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    Banks mobilise USD 127.23 billion in deposits from Indian diaspora: RBI
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September 2, 2026
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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
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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
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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
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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
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RTI access to maintained records does not require creation of Aadhaar date-of-birth update data on demand.
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September 2, 2026
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September 2, 2026
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Railway equipment purchase orders and export order expand IC Electricals' domestic and international business pipeline.
IC Electricals Company Limited has secured railway purchase orders for electrical and electronic supplies and an export order, creating combined order inflow across domestic railway operations and international markets. Its product portfolio includes regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, alternators, traction motors, and permanent magnet alternators with controllers. Forward-looking statements on business plans, projects, and research and development remain subject to risks and uncertainties and may differ materially from actual results.
September 2, 2026
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Double deflation explains negative manufacturing GVA deflators when input prices rise faster than output prices.
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September 2, 2026
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Data centre ease-of-doing-business reforms target reliable power, prepared land, streamlined approvals and building standards for faster infrastructure deployment.
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September 2, 2026
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Trade facilitation and customs cooperation drive follow-up action on connectivity, regulatory coordination, investment promotion and bilateral commercial engagement.
India-Afghanistan bilateral trade and economic cooperation is being advanced through institutional engagement on trade facilitation, customs cooperation, connectivity, investment and commercial exchange. Priority areas include customs and data-sharing cooperation, visa facilitation for traders, banking and financial cooperation, pharmaceutical and agricultural trade, energy cooperation, tariff concessions, cargo connectivity and port-related matters. Follow-up action covers regulatory cooperation, improved connectivity, investment promotion and business-to-business engagement.
September 2, 2026
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Residential rooftop solar subsidy requires eligibility, prior approval, registered installation, net metering, commissioning, and verified bank details for direct transfer.
PM Surya Ghar Muft Bijli Yojana provides central financial assistance for eligible grid-connected residential rooftop solar systems, capped at Rs. 78,000 for systems of three kilowatts or more. Applicants must be Indian citizens who own a suitable house, hold a valid electricity connection, and have not received an earlier solar-panel subsidy. Applications require portal registration, distribution-company feasibility approval, installation through a registered vendor, net metering, inspection, commissioning and submission of bank details. Assistance is transferred directly after verification. State-specific net-metering procedures, approvals and additional incentives may apply.
September 2, 2026
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Sovereign credit rating upgrade reflects solid growth, stronger financial systems, and improving fiscal and external resilience.
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September 2, 2026
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Personal insolvency bench constitution and repayment-plan eligibility remain contested where a larger tribunal bench stays a third-member order.
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September 2, 2026
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Digital lending app verification enables borrowers to identify regulated lenders, grievance channels, and warning signs before accepting loans.
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September 2, 2026
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Rupee depreciation in early trade reflected oil-price pressures, risk aversion, higher Treasury yields and broad dollar strength.
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September 2, 2026
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Responsible AI governance requires ethical safeguards, privacy protection, accountability and adaptive oversight to build lasting corporate stakeholder trust.
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September 2, 2026
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E-auction of surplus public land enables transparent outright sale of RINL parcels through registered, KYC-verified bidding.
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September 2, 2026
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Competition approval for infrastructure finance restructuring covers acquisition, minority transfer, investment divestment, and merger of regulated NBFCs.
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September 2, 2026
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Healthcare merger approval enables KCIL to acquire fertility and specialty hospital businesses alongside related equity issuances and investment.
Competition Commission approval covers KCIL's acquisition of up to 100% equity shareholding in AFCPL and 100% equity shareholding in ASHPL. The combination includes KCIL issuing equity shares and optionally convertible debentures to AHLL, representing 9.9% fully diluted shareholding as partial consideration, together with a further KCIL equity investment by Arvon Investments Pte. Ltd. KCIL operates mother and baby care hospitals, while AFCPL provides assisted reproductive treatment and reproductive-medicine services.
September 1, 2026
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Money-laundering investigation into alleged District Mineral Fund diversion examines purported liaison activity and asset acquisition through proceeds of crime.
Money-laundering proceedings under the Prevention of Money Laundering Act concern alleged diversion of District Mineral Fund resources through the Chhattisgarh Seed Corporation. The investigation alleges siphoning of public funds by contractors in collusion with government officials and political executives. A businessman was identified as an alleged liaisoner and financial coordinator between public servants, district authorities and private vendors. Allegations also include receipt of commissions, acquisition of immovable assets from purported proceeds of crime, non-production of records, and contradictory statements during questioning.

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Customs & Trade

Cabinet approves Rs 11,440 crore Mission to make India self-sufficient in pulses

October 1, 2025

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New Delhi, Oct 1 (PTI) The Union Cabinet on Wednesday approved a six-year central scheme aimed at achieving self-sufficiency in pulses production, with a financial outlay of Rs 11,440 crore.

The "Mission for Aatmanirbharta in Pulses", approved by the Union Cabinet chaired by Prime Minister Narendra Modi, will be for the period from 2025-26 to 2030-31. The mission follows Finance Minister Nirmala Sitharaman's announcement in the 2025-26 Budget.

The mission will particularly focus on increasing production of tur, urad and masur, with assured procurement by government agencies National Agricultural Cooperative Marketing Federation of India (Nafed) and National Cooperative Consumers' Federation of India Ltd (NCCF) from registered farmers.

"We are going to start a mission on pulses for six years. Several initiatives will be taken under this," Information and Broadcasting Minister Ashwini Vaishnaw told reporters after the Cabinet meeting.

Under the mission, the government has set a target to increase pulses production to 350 lakh tonnes by 2030-32 from 242 lakh tonnes achieved in 2023-24, according to an official statement.

The area under pulses cultivation will be expanded to 310 lakh hectares from 242 lakh hectares, while yield is targeted to improve to 1,130 kg per hectare from 881 kg per hectare.

The initiative comes as India, the world's largest producer and consumer of pulses, grapples with rising imports. Domestic production has not kept pace with demand driven by rising incomes and standard of living, leading to a 15-20 per cent increase in pulse imports in recent years.

The mission will be implemented through a cluster-based approach across 416 focused districts.

About 1,000 new packaging and processing units will be set up, with a maximum subsidy of Rs 25 lakh available for establishing processing and packaging facilities.

To improve productivity, the emphasis will be on developing and disseminating the latest varieties of pulses that are high in productivity, pest-resistant and climate-resilient. Multi-location trials will be conducted in major pulse-growing states to ensure regional suitability.

The government will distribute 126 lakh quintals of certified seeds to pulse-growing farmers, covering 370 lakh hectares by 2030-31.

States will prepare five-year rolling seed production plans, with breeder seed production supervised by the Indian Council of Agricultural Research (ICAR).

Foundation and certified seed production will be undertaken by state and central level agencies and tracked through the Seed Authentication, Traceability & Holistic Inventory (SATHI) portal.

Additionally, 88 lakh seed kits will be distributed free of cost to farmers to support area expansion by an additional 35 lakh hectares, targeting rice fallow areas and promoting intercropping and crop diversification.

A major feature of the mission is the assured procurement of tur, urad and masur under the Price Support Scheme (PSS) of the Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA). Nafed and NCCF will undertake 100 per cent procurement in participating states for the next four years from farmers who register with these agencies and enter into agreements.

The mission will also establish a mechanism for monitoring global pulse prices to ensure price stability and safeguard farmer confidence.

The government will focus on strengthening the value chain, including procurement, storage, processing and reduction of post-harvest losses.

Capacity building of farmers and seed growers will be undertaken through structured training programmes to promote sustainable techniques and modern technologies.

The mission is expected to reduce import dependency, conserve foreign exchange, boost farmers' incomes, and generate significant employment. It will also bring environmental benefits through climate-resilient practices, improved soil health and productive utilisation of fallow areas. PTI LUX LUX DR DR

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