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    Trump used to slam China. Here's why he's now rolling out the red carpet for Xi
    RBI orders removal of Maharashtra minister Babasaheb Patil, 7 others as directors of Latur DCC Bank
    LPG subsidy: Aadhaar biometric authentication mandatory for subsidised refills from Oct 1
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September 20, 2026
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Tariff policy and trade truce reshape bilateral engagement as rare-earth leverage limits coercive economic measures.
United States-China trade relations are being conducted through continued tariff policy, prior export restrictions, and a trade truce after escalating tariffs did not achieve their intended effect of changing Chinese economic conduct. China's concentrated supply of rare-earth inputs used in electronics provided negotiating leverage and contributed to the trade armistice. Indications that Chinese goods are routed through third countries to lessen tariff exposure qualify the decline in the bilateral goods imbalance. Continued tariffs have not constrained China's manufacturing expansion or its access to export markets.
September 20, 2026
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Ten-year director tenure cap governs removal of ineligible cooperative bank board members after regulatory review.
RBI required Latur District Central Cooperative Bank to remove directors considered ineligible for exceeding the ten-year maximum tenure applicable to district central cooperative bank directors. The action invoked director ineligibility under the Banking Regulation Act. Following a complaint and a court-directed timeline for regulatory action, RBI sought responses from the concerned directors, seven of whom resigned. An issue was raised over whether the tenure cap could apply retrospectively to appointments made before its stated commencement and whether it was being applied uniformly.
September 19, 2026
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Biometric Aadhaar authentication becomes essential for domestic LPG consumers seeking regulated subsidised refill bookings, while market-price supply remains available.
Biometric Aadhaar authentication is required from October 1 for domestic LPG consumers to book subsidised refills at the regulated retail selling price. Authentication can be completed through delivery personnel, distributor showrooms or designated mobile applications. Consumers unwilling or unable to authenticate may obtain LPG at the applicable market price without subsidy after registering their choice through specified digital channels. The framework distinguishes subsidised LPG linked to Aadhaar-authenticated consumers from market-priced LPG and seeks targeted subsidy delivery, reduced leakage, and prevention of diversion, duplicate connections and ineligible access.
September 19, 2026
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Cooperative bank director tenure limits require disqualification and removal when service exceeds the statutory maximum period.
Directors of District Central Cooperative Banks and Central Cooperative Banks are subject to a maximum 10-year tenure under the Banking Regulation Act, 1949, as amended by the Banking Laws (Amendment) Act, 2025. RBI directed removal of a director ineligible to continue under section 10A(2A)(i), read with section 56, following concerns that directors of Latur District Central Cooperative Bank had exceeded the permitted tenure.
September 19, 2026
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Tariff treatment of Indian exports shifted from reciprocal duties to targeted trade measures, sectoral duties, and specified exemptions.
Upon expiry of the temporary global measure, an India-targeted 10 per cent Section 301 tariff, linked to forced-labour concerns, replaced it; the effective charge for most covered exports remained MFN duty plus 10 per cent. The current regime applies the Section 301 tariff to Indian exports except specified goods, with separate sectoral duties on steel, aluminium and auto components. Smartphones, medicines and energy products are exempt.
September 19, 2026
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PMLA-based FIR request over alleged consultancy payments remains under legal examination amid criticism of non-registration.
Enforcement Directorate sought registration of an FIR concerning alleged fraudulent payments by Cochin Minerals and Rutile Ltd to Exalogic Solutions, represented as IT consultancy fees. The request relied on evidence gathered through investigation and searches under the Prevention of Money Laundering Act. Registration remained under consideration after receipt of the Advocate General's legal opinion, with the Home Department examining the matter.
September 19, 2026
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Free trade agreements expand market access, entrepreneurial partnerships and youth career opportunities alongside public-sector recruitment and development participation.
Free Trade Agreements are presented as mechanisms for expanding cross-border partnerships, market access for entrepreneurs, and career opportunities for young persons. Youth employment is also linked to the expansion of the startup ecosystem beyond major cities and to public-sector recruitment through Rozgar Melas. Newly selected candidates are to join central government ministries, departments and organisations. Public service is framed around citizen-centred administration and decisions supporting a developed and self-reliant India.
September 19, 2026
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AI governance for regulated financial services enables natural-language automation while preserving enterprise security, auditability, control, and scalable deployment.
Assist-Edge enables teams to describe intended processes in natural language and use AI to create, modify, and enhance executable workflows. Working with reusable AI agents and workflows, it supports discovery, customisation, deployment, and scaling of enterprise automation. For banking, financial services, and insurance operations, its use is positioned alongside security, governance, auditability, and control, supporting governed adoption of scalable AI capabilities and movement from isolated experimentation to enterprise-wide intelligent automation.
September 19, 2026
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Recurring token reward distributions connect eligible holdings, platform activity, and partner participation through hourly settlement cycles.
BC Engine permits eligible $BC holdings to participate in hourly settlement rounds distributing BCD rewards. Participants can monitor active balances, cumulative rewards, unclaimed BCD, and settlement history through the Engine interface. Settlement amounts vary with ecosystem activity, while the mechanism links platform activity, token utility, user participation, and commercial partners through repeated value distribution rather than one-time promotional incentives.
September 19, 2026
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Asset monetisation of surplus public land and buildings is accelerated through transparent, value-oriented processes and stakeholder coordination.
NLMC's Board recommended monetisation proposals involving surplus land and building assets valued at over Rs. 5,000 crore. Monetisation is facilitated through asset identification, due diligence, valuation and appropriate process structuring, with emphasis on transparency, efficiency and value realisation. Sustained coordination with asset-owning entities is intended to expedite implementation and support timely, commercially appropriate monetisation of underutilised public assets.
September 19, 2026
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Zero forex markup on credit cards applies automatically to international transactions without conditions while preserving applicable rewards.
Zero Forex Markup applies automatically to international transactions made through all existing and new credit cards, without a new-card application, upgrade, spending threshold or other stated condition. International card spends do not attract forex markup charges. Reward Points or Cashback, where applicable to the relevant card, continue on international transactions. Existing credit cards may be used for overseas and cross-border payments without requiring a separate forex card solely to avoid such charges.
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.

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Customs & Trade

As Trump goes to G7 summit, other world leaders aim to show they're not intimidated

June 14, 2025

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Washington, Jun 14 (AP) President Donald Trump has long bet that he can scare allies into submission — a gamble that is increasingly being tested ahead of the Group of Seven summit beginning Monday in Canada.

He's threatened stiff tariffs in the belief that other nations would crumple. He's mused about taking over Canada and Greenland.

He's suggested he will not honour NATO's obligations to defend partners under attack. And he's used Oval Office meetings to try to intimidate the leaders of Ukraine and South Africa.

But many world leaders see fewer reasons to be cowed by Trump, even as they recognise the risks if he followed through on his threats. They believe he will ultimately back down — since many of his plans could inflict harm on the US — or that he can simply be charmed and flattered into cooperating.

“Many leaders still seem intimidated by Trump, but increasingly they are catching on to his pattern of bullying,” said Jeremy Shapiro, research director at the European Council on Foreign Relations.

“In places as diverse as Canada, Iran, China and the EU, we are seeing increasing signs that leaders now recognize that Trump is afraid of anything resembling a fair fight. And so they are increasingly willing to stand up to him.” In the 22 instances in which Trump has publicly threatened military action since his first term, the US only used force twice, according to a May analysis by Shapiro.

World leaders feel comfortable standing up to Trump Ahead of the G7 summit, there are already signs of subtle pushback against Trump from fellow leaders in the group.

French President Emanuel Macron planned to visit Greenland over the weekend in a show of European solidarity. Canadian Prime Minister Mark Carney has said the US is no longer the “predominant” force in the world after Trump's tariffs created fissures in a decades-long partnership between the US and its northern neighbour.

“We stood shoulder to shoulder with the Americans throughout the Cold War and in the decades that followed, as the United States played a predominant role on the world stage," Carney said this past week in French. "Today, that predominance is a thing of the past.” The new prime minister added that with the fall of the Berlin Wall in 1989, the US became the global hegemon, a position of authority undermined by Trump's transactional nature that puts little emphasis on defending democratic values or the rule of law.

“Now the United States is beginning to monetise its hegemony: charging for access to its markets and reducing its relative contributions to our collective security,” Carney said.

Israel's attack on Iran has added a new wrinkle to the global picture as the summit leaders gather to tackle some of the world's thorniest problems A senior Canadian official said it was decided early on that the G7 won't be issuing a joint communiqué as it has at past summits — an indication of how hard it can be to get Trump on the same page with other world leaders. The White House said individual leader statements will be issued on the issues being discussed.

Speaking last month at a conference in Singapore, Macron called France a “friend and an ally of the United States” but pushed back against Trump's desire to dominate what other countries do. Macron said efforts to force other nations to choose between the US and China would lead to the breakdown of the global order put in place after World War II.

“We want to cooperate, but we do not 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.

Japanese Prime Minister Shigeru Ishiba pushed back against Trump's agenda of levying higher tariffs on imported goods, arguing it would hurt economic growth. The Japanese leader specifically called Trump ahead of the summit to confirm their plans to talk on the sidelines, which is a greater focus for Japan than the summit itself.

“I called him as I also wanted to congratulate his birthday, though one day earlier,” Ishiba said.

Trump cares about being tough, but G7 is a chance to reset relations Sen. Jeanne Shaheen, D-N.H., the ranking member of the Foreign Relations Committee, said the summit was an opportunity for Trump to “mend” relationships with other countries so China would be unable to exploit differences among the G7.

She said other foreign leaders are “not intimidated” by Trump's actions, which could be driving them away from tighter commitments with the US.

“The conversations that I've had with those leaders suggest that they think that the partnership with the United States has been really important, but they also understand that there are other opportunities,” Shaheen said.

The White House did not respond to emailed questions for this story.

Many leaders feel more confident that they can sidestep Trump's threats Having originally made his reputation in real estate and hospitality, Trump has taken kindly to certain foreign visitors, such as UK Prime Minister Keir Starmer, German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni.

Starmer has sought to keep Trump in line with Europe in supporting Ukraine and NATO instead of brokering any truces that would favor Russia. He has echoed the president's language about NATO members spending more on defence. But in his Oval Office visit, Starmer also pleased Trump by delivering an invite for a state visit from King Charles III.

The German government said it, too, wanted to send a public signal of unity, saying that while Trump's recent meeting with Merz at the White House went harmoniously, the next test is how the relationship plays out in a team setting.

There will also be other world leaders outside of the G7 nations attending the summit in mountainous Kananaskis, including Ukrainian President Volodymyr Zelenskyy, whom Trump dressed down in the Oval Office.

Italy's Meloni has positioned herself as a “bridge” between the Trump administration and the rest of Europe. But Italy's strong support of Ukraine and Trump's threatened tariffs on European goods have put Meloni, the only European leader to attend Trump's inauguration, in a difficult position.

Mark Sobel, US chair of the Official Monetary and Financial Institutions Forum, an independent think tank, said Trump's “trade policies, backing for right wing European movements, seeming preference for dealing with authoritarians and many of his other actions are alienating our G7 allies”, even if the US president is correct that Europe needs to do more on defence.

But even as other G7 leaders defuse any public disputes with Trump, the US president's vision for the world remains largely incompatible with they want.

“In short, behind the curtains, and notwithstanding whatever theatre, the Kananaskis summit will highlight a more fragmented G7 and an adrift global economy," Sobel said. (AP) PY PY

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