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    Rupee settles on flat note, 3 paise higher at 95.71 against US dollar
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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
Show AI Summary
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.
August 20, 2026
Show AI Summary
Responsible AI banking requires human oversight, explainable customer decisions, fair conduct, resilient systems and inclusive credit access.
Responsible AI in banking must promote inclusion, resilience and customer trust while preserving human judgement, governance accountability and clear responsibility. AI and alternative data may widen access to credit where data is obtained with consent, tested for reliability and bias, and used prudently. Banks must maintain capacity to challenge models, oversee providers, test systems under adverse conditions and intervene when automation fails. Material customer decisions must be explainable, clearly communicated and subject to review by an authorised person. Fair conduct, meaningful disclosure, impartial complaint review and transparent communication remain essential throughout the customer relationship.
August 20, 2026
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Multi-Currency EEFC settlements let exporters retain foreign earnings and choose conversion timing for overseas payment obligations.
Multi-Currency EEFC Account settlements enable exporters and international businesses to receive payment settlements directly into Exchange Earners' Foreign Currency accounts in the original transaction currency without immediate conversion into Indian rupees. Retention of foreign currency earnings permits businesses to choose when conversion is required, reducing repeated foreign-exchange conversion cycles and supporting management of foreign-currency cash flows and overseas obligations.
August 20, 2026
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Power semiconductor foundry expansion targets Indian fabless customers through technology showcasing, process development, and collaboration in the growing semiconductor market.
DB HiTek seeks to expand foundry business with Indian fabless semiconductor companies by showcasing power semiconductor and specialised process technologies. Its commercial focus includes BCD processes for automotive and industrial applications, together with silicon-carbide and gallium-nitride process development and planned volume production. Product-performance evaluations are underway with strategic customers. Customer expansion also covers X-ray, global-shutter, single-photon avalanche diode, specialty CIS, and mixed-signal/RF processes, supported by collaboration with local fabless firms.
August 20, 2026
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Money-laundering allegations over payments without services raise concerns about overseas transfers, identity-linked communications, and mineral smuggling.
Money-laundering allegations concern claimed payments by Cochin Minerals and Rutile Ltd. to Exalogic Solutions Pvt. Ltd., a company promoted by Veena T., without corresponding services. Searches reportedly yielded handwritten material referring to fund transfers to Dubai and digital material relating to a SIM card obtained in another person's name. Further allegations included overseas fund movement, hawala transfers, and possible thorium or monazite smuggling, all presented as allegations requiring examination.
August 20, 2026
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Exchange stabilisation support aims to strengthen foreign-exchange resilience, reduce rollover dependence and restore access to longer-term market financing.
Pakistan has sought a proposed Exchange Stabilisation Support Facility to reinforce foreign-exchange stability and signal currency resilience to international capital markets. The strategy seeks to reduce reliance on short-term bilateral loans, deposits and rollovers by moving towards market-based financing with longer repayment periods. Improving sovereign creditworthiness through engagement with credit-rating agencies is intended to facilitate international market access, lower borrowing costs and enable longer-maturity debt raising.
August 20, 2026
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Elephant ivory trade prohibition supports enforcement against wildlife trafficking, seizure of carved ivory articles, and further investigation.
Illicit trade in elephant ivory and articles manufactured from it is prohibited under the Wildlife (Protection) Act, 1972, supporting India's CITES obligations. Enforcement action against a wildlife-trafficking syndicate resulted in the interception of four persons and seizure of 54 carved ivory artefacts. The seized articles and apprehended persons were transferred to the State Forest Department for further investigation. The action forms part of continuing measures against unlawful trade in wildlife derivatives and biodiversity threats.
August 20, 2026
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Trade deficit pressures persist as energy-import costs and currency weakness offset record automobile and electronics export growth.
Japan recorded its highest July import and export values since comparable statistics began, but continued to experience a trade deficit as rising energy costs increased import expenditure. Higher crude oil prices and disruption to Middle East supply routes affected an economy reliant on imported oil, while a weak yen raised the cost of fuel, food and raw materials. Strong automobile, semiconductor and electronics exports benefited from currency weakness, which also increased the yen value of overseas earnings.

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Customs & Trade

Trump tells Davos forum he wants Greenland but will not use force to take it

January 22, 2026

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Davos, Jan 21 (AP) President Donald Trump insisted Wednesday that he wants to “get Greenland, including right, title and ownership,” but said he would not use force to do so while deriding European allies and vowing that NATO should not try to block US expansionism.

In an extraordinary speech at the World Economic Forum, the president said he was asking for territory that was "cold and poorly located.” He said the US had effectively saved Europe during World War II and even declared of NATO: “It's a very small ask compared to what we have given them for many, many decades.” “We probably won't get anything unless I decide to use excessive strength and force, where we would be frankly unstoppable. But I won't do that, OK?” Trump said, later adding, “I don't have to" and "I don't want to use force.” Trump often tries to increase pressure on the other side when he believes it can lead to a favorable deal, and he seemed happy to do so ahead of the forum in Davos.

The implications of his remarks were enormous, potentially rupturing an alliance that has held firm since the dawn of the Cold War and seemed among the globe's most unshakable pacts.

NATO was founded by leading European nations, the U.S. and Canada to form a bloc to counter the Soviet Union. Its other members have been steadfast in saying Greenland is not for sale and cannot be wrested from Denmark, meaning Trump's comments could yet mark the beginning of a larger geopolitical standoff.

The president has long said the US will get control of Greenland no matter what it takes, arguing that Washington needs the world's largest island to counter threats in the surrounding Arctic Ocean from Russia and China. That's despite America already having a large military base there.

A Danish government official told The Associated Press after Trump's speech that Copenhagen is ready to discuss US security concerns. But the official, who was not authorized to comment publicly and spoke on condition of anonymity, underscored the government's position that “red lines”— namely Denmark's sovereignty — must be respected.

Greenland's government responded by telling its citizens to be prepared. It has published a handbook in English and Greenlandic on what to do in a crisis that urges residents to ensure they have sufficient food, water, fuel and supplies at home to survive for five days.

“We just went to the grocery store and bought the supplies,” said Tony Jakobsen in Greenland's capital Nuuk said, showing off the contents of bags that included candles, snacks and toilet paper.

Jakobsen said he thought Trump's rhetoric towards Greenland was “just threats... but it's better to be ready than not ready.” Trump, meanwhile, urged Denmark and the rest of NATO to stand aside, adding an ominous warning.

“We want a piece of ice for world protection, and they won't give it,” Trump said. “You can say yes, and we will be very appreciative. Or you can say no, and we will remember.” He also called for opening “immediate negotiations” for the U.S. to acquire Greenland.

“This enormous unsecured island is actually part of North America,” Trump said. “That's our territory.” Trump suggests Europe is fizzling while US booms ------------------------------------------------------- Danish Foreign Minister Lars Løkke Rasmussen said he was encouraged by Trump's comment about not using US military force but called other parts of the speech “a way of thinking about territorial integrity that does not match the institutions we have.” “Greenland is part of NATO. Denmark is part of NATO, and we can exercise our sovereignty in Greenland,” Løkke Rasmussen said.

In his remarks, Trump also argued that the US is booming and its economy is strong, in sharp contrast to Europe.

“I want to see Europe go good, but it's not heading in the right direction,” said Trump, who also noted, “We want strong allies, not seriously weakened ones." He said of European economies, “You all follow us down, and you follow us up.” His arrival was delayed after a minor electrical problem on Air Force One forced a return to Washington to switch aircraft. As Trump's motorcade headed down a narrow road to the speech site, onlookers — including some skiers — lined the route. Some made obscene gestures, and one held up a paper cursing the president.

Billionaires and top executives packed inside the forum's Congress Hall, which held around 1,000, for Trump's keynote address. The space was filled to standing room only. Attendees used headsets to listen in six languages besides English, and the reaction was mostly polite applause.

Afterward, Trump met with the leaders of Poland, Belgium and Egypt and again repeated that the US would not be invading Greenland.

“Military is not on the table," Trump said, suggesting that the parties involved would use better judgment.

Tariff threat looms large ------------------------- Potentially deepening the crisis are Trump's threats to impose steep US import taxes on Denmark and seven other allies unless they negotiate a transfer of the semi-autonomous territory — some European say they won't do.

Trump said the tariffs would start at 10% next month and climb to 25 per cent in June.

British Prime Minister Keir Starmer vowed during his weekly questioning in the House of Commons, “Britain will not yield on our principles and values about the future of Greenland under threats of tariffs, and that is my clear position.” European Commission President Ursula von der Leyen warned that should Trump move forward with the tariffs, the bloc's response “will be unflinching, united and proportional." Experts and economists are warning that Trump's Greenland tariff threat could disrupt the US economy if it blows up the trade truce reached last summer between the US and the EU. But the US stock market largely recovered on Wednesday from its worst day since October after Trump's talk of Greenland-related tariffs spooked investors.

Trump's housing plan overshadowed -------------------------------------- The White House said Trump would focus his Davos address on how to lower housing prices in the US That's part of a larger effort to bring down the cost of living, which continues to rise and threatens to become a major liability for the White House and Republicans ahead of November's midterm elections.

Greenland instead carried the day, with Trump lashing out at Denmark for being “ungrateful” for the US protection of the Arctic island during the Second World War. He also mistakenly referred to Iceland, mixing up that country with Greenland four times during his speech and for the fifth time since Tuesday.

When he finally did mention housing in his speech, Trump suggested he did not support a measure to encourage affordability. He said bringing down rising home prices hurts property values and makes homeowners who once felt wealthy because of the equity in their houses feel poorer.

You have to be prepared for almost anything' ------------------------------------------------ In Nuuk, resident Johnny Hedemann said it was “insulting” that Trump “talks about the Greenlandic people and the Greenlandic nation as just an ice cube.” He spoke while heading out to buy a camping stove and instant mashed potatoes.

“Living in this nature, you have to be prepared for almost anything. And now there's another threat — and that's Trump,” Hedemann said.

He added: “With this lunatic, you don't know what's going to happen tomorrow. He can make things very bad for everyone.” (AP) RD RD

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