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    Competition Commission of India (CCI) hosts BRICS Heads of Competition Authorities 2026 meeting
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    Govt to introduce bill in Lok Sabha to broaden NCDC's mandate for co-operative sector growth
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    August 10, 2026
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    UPI transaction charges remain unavailable for consumers and person-to-person payments, while limited threshold-based merchant MDR may be considered.
    Proposed amendment of section 10A of the Payment and Settlement Systems Act, 2007 is intended to support UPI sustainability, technological advancement and resilience. Consumer payments and person-to-person transactions are to remain free. Any future merchant discount rate would apply only to limited merchant transactions above a threshold, at a nominal rate, while most merchant transactions remain free. The framework supports investment in cybersecurity, fraud prevention and infrastructure, alongside a self-sustaining and inclusive digital-payment ecosystem.
    August 10, 2026
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    Fair competition cooperation in renewable energy markets advances knowledge-sharing and evidence-based enforcement across interconnected digital and energy markets.
    BRICS competition authorities adopted a Joint Statement strengthening cooperation to promote fair competition, including in renewable energy markets. Cooperation focuses on dialogue, knowledge-sharing and consideration of cross-border competition challenges in digital markets, emerging technologies and the energy transition. Competition enforcement is to remain principled and evidence-based, supporting efficiency, consumer welfare, innovation and merit-based competition. A collaborative renewable-energy competition study identified evolving market dynamics and areas for future cooperation.
    August 10, 2026
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    Cost optimisation in public finance strengthens investment decisions, risk allocation, indigenous manufacturing and value-driven government expenditure through specialised financial expertise.
    ICoAS cost optimisation supports public financial management through prudent resource utilisation, financial oversight and improved cost management across government. Its role includes supporting indigenous manufacturing, better investment decisions, efficient public expenditure and maximum value for public spending. With greater private-sector participation and Public-Private Partnerships, ICoAS officers are expected to promote cost efficiency, appropriate risk allocation and sound project structuring. Capacity building emphasises integrity, financial modelling, data visualisation, analytical frameworks and artificial intelligence for improved public-finance management.
    August 9, 2026
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    Co-operative development financing would expand through direct assistance, share-capital participation and wider operational powers for sectoral support.
    National Cooperative Development Corporation (Amendment) Bill, 2026 proposes to broaden the Corporation's mandate to promote co-operative development. It would permit direct loans and grants to co-operative societies and other entities engaged in co-operative development, where funds are used for co-operative purposes. With Central Government approval, the Corporation could participate in the share capital of such entities. The proposals also expand the meaning of foodstuffs, remove geographical restrictions for industrial-goods assistance, and provide additional functional powers.
    August 9, 2026
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    GST compliance failures and electricity subsidy controls raise allegations of financial irregularities and potential losses to the public exchequer.
    Allegations based on a Comptroller and Auditor General report identified purported GST compliance failures involving outstanding tax liabilities, e-way bills generated after cancellation of GST registrations, limited bill scrutiny, non-compliance, and turnover mismatches. The allegations also concerned electricity subsidies extended to consumers with prolonged zero bills or apparent non-residence, presenting these issues as possible financial irregularities and losses to the public exchequer.
    August 9, 2026
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    Money-laundering prosecution complaints allege fund diversion through shell entities, credit-facility evergreening, layered transactions and fictitious project expenditure.
    Money-laundering prosecution complaints allege that funds from toll-road projects and credit facilities were diverted through group companies, contractors, shell entities and conduit accounts. In the toll-road matter, allegedly sham or back-dated subcontracting arrangements and subsequent documentation were used to portray transfers as genuine project expenditure. In the credit-facilities matter, fresh facilities were allegedly used to repay, rotate and evergreen earlier liabilities rather than for sanctioned end-use, with funds layered and presented as legitimate business expenditure or receipts. Attached assets are sought to be confiscated as alleged proceeds of crime.
    August 9, 2026
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    Direct Benefit Transfer pension disbursement replaces cooperative-bank doorstep delivery, while preserving home payments for beneficiaries unable to use bank accounts.
    Direct Benefit Transfer of social security and welfare pensions to Aadhaar-linked bank accounts is intended to replace cooperative-bank doorstep delivery, except for bedridden and similarly situated beneficiaries. The change addresses delays in remitting undistributed pensions, deficient record updates and reconciliation, duplicate payments, delivery incentives, and compliance with Direct Benefit Transfer norms. Criticism focuses on beneficiary access to linked commercial-bank accounts, possible minimum-balance deductions, exclusion of cooperative banks, and the effect on doorstep-delivery workers.
    August 8, 2026
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    Engineering business growth supported Raymond's first-quarter performance, with export expansion, capacity investment and net-debt-free financial flexibility.
    Raymond Limited reported unaudited first-quarter FY27 growth in total income, EBITDA and profit before tax before exceptional items, while remaining net-debt-free with a net cash surplus. Its Engineering business comprises Precision Technology & Auto Components and Aerospace & Defence. Growth in the former was attributed to export expansion, operating leverage, product mix and cost reductions. Aerospace & Defence growth was linked to production for global OEMs, portfolio expansion and increased capacity, although margins were affected by targeted research and development investment. Forward-looking statements remain subject to regulatory, political, economic and technological risks.
    August 8, 2026
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    Savings account selection requires comparison of effective interest, fees, digital service, access, and individual banking needs.
    Savings-account selection should compare effective interest returns under slab-based rates, recurring operating charges and the customer's actual banking needs. Net value depends not only on advertised rates but also on relevant minimum-balance, card, ATM, alert and transfer fees. Digital reliability, customer support, branch availability and ATM access should be assessed according to the customer's average balance, cash use, transfer frequency, travel patterns and need for in-person assistance. The suitable account is one that matches real banking behaviour.
    August 8, 2026
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    Urban cooperative bank regulation promotes licensing, governance, compliance support and cybersecurity measures to strengthen stability and depositor confidence.
    Urban cooperative banks are encouraged to recognise regulatory support through liberalised branch opening, doorstep banking, demand drafts, life certificates, dedicated regulatory coordination, enhanced gold-loan limits, one-time settlements and progress towards on-tap licensing. Sound governance is material to sectoral stability, while small-borrower lending is presented as a comparatively safe lending segment. The umbrella body can support member banks through technical expertise, compliance assistance, cybersecurity solutions and participation in a security operations centre to strengthen depositor confidence.
    August 8, 2026
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    Korean food export promotion combines buyer consultations, regulatory guidance and consumer experiences to support entry into Indian and South Asian markets.
    Korean food export promotion in India and South Asia combined business consultations with consumer-facing activities. Individual meetings connected Korean exporters with regional buyers and generated memoranda of understanding for products including frozen gimbap, ginseng wine and kombucha. Exporters received on-site guidance concerning non-tariff barriers, including food import customs clearance and certification requirements. Preparatory online sessions addressed import procedures, regulatory matters and consumer trends, while consumer events promoted Korean food through tasting, retail and experiential activities.
    August 8, 2026
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    Illegal immigration enforcement prioritises dismantling entry, documentation and employment networks while requiring citizens to report information through police channels.
    Illegal immigration enforcement involves continuous identification and verification operations, coordination with relevant officials, and confidential investigation of networks facilitating entry, identity documentation, accommodation and employment. Enquiries extend to intermediaries, contractors, Aadhaar procurement and verification practices, rather than focusing only on apprehended individuals. Citizen vigilantism, moral policing and social-media targeting of suspected migrants are discouraged because they may compromise investigations; information should instead be given through proper police channels.
    August 8, 2026
    Show AI Summary
    Technology, transparency and governance strengthen urban cooperative banks through modern customer services, depositor protection and cooperative-sector support.
    Technology adoption, transparency, sound governance and modern customer services are identified as necessary for urban cooperative banks to remain competitive. Banks are encouraged to join the sector's umbrella organisation and self-regulatory body, which provides capital, information-technology infrastructure and liquidity support. Protection of depositors' money remains a regulatory responsibility, while banks are expected to improve governance, train staff, adopt technology and enhance customer-centric services. Customer prosperity and reduced perception gaps between the central bank and urban cooperative banks are emphasised as measures to strengthen the sector.
    August 8, 2026
    Show AI Summary
    Authorised Dealer Category-II licensing expands permissible FEMA current account and foreign trade transaction services for cross-border payment customers.
    An Authorised Dealer Category-II approval under the Foreign Exchange Management (Authorised Persons) Regulations, 2026 enables Paul Merchants to undertake additional permissible non-trade current account transactions under FEMA, excluding gifts and donations, and foreign trade transactions within the applicable per-transaction limit. The approval supports foreign exchange and cross-border payment services, including overseas remittances for education, medical treatment, travel, and conference or event participation.
    August 8, 2026
    Show AI Summary
    Integrated investor claim portal modernisation advances digital KYC, streamlined verification, stakeholder-informed safeguards, and efficient investor claim settlement services.
    Integrated IEPFA Portal 2.0 is proposed to modernise investor claim processing through digital KYC, pre-filled Form IEPF-5, entitlement search, and a simplified e-Verification Report filing workflow. Stakeholder feedback included Aadhaar eKYC address validation, KYC for authorised representatives, entitlement-letter validation checks, bulk DSC and eSign functionality, integration of approved IEPF Form-4 data, lower-value share valuation using NSE and BSE data, and alerts for frequent address changes to prevent fraud.
    August 7, 2026
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    Foreign capital inflows supported the rupee despite geopolitical uncertainty, oil-price pressures, and volatile global market sentiment.
    Foreign capital inflows supported a marginal strengthening of the rupee against the US dollar despite global risk aversion arising from uncertainty surrounding negotiations affecting the Strait of Hormuz. Higher crude oil prices and weak domestic equity sentiment remained relevant pressures. Near-term currency movement was expected to depend on developments in the negotiations, weekend decisions, US employment data, the dollar index, crude oil prices, and the reported increase in foreign exchange reserves.
    August 7, 2026
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    Energy security through diversified sourcing protected fuel supplies during Hormuz disruption and supports domestic exploration and alternative fuels.
    Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.
    August 7, 2026
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    Credit valuation adjustment framework revises derivative capital requirements through flexible basic approaches, hedge recognition, and risk-sensitive counterparty treatment.
    Credit Valuation Adjustment framework revisions align CVA capital treatment with final Basel III standards. Eligible banks may use the full or reduced basic approach, while banks with an insignificant volume of non-centrally cleared derivatives may calculate their CVA capital charge at 100 per cent of the counterparty credit risk capital charge. The draft also clarifies CVA hedge recognition, introduces risk weights sensitive to sector and credit quality, and separates systematic and idiosyncratic CVA risk in the full basic approach.
    August 7, 2026
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    Leverage ratio framework amendments propose Basel-aligned capital adequacy standards, with public feedback invited on the draft directions.
    Proposed amendments to the leverage ratio framework would revise Chapter VII of the 2025 Commercial Banks Prudential Norms on Capital Adequacy Directions to implement the Basel Committee's Leverage Ratio 2017 Standard. Public comments and feedback on the draft Eleventh Amendment Directions, 2026, are invited until August 28, 2026, through the designated online platform, postal submission, or email.
    August 7, 2026
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    BHAVYA Scheme project selection uses challenge-based evaluation of infrastructure, industrial ecosystems, and policy enablers under prescribed eligibility criteria.
    BHAVYA Scheme Phase-I proposals submitted by State and Union Territory governments will be evaluated and scored under prescribed eligibility and evaluation criteria. Challenge-based project selection considers connectivity and site suitability, quality of core, value-added and social infrastructure in the detailed project report, and the industrial ecosystem and policy enablers. The Scheme guidelines provide for completion of the first-phase selection process within one year from notification.

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      Nations react to US strikes on Iran with calls for diplomacy

      June 22, 2025

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      Dubai, Jun 22 (AP) The US strike on Iran fuelled fears that Israel's war with Tehran could escalate to a wider regional conflict, and other countries began reacting on Sunday with calls for diplomacy and words of caution.

      President Donald Trump had said Thursday that he would decide within two weeks whether to get involved. In the end, it took just days, and Washington inserted itself into Israel's campaign with its early Sunday attack.

      It remained unclear early on how much damage had been inflicted, but Iran had pledged to retaliate if the US joined the Israeli assault.

      Some have questioned whether a weakened Iran would capitulate or remain defiant and begin striking with allies at US targets scattered across the Gulf region.

      Here is a look at reactions from governments and officials around the world.

      Lebanon Lebanese President Joseph Aoun said the US bombing could lead to a regional conflict that no country could bear and called for negotiations.

      “Lebanon, its leadership, parties, and people, are aware today, more than ever before, that it has paid a heavy price for the wars that erupted on its land and in the region,” Aoun said in a statement on X.

      “It is unwilling to pay more, and there is no national interest in doing so, especially since the cost of these wars was and will be greater than its ability to bear.” Lebanon's new leadership, which came after Israel and the Hezbollah's militant group's devastating war, has urged that the country avoids being dragged into more conflict as it tries to rebuild itself and pull itself from years-long economic crisis.

      Hezbollah has not taken military action against Israel in solidarity with its key ally Iran in the conflict, but has not yet commented on Washington's overnight strikes.

      Prime Minister Nawaf Salam said that Lebanon needs to stay away from any possible regional spillover from the conflict.

      “It is increasingly important for us to adhere strictly to the supreme national interest, which is the need to avoid Lebanon being ... drawn into the ongoing regional confrontation in any way,” Salam said in a post on X.

      United Nations UN Secretary General Antonio Guterres said he was “gravely alarmed” by the use of force by the United States.

      “There is a growing risk that this conflict could rapidly get out of control – with catastrophic consequences for civilians, the region, and the world,” he said in a statement on the social media platform X. “I call on Member States to de-escalate.” “There is no military solution. The only path forward is diplomacy.” United Kingdom British Prime Minister Keir Starmer called for Iran to return to the negotiating table to diplomatically end the crisis, saying stability was the priority in the volatile region.

      The UK, along with the European Union, France and Germany, tried unsuccessfully to broker a diplomatic solution in Geneva last week with Iran.

      Starmer said Iran's nuclear programme posed a grave threat to global security.

      “Iran can never be allowed to develop a nuclear weapon and the US has taken action to alleviate that threat," Starmer said.

      New Zealand New Zealand Foreign Minister Winston Peters urged “all parties to return to talks”.

      He wouldn't tell reporters Sunday whether New Zealand supported President Trump's actions, saying they had only just happened.

      The three-time foreign minister said the crisis is “the most serious I've ever dealt with" and that it was “critical further escalation is avoided”.

      “Diplomacy will deliver a more enduring resolution than further military action,” he said.

      Hamas and the Houthis Both the Houthi rebels in Yemen and Hamas have condemned the US strikes. The Houthis vowed to support Iran in its fight against “the Zionist and American aggression”.

      In a statement on Sunday, the Houthi political bureau called on Muslim nations to join “the Jihad and resistance option as one front against the Zionist-American arrogance”.

      Hamas and the Houthis are part of Iran's so-called “Axis of Resistance”, the collection of pro-Iranian proxies stretching from Yemen to Lebanon that for years gave Iran considerable power across the region.

      China A flash commentary from China's government-run media asked whether the US is "repeating its Iraq mistake in Iran”.

      The online piece by CGTN, the foreign-language arm of the state broadcaster, said the US strikes mark a dangerous turning point.

      “History has repeatedly shown that military interventions in the Middle East often produce unintended consequences, including prolonged conflicts and regional destabilisation,” it said, citing the American invasion of Iraq in 2003.

      It said a measured, diplomatic approach that prioritises dialogue over military confrontation offers the best hope for stability in the Middle East.

      South Korea South Korea's presidential office held an emergency meeting on Sunday to discuss the potential security and economic ramifications of the US strikes.

      National security director, Wi Sung-lac, asked officials to coordinate closely to minimise any negative impacts on South Korea, emphasising that the top priority is ensuring the safety of the South Korean people and the continuation of their stable daily lives, according to the presidential office.

      Japan Prime Minister Shigeru Ishiba told reporters Sunday it was crucial to calm the situation as soon as possible, adding that the Iranian nuclear weapons development also must be prevented.

      Ishiba, asked if he supports the US attacks on Iran, declined to comment. He was speaking to reporters after an emergency meeting with officials from key ministries over the US military action.

      Ishiba said officials are still assessing details and doing their utmost to protect the safety of the Japanese nationals in Iran, Israel and elsewhere in the region.

      While the US attacks on Iran do not affect Japan's stable energy supply for the time being, Ishiba said, he has instructed officials to “watch the development with a sense of urgency and take every precaution” to prevent an increase in oil and utility costs ahead of the summer when energy demand rises.

      Any conflict in the Middle East is a concern for resource-scarce Japan, most of whose oil imports come from the region.

      Meanwhile, Japan's largest-circulation newspaper Yomiuri has distributed an extra edition on the attack in Tokyo.

      Australia Australia, which shuttered its embassy in Tehran and evacuated staff Friday, pushed for a diplomatic end to the conflict.

      “We have been clear that Iran's nuclear and ballistic missile programme has been a threat to international peace and security,” a government official said in a written statement. “We note the US President's statement that now is the time for peace.” “The security situation in the region is highly volatile. We continue to call for de-escalation, dialogue and diplomacy.” (AP) PY PY

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