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    Govt to soon announce high-level panel on 'Banking for Viksit Bharat': FM
    Rupee falls 19 paise to close at 95.61 against US dollar
    Govt to soon announce high-level panel on 'Banking for Viksit Bharat'
    Union Minister of Finance and Corporate Affairs interacts with interns from PM Internship Scheme in New Delhi
    DRI uncovers large-scale illegal use of SAFTA agreement in areca imports
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    Govt sets LPG production targets for refiners; Reliance gets largest quota
    PM urges MSMEs to tap opportunities from FTAs
    PM urges farmers to adopt 'chemical-free farming' to tap rising global demand for such food items
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    Need one or two Indian pharma firms to be among global top 5: PM Modi
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    Modi warns of weaponisation of resources, sea routes; urges energy self-reliance
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    August 17, 2026
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    Banking-sector reform will guide lender capacity, financial stability, inclusion, consumer protection, deposit growth and responsible credit-card expansion.
    Banking-sector reform is proposed through a high-level committee on Banking for Viksit Bharat to review the sector and align it with growth needs while safeguarding financial stability, financial inclusion and consumer protection. Key themes include deposit mobilisation, youth banking, investment support, global capability centres, value-chain infrastructure, credit cards and priority-sector lending. Public-sector banks are expected to improve competitiveness through technology, sectoral expertise, product adaptation and customer-focused deposit growth. Credit-card development must maintain responsible underwriting, customer protection and appropriate risk controls.
    August 17, 2026
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    FCNR(B) concessional swap facility availability narrows to timely mobilised deposits amid rupee depreciation and foreign currency inflow concerns.
    Foreign-exchange conditions reflected rupee depreciation amid weak domestic equity markets and higher crude oil prices. FCNR(B) concessional swap facility availability is confined to foreign currency deposits mobilised by banks within the revised cut-off period, replacing the previously longer mobilisation window. The facility is intended to encourage foreign currency inflows, while banks use the FCNR(B) scheme to mobilise foreign currency deposits through attractive interest rates.
    August 17, 2026
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    Banking sector review panel will align future growth with financial stability, inclusion and consumer protection through government recommendations.
    High Level Committee on Banking for Viksit Bharat is proposed to comprehensively review the banking sector and align it with India's next phase of growth. It is intended to safeguard financial stability, financial inclusion and consumer protection, while providing views and recommendations to the Government on banking-sector development and reform.
    August 17, 2026
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    Prime Minister Internship Scheme enhances youth employability through paid industry exposure, cross-field learning, workplace readiness and potential full-time employment.
    The Prime Minister Internship Scheme provides paid internships with leading companies across India to improve youth employability through practical workplace exposure, industry experience and skills development. It addresses the gap between classroom learning and employers' expectations of workplace readiness. Participation is not confined to academic qualifications, allowing youth to pursue fields of interest and gain hands-on professional learning. Strong internship performance may lead to full-time roles, while the scheme stresses responsible work where errors may affect quality, consumer safety and organisational reputation.
    August 17, 2026
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    SAFTA origin fraud in areca imports allegedly enabled improper duty exemption through false Bangladeshi-origin declarations.
    SAFTA preferential duty treatment for areca-nut imports was allegedly misused by falsely declaring goods originating in South-East Asian countries as Bangladeshi origin. Since areca nuts normally attract 100% basic customs duty, the scheme sought to obtain the full SAFTA exemption reserved for qualifying Bangladeshi goods meeting Rules of Origin requirements. The alleged mechanism included routing goods through Bangladesh, changing containers and bags, using improperly obtained Certificates of Origin, and facilitating clearance through importers, Customs Brokers and IEC holders. Investigative findings also indicated cash proceeds, hawala channels and dummy entities.
    August 17, 2026
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    FCNR(B) concessional swap facility closure may reduce temporary foreign-currency inflow support and heighten rupee weakness concerns.
    The Reserve Bank of India restricted its concessional swap facility for FCNR(B) deposits to deposits mobilised by August 31, advancing the earlier cut-off date. The facility was intended to encourage foreign-currency inflows, while banks mobilise such deposits through attractive interest rates. Market commentary indicated that existing inflows may support the rupee in the near term, but the curtailed availability of the facility could reduce this temporary cushion and increase depreciation risk.
    August 16, 2026
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    Temporary tariff suspension for earthquake recovery is sought to ease pressure on affected Colombian businesses.
    Temporary suspension of high tariffs on Colombian products has been sought to support business recovery following a severe earthquake declared a natural disaster. The request links tariff relief to economic disruption affecting businesses amid extensive destruction, injuries and missing persons. United States emergency assistance has been provided through food, shelter and health supplies, while no response to the tariff-suspension request had been reported.
    August 16, 2026
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    Port-led industrial development and direct export operations aim to expand logistics infrastructure, market access and trade connectivity.
    Mission Samudra is proposed as a port-led industrial and logistics development programme linked to the commencement of export-import operations at Vizhinjam seaport. It covers industrial clusters, new cities, port connectivity, logistics, development initiatives, programme management and capacity building. Direct export shipments are intended to improve overseas-market access and reduce transit time and logistics costs, particularly for small and medium enterprises. The framework also anticipates growth in warehousing, cold storage, container freight stations and logistics parks, supported by private participation and road and rail connectivity.
    August 16, 2026
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    Electric vehicle export diversification strengthens India's presence across European, Asia-Pacific and Latin American markets through expanding overseas demand.
    India's electric motor car exports expanded sharply in the first quarter of 2026-27, reflecting increased international acceptance and competitiveness of India-manufactured electric vehicles. Europe became the principal export destination, led by Spain and the United Kingdom, with further demand across several European markets. Exports also reached Asia-Pacific markets, Nepal and emerging Latin American destinations. This wider market presence reflects improving quality and safety standards, stronger integration into global electric-vehicle supply chains, and diversification of India's electric-vehicle export profile.
    August 16, 2026
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    LPG production preparedness requires refiners and upstream producers to maintain capacity and increase output during supply constraints.
    Government has established a standing LPG production preparedness framework under which refining companies, oil marketing companies and upstream producers may be directed to increase production during supply constraints. Companies must maintain adequate LPG storage, evacuation and transportation infrastructure and pursue technically and economically feasible production-enhancing measures. Written directions may prescribe production quantities and periods, including restrictions on alternative uses of input streams required for LPG. The production schedule is updated twice yearly to reflect new facilities and added capacity from infrastructure, technology and distribution improvements.
    August 16, 2026
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    Free trade agreement market access requires MSMEs, farmers and exporters to meet global quality standards.
    Free trade agreements expand market-access opportunities for Indian MSMEs, exporters and producers through reduced or eliminated import duties on traded goods. Textiles, machinery, medicines, seafood and agricultural products can access international markets where they meet global standards and remain competitively priced. Farmers and producers are encouraged to develop export-oriented products, including chemical-free agricultural produce, while MSMEs may use preferential trade access to support manufacturing, exports, employment and growth.
    August 15, 2026
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    Chemical-free farming can strengthen agricultural exports by meeting global standards and responding to rising international demand.
    Chemical-free farming is urged to meet growing global demand and expand agricultural exports. Agricultural products must meet global parameters to facilitate access to international markets, including markets opened through free trade agreements. Food processing, export-oriented farm production, and global branding of traditional cuisine, millets, spices, fruits and flowers are identified as important elements of agriculture and food production policy.
    August 15, 2026
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    Voluntary foreign asset disclosure allows eligible taxpayers to regularise overseas holdings with immunity from further tax, penalties and prosecution.
    FAST-DS permits eligible taxpayers to disclose specified undisclosed foreign assets, foreign income, and foreign assets omitted from return schedules. Undisclosed assets or income not previously offered to tax may be declared up to Rs 1 crore on payment of an effective 60 per cent levy, based on fair market value as of 31 March 2026. Assets already offered to tax, or acquired during non-resident status but omitted from the return schedule, may be declared up to Rs 5 crore on payment of a fee. Valid declarations provide immunity from further tax, penalty and prosecution, while declared amounts are excluded from total income.
    August 15, 2026
    Show AI Summary
    Global pharmaceutical leadership is urged through Indian firms achieving top-five status, supported by generic manufacturing and export capacity.
    Indian pharmaceutical companies are urged to attain representation among the world's five leading pharmaceutical firms, despite India's established position as a major producer of generic medicines. India has a broad manufacturing base, supplies generic medicines across numerous therapeutic categories, and exports to worldwide markets including highly regulated jurisdictions. Although pharmaceutical exports and the domestic market have expanded, Indian firms have not yet secured positions among the largest global companies. Greater international scale may be supported through acquisitions and expanded established-brand and branded-generic operations.
    August 15, 2026
    Show AI Summary
    Foreign asset voluntary disclosure permits eligible small taxpayers to regularise qualifying assets through tax, additional levy, and statutory immunity.
    FAST-DS permits eligible small taxpayers to voluntarily disclose specified foreign assets or foreign income. It covers undisclosed foreign assets or income not offered to tax, subject to an aggregate value threshold of Rs 1 crore, and certain foreign assets omitted from the relevant return schedule, subject to a Rs 5 crore threshold and prescribed fee. Payment comprises 30 per cent tax and an additional equal amount. Disclosed income or investment is excluded from total income, with immunity from further tax, penalty and prosecution under the Black Money Act for the disclosed asset or income.
    August 15, 2026
    Show AI Summary
    Free trade agreement opportunities require MSMEs to meet global standards and expand exports across textiles, machinery, medicines and seafood.
    Free trade agreements are presented as export-market opportunities for Indian MSMEs because they reduce or eliminate import duties on a substantial range of traded goods. MSMEs are urged to expand exports of textiles, machinery, medicines and seafood, including shrimp, by meeting global quality standards and offering products competitively. Their export role is linked to self-reliance and their significant contribution to manufacturing, exports, GDP and employment.
    August 15, 2026
    Show AI Summary
    Windfall gains tax on petroleum exports was reduced to support domestic fuel availability and limit export price advantages.
    Special additional excise duty (windfall gains tax) on exports of petrol, diesel and aviation turbine fuel was reduced from 15 August 2026. Petrol export duty was reduced to nil, and export-duty rates on diesel and ATF were lowered. Duty rates for petrol and diesel cleared for domestic consumption remained unchanged. The export-duty framework seeks to maintain domestic petroleum-product availability and limit export advantages arising from higher global crude oil prices amid West Asia tensions.
    August 15, 2026
    Show AI Summary
    Energy self-reliance drives diversified fuel sourcing, expanded offshore exploration, and domestic capacity to reduce geopolitical supply vulnerability.
    Energy security policy seeks to reduce exposure to geopolitical pressure and supply disruption caused by dependence on overseas fuel and strategic maritime routes. India is diversifying crude oil and LNG sourcing while strengthening domestic hydrocarbon production through offshore exploration, seismic surveys, exploratory drilling and shared infrastructure. Expanded access to sedimentary basins is intended to unlock domestic oil and gas resources. Wider piped natural gas coverage, solar generation, critical-mineral exploration, and nuclear and other non-fossil energy sources support the broader objective of energy self-reliance.
    August 14, 2026
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    Current account deficit widened as merchandise trade imbalance expanded, despite stronger services surplus, transfers, and positive capital inflows.
    India's current account deficit widened in June 2026, principally because merchandise imports increased faster than exports and expanded the merchandise trade deficit. A higher services surplus, increased net transfers and a narrower net income deficit provided partial offsets. Net capital inflows, including foreign direct investment and foreign portfolio investment, supported a positive overall monthly balance. During the April-June quarter, despite increased services surplus and net transfers, the overall balance shifted to a deficit as the merchandise trade deficit widened.
    August 14, 2026
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    Concessional foreign-currency swap facility closes early for new FCNR(B) deposits while ECB and OFCB access remains available.
    The concessional swap facility for FCNR(B) deposits encourages foreign-currency inflows and supports foreign-exchange liquidity. New FCNR(B) deposits eligible for the facility must be mobilised by 31 August 2026, while swaps for eligible deposits may be availed until 11 September 2026. The swap arrangement for External Commercial Borrowings and Overseas Foreign Currency Borrowings remains available until 31 December 2026.

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      Rajasthan's Aravalli districts report 2,096 illegal mining cases in 5 years: Centre

      July 21, 2025

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      New Delhi, Jul 21 (PTI) Rajasthan recorded around 2,096 cases of illegal mining across its 20 districts in the Aravalli region in the last five years, according to government data tabled in the Lok Sabha on Monday.

      The data provided by Union Minister of State for Environment Kirti Vardhan Singh in response to a question by Congress MP Murari Lal Meena also showed that authorities lodged 3,224 FIRs in illegal mining cases from 2020-21 to July 15, 2025, and recovered a total penalty of Rs 248 crore.

      Bhilwara district reported the highest number of illegal mining cases at 514. The district also topped in penalty recovery, collecting Rs 57.60 crore over five years.

      A total of 1,102 FIRs were lodged and 4,731 vehicles and machines were seized in 4,838 enforcement actions involving illegal mining, mineral transportation and storage.

      Jaipur district recorded 184 illegal mining cases and collected Rs 29.85 crore in penalties. Enforcement officials in the district lodged 68 FIRs and seized 4,344 vehicles and machines in 4,261 operations.

      Tonk district reported 61 cases of illegal mining and a penalty recovery of Rs 25.93 crore. Officials filed 510 FIRs and seized 2,733 vehicles and machines in 2,783 total actions.

      Pali district recorded 137 cases and Rs 26.69 crore in penalties. A total of 97 FIRs were lodged and 2,199 vehicles and machines seized.

      Alwar district reported 123 illegal mining cases, 337 FIRs and a penalty recovery of Rs 11.15 crore. There were 1,480 total enforcement actions, and 1,464 vehicles and machines were seized.

      Udaipur district reported 111 illegal mining cases, 184 FIRs and Rs 16.50 crore in penalties. Enforcement agencies seized 1,577 vehicles and machines in 1,479 operations.

      Rajsamand district accounted for 208 illegal mining cases and Rs 14.05 crore in penalties. Officials lodged 220 FIRs and seized 1,693 vehicles and machines.

      Ajmer district saw 171 cases, 115 FIRs, 1,495 vehicle seizures and recovered Rs 9.12 crore in penalties.

      Dungarpur district reported 129 illegal mining cases, 37 FIRs and Rs 6.15 crore in penalties. Sirohi district had 53 cases, 24 FIRs and recovered Rs 6.25 crore. Salumber recorded 74 cases and Rs 6 crore in penalties.

      Dausa district reported 56 cases of illegal mining and recovered Rs 4.01 crore in penalties. Officials lodged 86 FIRs and seized 678 vehicles and machines in 705 enforcement actions.

      Beawar district reported 84 cases and Rs 4.76 crore in penalty. Banswara recorded 43 cases and Rs 4.33 crore. Kotputli-Behror also reported 56 cases with Rs 4.41 crore in penalty recovery.

      Didwana-Kuchaman had 58 cases of illegal mining and collected Rs 2.37 crore in penalties. Pratapgarh reported 36 cases and Rs 2.52 crore.

      Sikar district, with 30 illegal mining cases, collected Rs 7.69 crore.

      Some districts reported relatively fewer cases but higher penalties due to the scale or frequency of mineral transport violations.

      Salumber, despite only 74 illegal mining cases, recovered Rs 6 crore. Similarly, Dungarpur recovered over Rs 6.15 crore from 129 cases.

      The ministry informed the House that mining is regulated by the state governments under the Mines and Minerals (Development and Regulation) Act, 1957.

      It said Rajasthan has taken several steps to check illegal mining in the Aravalli region.

      These include the deployment of Border Home Guards and Rajasthan Armed Constabulary at mineral check-posts, GPS and RFID tagging of mineral transport vehicles, creation of vigilance and data analysis teams, amendment of the Rajasthan Minor Mineral Concession Rules in January 2025 and the introduction of automated weighing systems.

      The government said geofencing of legal mining lease areas and known illegal mining sites has been introduced to monitor vehicle movement and prevent unauthorised access. District-level monitoring committees have been constituted to promote legal and environmentally responsible mining.

      To address the demand-supply gap of riverbed sand and gravel, the Rajasthan government has introduced the M-Sand Policy 2024, which promotes the use of manufactured sand.

      The ministry also said that the Aravalli Green Wall Project has been launched to restore the fragile ecological balance of the Aravalli range.

      "The Aravalli Landscape Restoration i.e. Aravalli Green Wall Project, aims to follow an integrated landscape approach in eco-restoration, focusing on improving the overall ecology of the landscape,” the minister said in his written reply.

      The project is being implemented through convergence of multiple government schemes, including the Green India Mission, CAMPA, MGNREGA, State Plan funds and externally aided projects. The restoration work will continue till 2034 and the local community is expected to play a central role at all stages, he said.

      The Aravallis stretching 700 km from Gujarat to Delhi are India's oldest mountain range and the source of important rivers such as the Chambal, Sabarmati and the Luni. Its forests, grasslands and wetlands support endangered plant and animal species.

      The mountain range acts as a natural barrier against desertification, preventing the expansion of the Thar desert and protecting cities such as Delhi, Jaipur and Gurugram.

      However, deforestation, mining, livestock grazing and human encroachment are worsening desertification, damaging aquifers, drying up lakes and reducing the range's ability to sustain wildlife. PTI GVS RT

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