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    Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman will embark on official visit to Canada and USA from 25th August to 2nd Septemb...
    UPI Completes 10 Years of Digital Payments Revolution- Globally Recognised as World’s Largest Real‑Time Payment System
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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.
August 24, 2026
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Interoperable real-time payments enable inclusive retail transactions, bank participation, and cross-border digital payment expansion through UPI.
Unified Payments Interface (UPI) operates as an interoperable, real-time digital payments platform for peer-to-peer and person-to-merchant transactions. Its network includes varied banking institutions acting as remitter and beneficiary payment service providers, with performance monitoring across participants. Person-to-merchant payments drive transaction volume through routine small-ticket retail use, while person-to-person payments represent a larger share of transaction value. UPI also supports cross-border digital payments, with future growth linked to technological advancement, broader adoption, policy support, and financial inclusion.
August 24, 2026
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Service Producer Price Indices track quarterly price movements across financial, transport, telecom and insurance services using sub-service weights.
Service Producer Price Indices based on 2022-23 set out provisional first-quarter estimates for FY 2026-27 and final fourth-quarter estimates for FY 2025-26 across financial, insurance, telecom, railway and air-passenger services. Latest quarterly data show negative year-on-year inflation for securities transaction and banking services, while banking service contribution, pension-fund management, insurance, telecom and railway services record positive inflation. Aggregate weights are not assigned because the covered services do not represent the entire service sector; sub-service weights are used to derive service-level PPIs.
August 24, 2026
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Food safety cooperation supports imported-food quality information exchange and technical collaboration within broader bilateral economic and trade engagement.
India-Morocco economic cooperation is being advanced through discussions on trade diversification, market access, investment, industrial cooperation, customs, agriculture, food safety, energy, digital transformation and logistics. A proposed food safety Memorandum of Understanding would support exchanges on imported-food safety and quality, testing laboratories, analytical methods, import procedures, quality control, sampling, testing, packaging and labelling. Proposed cultural cooperation would promote professional exchanges, heritage conservation and institutional linkages.
August 24, 2026
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Foreign-exchange market conditions pressured the rupee as dollar strength, crude concerns and geopolitical uncertainty shaped narrow USD/INR trading.
Foreign-exchange market conditions led the rupee to close marginally lower against the US dollar after reversing initial gains. The USD/INR pair traded within a narrow range amid a stronger dollar index, weak domestic equity markets, importer demand, crude-oil concerns and geopolitical uncertainty. Market commentary indicated a slight negative bias for the rupee, although possible US-dollar weakness could provide support at lower levels. India's foreign-exchange reserves increased during the referenced reporting week.
August 24, 2026
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Branch expansion for wealth and cross-border banking services targets emerging commercial centres and affluent customer segments across India.
HSBC India's branch expansion is directed at extending wealth, international banking, and corporate banking services to affluent, high-net-worth, ultra-high-net-worth, and non-resident Indian customers in emerging commercial centres. The Nashik opening forms part of a broader branch-expansion programme undertaken after Reserve Bank of India approval to establish additional branches in key cities. The programme is intended to expand delivery of banking and financial services, including support for cross-border wealth management, overseas investment by Indian companies, and foreign investment into India.
August 24, 2026
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Bilateral trade and investment cooperation advances through business engagement in high-technology manufacturing, clean energy, innovation and industrial collaboration.
India's commerce and industry engagement with Japan is structured around a business delegation visit to deepen bilateral trade, investment, technology and industrial collaboration. Sector-focused discussions cover semiconductors, artificial intelligence, start-ups, automotive manufacturing, steel, electronics, industrial and consumer markets. Business roadshows and investor interactions are directed at presenting opportunities in India's manufacturing, clean-energy and consumer sectors, while advancing cooperation in high-technology manufacturing and next-generation industries.
August 24, 2026
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Inter-state heroin trafficking enforcement uncovered concealed narcotics in transport vehicles, triggering arrests, confiscation, and continuing supply-chain investigations.
Operation Black Hawk targeted an alleged inter-state heroin trafficking network moving crude heroin from the North-East region towards Uttar Pradesh. Intelligence-led vehicle tracking and highway interceptions resulted in the seizure of over 18.6 kg of crude heroin and the arrest of three suspected network members under the Narcotic Drugs and Psychotropic Substances Act, 1985. The narcotics were detected in specially fabricated concealed compartments within a passenger vehicle fuel tank and a heavy commercial vehicle body frame. Both vehicles and the contraband were confiscated, while financial and logistical investigations continue into suppliers and distribution channels.
August 24, 2026
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Five-day banking and uniform performance incentives drive proposed bank union action over unresolved pension and employment demands.
Banking labour relations are affected by proposed nationwide industrial action over five-day banking, performance-linked incentives, and pension-related demands. Five-day banking remains pending despite a bipartite arrangement for extended weekday hours. Unions dispute an incentive scheme that differentiates awards by seniority and individual performance, contending that it departs from bank-level performance linkage and uniformity across cadres. They also allege that implementation during pending conciliation breaches a status quo obligation, while pension revision, uniform dearness allowance, and a pension-scheme switch option remain unresolved.
August 24, 2026
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Free trade agreement strategy expands preferential market access and supports India's integration into global value chains and investment partnerships.
India's free trade agreement strategy seeks to expand preferential market access and integrate the country into global value chains as a trusted trading partner. Negotiations with additional country groups and individual nations are intended to extend agreement coverage to a substantial share of global trade. Investment opportunities are identified in data centres, manufacturing and artificial intelligence, alongside an objective of developing more balanced trade relations between India and Japan.
August 24, 2026
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Foreign exchange market conditions supported rupee appreciation, but crude prices, importer demand and geopolitical sanctions concerns limited gains.
Foreign exchange market conditions supported a modest early appreciation of the rupee against the US dollar due to relative dollar softness. The gain was limited by elevated crude oil prices, importer demand for dollars, and caution over anticipated sanctions affecting Iranian oil trade, banking networks and shipping routes. Currency markets remained sensitive to geopolitical uncertainty and possible wider trade effects.
August 23, 2026
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Undeclared gold importation led to customs interception, seizure, arrest and continuing investigation after concealment inside passenger clothing.
Customs enforcement against undeclared gold importation involved interception of a passenger arriving from Sharjah at Ahmedabad airport following passenger profiling. A gold chain concealed inside clothing was recovered after it was not declared for customs purposes. The chain was seized and the passenger was arrested under the Customs Act, 1962, before being released on bail, with further investigation continuing.
August 23, 2026
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Digital arrest cyber fraud used impersonation, forged notices and coercive video calls to obtain transfers through mule accounts.
Digital arrest cyber fraud allegedly used impersonation of law-enforcement and central banking officials, fabricated notices, threats of arrest and continuous video communications to coerce a retired railway employee into disclosing financial details and transferring funds for purported verification. The alleged proceeds were routed through mule and shell accounts. Banking records, KYC details, digital evidence and transaction trails allegedly connected a recipient account with suspicious transactions and multiple cyber-fraud cases; part of the cheated amount was recovered or refunded.
August 23, 2026
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Political targeting allegations challenge money-laundering enforcement actions, searches, questioning, and public disclosures in the CMRL investigation.
CPI(M) alleges that enforcement action under the Prevention of Money Laundering Act in the CMRL matter is politically motivated targeting of Pinarayi Vijayan, family members and party associates. It contends that searches, questioning and public communications during the investigation were used to create suspicion without incriminating evidence, and characterises references to hawala as a new investigative narrative. The party also alleges selective anti-money-laundering enforcement against opposition leaders and states that the company will address the CMRL-related matter.
August 23, 2026
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Money-laundering investigation into alleged liquor transport irregularities results in arrests connected with claimed loss to the government exchequer.
Money-laundering proceedings concerning alleged financial irregularities in liquor transport led to the arrest of former Andhra Pradesh minister Karumuri Nageswara Rao under the Prevention of Money Laundering Act. The inquiry concerns alleged wrongful loss to the government exchequer arising from liquor-transport operations. Investigative measures included raids and the arrest of Rao's son, along with arrests of a former state beverages corporation managing director and the person described as the principal accused.
August 23, 2026
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Alleged LLP record forgery raises cheating, breach of trust and conspiracy concerns over unauthorised partnership interest changes.
Alleged forgery, cheating, criminal breach of trust and conspiracy concern purported unauthorised changes to LLP statutory records filed with the Registrar of Companies. The allegations include use of false documents to remove a nominated partner, substitute another person as partner and transfer a partner's interest in the LLP. The matter also draws attention to separate land-collaboration allegations and delayed possession claims by homebuyers in a halted housing project.
August 23, 2026
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Voluntary production curtailment addresses polyester yarn cost volatility as weaving units seek customs-duty relief on inputs.
Voluntary production curtailment by weaving units is being adopted in response to increased polyester yarn and related input costs. Units may reduce shifts or observe periodic holidays according to individual commercial feasibility to limit yarn consumption until prices and fabric-market conditions stabilise. Industry representatives allege that yarn-price increases exceed corresponding input-cost movements and seek examination of possible artificial pricing, along with customs-duty relief on yarn and relevant inputs.
August 22, 2026
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Retaliatory tariffs escalate trade restrictions as historic tariff authority enables duties without prior investigation or a prescribed duration.
Retaliatory tariffs are set to escalate bilateral trade restrictions after the United States imposed tariffs of up to 50 per cent on specified Canadian imports. Canada proposes dollar-for-dollar countermeasures covering sectors including steel, dairy, appliances, agricultural equipment, pulp and paper and electronics. Section 338 of the Tariff Act of 1930 is invoked as the legal basis for the United States measures, permitting presidential import duties up to 50 per cent without a prior investigation or prescribed maximum duration. Escalation creates uncertainty for supply chains and renewal of the United States-Mexico-Canada Agreement.
August 22, 2026
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Reciprocal tariffs reshape Canada-United States trade relations, increasing supply-chain risks and accelerating Canadian trade diversification beyond its primary export market.
Canada-United States trade relations are described as entering a confrontational phase after tariff negotiations collapsed. The United States imposed tariffs on specified Canadian goods, while Canada committed to reciprocal import taxes and suspended negotiations. The dispute marks a retreat from preferential market access and continental integration. Canada's export dependence on the United States may limit retaliation and increase risks to output, employment, investment and integrated supply chains. Trade diversification, non-United States investment and expanded Pacific export infrastructure are identified as responses to a potentially enduring protectionist bilateral relationship.
August 22, 2026
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Retaliatory tariffs on United States goods will target key sectors after trade negotiations failed and reciprocal tariff relief was unavailable.
Retaliatory tariffs on United States goods will take effect from 8 September in response to United States tariffs on Canadian products and unsuccessful negotiations. The dollar-for-dollar measures will cover steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics, with product-specific details to follow. Canada had been willing to remove certain retaliatory tariffs if corresponding United States tariffs were substantially reduced, but considered the final demands unacceptable.

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Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman inaugurates 18th \ plenary meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes.

December 3, 2025

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India is the host for the 18th Global Forum Plenary being held in New Delhi

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman inaugurated the 18th plenary meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes, in New Delhi, today.

India is hosting the 18th Plenary Meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes in New Delhi from 2nd to 5th December 2025, under the theme “Tax Transparency: Delivering a Shared Vision Through International Cooperation”.

The Global Forum, with 172 member jurisdictions, is the world’s leading body for the implementation of international standards on tax transparency — namely the Exchange of Information on Request (EOIR) and the Automatic Exchange of Financial Account Information (AEOI), including all G20 countries. Its work plays a central role in combating tax evasion and illicit financial flows globally.

The opening ceremony was also attended by Shri Pankaj Chaudhary, Union Minister of State for Finance, Shri Arvind Shrivastava, Secretary, D/o Revenue, Ministry of Finance, Mr. Gaël Perraud, Chair of the Global Forum.

In her inaugural address, Union Finance Minister Smt. Nirmala Sitharaman welcomed the delegates and dignitaries to India for the Plenary Meeting and highlighted the major shift in the global financial landscape from a world constrained by secrecy to one where transparency is recognized as essential to fairness and responsible governance.

The Union Finance Minister emphasised that for India, transparency touches upon the deeper principle that economic governance must rest on fairness and responsibility, and noted that transparency is not merely a compliance tool but a foundation for sustainable development, observing that when national wealth escapes legitimate taxation, it creates both a revenue and a development gap.

Smt. Sitharaman stressed that voluntary compliance has improved in India not just through enforcement, but through clarity, simplification, and a consistent effort to build trust. While acknowledging the potential of technology and AI in analyzing information, she cautioned that innovation must be balanced with judgment and unwavering respect for procedure. She concluded by asserting that trust between jurisdictions has tangible economic value and called for continued cooperation to manage emerging challenges like the digitalization of the economy and evolving structures of beneficial ownership.

Addressing the Plenary, Union Minister of State for Finance Shri Pankaj Chaudhary described the gathering as a reminder of the progress made in building a rules-based and cooperative approach to tax administration. He remarked that obtaining relevant information across borders in a timely manner has evolved from a difficulty to a practical reality, which has strengthened enforcement and improved taxpayer confidence. He advocated for a balanced approach where transparency and facilitation move forward together so that compliance becomes easier and more natural. Emphasizing that inclusivity is an operating principle rather than just a slogan, he called for continued capacity building and technical guidance for developing countries. He further noted that standards must evolve to address the digitalization of commerce and new asset classes while maintaining confidentiality and fairness.

In his address, Shri Arvind Shrivastava, Secretary, D/o Revenue, termed the Global Forum one of the most successful examples of multilateral cooperation, noting the transformation from banking secrecy to global transparency standards. He highlighted that since 2017, India has successfully implemented the Automatic Exchange of Information standard, utilizing secure IT systems and data analytics to transform information into actionable intelligence. He pointed out that domestic measures such as the Black Money Act and the Benami Transactions Act, used alongside international cooperation, have helped secure the integrity of the tax base. Reaffirming India’s commitment to South-South cooperation, he stated that the benefits of transparency must be equitably distributed. He concluded by identifying digital economy taxation and crypto-asset reporting frameworks as urgent priorities for the next phase of collective action.

ABOUT THE PLENARY

The Global Forum Plenary is the sole decision-making body of the Global Forum and brings together all member jurisdictions, international organisations and development partners. Each jurisdiction participates on an equal footing, and decisions are generally reached through consensus. The Plenary is held annually to take stock of progress on the implementation of tax transparency standards — EOIR and AEOI — and to determine the priorities for future work.

The Plenary includes high-level panel discussions, updates from the peer review processes, regional initiatives (Africa, Asia and Latin America), presentations on the annual work programme, and work relating to the Crypto-Asset Reporting Framework (CARF) and the Group on Risk. Participation typically includes heads of tax administrations and Competent Authorities, with several jurisdictions represented at the ministerial level on the opening day.

As a founding member since 2009, India has played an active leadership role in the Global Forum and currently holds key positions in the Steering Group, the Peer Review Groups for both EOIR and AEOI, the Group on Risk and the CARF Group. India also served as Co-Chair of the Asia Initiative for 2023–24 and has supported capacity-building for developing jurisdictions through seminars, training programmes and regional consultations.

INDIA’S COMMITMENT

India will reaffirm its strong commitment to tax transparency and international cooperation. During its G20 Presidency in 2023, India promoted an inclusive vision for global tax transparency that led to substantive work on the wider use of exchanged information for compliance and risk assessment, and increased participation of developing jurisdictions in AEOI under the Common Reporting Standard (CRS). These initiatives have since matured into ongoing work programmes under the Global Forum and the OECD.

Across its sessions over the coming days, the Plenary will focus on strengthening implementation, enhancing administrative capacity and ensuring that the benefits of transparency are accessible to all jurisdictions — irrespective of size or administrative capacity.

India welcomes all delegates to New Delhi and looks forward to constructive deliberations that strengthen mutual trust and advance the goal of a fair, transparent and inclusive international tax system.

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