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    Rupee rises 22 paise to close at 94.73 against US dollar
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September 2, 2026
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Currency-market intervention and foreign capital inflows supported rupee resilience amid higher crude prices and dollar strength.
Foreign capital inflows and modest foreign institutional equity purchases supported rupee appreciation against the US dollar despite weak domestic equities, elevated crude oil prices and a stronger dollar. RBI monitoring and apparent currency-market intervention supported the rupee amid risk aversion, higher US Treasury yields and concerns over crude supply disruptions. Forthcoming US employment data remained relevant to dollar and rupee direction.
September 2, 2026
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Foreign-currency non-resident deposits bolster external liquidity through hedging support and lending flexibility during global market uncertainty.
Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits are fixed-term foreign-currency deposits for non-resident Indians, with principal and interest repayable in the deposit currency and without direct rupee exchange-rate risk. A special central-bank programme mobilised substantial FCNR(B) deposits, alongside overseas foreign-currency borrowings and external commercial borrowings, to strengthen foreign-exchange liquidity. Banks received hedging-cost support and permission to lend against the deposits. The facility was closed earlier than scheduled after its mobilisation objective was met.
September 2, 2026
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Foreign currency swap facility accelerated FCNR(B) deposit window closure after substantial diaspora inflows, while borrowing windows remain open.
Special USD-INR foreign-exchange swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings was introduced to strengthen the external sector and support foreign-exchange liquidity. FCNR(B) deposits, under which principal and interest are repayable in the same foreign currency, generated the principal share of inflows. Strong diaspora participation led to advancement of the FCNR(B) window closure. The swap facility for Overseas Foreign Currency Borrowings and External Commercial Borrowings remains open until December 31, 2026.
September 2, 2026
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GST bribery allegations led to a trap operation against officials and an intermediary in a quarrying matter.
Criminal investigation concerns alleged solicitation and acceptance of an undue advantage by CGST officials in connection with settling a GST/royalty matter involving a stone-quarrying firm. The officials allegedly arranged for a private person to collect the payment. A trap operation resulted in the private person being caught while accepting the alleged undue advantage. Searches at the accused persons' premises led to recovery of cash and jewellery, while further investigation continues.
September 2, 2026
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State GST collection growth outpaced national expansion during the first five months, alongside increased VAT and CST receipts.
Haryana's SGST collections increased by 29 per cent during April-August of financial year 2026-27, exceeding the national growth rate of 16 per cent. August 2026 post-settlement SGST revenue rose by 21 per cent, compared with national average growth of 13 per cent. Haryana accounted for less than 4 per cent of national GST taxpayers but contributed approximately 7.7 per cent of aggregate national SGST, CGST and IGST collections. VAT/CST collections rose by 13.8 per cent during the same period.
September 2, 2026
Show AI Summary
NBFC loan servicing governance retains lender control through deterministic decision rules, maker-checker controls, reconciled migration and optional AI assistance.
Lokta Next 100 offers RBI-registered NBFCs with loan books up to Rs 100 crore post-approval loan servicing, accounting, reporting, analytics, collections, recovery and partner-management functions, excluding pure-play microfinance NBFCs. Credit, approval and money decisions remain with the lender. Maker-checker approval applies to every change, and migration requires line-by-line reconciliation before cutover. Records remain lender-owned, hosted in India and exportable. AI may propose changes but cannot post to the ledger; deterministic lender-policy rules decide changes. Platform fees are deferred for up to 24 months, subject to stated loan-book thresholds.
September 2, 2026
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RTI access to maintained records does not require creation of Aadhaar date-of-birth update data on demand.
UIDAI did not maintain separate Aadhaar data on date-of-birth updates in Bihar following the announced social security pension enhancement, including month-wise or district-wise compilations. No internal review or flagging of unusual update patterns was available or applicable in its records. The Central Information Commission clarified that the RTI framework does not require a public authority to create, compile or generate information that it does not maintain in the form requested. The initial CPIO response treating the information as outside the RTI Act was considered inappropriate.
September 2, 2026
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Transgender arrest and detention safeguards prompt calls for a standard operating procedure and clearer procedural protections.
Legal and regulatory issues include safeguards for arrest and detention of transgender persons, consultation requirements in Bar Council policy-making, and procedural accountability in electoral administration and policing. Personal insolvency proceedings raise questions about tribunal powers to constitute an expanded bench. Hospitality operators are expected to comply strictly with food-safety and hygiene norms. Proposed restrictions on minors' social-media accounts address cyberbullying, online exploitation, and harmful screen exposure.
September 2, 2026
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Railway equipment purchase orders and export order expand IC Electricals' domestic and international business pipeline.
IC Electricals Company Limited has secured railway purchase orders for electrical and electronic supplies and an export order, creating combined order inflow across domestic railway operations and international markets. Its product portfolio includes regulators, battery chargers, emergency lights, inverters, microprocessor-based control systems, alternators, traction motors, and permanent magnet alternators with controllers. Forward-looking statements on business plans, projects, and research and development remain subject to risks and uncertainties and may differ materially from actual results.
September 2, 2026
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Double deflation explains negative manufacturing GVA deflators when input prices rise faster than output prices.
Double deflation in manufacturing separately deflates gross output and intermediate consumption, with real GVA derived from their difference. Where input prices rise faster than output prices, nominal GVA may grow more slowly than real GVA, producing a negative implicit GVA deflator despite rising output and input prices. A negative manufacturing GVA deflator therefore does not establish a fall in manufactured-product prices or lower real growth. The implicit GDP deflator is a derived ratio between current-price and constant-price GDP and differs from CPI and WPI because of their distinct coverage, weights, and price concepts.
September 2, 2026
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Data centre ease-of-doing-business reforms target reliable power, prepared land, streamlined approvals and building standards for faster infrastructure deployment.
Ease-of-doing-business reforms for India's data-centre ecosystem focus on faster and sustainable infrastructure deployment through reliable power, ready-to-use land, streamlined approvals and suitable building regulations. Proposed power measures include cluster-based transmission planning, first-day sanctioned load, dual feeders and cross-border renewable-energy procurement. Data-centre-ready land banks and power-ready parcels are intended to reduce development timelines. The National Building Code 2026 recognises data centres under Group E and contains a dedicated annex on fire-risk assessment and data-centre-specific performance indicators.
September 2, 2026
Show AI Summary
Trade facilitation and customs cooperation drive follow-up action on connectivity, regulatory coordination, investment promotion and bilateral commercial engagement.
India-Afghanistan bilateral trade and economic cooperation is being advanced through institutional engagement on trade facilitation, customs cooperation, connectivity, investment and commercial exchange. Priority areas include customs and data-sharing cooperation, visa facilitation for traders, banking and financial cooperation, pharmaceutical and agricultural trade, energy cooperation, tariff concessions, cargo connectivity and port-related matters. Follow-up action covers regulatory cooperation, improved connectivity, investment promotion and business-to-business engagement.
September 2, 2026
Show AI Summary
Residential rooftop solar subsidy requires eligibility, prior approval, registered installation, net metering, commissioning, and verified bank details for direct transfer.
PM Surya Ghar Muft Bijli Yojana provides central financial assistance for eligible grid-connected residential rooftop solar systems, capped at Rs. 78,000 for systems of three kilowatts or more. Applicants must be Indian citizens who own a suitable house, hold a valid electricity connection, and have not received an earlier solar-panel subsidy. Applications require portal registration, distribution-company feasibility approval, installation through a registered vendor, net metering, inspection, commissioning and submission of bank details. Assistance is transferred directly after verification. State-specific net-metering procedures, approvals and additional incentives may apply.
September 2, 2026
Show AI Summary
Sovereign credit rating upgrade reflects solid growth, stronger financial systems, and improving fiscal and external resilience.
JCR upgrades India's foreign-currency and local-currency long-term issuer ratings to A- with a stable outlook, citing sustained economic growth, productivity-oriented policies and improved financial-system soundness. Fiscal constraints include elevated deficits, intergovernmental fiscal transfers, electoral-cycle sensitivity, and high combined government debt and interest burdens. Greater emphasis on infrastructure capital expenditure has improved the quality of fiscal spending. External resilience is supported by a contained current account deficit, services surplus and foreign-exchange reserves exceeding short-term external debt.
September 2, 2026
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Personal insolvency bench constitution and repayment-plan eligibility remain contested where a larger tribunal bench stays a third-member order.
Personal insolvency proceedings raised a challenge to the National Company Law Tribunal's authority to constitute a five-member bench after a split verdict. The challenge contended that the mechanism for differing views permits reference to another member or members, but does not authorise a five-member bench. The larger bench stayed the third member's order, restricted asset alienation, and suspended an order permitting settlement of personal-guarantee claims. The dispute concerned the validity of that bench, the split-verdict reference procedure, repayment-plan eligibility, and pending creditor appeals.
September 2, 2026
Show AI Summary
Digital lending app verification enables borrowers to identify regulated lenders, grievance channels, and warning signs before accepting loans.
GoCredit's Loan App Checker allows borrowers to search lending apps against the public Digital Lending App directory and identify the regulated lender, grievance contact and RBI Ombudsman escalation route where a match exists. Regulatory reporting by regulated entities enables app-level verification, while borrowers should also check the lender named in app disclosures and loan agreements. A directory listing is a regulated-entity disclosure, not RBI approval or endorsement. Unmatched apps should be assessed through verification steps and reported through official channels where appropriate.
September 2, 2026
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Rupee depreciation in early trade reflected oil-price pressures, risk aversion, higher Treasury yields and broad dollar strength.
Early foreign-exchange trading saw the rupee weaken against the US dollar amid renewed US-Iran tensions, risk aversion, higher Brent crude prices, and a stronger dollar. Safe-haven demand, inflation concerns linked to potential oil-supply disruption, expectations of a September Federal Reserve rate increase, and higher US Treasury yields supported the broad dollar rally. RBI monitoring of the rupee's decline was noted.
September 2, 2026
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Responsible AI governance requires ethical safeguards, privacy protection, accountability and adaptive oversight to build lasting corporate stakeholder trust.
Responsible artificial intelligence governance requires continuous innovation, inclusive development, responsible deployment and trust-based governance. AI systems should be ethical, safe, transparent, fair and human-centric, with safeguards for privacy, bias, security and accountability. Proportionate and adaptive regulation should provide clear accountability, standards, monitoring, auditability and grievance redressal. Good governance, cybersecurity, personal data protection and responsible AI together strengthen organisational resilience, stakeholder trust, transparency and sustainable innovation.
September 2, 2026
Show AI Summary
E-auction of surplus public land enables transparent outright sale of RINL parcels through registered, KYC-verified bidding.
National Land Monetization Corporation will facilitate the e-auction and outright sale of 459 encumbrance-free RINL land parcels, including residential plots and parcels suited for commercial and logistics use. Competitive bidding will occur through the RailTel E-Nivida e-procurement platform. Participation requires online registration, KYC verification, and plot-wise submission of an earnest money deposit within prescribed timelines. The process supports transparent monetisation of surplus land and non-core public assets.
September 2, 2026
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Competition approval for infrastructure finance restructuring covers acquisition, minority transfer, investment divestment, and merger of regulated NBFCs.
Competition Commission of India approval applies to the acquisition of Aseem Infrastructure Finance Limited by TPG Nicobar SG Pte. Ltd., a subsequent minority share acquisition by ICICI Bank Limited, and Aseem's divestment of its shareholding in NIIF Infrastructure Finance Limited to National Investment and Infrastructure Fund II. Following the acquisition, Climate Finance India Private Limited is intended to merge into Aseem as the surviving entity. The entities involved include RBI-registered non-deposit taking NBFCs operating in infrastructure finance, investment and credit, and infrastructure debt financing.

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Customs & Trade

From Pilibhit’s Flutes to Global Trade: Union Minister Shri Jitin Prasada ji Highlights India’s Packaging Vision at IIP Diamond Jubilee Celebrations

May 15, 2026

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The Indian Institute of Packaging (IIP) marked the beginning of its Diamond Jubilee Year celebrations on 14th May 2026 in Mumbai, commemorating 60 years of pioneering contribution towards packaging innovation, sustainability, education, research and industrial development in India. Established under the Ministry of Commerce & Industry, Government of India, IIP has played a vital role in strengthening India’s packaging ecosystem through scientific packaging practices, sustainable solutions, export competitiveness, skill development and technological advancement across industries.

The landmark celebration reflected on IIP’s rich six-decade journey while reinforcing its commitment towards building future-ready and environmentally responsible packaging solutions aligned with the vision of Viksit Bharat.

Hon’ble Union Minister of State for Commerce and Industry and Ministry of Electronics & Information Technology, Government of India, Shri Jitin Prasada ji graced the occasion as Chief Guest and delivered a powerful address on India’s growth story being driven by the twin engines of technology and trade.

Speaking at the event, Shri Jitin Prasada ji emphasized that under the visionary leadership of Prime Minister Shri Narendra Modi ji, India today is no longer viewed merely as a population of 1.4 billion people, but as a trusted global partner and one of the world’s largest aspirational markets.

He highlighted the growing importance of AI, machine learning, sustainable technologies and innovation-driven manufacturing in strengthening India’s packaging ecosystem and global competitiveness.

“The future belongs to nations that embrace innovation, quality and sustainability. The packaging sector will play a defining role in shaping India’s global competitiveness. We must make in India, package in India and design in India — not only for ourselves, but for the entire world,” Shri Jitin Prasada ji said.

The Minister stressed that Indian consumers today are highly aspirational and quality conscious, adding that the era where “export quality” was considered separate from domestic quality is now over.

“There can be absolutely no compromise on quality. Prime Minister Narendra Modi ji always emphasizes three things — quality, quality and quality,” he remarked.

Reflecting emotionally upon his own constituency Pilibhit, Shri Jitin Prasada ji shared that nearly 95 percent of the flutes used across the world are produced there, though very few people are aware of it globally.

“But with strong packaging, branding and visibility, even a traditional product like the Pilibhit flute can reach every corner of the world. That is the power of quality packaging and presentation,” he added.

The Minister also spoke extensively about the opportunities emerging through Free Trade Agreements and India’s evolving role as a preferred destination for manufacturing and investment.

Addressing students, innovators and MSMEs, he highlighted the importance of future-ready technologies, research, sustainable packaging, biodegradable materials and testing infrastructure to help Indian industries compete globally.

He also reiterated the Government of India’s commitment towards ease of doing business, mentioning landmark reforms like the Jan Vishwas Bill which significantly reduced outdated compliances and regulatory hurdles for entrepreneurs and investors.

“India wants to roll out the red carpet for investors, not red tape,” Shri Jitin Prasada ji said, urging global investors to view India not merely as a market, but as a long-term strategic partner.

The Minister also encouraged the packaging industry to embrace sustainability as a responsibility rather than a compliance burden, stressing the importance of biodegradable materials, recycling and green packaging solutions in the years ahead.

The event also witnessed the presence of Guest of Honour Shri Raju Desai, Vice President, Plastindia Foundation, along with senior government officials, policymakers, industry leaders, academicians, exporters, manufacturers, alumni and stakeholders from across the country.

Held under the leadership of Shri R K Mishra, IRS, Director, IIP, and Shri Prabhakar Bantwal, Chairman, IIP, along with the Governing Body Members and Team IIP, the Diamond Jubilee celebrations highlighted the growing importance of innovation, sustainability and collaborative growth within India’s packaging sector.

Adding further significance to the occasion, Amitabh Singh, Chief Postmaster General, Maharashtra Circle, released a special commemorative postal stamp honouring the Indian Institute of Packaging’s 60-year legacy. Shekhar Amberkar, Deputy Director & Head – International Packaging Centre, Indian Institute of Packaging, also played a key role in the celebrations and the institute’s international outreach initiatives.

The event also witnessed the unveiling of the official Diamond Jubilee logo, release of the Diamond Jubilee souvenir and signing of an MoU with FDDI, marking a new phase of collaborative growth and institutional development.

A special presentation on Bharat Packaging Expo 2027 was also showcased during the event, highlighting India’s growing global positioning in the packaging and manufacturing ecosystem and reinforcing the country’s vision towards innovation-led industrial growth.

The celebrations further served as a platform for discussions around smart packaging, circular economy practices, sustainable materials, innovation-driven manufacturing and the evolving future of packaging in an increasingly competitive global marketplace.

Speaking on the milestone, Shekhar Amberkar, Deputy Director & Head – International Packaging Centre, Indian Institute of Packaging, said: “For six decades, the Indian Institute of Packaging has stood as a catalyst for innovation, education and sustainability within India’s packaging sector. As we enter our Diamond Jubilee Year, we reaffirm our commitment towards building globally competitive, sustainable and future-focused packaging solutions that contribute meaningfully towards the vision of Viksit Bharat.” Amitabh Singh, Chief Postmaster General, Maharashtra Circle, said: “The commemorative postal stamp celebrating the Indian Institute of Packaging is a tribute to an institution that has contributed immensely towards industrial development, innovation and nation-building. Packaging today is not merely about protection and logistics, but also about sustainability, communication and economic growth.” The Diamond Jubilee Year celebrations are expected to continue through a series of conferences, industry engagements, academic initiatives, innovation-driven collaborations and sustainability-focused discussions across the year, highlighting the evolving role of packaging in India’s growth story.

(Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI PWR PWR

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