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    Rupee plunges 28 paise to settle at 93.44 against US dollar
    Garment workers protest in Ranchi over delayed salaries, HR blames US tariffs
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    Income Tax Department’s outreach programme spotlights key features of new Income Tax Act, 2025
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April 21, 2026
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Foreign exchange regulation eases as RBI partly rolls back non-deliverable forward curbs while the rupee weakens against the dollar.
The Reserve Bank's partial withdrawal of earlier curbs permits authorised dealers and banks to resume offering non-deliverable derivative contracts involving INR to resident and non-resident users, subject to restrictions on related-party transactions, while the USD 100-million cap on net open positions remains in force. The rupee also closed weaker against the US dollar amid a steady dollar, volatile crude prices, and geopolitical uncertainty.
April 21, 2026
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Delayed wages and labour unrest arise as garment workers protest salary arrears amid export pressure.
Delayed payment of salaries to garment factory workers led to a demonstration outside the plant, with employees alleging non-payment for recent months and severe hardship in meeting household expenses. The company acknowledged that salaries were due and attributed the disruption in garment exports to tariffs imposed by the United States and resulting financial pressure. Labour officials intervened and recorded an assurance that dues for the last two months would be settled, with further discussion proposed on salary irregularities and related worker issues.
April 21, 2026
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Political controversy over Kharge's "terrorist" remark highlights allegations of misuse of power and criticism of opposition language.
Political controversy arose over Congress president Mallikarjun Kharge's use of the word "terrorist" and his clarification that he meant the Prime Minister was "terrorising" political parties and people by misusing government machinery and central agencies. Union minister Annpurna Devi criticised the remark as a breach of political decorum, calling it evidence of frustration, intellectual bankruptcy and an anti-constitutional mindset.
April 21, 2026
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Income tax reform outreach promotes simplified procedures, transparency, and awareness for educational institutions and charitable trusts.
Promotional outreach on the newly introduced Income Tax Act, 2025 focused on financial literacy and awareness of provisions relevant to educational institutions and charitable trusts. The programme highlighted the Act's stated objective of simplifying procedures, reducing ambiguities, and promoting transparency through streamlined, technology-driven processes aligned with the Government's vision of Viksit Bharat 2047.
April 21, 2026
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Price stability and financial stability anchor RBI's growth framework, alongside digital inclusion, UPI expansion and CBDC innovation.
The Reserve Bank of India's role in supporting growth is explained through its core functions of price stability, financial stability and developmental support. The address highlights the Flexible Inflation Targeting framework, the need to manage uncertainty through robustness, gradualism, anchored inflation expectations, transparency and clear communication, and a data-dependent policy stance that looks through first-round supply shocks while preventing second-round inflationary effects. It also describes fiscal-monetary coordination, prudential regulation and developmental initiatives such as financial inclusion, UPI, the Unified Lending Interface and Central Bank Digital Currency.
April 21, 2026
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Customs cooperation and trade facilitation guide India-Bhutan discussions on border management, data exchange, and transit cargo movement.
Customs cooperation and trade facilitation between India and Bhutan were reviewed through the Joint Group of Customs framework, with attention to border management and cross-border movement of goods. The discussions covered coordinated border management, pre-arrival exchange of customs data, anti-smuggling enforcement, digitisation of customs processes, and transit cargo facilitation through the Electronic Cargo Tracking System, together with border infrastructure, harmonisation of procedures, and maritime enforcement briefings during the port visit.
April 21, 2026
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Delayed wages at a garment export unit spark worker protest over unpaid salaries and financial hardship.
Delayed salary payments at a garment export unit prompted a protest by more than a thousand workers, mostly women, outside the factory gate in Ranchi. The workers alleged non-payment of wages for prior months and complained of hardship caused by unpaid salary, while the company's HR management acknowledged that wages for the last two months were pending and said steps were being taken to clear the dues.
April 21, 2026
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Voluntary liquidation regulation reforms tighten claims handling, add termination safeguards, and shift procedural forms to circular-based notification.
Proposed amendments to the Voluntary Liquidation Process Regulations, 2017 revise claims handling, introduce a new termination mechanism, and move operational forms to Board circulars. The liquidator must record reasons for rejecting claims and communicate admission or rejection within seven days, while recourse against the decision is reframed as an approach to the Adjudicating Authority. A new Regulation 42 sets out termination safeguards, reporting requirements, seven-day intimation obligations, and the legal effect of termination on the liquidator's appointment and powers.
April 21, 2026
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Creditor-initiated insolvency resolution process: draft rules set approval thresholds, moratorium steps, and resolution plan procedures.
Introduces a proposed regulatory framework for the Creditor-Initiated Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, intended to facilitate faster, lower-cost restructuring with limited business disruption. The draft regulations set out the procedural architecture for initiation, commencement, conduct and closure-related matters, while relying on class notifications by the Central Government for eligible corporate debtors, initiating financial institutions and applicable thresholds and conditions. The initiation framework requires the applicant financial creditor to identify eligible financial creditors from information utility records or other available sources, convene a meeting, and obtain approval of at least fifty-one per cent in value of the debt owed to such creditors. The corporate debtor must be served notice of the intended initiation and may submit a written representation within thirty days; if the applicant continues, a further approval threshold applies.
April 21, 2026
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Firm and dispatchable renewable energy project commissioning advances with solar, wind and storage integration under demand-linked procurement.
Firm and dispatchable renewable energy (FDRE) project commissioning began for an integrated utility-scale renewable project combining solar, wind and battery storage under the Government of India's FDRE guidelines. The project is structured to deliver scheduled, demand-linked clean power through a single arrangement that aligns generation with distribution company demand profiles, and it is being commissioned through a tender-based power procurement framework supported by a power purchase arrangement and back-to-back power sale arrangements. The company also states that it is proposing an initial public issuance of equity shares, subject to statutory and regulatory requirements, approvals and market conditions, and that it has filed a draft red herring prospectus with the securities regulator and stock exchanges. The disclosure further notes that the offered equity shares are not registered under U.S. securities law, may not be publicly offered in the United States, and are intended to be sold only through exempt or offshore transaction structures, including to qualified institutional buyers in the United States.
April 21, 2026
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Battery innovation and green energy development take centre stage at CIBF 2026 in Shenzhen.
CIBF 2026, the 18th China International Battery Fair, is presented as a global platform for battery innovation, industrial cooperation and sustainable energy development. The fair will cover power batteries, energy storage systems, consumer batteries, advanced materials, intelligent manufacturing, recycling and circular economy technologies, and will include new product launch areas, business matchmaking zones and high-level forums on advanced battery technology, carbon footprint management, supply chain security and green recycling.
April 21, 2026
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India-Korea economic cooperation gains momentum as CEPA upgrade, industrial township and sectoral partnerships move forward.
India and the Republic of Korea have reaffirmed a commitment to expand bilateral economic engagement through a fast-track upgrade of the Comprehensive Economic Partnership Agreement, with focus on non-tariff barriers, rules of origin, market access and ease of doing business. The parties also highlighted the India-Korea Industrial Cooperation Committee, multiple MoUs, and a proposed Korea-specific industrial township in India to support investment and market entry. Priority sectors include semiconductors, electronics, advanced manufacturing, e-mobility, green energy, shipbuilding, digital trade and artificial intelligence.
April 21, 2026
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GST refund fraud through bogus ITC, dummy firms and fabricated export claims led to a major arrest at the airport.
GST refund fraud involving fraudulent availment and encashment of Input Tax Credit through bogus purchases, dummy entities and fabricated export claims. The alleged network used non-functional firms, borrowed KYC documents, fake invoices, layered paper transactions and centrally managed GST registration, invoicing, banking, return filing and refund claims to accumulate ineligible ITC in projected exporter entities. The scheme also involved misdeclaration of low-value tobacco products as high-value exports at inflated values, with no genuine manufacturing infrastructure, doubtful e-way bills, fabricated transport documents and circular fund movement. The matter further records alleged inflation of export turnover to divert bank funds and references related proceedings involving the persons concerned.
April 21, 2026
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Corporate restructuring approved for Vishakha group businesses through amalgamation, slump sale transfer, and merger of renewables operations.
The Competition Commission of India approved a proposed combination involving the restructuring of Vishakha Renewables Private Limited's renewables business and its merger with Vishakha Glass Private Limited. The combination includes transfer of the pipes division and mouldings division to Progressive Pipes Private Limited on a slump sale basis, amalgamation of Vishakha Renewables 1 Private Limited, Vishakha Metals Private Limited and Vishakha Metals 1 Private Limited into Vishakha Renewables Private Limited, and merger of Vishakha Renewables Private Limited into Vishakha Glass Private Limited as the merged entity.
April 20, 2026
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Bilateral trade agreement talks advance as India seeks preferential market access and tariff reductions with the US.
India and the US are negotiating finer details of a bilateral trade agreement after the US Supreme Court's decision against sweeping reciprocal tariffs imposed under the International Emergency Economic Powers Act. The framework already announced contemplates preferential access to the US market for India and tariff reductions on Indian goods, including removal of the tariff linked to Russian oil purchases and a further reduction in the remaining tariff burden, as both sides work toward expanded bilateral trade.
April 20, 2026
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Infrastructure and power-supply works launched ahead of Godavari Pushkaralu, alongside tariff reduction and rooftop solar support.
Development works worth nearly Rs 500 crore were launched in East Godavari district in the run-up to Godavari Pushkaralu, with electrical infrastructure and power-supply arrangements prioritised for the pilgrimage. The account also notes statewide power-sector works, including transmission infrastructure, substations, underground cabling, and a renewable energy scheme providing free rooftop solar systems to SC and ST households.
April 20, 2026
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Bank fraud allegations over misuse of credit facilities and shell transactions lead to arrests of senior Reliance Communications executives.
Allegations of bank fraud concerning Reliance Communications involve misuse of credit facilities, discounted Letters of Credit and circuitous transactions through shell entities, causing loss to multiple banks and financial institutions. The CBI attributes key roles to senior RCOM functionaries handling finance, banking operations and fund utilisation, while the company states it has been under Corporate Insolvency Resolution Process since 2019 under the Insolvency and Bankruptcy Code.
April 20, 2026
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Asset disclosure discrepancies in election affidavits raise questions over truthful voter information and financial scrutiny.
Contradictory asset disclosures in election nomination affidavits triggered a petition seeking scrutiny of a candidate's Form 26 declarations, sources of income, and related statutory filings. The matter concerned materially different total asset values stated in affidavits filed for two constituencies and the alleged impact of such inconsistency on truthful voter information and election disclosure integrity.
April 20, 2026
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Money laundering probe over alleged unaccounted funds, bogus invoices and hawala channels linked to a consultancy firm investigation.
A legal representative appeared before the Enforcement Directorate to assist in extracting data from seized electronic gadgets in a case involving alleged falsification of accounts, unaccounted funds, bogus invoices, hawala transfers and money laundering. The probe stems from a police FIR against the consultancy company and is linked to a separate coal-related investigation.
April 20, 2026
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Anticipatory bail in sexual harassment and alleged religious coercion probe denied interim protection as police responses were sought.
Anticipatory bail in a sexual harassment and alleged religious coercion investigation was sought by Nida Khan on the ground of pregnancy. The court did not grant interim protection from arrest and directed the police and the complainant to file responses, with further hearing scheduled. The investigation also involved allegations of molestation, attempted forceful conversion, hurting religious sentiments, and related offences, while the defence disputed the applicability of the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act.

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Spirit Airlines goes out of business after 34 years, ending operations immediately

May 2, 2026

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West Pam Beach (US), May 2 (AP) Spirit Airlines, an impish upstart that shook the industry with its irreverent ads and deep discount fares, announced Saturday that it has gone out of business after 34 years.

The ultralow cost airline that once operated hundreds of daily flights on its bright yellow planes and employed about 17,000 people said it had “started an orderly wind-down of our operations, effective immediately.” The airline said on its website that all flights have been canceled and customer service is no longer available. Some passengers arrived Saturday for flights and were stunned to find them canceled, while workers learned overnight they were out of a job.

“We are proud of the impact of our ultra-low-cost model on the industry over the last 34 years and had hoped to serve our guests for many years to come,” Spirit's announcement said.

US Transportation Secretary Sean Duffy said Saturday that Spirit had a reserve fund set up for customers who bought directly from the airline to get refunds. People who bought from third-party vendors like travel agents would have to seek refunds from them. He had a stark message for people flying with Spirit.

“If you have a flight scheduled with Spirit Airlines, don't show up at the airport. There will be no one here to assist you,” Duffy said.

He said United, Delta, JetBlue and Southwest were offering $200 one-way flights for people who had Spirit confirmation numbers and proof of purchase for a limited time. Other airlines would also help Spirit employees who might be stranded, as well as offering them a preferential application process as they look for work.

Spirit said in a statement it was working to get more than 1,300 crew to their home bases and that the final Spirit flight landed at Dallas Fort Worth International Airport from Detroit Metropolitan Airport.

The company advised customers that they could expect refunds but there would be no help in booking travel on other airlines.

The Trump administration had considered a government bailout for the cash-strapped business to keep it from going under, but a deal was not reached. Of the potential bailout, Duffy said Saturday “we often times don't have half a billion dollars laying around.” President Donald Trump had floated the idea of a bailout last week after the airline found itself in bankruptcy proceedings for the second time in less than two years with jet fuel prices soaring because of the Iran war.

They got you there' ------------------- Five Spirit flights were still showing as “on time” on Saturday morning on the departure board in Atlanta. A trickle of passengers who hadn't heard the news were still showing up.

“What!?” exclaimed Taylor Nantang as she, her husband and four children arrived for a Saturday afternoon Spirit flight from Atlanta to Miami for a spur-of-the-moment vacation. The family had driven down from Tennessee to the Atlanta airport.

“So the whole airline at every airport is out of business?” asked Nantang. “Oh my, that's crazy.” Other passengers wondered whether the airline would still answer its customer service phone, or when the refunds for cancelled flights might arrive on their credit cards.

Joshua Sigler, who had bought a ticket Friday for a flight Saturday to Miami, said he would just return home after learning of the cancellation, rather than try to take advantage of deals other airlines were offering to stranded Spirit passengers.

He said he had gotten no communication from Spirit, which he had flown multiple times in the past. “They get you there,” he said of past flights. “It was cheap.” Boo-hoo crying' --------------- Former Spirit flight attendant Freddy Peterson was on a Spirit flight from Detroit that arrived in Newark around 11 p.m. Friday. He said that despite rumors flying on social media Friday, things seemed kind of normal, with more than 200 passengers on the plane.

“All our aircraft were packed,” he said.

Peterson, 60, said he set his alarm clock for 3 a.m. Saturday to check the company website at the hour of the rumored shutdown.

“I said, OK, well, since all this going on, they said Spirit is supposed to close at 3, I'm going to bed. I set my alarm clock for 3 o'clock, went onto the website and it said, Spirit flights have been canceled,'” Peterson said.

He said Delta Air Lines brought him and another flight attendant back to Atlanta on Saturday morning, with Peterson leaving from there to drive to his home in Shellman in southwest Georgia.

“I'll probably do my boo-hoo crying and all that other stuff once I get in the car.” Peterson said he had been a flight attendant with Spirit for 10 years and the company has “done wonders for me.” He said the airline's reputation for bargain basement chaos was largely undeserved, but he did fault management for not communicating with the employees in the closing days, saying a promised employee town hall was canceled.

Bailout fizzles --------------- As late as Friday afternoon, Trump had said that “we're looking at it" and had given the budget carrier a “final proposal” for a taxpayer-funded takeover.

Spirit has struggled financially since the COVID-19 pandemic, weighed down by rising operating costs and growing debt. By the time it filed for Chapter 11 protection in November 2024, Spirit had lost more than $2.5 billion since the start of 2020.

The budget carrier sought bankruptcy protection again in August 2025, when it reported having $8.1 billion in debts and $8.6 billion in assets, according to court filings.

White House blames Biden --------------------------- The White House had blamed President Joe Biden administration for Spirit's tenuous financial situation. Biden, a Democrat, opposed a proposed merger between Spirit and JetBlue in 2023. On Saturday, Trump administration officials took to social media to amplify voices of conservative critics who faulted Biden for Spirit's demise.

On Saturday, Duffy concentrated blame on Biden as well as his predecessar Pete Buttigieg.

“Many at the time said that this was a disaster. This merger should have been allowed,” he said.

Tad DeHaven, a policy analyst at the Cato Institute, a libertarian think tank, said the Trump administration also bears responsibility, arguing that the airline's current crisis reflects a chain reaction of policy missteps rather than a single decision. He pointed specifically to Trump's decision to strike Iran as “bad foreign policy," saying the conflict drove up jet fuel prices and Spirit's operating costs.

“They were already in trouble,” DeHaven said, describing the situation as “a compounding effect in terms of policy.” Supporters of a rescue including labor unions representing Spirit's pilots, flight attendants and ramp workers said a collapse would put thousands of Americans out of work and hurt consumers by reducing airline competition and increasing airfares. About 17,000 jobs could be impacted, according to Spirit lawyer Marshall Huebner.

Budget-conscious and leisure travelers would likely feel Spirit's absence the most, especially in places where the airline has a big footprint such as Las Vegas and the Florida cities of Fort Lauderdale and Orlando.

The carrier flew about 1.7 million domestic passengers in February, roughly half a million fewer than during the same month a year earlier, according to aviation analytics firm Cirium. Spirit also has sharply reduced its capacity, with about half as many seats available this month than in May 2024. (AP) AMS

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