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    India's forex reserves drop by USD 4.924 billion to USD 780.782 billion: RBI data
    Govt eases sugar stockholding limit for bulk users to 30 days ahead of festive season
    25th Meeting of SCO Ministers Responsible for Economic and Foreign Trade Activities Held in Tajikistan
    India–Nepal Inter-Governmental Sub-Committee on Trade, Transit and Cooperation to Control Unauthorised Trade Meets in New Delhi
    OnEMI Technology Solutions Limited’s Board Approves Fundraise of approximately ₹832 Crore through a Preferential Issue of Securities
    CGST Delhi South officers bust firm in fraudulent availment of ITC involving over Rs. 25.22 crore; proprietor arrested
    Net direct tax collection rises 13 pc to Rs 12.12 lakh cr till Sep 17 on higher advance tax mop-up
    Protean launches next-generation KYC Onboarding & Reporting Solution at Global Fintech Fest 2026
    Japan's central bank raises benchmark interest rate to 1.25 pc, highest in 31 years
    Net direct tax collection rises 13 pc to Rs 12.12 lakh cr till Sept 17 on higher advance tax mop-up
    SP Group backs Tata Sons listing, bolstering board's push despite Trusts' opposition
    Shapoor Mistry backs Tata Sons listing, calls it opportunity for greater accountability
    India Welcomes Passage of New Zealand Legislation to Give Effect to India-New Zealand FTA
    CCI approves acquisition of certain additional shareholding in Azure Power Global Limited by OMERS Infrastructure Asia Holdings Pte. Ltd.
    CCI approves acquisition of certain equity share capital of Great White Global Pvt Ltd by ISAF III Onshore Fund, India Special Assets Fund III, Specia...
    CCI approves acquisition of three professional cricket franchises: Rajasthan Royals (India), Paarl Royals (South Africa) and Barbados Royals (Barbados...
    India warns that Washington's Russia sanctions bill holds implications for bilateral ties, energy market
    Tata Sons in open revolt: Board reappoints Chandrasekaran, Trusts call it illegal
    Tata Trusts puts Rs 25,000 cr SP Group liquidity plan before Tata Sons board
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September 18, 2026
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Foreign exchange reserve valuation reflects currency movements as foreign currency assets and gold holdings decline.
India's foreign exchange reserves declined to USD 780.782 billion for the week ended September 11, driven by reductions in foreign currency assets and gold holdings. Foreign currency assets fell to USD 645.796 billion, with their dollar value reflecting movements in reserve currencies against the US dollar. Gold reserves also declined, while Special Drawing Rights increased to USD 18.845 billion. The reserve position with the IMF stood at USD 4.916 billion.
September 18, 2026
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Bulk sugar stockholding limits now allow expanded inventories only where additional supplies derive from designated import channels.
Bulk sugar consumers using more than 10 tonnes monthly as a raw material may hold up to 30 days' requirement instead of 15 days. Holdings above 15 days must consist exclusively of sugar imported under the Tariff Rate Quota or Advance Authorisation Scheme; sugar obtained from the open market remains restricted to 15 days' consumption. Bulk consumers must declare and disclose their sugar inventories every Friday through the food ministry's online portal.
September 18, 2026
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Trade facilitation and digitalisation support regional economic cooperation through simpler customs procedures, paperless exchange, resilient supply chains, and MSME access.
Priority measures included expanded intra-SCO trade, lower trade costs, resilient and diversified supply chains, trusted multimodal connectivity, greater market access, simplified customs processes, paperless trade and electronic document exchange. Digital and cross-border payments and accessible trade finance were identified to enable MSMEs and start-ups to participate in trade and value chains. Ministers agreed an Action Plan for 2026-2030 for further approval and approved regulations for a special working group on creative-economy development.
September 18, 2026
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Customs cooperation and trade facilitation advance electronic origin verification, pre-arrival information exchange, and safeguards against preferential trade misuse.
Customs cooperation and trade facilitation measures included pre-arrival information exchange, electronic verification of Certificates of Origin, and Customs automation and digitalisation. These measures are directed at facilitating legitimate trade while ensuring compliance with applicable rules and preventing misuse of preferential trade arrangements. Rail and road connectivity, freight movement, Integrated Check Posts and land-port infrastructure were reviewed to improve infrastructure utilisation and address operational bottlenecks affecting bilateral and transit trade.
September 18, 2026
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Preferential equity issuance approved to strengthen capital, support digital lending expansion, and fund subsidiary operations subject to required approvals.
OnEMI Technology Solutions Limited has approved a preferential issue of equity shares to identified investors, subject to shareholder and requisite regulatory and statutory approvals. The issuance is proposed under the Companies Act, 2013, the SEBI capital-issue and disclosure framework, other applicable SEBI regulations, and applicable law. Seventy-five per cent of the additional capital raised is proposed for infusion into its wholly owned subsidiary to support lending, technology, digital capabilities and product expansion, while the remaining twenty-five per cent is proposed for general corporate purposes.
September 18, 2026
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Fraudulent input tax credit claims through bogus invoices prompted arrest over alleged invoicing without actual supply of goods.
Alleged fraudulent availment, utilisation and passing on of inadmissible input tax credit involved invoices from purported suppliers found to be non-existent, non-functional, suspended or cancelled. Input tax credit was allegedly claimed without actual receipt of goods and passed on through invoices unsupported by corresponding supplies. Following investigation and recorded statements, the proprietor of an iron and steel trading firm was arrested under statutory arrest powers, while further investigation remains in progress.
September 18, 2026
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Direct tax collections: stronger advance tax payments support growth in corporate, non-corporate, and securities transaction tax receipts.
Direct tax collections grew through September 17, supported principally by increased advance tax payments from corporate and non-corporate taxpayers. Gross collections exceeded Rs 14.32 lakh crore, while net collections, after refunds, exceeded Rs 12.12 lakh crore. Corporate tax collections grew more strongly than non-corporate tax collections, and Securities Transactions Tax receipts recorded significant growth. The trend indicated broad-based tax buoyancy, supported by underlying economic activity, taxpayer confidence and business performance.
September 18, 2026
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Reusable consent-based KYC enables integrated onboarding, reporting, record updates and periodic re-verification for regulated financial institutions.
Central KYC-based onboarding enables regulated financial institutions to reuse a customer's existing verified identity record through the Central KYC Registry with customer consent. The integrated solution supports onboarding, KYC reporting, unsolicited notifications and re-KYC. It retrieves consented KYC records through CKYC APIs, uses facial matching or video-based customer identification for authentication, and applies AI-based duplicate detection. Reporting automates validation, image correction and real-time registry submission, while record updates and simplified periodic re-verification support the currency of institutional KYC information.
September 18, 2026
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Benchmark interest rate normalisation raises borrowing costs while monetary policy monitors inflation, wage growth, currency risks, and economic recovery.
The Bank of Japan increased the uncollateralised overnight call rate from 1.0 per cent to 1.25 per cent, advancing monetary-policy normalisation after a prolonged period of near-zero or negative rates. The increase was assessed against gradual economic recovery, inflation near its target, wage growth, currency fluctuations, elevated crude oil prices, and external risks. Further tightening remains contingent on stable price increases, wage developments, and monitoring of other risks.
September 18, 2026
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Direct tax collections reflect stronger advance tax payments, alongside increased corporate tax, securities transaction tax, and refund issuance.
Net direct-tax collections exceeded Rs 12.12 lakh crore through 17 September, reflecting 13 per cent growth following increased advance-tax receipts. Gross direct-tax collections exceeded Rs 14.32 lakh crore, while refunds exceeded Rs 2.20 lakh crore. Corporate-tax and non-corporate tax collections increased, as did Securities Transaction Tax collections. Advance-tax receipts exceeded Rs 5.22 lakh crore, comprising increased corporate advance tax and non-corporate advance tax payments.
September 18, 2026
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Upper-layer NBFC listing compliance sharpens corporate governance conflict over public accountability, shareholder liquidity, and preservation of private ownership.
Tata Sons' status as an upper-layer non-banking financial company has brought its proposed public listing into focus after the Reserve Bank of India rejected its application to voluntarily surrender core investment company registration. Tata Sons is required to take steps to comply with the enhanced regulatory framework applicable to upper-layer NBFCs, which includes stock-market listing. Classified in 2022, Tata Sons did not meet the original listing deadline and had pursued deregistration after repaying debt.
September 18, 2026
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Upper-layer NBFC compliance places Tata Sons on a listing-oriented path emphasising transparency, governance, shareholder visibility, and philanthropic continuity.
Reserve Bank of India rejection of Tata Sons' application to surrender its core investment company registration requires compliance with the upper-layer non-banking financial company regulatory framework. The resulting regulatory path is associated with public listing. Shapoor Mistry supports listing as a means to enhance transparency, shareholder visibility, and corporate governance accountability, while potentially clarifying the holding company's value and supporting a durable flow of value towards charitable activities without compromising Tata's philanthropic mission.
September 18, 2026
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Duty-free market access will cover all covered exports upon entry into force under the bilateral free trade agreement.
Upon entry into force, the India-New Zealand Free Trade Agreement grants duty-free access in New Zealand for 100 per cent of Indian exports, including textiles and apparel, leather and footwear, engineering goods, pharmaceuticals, agriculture, and processed food products. It also provides enhanced preferential access to the Indian market for specified New Zealand exports. The Agreement further covers services, investment, professional, student and youth mobility, and cooperation in agricultural productivity, pharmaceuticals and medical devices, traditional medicine and AYUSH, technology, and trade facilitation.
September 18, 2026
Show AI Summary
Competition clearance for additional shareholding acquisition facilitates increased investment in Azure Power's renewable energy business by OMERS Infrastructure.
Competition approval has been granted for a proposed combination involving OMERS Infrastructure Asia Holdings Pte. Ltd.'s acquisition of certain additional shareholding in Azure Power Global Limited from CDPQ Infrastructures Asia Pte. Ltd. Azure Power Global Limited is the parent entity of the Azure group, which establishes and operates renewable energy plants and sells solar power in India.
September 18, 2026
Show AI Summary
Competition approval for interconnected acquisitions enables shared equity acquisition in Great White and sole control acquisition in ITVIS.
Competition-law approval covers an interconnected combination involving acquisition of 50% of Great White Global Private Limited's issued and paid-up equity share capital by EAAA Acquiring Entities and the Continuing Promoter group, through inter-connected steps using an acquisition special purpose vehicle that will merge into Great White. The combination also includes Mr. Mehul Shah's acquisition of sole control over ITVIS Innovations Private Limited.
September 18, 2026
Show AI Summary
Competition approval for acquiring three Royals franchises covers cross-border professional cricket franchise ownership interests and related transaction arrangements.
Competition Commission of India granted competition approval for the proposed combination involving Westview Cricket Limited and Poonawalla Sports and Fitness Private Limited acquiring the Rajasthan Royals, Paarl Royals and Barbados Royals professional cricket franchises. The franchises operate respectively in India, South Africa and Barbados, with Rajasthan Royals participating in the Indian Premier League T20 cricket tournament organised by the Board of Control for Cricket in India.
September 17, 2026
Show AI Summary
Sanctions bill permits punitive tariffs on oil and gas trading partners, raising energy-market and bilateral relationship concerns.
United States sanctions bill concerning Russia would authorize the President to impose sanctions on Russia and punitive tariffs of up to 100 per cent on nations importing Russian crude oil. The tariff mechanism may affect oil and gas trading partners, bilateral relations and global energy markets, with concern expressed over its implications for energy trade.
September 17, 2026
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Secondary sanctions on Russian energy trade could expose major crude importers to punitive tariffs and economic pressure.
Congressional legislation targeting Russia and Iran would authorise sanctions against Russia's leadership, energy sector, and vessels facilitating evasion of oil-delivery restrictions. It would also permit punitive tariffs of up to 100 per cent on leading trading partners continuing to import Russian oil and gas. India has identified possible effects on bilateral economic relations and the international energy market, while maintaining that diversified sourcing is necessary for energy security and that its trade and economic interests will be protected.
September 17, 2026
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Trust-nominated director consent shapes the contested chairmanship reappointment as regulatory classification renews pressure to consider a stock-market listing.
Validity of the reappointment is therefore contested under the company's internal governance framework despite the majority board vote, and the appointment is expected to be considered for ratification at the annual general meeting. The dispute also concerns the distinction between shareholder influence and directors' decision-making duties. A Trust sought to direct its nominee director to oppose a listing, but the director declined on the basis of independent director duties.
September 17, 2026
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Selective capital reduction offers a proposed shareholder-liquidity route while preserving private-company status, subject to valuation and approval scrutiny.
Tata Trusts has placed before the Tata Sons board a framework for the Shapoorji Pallonji Group to monetise part of its Tata Sons shareholding without requiring a public listing. The transaction would be valued under Rule 11UA principles, completed in two tranches over 18 months, and require Tata Sons to commence a selective capital reduction process before the National Company Law Tribunal. Completion remains contingent on financing capacity, regulatory and tribunal approvals, and scrutiny of valuation, shareholder treatment, and the legal validity of the capital-reduction structure.

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Customs & Trade

Macron warns US, Indo-Pacific not to abandon Ukraine as it gears for potential China conflict

May 30, 2025

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Singapore, May 30 (AP) French President Emmanuel Macron warned the US and a large audience of Indo-Pacific nations Friday night that they risk a dangerous double standard as they concentrate on a potential conflict with China if that shift comes at the cost of abandoning Ukraine.

Macron's remarks come as the US is considering withdrawing troops from Europe to shift them to the Indo-Pacific. He warned that abandoning Ukraine would eventually erode US credibility in deterring any potential conflict with China over Taiwan.

In a speech that emphasized France's tight ties to the Indo-Pacific, Macron said that any shifts to developing a more hard-line deterrent stance in the region is still tied to how the world — and particularly the West — treats other critical issues, including climate change and Israel's ongoing military operations in Gaza.

The speech was notable in that Macron delivered it with US President Donald Trump's Defence Secretary Pete Hegseth in the audience and as not only France, but countries around the globe are dealing with Trump's fluctuating tariff threats. Both Europe and those same Indo-Pacific nations also find themselves increasingly pulled between the competing interests of Trump and Chinese President Xi Jinping.

“We want to cooperate. But we don't want to be instructed on a daily basis what is allowed, what is not allowed and how our life will change because of the decision of a single person,” Macron said, in an apparent jab at Trump that could have also been just as easily pointed at Xi.

Macron and Hegseth are among the world leaders, diplomats and top defence officials in Singapore this weekend for a security forum that will focus on China's growing assertiveness, the global impact of Russia's war on Ukraine and the flare-up of conflicts in Asia.

It's Hegseth's first time at the Shangri-La Dialogue, hosted by the International Institute for Security Studies, which is taking place against the backdrop of heightened rhetoric between Beijing and Washington.

The Trump administration has threatened China with triple-digit tariffs, and there's some uncertainty in the region over how committed the US is to the defence of Taiwan, which also faces possible 32 per cent American tariffs.

China claims the self-governing democracy as its own, and Chinese President Xi Jinping has not ruled out taking it by force. China sends military aircraft, ships and spy balloons near Taiwan as part of a campaign of daily harassment, and currently has an aircraft carrier in the waters southeast of the island.

China, which usually sends its defence minister to the Shangri-La forum, sent a much lower level delegation instead, led by Maj Gen Hu Gangfeng, the vice president of the People's Liberation Army National Defence University.

The delegation was expected to speak Saturday on a panel on “cooperative maritime security” alongside representatives from Japan, Vietnam, Chile and the UK — notable in that China's aggressive global fisheries tactics have been a regular topic of concern not only in the Indo-Pacific but as far away as Latin America and the Arctic.

Defence officials travelling with Hegseth, who spoke on the condition of anonymity because they were not authorised to speak to the media, called the absence of a higher-level Chinese delegation an opportunity for the US to make inroads.

“We can't account for whether China engages or not. All we know is that we're here. And we will be here,” Hegseth said as he met with Philippine Defence Secretary Gilbert Teodoro.

Allies are worried about US commitment to their defence Hegseth's trip to Singapore is his second to the region since becoming defence secretary, following a March visit to the Philippines, which has seen escalating confrontations with China over competing territorial claims in the South China Sea.

That trip, which also included a stop in Japan, brought a degree of relief over growing concerns from the Philippines and others in the region about US support from a president who has taken more of a transactional approach to diplomacy and seems wary of foreign engagements.

The US has been pursuing a “free and open Indo-Pacific” policy, which includes regularly sailing warships through the Taiwan Strait and in the South China Sea, which is claimed almost in its entirety by China.

The European Union has adopted a more economics-driven approach, but several European nations have also regularly taken part in the freedom of navigation exercises, including France, which sent a carrier strike group on a five-month mission through the Indo-Pacific that concluded in April.

France steps up its presence in Indo-Pacific In its published Indo-Pacific strategy, France has underscored the need to “preserve a rules-based international order” in the face of “China's increasing power and territorial claims” and its global competition with the United States.

France's own ties to the Indo-Pacific are strong, with more than 1.6 million of its citizens living in the region in French overseas territories.

Following a meeting Friday with Singapore's Prime Minister Lawrence Wong, Macron told reporters there was room in the region for more than just the two superpowers.

“We are neither China nor the US, we don't want to depend on any of them," he said. “We want to cooperate with both as far as we can, and we can cooperate for growth and prosperity and stability for our people and the world order, and I think this is exactly the same view of a lot of countries and a lot of people of this region.” Wong underscored Macron's point, saying that Singapore and the greater region were not looking for exclusive arrangements with any single power.

“We want to embrace comprehensive engagement with all parties and embrace win-win arrangements rather than zero-sum competition,” he said.

In his speech later, Macron is expected also to stress that the war in Ukraine is having a worldwide impact and that Russia seeks to destabilize Asia, the French president's office said.

While democracies from the region, including Australia, South Korea and Japan, have been aiding Ukraine, China has been growingly supportive of Russia and North Korea has sent troops to fight for Moscow.

The conference comes as civil war continues to rage in Myanmar, creating a massive humanitarian crisis that has only been compounded by the effects of a devastating earthquake that hit in March.

It also follows the outbreak of violence this week on the Thai-Cambodian border, in which a Cambodian soldier was killed in a brief exchange of fire between the two sides.

Thailand and Cambodia have a long history of land disputes, though Thailand said after the short skirmish that the situation had been resolved.

Of greater concern, nuclear-armed neighbours India and Pakistan came to the brink of war earlier this month in their most serious military confrontation in decades. (AP) NPK NPK

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