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    Europe uses subsidies, taxes and policy pauses to offset pain of high fuel prices
    Loyalty Juggernaut Advances Responsible AI with ISO/IEC 42001 Certification
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September 25, 2026
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Stakeholder consultation on draft warehousing operations regulations requires structured comments submitted electronically within the prescribed consultation period.
Stakeholder consultation on the draft Warehousing Operations Regulations, 2026 is initiated through public-domain publication on the CBIC website. Comments, views and suggestions must be submitted within 15 days in a structured format identifying the relevant regulation number and title, proposed modification, and supporting reasons or remarks. Responses must be sent through the specified email channels in MS Word, a compatible format, or machine-readable PDF format.
September 25, 2026
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Technology risk governance requires banks to retain accountability, test resilience, and govern artificial intelligence before scaling financial services.
Technology risk governance must treat technology architecture as a first-order enterprise risk, alongside conventional financial risks, because the availability and integrity of core banking, payments, onboarding, credit, fraud-monitoring and reporting systems determine whether customers can access essential financial services. Banks may outsource technology functions but retain accountability for access controls, concentration, recoverability, data protection and exit options. Effective resilience requires secure architecture, asset visibility, timely remediation of vulnerabilities and legacy systems, identity and access management, effective controls, third-party oversight, post-incident learning, and regular recovery testing.
September 25, 2026
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Global value chain integration advances trade partnerships, semiconductor capacity, and deep-tech innovation within broader economic engagement.
India's global economic engagement prioritises trade and economic partnerships to strengthen participation in global value chains and supply chains, facilitating cross-border movement of goods and services. The approach is linked to projected semiconductor demand and development of artificial-intelligence capabilities, alongside innovation, deep-tech startup support and private-sector space activity. The startup ecosystem is described as having expanded substantially, with current policy emphasis on deep-tech innovation and participation in global markets.
September 25, 2026
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Trade agreement review targets balanced, user-friendly, trade-facilitative rules to address asymmetries and strengthen regional commerce.
The ongoing review of the ASEAN-India Trade in Goods Agreement seeks to enhance trade flows, address trade asymmetries, and deliver a balanced, effective, user-friendly, and trade-facilitative arrangement for businesses. It forms part of India's commitment to mutually beneficial trade partnerships and regional trade arrangements.
September 24, 2026
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Portfolio management reforms broaden permitted investments, establish independent fund managers, and retain registered managers' responsibility for client portfolios.
Portfolio-management reforms replace the 2020 framework and expand investments into IPOs, primary-market debt, listed overseas equity and debt, and direct plans of Indian mutual fund schemes. Investment-grade unlisted non-convertible debt may comprise up to 10 per cent of client assets under management with client consent. Independent Fund Managers may operate with registered portfolio managers, which retain responsibility and liability. Accredited-investor eligibility is broadened, while specified compliance requirements are relaxed where adequate audit trails and internal controls exist.
September 24, 2026
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Merchant discount rate on UPI merchant payments may be treated as a taxable payment settlement service with input credit availability.
GST treatment of MDR charged on UPI merchant payments above Rs 2,000 is to be considered by the GST Council. The MDR framework imposes a merchant-borne charge for payment processing and settlement. As these activities are services, MDR may attract GST at 18 per cent, subject to the Council's view. Merchants paying GST on MDR may claim input tax credit, potentially reducing their net tax burden.
September 24, 2026
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Fiscal responsibility limits frame cautions on new projects as budgetary discipline rather than financial crisis.
Finance-department advice treats fiscal indicators as grounds for restraint in approving additional expenditure rather than as evidence that funds are unavailable. Funding new projects may be difficult until additional resources are mobilised or allocations already approved are reallocated. Project proposals lacking budgetary provision or earmarked funding may create cash-flow pressures and fiscal-management challenges, requiring deferment until resources are finalised.
September 24, 2026
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Corporate document forgery allegations trigger investigation into unauthorised insolvency consortium participation and disputed share transfers.
An FIR concerns alleged cheating, forgery, criminal conspiracy, corporate-document misuse, and unauthorised financial liabilities arising from participation in a corporate insolvency resolution process. Allegations include entering a consortium arrangement without the Parekh Group's knowledge or authorisation, reliance on a fabricated and unapproved board resolution, and unauthorised transfer of shares to a group-controlled entity. Investigation covers disputed-record authenticity, alleged digital-signature misuse, and financial transaction trails.
September 24, 2026
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Energy security shapes continued Russian crude sourcing as alternative suppliers replace shortfalls amid potential sanctions-related restrictions.
Russian crude imports are operating near 1.8 million barrels daily in September, with refinery maintenance, stronger Chinese buying, and disruptions to Russian export infrastructure constraining availability. Middle Eastern supply, especially from Iraq and Saudi Arabia, has offset reduced Russian volumes. Potential tougher restrictions on countries purchasing Russian oil could complicate procurement, but energy security and tight physical oil markets make a significant near-term reduction in Russian crude purchases unlikely. Replacement remains technically possible but may raise procurement costs and competition for medium-grade crude.
September 24, 2026
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Direct tax payment gateway integration enables nationwide payments through digital options, branch channels, and customers' respective internet-banking services.
IDFC FIRST Bank's payment-gateway integration for Central Board of Direct Taxes collections enables Direct Tax payments through UPI, credit cards, debit cards, Retail and Corporate Internet Banking, and branch-based cheque, demand draft, or cash payments. Customers of other banks may use their own internet-banking facilities through the gateway. Taxpayers create a challan on the Income Tax e-Filing Portal, select Payment Gateway and IDFC FIRST Bank, choose a payment mode, complete payment, and download or print the paid challan. Payment confirmations are also accessible.
September 24, 2026
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Insurance distribution controls target commissions, expenses and loan-linked sales, reshaping bancassurance arrangements and intermediary remuneration structures.
IRDAI's consultation proposals for insurance distribution contemplate lower Expenses of Management limits, tighter commission controls, and greater control over loan-linked insurance practices. The prospective framework concerns insurer and intermediary remuneration, distribution expenses, and bancassurance fee structures. Reported concerns centre on potential effects on insurer earnings, intermediary economics, and lending-linked distribution arrangements; the measures are not described as final operative obligations or enforcement action.
September 24, 2026
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Personal loan eligibility and repayment planning: loan variants and digital applications remain subject to assessment, verification, and applicable terms.
Eligible customers may seek collateral-free personal loans within stated amount, tenure and interest-rate ranges. Loan amount, interest rate and tenure determine the EMI and total interest payable, while calculator results are estimates rather than final repayment obligations. Eligibility includes nationality, age, employment and credit-score conditions, but approval, final pricing and loan amount remain subject to lender assessment, document verification and applicable terms. Online applications require personal, financial and employment details and KYC verification.
September 24, 2026
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Nidhi company deposits lack insurance protection, requiring verification of government declaration before relying on high-return promises.
Each company seeking to function as a Nidhi must file Form NDH-4 for declaration or updated Nidhi status and comply with the Companies Act, 2013 and applicable Nidhi Rules. Nidhi companies may accept deposits and grant loans only to members. Public investors should verify declared Nidhi status rather than rely on unusually high-return promises, agent representations, or informal assurances. Deposits with Nidhi companies are not insured by the Deposit Insurance and Credit Guarantee Corporation, and recovery may be difficult where a company fails or fraud occurs.
September 24, 2026
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FCNR(B) liquidity deployment remains within banks' discretion, guided by credit pipelines, asset-liability positions, and prudent underwriting standards.
Banks retain full discretion to deploy liquidity mobilised through FCNR(B) deposits, based on their credit pipeline, lending proposals, liquidity outlook and asset-liability position. No sector-specific direction applies to use of these funds. FCNR(B) deposits are fixed-term foreign-currency deposits in which principal and interest are repayable in the same foreign currency, protecting non-resident depositors from direct rupee exchange-rate risk. Continued prudent credit appraisal and underwriting standards are expected.
September 24, 2026
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Compulsory Muslim marriage registration shifts registration to registrars under a statewide procedural framework, with local officials authorised when needed.
Compulsory registration of Muslim marriages will operate under the Assam Muslim Marriage Registration (Compulsory) Rules, 2026, framed under the Assam Compulsory Registration of Muslim Marriage and Divorces Act, 2024. Registration will be undertaken by registrars, with panchayat-level officials potentially authorised where application volumes require additional capacity. The framework addresses the registration forum after kazis were barred from registering Muslim marriages.
September 24, 2026
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Macroeconomic resilience supports fiscal consolidation, financial-sector stability, and orderly foreign-exchange management through persistent global and market shocks.
Policy management emphasises clear communication, policy certainty, macroeconomic and financial-sector stability, efficient use of buffers, and sustained structural reform. Fiscal prudence is treated as necessary to avoid unsustainable stimulus and preserve long-term stability. External-sector resilience rests on services exports and remittances, while oil and gold shocks and weaker capital inflows have created temporary balance-of-payments pressure. Further improvement is linked to lower oil dependence, export diversification, trade agreements, capital inflows and orderly foreign-exchange market management.
September 24, 2026
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Software export growth strengthens IT ecosystem as campus expansion supports startup activity, infrastructure development, and skilled employment.
Software export revenue generated by Technopark reached Rs 17,092 crore in FY 2025-26, reflecting year-on-year growth of approximately 17.3 per cent. Growth is attributed to IT infrastructure, a skilled talent base, and company performance. Technopark also operates as an IT and ITeS hub and startup ecosystem centre, with ongoing campus development intended to expand its position among major IT hubs.
September 24, 2026
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Artificial intelligence centre of excellence partnership advances industry-aligned training, supervised internships, startup mentorship, and applied research collaboration.
IIEST Shibpur and Tata Consultancy Services have entered into a Memorandum of Understanding to establish an Artificial Intelligence Centre of Excellence at the Electrical Engineering Department's high-performance computing laboratory. The collaboration supports industry-aligned training, professional certifications, practical projects, supervised internships, startup mentorship, curriculum benchmarking, and applied research in natural language processing, computer vision, image processing, and advanced data analytics.

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Cardinals to begin solemn and secret voting ritual to elect new pope

May 7, 2025

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Vatican City, May 7 (AP) With all the pomp, drama and solemnity that the Catholic Church can muster, 133 cardinals on Wednesday begin the secretive, centuries-old ritual to elect a successor to Pope Francis, opening the most geographically diverse conclave in the faith's 2,000-year history.

The cardinals, from 70 countries, will be sequestered from the outside world, their cellphones surrendered and airwaves around the Vatican jammed to prevent them from all communications until they find a new leader for the 1.4 billion-member church.

Francis named 108 of the 133 “princes of the church,” choosing many pastors in his image from far-flung countries like Mongolia, Sweden and Tonga that had never had a cardinal before.

His decision to surpass the usual limit of 120 cardinal electors and include younger ones from the “global south” — those often marginalized countries with lower economic clout — has injected an unusual degree of uncertainty in a process that is always full of mystery and suspense.

Many hadn't met one another until last week and lamented they needed more time to get to know one another, raising questions about how long it might take for one man to secure the two-thirds majority, or 89 ballots, necessary to become the 267th pope.

“Wait and see, a little patience, wait and see,” said Cardinal Mario Zenari, the Vatican's ambassador to Syria as he arrived for the final day of pre-vote discussions.

A final Mass, then All out' The cardinals begin by participating in a final pre-conclave Mass in St. Peter's Basilica. The dean of the College of Cardinals, Giovanni Battista Re, celebrates the Mass, which is meant to pray for cardinals to find the wisdom, counsel and understanding to elect a worthy new shepherd.

Re, 91, had presided at Francis' funeral, delivering a heartfelt sermon recalling history's first Latin American pope and the reforming 12-year papacy he oversaw.

At 4:30 p.m. (1430 GMT; 10:30 a.m. EDT) the cardinals walk solemnly into the frescoed Sistine Chapel, chanting the meditative “Litany of the Saints” and the Latin hymn “Veni Creator,” imploring the saints and the Holy Spirit to help them pick a pope.

Once there, they pledge to maintain secrecy about what is about to transpire and to not allow “any interference, opposition or any other form of intervention” from outsiders to influence their voting.

Standing before Michelangelo's vision of heaven and hell in “The Last Judgment,” each cardinal places his hand on the Gospel and swears to carry out that duty "so help me God and these Holy Gospels, which I touch with my hand.” After that, the retired preacher of the papal household, Cardinal Raniero Cantalamessa, delivers a meditation. The master of papal liturgical ceremonies, Archbishop Diego Ravelli, calls out “Extra omnes,” Latin for “all out.” Anyone not eligible to vote then leaves and the chapel doors close, allowing the work to begin.

The cardinals don't have to take a first vote on Wednesday, but they usually do. Assuming no winner is found, the Vatican said black smoke could be expected out of the Sistine Chapel chimney at around 7 p.m.

The cardinals retire for the night and return Thursday morning. They can hold up to two ballots in the morning and two in the afternoon until a winner is found.

While cardinals this week said they expected a short conclave, it will likely take at least a few rounds of voting. For the past century, it has taken between three and eight ballots to find a pope. John Paul I — the pope who reigned for 33 days in 1978 — was elected on the third ballot. His successor, John Paul II, needed eight. Francis was elected on the fifth in 2013.

Challenges facing a new pope There are any number of challenges facing a new pope and weighing on the cardinals, above all whether to continue and consolidate Francis' progressive legacy on promoting women, LGBTQ+ acceptance, the environment and migrants, or roll it back to try to unify a church that became more polarized during his pontificate. The clergy sex abuse scandal hung over the pre-conclave talks.

Since Francis chose 80% of the voters, continuity is likely but the form it might take is uncertain.

As a result, identifying front-runners has been a challenge. But some names keep appearing on lists of “papabile,” or cardinals having the qualities to be pope.

— Cardinal Pietro Parolin, 70, is a leading Italian, by nature of his office: He was Francis' secretary of state, the Vatican No. 2, so known to every cardinal.

— Filippino Cardinal Luis Tagle, 67, is a top candidate to be history's first Asian pope. He had a similarly high-profile job, heading the Vatican's evangelization office responsible for the Catholic Church in much of the developing world.

— Hungarian Cardinal Peter Erdo, 72, the archbishop of Budapest, is a leading candidate representing the more conservative wing of the church.

A choreography to the vote: The voting follows a strict choreography, dictated by church law.

Each cardinal writes his choice on a paper inscribed with the words “Eligo in summen pontificem” — “I elect as Supreme Pontiff.” They approach the altar one by one and say: “I call as my witness, Christ the Lord who will be my judge, that my vote is given to the one who, before God, I think should be elected.” The folded ballot is placed on a round plate and tipped into an oval silver and gold urn. Once cast, the ballots are opened one by one by three different “scrutineers,” cardinals selected at random who write down the names and read them aloud. Cardinals can keep their own tally on a sheet of paper provided but must turn their notes in to be burned at the end of voting.

The scrutineers, whose work is checked by other cardinals called revisors, then add up the results of each round of balloting and write the results down on a separate sheet of paper, which is preserved in the papal archives.

As the scrutineer reads out each name, he pierces each ballot with a needle through the word “Eligo” and binds them with thread and ties a knot. The ballots are then put aside and burned in the chapel stove along with a chemical to produce either black smoke to signal no winner, or white smoke to announce that a new pope has been elected. (AP) AMS

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