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    RBI's USD-INR Swap Facility Sparks Unprecedented Forex Inflows into India, Banks Raise USD 73 Billion in eleven weeks
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    Former cop Waze files fresh plea in Mumbai court, wants PMLA case against him dropped
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    Ontario's premier: Canada should be ready to cut electricity, critical minerals as trade woes worsen
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August 25, 2026
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USD-INR forex swap facility accelerates foreign-currency mobilisation through non-resident deposits and institutional borrowing, strengthening India's external buffers.
USD-INR forex swap facility for FCNR(B) deposits, overseas foreign-currency borrowings and external commercial borrowings enabled banks to access foreign-currency funding through a special swap window. FCNR(B) deposits formed the principal component of the reported foreign-exchange inflows, reflecting participation by non-resident Indians. The FCNR(B) window was scheduled for early closure after the stated mobilisation objective was achieved ahead of schedule, and the inflows were presented as strengthening external buffers through long-term non-resident deposits and institutional funding.
August 25, 2026
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Foreign-exchange intervention moderated rupee depreciation as crude prices, importer dollar demand and geopolitical uncertainty sustained currency-market pressure.
Foreign-exchange conditions reflected a marginal weakening of the rupee against the US dollar, influenced by elevated crude-oil prices, importer demand for dollars, weaker Asian equities and geopolitical uncertainty. The currency remained within a narrow trading band, with RBI dollar sales described as moderating sharper depreciation. The RBI's special USD-INR forex swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings mobilised substantial foreign-exchange inflows, indicating support from non-resident Indian participants.
August 24, 2026
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Prior government sanction for public servants is contested as essential before money-laundering proceedings may validly proceed for official-duty acts.
Prior prosecution sanction is asserted to be a jurisdictional precondition for money-laundering proceedings against a public servant for acts connected with official duty. A former police officer challenges cognizance and process for want of sanction under the criminal procedure framework and the Maharashtra Police Act, relying on sanctions subsequently granted for co-accused public servants. The allegations concern collection of funds through the officer and their alleged laundering through an educational trust.
August 24, 2026
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Rupee exchange-rate movement gained marginal support from foreign equity inflows despite crude oil, importer demand and geopolitical pressures.
Rupee exchange-rate movement against the US dollar reflected a marginal appreciation, supported by foreign fund inflows into domestic equities. Trading remained within a narrow range amid pressures from higher crude oil prices, continuing importer demand, and geopolitical concerns. Market conditions also included a stronger dollar index, lower Brent crude futures, domestic equity declines, and net foreign institutional investment. Elevated oil prices and geopolitical uncertainty indicated a slight negative bias, while possible US dollar weakness could support the rupee.
August 24, 2026
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Retaliatory trade measures may target electricity, critical minerals and integrated automotive supply chains amid escalating cross-border tariff disputes.
Canada-United States trade relations involve escalating tariffs and contemplated reciprocal restrictions affecting goods, automotive production, electricity exports and critical-mineral supplies. Potential Canadian countermeasures include limiting or increasing the price of Ontario electricity exports and restricting supplies of critical minerals, with oil and potash also identified as possible leverage. The automotive sector faces particular exposure because Ontario production and supply chains are integrated with United States manufacturing. Negotiations also raised concern over limits on Canada's ability to conclude trade agreements with other countries without United States approval.
August 24, 2026
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Mandatory biometric updates for students support continued Aadhaar authentication and access to education, scholarship and benefit-related services.
Mandatory Biometric Update camps have been launched in schools across Tamulpur district, Assam, for eligible students aged 5 to 17 years to update Aadhaar biometrics. Aadhaar biometrics require updating on attaining five years of age and again on attaining fifteen years. Timely updating supports continued Aadhaar authentication and helps avoid difficulties in accessing services where authentication is applicable, including school admissions, entrance-examination registration, scholarships and Direct Benefit Transfer schemes.
August 24, 2026
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Electricity tariff affordability requires immediate review, withdrawal of higher consumer charges, and relief measures for economically weaker households.
Electricity tariff increase in Jammu and Kashmir has been opposed as imposing an unjustified and unaffordable financial burden on domestic consumers amid rising household costs. Immediate review and withdrawal of the increase are sought, together with measures to reduce electricity costs for domestic consumers, particularly economically weaker sections, and ensure affordable, reliable power supply.
August 24, 2026
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Wheat export liberalisation replaces prohibitions to support farm prices while domestic stocks are expected to protect consumer supply.
Wheat and wheat-product exports are liberalised with immediate effect by revising their export policy from prohibited to free. The change covers wheat, wheat flour, maida, semolina and wholemeal atta, replacing the earlier export-ban framework and simplifying exports previously permitted through licences. The measure aims to support farmers amid depressed domestic prices, while adequate domestic availability and buffer stocks are expected to meet demand and moderate consumer prices.
August 24, 2026
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Food safety compliance failures trigger licence suspensions for deficient hygiene, storage, refrigeration, sanitation and valid licensing practices.
Food safety enforcement measures resulted in suspension of food licences or registrations where establishments failed hygiene, food handling, storage, refrigeration, sanitation and licensing requirements. Deficiencies included unsafe temperature control, unclean refrigeration equipment, improper food storage and thawing, inadequate sanitisation, deteriorated or expired materials, deficient oil-quality checks, artificial colouring, pest infestation, cross-contamination risks and inadequate drainage. One outlet was also found to be operating under the name of an establishment without a valid food licence, resulting in suspension of its registration certificate.
August 24, 2026
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Central Board Governance expands through appointments of part-time non-official directors for defined terms, alongside central bank and government representatives.
Appointments to the Reserve Bank of India's Central Board expand its part-time, non-official director membership. Syed Akbaruddin, Annie George Mathew and Janmejaya Kumar Sinha have been appointed for four years from 24 August 2026, or until further orders, whichever occurs earlier. The Central Board also includes the Governor, deputy governors, the economic affairs secretary and the financial services secretary.
August 24, 2026
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Electricity tariff adjustment is linked to inflation and transmission losses, while free household units remain separately implemented.
Electricity tariff increase of 6.83 per cent after four years is presented as necessary in light of inflation and rising costs. Reducing transmission and distribution losses is identified as a means of limiting future tariff increases. Provision of 200 units of free electricity for poor and needy households through solar panels under the Muft Bijli Yojana is treated as distinct from tariff revisions.
August 24, 2026
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Sugar supply management measures target speculative stockpiling through imports, stockholding limits and earlier crushing to moderate prices.
Sugar supply is characterised as adequate, and higher prices are attributed principally to speculative buying and advance stockpiling, alongside lower output, seasonal demand and global price pressures rather than an actual shortage. Duty-free raw sugar imports and stockholding limits are intended to augment availability, curb speculative accumulation and stabilise market sentiment. Imports, existing stocks, special crushing and an earlier crushing season are expected to moderate prices and improve festive-period supply. Ethanol diversion is not identified as a cause of the price movement.
August 24, 2026
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Wheat export policy shifts to free trade, lifting restrictions on wheat flour, maida, semolina and wholemeal atta exports.
Wheat export policy has been revised from prohibited to free with immediate effect, lifting the export ban on wheat and related wheat products. The liberalised export treatment extends to wheat flour, maida, semolina and wholemeal atta. The restriction had been imposed to address rising domestic prices, and its removal is expected to improve international wheat availability.
August 24, 2026
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Bogus input tax credit fraud investigation examines fabricated invoices, circular transactions, layered funds and alleged proceeds of crime.
Investigation into alleged bogus input tax credit fraud involved searches under the anti-money-laundering framework. The alleged scheme involved fabricated invoices and e-way bills without actual movement of goods, circular transactions, layered funds, cash withdrawals and bogus or non-existent entities. GST authorities identified fraudulent availment of input tax credit causing wrongful loss to the government exchequer. The investigation focused on tracing alleged proceeds of crime, identifying beneficiaries, and securing documentary and digital evidence.
August 24, 2026
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Sugar crystallization process integration combines evaporator upgrades, continuous boiling, heat recovery and automation for efficient plantation white sugar production.
Sugar manufacturing process integration is proposed through strengthening an existing evaporator station and adding a sugar crystallization section to convert syrup production into plantation white sugar production. The scope covers design, engineering, equipment supply, erection and commissioning of condensate heaters, falling film evaporators, heat-recovery systems, continuous pans, vacuum systems and crystallizers. Continuous massecuite boiling will use chamber-specific control, while evaporator recirculation and online chemical-cleaning provisions support process control and low-grade vapour utilisation.
August 24, 2026
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Competitive examination preparation supports career pathways in civil services, public employment, management, defence, research and international higher education.
Career-development and competitive-examination preparation is offered alongside academic programmes for civil services, government and public-sector employment, banking, engineering higher education, management, defence, teaching, research and overseas education. UPSC, SSC-CGL, Bank PO, GATE, CAT, CDS, UGC-NET, GRE, GMAT and IELTS preparation includes courses, workshops, mentorship, expert guidance and examination-specific resources. Access to examinations, admissions and career opportunities remains subject to applicable eligibility, selection and institutional criteria.
August 24, 2026
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Corporate governance professionals gain expanded training infrastructure as Hyderabad's new Chapter Office supports Company Secretaries and students.
Institute of Company Secretaries of India has inaugurated a Chapter Office in Hyderabad to expand infrastructure for professional education, training, examinations, meetings, capacity-building programmes and stakeholder engagement. The facility is intended to support Company Secretaries and students and enable wider professional and educational activities. Company Secretaries are identified as corporate governance professionals, with expanding regulatory requirements and the formalisation and listing of micro, small and medium enterprises creating potential demand for qualified professionals.
August 24, 2026
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Diversified pharmaceutical growth combines branded portfolio expansion, contract manufacturing, merchant exports, and regulatory registrations for international market development.
Curis Lifesciences Limited plans a diversified pharmaceutical strategy spanning domestic branded products, contract manufacturing and international market development. Its majority acquisition of Uninova Lifesciences is intended to strengthen own-brand marketing, distribution and portfolio expansion, including injectable products through third-party manufacturing. International initiatives include merchant exports in Kenya and a Nigerian joint venture pursuing own-brand regulatory registrations alongside contract-manufacturing and export opportunities. Commercial development in Nigeria remains contingent on relevant licences and purchase orders, while projections are subject to regulatory, market and other business factors.
August 24, 2026
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Insolvency framework reform prioritises efficient resolution, value maximisation, stakeholder coordination, institutional strengthening and technology-enabled asset recovery.
Insolvency and Bankruptcy Code, 2016, entered its tenth year amid deliberations on legislative amendments, resolution timelines, stakeholder interests and value maximisation. Key areas included resolution plans and tax implications, liquidation processes, recent judicial developments, stakeholder coordination, and the roles of insolvency professionals, regulators, banking institutions and adjudicatory processes. Technological innovation, including artificial intelligence for asset tracing and recovery, alongside regulatory strengthening, capacity building and stakeholder collaboration, was emphasised for the future development of the insolvency ecosystem.
August 24, 2026
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Bilateral economic and financial cooperation will advance through investment dialogues, business engagement, financial-sector partnerships, and global economic discussions.
Official visits to Canada and the United States are scheduled to strengthen bilateral economic and financial partnerships, deepen investment linkages, and advance cooperation on global economic priorities. Engagements include an Economic and Financial Dialogue, investment and business roundtables, corporate meetings, and discussions on financial-sector cooperation, technology, innovation, critical minerals, resilient supply chains, and a Comprehensive Economic Partnership Agreement. Participation in the G20 Finance Ministers and Central Bank Governors Meeting will address global economic growth, stability, and international financial cooperation.

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Customs & Trade

India close partner of US, but Trump imposed additional tariff for purchasing Russian oil: Rubio

September 24, 2025

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New York, Sep 24 (PTI) India is a very close partner of the US, but President Donald Trump has imposed additional tariffs on New Delhi for its purchases of Russian oil as part of actions taken against President Vladimir Putin for the Ukraine war, Secretary of State Marco Rubio has said.

He made the remarks in an interview with Good Morning America while responding to a question that Trump has "repeatedly threatened" to take action against Putin but backed off those threats, and how much more time is Trump going to give the Russian leader, who has intensified his attacks on Ukraine.

"Well, I think he has taken action. So, for example, we've imposed additional tariffs on India -- and they’re a very close partner of ours -- and we had meetings with them again yesterday, and it has to do with their purchase of Russian oil," Rubio said.

When it was pointed out that Trump has not taken any direct action on Russia, Rubio referred to the bill by US Senator Lindsey Graham, which "was about tariffs on India and China for the purchase of oil and gas from Russia".

"I think the President has also called on Europe to step up to the plate. There are countries in Europe that are still buying massive amounts of natural gas and oil from Russia, in essence, directly fueling the war effort. The President has also instructed us, and we’ve made a lot of progress working on security guarantees," the Secretary of State said.

He added that shortly after the Alaska summit between Trump and Putin, European leaders had come to Washington.

"We agreed to work on security guarantees for the future of Ukraine after the end of this conflict. We've made a tremendous amount of progress in creating the outlines for that, and that’s going to be essential in any negotiated end to the war," Rubio said.

Rubio had met External Affairs Minister S Jaishankar here on Monday morning on the sidelines of the 80th session of the United Nations General Assembly high-level week.

In a post on X, Jaishankar had said it was "good to meet" Rubio in New York.

"Our conversation covered a range of bilateral and international issues of current concern. Agreed on the importance of sustained engagement to progress on priority areas. We will remain in touch," Jaishankar had said.

After the meeting, the US said that India is a relationship of critical importance to the United States and voiced "appreciation" for the Indian government's continued engagement on bilateral issues, including trade, defence and energy.

Rubio, reiterating that "India is a relationship of critical importance to the United States, expressed his appreciation for the Indian government’s continued engagement on a number of issues, including trade, defence, energy, pharmaceuticals, critical minerals, and other items related to the bilateral relationship,” a readout of the meeting provided by the State Department had said.

Rubio and Jaishankar agreed that the United States and India will continue working together to promote a free and open Indo-Pacific region, including through the Quad, the statement added.

The meeting, which lasted for about an hour, was the first in-person meeting between Rubio and Jaishankar amid tensions between the two countries over the last few months on trade, tariffs and Delhi’s purchases of Russian energy.

The Trump administration imposed an additional 25 per cent tariff on Delhi as a penalty for its purchases of Russian oil, taking the total levies imposed on India by the US to 50 per cent, among the highest in the world.

Just days before the meeting, President Donald Trump signed a proclamation imposing a staggering USD 100,000 fee on new H1B visas. The announcement caused widespread concern and panic among Indian professionals, including those from the IT and medical fields, who are the largest beneficiaries of the H1B skilled-worker program.

Rubio and Jaishankar had last held bilateral discussions in July in Washington DC on the sidelines of the Quad Foreign Ministers' Meeting.

In a separate interview with Fox and Friends, Rubio said Trump has put more time and energy into peace proposals and peace initiatives than anybody else in the world, and he has had the most success of anybody else in the world.

"He doesn’t get a lot of credit, but let’s not forget the Democratic Republic of Congo and Rwanda had a war going on; it's the President that brokered that. Azerbaijan and Armenia, it's the President who brought that about.

"Thailand and Cambodia -- it's the President that brought the end to that about. India and Pakistan. That's just four right off the top of my head in the last few months. And the President is the one who did that, not any other leader in the world and not the UN," Rubio said.

From the podium of the United Nations General Assembly, Trump declared again that he stopped the conflict between India and Pakistan, as he lashed out at the world organisation for its failure to "even try to help" in ending the conflict.

"Likewise, in a period of just seven months, I have ended seven unendable wars. They said they were 'unendable, you are never going to get them solved'," Trump said in his address at the General Debate of the high-level 80th session of the UN General Assembly on Tuesday.

Trump said some of the wars he helped end were going on for decades.

"I ended seven wars, and in all cases they were raging, with countless thousands of people being killed. This includes Cambodia and Thailand, Kosovo and Serbia, the Congo and Rwanda -- a vicious, violent war that was, Pakistan and India, Israel and Iran, Egypt and Ethiopia and Armenia and Azerbaijan," the US president said.

"It included all of them. No president or prime minister, and for that matter, no other country has ever done anything close to that. And I did it in just seven months. It's never happened before. There's never been anything like that. Very honoured to have done it,” Trump added. PTI YAS NSD NSD

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