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    HDFC Bank crisis: Sebi says independent directors must act responsibly, back up insinuations
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    India needs to take proactive steps limit impact of West Asia crisis, says RBI bulletin
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March 23, 2026
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Independent directors must support governance concerns with evidence and record unresolved issues to protect minority shareholder interests.
Independent directors must act responsibly when raising concerns about a company's functioning or proposed actions, and any insinuations affecting governance or minority shareholder interests must be supported by proper evidence. Such concerns should be taken up with the board and, if unresolved, recorded in the minutes of the board meeting. Independent directors may question the company in board-level forums, but they cannot make vague or unsubstantiated allegations and must ensure that minority shareholder interests are protected.
March 23, 2026
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Fiscal discipline and GST compliance in Gujarat are highlighted through surplus targets, controlled debt, higher capital spending and rising tax collections.
Gujarat's fiscal management is said to be maintained under the Gujarat Fiscal Responsibility Act, 2005, with an aim to ensure fiscal stability, accountability and a revenue surplus. The state reportedly remains within prescribed ceilings for fiscal deficit and debt, has not defaulted on debt repayment, and has not taken an overdraft or advance for many years. The discussion also highlights increased capital expenditure, concerns over non-developmental spending and debt burden, and growth in GST taxpayers, return filing compliance and tax revenue.
March 23, 2026
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Paper leak investigation deepens as Bihar Police arrests an alleged gang member linked to the TRE-3 exam case.
Bihar Police's Economic Offences Unit arrested Praveen Kumar Sinha in the BPSC Teacher Recruitment Exam (TRE-3) paper leak case and described him as an active member of the Sanjeev Kumar Singh gang. The statement said the arrest followed a tip-off and that, during interrogation, Sinha claimed he took teacher aspirants to Hazaribagh before the exam and supplied question papers. Officials also said the wider network operates across multiple states and that 293 people have been arrested so far.
March 23, 2026
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Crude oil dependence and West Asia spillovers drive calls for proactive buffering and closer economic monitoring.
India's external dependence on crude oil requires close monitoring of the West Asia crisis and proactive measures to limit adverse spillovers from disrupted energy supplies, trade policy uncertainty and volatility in global commodity and financial markets. India's economic position is described as resilient, supported by adequate foreign exchange reserves, strong growth, sound macroeconomic fundamentals and robust external sector buffers, with an Economic Stabilisation Fund suggested as an additional buffer against external shocks.
March 23, 2026
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Rupee pressure intensifies as it breaches the 94 mark intraday amid crude, equity and global sentiment weakness.
The rupee breached the 94 level against the US dollar in intraday trade for the first time before closing unchanged at 93.53. The movement reflected pressure from global market conditions, including a correction in crude prices, weakening domestic equities, foreign institutional investor outflows and broader geopolitical tensions, while the dollar index remained firm. Intermittent intervention by the Reserve Bank was expected to provide support at lower levels.
March 23, 2026
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Techno-commercial feasibility governs any possible resumption of Iranian crude imports amid sanctions, payment and logistics uncertainty.
India may resume buying Iranian crude only if it is techno-commercially feasible, with the decision shaped by refinery compatibility, pricing, sanctions relief, and available payment, insurance and logistics mechanisms. The report says the payment route remains unclear because Iran is cut off from SWIFT and earlier settlement channels are no longer available. Any return to imports would depend on commercial and geopolitical conditions rather than technical constraints.
March 23, 2026
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Energy security and fiscal discipline dominate Finance Bill debate as parties clash over fuel prices, taxes and trade deficits.
Petroleum pricing, corporate tax collection, energy security, fiscal discipline and free trade deficits were raised during the Finance Bill debate. One side alleged that the government was avoiding a petrol and diesel price hike because of upcoming elections and questioned the gap between corporate tax and income tax collections, while the response defended the decision not to raise fuel prices and highlighted diversification of oil sourcing as part of energy security. The debate also criticised earlier enforcement of the Benami Transactions Act and minimum alternate tax, and questioned compliance with fiscal discipline and the trade deficit under free trade agreements.
March 23, 2026
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RoDTEP benefits restored for exporters as duty remission rates and caps are reinstated amid West Asia trade disruption.
Restoration of RoDTEP benefits to exporters was announced through a DGFT notification in response to disruption in global trade caused by the West Asia crisis. The notification restored the RoDTEP rates and value caps applicable on February 22, 2026, for all eligible export products, with effect from February 23, 2026 to March 31, 2026. The measure reverses the earlier reduction in duty benefits and revives the higher remission level for the specified period.
March 23, 2026
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Federal immigration deployment at airports highlights shutdown pressures, TSA checkpoint strain, and disputes over immigration enforcement policy.
Federal immigration officers were seen at Atlanta's airport after the President said agents would be deployed to assist Transportation Security Administration operations during a government shutdown. Their presence at airport checkpoints is unusual because screening there is typically handled by transportation security officers, while the deployment is linked to a lapse in Department of Homeland Security funding and wider disagreement over immigration enforcement.
March 23, 2026
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Nuclear power tariff regulation faces scrutiny over steep Kudankulam pricing, cost assumptions, and lack of independent oversight.
Concerns were raised over the indicative tariff proposed for electricity from Kudankulam Nuclear Power Plant Units 3 and 4, as it represents a sharp escalation over the tariff currently applicable to Units 1 and 2 and may exceed prevailing competitive benchmarks. The tariff was described as likely to impose a substantial long-term burden on Tamil Nadu and other southern states, especially because nuclear power is must-run supply and pricing is presently determined administratively without independent regulatory oversight.
March 23, 2026
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Gold and silver prices fall sharply as weak demand, rate expectations, and dollar strength pressure bullion markets.
Gold and silver prices fell sharply in Delhi amid subdued domestic demand and weak global trends. Analysts linked the decline to higher interest rate expectations, stronger US Treasury yields, a firmer dollar, and inflation concerns arising from geopolitical tensions. The commentary also noted that slower reserve accumulation by some central banks and weaker spot prices overseas added to the pressure on bullion markets.
March 23, 2026
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Non-tariff barriers and trade liberalisation drive India-Russia efforts to expand bilateral trade and economic partnership.
India and Russia are seeking to deepen their strategic and economic partnership by addressing non-tariff barriers and regulatory impediments, with the stated objective of expanding annual bilateral trade to USD 100 billion by 2030. The stated measures include continued efforts to conclude the India-Eurasian Economic Union free trade agreement, use of the skilled Indian workforce, and coordination within multilateral forums such as BRICS, SCO, G20 and the UN.
March 23, 2026
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Artificial Intelligence data integration advances with a Model Context Protocol server linking verified official statistical databases.
Government has introduced a Model Context Protocol (MCP) server to link Artificial Intelligence tools and platforms with official statistical databases through the National Statistical Portal e-Sankhyiki. The server enables access to verified Government data and has been expanded from a beta release to cover 21 statistical products, including major datasets such as labour force, price index, industrial production, and national accounts series.
March 23, 2026
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Sustainable Development Goals reporting framework tracks poverty, gender equality, labour and social protection progress through annual national indicators.
National statistics reporting for the Sustainable Development Goals is updated through the annual release of the SDG-National Indicator Framework Progress Report on National Statistics Day. The framework comprises 284 national indicators in the 2025 report, with the Ministry of Statistics and Programme Implementation responsible for the national indicator framework and States/Union Territories responsible for State Indicator Frameworks. The report draws on data from line ministries and departments, including Periodic Labour Force Survey data, and records progress under poverty, gender equality, labour, wage, employment, and social security indicators.
March 23, 2026
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Consumer Price Index base revision strengthens measurement through updated baskets, weights, and e-commerce price collection methods.
Consumer Price Index measurement has been strengthened through a comprehensive base revision from 2012=100 to 2024=100, using Household Consumption Expenditure Survey 2023-24 data to update the CPI item basket and weights. The revision expands coverage, introduces methodological refinements, adopts an international classification system, and incorporates administrative and e-commerce data to make the index more robust and representative. Price collection from e-commerce and online platforms is carried out weekly, and monthly average prices from weekly transaction observations are used in CPI compilation.
March 23, 2026
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Infrastructure project monitoring through PAIMANA and PMG strengthens data-driven oversight, escalation, and delay resolution.
Project monitoring of ongoing Central Sector infrastructure projects costing Rs. 150 crore and above is being undertaken through PAIMANA, a web-based system of the Ministry of Statistics and Programme Implementation. The portal captures project status, expenditure details, and delay tracking for nationwide infrastructure projects, and is integrated with the Integrated Project Monitoring Portal under the principle of "One Data One Entry" to enable automatic data fetching, reduce manual entry, and provide stakeholders with customised dashboards and direct access to project progress information.
March 23, 2026
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Cooperative bank governance reforms strengthen transparency, depositor protection, fraud control, and supervisory accountability across the sector.
Strengthening governance of cooperative banks through amendments to the Banking Regulation Act and the Multi-State Cooperative Societies Act, 2002 is described as a set of supervisory safeguards intended to improve transparency, accountability and depositor protection. The measures include a maximum of 10 consecutive years for the term of board directors of cooperative banks, excluding the chairperson and whole-time directors, and the creation of a Cooperative Ombudsman to handle complaints and appeals by members concerning deposits, equitable benefits from the society's functioning, and other matters affecting individual rights. The establishment of a Cooperative Election Authority is also identified as a governance reform aimed at ensuring free and fair elections in multi-state cooperative societies.
March 23, 2026
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Dialogue and diplomacy guide India's response to the West Asia conflict, alongside security preparedness and energy resilience.
India's response to the West Asia conflict is framed around dialogue, diplomacy, de-escalation and protection of civilian life, with emphasis on avoiding attacks on civilians, energy infrastructure and transport infrastructure, and on opposing obstruction of international waterways. The position stresses that commercial shipping routes must remain safe, that attacks on ships and disruption of the Strait of Hormuz are unacceptable, and that sustained diplomatic engagement with regional leaders is being used to seek a peaceful resolution and secure the passage of Indian vessels. The crisis is also presented as a matter of national preparedness and internal security.
March 23, 2026
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Banking and corporate fraud investigation faces court push for a fair, transparent, time-bound probe into alleged irregularities.
The Supreme Court directed the CBI and the ED to conduct a fair, dispassionate, transparent, and time-bound investigation into alleged banking and corporate fraud involving Anil Dhirubhai Ambani Group firms. It also required all concerned financial institutions to cooperate fully and allowed the agencies to approach the court if any government body failed to extend cooperation. The proceedings concerned allegations of loan fraud, diversion of public funds, fabricated financial statements, forged bank guarantees, and other irregularities across multiple group entities.
March 23, 2026
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Rupee weakness deepens as crude prices, dollar strength and foreign outflows drive the currency to a record low.
The rupee weakened sharply against the US dollar, falling to a fresh record closing low after breaching the 94-per-dollar level for the first time. The decline was linked to rising global crude prices, sustained foreign fund outflows, a stronger US dollar, and a steep fall in domestic equity markets, with the local currency remaining under pressure throughout the trading session. Market participants noted that worsening global sentiment and geopolitical tensions were weighing on the rupee, while periodic intervention by the Reserve Bank was expected to provide support at lower levels.

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Customs & Trade

West Asia conflict hits export of Bundi Basmati as rice worth Rs 300 cr stuck at ports, say millers

March 16, 2026

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Kota, Mar 16 (PTI) The rice industry in Bundi and Kota is facing a production halt, putting around 10,000 workers at risk, as the ongoing West Asia conflict has stalled export shipments to the region and Basmati rice worth Rs 300 crore is stuck at seaports and storage, millers said on Monday.

Ramandeep Sharma, a rice miller and President of Bundi District Laghu Udhyog Bharti, said that at least 25,000 quintals of rice is processed per day across nearly 35 rice industries in Bundi and Kota, and 80 per cent of this rice is exported to the UAE, Iran, and Iraq.

The Iran-Israel war has resulted in a halt to the export of around 3,75,000 quintals of rice worth Rs 300 crore, which is stuck at seaports and storage, in the past 15 days, he added.

Meanwhile, the threat of unemployment looms large over nearly 10,000 workers — 60 per cent of them from Bihar — working in rice industries in Bundi and Kota, as unit owners are considering stopping production due to the unavailability of extra storage space, millers said.

Besides, shipping companies transporting rice to Iran and Iraq have been denied insurance for transportation from seaports due to war conditions. Furthermore, transportation costs of shipping companies have also been hiked more than 10 times, which has further adversely affected rice prices on the ground, Sharma said.

Till today, the rice market rate has crashed by nearly 10 per cent, he added.

If war conditions do not normalise and exports are not resumed in the next few days, production will have to be stopped in rice processing units, he added.

Sharma urged the state government to grant special concessions for rice millers and the labourers working there.

Gourav Nuwal, Secretary of Bundi Rice Mill Association, said the West Asia conflict has adversely hit Bundi Basmati rice exports. Ship containers loaded with rice have been put on hold due to the war, and nearly 4 lakh tonnes of rice are presently stuck at Kandla Port.

The rice export price is down to Rs 700–800 per quintal. Bundi rice millers are also overloaded with rice stored in their godowns and storages, he added.

Nuwal demanded a special relief package for the rice industry."The government should come up with some package or special portfolio for affected industries during war conditions, as was done during the Covid-19 period," he said.

Bundi's rice industry thrives on an annual turnover of around Rs 4,000 crore, and 15 lakh tonnes of Basmati rice are produced annually in Bundi, Kota, and Baran, noted another rice miller, Bhanu Nyati.

A few rice mills in the city have reduced production and resorted to maintenance; however, no labourer has been asked to stop working, said Badrilal, a rice mill labour contractor.

"We had already suffered losses of Rs. 1,000–1,500 per quintal due to the Russia-Ukraine war, and the ongoing war has further aggravated our concerns," said Balwant Singh of Barkheda village in Bundi district. PTI CORR MR

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