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    Rupee loses 7 paise to settle at 95.95 against US dollar
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September 16, 2026
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Rupee depreciation reflected dollar strength, foreign outflows, elevated oil prices, and importer demand despite stronger domestic equities.
Foreign-exchange market conditions resulted in the rupee weakening for a seventh consecutive session and closing lower against the US dollar. Dollar strength, foreign fund outflows, elevated crude oil prices, higher US Treasury yields and increased importer demand for dollars exerted pressure on the currency. Positive domestic equity-market performance limited the downside, while expectations of a US Federal Reserve interest-rate increase supported the dollar index.
September 16, 2026
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Multi-currency prepaid travel cards enable foreign-exchange spending, exchange-rate locking, and mobile-based controls for Indian international travellers.
Wizzmoni Financial Services Ltd. and City Union Bank Ltd. have partnered to launch Wizz Voyager, a co-branded AI-powered multi-currency prepaid travel card for Indian residents undertaking international travel. The card supports 37 international currencies and provides real-time exchange-rate locking, spending controls, transaction tracking and mobile-app-based management. It is designed to facilitate foreign-exchange spending and management of multiple currencies through a single payment instrument.
September 16, 2026
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Non-executive nominee directorship strengthens lending governance, compliance, risk management and technology-led capability as the business scales responsibly.
Finnable has appointed Sreeram Ranganathan Iyer as a Non-Executive Nominee Director representing investor TVS Capital. The role is intended to strengthen board oversight as the non-banking financial company expands its lending operations. The identified priorities for sustainable growth include technology, compliance, governance, risk management, responsible lending, and data-driven underwriting. The nominee directorship reflects investor participation in governance and capability-building for a sustainable lending franchise.
September 16, 2026
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Money laundering investigation addresses alleged land grabbing through forged property records, fabricated claims, coercion, and denial of landowners' rights.
Money-laundering proceedings under the Prevention of Money Laundering Act concern alleged land grabbing through forged board resolutions, forged-sale agreements, fabricated deeds, and falsified property records. The alleged conduct includes manipulation of land records, civil proceedings based on false claims, denial of landowners' lawful entitlements, and threats or physical force against persons asserting legitimate rights. The investigation is linked to multiple police FIRs concerning the individual and associated entities.
September 16, 2026
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Trade performance estimates show merchandise and services exports increasing while imports rise, widening the cumulative trade deficit.
External trade estimates for April-August 2026-27 show combined merchandise and services exports of US$399.27 billion and imports of US$459.65 billion, with a trade deficit of US$60.38 billion. Merchandise exports reached US$215.91 billion, while services exports were estimated at US$183.36 billion. Non-petroleum exports increased to US$180.61 billion. Growth in August merchandise exports was driven by electronic goods, petroleum products, engineering goods, chemicals, and cotton yarn, fabrics, made-ups and handloom products. Services-sector figures for August were estimated using data available through July.
September 16, 2026
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Rupee depreciation amid dollar strength and foreign fund outflows highlights pressure from global monetary expectations and elevated oil prices.
Rupee depreciation against the US dollar in early trading reflected pressure from a stronger dollar and net foreign fund outflows, notwithstanding support from positive domestic equity-market performance. Dollar strength was associated with market expectations of a US Federal Reserve interest-rate increase to address inflation linked to higher oil prices. Elevated crude oil prices and risks to oil exports remained concerns, while domestic equity gains provided countervailing support.
September 16, 2026
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Fraudulent input tax credit through bogus invoices prompted arrest following allegations of invoicing without actual supply of goods.
The investigation concerned alleged fraudulent availment and passing on of inadmissible input tax credit through bogus invoices. Multiple suppliers were identified as non-existent, non-functional, suspended or cancelled, while field verification indicated an absence of genuine business activity at certain declared premises. Input tax credit was allegedly availed without receipt of goods and passed on through invoices without corresponding supplies. Statements recorded during investigation led to the arrest of a firm partner under the CGST Act.
September 16, 2026
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UPI merchant discount rate framework preserves free individual and small-merchant payments while charging specified larger merchant transactions.
UPI person-to-person transactions remain free irrespective of value, and person-to-merchant payments up to Rs.2,000 remain outside the merchant discount rate framework. Small merchants receiving qualifying UPI QR payments under the P2PM category continue to receive zero MDR treatment. MDR applies only to specified merchant payments above the threshold, with separate treatment for essential sectors and capital-market payments. Customers are not liable for MDR, merchants must not pass it on, and UPI application providers may not levy platform fees or hidden charges. MDR revenue supports payment ecosystem participants and small-merchant UPI adoption.
September 15, 2026
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Merchant discount rate on large-value UPI merchant payments supports infrastructure investment while preserving free user payments.
Merchant Discount Rate (MDR) of 0.4 per cent applies to large-value UPI person-to-merchant payments exceeding Rs 2,000 from October 15. MDR is a merchant payment ecosystem charge, not a fee payable by customers. Person-to-person UPI payments remain free for users, while person-to-merchant UPI payments below Rs 2,000 remain free for merchants. MDR distribution is intended to support payment technology, infrastructure, acceptance networks and sustained UPI growth.
September 15, 2026
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Special economic zone approval enables a silicon carbide semiconductor facility operating under an export-oriented technology investment framework.
Approval for a special economic zone-linked silicon carbide semiconductor manufacturing unit permits establishment of a facility under the jurisdiction of Falta Special Economic Zone. The unit is proposed to manufacture silicon carbide diodes and silicon carbide MOSFETs. Project financing combines government capital subsidies and promoter contribution, while the facility is projected to support export-oriented advanced semiconductor manufacturing, domestic capabilities, and technology-driven capital investment.
September 15, 2026
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Merchandise trade performance reflects strong export momentum, import-led deficit pressures, and expanded services trade during August.
Merchandise exports increased by 26.12 per cent year-on-year to USD 43.81 billion in August, led by electronics, engineering goods and petroleum products. Merchandise imports rose 14.1 per cent to USD 70.76 billion, driven by crude oil, project goods, electronic items, silver, coal and coke. Gold imports declined substantially, contributing to a five-month low merchandise trade deficit. During April-August 2026-27, higher imports reflected domestic economic expansion, energy requirements and manufacturing-sector input needs.
September 15, 2026
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Foreign exchange market pressures weakened the rupee as oil-import demand, risk aversion, dollar strength, and rising yields intensified.
Foreign exchange market pressures led to a sixth consecutive session of rupee depreciation against the US dollar. Higher Brent crude prices, dollar demand from oil importers, risk aversion, a stronger dollar and elevated global Treasury yields heightened concerns over inflation and India's external trade balance. Potential RBI intervention was viewed as a factor that could support the rupee at lower levels.
September 15, 2026
Show AI Summary
Merchant discount rates for larger merchant UPI payments introduce category-based fees while preserving free consumer transfers.
Merchant discount rate framework introduces a 0.4 per cent charge on direct person-to-merchant UPI payments exceeding Rs 2,000, effective from 15 October 2026. The charge is capped at Rs 300 for higher-value payments and is payable by merchants to acquiring banks. Person-to-person transfers remain free regardless of value, and P2M payments up to Rs 2,000 remain outside the charge. App providers may not impose platform fees or hidden charges, and banks must prevent merchants from passing MDR costs to customers.
September 15, 2026
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Insolvency fraud enforcement targets collusive resolutions, coordinated predicate-offence investigations, accelerated money-laundering trials, and earlier victim asset restoration.
Enforcement priorities target suspected insolvency-resolution frauds involving collusive large haircuts, promoter reacquisition of assets, related-party claim inflation, creditor-process manipulation, asset stripping, and circumvention of resolution-applicant ineligibility. Coordination with police and other agencies is emphasised for predicate offences, including joint investigation teams and committal applications to enable combined trials of predicate and money-laundering offences. Asset restoration for legitimate victims is to be pursued early, especially in investor and homebuyer frauds.
September 15, 2026
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Export expansion and domestic manufacturing guide JCB India's strategy through broader equipment offerings, fuel efficiency, and operator comfort.
JCB India targets 15-20 per cent export growth during the current financial year and plans a similar increase in annual production. Its export operations cover approximately 135 countries, including Southeast Asia, Africa and developed markets. The company's construction and earthmoving equipment portfolio is designed, engineered and manufactured in India for domestic and international customers, with product development focused on fuel efficiency, operator ergonomics, comfort and productivity.
September 15, 2026
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Merchandise export growth driven by petroleum products coincided with lower gold imports and a narrowing trade deficit.
Merchandise exports increased sharply in August, led by petroleum product shipments, while imports also rose year-on-year. Reduced gold imports contributed to a narrower merchandise trade deficit. During the first five months of the fiscal year, the cumulative deficit widened as higher imports reflected domestic expansion, energy requirements and manufacturing-input demand. Energy commodities and electronic goods were principal contributors to the deficit, while export growth was supported by engineering goods, petroleum products, chemicals and textiles.
September 15, 2026
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Bribery allegations in CGST redevelopment approvals lead to arrests following a trap involving an intermediary consultant.
Bribery allegations concerning CGST redevelopment approvals led to registration of a case against a CGST Superintendent and unknown persons. The Superintendent allegedly sought undue advantage for issuing a no-objection certificate and handing over CGST-owned flats. Following verification, a trap was laid after the complainant was allegedly directed to deliver cash to a CGST consultant. Both the Superintendent and consultant were arrested, produced before the competent court, and placed in police custody. Further investigation remains in progress.
September 15, 2026
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Financial technology innovation receives recognition across banking, payments, lending, insurance, wealth management, cybersecurity and digital trust.
Global Fintech Awards 2026 recognised financial-technology innovation across banking, fintech, artificial intelligence, digital trust and identity, payments, lending, insurance, wealth management and cybersecurity. Its theme emphasised trusted, connected and inclusive financial systems, identifying Agentic AI, tokenisation and quantum technologies as areas of transformation. AI-powered financial innovation recognition covered AI applications in payments, banking, lending, insurance, and asset or wealth management.
September 15, 2026
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Tokenised corporate bonds under the regulatory sandbox enable blockchain-based issuance and settlement experimentation for non-banking finance companies.
IIFL Finance completed a tokenised bond transaction under the SEBI Regulatory Sandbox framework for securities tokenisation. The transaction used the Metropolitan Stock Exchange of India bidding platform, with Trust Investment Advisors Private Limited as sole arranger and advisor, and the bonds are intended to be listed on the National Stock Exchange of India. Securities tokenisation digitally represents securities through blockchain and distributed ledger technology to support more efficient, transparent and faster debt-market processes.
September 15, 2026
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Commercial-vehicle safety readiness and connected fleet support underpin expanded regional operations, automated transmission adoption, and localized manufacturing investment.
BharatBenz's product transformation is directed toward safer, more productive and efficient commercial transport. The truck and bus portfolio is being prepared with Advanced Driver Assistance Systems calibrated to Indian operating conditions in advance of evolving safety requirements. Automated Manual Transmission technology is being expanded to improve driver comfort, reduce fatigue, support fleet safety and efficiency, and lower total cost of ownership. Customer support combines connected fleet technology, service assurance, parts availability and service-network expansion.

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Opulence, business deals and USD 400M plane from Qatar: Takeaways from Trump's West Asia tour

May 16, 2025

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Abu Dhabi, May 16 (AP) President Donald Trump used the first major foreign trip of his second term to outline a vision for restoring global stability that is grounded in pragmatism and self-interest rather than values, holding out US ties to wealthy Gulf countries as a model for America's longtime foes.

His four-day swing through Saudi Arabia, Qatar and the United Arab Emirates, which ends Friday, put a spotlight on Trump's transactional approach to foreign affairs as he was feted by autocratic rulers with a trio of lavish state visits where there was heavy emphasis on economic and security partnerships.

His trip played out against the backdrop of stubborn global conflicts, including Gaza and Ukraine, that showed the limits of his influence. But Trump insisted he was turning the page on American “interventionalism” in the region as he moved to recognise the new government in Syria for the first time and prodded Iran to engage on nuclear talks before it's too late.

Some takeaways from Trump's travels: Trump marvelled at Gulf state opulence but held his tongue on human rights Presidential trips to the Middle East usually feature at least some public calls for authoritarian governments to improve their human rights efforts. Not this one, as Trump celebrated his business deals with Gulf royals and admired their wealth.

Trump toured the marble and gilded palaces of Gulf rulers and deemed them “perfecto” and “very hard to buy.” He praised the “gleaming marvels” of the skyline in Saudi Arabia. And he groused about the “much less impressive” Air Force One.

In Trump's remarks at a VIP business conference in Riyadh, he went out of his way to distance himself from the actions of past administrations, the days when he said American officials would fly in “in beautiful planes, giving you lectures on how to live and how to govern your own affairs.” Rights advocates took that as a pledge of nonintervention, swearing off some of the pressure past US presidents have brought to bear on partners to varying degrees to ease up on detentions, suppression of critics and other issues.

“It's absolute support for absolute monarchy,” said Saudi exile Abdullah Alaoudh. His father, a Saudi cleric with a wide following there, is imprisoned in the kingdom.

Some rights advocates said Trump officials gave them private assurances the administration was working on behalf of detained Americans and rights advocates.

Tommy Pigott, a deputy spokesman at the State Department, declined to say whether Trump raised those or other rights issues in discussions with Gulf royals.

Thwarted by Putin While Trump was in the Mideast, Vladimir Putin opted to skip direct peace talks with Ukraine's Volodymyr Zelenskyy despite the US president's strong calls for them to meet face to face.

Trump has been pushing Putin and Zelenskyy to move with greater haste to end Russia's grinding war in Ukraine.

But after it became clear Putin wouldn't be attending talks in Turkey this week and would instead be sending underlings to Istanbul, an annoyed Trump insisted he knew all along that it was highly likely Putin would be a no-show.

“I don't believe anything's going to happen whether you like it or not, until he and I get together,” Trump said. “But we're going to have to get it solved because too many people are dying.” As he wrapped up his visit on Friday, Trump said the face-to-face would happen “as soon as we can set it up.” Trump was scheduled to fly back to Washington on Friday, but tried to keep people guessing until the end. He teased late Thursday that he would be heading to a “destination unknown” — “probably” Washington, he added. His opaque language stoked speculation that he might make a drop-by to Turkey.

But on Friday morning, he told reporters he needed to get back to Washington. His daughter Tiffany had her first child while the president has been away.

“I would actually leave here and go,” Trump said. “I do want to see my beautiful grandson.” On Syria sanctions, Trump takes a leap of faith Just two months ago, the Trump administration wasn't sold on Syria's interim government led by Ahmad al-Sharaa, the onetime al-Qaida-affiliated insurgent. They worried the Syrian president didn't have the legitimacy to govern the country's ethnically diverse population.

Clashes broke out in early March, killing hundreds and targetting many more members of the Alawite religious minority to which the ousted Syrian leader Basher Assad belongs.

The moment gave the Trump White House pause about easing sanctions on Syria. But Trump signalled Monday that he was having a change of heart and was moving toward lifting the Syria sanctions.

A day later, he announced the move during an address to Gulf leaders.

Trump then took it another step by agreeing to meet al-Sharaa.

Trump said he was impressed with al-Sharaa, who not that long ago had a USD 10 million US bounty on his head. The president called him a “young, attractive guy” with a “very strong past.” Trump said it was recommendations from Turkish President Recep Tayyip Erdogan and Saudi Crown Prince Mohammed bin Salman that nudged him to take a chance on al-Sharra.

“President Erdogan called me and said: 'Is there any way you could do that? Because if you don't do that, they don't have a chance,'” Trump said. “So, I did it.” Trump's fuzzy math on display Throughout the trip, Trump felt more than comfortable dishing out exaggeration and hyperbole.

“This has been an amazing trip.” Trump told reporters Thursday as Air Force One was about to land in Qatar. “We've raised trillions of dollars of investment for our country.” A little later he put the figure at USD 4 trillion.

That figure is about two times the combined gross domestic products of Saudi Arabia, Qatar and the United Arab Emirates, meaning that any announced investments would likely accrue over several years — if at all — in ways that might not show up in overall US economic growth numbers.

Boeing confirmed that Qatar's USD 96 billion purchase of its 787 and 777X jets was the largest order for 787s and wide body jets in the company's history. Trump enthused it was “the biggest order in the history of, I think, aviation, certainly of that size” of jets.

Trump also went overboard in running down the economic record of his predecessor, Democrat Joe Biden, at one point declaring, “The days of economic misery under the last administration are rapidly giving way to the greatest economy in the history of the world.” The US economy grew at 2.8 per cent last year. It declined at an annualised rate of 0.3 per cent during the first three months of this year.

Intractable conflicts remain just that While Trump's trip initially was conceived as a visit to reward countries that invest in the United States, Trump at one point hoped it also would herald significant steps to end the wars in Gaza and Ukraine. Positive news on both fronts proved elusive.

Trump barely mentioned either conflict on his trip – and when he did, it was generally in the context of his assertion that they wouldn't have occurred had he won reelection in 2020.

As Israel stepped up an offensive in Gaza — a prelude to a promised full takeover of the territory if Hamas doesn't release the remaining hostages in its captivity — Trump was again musing about the creation of a “freedom zone” in its territory. It's a notion rejected by Palestinians and the broader Arab world because Trump's plan would relocate civilians from Gaza to allow for rebuilding.

Israel conducted significant airstrikes all week in Gaza as Trump was in the region and the fighting on the ground appeared to escalate Friday morning even before Trump left the UAE.

Ethics issues follow along as Trump travels the Mideast Trump was already facing questions about conflicts of interest for travelling to the Middle East to shape US policy at a time when his family's business interests in the region have boomed.

He attempted to quiet worries about national security and constitutional questions by insisting he's smart to accept a USD 400 million luxury plane from Qatar and use it as Air Force One.

“Why should our military, and therefore our taxpayers, be forced to pay hundreds of millions of Dollars when they can get it for FREE,” Trump posted on his social media site during his Middle East swing.

The president also dodged questions about a state-backed investment company in Abu Dhabi using a Trump family-aligned stablecoin for a USD 2 billion investment in the world's largest cryptocurrency exchange.

“I don't know anything about it,” he said.

Beyond that, the Trump family has piled up deals to license its brand for real estate projects, and to build Trump towers and golf courses, around the Middle East.

White House press secretary Karoline Leavitt says it's “frankly ridiculous” to wonder if those profits might influence Trump's governing decisions. (AP) NPK NPK

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