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    India’s Foreign Exchange Markets: Getting ready for the next Decade [Keynote Address delivered by Deputy Governor Shri Rohit Jain on the Annual Day ...
    Govt rejects ethanol link to sugar price surge, says duty free imports allowed to curb prices
    China moves to wrap up saga of troubled property giant Evergrande after founder gets life sentence
    India's forex kitty swells USD 9.9 bn to USD 716.9 bn
    Bengaluru airport: AERA slashes user development fee to Rs 300 for domestic passengers
    NUMR Inc. helps deliver Axis Bank's data-driven excellence in customer experience
    ED can't add old FIR to Enforcement Case Information Report to sustain PMLA proceedings: Delhi HC
    Rupee settles on flat note, 3 paise higher at 95.71 against US dollar
    VinFast India Partners with Federal Bank to Strengthen Dealer Financing Ecosystem
    Sugar prices soar to Rs 70 per kg ahead of festive season in Bengal, jaggery also dearer
    Rupee gains 9 paise to 95.65 against US dollar in early trade
    Union Minister of State for Finance Shri Pankaj Chaudhary participated virtually in 21st Award Ceremony of Security Printing and Minting Corporation o...
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    Quebec remains cautious on Canada-US trade deal as Ottawa pushes to restore US alcohol
    No cases of foreigners getting Aadhaar, other govt benefits reported during SIR in K'taka: Minister
    Govt allows free imports of 10 lakh tn raw sugar until Oct 31; caps sugar stock for bulk consumers
    Govt allows free imports of 10 lakh tn raw sugar until Oct 31
    DFS Organises Workshop to Strengthen Implementation of Reservation Policy Across Public Financial Institutions
    DPIIT Signs MoUs with PhonePe and Shell India to Strengthen Startup Ecosystem and Drive Innovation
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August 21, 2026
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Foreign exchange market modernisation prioritises delegated decisions, customer transparency, digital workflows, local-currency settlement and accountable risk management.
Foreign exchange market modernisation advances a facilitative, principles-based framework based on delegated decision-making by Authorised Dealers, risk-based reporting, and customer-centric service standards. Authorised Dealers must apply clear internal policies, avoid unnecessary documentation, disclose charges, timelines and grievance mechanisms, and ensure consistent treatment of comparable transactions. Local-currency settlement requires viable trade corridors, competitive hedging, correspondent relationships and robust AML/CFT controls. Digital workflows, electronic trading and reporting infrastructure should improve transparency and resilience, while automated tools remain subject to explainability, review and data-protection safeguards.
August 21, 2026
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Sugar price containment measures restrict stockholding, permit duty-free imports, and strengthen inventory verification to deter hoarding.
Sugar price containment measures include stock limits for dealers, consumption-based inventory restrictions for bulk consumers, duty-free raw sugar imports, and physical verification of mill stocks to prevent hoarding and artificial scarcity. Price increases are attributed to lower domestic output, festive demand, crop damage, tighter global supplies, and speculation rather than sugar diversion for ethanol. Earlier crushing is advised to improve seasonal availability, while the ethanol programme supports management of sugar surpluses, mill liquidity, and timely sugarcane payments.
August 21, 2026
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Cross-border insolvency enforcement constrains asset recovery as Evergrande liquidation, founder asset confiscation, and audit-related claims continue.
Evergrande's insolvency process involves liquidation proceedings for its mainland property-development unit and its Hong Kong-listed holding company. Cross-border recovery is constrained by separate Hong Kong and mainland China legal systems, particularly because most operational assets are located in mainland China. Liquidators are pursuing asset-tracing and recovery measures against the founder and connected persons, as well as claims concerning pre-collapse audits. Investigations identified revenue overstatement through manipulated financial data. Creditor recoveries are expected to be limited due to substantial liabilities and constraints on asset realisation.
August 21, 2026
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Foreign exchange reserves rose through higher currency assets and gold holdings amid measures to attract external forex inflows.
India's foreign exchange reserves increased during the reporting week, led by higher foreign currency assets and gold reserves. Foreign currency assets include the dollar-value effects of movements in non-US currencies held as reserves. Special drawing rights declined marginally, while the reserve position with the International Monetary Fund increased marginally. Concessional swap arrangements formed part of measures to attract foreign-exchange inflows, while earlier reserve movements were linked to rupee pressure and dollar-sale intervention in the foreign-exchange market.
August 21, 2026
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Incremental tariff recovery aligns airport user charges with completed infrastructure, preventing passengers from funding non-operational capital projects prematurely.
User development fees and airport tariffs for Bengaluru International Airport have been revised for the April 2026 to March 2031 control period. The incremental Average Revenue Requirement framework excludes costs of identified high-value capital projects from tariffs until the relevant assets are completed, commissioned and available for users. Incremental tariff recovery may begin only upon operational availability, aligning charges with infrastructure use, reducing premature recovery risk for passengers and airlines, and encouraging timely completion of major capital works.
August 21, 2026
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Customer experience analytics enables banks to convert real-time feedback into operational improvements across high-value customer journeys.
Customer experience analytics is used in banking to transform customer data and real-time feedback into operational improvements across key customer journeys. Operational teams retain responsibility for strategy and execution, supported by in-house analytics and technology platforms for multi-channel journey mapping, journey analytics and prioritisation of high-value customer segments. AI-driven customer experience management tools capture customer signals, analyse journey performance and operationalise actionable insights across teams.
August 21, 2026
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Predicate-offence dependency limits retrospective addition of old FIRs to preserve money-laundering proceedings after the original scheduled offence is closed.
Predicate-offence dependency under the Prevention of Money Laundering Act requires an ECIR to rest on a subsisting scheduled offence. Closure of the FIR forming its basis through an accepted cancellation report prevents continuation of money-laundering proceedings unless that closure is overturned. A previously registered FIR cannot be belatedly added merely to preserve an existing ECIR and coercive powers. Where statutory requirements are met, an independently registered ECIR may be required. Expansion of an ECIR cannot rest solely on tenuous factual links between successive disputes.
August 21, 2026
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Indian rupee export invoicing rules now permit overseas contracts and invoices in rupees or foreign currency for eligible destinations.
Foreign Trade Policy provisions were amended to facilitate invoicing of overseas exports and receipt of export payments in Indian rupees. For exports to countries outside the Asian Clearing Union, export contracts and invoices may be denominated in Indian rupees or any foreign currency, replacing the earlier general requirement that export earnings be received in a freely convertible currency. The applicable requirements vary according to the destination country.
August 21, 2026
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Dealer inventory financing supports working-capital flexibility, vehicle inventory management and electric-vehicle network expansion for authorised dealers.
Dealer inventory financing is to be provided by Federal Bank to VinFast India's authorised dealer network under a memorandum of understanding. The tailored financing is intended to improve dealers' working-capital flexibility, support maintenance of vehicle inventory, strengthen operational capability, and enable timely response to demand as the electric-vehicle distribution network expands.
August 21, 2026
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Sugar supply pressures drive festive-season price increases as imports, stockholding limits and ethanol diversion shape market conditions.
Sugar prices in Bengal have risen sharply ahead of the festive season, with higher prices also affecting jaggery and other sugar-derived products. Supply constraints, mill stock releases, lower production in Brazil, ethanol diversion and possible hoarding have been identified as contributing factors. Raw-sugar imports have been permitted to augment availability, while stockholding restrictions limit inventories of specified bulk consumers. Lower projected closing stocks and possible future production effects from El Nino may sustain pressure on sugar availability and increase costs for sweetmeat producers.
August 21, 2026
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Foreign currency inflows and FCNR(B) deposits supported rupee sentiment, while oil prices and geopolitical risks constrained currency strength.
The rupee strengthened marginally against the US dollar as the dollar index softened, but elevated crude oil prices, geopolitical uncertainty, reduced foreign participation and net foreign equity outflows constrained currency sentiment. RBI measures to attract foreign currency inflows, including FCNR(B) deposits, were expected to generate substantial inflows, although these had not produced meaningful rupee strength. Energy-market disruption and restrictions on fuel exports through the Strait of Hormuz added to external-sector pressures.
August 21, 2026
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Sovereign security production priorities emphasise compliance, modernisation, employee innovation and operational excellence across currency, passport and coinage manufacturing.
SPMCIL performs a sovereign production mandate covering secure currency, coinage, passports and other products of national importance through its mints, currency presses, security presses and paper mill. Modernisation, compliance, transparency, efficiency, productivity, quality and corporate governance support the fulfilment of sovereign requirements. Individual employees and units were recognised for performance in productivity, environment and safety, energy conservation, knowledge and development, vigilance, and official-language implementation.
August 20, 2026
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Customs enforcement against suspected gold smuggling leads to baggage seizure and apprehension of the alleged intended receiver.
Customs officers intercepted an arriving passenger at the green channel on intelligence inputs and examined baggage after X-ray screening indicated suspicious images. The examination recovered two oval capsules containing gold paste concealed in the baggage. Interrogation indicated that an alleged receiver was waiting outside the airport to collect the suspected smuggled gold. Customs officers apprehended the alleged receiver, and further investigation remains underway.
August 20, 2026
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Provincial alcohol sales restrictions remain subject to economic impact assessment under proposed bilateral trade agreement negotiations.
Provincial control over alcohol distribution remains distinct from federal trade-making authority. Quebec retains authority over whether United States alcohol is offered through its government-controlled liquor distribution system, despite lacking a veto over a bilateral trade agreement. Federal requests to restore United States alcohol to retail shelves cannot compel provincial action. Proposed trade commitments also concern restrictions on United States agricultural products and Canada's dairy import regime, which applies lower tariffs within designated import volumes and higher duties beyond those volumes.
August 20, 2026
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Electoral-roll verification found no reported cases of specified foreign nationals receiving identity-linked benefits or voter registration.
Electoral-roll special intensive revision recorded no reported cases of Pakistani, Bangladeshi or Iranian nationals obtaining Aadhaar cards, ration cards, other government benefits, or voter registration. Illegal immigrants are identified through police monitoring, intelligence measures, specialised operations and a Special Task Force. Overstayers are recorded through the District Police Module and Foreigners Identification Portal and produced before Foreigners Regional Registration Officer authorities. Persons found to be residing illegally are reported to the concerned central divisions, proceeded against through registered cases, retained pending case disposal and exit permits, and subjected to deportation steps.
August 20, 2026
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Raw sugar tariff-rate quota permits duty-free imports while bulk consumers face consumption-based sugar stockholding limits.
Raw sugar imports are permitted duty-free under a tariff rate quota until 31 October 2026, with online allocation to eligible millers and refiners having functional refining capacity. Applicants must provide a refining-capacity declaration and supporting Consent to Operate; preference applies to importers undertaking timely completion of imports, while non-utilisation or failure to surrender allocations constitutes non-compliance. Bulk sugar consumers meeting the prescribed consumption threshold are subject to a stock cap of 15 days' consumption from 1 September to 30 November 2026.
August 20, 2026
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Duty-free raw sugar imports under tariff rate quota seek to improve domestic supply and contain rising sugar prices.
Duty-free import of 10 lakh metric tonnes of raw sugar is permitted under a tariff rate quota until 31 October 2026. The import-policy measure seeks to increase domestic raw-sugar availability and restrain rising local prices amid reduced opening stocks. Price-containment measures also include a stockholding limit for bulk consumers using more than 10 tonnes of sugar monthly, restricting holdings to 15 days' consumption.
August 20, 2026
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Reservation policy implementation is strengthened through capacity building, uniform institutional practices, welfare measures, and improved financial accessibility for Divyangjans.
Reservation policy implementation across Public Sector Banks, Public Sector Insurance Companies, sectoral regulators and Public Financial Institutions is being strengthened through a capacity-building workshop. The programme seeks uniform and effective application of Government reservation policies and related welfare measures. Senior human-resource functionaries and Chief Liaison Officers considered practical implementation issues, actionable measures for consistency, and operational concerns. It also focuses on improving accessibility of financial services for Divyangjans.
August 20, 2026
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Startup ecosystem support expands through digital infrastructure, mentorship, market linkages and specialised assistance for energy and climate-tech innovation.
DPIIT's collaborations with PhonePe and Shell India create support mechanisms for DPIIT-recognised startups through technology access, digital infrastructure, mentorship, market opportunities and industry networks. PhonePe will provide transaction credits, access to the Indus AppStore, onboarding support, brand visibility, and training on fintech, sales, go-to-market strategy and business scaling. Shell India will assist energy and climate-tech startups through mentorship, strategic guidance, investor and incubator connections, participation opportunities, and knowledge-sharing materials on innovation and best practices.
August 20, 2026
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India-Singapore economic cooperation advances through trade, investment, technology and business linkages, including agriculture, fintech and sustainable infrastructure collaboration.
India-Singapore economic cooperation was advanced through ministerial, business and government-to-business engagements focused on deepening bilateral trade, investment, technology and commercial linkages. Discussions addressed agri-exports, GCC-based commercial parks, fintech and sustainable infrastructure, alongside expanding agricultural market linkages. The engagements reinforced commitment to strengthening trade, investment, technology and business-to-business cooperation.

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Customs, DGFT & SEZ

The Union Minister of Commerce and Industry, Shri Piyush Goyal Reaffirms Government’s Commitment to Promoting Quality Manufacturing and Implementation of QCOs at Udyog Samagam 2025

November 12, 2025

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Shri Goyal Calls for Strong Centre–State Collaboration and Effective Implementation of Industrial Incentives to Boost Growth

Shri Piyush Goyal Urges States and Industries to Adopt Sustainable Manufacturing Aligned with PM’s “Zero Effect, Zero Defect” Vision

Shri Piyush Goyal Highlights Government Support for Fisheries Sector, Emphasizes Innovation, Skill Development, and Inclusive Growth Through New FTAs

The Union Minister of Commerce and Industry, Shri Piyush Goyal, emphasized the Central Government’s commitment to supporting States and Union Territories in ensuring that high-quality products reach consumers across the country while addressing the second edition of Udyog Samagam 2025, organised by the Department for Promotion of Industry and Internal Trade (DPIIT).

The Minister stated that Quality Control Orders (QCOs) are being implemented to make superior-quality products available to consumers and to promote a culture of quality in manufacturing. Citing the success of QCOs on toys and plywood, he noted that such measures have strengthened Indian industries while curbing substandard imports.

The conference brought together Industries and Commerce Ministers from 14 States and Union Territories, senior officials, and industry representatives to review progress under the Business Reforms Action Plan (BRAP) 2024 and felicitate the best-performing States and UTs.

The Minister highlighted the importance of strong Centre–State collaboration in driving industrial growth. He said that every State in India has developed good practices that can serve as models for others, and by learning from one another, the nation can accelerate industrial progress. Shri Goyal encouraged States and Union Territories to establish third-party mechanisms to effectively implement and monitor industrial incentives, ensuring timely disbursement and execution to maintain industry confidence.

He underscored that a strong partnership between industry and government is vital for economic growth, emphasizing law and order, time-bound approvals, and minimal physical interface. Appreciating Madhya Pradesh’s model of providing ready-built industrial facilities at nominal rates—which has generated lakhs of jobs—he urged other States to adopt similar approaches. He also suggested the use of escrow and RBI-linked mechanisms for incentive payments, competitive power tariffs, and self-certification systems to build trust and improve ease of doing business.

Reiterating that sustainability is the key to future growth, Shri Goyal called for the active participation of States and Union Territories in ensuring that all industrial efforts align with environmental protection. Referring to Prime Minister Narendra Modi’s motto of “Zero Effect, Zero Defect,” he urged industries to adopt sustainable manufacturing practices that minimize environmental impact while maintaining the highest standards of quality.

Citing the example of the fisheries sector under the PM Matsya Sampada Yojana, Shri Goyal noted the government’s efforts in supporting cold storage and cooperative-based purchase of deep-sea vessels through financial assistance. He further encouraged States to focus on innovation, skill development, women’s participation, startups, and deep-tech enterprises. He added that India’s new Free Trade Agreements with developed nations will safeguard the interests of farmers, manufacturers, and all stakeholders while opening new avenues for growth.

The programme opened with remarks by Secretary, DPIIT, Shri Amardeep Singh Bhatia, who noted that BRAP has evolved into one of the most comprehensive sub-national reform exercises globally and that the reform process has deepened across the country under BRAP 2024. The event was also addressed by the Chief Minister of Madhya Pradesh as well as industry and State leaders, who acknowledged the progress achieved through collaborative reform efforts.

At Udyog Samagam 2025, States and UTs were felicitated for excellence under BRAP 2024 across 25 reform areas, showcasing the depth and impact of reforms across domains such as Business Entry, Construction Permits, Labour Regulation Enablers, Land Administration, Environment Registration, Utility Permits, Services Sector, and Sector-Specific Services. Uttarakhand and Punjab were recognised as top achievers across five reform areas. Andhra Pradesh, West Bengal, Jammu & Kashmir, Kerala, Tamil Nadu, Madhya Pradesh, Telangana, Rajasthan, Jharkhand, and Chhattisgarh were top achievers across four reform areas. Maharashtra, Assam, Himachal Pradesh, Haryana, Odisha, and Uttar Pradesh were recognised as top achievers across three reform areas. Gujarat, Karnataka, and Tripura were top achievers across two reform areas, while Goa and Meghalaya were recognised across one reform area. DPIIT also presented the BRAP 2024 State Categories reflecting the broader Ease of Doing Business and compliance landscape.

Under Category Y (States/UTs with established business systems), fast movers were Odisha, Punjab, Andhra Pradesh, Rajasthan, Madhya Pradesh, Kerala, Assam, Uttarakhand, Jammu & Kashmir, and Karnataka. Aspirers under Category Y included West Bengal, Tamil Nadu, Maharashtra, Gujarat, Uttar Pradesh, Chhattisgarh, Haryana, Telangana, Jharkhand, Himachal Pradesh, Goa, Bihar, and Delhi. Under Category X (North-Eastern States and UTs with developing systems), all States/UTs were classified as Aspirers, namely Tripura, Meghalaya, Chandigarh, Dadra & Nagar Haveli and Daman & Diu, Andaman & Nicobar Islands, Puducherry, Nagaland, Arunachal Pradesh, Mizoram, Sikkim, Lakshadweep, and Manipur. “Top Achiever” refers to States and UTs securing a score above 90 percent, indicating consistent implementation of reforms, fully functional systems, and strong user validation.

BRAP 2024 covered 434 reform points across Central and State domains and was supported by one of the largest national feedback exercises. 5,83,365 businesses were contacted, and 1,33,776 interviews were completed across 34 States and UTs. These included 11,201 face-to-face responses, 1,15,128 telephonic interactions, and 7,447 SMS and email-based responses, along with 30 Focus Group Discussions. This extensive outreach ensured transparency and reflected ground-level experience of service delivery and the reforms implemented by States.

BRAP 2024 assessment followed a structured methodology combining evidence-based verification and user feedback. States and UTs submitted complete evidence of implementation, including operational system URLs and notifications. User data for services availed during the defined period formed the basis of the national feedback survey, conducted through telephone, digital, focus group discussions, and face-to-face interviews. The scoring framework applied 70 percent weightage to user feedback and 30 percent to evidence, with NA1 (eliminated regulation) awarded full marks and NA2 (not applicable) excluded from scoring. Defined thresholds ensured that only reforms observed in actual practice were considered implemented.

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