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    IAAPI Calls for GST Rationalisation to Support Growth and Consumer Demand in India’s Amusement Industry
    ED raids multiple locations in Keralam in hybrid ganja smuggling money laundering case
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September 3, 2026
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GST rationalisation for amusement park admissions could lower ticket prices, stimulate consumer demand, and support investment without input tax credit.
GST rationalisation for amusement park, water park and indoor entertainment admission tickets is sought through a flat 5% GST rate without Input Tax Credit. The proposed rate is intended to reduce ticket prices, improve affordability and increase customer demand in a capital-intensive tourism and entertainment sector. Many smaller and mid-sized operators report limited ability to offset GST liability through ITC. Lower taxation is projected to support facility expansion, revenue growth, new investment, employment and reinvestment in recreational services.
September 3, 2026
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Money laundering linked to hybrid ganja smuggling involves alleged illicit cross-border transfers and foreign-exchange violations.
Enforcement Directorate searches form part of a money-laundering investigation into alleged hybrid ganja smuggling from Thailand. A case under the Prevention of Money Laundering Act concerns suspected laundering of drug-trafficking proceeds and transfer of funds to Thailand through illegal channels. The inquiry also examines possible foreign-exchange violations and an alleged arrangement involving carriers, visas and funds for transporting narcotic substances.
September 3, 2026
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Foreign-currency deposit mobilisation supports currency appreciation while creating surplus-liquidity sterilisation pressures through deposit swaps in domestic banking markets.
Foreign-currency deposit mobilisation strengthened foreign-exchange liquidity and supported rupee appreciation. FCNR(B) deposits, together with overseas foreign-currency borrowings and external commercial borrowings, increased aggregate foreign-currency resources. Bank swaps of such deposits with the central bank may create surplus banking-system liquidity and a sterilisation challenge, while oil prices, global yields, dollar movements and foreign equity inflows remain relevant currency-market factors.
September 3, 2026
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Money laundering investigation examines alleged diversion of bank loans from a power project to group entities and personal use.
Money laundering investigation under the Prevention of Money Laundering Act concerns alleged diversion of bank loans obtained by Kohinoor Power for a power plant in Jharkhand. The loan proceeds were allegedly transferred to other group entities and used personally. Searches were conducted at eleven premises associated with the group's promoters, directors and auditors. The company entered liquidation proceedings before the National Company Law Tribunal, with limited recovery for creditors.
September 3, 2026
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Globalisation of auto component manufacturing is linked to trade access, resilient supply chains, technology adoption, safety, and vehicle scrappage.
The auto component industry is encouraged to expand globally through reciprocal market access, overseas manufacturing, international investment and trade partnerships. Supply-chain resilience is to be strengthened through indigenisation of vulnerable products, access to critical minerals, and domestic capacity in auto components, speciality steel, technical textiles and semiconductors. Priority is also given to high-value integrated solutions, artificial intelligence-enabled quality control, vehicle safety and industrial parks offering manufacturing infrastructure. Vehicle scrappage requires coordinated government incentives and fair industry valuation to support replacement demand for new-age vehicles.
September 3, 2026
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Updated IP cooperation guidelines strengthen cross-border innovation, patent examination coordination, traditional knowledge protection, and geographical indication commercialisation.
IP BRICS Heads adopted Updated Operational Guidelines to direct result-oriented intellectual property cooperation, promote cross-border innovation, and reinforce joint engagement in global IP standards. Priority areas include protection of traditional knowledge and traditional systems of medicine, reinforced patent examination cooperation, exchange of search results, patent analytics, and geographical indication protection and commercialisation. Coordination mechanisms and periodic progress reviews are emphasised for effective implementation and continuity of cooperation.
September 3, 2026
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Sovereign credit rating upgrade reflects resilient growth, improved fiscal expenditure quality, stronger financial systems, and a robust external position.
India's long-term foreign-currency and local-currency issuer ratings were upgraded from 'BBB+' to 'A-', with a Stable Outlook, reflecting resilient economic growth, improved fiscal expenditure quality, strengthened financial-sector soundness, and a robust external position. Fiscal improvement is linked to greater capital expenditure and lower fiscal deficit. Financial resilience is supported by improved banking and non-banking sector asset quality and capital adequacy. External strength arises from a contained current account deficit, services surplus, and foreign-exchange reserves exceeding short-term external debt.
September 3, 2026
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Public sector general insurance performance requires profitable underwriting, lower claim ratios, digitalisation, standardised monitoring, and quality grievance redressal.
Public Sector General Insurance Companies were advised to focus on profitable business lines, reduce the Incurred Claim Ratio, and accelerate technology use and digitalisation while optimising related expenditure. They are to improve insurance penetration, density, outreach and customer awareness, particularly in underserved segments, while reducing protection gaps. A robust, standardised KPI framework should enable comparable financial and non-financial performance assessment and be reviewed quarterly. Customer grievances require expeditious and quality redressal.
September 3, 2026
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Cross-border financing through GIFT-IFSC expands foreign currency mobilisation, external commercial borrowing disbursements, and international bond market access.
GIFT-IFSC's IBUs mobilised foreign-currency liquidity under the RBI's FCNR(B) deposit swap facility, with 20 IBUs sanctioning USD 54.02 billion and disbursing approximately USD 52.82 billion as at 31 August 2026. Between April and August 2026, IBUs disbursed USD 11.62 billion in External Commercial Borrowings, while Indian banks raised USD 11.12 billion through bond listings on IFSC exchanges. These activities support cross-border financing, international capital-market access and foreign-exchange inflows.
September 3, 2026
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Bilateral business council leadership appointment strengthens operational capacity to advance Canada-India economic and investment partnerships.
Operational leadership for bilateral economic engagement is strengthened through the appointment of Shuchita Sonalika as the first Chief Operating Officer of the Canada-India Business Council. The appointment is directed toward enhancing the council's capacity to support expanding investment and economic relations between Canada and India, in coordination with its board, members and partners. Sonalika brings international affairs experience in advancing India's economic partnerships across global markets.
September 3, 2026
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Regulatory certainty and compliance reforms support investment facilitation, infrastructure development, MSME credit access, and reduction of bank non-performing assets.
Regulatory certainty, ease of compliance and investment facilitation are identified as central elements of India's economic reform orientation. The Insolvency and Bankruptcy Code is included among reforms supporting regulatory certainty, reduced paperwork and easier compliance. Policy priorities include infrastructure development, artificial intelligence and data centres, credit access for MSMEs, reduction of banks' non-performing assets, fiscal discipline, and investment facilitation by central and state governments.
September 2, 2026
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Sovereign credit rating upgrade reflects resilient economic growth, fiscal quality, financial-system soundness, and external-sector resilience.
Japan Credit Rating Agency upgraded India's foreign-currency and local-currency long-term issuer ratings to A-, citing solid economic growth, strengthened growth-oriented policies and improved financial-system soundness. Improved banking asset quality, insolvency mechanisms, government capital infusion and stronger central-bank supervision support financial resilience. Fiscal quality has improved through greater infrastructure-focused capital expenditure and restraint in current spending, while a contained current-account deficit, services surplus and substantial foreign-exchange reserves support resilience to external shocks.
September 2, 2026
Show AI Summary
Currency-market intervention and foreign capital inflows supported rupee resilience amid higher crude prices and dollar strength.
Foreign capital inflows and modest foreign institutional equity purchases supported rupee appreciation against the US dollar despite weak domestic equities, elevated crude oil prices and a stronger dollar. RBI monitoring and apparent currency-market intervention supported the rupee amid risk aversion, higher US Treasury yields and concerns over crude supply disruptions. Forthcoming US employment data remained relevant to dollar and rupee direction.
September 2, 2026
Show AI Summary
Foreign-currency non-resident deposits bolster external liquidity through hedging support and lending flexibility during global market uncertainty.
Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits are fixed-term foreign-currency deposits for non-resident Indians, with principal and interest repayable in the deposit currency and without direct rupee exchange-rate risk. A special central-bank programme mobilised substantial FCNR(B) deposits, alongside overseas foreign-currency borrowings and external commercial borrowings, to strengthen foreign-exchange liquidity. Banks received hedging-cost support and permission to lend against the deposits. The facility was closed earlier than scheduled after its mobilisation objective was met.
September 2, 2026
Show AI Summary
Foreign currency swap facility accelerated FCNR(B) deposit window closure after substantial diaspora inflows, while borrowing windows remain open.
Special USD-INR foreign-exchange swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings was introduced to strengthen the external sector and support foreign-exchange liquidity. FCNR(B) deposits, under which principal and interest are repayable in the same foreign currency, generated the principal share of inflows. Strong diaspora participation led to advancement of the FCNR(B) window closure. The swap facility for Overseas Foreign Currency Borrowings and External Commercial Borrowings remains open until December 31, 2026.
September 2, 2026
Show AI Summary
GST bribery allegations led to a trap operation against officials and an intermediary in a quarrying matter.
Criminal investigation concerns alleged solicitation and acceptance of an undue advantage by CGST officials in connection with settling a GST/royalty matter involving a stone-quarrying firm. The officials allegedly arranged for a private person to collect the payment. A trap operation resulted in the private person being caught while accepting the alleged undue advantage. Searches at the accused persons' premises led to recovery of cash and jewellery, while further investigation continues.
September 2, 2026
Show AI Summary
State GST collection growth outpaced national expansion during the first five months, alongside increased VAT and CST receipts.
Haryana's SGST collections increased by 29 per cent during April-August of financial year 2026-27, exceeding the national growth rate of 16 per cent. August 2026 post-settlement SGST revenue rose by 21 per cent, compared with national average growth of 13 per cent. Haryana accounted for less than 4 per cent of national GST taxpayers but contributed approximately 7.7 per cent of aggregate national SGST, CGST and IGST collections. VAT/CST collections rose by 13.8 per cent during the same period.
September 2, 2026
Show AI Summary
NBFC loan servicing governance retains lender control through deterministic decision rules, maker-checker controls, reconciled migration and optional AI assistance.
Lokta Next 100 offers RBI-registered NBFCs with loan books up to Rs 100 crore post-approval loan servicing, accounting, reporting, analytics, collections, recovery and partner-management functions, excluding pure-play microfinance NBFCs. Credit, approval and money decisions remain with the lender. Maker-checker approval applies to every change, and migration requires line-by-line reconciliation before cutover. Records remain lender-owned, hosted in India and exportable. AI may propose changes but cannot post to the ledger; deterministic lender-policy rules decide changes. Platform fees are deferred for up to 24 months, subject to stated loan-book thresholds.
September 2, 2026
Show AI Summary
RTI access to maintained records does not require creation of Aadhaar date-of-birth update data on demand.
UIDAI did not maintain separate Aadhaar data on date-of-birth updates in Bihar following the announced social security pension enhancement, including month-wise or district-wise compilations. No internal review or flagging of unusual update patterns was available or applicable in its records. The Central Information Commission clarified that the RTI framework does not require a public authority to create, compile or generate information that it does not maintain in the form requested. The initial CPIO response treating the information as outside the RTI Act was considered inappropriate.
September 2, 2026
Show AI Summary
Transgender arrest and detention safeguards prompt calls for a standard operating procedure and clearer procedural protections.
Legal and regulatory issues include safeguards for arrest and detention of transgender persons, consultation requirements in Bar Council policy-making, and procedural accountability in electoral administration and policing. Personal insolvency proceedings raise questions about tribunal powers to constitute an expanded bench. Hospitality operators are expected to comply strictly with food-safety and hygiene norms. Proposed restrictions on minors' social-media accounts address cyberbullying, online exploitation, and harmful screen exposure.

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President Trump, PM Modi share 'very positive' relationship: US official

September 25, 2025

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New York, Sep 25 (PTI) US President Donald Trump and Prime Minister Narendra Modi share a "very, very positive" relationship and will meet, a senior State Department official has said, while underlining that planning is underway for the next Quad Summit, expected either later this year or in early 2026.

India is slated to host leaders from the US, Australia, and Japan for the Quad summit. The 2024 edition of the summit was held in the US at Wilmington, Delaware.

"In terms of meetings coming soon, I certainly don't want to get ahead of announcing anything for the President, but I'm sure you'll see the two (PM Modi and President Trump) meet," the State Department official here told PTI on Wednesday.

"They have a very, very positive relationship. We've got a Quad Summit, we're working on planning, so at some point that will happen, if not this year, early next year. Working on the dates of that,” the official said.

Describing the ongoing US-India engagements as “incredibly productive”, the official said “continuous positive developments” are expected in the coming months.

“We have differences. It's been clear over the last few weeks that we've been working through some differences, particularly when it comes to trade and the purchase of Russian oil. We're working through those,” the official said.

The official also referred to Trump's recent phone call to Modi to wish him on his 75th birthday, describing the exchange as "incredibly positive”.

On the diplomatic front, the official said US Ambassador nominee to India and Special Envoy for South and Central Asia Sergio Gor is one of the closest people to the President. He will be confirmed very soon and will be the US representative in New Delhi.

“I think that shows the importance the President puts on this (US-India relationship,” the official said.

The official further underlined that US Secretary of State Marco Rubio’s first meeting on the margins of the 80th UN General Assembly session was with External Affairs Minister S Jaishankar.

Describing the hour-long meeting on Monday as “incredibly productive”, the official said talks covered a wide range of issues, including trade, defence, and technology.

While acknowledging that there has been “a bit of turbulence” in ties, the official in the briefing, underlined that President Trump is candid about his views and “not shy when he is frustrated with countries,” which offers a transparent view of US positions.

“We're frank with our friends and we see India as a good friend and as a partner, and as really a partner of the future,” the official said.

On India's continued purchase of Russian oil, the official confirmed that the matter was raised in the bilateral meeting between Rubio and Jaishankar earlier this week.

The issue was "absolutely discussed as it's discussed in every single engagement we have... The President has been incredibly clear. He wants to end the war in Ukraine. He does not want revenue going through Russia... He's been clear with our European partners. He's been clear with India. So we raise that at every opportunity that we wish to cut off this revenue stream for (Russian President Vladimir) Putin”, the official said.

Responding to questions about the US not applying similar pressure on China, the official asserted that the Trump administration is dealing with Beijing "on its own right, and they are hearing a lot of these messages”.

India, the official said, is certainly not different from the continuous pressure the Trump administration is placing elsewhere, including on the European Union, which is also having to hear this “tough" message.

The official also cited a bipartisan bill in the US Congress, co-sponsored by 85 Senators, that proposes 500% tariffs on countries buying Russian oil, adding that the current 25% tariff imposed by Washington “doesn’t look so bad” in comparison.

"But we continue to put pressure on these countries to stop, to cut off the revenue when it comes to Russian energy," the official said.

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

The official said the US “absolutely” still sees India as a “critical partner” in the Indo-Pacific.

The official also confirmed that the US is revoking exceptions under the Iran Freedom and Counter-Proliferation Act (IFCA) related to Afghanistan reconstruction, including those involving India's use of Chabahar Port in Iran.

"This President has returned to a campaign of maximum pressure (on Iran)... and with that comes the revocation of licenses for every country, not just India, to access Chabahar port. Any revenue that would go to the IRGC (Islamic Revolutionary Guard Corps) will now be targeted for sanctions, and Chabahar port is included in that,” the official said.

On the issue of the recently announced USD 100,000 fee for new H-1B visa applicants, the official said the US has been in "close touch" with India on the issue.

The official said the US was “very clear”, following the proclamation, that the fee is for new applicants and not for current H1B holders.

“We were very clear with them (India). We have not had any major pushback or concern. We'll see how this works. Part of it is to go after fraud in the process. Companies and organisations that want to bring highly skilled workers will continue to do so, so long as they pay the fee,” the official said.

The official referred to US Vice President JD Vance’s visit to India earlier this year, where he described India-US ties as “one of the most important relationships that is going to define the 21st century”.

“That is the belief of this administration, and so we continue to work through those issues in the relationship,” the official said.

The official recalled that the Quad Foreign Ministers’ Meeting in January was Secretary Rubio’s first engagement after taking office. It was followed by bilateral meetings with Jaishankar and Prime Minister Modi’s visit to the White House in February.

"So when you step back from this brief moment and look at the relationship, it is really on a positive trajectory and it's only expanding,” the official asserted. PTI YAS SCY SCY

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