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    India's forex reserves drop USD 11.41 billion to USD 698.346 billion: RBI data
    HIGHLIGHTS
    Guidance note - Form 57
    Guidance note - Form 56
    PLI Scheme disburses ₹15,554 crore in electronics and ₹2,377.56 crore in automobile sector incentives
    PLI Schemes attract over ₹2.16 lakh crore investment, drive ₹20.41 lakh crore production and generate 14.39 lakh jobs
    India's Life Insurers Pay ₹6.30 Lakh Crore in Benefits in FY25 To Emerge as A Pillar of Household Financial Security
    Fadnavis praises PM for excise cut; warns against hoarding, rumour-mongering
    China opens investigations into US trade practices in response to Trump tariff moves
    Herbalife to Expand Its Personalized Nutritional Supplement Capabilities Through Planned Acquisition of Bioniq
    Excise duty cut on petrol, diesel with eye on elections in four states: TMC member Saket Gokhale
    National Council for Cement and Building Materials signs MoU to strengthen skill development and capacity building in construction sector
    Shri Piyush Goyal, Commerce & Industries Minister, leads the Indian delegation for the 14th Ministerial Conference of the WTO starting on March 26, 20...
    Department of Financial Services (DFS) reviews Unsatisfied closed complaints related to Banks and Insurance Companies registered on Centralised Public...
    Japan commits Official Development Assistance (ODA) to India for four projects in sectors of Urban Transport, Health and Agriculture
    Guidance note - Form 55
    Form No. 55 – Frequently Asked Questions
    Guidance note - Form 54
    Govt to review windfall tax imposed on export of diesel and ATF on fortnightly basis: CBIC chief
    Excise duty cut on petrol-diesel due to assembly polls: Congress slams govt
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March 27, 2026
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Foreign exchange reserves decline as gold holdings fall, while foreign currency assets rise in RBI data.
India's foreign exchange reserves declined during the week ended March 20, 2026, falling by USD 11.413 billion to USD 698.346 billion, according to RBI data. The drop was attributed mainly to a sharp reduction in gold reserves, even as foreign currency assets increased during the reporting week. The RBI data further showed that the value of gold reserves decreased significantly, Special Drawing Rights were lower, and India's reserve position with the IMF increased marginally.
March 27, 2026
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Live-in relationship and judicial vacancies draw legal attention as high court and chief justice address key issues.
The Allahabad High Court stated that a married man living in a consensual live-in relationship with an adult woman does not amount to a criminal offence under law. The Bombay High Court dismissed a petition seeking a CBI probe against Reliance Industries Limited and Mukesh Ambani over alleged unlawful gas extraction. Separately, the Chief Justice of India urged high courts to expedite filling judicial vacancies, with special focus on elevating women judges.
March 27, 2026
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Designated constituent entity intimation under income tax rules governs filing of Form 57 for international group reporting
Form No. 57 is an intimation by a designated constituent entity of an international group for the purposes of section 171(4), to be furnished under Rule 123 of the Income-tax Rules, 2026 when more than one constituent entity is required to file Form No. 56. The designated entity may file the form if the group has appointed it for compliance, and the intimation must be made at least 30 days before the due date for Form No. 56. The form captures particulars of the designated entity, the international group, the parent entity and the accounting year, and is filed online through the e-filing portal.
March 27, 2026
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Transfer pricing master file reporting requires constituent entities to disclose group details, thresholds, and supporting information electronically.
Form No. 56 (Master File) is an income-tax reporting document prescribed under Rule 123 of the Income-tax Rules, 2026 and section 171 of the Income-tax Act, 2025 for transfer pricing transparency. It applies to a constituent entity of an international group where the consolidated group revenue exceeds INR 500 crore and the aggregate value of international transactions exceeds INR 50 crore, or international transactions involving intangible property exceed INR 10 crore. Part A must still be furnished even if those conditions are not met. The form is filed by the due date for the return of income.
March 27, 2026
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Production Linked Incentive schemes strengthen domestic manufacturing, expand exports, and build supply chain resilience across key sectors.
Production Linked Incentive schemes across 14 sectors are being implemented to strengthen domestic manufacturing, attract investment, promote exports and generate employment. As of 31 December 2025, the schemes had cumulatively attracted investments of over Rs.2.16 lakh crore, generated production and sales of over Rs.20.41 lakh crore, supported exports of over Rs.8.3 lakh crore and created employment for more than 14.39 lakh persons across the covered sectors. The electronics and automobiles sectors have received incentive disbursements and reported incremental production through participating companies. The schemes are said to expand domestic manufacturing capacity, reduce import dependence and improve supply chain resilience. The policy framework is supplemented by initiatives for semiconductor development, electronics component manufacturing, logistics efficiency, rare earth magnet manufacture and critical mineral supply security.
March 27, 2026
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Production Linked Incentive schemes boost manufacturing, investment and jobs across key sectors under Make in India.
Production Linked Incentive schemes under the Make in India initiative are stated to incentivize incremental production and sales across 14 sectors, expand manufacturing capacity, and attract fresh investment within a wider industrial policy framework. The schemes are stated to have generated investments exceeding Rs.2.16 lakh crore, production and sales exceeding Rs.20.41 lakh crore, and over 14.39 lakh direct and indirect jobs, while also supporting exports, reducing import dependence, and strengthening domestic manufacturing.
March 27, 2026
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Life insurance strengthens household financial security as insurers pay benefits, maintain solvency, and address the protection gap.
India's life insurance sector is presented as a major pillar of household financial security, with insurers paying substantial benefits in FY25 and supporting protection, retirement planning, wealth creation, and liquidity across life stages. The text says policyholders increasingly use proceeds for lifecycle goals such as education, home purchase, travel, and reinvestment into other life insurance products, reflecting broader use of policy benefits beyond protection. It also states that insurers remain above solvency thresholds, supported by asset-liability matching and strong solvency margins, while awareness efforts continue to address the protection gap.
March 27, 2026
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Excise duty cut and anti-hoarding warnings aim to protect fuel supply and prevent artificial shortages.
Excise duty on petrol and diesel was reduced to cushion consumers against rising crude prices, with oil companies said to absorb the burden without passing it on. Public warnings were issued against panic buying, hoarding, and rumour-mongering, including false claims of a nationwide lockdown, on the ground that such conduct could create an artificial shortage and disrupt supply.
March 27, 2026
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Trade retaliation escalates as China opens investigations into US restrictions on goods, technology, and green energy exports.
China launched two investigations into US trade practices in response to recent tariff-related investigations announced by the United States. One probe concerns US policies restricting Chinese goods and advanced technology exports, while the other concerns barriers affecting Chinese green energy exports. The investigations are expected to last six months, with a possible three-month extension if necessary.
March 27, 2026
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Personalized nutrition acquisition expands Herbalife's data-driven wellness platform through Bioniq assets, contingent on regulatory approvals.
Herbalife announced an agreement to acquire certain assets of Bioniq to expand personalized nutritional supplement capabilities and strengthen a technology-enabled, data-driven wellness platform. The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions and regulatory approvals. The purchase price includes deferred and contingent payments, and Herbalife also obtained a call option relating to Bioniq LAB. The release includes a forward-looking statements disclaimer covering execution, integration, regulatory, market, operational, tax, technology, and compliance risks.
March 27, 2026
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Excise duty on fuel and GST burdens draw parliamentary criticism over pricing, enforcement, and budget priorities.
Excise duty on petrol and diesel was criticised in parliamentary discussion as being politically timed, with a demand for assurance that fuel prices would not rise after voting in four states. The debate also raised whether consumers had been denied the benefit of discounted crude oil purchases, and whether the excise reduction would remain permanent rather than being offset later through higher pump prices. The discussion further addressed GST burdens, public expenditure concerns, and demands for budgetary changes.
March 27, 2026
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Skill development and capacity building in construction sector through structured training and certification programmes.
A Memorandum of Understanding has been signed to strengthen skill development and capacity building in the construction sector through structured training and certification programmes. The collaboration is intended to train civil engineers, ready-mix concrete professionals, contractors, construction workers, and masons across the country, with emphasis on material quality testing, concrete mix proportioning, durability, and sustainable construction practices.
March 27, 2026
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WTO reform through transparent, inclusive member-driven process with development at the core and preserved foundational principles
India's participation in the 14th Ministerial Conference of the WTO centred on support for WTO reform through a transparent, inclusive and member-driven process that keeps development at its core. The position emphasised the need to preserve the WTO's foundational principles and objectives, including non-discrimination, consensus-based decision making and equity. Bilateral discussions also addressed the conference agenda and ways to strengthen trade relations.
March 27, 2026
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Grievance redress governance through CPGRAMS review meetings strengthens complaint resolution, transparency, compliance, and citizen-centric oversight.
DFS conducts periodic CPGRAMS review meetings with financial regulators, banks, insurers, institutions, and complainants to assess grievance resolution through a dip-stick survey at the senior-most level. The exercise reviews unsatisfied closed complaints, addresses systemic and pending issues, and uses citizen feedback to strengthen grievance redress, transparency, compliance, and preventive governance across banking, insurance, pension, and claim-related disputes.
March 27, 2026
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Official Development Assistance supports metro, healthcare and horticulture projects across India through Japan-backed loan agreements.
Japan has committed Official Development Assistance loans to India for four projects in urban transport, health and agriculture across Maharashtra, Karnataka and Punjab. The projects include Bengaluru Metro Rail Phase 3, Mumbai Metro Line 11, strengthening tertiary healthcare and medical education in Maharashtra, and promoting sustainable horticulture in Punjab. The assistance is channelled through loan agreements between the Government of India and JICA.
March 27, 2026
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Mutual Agreement Procedure application under treaty rules enables resident taxpayers to challenge inconsistent foreign tax actions.
Form No. 55 is the prescribed application by a resident assessee in India to invoke the Mutual Agreement Procedure where a foreign tax authority's action or order is considered inconsistent with the applicable Double Taxation Avoidance Agreement. The form is filed within the treaty time limit, usually within three years of first notification, and requires applicant details, foreign authority particulars, reasons for objection, supporting documents, and details of any remedy sought abroad. It may be submitted online or offline, must be e-verified, and cannot be withdrawn.
March 27, 2026
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Double taxation relief through mutual agreement procedure begins with Form No. 55 for resident assessees.
Form No. 55 is an application by a resident assessee in India to the Competent Authority of India when a foreign tax authority's action or order is considered inconsistent with the applicable Double Taxation Avoidance Agreement. It is used to seek resolution under the Mutual Agreement Procedure, generally within the treaty time limit, and may be filed online or through the offline utility with supporting documents and verification by DSC or EVC. The form cannot be withdrawn after filing.
March 27, 2026
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Advance Pricing Agreement renewal form streamlines repeated transfer pricing filings and reduces compliance burden for similar transactions.
Form 54 is a renewal mechanism for an Advance Pricing Agreement application, intended for applicants who have already signed an APA or previously filed a pending APA application involving the same or substantially similar transactions. It reduces duplication and compliance burden, supports continuing or comparable international transactions, and may also cover rollback requests. The form is filed electronically by an eligible person and requires disclosures on the applicant's profile, covered transactions, rollback details, prior filings, and transfer pricing methodology.
March 27, 2026
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Windfall tax on diesel and ATF to be reviewed fortnightly as duties aim to secure domestic fuel supply.
Special additional excise duty and export duties were imposed on diesel and aviation turbine fuel to discourage exports and secure adequate domestic supply. The windfall levy will be reviewed on a fortnightly basis, reflecting a dynamic adjustment mechanism linked to supply conditions and market developments. The duty changes were announced alongside a reduction in excise duty on petrol and diesel for domestic consumption to moderate price pressures and reduce underrecoveries for oil marketing companies.
March 27, 2026
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Excise duty reduction on petrol and diesel triggers fiscal relief for oil companies amid unchanged retail pump prices.
Excise duty on petrol and diesel was reduced by notification with immediate effect, cutting the levy on petrol and removing the duty on diesel. The change was described as a reduction in the special additional excise duty component paid by oil marketing companies, while retail pump prices for consumers were reported to remain unchanged at the time of the announcement. The measure was reported to provide some fiscal relief to oil companies amid higher input costs, though political criticism said it did not translate into direct consumer relief.

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Applications Are Open for ClimateLaunchpad, the World’s Largest Green Business Ideas Competition

March 5, 2026

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SINGAPORE, March 4, 2026/AgilityPR-AsiaNet/ -- ClimateLaunchpad , the world's largest green business ideas competition by Climate KIC , has opened applications for its 2026 edition. Since 2014, the programme has supported nearly 5,000 ideas across 97 countries. This year, it is expanding its presence in Asia with Singapore hosting both the regional final and Global Grand Final for the first time. The competition is therefore partnering with regional partners Better Earth Ventures and TPC Group. “Strengthening ClimateLaunchpad’s presence in Asia marks a profound new chapter for this programme and for the climate innovation movement more broadly. Asia is where so much of the world’s climate and nature future will be shaped, through business leadership, public-private partnerships and long term strategic thinking. We look forward to supporting this momentum with new business ideas and innovation ecosystem collaborations across more than a dozen countries. This expansion opens space for deeper cross-cultural connections and for first-time founders to turn sparks of imagination into solutions that serve both people and planet.” - Kirsten Dunlop, CEO of Climate KIC. What is ClimateLaunchpad and how to join? Since its launch in 2014, ClimateLaunchpad has become the most accessible pipeline for green innovation. The curriculum is designed to turn ideas on the back of a napkin into battle-proof businesses. Participants move through several stages: • An initial mini-course to refine the concept. • An intensive multi-day Boot Camp led by expert trainers. • Targeted coaching to perfect value propositions and investor pitches. • National and regional finals, where teams pitch to expert juries and gain wider visibility. • A place at the Global Grand Final, with prizes and access to a global climate network. In 2025, the programme received over 2,700 applications from 40 countries. The winning ventures gain prize money, investor connections, and access to a global cleantech network. Applications are now open for the 2026 edition of ClimateLaunchpad . Climate innovators, green venture builders, and entrepreneurs from around the world can apply here . Partnering with regional players This year, Climate KIC is partnering with Better Earth Ventures to host both ClimateLaunchpad Singapore and the Global Grand Final. Better Earth Ventures is a Singapore-based climate innovation platform supporting early-stage founders across Asia-Pacific. As the local delivery partner, they bring deep ecosystem relationships and hands-on experience running climate and agrifood innovation programmes, with a focus on turning promising ideas into scalable ventures. Their work is grounded in the belief that global change starts with local action, and that supporting entrepreneurs on the ground is key to building a resilient green economy. “We are proud to host ClimateLaunchpad’s Regional and Global Grand Final in Singapore and to convene an international group of climate entrepreneurs from more than 50 countries. Climate solutions are emerging from every corner of the world, and bringing them together creates the kind of cross-border exchange and collaboration this moment demands. Our focus is to ensure early-stage founders have the structure, ecosystem access and support needed to move from idea to credible impact.” - Rebecca Sharpe, Founder and CEO Better Earth Ventures At the same time, the competition is entering a new chapter with Singapore-based TPC (Tsao Pao Chee) bringing a perspective rooted in interconnectedness. TPC is a fourth-generation family business ecosystem committed to advancing the well-being economy, with activities spanning global logistics, impact investment, education, and philanthropy. This perspective recognises that climate, economy, culture and community do not operate separately. Addressing the climate crisis requires understanding how these systems overlap and designing solutions that reflect that reality. This systems perspective also informs the work of NO.17 Foundation, part of the TPC ecosystem, which focuses on aligning capital, collaboration, and execution so that climate innovation can move from promising ideas to scalable systems change. “Climate innovation is ultimately a human endeavour before it is a technological one. The most powerful solutions often emerge from people closest to the realities of climate change. Platforms like ClimateLaunchpad help connect these founders with the networks, capital, and collaboration needed to turn local insight into solutions that can scale globally.” - Luis Alvarado Martinez, CEO of No. 17 Foundation The partner network ClimateLaunchpad is supported by long-term partners like Bank of America and Irish Aid. Support from Bank of America strengthens the ecosystem from the earliest stages, giving visibility to solutions that can deliver real-world impact and reshape our economy. Meanwhile, Irish Aid empowers entrepreneurs in emerging markets, ensuring those on the front lines of climate change have the tools to build their own local solutions. Application open: Climate innovators, green venture builders, and entrepreneurs from around the world can apply here . About Climate KIC Climate KIC is Europe’s leading climate innovation agency and community, creating climate-resilient communities and fighting climate breakdown by mobilising systems change in countries, regions, cities, and businesses. Together with partners across the globe, Climate KIC orchestrates solutions and facilitates learning to bridge the gap between climate commitments and current reality, driving faster and more ambitious action. About Better Earth Ventures Better Earth Ventures is dedicated to accelerating the development and deployment of transformative technologies and initiatives that mitigate climate change and promote sustainable living. Located in Singapore, we serve as a pivotal gateway to Asia-Pacific, with a strong regional network of commercial partners, investors and mentors to help growth-stage businesses scale sustainably across borders. Through collaboration, mentorship, and strategic partnerships, we empower visionary entrepreneurs to drive tangible impact and pave the way for a resilient and thriving planet. About TPC (Tsao Pao Chee) TPC (Tsao Pao Chee) is a fourth-generation family business holding company headquartered in Singapore that is committed to empowering the well-being and happiness economy. TPC does this by supporting global connectivity and resilience through its supply chain and logistics activities, and well-being-focused activities aimed at fostering individual and collective growth. TPC’s purpose-led well-being business ecosystem comprises IMC Industrial, OCTAVE, and multiple non-profit organisations, including OCTAVE Institute, NO.17 Foundation and Restore Nature Foundation, operating in unity to add value to life, with corporate offices in the People’s Republic of China, Thailand, Indonesia, and Japan. Find out more about TPC (Tsao Pao Chee) at tsaopaochee.com and on LinkedIn. About NO.17 Foundation NO.17 Foundation is the nexus of capital, consciousness, and collaboration in the Well-being Era – the philanthropic heart of TPC (Tsao Pao Chee). Rooted in SDG 17: Partnerships for the Goals, NO.17 unites values-aligned funders, partners, and changemakers to catalyse systemic transformation. Through trust-based giving, regenerative coalitions, and strategic ecosystem building, we activate new forms of capital – financial, social, cultural, spiritual, institutional, ecological, and human – as a force for collective flourishing. Explore our movement to make philanthropy as a field of love for transformation at https://17foundation.org and on LinkedIn. About Bank of America Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC). About Irish Aid Irish Aid is the Government of Ireland’s international development cooperation programme. It works in more than 80 countries to reduce poverty, hunger and humanitarian need, often focusing on climate action, gender equality and strengthening governance. gov.ie As part of Ireland’s foreign policy, Irish Aid supports inclusive development, helps communities adapt to climate change, and backs early-stage innovation in underserved regions. Its approach emphasises giving a voice, platform and opportunity to entrepreneurs worldwide — especially in regions hardest hit by climate risks. (Disclaimer: The above press release comes to you under an arrangement with Asianet and PTI takes no editorial responsibility for the same.). PTI

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