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August 26, 2026
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Non-revolving credit lines require term-loan structures supporting multiple drawdowns without replenishing sanctioned limits for NBFC lending products.
Proposed restrictions on revolving credit facilities for most NBFCs would generally require credit products to operate as term loans, rather than facilities in which principal repayment automatically restores the available borrowing limit. Compliance may require technology capable of managing multiple drawdowns within an approved sanction, separate repayment schedules, amortisation and servicing workflows, while preventing repaid principal from replenishing the sanctioned limit.
August 26, 2026
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Reciprocal trade tariffs intensify as negotiations confront market access, cultural protections, industrial safeguards, and sovereignty concerns.
US-Canada tariff escalation involves reciprocal import duties following failed negotiations over market access and trade in dairy, alcoholic beverages, automobiles, steel, aluminium and softwood lumber. United States tariff action relies on a rarely used trade-law power permitting duties against countries considered to discriminate against American businesses, without a prior investigation or stated time limit. Negotiations also raised concerns about protection of major industries, cultural protections and Canada's freedom to conclude trade agreements with other countries.
August 26, 2026
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Diaspora engagement supports skilled mobility, investment links, remittances, and citizen welfare while encouraging compliance with local laws.
Indian diaspora engagement in Japan supports bilateral goodwill, business links, investment opportunities and people-to-people ties. Skilled Indian professionals are encouraged to understand local requirements, learn Japanese language and culture, and pursue opportunities in healthcare, trades, engineering, artificial intelligence, accountancy and maritime work. Diaspora members are also encouraged to maintain connections with India, contribute through digital education and knowledge-sharing, and comply with local laws and regulations. Remittances and government support for citizens' welfare, safety and crisis assistance abroad are recognised as important aspects of diaspora engagement.
August 26, 2026
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Semiconductor and AI cooperation advances through industry engagement, investment facilitation, and accelerated economic partnership review.
India-Japan cooperation in semiconductors and artificial intelligence is being strengthened through industry engagement, investment facilitation, technology partnerships and an economic-security-oriented framework. India's semiconductor strategy covers chip design, machinery and materials, fabrication, ATMP/OSAT, research, and talent development, supported by Semicon India initiatives. Bilateral engagement also seeks to address industry concerns, expand manufacturing and innovation partnerships, and accelerate review of the Comprehensive Economic Partnership Agreement to reflect emerging economic opportunities.
August 26, 2026
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Virtual trader engagement platform strengthens weekly grievance feedback, policy information sharing, and institutional dialogue between government and trading communities.
The Virtual Conference Interaction Meetings provide a weekly, accessible forum for retail traders to engage with the Government, receive information on relevant schemes, policies and reforms, and submit grievances and suggestions. The platform enables recurring concerns to be identified and communicated to concerned Ministries and Departments for consideration and redressal. It seeks to strengthen institutionalised dialogue, feedback, transparency, trust and cooperation between the Government and the trader community.
August 26, 2026
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Competition clearance for full acquisition permits Cyient to acquire Tao Digital Solutions, a global digital transformation and technology services provider.
Competition Commission of India approved Cyient Limited's acquisition of 100% of Tao Digital Solutions Inc.'s share capital from its existing shareholders. The full share capital acquisition transfers complete ownership of Tao Digital Solutions to Cyient. Tao Digital Solutions provides global digital transformation and technology services, including product engineering, managed services, cybersecurity, payments, digitization and AI, cloud services, and data services, and operates in India through its wholly owned subsidiary, Tao Digital India Private Limited.
August 26, 2026
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Competition clearance for full coal-sector acquisition addresses limited Indian market links through metallurgical and thermal coal sales.
Competition approval covers Yancoal Australia Limited's acquisition of 100% equity interest and warrants in Kestrel Coal Group Pty Ltd. The target holds an 80% interest in the Kestrel Joint Venture, which operates a Queensland coal mine producing principally metallurgical coal and a smaller volume of thermal coal. Neither the acquirer nor the target has a physical presence in India. Their Indian nexus is limited to coal exports and the joint venture's sales of metallurgical coal into India.
August 25, 2026
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Customs classification of unassembled vehicle imports requires fresh hearing after reserved tax challenge was released without verdict.
The dispute concerns customs classification of imported unassembled vehicle parts. Customs authorities allege that parts imported in separate shipments should have been declared as completely knocked down (CKD) units, attracting the higher duty applicable to CKD imports, rather than as individual components subject to lower duty. The manufacturer contests the resulting customs demand. Proceedings have been released for fresh hearing before the regular indirect-tax writ bench, with status quo maintained for four weeks.
August 25, 2026
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Retaliatory tariffs on imported goods escalate trade measures, targeting key sectors while maintaining support for affected domestic businesses.
Canada has imposed retaliatory tariffs on United States-origin industrial and consumer goods following increased United States tariffs on Canadian goods. Effective 8 September, the measures apply at rates of 15%, 25% and 50% across more than 700 products, including steel, aluminium, appliances, dairy products, seafood, furniture, clothing, pulp and paper, and electronics. Existing countertariffs on automobiles remain in force. The measures seek to protect domestic businesses and reduce imports, supported by assistance for affected workers and businesses amid risks to integrated cross-border supply chains.
August 25, 2026
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Foreign-exchange market intervention and lower crude prices supported rupee appreciation, while USD/INR remained range-bound amid shifting dollar conditions.
Foreign-exchange market conditions supported rupee appreciation against the US dollar, driven by stronger domestic equity markets, a weaker US dollar and lower crude oil prices. The USD/INR pair remained broadly range-bound, with oil-price movements and Reserve Bank intervention identified as key near-term influences. The special USD-INR foreign-exchange swap facility for FCNR(B) deposits, overseas foreign-currency borrowings and external commercial borrowings mobilised substantial foreign-exchange inflows.
August 25, 2026
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Section 301 tariffs may have lower impact where major exports remain outside their scope amid resilient domestic demand.
Economic resilience is attributed to buoyant domestic demand, increased manufacturing and services activity, improving liquidity conditions, credit growth, investment activity and rebounding foreign capital inflows. Recovery in the southwest monsoon improved kharif sowing and reservoir storage, partly mitigating agricultural-sector risks. US Section 301 tariffs are expected to have a comparatively lower effect because major Indian exports to the United States, including smartphones, petroleum products and pharmaceuticals, remain outside their scope. Foreign direct investment improved with higher gross inflows, while outward foreign direct investment continued to decline.
August 25, 2026
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BIS certification exemptions may be structured for high-tech manufacturers to ensure timely equipment imports and support domestic manufacturing operations.
Mandatory Bureau of Indian Standards (BIS) certification requirements for equipment and components used by high-technology manufacturers may be addressed through a proposed exemption framework. Possible exemptions may be structured at the company, industry, product, project or bulk level to support timely availability of imported equipment, goods and services for manufacturing operations. The approach is directed at high-technology industries generally, particularly semiconductor and artificial intelligence sectors, while addressing delays associated with mandatory certification and complex procedures for specialised imported parts and equipment.
August 25, 2026
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Corporate social responsibility should prioritise measurable community outcomes, transparency, capable implementing agencies, and strategic integration with sustainability objectives.
Corporate social responsibility should prioritise measurable community outcomes rather than expenditure alone. Effective CSR depends on community-responsive design, capable implementing agencies, rigorous monitoring, social audits, and transparent use of technology and data. Public sector enterprises may use thematic priorities, convergence with government programmes, and institutional collaboration to replace isolated interventions with strategic CSR. CSR capacity building encompasses legal and regulatory frameworks, governance, project planning, impact assessment, reporting, ESG and the Social Stock Exchange.
August 25, 2026
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Regional rural bank performance highlights improved profitability, asset quality, priority-sector lending, financial inclusion, and digital banking expansion.
Regional Rural Banks achieved prescribed priority-sector lending targets and sub-targets, expanded financial inclusion through new Pradhan Mantri Jan Dhan Yojana accounts, and recorded improvement in profitability, asset quality, and credit-deposit ratio. Digital banking adoption is to be accelerated to improve operational efficiency, customer experience, and banking access in rural and remote areas. Sponsor Banks are expected to strengthen information-technology infrastructure and support increased area-specific credit flows and innovative lending.
August 25, 2026
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Ethanol-blended fuel policy faces calls for consumer-focused review amid sugar supply pressures and older-vehicle compatibility concerns.
Consumer-focused review of the ethanol-blended fuel policy is sought because higher ethanol diversion may affect domestic sugar availability and prices, potentially requiring sugar imports that could reduce claimed foreign-exchange savings from lower petroleum imports. The review should address ethanol and sugar production, domestic prices, imports, and consumer, environmental and economic concerns. Availability of lower-blend fuel alongside E20 is advocated for owners of older vehicles, with consumer choice between E10 and E20 supporting a comprehensive reassessment.
August 25, 2026
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Economic resilience remains supported by domestic demand, manufacturing, liquidity and capital inflows despite external trade and geopolitical risks.
Economic resilience is attributed to buoyant domestic demand, sustained manufacturing and services activity, and double-digit merchandise trade growth. Improved southwest monsoon conditions supported kharif sowing and partly reduced agricultural risks, although geopolitical frictions and fresh United States tariffs remained external risks. Supply-side pressures raised consumer price inflation, while stable core inflation indicated limited cost pass-through. Easing liquidity, credit growth, investment activity and rebounding foreign capital inflows supported financial and external-sector conditions.
August 25, 2026
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Sugar price controls combine raw sugar imports, stockholding limits, and export restrictions to curb retail inflation.
Sugar market intervention combines permitted imports of raw sugar, stockholding limits for dealers and bulk consumers, and an existing export ban to address sharp increases in retail and wholesale prices. Limits on inventories held by trade participants and large industrial consumers are intended to curb speculation and hoarding. Although ex-mill rates declined after the import decision and anti-hoarding measures, the reduction had not yet translated fully into retail prices. The measures seek to supplement domestic availability and restrain practices that may intensify consumer-price increases.
August 25, 2026
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Tariff escalation drives retaliatory planning, industry protection measures, supply-chain uncertainty, and proposed symbolic geographic renaming amid cross-border trade tensions.
United States-Canada trade tensions have intensified after tariffs were imposed on Canadian goods following unsuccessful bilateral talks. Canada is expected to pursue retaliatory measures, potentially using targeted action to protect workers and businesses rather than matching tariffs directly. Further tariff threats concern vehicles, auto parts and steel. Integrated cross-border supply chains in automotive, energy, agriculture and manufacturing face increased costs and consumer-price uncertainty. Consideration of renaming Lake Ontario as "Lake America" has also been linked to the escalating dispute.
August 25, 2026
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Central infrastructure monitoring through PAIMANA-PROJ tracks implementation progress, sectoral priorities, completed works, and integration of newly monitored projects.
PAIMANA-PROJ monitors Central Sector infrastructure projects costing Rs. 150 crore and above across 17 Ministries and Departments. As of July 2026, 1,775 projects with a revised cost of Rs. 37.11 lakh crore were under monitoring, with cumulative expenditure of Rs. 19.26 lakh crore. Transport and Logistics formed the largest monitored sector, followed by Energy. The portfolio included mega and major projects at varying physical and financial completion stages. PAIMANA-CRIP serves as the central infrastructure-project data repository, with most data updated through APIs.
August 25, 2026
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Plant growth regulator quality controls require farmer awareness, licensed sales, quarantine compliance, and protection against uncertified orchard inputs.
Plant Growth Regulator quality control seeks to protect farmers and orchardists from spurious products sold in the open market. Licensed pesticide and fungicide outlets receive application schedules, while farmer awareness is stressed due to purchases of cheaper PGRs that may not achieve expected results. Rootstock imports require quarantine clearance, and uncertified rootstock purchased from the market is associated with disease spread in orchards. Regulatory measures include direct departmental sale of branded chemicals, promotion of weather-based crop insurance, and demands concerning minimum support pricing and Market Intervention Scheme documentation.

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Customs & Trade

Meet 'Big Alex,' Brazilian judge who led Bolsonaro's trial, challenged Trump, Musk

September 14, 2025

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Brasilia, Sep 14 (AP) Some Brazilian historians now count 14 coup attempts in the republic's 136 years. Some have been successful, including the one that installed a military dictatorship between 1964-1985.

But only the latest, which a Supreme Court panel ruled was orchestrated by former President Jair Bolsonaro, ended with prison sentences for its leaders, instigators and supporters, many of whom are already behind bars.

To a large extent, the unprecedented outcome is the result of one man's drive.

Supreme Court justice Alexandre de Moraes, the judge who spearheaded the case, has become a hero to some Brazilians and a zealot to others.

In Brazil he is better known as “Xandao,” or “Big Alex” in Portuguese. Married with three children, he is widely known for his shiny bald head and use of soccer metaphors, but also for what many see as swift and divisive actions.

De Moraes, 56, has taken on politicians, billionaire Elon Musk and Bolsonaro supporters who damaged government buildings in Brasilia, the capital, during a 2023 riot that prosecutors said was instigated by the former president.

From now on, Brazilian history books will call him the Supreme Court judge who led a five-member panel to sentence Bolsonaro to 27 years and three months in prison.

He led the trial despite pressure from the US government that sanctioned de Moraes and imposed tariffs on Brazil because of the process against Bolsonaro, an ally of US President Donald Trump.

Only one of the justices, Luiz Fux, disagreed and asked for Bolsonaro to be acquitted. But de Moraes' sway in the case is such that the longest serving member of the court, Justice Gilmar Mendes, and Chief Justice Luis Roberto Barroso popped by the panel's room at end of the trial solely to defend his work.

The panel also ruled against seven close allies of the former president, including top military men.

“I may have disagreements in some issues with Justice de Moraes," said José Eduardo Cardozo, a former justice minister who first met de Moraes about 30 years ago. "But in general his standing is rigorously righteous for those who understand constitutional law and defend the rule of law vehemently.” For Cardozo, the criticism of how he handled Bolsonaro's trial is “purely political.” Celso Vilardi, a lawyer for Bolsonaro, took swipes at de Moraes after Fux voted almost entirely in disagreement in the case.

“I am vindicated,” Vilardi told journalists Wednesday. “This was a technical vote.” But before he became Bolsonaro's lawyer in January, Vilardi had nothing but praise for de Moraes.

A driven judge who doesn't waiver Before the Bolsonaro case began, de Moraes' public image was one of a backward, conservative judge.

He frequently was mocked on social media for two videos. One shows him destroying a small marijuana plantation with his bare hands. The other exposes his discomfort among Indigenous Brazilians, who danced as they repeated his name.

Now social media is filled with images of de Moraes. Right-wing content shows the judge asking people for their private information if they don't want to be jailed, while left-wing voters portray him as Superman, an unstoppable hero rising to the task. Some memes mock his seemingly more aggressive decisions when his soccer club Corinthians loses.

Friends, adversaries and colleagues have said over the years that de Moraes does not waiver when on duty.

“History teaches us that impunity, omission and cowardice are not options for pacification, because the apparently easier path, and only apparently, is that of impunity, omission, leaving traumatic scars in our society and corrodes our democracy,” de Moraes said during the first week of Bolsonaro's trial.

A university professor and former public prosecutor, he was appointed to the country's top court in 2017 by President Michel Temer, a conservative, after a stint as his justice minister. At his confirmation hearing, some people who became known Bolsonaro supporters publicly praised de Moraes, such as Damares Alves, an evangelical leader who is now a senator.

At the time, Alves said de Moraes was an unbiased, serious judge who has the right values.

Fast forward to 2025 and many of those Bolsonaro allies now call de Moraes a “communist” and a “dictator” who deserves to be impeached and removed from the court for allegedly overstepping in the Bolsonaro investigation, including ordering house arrest for the embattled far-right leader.

“I have to apologise to my colleagues at the Workers' Party," Alves said hours before Bolsonaro was convicted. “They said we would change our minds about Alexandre de Moraes and they were right.” One of the criminal counts against the former president makes reference to military allies plotting to shoot the justice dead.

Temer, the former president, noted in a May interview with daily newspaper Folha de S.Paulo that many alleged coup plot participants were initially jailed but then released by de Moraes.

“He is no radical,” Temer said.

Opponents respond with fights and sanctions But not everyone agrees he does a good job, including figures outside Brazil.

“Alexandre de Moraes is an evil dictator cosplaying as a judge,” Musk said.

The billionaire attacked de Moraes last year after the justice threatened to suspend the social medial platform X in the nation of more than 200 million people.

The disagreement involved a monthslong dispute with Musk over free speech, far-right accounts and misinformation. In the end, the tech billionaire complied with all of de Moraes' demands, including blocking certain accounts from the platform, paying outstanding fines and naming a legal representative in Brazil, and the justice restored the social media's service.

Recently, Trump's administration imposed a 50 per cent tariff hike on Brazilian exports with vocal support from Bolsonaro's sons. The US also sanctioned de Moraes over alleged suppression of freedom of expression and overseeing the Bolsonaro trial.

A justice who comes with public security experience De Moraes previously identified with center-right administrations and politicians. Between 2015 and 2016, he was Sao Paulo state's public security secretary in a conservative setting.

Some of that experience became obvious during his term as president of Brazil's top electoral court, overseeing the 2022 election.

His efforts to fight disinformation and protect the integrity of the electoral process were praised by moderates, international institutions and supporters of President Luiz Inácio Lula da Silva as key to the results being respected.

The electoral court role was added to one he received at the start of the Bolsonaro administration as rapporteur of a “fake news” probe focused on online attacks against members of the Supreme Court. De Moraes was handpicked based on his security experience in Sao Paulo.

The two investigations resulted in arrests of political figures, blocks on social media accounts and lawsuits against business leaders, but in some ways also converged in the coup plot.

As the verdict and sentencing phase of Bolsonaro's trial ended Thursday, de Moraes made an effort to reign in his emotions as his peer Flávio Dino took almost five minutes to praise his work.

“Justice Alexandre sees this as finishing line," Dino said. “But there will be other trials, other tasks. This is a high point in his career, and we have to pay a tribute to him. That's not very common in our community.” (AP) GRS GRS

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