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    Gold declines for 3rd day, prices tumble Rs 3,300 as US dollar gains strength
    Rs 53 lakh cr transferred to govt beneficiaries through DBT, mostly to Jan Dhan accounts in 12 years
    Forex kitty jumps USD 12.42 bn to all-time high of USD 729.3 bn
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August 28, 2026
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Gold price volatility intensified as dollar strength, profit-booking, and customs-duty-cut reports pressured domestic bullion markets.
Domestic bullion prices declined for a third consecutive session as a stronger US dollar and sustained profit-booking after a recent rally weakened gold and silver. Gold fell sharply in the national capital and silver also declined in domestic trading, with the three-day movement reflecting ongoing price volatility in the bullion market. International spot gold remained marginally lower while investors awaited policy-related remarks concerning inflation and elevated yields.
August 28, 2026
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Direct benefit transfer strengthens welfare delivery through Jan Dhan accounts, digital payments, reduced intermediaries, and expanded financial inclusion.
Direct Benefit Transfer has transferred welfare benefits directly to beneficiaries, largely through Jan Dhan accounts, reducing intermediaries and supporting transparent delivery. The Pradhan Mantri Jan Dhan Yojana provides unbanked adults basic accounts without minimum-balance or maintenance-charge requirements, along with RuPay debit cards, accident insurance coverage, and emergency overdraft access. Banking outlets, digital-payment infrastructure, and Bank Mitras extend formal financial services to women, rural and semi-urban communities, strengthening financial inclusion and participation in the formal economy.
August 28, 2026
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Foreign exchange reserves reached a record level, supported by increases in foreign currency assets and gold holdings.
India's foreign exchange reserves increased by USD 12.422 billion to an all-time high of USD 729.328 billion for the week ended 21 August. Foreign currency assets and gold reserves recorded the principal increases, while special drawing rights and the reserve position with the IMF also rose. Foreign currency asset valuation reflects movements in non-US currencies held in the reserves. FCNR(B) and concessional swap arrangements were introduced to attract additional foreign-exchange inflows.
August 28, 2026
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IPO regulatory approval enables Jio Platforms to advance preparations for its proposed fresh equity share public offering.
Jio Platforms Ltd. has obtained Sebi's final observations for its proposed initial public offering. This key regulatory stage enables further preparations for the public issue, subject to applicable regulatory requirements. The proposed offering comprises up to 27 crore fresh equity shares and is expected to account for approximately 2.9 per cent of the company's post-issue equity base.
August 28, 2026
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Financial inclusion through basic bank accounts expands banking access with no-balance accounts, debit cards, and emergency overdraft support.
Pradhan Mantri Jan Dhan Yojana enables unbanked adults to open basic bank accounts without minimum-balance or maintenance-charge requirements. Accounts include a free RuPay debit card with accident insurance coverage and eligibility for an overdraft facility during emergencies. The scheme promotes digital transactions, financial security and participation in the formal economy, while extending banking access to rural and semi-urban communities and increasing women's financial inclusion.
August 28, 2026
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Flexible personal loan repayment enables eligible borrowers to select longer tenures, subject to eligibility, terms, verification, and repayment capacity.
Bajaj Finance personal loans offer eligible customers collateral-free borrowing with flexible repayment tenures of 12 to 108 months, subject to eligibility, applicable terms, verification and documentation. A longer tenure may reduce monthly EMIs by spreading repayment over more months, but can increase total interest payable. Borrowers should compare the interest rate, tenure, EMI, processing charges and other costs, while considering their income, existing commitments and repayment capacity. Loan Utsav 2026 provides limited-period rewards for eligible customers whose loans are successfully disbursed during the campaign period, subject to applicable terms.
August 28, 2026
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Digital arrest money laundering investigation tracks cyber-fraud proceeds through layered bank accounts, cash withdrawals, and foreign-exchange conversion.
Arrests under the Prevention of Money Laundering Act form part of an investigation into alleged digital arrest cyber fraud and laundering of fraud proceeds. Funds were reportedly routed through numerous bank accounts, withdrawn in cash, and converted into foreign currency through licensed money changers. The financial trail is linked to commodity trading, travel and foreign-exchange entities allegedly connected with cyber-fraud complaints and first information reports. The inquiry also identified alleged shell or dummy companies using proxy directors to conceal control and facilitate fund movement.
August 28, 2026
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Foreign exchange intervention and lower crude prices supported rupee appreciation despite a stronger dollar and foreign institutional investor outflows.
Foreign exchange market conditions supported a six-paise appreciation of the rupee against the US dollar at the close of trading. Lower global crude oil prices and Reserve Bank of India intervention to limit significant rupee depreciation contributed to the movement. A marginal strengthening of the US dollar and foreign institutional investor equity outflows continued to exert pressure, while FCNR(B) scheme inflows supported the currency.
August 28, 2026
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Cyber fraud impersonating enforcement officials coerced a senior citizen into bank and cryptocurrency transfers through terror-funding threats.
Cyber fraudsters allegedly impersonated public officials and threatened a senior citizen with implication in money laundering, terror funding and cybercrime. Using WhatsApp video calls and purported official notices, they allegedly induced the victim to transfer funds to multiple bank accounts and a cryptocurrency wallet on the pretext of proving innocence. The victim reportedly liquidated fixed deposits and mutual fund investments before identifying the deception and reporting it through the cybercrime helpline. A cyber police case was registered for further investigation.
August 28, 2026
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Rupee depreciation against US dollar reflects foreign investor outflows and crude supply disruptions, moderated by weaker dollar and oil prices.
Foreign institutional investor outflows and disruptions in global crude oil supplies placed downward pressure on the rupee against the US dollar. A weaker dollar index and lower Brent crude prices moderated the decline. Market commentary anticipated a narrow trading range, with expected Reserve Bank of India protection at the upper end and oil importer, month-end, and importer demand supporting the lower end. Participants also monitored the US Federal Reserve Chair's Jackson Hole speech.
August 27, 2026
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Emergency flood response measures coordinate rescues, suspend cross-border transport, and address risks to public safety.
Severe flash floods in Nepal and along the Nepal-Tibet border prompted cross-border rescue coordination for missing and stranded persons, warnings of continued downstream flood risk, and international relief support. Preventive public-safety measures included temporary suspension of an Indo-Nepal bus service. Separate developments included disruption of public services during an employee strike, investigation of an aircraft crash, market measures affecting sugar and onion prices, and proposed trade engagement for greater market access for basmati rice and processed food exports.
August 27, 2026
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Regulatory review of fraud allegations requires timely consideration of representations while merits and standing remain undecided.
SEBI must consider and decide, within two weeks, representations alleging fraud by an Indian logistics company and its subsidiary. The allegations concern systematic over-invoicing of freight charges and forged documentation, with a parallel criminal investigation based on an FIR registered by the Delhi Police Economic Offences Wing. No determination has been made on the merits of the allegations or the complainant's standing to approach SEBI. The allegations and criminal proceedings were disclosed in IPO offer documents.
August 27, 2026
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Personal insolvency repayment plans test creditor voting thresholds, valuation safeguards, and limits on commercial review under insolvency law.
Personal insolvency resolution under the Insolvency and Bankruptcy Code involved approval of a repayment plan providing for payment of Rs 6.25 crore to creditors and Rs 25 lakh towards process costs against admitted creditor claims of about Rs 22,006.57 crore. Objections by dissenting creditors were rejected because they held less than 20 per cent of voting share, while the plan received 80.81 per cent support. Valuation indicated that the personal estate was worth less than the amount offered, and the tribunal declined to replace creditor commercial wisdom or assess settlement adequacy.
August 27, 2026
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Sovereign credit rating stability reflects policy continuity, infrastructure investment, external strength, and fiscal consolidation pressures.
India's sovereign credit rating retained a BBB stable outlook, supported by strong growth, an external balance sheet, stable institutions, policy predictability, and infrastructure investment. Public investment and consumer demand are expected to sustain growth and assist fiscal consolidation. Constraints include weak fiscal performance, elevated government debt and interest burdens, and low per-capita income. Long-term rating support depends on financing infrastructure investment without materially widening the current-account deficit and on reducing the fiscal deficit through stable fiscal and monetary policies.
August 27, 2026
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Sugar import liberalisation and stockholding limits seek to moderate retail prices amid constrained domestic supply and restricted exports.
Sugar price-control measures combine duty-free raw sugar imports, stockholding limits for dealers and bulk consumers, and an export prohibition to address elevated retail prices and curb hoarding. Domestic supply remains constrained by reduced sugarcane output, prior exports and diversion of sugar to ethanol. Net production is estimated below projected domestic demand, while closing stocks are expected to remain limited. Import access, inventory restrictions and export controls therefore operate as market-stabilisation mechanisms.
August 27, 2026
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Money-laundering investigation into alleged homebuyer fraud led to searches and freezing of assets linked to realty promoters.
Money-laundering proceedings were initiated under the Prevention of Money Laundering Act on the basis of police FIRs alleging fraudulent inducement and non-delivery of residential plots. Searches at premises linked to real estate promoters resulted in the seizure or freezing of luxury vehicles, jewellery, bank accounts and securities. The investigation alleges that substantial upfront payments for residential plots were received, but a significant portion of promised plots remained undelivered, and certain plots were allegedly sold to third parties without consent.
August 27, 2026
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Commercial card governance enables configurable credit, approvals, virtual cards and controlled supplier payments across enterprise payment workflows.
SpendFlow combines commercial card program configuration, credit management, virtual cards, spend controls, approvals, supplier payments, billing and accounting in one architecture. It supports centrally governed rules with approved corporate-level variations, enterprise hierarchy management, and virtual cards linked to entities, employees, accounts or credit facilities. Multi-tier approvals and virtual-card supplier payments support controlled business payment functions, while core banking and ERP connectivity links card activity with banking and enterprise financial workflows.
August 27, 2026
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Basmati rice market access may be pursued through trade agreement review, subject to import limits and safety standards.
Market access for Indian basmati rice may be pursued through review of the Comprehensive Economic Partnership Agreement, as rice remains a sensitive sector subject to import quantity limits and duties beyond permitted quantities. Processed food exports offer further opportunities where exporters comply with Japanese quality and safety standards. Bilateral cooperation also covers investment, supply chains, technology partnerships and capital flows supporting infrastructure, manufacturing and semiconductor ecosystems.
August 27, 2026
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Capital allocation discipline governs consideration of further Air India funding alongside business strategy, cash flow and investment requirements.
Further capital investment in Air India will be evaluated by Singapore Airlines' board through a disciplined capital-allocation process. Assessment will consider the group's capital requirements, Air India's business strategy, operating cash flow, investment needs for aircraft and products, and multi-hub investments intended to support long-term growth and returns. As a significant minority shareholder, Singapore Airlines supports Air India's transformation programme with Tata Sons, but no commitment to provide additional capital is indicated.
August 27, 2026
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Semiconductor investment cooperation anchors expanded India-Japan industrial partnerships across technology, manufacturing, clean energy, infrastructure, and financial services.
Semiconductor and artificial-intelligence cooperation centres on a six-pillar semiconductor strategy encompassing chip design, semiconductor machinery and materials, fabrication, ATMP/OSAT, research and development, and talent development. Japanese participation is sought across semiconductor materials and equipment, power semiconductors, electronics, AI, logistics and related advanced technologies. Development of semiconductor clusters is linked to reliable power, ultra-pure water, skilled manpower and social infrastructure.

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Customs & Trade

Worst drought in decades threatening Syria's fragile recovery from years of civil war

September 4, 2025

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Damascus, Sep 4 (AP) The worst drought in decades is gripping much of the Eastern Mediterranean and Middle East, drying out rivers and lakes, shrivelling crops and leading to days-long tap water cutoffs in major cities.

The situation is particularly dire in Syria, where experts say rainfall has been declining for decades and where the fledgling government is trying to stitch the country back together following a 14-year civil war that left millions impoverished and reliant on foreign aid.

Small-farmer Mansour Mahmoud al-Khatib said that during the war, he couldn't reach his fields in the Damascus suburb of Sayyida Zeinab some days because militants from the Lebanese Hezbollah militia allied with then-President Bashar Assad would block the roads. That problem vanished when Hezbollah withdrew after Assad fell in a December rebel offensive, but the drought has devastated his farm, drying up the wells that irrigate it.

“The land is missing the water,” al-Khatib told The Associated Press recently as he watched workers feed the wheat he did manage to harvest into a threshing machine. “This season is weak — you could call it half a season. Some years are better and some years are worse, but this year is harsh.” In a good year, his land could produce as much as 800 to 900 kilograms of wheat per dunam, an area equal to 0.1 hectares and 0.25 acres. This year, it yielded about a quarter that much, he said. He hired only six or seven workers this harvest season instead of last year's 15.

Syria's withering crops Because the drought followed a prolonged war, farmers who were already financially stretched have had little ability to cope with its effects, said Jalal Al Hamoud, national food security officer for the UN's Food and Agriculture Organisation in Syria.

Before the uprising-turned-civil war that began in 2011, Syrian farmers produced an average of 3.5 million to 4.5 million tons of wheat per year, which was enough to meet the country's domestic needs, according to Saeed Ibrahim, director of agricultural planning and economics in Syria's Agriculture Ministry.

That annual yield dropped to 2.2 million to 2.6 million tons during the war, and in recent years, the government has had to import 60 per cent to 70 per cent of its wheat to feed its roughly 23 million people. This year's harvest is expected to yield only 1 million tons, forcing the country to spend even more of its strained resources on imports.

Mudar Dayoub, a spokesperson for Syria's Ministry of Internal Trade and Consumer Protection, said this year's wheat crop will only last for two or three months and that the government is "currently relying on signing contracts to import wheat from abroad” and on donations, including from neighbouring Iraq.

But in a country where the World Food Program estimates that half the population is food-insecure, Ibrahim warned that “total reliance on imports and aid threatens food security” and is “unsustainable.” The drought isn't the only major issue facing Syria, where postwar reconstruction is projected to cost hundreds of billions of dollars. Since Assad fled, the country has been rattled by outbreaks of sectarian violence, and there's growing doubt about whether the new authorities will be able to hold it together. Without jobs or stability, millions of refugees who fled during the war are unlikely to come home.

Interconnected crises A dam on the Litani River in neighbouring Lebanon's fertile Bekaa Valley forms Lake Qaraoun, a reservoir that spans about 12 square kilometres.

Over the years, climate change has led to a gradual decline in the water flowing into the reservoir, said Sami Alawieh, head of the Litani River National Authority.

This summer, after an unusually dry winter left Lebanon without the water reserves it usually banks through snow and rainfall, it has shrunk to the size of a pond, surrounded by a vast expanse of parched land.

Although an average of 350 million cubic metres of water flows into the lake during the rainy season each year, meeting about one-third of Lebanon's annual demand, this year the incoming water didn't exceed 45 million cubic metres, he said.

Lebanon's water woes have further exacerbated the drought in Syria, which partially relies on rivers flowing in from its western neighbour.

The largest of those is the Orontes, also known as the Assi. In Syria's Idlib province, the river is an important source of irrigation water, and fishermen make their living from its banks. This year, dead fish littered the dried-out river bed.

“This is the first time it's happened that there was no water at all,” said Dureid Haj Salah, a farmer in Idlib's Jisour al-Shugour. Many farmers can't afford to dig wells for irrigation, and the drought destroyed not only summer vegetable crops but decades-old trees in orchards, he said.

“There is no compensation for the loss of crops," Haj Salah said. "And you know the farmers make just enough to get by." Mostafa Summaq, director of water resources in Idlib province, said the groundwater dropped by more than 10 metres in three months in some monitoring wells, which he attributed to farmers overpumping due to a lack of rain. Local officials are considering installing metered irrigation systems, but it would be too expensive to do so without assistance, he said.

A drier climate Most experts agree that Syria and the broader region appear headed toward worse climate shocks, which they aren't prepared to absorb.

Climate change makes some regions wetter and others drier, and the Middle East and Mediterranean are among those that are drying out, said Matti Kummu, a professor at Aalto University in Finland who specialises in global food and water issues. Syria, specifically, has shown a trend of reduced rainfall over the past 40 years, while it has been using water at an unsustainable rate.

“There's not enough water from rainfall or from snowmelt in the mountains to recharge the groundwater,” Kummu said. Due to increasing irrigation needs, he said, "the groundwater table is going lower and lower, which means that it's less accessible and requires more energy (to pump)." At some point, the groundwater might run out.

Even with limited means, the country could take measures to mitigate the impacts, such as increased rainwater harvesting, switching to more drought-tolerant crops and trying to put more effective irrigation systems in place, even simple ones.

But “in the long term, if the situation in terms of the climate change impacts continues" as currently projected, how much of the croplands will be arable in the coming decades is an open question, Kummu said. (AP) SKS RD RD

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