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August 10, 2026
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UPI transaction charges remain unavailable for consumers and person-to-person payments, while limited threshold-based merchant MDR may be considered.
Proposed amendment of section 10A of the Payment and Settlement Systems Act, 2007 is intended to support UPI sustainability, technological advancement and resilience. Consumer payments and person-to-person transactions are to remain free. Any future merchant discount rate would apply only to limited merchant transactions above a threshold, at a nominal rate, while most merchant transactions remain free. The framework supports investment in cybersecurity, fraud prevention and infrastructure, alongside a self-sustaining and inclusive digital-payment ecosystem.
August 10, 2026
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Fair competition cooperation in renewable energy markets advances knowledge-sharing and evidence-based enforcement across interconnected digital and energy markets.
BRICS competition authorities adopted a Joint Statement strengthening cooperation to promote fair competition, including in renewable energy markets. Cooperation focuses on dialogue, knowledge-sharing and consideration of cross-border competition challenges in digital markets, emerging technologies and the energy transition. Competition enforcement is to remain principled and evidence-based, supporting efficiency, consumer welfare, innovation and merit-based competition. A collaborative renewable-energy competition study identified evolving market dynamics and areas for future cooperation.
August 10, 2026
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Cost optimisation in public finance strengthens investment decisions, risk allocation, indigenous manufacturing and value-driven government expenditure through specialised financial expertise.
ICoAS cost optimisation supports public financial management through prudent resource utilisation, financial oversight and improved cost management across government. Its role includes supporting indigenous manufacturing, better investment decisions, efficient public expenditure and maximum value for public spending. With greater private-sector participation and Public-Private Partnerships, ICoAS officers are expected to promote cost efficiency, appropriate risk allocation and sound project structuring. Capacity building emphasises integrity, financial modelling, data visualisation, analytical frameworks and artificial intelligence for improved public-finance management.
August 9, 2026
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Co-operative development financing would expand through direct assistance, share-capital participation and wider operational powers for sectoral support.
National Cooperative Development Corporation (Amendment) Bill, 2026 proposes to broaden the Corporation's mandate to promote co-operative development. It would permit direct loans and grants to co-operative societies and other entities engaged in co-operative development, where funds are used for co-operative purposes. With Central Government approval, the Corporation could participate in the share capital of such entities. The proposals also expand the meaning of foodstuffs, remove geographical restrictions for industrial-goods assistance, and provide additional functional powers.
August 9, 2026
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GST compliance failures and electricity subsidy controls raise allegations of financial irregularities and potential losses to the public exchequer.
Allegations based on a Comptroller and Auditor General report identified purported GST compliance failures involving outstanding tax liabilities, e-way bills generated after cancellation of GST registrations, limited bill scrutiny, non-compliance, and turnover mismatches. The allegations also concerned electricity subsidies extended to consumers with prolonged zero bills or apparent non-residence, presenting these issues as possible financial irregularities and losses to the public exchequer.
August 9, 2026
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Money-laundering prosecution complaints allege fund diversion through shell entities, credit-facility evergreening, layered transactions and fictitious project expenditure.
Money-laundering prosecution complaints allege that funds from toll-road projects and credit facilities were diverted through group companies, contractors, shell entities and conduit accounts. In the toll-road matter, allegedly sham or back-dated subcontracting arrangements and subsequent documentation were used to portray transfers as genuine project expenditure. In the credit-facilities matter, fresh facilities were allegedly used to repay, rotate and evergreen earlier liabilities rather than for sanctioned end-use, with funds layered and presented as legitimate business expenditure or receipts. Attached assets are sought to be confiscated as alleged proceeds of crime.
August 9, 2026
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Direct Benefit Transfer pension disbursement replaces cooperative-bank doorstep delivery, while preserving home payments for beneficiaries unable to use bank accounts.
Direct Benefit Transfer of social security and welfare pensions to Aadhaar-linked bank accounts is intended to replace cooperative-bank doorstep delivery, except for bedridden and similarly situated beneficiaries. The change addresses delays in remitting undistributed pensions, deficient record updates and reconciliation, duplicate payments, delivery incentives, and compliance with Direct Benefit Transfer norms. Criticism focuses on beneficiary access to linked commercial-bank accounts, possible minimum-balance deductions, exclusion of cooperative banks, and the effect on doorstep-delivery workers.
August 8, 2026
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Engineering business growth supported Raymond's first-quarter performance, with export expansion, capacity investment and net-debt-free financial flexibility.
Raymond Limited reported unaudited first-quarter FY27 growth in total income, EBITDA and profit before tax before exceptional items, while remaining net-debt-free with a net cash surplus. Its Engineering business comprises Precision Technology & Auto Components and Aerospace & Defence. Growth in the former was attributed to export expansion, operating leverage, product mix and cost reductions. Aerospace & Defence growth was linked to production for global OEMs, portfolio expansion and increased capacity, although margins were affected by targeted research and development investment. Forward-looking statements remain subject to regulatory, political, economic and technological risks.
August 8, 2026
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Savings account selection requires comparison of effective interest, fees, digital service, access, and individual banking needs.
Savings-account selection should compare effective interest returns under slab-based rates, recurring operating charges and the customer's actual banking needs. Net value depends not only on advertised rates but also on relevant minimum-balance, card, ATM, alert and transfer fees. Digital reliability, customer support, branch availability and ATM access should be assessed according to the customer's average balance, cash use, transfer frequency, travel patterns and need for in-person assistance. The suitable account is one that matches real banking behaviour.
August 8, 2026
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Urban cooperative bank regulation promotes licensing, governance, compliance support and cybersecurity measures to strengthen stability and depositor confidence.
Urban cooperative banks are encouraged to recognise regulatory support through liberalised branch opening, doorstep banking, demand drafts, life certificates, dedicated regulatory coordination, enhanced gold-loan limits, one-time settlements and progress towards on-tap licensing. Sound governance is material to sectoral stability, while small-borrower lending is presented as a comparatively safe lending segment. The umbrella body can support member banks through technical expertise, compliance assistance, cybersecurity solutions and participation in a security operations centre to strengthen depositor confidence.
August 8, 2026
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Korean food export promotion combines buyer consultations, regulatory guidance and consumer experiences to support entry into Indian and South Asian markets.
Korean food export promotion in India and South Asia combined business consultations with consumer-facing activities. Individual meetings connected Korean exporters with regional buyers and generated memoranda of understanding for products including frozen gimbap, ginseng wine and kombucha. Exporters received on-site guidance concerning non-tariff barriers, including food import customs clearance and certification requirements. Preparatory online sessions addressed import procedures, regulatory matters and consumer trends, while consumer events promoted Korean food through tasting, retail and experiential activities.
August 8, 2026
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Illegal immigration enforcement prioritises dismantling entry, documentation and employment networks while requiring citizens to report information through police channels.
Illegal immigration enforcement involves continuous identification and verification operations, coordination with relevant officials, and confidential investigation of networks facilitating entry, identity documentation, accommodation and employment. Enquiries extend to intermediaries, contractors, Aadhaar procurement and verification practices, rather than focusing only on apprehended individuals. Citizen vigilantism, moral policing and social-media targeting of suspected migrants are discouraged because they may compromise investigations; information should instead be given through proper police channels.
August 8, 2026
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Technology, transparency and governance strengthen urban cooperative banks through modern customer services, depositor protection and cooperative-sector support.
Technology adoption, transparency, sound governance and modern customer services are identified as necessary for urban cooperative banks to remain competitive. Banks are encouraged to join the sector's umbrella organisation and self-regulatory body, which provides capital, information-technology infrastructure and liquidity support. Protection of depositors' money remains a regulatory responsibility, while banks are expected to improve governance, train staff, adopt technology and enhance customer-centric services. Customer prosperity and reduced perception gaps between the central bank and urban cooperative banks are emphasised as measures to strengthen the sector.
August 8, 2026
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Authorised Dealer Category-II licensing expands permissible FEMA current account and foreign trade transaction services for cross-border payment customers.
An Authorised Dealer Category-II approval under the Foreign Exchange Management (Authorised Persons) Regulations, 2026 enables Paul Merchants to undertake additional permissible non-trade current account transactions under FEMA, excluding gifts and donations, and foreign trade transactions within the applicable per-transaction limit. The approval supports foreign exchange and cross-border payment services, including overseas remittances for education, medical treatment, travel, and conference or event participation.
August 8, 2026
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Integrated investor claim portal modernisation advances digital KYC, streamlined verification, stakeholder-informed safeguards, and efficient investor claim settlement services.
Integrated IEPFA Portal 2.0 is proposed to modernise investor claim processing through digital KYC, pre-filled Form IEPF-5, entitlement search, and a simplified e-Verification Report filing workflow. Stakeholder feedback included Aadhaar eKYC address validation, KYC for authorised representatives, entitlement-letter validation checks, bulk DSC and eSign functionality, integration of approved IEPF Form-4 data, lower-value share valuation using NSE and BSE data, and alerts for frequent address changes to prevent fraud.
August 7, 2026
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Foreign capital inflows supported the rupee despite geopolitical uncertainty, oil-price pressures, and volatile global market sentiment.
Foreign capital inflows supported a marginal strengthening of the rupee against the US dollar despite global risk aversion arising from uncertainty surrounding negotiations affecting the Strait of Hormuz. Higher crude oil prices and weak domestic equity sentiment remained relevant pressures. Near-term currency movement was expected to depend on developments in the negotiations, weekend decisions, US employment data, the dollar index, crude oil prices, and the reported increase in foreign exchange reserves.
August 7, 2026
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Energy security through diversified sourcing protected fuel supplies during Hormuz disruption and supports domestic exploration and alternative fuels.
Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.
August 7, 2026
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Credit valuation adjustment framework revises derivative capital requirements through flexible basic approaches, hedge recognition, and risk-sensitive counterparty treatment.
Credit Valuation Adjustment framework revisions align CVA capital treatment with final Basel III standards. Eligible banks may use the full or reduced basic approach, while banks with an insignificant volume of non-centrally cleared derivatives may calculate their CVA capital charge at 100 per cent of the counterparty credit risk capital charge. The draft also clarifies CVA hedge recognition, introduces risk weights sensitive to sector and credit quality, and separates systematic and idiosyncratic CVA risk in the full basic approach.
August 7, 2026
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Leverage ratio framework amendments propose Basel-aligned capital adequacy standards, with public feedback invited on the draft directions.
Proposed amendments to the leverage ratio framework would revise Chapter VII of the 2025 Commercial Banks Prudential Norms on Capital Adequacy Directions to implement the Basel Committee's Leverage Ratio 2017 Standard. Public comments and feedback on the draft Eleventh Amendment Directions, 2026, are invited until August 28, 2026, through the designated online platform, postal submission, or email.
August 7, 2026
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BHAVYA Scheme project selection uses challenge-based evaluation of infrastructure, industrial ecosystems, and policy enablers under prescribed eligibility criteria.
BHAVYA Scheme Phase-I proposals submitted by State and Union Territory governments will be evaluated and scored under prescribed eligibility and evaluation criteria. Challenge-based project selection considers connectivity and site suitability, quality of core, value-added and social infrastructure in the detailed project report, and the industrial ecosystem and policy enablers. The Scheme guidelines provide for completion of the first-phase selection process within one year from notification.

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Customs & Trade

India's diplomacy faced giant test in 2025

December 31, 2025

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New Delhi, Dec 31 (PTI) For India's diplomacy, 2025 was a giant test in many ways as it had to navigate the geopolitical implications of the worst military conflict in decades with Pakistan, US President Donald Trump's punitive tariffs and increasingly troubled relations with Bangladesh.

As the horrific terror attack in Jammu and Kashmir's Pahalgam in April killing 26 innocent people triggered global outrage, India displayed a steely resolve in combating cross-border terrorism from Pakistan, telling leading global capitals it has a right to respond.

Following the terror strike, India announced a series of punitive measures against Pakistan including suspension of the 65-year-old Indus Water Treaty with Prime Minister Narendra Modi asserting that "water and blood cannot flow together".

Exactly two weeks after the terror attack, India launched 'Operation Sindoor' carrying out airstrikes on nine terror camps in Pakistan and Pakistan-Occupied Kashmir in the early hours of May 7 eliminating at least 100 terrorists.

The strikes triggered a rapid escalation in tensions with Pakistan launching retaliatory strikes though most of them were thwarted by the Indian military.

With rapid escalation in the situation sparked fears of a full-scale war between the two nuclear-armed countries, several world capitals called for restraint and reached out to both New Delhi and Islamabad to stop the fighting.

The hostilities ended with an understanding on halting the military actions on May 10 following talks over the hotline between army officials of the two sides, but the episode brought new headache for India's foreign policy mandarins with Trump announcing the ceasefire first in a social media post.

Over the next few months, the US president repeatedly and publicly claimed that had resolved the military conflict between India and Pakistan and saved millions of lives as it was going in the direction of a full-scale war.

New Delhi stoutly maintained that the cessation of the hostilities was the result of talks between India and Pakistan and the US involvement had nothing to do with it. This riled the Trump administration.

Amid simmering strain in the India-US ties, Trump, in an unprecedented move, hosted a closed-door lunch for Pakistan army chief Field Marshal Asim Munir at the White House on June 18. The Trump-Munir meeting marked a major boost in US-Pakistan ties.

Trump had a second meeting with Munir in the White House on October 1.

As talks for a bilateral trade agreement were dragging on, Trump in August slapped a crushing 50 per cent tariff on Indian goods including an additional 25 percent levies for buying Russian crude oil.

The tariffs added more frost in ties with the relations between the two partners now possibly going through its worst phase in the ties in the last two decades.

Washington's new immigration policy and its decision to increase H1B visa fee to a whopping USD 1,00,000 also appeared to contribute to the slide in India-US ties.

The sharp downturn in the relations surprised many foreign policy experts as Trump's first tenure as the president saw bonhomie between the two leaders.

Another striking development was Pakistan inking a strategic defence pact with Saudi Arabia that came months after India's Operation Sindoor against India.

The pact mentions that "any aggression against either of the two countries shall be considered as an aggression against both".

India's relations with Bangladesh also came under severe strain, largely due to increasing activities of extremist elements which targeted minorities including Hindus.

Bangladesh's increasing engagement with Pakistan and China also contributed to the downturn in the relations. The slide in the relations began after deposed prime minister Sheikh Hasina fled India in August 2024 in the face of a massive anti-government protest that ended her nearly 16-year rule.

However, India's relations with China witnessed significant improvement in 2025 with both sides initiating a series of measures to rebuild the ties that saw major downturn during the over four-year eastern Ladakh border row.

These measures included resumption of Kailash Manasarovar Yatra, direct flights and easing of visa regimes.

In August, Modi and Chinese President Xi Jinping agreed to deepen bilateral ties to combat pressing challenges and work towards a "fair" solution to the festering border issue.

In a meeting in the Chinese city of Tianjin on the margins of the Shanghai Cooperation Summit, Modi and Xi also vowed to expand trade and investment ties to stabilise global commerce.

Days ahead of Modi's trip to China, Chinese Foreign Minister Wang Yi visited New Delhi India that saw both sides unveiling a series of measures for a "stable, cooperative and forward-looking" relationship that included jointly maintaining peace along the frontier, reopening border trade and promoting investment flows.

India's relations with Russia also witnessed a major upswing including in the energy sector notwithstanding mounting Western pressure. In the fag end of the year, Russian President Vladimir Putin visited India during which both sides firmed up a five-year plan to bolster trade partnership in the face of Washington's punitive tariff and sanctions regime.

In July, India and the UK sealed a historic free trade agreement to inject new energy in economic ties as it will provide for slashing tariffs, increase access to each other's markets, enhance trade, and create jobs.

The year also saw India and Canada making efforts to rebuild ties that saw a spell of distrust and suspicion following a diplomatic row two years ago.

The India-Canada relations hit rock bottom after then Prime Minister Justin Trudeau's allegations in 2023 of a potential Indian link to the killing of Hardeep Singh Nijjar. India had dismissed Trudeau's accusation as "absurd".

In the overall foreign policy domain, concerns relating to Indo-Pacific and the way forward found greater salience in New Delhi's diplomatic engagements.

In the year, New Delhi's diplomacy also focused on boosting the country's energy security as it made renewed efforts to expand cooperation with the Gulf region. PTI MPB ZMN

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