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    India’s Foreign Exchange Markets: Getting ready for the next Decade [Keynote Address delivered by Deputy Governor Shri Rohit Jain on the Annual Day ...
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August 21, 2026
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Foreign exchange market modernisation prioritises delegated decisions, customer transparency, digital workflows, local-currency settlement and accountable risk management.
Foreign exchange market modernisation advances a facilitative, principles-based framework based on delegated decision-making by Authorised Dealers, risk-based reporting, and customer-centric service standards. Authorised Dealers must apply clear internal policies, avoid unnecessary documentation, disclose charges, timelines and grievance mechanisms, and ensure consistent treatment of comparable transactions. Local-currency settlement requires viable trade corridors, competitive hedging, correspondent relationships and robust AML/CFT controls. Digital workflows, electronic trading and reporting infrastructure should improve transparency and resilience, while automated tools remain subject to explainability, review and data-protection safeguards.
August 21, 2026
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Sugar price containment measures restrict stockholding, permit duty-free imports, and strengthen inventory verification to deter hoarding.
Sugar price containment measures include stock limits for dealers, consumption-based inventory restrictions for bulk consumers, duty-free raw sugar imports, and physical verification of mill stocks to prevent hoarding and artificial scarcity. Price increases are attributed to lower domestic output, festive demand, crop damage, tighter global supplies, and speculation rather than sugar diversion for ethanol. Earlier crushing is advised to improve seasonal availability, while the ethanol programme supports management of sugar surpluses, mill liquidity, and timely sugarcane payments.
August 21, 2026
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Cross-border insolvency enforcement constrains asset recovery as Evergrande liquidation, founder asset confiscation, and audit-related claims continue.
Evergrande's insolvency process involves liquidation proceedings for its mainland property-development unit and its Hong Kong-listed holding company. Cross-border recovery is constrained by separate Hong Kong and mainland China legal systems, particularly because most operational assets are located in mainland China. Liquidators are pursuing asset-tracing and recovery measures against the founder and connected persons, as well as claims concerning pre-collapse audits. Investigations identified revenue overstatement through manipulated financial data. Creditor recoveries are expected to be limited due to substantial liabilities and constraints on asset realisation.
August 21, 2026
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Foreign exchange reserves rose through higher currency assets and gold holdings amid measures to attract external forex inflows.
India's foreign exchange reserves increased during the reporting week, led by higher foreign currency assets and gold reserves. Foreign currency assets include the dollar-value effects of movements in non-US currencies held as reserves. Special drawing rights declined marginally, while the reserve position with the International Monetary Fund increased marginally. Concessional swap arrangements formed part of measures to attract foreign-exchange inflows, while earlier reserve movements were linked to rupee pressure and dollar-sale intervention in the foreign-exchange market.
August 21, 2026
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Incremental tariff recovery aligns airport user charges with completed infrastructure, preventing passengers from funding non-operational capital projects prematurely.
User development fees and airport tariffs for Bengaluru International Airport have been revised for the April 2026 to March 2031 control period. The incremental Average Revenue Requirement framework excludes costs of identified high-value capital projects from tariffs until the relevant assets are completed, commissioned and available for users. Incremental tariff recovery may begin only upon operational availability, aligning charges with infrastructure use, reducing premature recovery risk for passengers and airlines, and encouraging timely completion of major capital works.
August 21, 2026
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Customer experience analytics enables banks to convert real-time feedback into operational improvements across high-value customer journeys.
Customer experience analytics is used in banking to transform customer data and real-time feedback into operational improvements across key customer journeys. Operational teams retain responsibility for strategy and execution, supported by in-house analytics and technology platforms for multi-channel journey mapping, journey analytics and prioritisation of high-value customer segments. AI-driven customer experience management tools capture customer signals, analyse journey performance and operationalise actionable insights across teams.
August 21, 2026
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Predicate-offence dependency limits retrospective addition of old FIRs to preserve money-laundering proceedings after the original scheduled offence is closed.
Predicate-offence dependency under the Prevention of Money Laundering Act requires an ECIR to rest on a subsisting scheduled offence. Closure of the FIR forming its basis through an accepted cancellation report prevents continuation of money-laundering proceedings unless that closure is overturned. A previously registered FIR cannot be belatedly added merely to preserve an existing ECIR and coercive powers. Where statutory requirements are met, an independently registered ECIR may be required. Expansion of an ECIR cannot rest solely on tenuous factual links between successive disputes.
August 21, 2026
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Indian rupee export invoicing rules now permit overseas contracts and invoices in rupees or foreign currency for eligible destinations.
Foreign Trade Policy provisions were amended to facilitate invoicing of overseas exports and receipt of export payments in Indian rupees. For exports to countries outside the Asian Clearing Union, export contracts and invoices may be denominated in Indian rupees or any foreign currency, replacing the earlier general requirement that export earnings be received in a freely convertible currency. The applicable requirements vary according to the destination country.
August 21, 2026
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Dealer inventory financing supports working-capital flexibility, vehicle inventory management and electric-vehicle network expansion for authorised dealers.
Dealer inventory financing is to be provided by Federal Bank to VinFast India's authorised dealer network under a memorandum of understanding. The tailored financing is intended to improve dealers' working-capital flexibility, support maintenance of vehicle inventory, strengthen operational capability, and enable timely response to demand as the electric-vehicle distribution network expands.
August 21, 2026
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Sugar supply pressures drive festive-season price increases as imports, stockholding limits and ethanol diversion shape market conditions.
Sugar prices in Bengal have risen sharply ahead of the festive season, with higher prices also affecting jaggery and other sugar-derived products. Supply constraints, mill stock releases, lower production in Brazil, ethanol diversion and possible hoarding have been identified as contributing factors. Raw-sugar imports have been permitted to augment availability, while stockholding restrictions limit inventories of specified bulk consumers. Lower projected closing stocks and possible future production effects from El Nino may sustain pressure on sugar availability and increase costs for sweetmeat producers.
August 21, 2026
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Foreign currency inflows and FCNR(B) deposits supported rupee sentiment, while oil prices and geopolitical risks constrained currency strength.
The rupee strengthened marginally against the US dollar as the dollar index softened, but elevated crude oil prices, geopolitical uncertainty, reduced foreign participation and net foreign equity outflows constrained currency sentiment. RBI measures to attract foreign currency inflows, including FCNR(B) deposits, were expected to generate substantial inflows, although these had not produced meaningful rupee strength. Energy-market disruption and restrictions on fuel exports through the Strait of Hormuz added to external-sector pressures.
August 21, 2026
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Sovereign security production priorities emphasise compliance, modernisation, employee innovation and operational excellence across currency, passport and coinage manufacturing.
SPMCIL performs a sovereign production mandate covering secure currency, coinage, passports and other products of national importance through its mints, currency presses, security presses and paper mill. Modernisation, compliance, transparency, efficiency, productivity, quality and corporate governance support the fulfilment of sovereign requirements. Individual employees and units were recognised for performance in productivity, environment and safety, energy conservation, knowledge and development, vigilance, and official-language implementation.
August 20, 2026
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Customs enforcement against suspected gold smuggling leads to baggage seizure and apprehension of the alleged intended receiver.
Customs officers intercepted an arriving passenger at the green channel on intelligence inputs and examined baggage after X-ray screening indicated suspicious images. The examination recovered two oval capsules containing gold paste concealed in the baggage. Interrogation indicated that an alleged receiver was waiting outside the airport to collect the suspected smuggled gold. Customs officers apprehended the alleged receiver, and further investigation remains underway.
August 20, 2026
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Provincial alcohol sales restrictions remain subject to economic impact assessment under proposed bilateral trade agreement negotiations.
Provincial control over alcohol distribution remains distinct from federal trade-making authority. Quebec retains authority over whether United States alcohol is offered through its government-controlled liquor distribution system, despite lacking a veto over a bilateral trade agreement. Federal requests to restore United States alcohol to retail shelves cannot compel provincial action. Proposed trade commitments also concern restrictions on United States agricultural products and Canada's dairy import regime, which applies lower tariffs within designated import volumes and higher duties beyond those volumes.
August 20, 2026
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Electoral-roll verification found no reported cases of specified foreign nationals receiving identity-linked benefits or voter registration.
Electoral-roll special intensive revision recorded no reported cases of Pakistani, Bangladeshi or Iranian nationals obtaining Aadhaar cards, ration cards, other government benefits, or voter registration. Illegal immigrants are identified through police monitoring, intelligence measures, specialised operations and a Special Task Force. Overstayers are recorded through the District Police Module and Foreigners Identification Portal and produced before Foreigners Regional Registration Officer authorities. Persons found to be residing illegally are reported to the concerned central divisions, proceeded against through registered cases, retained pending case disposal and exit permits, and subjected to deportation steps.
August 20, 2026
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Raw sugar tariff-rate quota permits duty-free imports while bulk consumers face consumption-based sugar stockholding limits.
Raw sugar imports are permitted duty-free under a tariff rate quota until 31 October 2026, with online allocation to eligible millers and refiners having functional refining capacity. Applicants must provide a refining-capacity declaration and supporting Consent to Operate; preference applies to importers undertaking timely completion of imports, while non-utilisation or failure to surrender allocations constitutes non-compliance. Bulk sugar consumers meeting the prescribed consumption threshold are subject to a stock cap of 15 days' consumption from 1 September to 30 November 2026.
August 20, 2026
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Duty-free raw sugar imports under tariff rate quota seek to improve domestic supply and contain rising sugar prices.
Duty-free import of 10 lakh metric tonnes of raw sugar is permitted under a tariff rate quota until 31 October 2026. The import-policy measure seeks to increase domestic raw-sugar availability and restrain rising local prices amid reduced opening stocks. Price-containment measures also include a stockholding limit for bulk consumers using more than 10 tonnes of sugar monthly, restricting holdings to 15 days' consumption.
August 20, 2026
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Reservation policy implementation is strengthened through capacity building, uniform institutional practices, welfare measures, and improved financial accessibility for Divyangjans.
Reservation policy implementation across Public Sector Banks, Public Sector Insurance Companies, sectoral regulators and Public Financial Institutions is being strengthened through a capacity-building workshop. The programme seeks uniform and effective application of Government reservation policies and related welfare measures. Senior human-resource functionaries and Chief Liaison Officers considered practical implementation issues, actionable measures for consistency, and operational concerns. It also focuses on improving accessibility of financial services for Divyangjans.
August 20, 2026
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Startup ecosystem support expands through digital infrastructure, mentorship, market linkages and specialised assistance for energy and climate-tech innovation.
DPIIT's collaborations with PhonePe and Shell India create support mechanisms for DPIIT-recognised startups through technology access, digital infrastructure, mentorship, market opportunities and industry networks. PhonePe will provide transaction credits, access to the Indus AppStore, onboarding support, brand visibility, and training on fintech, sales, go-to-market strategy and business scaling. Shell India will assist energy and climate-tech startups through mentorship, strategic guidance, investor and incubator connections, participation opportunities, and knowledge-sharing materials on innovation and best practices.
August 20, 2026
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India-Singapore economic cooperation advances through trade, investment, technology and business linkages, including agriculture, fintech and sustainable infrastructure collaboration.
India-Singapore economic cooperation was advanced through ministerial, business and government-to-business engagements focused on deepening bilateral trade, investment, technology and commercial linkages. Discussions addressed agri-exports, GCC-based commercial parks, fintech and sustainable infrastructure, alongside expanding agricultural market linkages. The engagements reinforced commitment to strengthening trade, investment, technology and business-to-business cooperation.

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Customs, DGFT & SEZ

Agricultural and Processed Food Products Export Development Authority (APEDA) facilitates First Commercial Sea shipment of Indian pomegranates from Maharashtra to USA

April 19, 2025

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14 Tons of Indian pomegranates exported from Ahilyanagar in Maharashtra to New York, USA

In a historic initiative towards introducing Indian Pomegranates to distant markets, a landmark commercial sea shipment of the prized Indian Bhagwa variety of Pomegranate has successfully arrived in New York, marking a significant milestone for India’s Fresh Fruits exports. With growing international demand for premium quality of Fresh Fruits, the arrival of this shipment heralds the potential of Indian Pomegranates becoming a preferred choice in the competitive U.S. market.

The Pomegranate season, which traditionally saw air freight as the primary mode of transportation, shifted gears in recent weeks to embrace the cost-effective and sustainable sea freight mode.

After India had been granted market access by USA for Pomegranates, during the season in 2023, the Agricultural and Processed Food Products Export Development Authority (APEDA) in collaboration with United States Department of Agriculture’s Animal and Plant Health Inspection Service (USDA APHIS), National Plant Protection Organization (NPPO - India) and National Research Centre for Pomegranate, Solapur (NRCP) successfully conducted the trial shipment of Pomegranate to USA by air.  

Owing to the success of the static trial to enhance the shelf life of Pomegranates for up to 60 days by APEDA in collaboration with ICAR-National Research Centre for Pomegranate, India had successfully flagged off its first trial commercial sea shipment of Pomegranates comprising of 4200 boxes i.e. 12.6 tons to the U.S. in collaboration with InI Farms from Irradiation Facility Center (IFC), Maharashtra State Agricultural Marketing Board (MSAMB), Vashi, Navi Mumbai in February, 2024.

APEDA facilitated the USDA pre-clearance program for Pomegranates in December, 2024 which played a pivotal role in easing the logistical and regulatory hurdles for Indian agriculture exporters and enabled them to enter the U.S. market. APEDA’s proactive approach in inviting the USDA inspectors for the pre-clearance process three months in advance ensured the smooth and timely arrival of the shipment

The inaugural sea shipment of 4,620 boxes of Indian Pomegranates, weighing approximately 14 tons reached the U.S. East Coast in the second week of March, well within five weeks of the point of departure. The shipment was met with exceptional enthusiasm in New York. The arrival quality was reported as "excellent" and customers were captivated by the remarkable visual appeal and the superior eating quality of the Indian Bhagwa variety of Pomegranates.

Chairman, APEDA, Shri Abhishek Dev remarked, "Government of India has been at the forefront in promoting Indian fresh fruits for the global market. APEDA has been supporting the export of Indian fruits like Mangoes and Pomegranates to USA by funding the pre-clearance program. Indian farmers will achieve better realisation when their fruit gets exported to premium international markets like USA. Indian mangoes have already reached annual exports of around 3500 tons and we hope that Pomegranates will also reach such strong numbers in the years to come".

This consignment was sent by Kay Bee Exports, a leading exporter of fruits and vegetables from Mumbai and a registered exporter with APEDA. The Pomegranates in this consignment were directly sourced from the farms of Kay Bee Exports, ensuring that the benefits of this export reach Indian farmers at the grassroots level.

"We are thankful to APEDA for facilitating exports of Indian Pomegranates to USA. APEDA's efforts have ranged from securing market access to setting up export protocols, co-ordinating with multiple stake-holders and organising the pre-clearance program in conjunction with USDA. Kay Bee is specialised in Pomegranates and hope to offer the best fruit that India has to offer. Our customers expect the best fruit quality and we always strive to do so" said Mr. Kaushal Khakhar, CEO, Kay Bee Exports on the successful shipment.

“While Indian Pomegranates have always been recognized for their taste, this shipment has proven that with the right quality and consistency, Indian fresh fruits can meet the discerning tastes of the American consumer,” said a representative from the Indian export consortium. “We are delighted with the reception in the market and are confident that this successful arrival will pave the way for an increase in volumes in the coming seasons.”

Looking ahead, the industry is optimistic that with continued marketing efforts and strategic promotional campaigns, Indian Pomegranates can carve a niche for themselves in the premium U.S. market. In light of the growing success, industry stakeholders sought APEDA’s continued support in launching promotional campaigns for the Indian Pomegranate in the coming year, with the aim of educating U.S. consumers on the fruit’s exceptional eating quality and diverse culinary applications.

India, being the second-largest producer of horticulture crops, sees major Pomegranate production in states like Maharashtra, Gujarat, Karnataka, Rajasthan and Andhra Pradesh. APEDA has established Export Promotion Forums (EPF) specifically for Pomegranates, aimed at boosting exports and removing supply chain bottlenecks. These EPF forums include representatives from the Department of Commerce, Department of Agriculture, state governments, national referral laboratories and the top ten leading exporters, ensuring a collaborative effort in promoting Pomegranate exports.

In the financial year 2023-24, India exported 72,011 metric tons of Pomegranates worth USD 69.08 million. This year, there has been a significant growth in Pomegranate exports from India registering a growth of 21% with a value of USD 59.76 million in the period April – January, 2024-2025. Key export destinations include the United Arab Emirates (UAE), Bangladesh, Nepal, Netherlands, Saudi Arabia, Sri Lanka, Thailand, Bahrain, Oman and USA.

Indian Pomegranates, particularly the Bhagwa variety, are renowned for their rich flavour, deep red colour and high nutritional value. These Pomegranates are packed with antioxidants and vital nutrients, making them a popular choice among health-conscious consumers worldwide.

The Government of India’s commitment to promoting the export of fresh fruits and vegetables, despite their perishable nature, is evident in their development of sea protocols to retain product attributes when exporting to long-distance destinations. This initiative not only reinforces India's position in global markets but also directly supports Indian farmers by creating sustainable export opportunities.

The steady supply of high-quality fruit, coupled with continued marketing initiatives, will undoubtedly position Indian Pomegranates as a desirable choice for American consumers, ensuring their place on the U.S. retail shelves in years to come.

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