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    DRI busts illegal drug manufacturing facility in Jewar, UP; 30 kg drugs seized and two persons arrested
    UCO Bank launches IFSC Banking Unit at GIFT City
    Banking sector has key role to play as India on way to become 3rd largest economy: Gujarat CM
    India's exports to US rise 12.85 pc in Jul; shipments to China jump 64.57 pc: Govt data
    50 tonnes of copper without e-way bills seized by Delhi GST, Railways joint team
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    IFSCA Grants Nexent Capital GIFT City Investment Banking License
    India's exports rise 19.63 pc to USD 44.24 bn in Jul; trade deficit widens to $31.98 bn
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    The Government of India to launch the Central Bank Digital Currency (CBDC)-based Direct Benefit Transfer (DBT) in the Union Territories of Chandigarh ...
    India and the Southern African Customs Union (SACU) sign Terms of Reference (ToR) for negotiations towards a Preferential Trade Agreement
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    August 14, 2026
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    Clandestine psychotropic drug manufacturing faces enforcement targeting precursor chemicals, concealed laboratories, illicit production networks and trafficking operations.
    Enforcement action against clandestine manufacture of psychotropic substances led to the detection of a residential drug-production facility. Searches recovered amphetamine and intermediary forms, precursor chemicals, reagents, raw materials, and manufacturing equipment. Field testing indicated the presence of amphetamine, a psychotropic substance regulated under the Narcotic Drugs and Psychotropic Substances Act, 1985. The recovered apparatus and materials indicated illicit manufacture, while preliminary investigation pointed to short-term, intermittently operated facilities intended to conceal production activities.
    August 13, 2026
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    International banking unit expands cross-border financing, trade finance and foreign-currency service access through GIFT City operations.
    UCO Bank has launched an International Financial Services Centre Banking Unit at GIFT City to provide permitted international banking services. The unit offers trade finance, external commercial borrowings, foreign-currency loans, loan syndication, treasury services and other permitted financial services. It serves Indian corporates, exporters, importers, financial institutions, overseas businesses and other eligible customers requiring cross-border financing and access to global financial markets. FCNR(B) deposits are also offered through the unit.
    August 13, 2026
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    Last-mile credit access is prioritised through timely lending, wider beneficiary coverage, digital support and stronger fraud vigilance.
    Banking-sector participation is emphasised through last-mile credit access for MSMEs, women entrepreneurs, rural artisans, small farmers and other underserved beneficiaries. Banks are urged to expedite government-scheme applications, maximise coverage and use technology for timely financial support. Industrial-policy assistance and incentives cover startups, SC/ST entrepreneurs, persons with disabilities and first-generation entrepreneurs. Greater coordination, expanded village banking access, and vigilance against cyber fraud and mule accounts are also prioritised.
    August 13, 2026
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    Merchandise trade growth saw rising exports to major markets alongside increased imports and continuing United States trade-pact negotiations.
    India's merchandise trade data records increased July exports to the United States and China, alongside growth in imports from both markets. Exports to Singapore, the United Arab Emirates, the Netherlands, Germany, South Africa, Tanzania, Australia, Malaysia, Sri Lanka, Italy and Vietnam showed positive growth, while July exports declined for the United Kingdom, Bangladesh, Saudi Arabia and Nepal. Imports also increased from Russia, Korea, Singapore, Germany, Oman, Malaysia, Taiwan and Brazil. India and the United States are negotiating a trade pact amid an additional United States tariff on India.
    August 13, 2026
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    GST transport documentation enforcement addresses freight movement of metals without valid e-way bills and invoices under applicable rules.
    GST enforcement action led to the seizure of copper and aluminium ingots transported by freight train without valid e-way bills and invoices. The metals were found in three train wagons during inspection of parcel cargo. Further proceedings are to be undertaken under applicable GST rules concerning movement of goods without prescribed transport documentation.
    August 13, 2026
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    Merchandise trade deficit widens as import growth outpaces exports despite strong petroleum, electronics and engineering shipments.
    Merchandise trade in July 2026 saw exports rise 19.63 per cent and imports increase 17.52 per cent, widening the trade deficit to a six-month high. Petroleum products, electronics, engineering goods and marine goods supported export growth, while crude oil and several commodity and capital-goods categories increased imports. During April-July 2026-27, faster import growth widened the cumulative merchandise trade deficit compared with the corresponding prior-year period.
    August 13, 2026
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    Bribery allegations in GST enforcement prompted arrest after alleged payment demand to avoid a tax-liability notice.
    Bribery allegations involving GST enforcement led to the arrest of a CGST Superintendent after a complaint alleged that payment was demanded from a private company to avoid issuance of a tax-liability demand notice and to close the matter. A trap operation resulted in the public servant being apprehended while allegedly accepting part of the demanded bribe, and the amount accepted was recovered. Searches were undertaken, and investigation remained ongoing.
    August 13, 2026
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    Trade performance shows rising merchandise and services exports, but faster import growth expands the overall trade deficit.
    India's combined merchandise and services exports and imports increased in July 2026 and April-July 2026-27, while the overall trade deficit widened. Cumulative exports were estimated at US$ 316.42 billion and imports at US$ 365.85 billion, resulting in a trade deficit of US$ 49.43 billion. Merchandise exports, non-petroleum exports, and exports excluding petroleum and gems and jewellery grew, led by petroleum products, electronic goods, engineering goods and chemicals. Services trade recorded a cumulative surplus of US$ 69.17 billion.
    August 13, 2026
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    Student GIC referral programmes integrate connectivity credits with funding verification and post-arrival banking arrangements for eligible international students.
    Referral arrangements connect mobile connectivity benefits with the Student Guaranteed Investment Certificate application journey. Applicants may access an online portal through a referral link, submit documents, complete know-your-customer verification, and fund the GIC from permitted Indian bank accounts in no more than two transactions. After arrival, students may activate the GIC account and open a linked bank account for receipt of GIC transfers. Eligible verified applicants receive non-cash mobile credits usable only against mobile bills, subject to a cap on the bill portion payable through credits.
    August 13, 2026
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    Global Capability Centre banking support connects offshore and onshore operations to simplify financial management and enable cross-border expansion.
    Global Capability Centre banking support is positioned around connected offshore and onshore banking, international network access, digital banking platforms, and expertise in treasury centres, cross-border corporates, and evolving GCC operating models. The approach seeks to simplify financial operations and support GCC expansion across global markets. India's GCC ecosystem is characterised as a leading global capability hub, with capability centres evolving into strategic enterprise hubs requiring support for operational and financial complexities across markets.
    August 13, 2026
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    Investment banking registration enables regulated cross-border offerings, listings, debt transactions and capital-market advisory through GIFT City.
    IFSCA registration under the IFSCA (Capital Market Intermediaries) Regulations, 2025 authorises Nexent Capital IFSC Private Limited to operate as an investment banker from GIFT City. Permitted activities include management of initial and follow-on public offerings, SPAC and secondary listings, depository receipt issuances, debt capital-market transactions, and other capital-market advisory mandates. The firm proposes to provide transaction structuring, listing-readiness, execution and post-listing capital-markets support for companies seeking capital raising and listing opportunities through GIFT City's exchanges.
    August 13, 2026
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    Merchandise export growth was driven by petroleum, electronics, engineering and marine goods, while rising imports widened the trade deficit.
    India's merchandise exports increased in July, while imports also rose and widened the trade deficit. Export growth was attributed to higher overseas shipments of petroleum products, electronics, engineering goods and marine goods. Exports and imports both recorded growth during the April-July fiscal period, and exports to West Asian countries increased in July.
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    Renewable energy procurement is shifting beyond lowest tariffs towards dependable, dispatchable and affordable clean power, assessed through capacity value, balancing capability and system economics. Storage-backed renewable and hybrid projects can improve renewable utilisation, reduce variability and curtailment, and support peak demand. Higher renewable penetration also requires supportive storage policies, timely approvals, aligned intrastate transmission planning, stronger distribution infrastructure, and market mechanisms for ramping reserves, frequency response and fast-response balancing services.
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    Accredited Investor certification facilitates eligible investors' access to alternative investment products, lower thresholds and applicable regulatory flexibilities.
    SEBI's Accredited Investor framework enables eligible investors and entities to obtain certification that may allow lower minimum investment thresholds for Portfolio Management Services, Alternative Investment Funds and other alternative investment products, along with applicable regulatory flexibilities. PMS Bazaar and NSDL Database Management Limited's Accreditation Agency facilitate end-to-end applications, subject to required documentation and prescribed payment. Assistance is available to individual investors and eligible clients of investment providers without additional platform, service or processing charges, while prescribed certification fees remain payable.
    August 13, 2026
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    Manufacturing GVA growth under the revised national accounts series highlights stable sectoral contribution and resilience-focused industrial measures.
    Manufacturing performance is assessed under the revised National Accounts Statistics series using 2022-23 as the base year. Manufacturing's share of total Gross Value Added at current prices remained broadly stable through 2025-26, and Manufacturing GVA at constant prices achieved a compounded annual growth rate of 10.88% from 2022-23 to 2025-26. Production Linked Incentive schemes, logistics and industrial-corridor measures, semiconductor initiatives, and MSME support seek to strengthen domestic manufacturing, diversify supply chains, reduce import dependence, and improve resilience.
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    Electronic inspection and certified copies expand digital access to judicial records while supporting efficient case management and reduced delays.
    NCLT has launched e-Inspection and e-Certified Copy Services for faster and more convenient access to judicial records and certified copies by advocates, litigants and other stakeholders. The services support a technology-enabled Registry framework and transparent, efficient justice delivery. Pendency monitoring, workload redistribution, Special Benches, maximisation of court time, and registration and listing guidelines are intended to improve case management, optimise limited judicial resources and reduce avoidable delays.
    August 13, 2026
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    CBDC-based food subsidy transfers enable eligible beneficiaries to use Digital Rupee wallet credits for traceable foodgrain purchases.
    CBDC-based Direct Benefit Transfer under the Pradhan Mantri Garib Kalyan Anna Yojana will credit eligible beneficiaries' food subsidies as programmable Digital Rupee tokens directly into CBDC wallets. Beneficiaries may use these credits to purchase foodgrains from empanelled merchants through secure, real-time and traceable payments, replacing conventional bank-account transfers. The model is intended to improve traceability, reduce leakages and cash handling, enable real-time monitoring of subsidy use, and provide a scalable framework for CBDC integration with welfare schemes.
    August 13, 2026
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    Preferential trade agreement negotiations begin under agreed terms covering market access, origin rules, trade remedies and dispute settlement.
    India and the Southern African Customs Union have signed Terms of Reference to commence negotiations for a Preferential Trade Agreement. Negotiations are envisaged on trade in goods and market access, rules of origin, customs procedures and trade facilitation, trade remedies including bilateral safeguards, sanitary and phytosanitary measures, technical barriers to trade, dispute settlement, and legal and horizontal provisions. The Terms of Reference establish the negotiating framework only; preferential tariff treatment and other operative commitments depend on conclusion of a final agreement.
    August 12, 2026
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    Prepaid plan restructuring eliminates mid-tier daily-data options and channels subscribers toward higher-priced plans with expanded data access.
    Bharti Airtel has discontinued prepaid plans combining 1.5 GB daily data allowances with unlimited calling, directing subscribers towards higher-priced plans with expanded data access, including unlimited 5G data. The restructuring reduces low-priced unlimited-data offerings and changes the pricing architecture for customers using discontinued mid-tier plans. Management links tariff repair to differentiated mobile-plan categories and sustained average revenue per user growth.

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      Customs & Trade

      G7 leaders fail to reach ambitious joint agreements on key issues after Trump's exit

      June 18, 2025

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      Kananaskis (Canada), Jun 18 (AP) Six of the Group of Seven leaders discussed Russia's war in Ukraine and the Israel-Iran conflict but failed to reach major agreements on those and many other top issues - closing a summit that was forced to try and show how the wealthy nations' club might still shape global policy despite the early departure of US President Donald Trump.

      Canadian Prime Minister Mark Carney and his counterparts from the UK, France, Germany, Italy and Japan were joined during Tuesday's final sessions by Ukrainian President Volodymyr Zelenskyy and NATO chief Mark Rutte.

      “We need support from allies and I'm here,” Zelenskyy said, before adding, “We are ready for the peace negotiations, unconditional ceasefire. I think it's very important. But for this, we need pressure.” The remaining leaders agreed to jointly attempt to combat what they called non-market policies that could jeopardize global access to critical minerals. They also pledged to limit the downsides of artificial intelligence on jobs and the environment, while still embracing the potential of the “technological revolution.” There was consensus on other issues, but though the summit was meant to showcase unity on top global concerns, no joint statement on the conflict in Ukraine was released.

      Zelenskyy had been set to meet with Trump while world leaders were gathering in the Canadian Rocky Mountain resort of Kananaskis, but that was scrapped. The U.S. also previously signed an agreement granting American access to Ukraine's vast mineral resources.

      A senior Canadian official who briefed reporters at the summit said the U.S. opposed a joint statement on Ukraine amid its efforts to promote negotiations with Russia. The official said it only became clear during the summit's first day on Monday that there wouldn't be a joint statement - though other attendees suggested no consensus agreement was seriously on the table. Emily Williams, a spokeswoman for the prime minister, later retracted the briefing statement and said “no proposed statement regarding Ukraine was distributed to other leaders.” In Trump's absence, the remaining six leaders held an extensive session on Ukraine. Lacking unanimity, individual leaders also met with Zelenskyy to reassure him of their support.

      The summit also was largely overshadowed by a showdown over Iran's nuclear program that could escalate. Israel launched an aerial bombardment campaign against Iran, and Iran has hit back with missiles and drones.

      French President Emmanuel Macron warned against the U.S. and other powers pushing for regime change in Iran, suggesting it could destabilize the greater Middle East.

      "I believe the greatest mistake today would be to pursue regime change in Iran through military means, as that would lead to chaos,” Macron said.

      Before leaving, Trump joined the other leaders in issuing a statement saying Iran “can never have a nuclear weapon” and calling for a “de-escalation of hostilities in the Middle East, including a ceasefire in Gaza.” Getting unanimity - even on a short and broadly worded statement - was a modest measure of success.

      Macron said Carney fulfilled his mission as G7 host by preserving the unity of the multilateral organization. “We shouldn't ask the Canadian presidency to resolve every issue on earth today. That would be unfair,” said Macron, who will host the G7 next year.

      Carney said in his final remarks Tuesday evening that Trump's early exit was about the “extraordinary” situation in the Middle East, not anything that occurred during the summit.

      “There was no problem,” Canada's prime minister said. “Mr. Trump felt it was better to be in Washington, and I can understand that.” Carney said Canada would impose new economic sanctions against Russia and was releasing its own statement offering “unwavering support for a secure and sovereign Ukraine.” Asked if the U.S. pushed to soften any possible joint statement from the gathered leaders on Ukraine, Carney said he consulted with Trump while preparing the language his own country used.

      Still, Trump's departure only served to heighten the drama of a world on the verge of several firestorms - and of a summit deprived early of its most-watched world leader. ` “We did everything I had to do at the G7,” Trump said while flying back to Washington. But things were getting awkward even before he left.

      After the famous photo from the G7 in 2018 featured Trump and then-German Chancellor Angela Merkel displaying less-than-friendly body language, this year's edition included a dramatic eye-roll by Italian Prime Minister Giorgia Meloni as French President Emmanuel Macron whispered something in her ear during a Monday roundtable.

      That, and concerns about the Russia-Ukraine war, little progress on the conflict in Gaza and now the situation in Iran have made things all the more tense - especially after Trump imposed severe tariffs on multiple nations that risk a global economic slowdown.

      Members of Trump's trade team remained in Canada to continue discussing tariffs, including Treasury Secretary Scott Bessent, who sat at the table as world leaders met with Zelenskyy.

      Trump's stance on Ukraine also put him fundamentally at odds with the other G7 leaders, who are clear that Russia is the aggressor in the war. The US declined to join new sanctions against Russia, with Trump saying, “When I sanction a country, that costs the US a lot of money, a tremendous amount of money.” Trump also said at the summit that there would have been no war in Ukraine if G7 members hadn't expelled Putin from the organization in 2014 for annexing Crimea. Kremlin spokesperson Dmitry Peskov said the G7 now looks “very pale and quite useless” compared to “for example, such formats as the G20.” Additionally, the US president has placed greater priority on addressing his grievances with other nations' trade policies than on collaboration with G7 allies.

      He has imposed 50% tariffs on steel and aluminum, as well as 25% tariffs on autos. Trump is also charging a 10% tax on imports from most countries, though he could raise rates on July 9, after the 90-day negotiating period set by him would expire.

      One bright spot for Trump during the summit came when he and British Prime Minister Keir Starmersigned a trade framework that was previously announced in May. Trump said British trade was “very well protected” because “I like them, that's why. That's their ultimate protection.” But, while announcing that agreement, Trump brandished pages spelling out the deal and dropped them. Starmer stooped to pick them up, later explaining that he was compelled to ditch diplomatic decorum because anyone else trying to help risked spooking the president's security team.

      “There were quite strict rules about who can get close to the president,” Starmer said, adding that he was “just deeply conscious that in a situation like that it would not have been good for anybody else to have stepped forward.” (AP) NSA NSA

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