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    Rupee falls 8 paise to 95.25 against US dollar in early trade
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    Government signs strategic MoUs with key industry leaders and ecosystems to strengthen support to StartUps
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    August 10, 2026
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    Foreign-exchange market conditions weakened the rupee as stronger dollar and crude prices offset support from reserve growth and inflows.
    Foreign-exchange market conditions saw the rupee weaken against the US dollar in early trading, influenced by a stronger dollar and higher global crude oil prices. Foreign institutional equity inflows and increased foreign-exchange reserves moderated pressure on the rupee. Market attention remained focused on developments in West Asia and the Reserve Bank of India, alongside movements in the dollar index, crude oil prices and domestic equity markets.
    August 10, 2026
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    GI-tagged Mithila Makhana export facilitation expands sea-route market access while supporting quality compliance and farmer-linked value chains.
    Export facilitation for GI-tagged Mithila Makhana enabled the first commercial sea-route shipment from Bihar to Australia. APEDA, in association with the Bihar agriculture department, supported market access, coordination, capacity building and stakeholder engagement. The export model is intended to improve farmer price realisation, require adherence to global quality standards, and strengthen growers, processors and exporters. A separate HS Code for Makhana has taken effect under the Finance Bill, 2025, supporting product-specific trade classification.
    August 10, 2026
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    Startup ecosystem support expands through digital payments, cloud access, AI innovation, investment readiness, governance support and global market programmes.
    DPIIT has entered into strategic MoUs to support DPIIT-recognised startups through payment infrastructure, entrepreneurship development, cloud technology, mobility innovation, investment readiness and global-market access. Eligible startups may receive payment and cloud support, technical training, mentorship, startup formalisation assistance, market and investor connections, AI and mobility enablement, and programmes addressing governance, financial readiness, compliance and international expansion. The collaborations promote innovation across digital payments, clean energy, artificial intelligence, climate technology, advanced manufacturing, mobility and automotive technology.
    August 10, 2026
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    UPI transaction charges remain unavailable for consumers and person-to-person payments, while limited threshold-based merchant MDR may be considered.
    Proposed amendment of section 10A of the Payment and Settlement Systems Act, 2007 is intended to support UPI sustainability, technological advancement and resilience. Consumer payments and person-to-person transactions are to remain free. Any future merchant discount rate would apply only to limited merchant transactions above a threshold, at a nominal rate, while most merchant transactions remain free. The framework supports investment in cybersecurity, fraud prevention and infrastructure, alongside a self-sustaining and inclusive digital-payment ecosystem.
    August 10, 2026
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    Fair competition cooperation in renewable energy markets advances knowledge-sharing and evidence-based enforcement across interconnected digital and energy markets.
    BRICS competition authorities adopted a Joint Statement strengthening cooperation to promote fair competition, including in renewable energy markets. Cooperation focuses on dialogue, knowledge-sharing and consideration of cross-border competition challenges in digital markets, emerging technologies and the energy transition. Competition enforcement is to remain principled and evidence-based, supporting efficiency, consumer welfare, innovation and merit-based competition. A collaborative renewable-energy competition study identified evolving market dynamics and areas for future cooperation.
    August 10, 2026
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    Cost optimisation in public finance strengthens investment decisions, risk allocation, indigenous manufacturing and value-driven government expenditure through specialised financial expertise.
    ICoAS cost optimisation supports public financial management through prudent resource utilisation, financial oversight and improved cost management across government. Its role includes supporting indigenous manufacturing, better investment decisions, efficient public expenditure and maximum value for public spending. With greater private-sector participation and Public-Private Partnerships, ICoAS officers are expected to promote cost efficiency, appropriate risk allocation and sound project structuring. Capacity building emphasises integrity, financial modelling, data visualisation, analytical frameworks and artificial intelligence for improved public-finance management.
    August 9, 2026
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    Co-operative development financing would expand through direct assistance, share-capital participation and wider operational powers for sectoral support.
    National Cooperative Development Corporation (Amendment) Bill, 2026 proposes to broaden the Corporation's mandate to promote co-operative development. It would permit direct loans and grants to co-operative societies and other entities engaged in co-operative development, where funds are used for co-operative purposes. With Central Government approval, the Corporation could participate in the share capital of such entities. The proposals also expand the meaning of foodstuffs, remove geographical restrictions for industrial-goods assistance, and provide additional functional powers.
    August 9, 2026
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    GST compliance failures and electricity subsidy controls raise allegations of financial irregularities and potential losses to the public exchequer.
    Allegations based on a Comptroller and Auditor General report identified purported GST compliance failures involving outstanding tax liabilities, e-way bills generated after cancellation of GST registrations, limited bill scrutiny, non-compliance, and turnover mismatches. The allegations also concerned electricity subsidies extended to consumers with prolonged zero bills or apparent non-residence, presenting these issues as possible financial irregularities and losses to the public exchequer.
    August 9, 2026
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    Money-laundering prosecution complaints allege fund diversion through shell entities, credit-facility evergreening, layered transactions and fictitious project expenditure.
    Money-laundering prosecution complaints allege that funds from toll-road projects and credit facilities were diverted through group companies, contractors, shell entities and conduit accounts. In the toll-road matter, allegedly sham or back-dated subcontracting arrangements and subsequent documentation were used to portray transfers as genuine project expenditure. In the credit-facilities matter, fresh facilities were allegedly used to repay, rotate and evergreen earlier liabilities rather than for sanctioned end-use, with funds layered and presented as legitimate business expenditure or receipts. Attached assets are sought to be confiscated as alleged proceeds of crime.
    August 9, 2026
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    Direct Benefit Transfer pension disbursement replaces cooperative-bank doorstep delivery, while preserving home payments for beneficiaries unable to use bank accounts.
    Direct Benefit Transfer of social security and welfare pensions to Aadhaar-linked bank accounts is intended to replace cooperative-bank doorstep delivery, except for bedridden and similarly situated beneficiaries. The change addresses delays in remitting undistributed pensions, deficient record updates and reconciliation, duplicate payments, delivery incentives, and compliance with Direct Benefit Transfer norms. Criticism focuses on beneficiary access to linked commercial-bank accounts, possible minimum-balance deductions, exclusion of cooperative banks, and the effect on doorstep-delivery workers.
    August 8, 2026
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    Engineering business growth supported Raymond's first-quarter performance, with export expansion, capacity investment and net-debt-free financial flexibility.
    Raymond Limited reported unaudited first-quarter FY27 growth in total income, EBITDA and profit before tax before exceptional items, while remaining net-debt-free with a net cash surplus. Its Engineering business comprises Precision Technology & Auto Components and Aerospace & Defence. Growth in the former was attributed to export expansion, operating leverage, product mix and cost reductions. Aerospace & Defence growth was linked to production for global OEMs, portfolio expansion and increased capacity, although margins were affected by targeted research and development investment. Forward-looking statements remain subject to regulatory, political, economic and technological risks.
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    Urban cooperative bank regulation promotes licensing, governance, compliance support and cybersecurity measures to strengthen stability and depositor confidence.
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    August 8, 2026
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    Korean food export promotion combines buyer consultations, regulatory guidance and consumer experiences to support entry into Indian and South Asian markets.
    Korean food export promotion in India and South Asia combined business consultations with consumer-facing activities. Individual meetings connected Korean exporters with regional buyers and generated memoranda of understanding for products including frozen gimbap, ginseng wine and kombucha. Exporters received on-site guidance concerning non-tariff barriers, including food import customs clearance and certification requirements. Preparatory online sessions addressed import procedures, regulatory matters and consumer trends, while consumer events promoted Korean food through tasting, retail and experiential activities.
    August 8, 2026
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    Illegal immigration enforcement prioritises dismantling entry, documentation and employment networks while requiring citizens to report information through police channels.
    Illegal immigration enforcement involves continuous identification and verification operations, coordination with relevant officials, and confidential investigation of networks facilitating entry, identity documentation, accommodation and employment. Enquiries extend to intermediaries, contractors, Aadhaar procurement and verification practices, rather than focusing only on apprehended individuals. Citizen vigilantism, moral policing and social-media targeting of suspected migrants are discouraged because they may compromise investigations; information should instead be given through proper police channels.
    August 8, 2026
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    Technology, transparency and governance strengthen urban cooperative banks through modern customer services, depositor protection and cooperative-sector support.
    Technology adoption, transparency, sound governance and modern customer services are identified as necessary for urban cooperative banks to remain competitive. Banks are encouraged to join the sector's umbrella organisation and self-regulatory body, which provides capital, information-technology infrastructure and liquidity support. Protection of depositors' money remains a regulatory responsibility, while banks are expected to improve governance, train staff, adopt technology and enhance customer-centric services. Customer prosperity and reduced perception gaps between the central bank and urban cooperative banks are emphasised as measures to strengthen the sector.
    August 8, 2026
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    Authorised Dealer Category-II licensing expands permissible FEMA current account and foreign trade transaction services for cross-border payment customers.
    An Authorised Dealer Category-II approval under the Foreign Exchange Management (Authorised Persons) Regulations, 2026 enables Paul Merchants to undertake additional permissible non-trade current account transactions under FEMA, excluding gifts and donations, and foreign trade transactions within the applicable per-transaction limit. The approval supports foreign exchange and cross-border payment services, including overseas remittances for education, medical treatment, travel, and conference or event participation.
    August 8, 2026
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    Integrated investor claim portal modernisation advances digital KYC, streamlined verification, stakeholder-informed safeguards, and efficient investor claim settlement services.
    Integrated IEPFA Portal 2.0 is proposed to modernise investor claim processing through digital KYC, pre-filled Form IEPF-5, entitlement search, and a simplified e-Verification Report filing workflow. Stakeholder feedback included Aadhaar eKYC address validation, KYC for authorised representatives, entitlement-letter validation checks, bulk DSC and eSign functionality, integration of approved IEPF Form-4 data, lower-value share valuation using NSE and BSE data, and alerts for frequent address changes to prevent fraud.
    August 7, 2026
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    Foreign capital inflows supported the rupee despite geopolitical uncertainty, oil-price pressures, and volatile global market sentiment.
    Foreign capital inflows supported a marginal strengthening of the rupee against the US dollar despite global risk aversion arising from uncertainty surrounding negotiations affecting the Strait of Hormuz. Higher crude oil prices and weak domestic equity sentiment remained relevant pressures. Near-term currency movement was expected to depend on developments in the negotiations, weekend decisions, US employment data, the dollar index, crude oil prices, and the reported increase in foreign exchange reserves.
    August 7, 2026
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    Energy security through diversified sourcing protected fuel supplies during Hormuz disruption and supports domestic exploration and alternative fuels.
    Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.

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      Customs & Trade

      US Vice President Vance urges India to drop non-tariff barriers, procure more American energy and military hardware

      April 22, 2025

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      Jaipur, Apr 22 (PTI) US Vice President JD Vance on Tuesday urged India to drop non-tariff barriers, give greater access to its markets and buy more American energy and military hardware as he laid out a broader roadmap of deeper ties between the two nations for a "prosperous and peaceful" 21st century.

      In an address at an event here, Vance effusively praised Prime Minister Narendra Modi describing him as a "special person" and pitched for India and the US to work unitedly to deal with various global challenges.

      "I really believe that the future of the 21st century is going to be determined by the strength of the United States-India partnership," he said.

      "I believe that if India and the US worked together successfully, we are going to see a 21st century that is prosperous and peaceful. But I also believe that if we fail to work together successfully, the 21st century could be a very dark time for all of humanity," Vance said.

      While spelling out Washington's policy approach towards New Delhi, the US Vice President said the two countries finalised the terms of reference for negotiations on a trade deal and that it would be beneficial for India to buy more defence equipment from the US including F-35 fighter jets.

      Vance, accompanied by Indian-origin Second Lady Usha Chilukuri and their three children -- sons Ewan, Vivek and daughter Mirabel, landed in Delhi on Monday amid growing global concerns over the US's tariff war.

      India is holding negotiations with the US on the trade deal aiming to finalise it during Trump's 90-day pause on higher tariffs, which ends on 9 July.

      Vance and Modi held wide-ranging talks following which the two leaders welcomed "significant progress" in negotiations for the bilateral trade agreement.

      On the trade deal, Vance said he and Modi were excited to "formally announce that America and India have officially finalised the terms of reference for the trade negotiation".

      "I think this is a vital step. I believe this is a vital step toward realising President Trump's and Prime Minister Modi's vision because it sets a roadmap toward a final deal between our nations. I believe there is much that America and India can accomplish together," he said.

      In his remarks, Vance also urged India to provide greater market access to American products and buy more energy from his country.

      "We also want to help India explore its own considerable natural resources, including its offshore natural gas reserves and critical mineral supplies," he said.

      "We have the capacity and we have the desire to help. Moreover, we think energy co-production will help beat unfair competitors in other foreign markets." "But India, we believe, can go a long way to enhance energy ties between our nations. And one suggestion I have is maybe consider dropping some of the non-tariff barriers for American access to the Indian market," he added.

      Vance said he and President Donald Trump are looking forward to stronger ties with India.

      "Americans want further access to Indian markets. This is a great place to do business and we want to give our people more access to this country and Indians," he said.

      "We believe, will thrive from greater commerce in the United States. This is very much a win-win partnership, certainly will be far into the future," he said.

      Vance cautioned that if India and the US "fail to keep pace", then there will be consequences for the entire world and it will be "quite dire".

      "And this again is where India and the United States have so much to offer one another." "There's a lot to be gained by working together. And This is why President Trump and I both welcomed India's leadership in a number of diplomatic organisations.

      "Of course in the Quad, we believe a stronger India means greater economic prosperity but also greater stability across the Indo-Pacific, which is of course a shared goal for all of us in this room and it's a shared goal for both of our countries," he said.

      The US Vice president spent considerable time to emphasise on deeper energy ties between India and the US.

      "America is blessed with vast natural resources and an unusual capacity to generate energy. So much that we want to be able to sell it to our friends like India." "We believe your nation will benefit from American energy exports. In expanding those exports, you'll be able to build more, make more and grow more, but at much lower energy costs," Vance said.

      He also welcomed the Modi government's budget announcement to amend India's civil nuclear liability laws.

      The liability laws prevented US producers from exporting small modular reactors and building larger US-designed reactors in India.

      "There's much that we can create, much that we can do together. We believe that American energy can help realise India's nuclear power production goals," Vance said.

      "And this is very important as well as its AI ambitions, because it's the United States knows well and I know that India knows well, there is no AI future without energy security and energy dominance," he said.

      The US Vice President also pitched for deeper India-US defence collaboration and suggested that New Delhi procure more military hardware from his country.

      "We actually feel that India has much more to gain from its continued defence partnership with the United States. And let me sketch that out a little bit." "We, of course, want to collaborate more, we want to work together more and we want your nation to buy more of our military equipment, which of course we believe is the best in class," he said.

      "American fifth generation F-35s (jets) for example would give the Indian Air Force the ability to defend your airspace and protect your people like never before," he said.

      Recalling the Modi-Trump meeting in Washington in February, Vance said it laid a the foundation for closer bilateral defence collaboration.

      From Javelins to Stryker combat vehicles, our nations will co-produce many of the munitions and equipment that we will need to deter foreign aggressors, not because we seek war, but because we seek peace and we believe the best path to peace is through mutual strength.

      "It's fitting that India this year is hosting the Quad leaders summit this fall. Our interests in a free, open, peaceful and prosperous Indo-Pacific are in full alignment. Both of us know that the region must remain safe from any hostile powers that seek to dominate," he said.

      Hailing Modi's leadership, Vance said Washington approached the Indian prime minister with an attitude of prejudice or even one of condescension.

      "I told Prime Minister Modi last night, he's got approval ratings that would make me jealous," he said.

      The US Vice President lauded India's "vitality" over the "sameness and flatness" of some Western nations.

      "In other countries I visited, it sometimes feels like there's a flatness, a sameness, a desire to just be like everyone else in the world, but it's different here. There's a vitality to India, a sense of infinite possibility," he said.

      On Trump's tariff policy, Vance said the rebalancing of global trade is "going to produce great benefits" for the people of India.

      Vance and his family arrived in Jaipur last night. They are scheduled to travel to Agra on Wednesday. PTI MPB ZMN

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