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    Rupee settles on flat note, 3 paise higher at 95.71 against US dollar
    VinFast India Partners with Federal Bank to Strengthen Dealer Financing Ecosystem
    Sugar prices soar to Rs 70 per kg ahead of festive season in Bengal, jaggery also dearer
    Rupee gains 9 paise to 95.65 against US dollar in early trade
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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
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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
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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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Indian Railways Embraces AI-Driven Workforce Verification System' 1.2 Million Employees

May 5, 2026

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India's largest employer begins deployment of offline facial verification and tamper-proof blockchain records across its 1.2 million-strong workforce, building on technology that cut ghost employee fraud by 90% in prior government deployments 5th May 2026 - Indian Railways has commenced the implementation of DRISHTI, an AI and blockchain-powered Smart Workforce Management System that uses facial recognition and tamper-proof digital records to verify worker attendance and prevent fraud, being rolled out across the railway network, beginning with operations in Prayagraj. The system, developed by ChainCode Consulting LLP in collaboration with Billions Network, the universal human and AI verification platform, and Aptos Foundation, can verify entire teams from a single group photograph, works without internet connectivity, and creates permanent, tamper-proof records of every attendance event. It is designed for both field and office personnel across Indian Railways' operations. Indian Railways is one of the world's largest employers, with more than 1.2 million personnel operating across 7,300 stations and 18 zones. The rollout begins in Prayagraj, with completion of the initial regional deployment expected within three months and expansion across the wider network to follow. Where previous government deployments of the same technology, eliminated ghost employee fraud by up to 90%, reduced payroll costs by 30-40%, and halved payment delays, the Indian Railways implementation brings those proven standards to a new, high-profile use case with the potential to set a global precedent for workforce governance at scale. Managing attendance verification across a workforce this large and geographically spread has historically been vulnerable to ghost employee fraud and administrative inefficiencies, challenges that DRISHTI is designed to address directly. The system works offline, a critical requirement for railway operations in remote and rural areas where internet connectivity is unreliable. It can identify multiple workers simultaneously from a single photograph and locks every record on the Aptos blockchain, making it impossible to alter after the fact. The platform also handles supervisor approvals, real-time reporting dashboards, task allocation, and leave management. "AI-driven smart solutions with blockchain security are key to good governance. By combining facial recognition with blockchain's permanent, traceable records, we eliminate major security risks and give organizations greater control over workforce data integrity," said Alok Gupta, Founder and CEO, ChainCode Consulting LLP. ChainCode Consulting has previously pioneered blockchain-based attendance and identity platforms for different India's Government Bodies and contributed digital verification infrastructure for MahaKumbh 2025, one of the world's largest gatherings. "Every worker in a system this vast deserves to be accurately identified and fairly compensated without that requiring handing over sensitive personal data. That's the problem we're solving: identity verification that works for people. What India is building here shows how the world's largest institutions can operate with both accountability and dignity," said Evin McMullen, CEO and Co-Founder of Billions Network. Billions provides the decentralized identity and reusable identity infrastructure underpinning DRISHTI, building on the company's proven track record in high-stakes verification, including joint proofs-of-concept with Deutsche Bank and HSBC for advanced KYC solutions. Ashwin Pampati, SVP and Head of Ecosystem at Aptos Foundation, added: “Reliable, high-performance blockchain infrastructure is essential for nation-scale public-sector systems like DRISHTI, where data integrity, security and auditability are non-negotiable. Aptos provides a strong blockchain foundation that supports exactly these requirements.” About Billions Billions.Network (formerly Polygon ID) is the leading human and AI verification platform, built on mobile-first verification to scale the internet of value globally. Created by the stewards of the world's leading zero-knowledge verification framework, Circom, Billions secures the work of major organizations and blockchain ecosystems serving over 150 million users globally. The platform provides privacy-preserving digital identity solutions that work across both Web2 and Web3 applications. For more information, visit https://billions.network. About ChainCode Consulting LLP ChainCode Consulting is a blockchain and AI technology firm specializing in enterprise-grade decentralized solutions for government and private sector clients. Founded in 2019, the company delivers secure, scalable identity verification, supply chain traceability, and blockchain infrastructure across industries including healthcare, financial services, and public administration. ChainCode has been recognized among Bangalore's Top 50 FinTech Companies and received the Blockchain Leader of the Year award at SmartTech Asia Innovation Awards 2025. For more information, visit https://www.chaincodeconsulting.com/. About Indian Railways Indian Railways is a statutory body under the Ministry of Railways, Government of India, and operates the country's national railway system. With more than 1.2 million employees, it is the world's ninth-largest employer and India's second-largest employer. For more information, visit https://indianrailways.gov.in. About Aptos Aptos is a Layer-1 blockchain designed for scalability, security, and sub-second transaction finality. Founded in 2021 by Avery Ching and Mo Shaikh, former leaders of Meta's Diem blockchain initiative, Aptos is built on the Move programming language, developed for secure smart contract execution. The network has processed over 4.4 billion transactions and has established strategic partnerships with BlackRock, Google, Mastercard, and Franklin Templeton. For more information, visit https://aptosnetwork.com/ (Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI PWR

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