar Vallabhbhai Patel on his 150th birth anniversary year passed by the CWC on Tuesday, the other special resolution - 'Why Congress is needed in Gujarat' with motto of 'Nutan Gujarat, Nutan Congress' (new Gujarat, new Congress), focussed on bringing the Congress back to power in Gujarat, where the BJP has been in power since 1995.

      Congress president Mallikarjun Kharge set the tone for the session by giving a stern warning to non-performers to rest or retire.

      Talking tough in his inaugural address, he said, "I also want to say that those who do not help in party work, need to rest, those who do not fulfil their responsibilities must retire," amid applause from Congress leaders and workers.

      He also alleged "fraud" in elections and said the Maharashtra polls were won like this as he made a strong pitch for return to ballot paper. He attacked the Election Commission for not stopping the "irregularities" and instead taunting the parties raising questions.

      Congress leader Rahul Gandhi also attacked the Narendra Modi government on domestic and international issues, saying the the Waqf (Amendment) Act as "anti-Constitution" and an attack on the freedom of religion while warning that the BJP-RSS will soon go after the rights of other minorities soon.

      He also hit out at Modi over his "silence" on imposition of tariffs by the US and asked where he was hiding. He also recalled how Modi used to "boast about his friend".

      "Where is the 56-inch chest", Gandhi asked after alleging that Modi did not speak anything while being seated next to Bangladesh chief adviser Mohammad Yunus, who gave adverse remarks.

      Kharge also hit out at the ruling BJP government accusing it of inciting communalism by raising 500 years-old issues and seeking to divide people and promote hatred among them, instead of preparing for future challenges.

      Such dangerous thinking should never be supported, he said.

      Kharge also stressed that role of district Congress committee presidents in the organisation will be greatly enhanced and they will henceforth have a say in the selection of party candidates.

      "The role of district presidents is going to be important in the formation of the organisation," Kharge said, adding that their appointment has to be done impartially and they would be involved in the candidate selection process in polls.

      Kharge said we are once again fighting for India's independence, claiming that in this second battle for independence the enemies are injustice, inequality, discrimination, poverty and communalism.

      The only difference is that back then foreigners used to promote injustice, poverty and inequality, now our own government is doing it, he said.

      "Democracy is being finished slowly, slowly, slowly," he alleged, adding that monopoly is being established with resources being handed to a few crony capitalists.

      "If this continues, the Narendra Modi government and Modi will sell off the whole country and go," he alleged.

      The Congress chief also said the Supreme Court has come down harshly against Governors, who sat on bills passed in opposition-ruled states, and it was like a "tight slap".

      The Ahmedabad session, themed "Nyaypath: Sankalp, Samarpan aur Sangharsh," was attended by more than 1,700 elected and co-opted AICC members.

      Rahul Gandhi, who addressed the AICC delegates just before conclusion, cautioned of economic turmoil after tariffs, accusing Modi of succumbing to US pressures, even as he made a strong push for bring the caste census.

      "Did you see the photograph of PM Modi hugging Trump? This time he ordered Modi ji that 'we will not hug but will impose new tariffs'. PM Modi did not say a word. To divert attention from this they ran a drama in Parliament for two days," he said, asking, "Where is the PM hiding?" He also assured that the party would break the 50 per cent ceiling of reservation for SCs/STs/OBCs and pushed for a caste census across the country to provide equal share to people as per their population.

      Gandhi lauded Congress-ruled Telangana for showing the path to the country by conducting the caste survey by raising the reservation of OBCs to 42 per cent.

      "We will break the wall of 50 per cent reservation. What Telangana has done, we are going to do across the country," he asserted.

      "Modi ji talks 24 hours about backwards, tribals, but when it comes to their 'bhaagidari' (participation), then BJP people keep quiet," he noted.

      The former Congress chief also hit out at the BJP-RSS for their polarising agenda, alleging that they were full of hatred. He attacked them over the recent incident in Rajasthan, where a temple was purified with 'Gangajal' after CLP leader Tika Ram Jully, a Dalit, visited it.

      Referring to an article in an RSS-linked magazine, Gandhi alleged that it reveals that the BJP and RSS have now set their sight on the rights of Christians, and Sikhs would be next.

      Noting the fight is for the Constitution and it is not easy, he said, "They have everything at their disposal but we have truth and the love of the people on our side." Exhorting the party workers to be battle ready, Gandhi said, "change is in the air" as people are fed up with the BJP.

      In the resolution, the Congress said nationalism for the Congress means binding people together, while the "pseudo-nationalism espoused by the BJP-RSS" is marred by vitriol and prejudice.

      It also accused BJP of being in a "Machiavellian quest for exploitative power".

      The party also asserted that its commitment to secularism was inspired by the age-old traditions of India while the BJP government and its affiliates were "determined to fracture" the core national spirit for "political gain" and "lust for power".

      Terming as "alarming" the alleged discovery of a large amount of cash from the residence of a high court judge, the Congress said a mechanism for judicial accountability, without compromising judicial independence, is the need of the hour. PTI ASK/SKC ZMN

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