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    ED raids multiple locations in Kolkata in bank loan fraud case
    Commerce & Industry Minister Shri Piyush Goyal Calls Upon Auto Component Industry To Go Global
    18th Meeting of Heads of IP Offices of BRICS Countries Held in New Delhi
    India’s Sovereign Credit Rating upgraded to 'A-' with Stable Outlook by Japan Credit Rating Agency
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    IC Electricals Secures Approx. ₹6 Crore Railway Orders and ₹1 Crore Export Order
    Additional Information related to GDP Estimates Received After Release of Q1 Estimates of FY 2026-27
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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
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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
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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
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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
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
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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
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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.
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.
Double deflation in manufacturing separately deflates gross output and intermediate consumption, with real GVA derived from their difference. Where input prices rise faster than output prices, nominal GVA may grow more slowly than real GVA, producing a negative implicit GVA deflator despite rising output and input prices. A negative manufacturing GVA deflator therefore does not establish a fall in manufactured-product prices or lower real growth. The implicit GDP deflator is a derived ratio between current-price and constant-price GDP and differs from CPI and WPI because of their distinct coverage, weights, and price concepts.
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.
Ease-of-doing-business reforms for India's data-centre ecosystem focus on faster and sustainable infrastructure deployment through reliable power, ready-to-use land, streamlined approvals and suitable building regulations. Proposed power measures include cluster-based transmission planning, first-day sanctioned load, dual feeders and cross-border renewable-energy procurement. Data-centre-ready land banks and power-ready parcels are intended to reduce development timelines. The National Building Code 2026 recognises data centres under Group E and contains a dedicated annex on fire-risk assessment and data-centre-specific performance indicators.

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Trump plans to federalise 300 troops in Illinois, as judge blocks similar mobilisation in Oregon

October 5, 2025

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Washington, Oct 5 (AP) The Trump administration plans to federalise 300 Illinois National Guard troops, Democratic Governor JB Pritzker said Saturday, marking the latest escalation of the president's use of federal intervention in US cities.

But the same day, a similar mobilisation of 200 National Guard troops in Oregon was temporarily blocked after a federal judge found President Donald Trump was likely overstepping his legal authority in responding to relatively small protests near a US Immigration and Customs Enforcement building in Portland.

Trump has characterised both Portland and Chicago as cities rife with crime and unrest, calling the former a “war zone” and suggesting apocalyptic force was needed to quell problems in the latter. Since the start of his second term, he has sent or talked about sending troops to 10 cities, including Baltimore, Maryland; Memphis, Tennessee; the District of Columbia; New Orleans, Louisiana; and the California cities of Oakland, San Francisco and Los Angeles.

But the governors of Illinois and Oregon see the deployments differently.

“This morning, the Trump Administration's Department of War gave me an ultimatum: call up your troops, or we will,” Pritzker said in a statement. “It is absolutely outrageous and un-American to demand a Governor send military troops within our own borders and against our will.” Oregon Governor Tina Kotek talked to Trump in late September and said the deployment was unnecessary. She refused to call up any Oregon National Guard troops, so Trump did so himself in an order to Defence Secretary Pete Hegseth. That prompted the lawsuit from city and state officials.

Attorney General Pam Bondi has issued a memo that also directs component agencies within the Justice Department, including the FBI, to help protect US Immigration and Customs Enforcement facilities, including in Chicago and Portland.

Here's a snapshot of where things stand with federal law enforcement activity in Chicago, Portland, and elsewhere: In Chicago, alarms raised about racial profiling The sight of armed, camouflaged and masked Border Patrol agents making arrests near famous downtown landmarks has amplified such concerns. Many Chicagoans were already uneasy after an immigration crackdown began earlier this month. Agents have targeted immigrant-heavy and largely Latino areas.

Protesters have frequently rallied near an immigration facility outside the city, and federal officials reported the arrests of 13 protesters Friday near the US Immigration and Customs Enforcement processing facility in Broadview.

The Department of Homeland Security acknowledged that federal agents shot a woman Saturday morning on the southwest side of Chicago. A statement from the department said it happened after Border Patrol agents patrolling the area “were rammed by vehicles and boxed in by 10 cars.” “The officers exited their trapped vehicle, when a suspect tried to run them over, forcing the officers to fire defensively,” the statement said.

No law enforcement officers were seriously injured, DHS spokesperson Tricia McLaughlin said.

The woman who was shot was a US citizen and was armed with a semiautomatic weapon, according to McLaughlin. She said the woman drove herself to a hospital for treatment, but a Chicago Fire Department spokesperson told the Chicago Sun-Times that she was found near the scene and taken to a hospital in fair condition.

Immigrants' rights advocates and residents separately reported that federal agents used tear gas near grocery or hardware stores targeted for enforcement elsewhere in Chicago on Friday and detained a city council member as she questioned the attempted arrest of a man.

Deployment in Portland blocked by judge US District Court Judge Karin J. Immergut and issued the ruling temporarily blocking the deployment on Saturday afternoon, saying the relatively small protests the city has seen did not justify the use of federalised forces and allowing the deployment could harm Oregon's state sovereignty.

“This country has a longstanding and foundational tradition of resistance to government overreach, especially in the form of military intrusion into civil affairs,” Immergut wrote. She later said: “This historical tradition boils down to a simple proposition: this is a nation of constitutional law, not martial law.” Trump has called Portland “war-ravaged” and suggested the city is “burning down.” But local officials have said many of his claims and media posts appear to rely on images from 2020, when demonstrations and unrest gripped the city following the killing of George Floyd by Minneapolis police.

On Saturday, before the judge's ruling was released, about 400 protesters marched from a park to the Portland Immigration and Customs Enforcement Detention facility. The group included people of all ages and races, families with children and retirees with walkers, the Oregonian reported. Federal agents used chemical crowd control munitions, including tear gas canisters and less-lethal guns that sprayed pepper balls, and arrested at least six people as the group reached the ICE facility.

By 4 pm the crowd had thinned significantly.

A federal crime force' in Memphis On Wednesday, Hegseth, Bondi and White House Deputy Chief of Staff Stephen Miller rallied members of a federal law enforcement task force that began operating in Memphis as part of Trump's crime-fighting plan. Tennessee Governor Bill Lee, a Republican, has supported the effort.

Bondi said via social media that the task force made more than 50 arrests over a two-day period. More than 200 officers were deputised, including personnel from immigration and drug enforcement. They were serving criminal arrest warrants and teaming with state agencies on traffic stops.

Some residents, including Latinos, have expressed concerns that agents will detain people regardless of immigration status.

Louisiana's governor asks for National Guard On September 30, Republican Governor Jeff Landry asked for a guard deployment to New Orleans and other cities to help fight crime.

In a letter to Hegseth, Landry also praised the president's decision to send troops to Washington and Memphis.

He said there has been “elevated violent crime rates” in Shreveport, Baton Rouge and New Orleans, as well as shortages in local law enforcement.

But crime in some of the state's biggest cities has actually decreased recently, with New Orleans seeing a particularly steep drop in 2025 that has it on pace for the lowest number of killings in over five decades.

Appellate court weighs California deployment Trump deployed guard soldiers and active duty Marines in Los Angeles during the summer over the objections of Democratic Governor Gavin Newsom, who sued and won a temporary block after a federal judge found the president's use of the guard was likely unlawful.

The Trump administration appealed, and the block was put on hold by a three-judge panel of the 9th US Circuit Court of Appeals. The appellate case is still underway, but the panel has indicated that it believes the administration is likely to prevail. (AP) MPL MPL

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