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    MPC Minutes: RBI Guv says need to remain watchful on generalisation of inflation
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June 19, 2026
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Inflation vigilance and a wait-and-watch monetary stance shape the policy response amid uncertainty and price pressures.
The Monetary Policy Committee minutes record a wait-and-watch approach to monetary policy amid heightened uncertainty over inflation and growth. The Governor supported maintaining the policy rate unchanged while retaining a neutral stance, citing risks arising from conflict-related disruption, supply-chain pressures, and the impact of monsoon conditions on energy, food, and other commodity prices. The minutes also stress the need to remain watchful about the generalisation of inflation in the coming months.
June 19, 2026
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Digital wallet limits spark user opposition as survey backs retaining or increasing caps and linking them to KYC levels.
A public survey of digital wallet users showed broad opposition to reducing wallet storage and transaction limits proposed under the draft Master Direction on Prepaid Payment Instruments, 2026. Most respondents wanted limits retained or increased, while others supported limits linked to the level of KYC or authentication completed by the user. The survey linked lower limits with inconvenience in daily payments and questioned whether tighter caps would reduce fraud. The draft framework was also noted to include higher Full-KYC wallet balances, lower cash top-up limits, transfer caps, interoperability, immediate refunds, and stricter compliance requirements.
June 19, 2026
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Foreign exchange reserves decline as gold reserves fall, while foreign currency assets rise in RBI data.
India's foreign exchange reserves declined during the reporting week, primarily because of a sharp fall in gold reserves, even though foreign currency assets increased. The RBI data showed that the overall reserves fell to USD 671.625 billion, while special drawing rights and India's reserve position with the IMF also recorded marginal declines.
June 19, 2026
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Open market share buybacks through exchanges gain a faster route, alongside eased fund borrowing and quicker AIF fundraising.
Reintroduction of open market share buybacks through stock exchanges provides companies with an additional mechanism for undertaking buybacks and is intended to ensure equitable opportunity and tax treatment for public shareholders. The measure is accompanied by a faster execution timeline for such buybacks. Relaxation of intra-day borrowing norms for mutual funds eases borrowing constraints, while a green-channel mechanism for alternative investment funds permits fundraising to begin within 10 working days of filing placement memorandums.
June 19, 2026
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Banking fraud and stressed loan settlements draw scrutiny over alleged nexus among banks, asset reconstruction companies and borrowers.
Concerns were raised over an alleged nexus between banks, asset reconstruction companies and borrowers in the settlement of stressed loans, with emphasis on misuse of public money and inadequate recovery efforts. A plea sought a probe into alleged banking frauds involving public sector banks, asset reconstruction companies and a Noida-based infrastructure firm, including diversion of loan funds through shell companies, non-existent vendors, undisclosed bank accounts and suspected fraudulent transactions.
June 19, 2026
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Agri-export promotion gains momentum as fresh Uttarakhand litchi enters the European market through coordinated value-chain support.
APEDA facilitated the first export consignment of fresh Uttarakhand litchi from Dehradun to Italy, marking entry into the European market and demonstrating the export potential of Uttarakhand's horticulture sector. The shipment reflects the growing international acceptance of India's premium fresh fruits and the expanding presence of Himalayan produce in high-value overseas markets. The initiative highlights coordinated value-chain support, quality production practices and export-oriented horticulture, while indicating better price realisation for growers.
June 19, 2026
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Strait of Hormuz reopening eases global energy security risks and restores free passage for commercial vessels.
The reopening of the Strait of Hormuz restores a critical global energy chokepoint after months of disruption that had restricted shipping, pushed up crude prices and raised concerns over energy security. The memorandum of understanding contemplates free passage of commercial vessels through the Strait for a limited period, with full normalisation expected after mines and other technical obstacles are cleared. It also contemplates talks with Oman and other regional actors on longer-term administration.
June 19, 2026
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Money laundering investigation leads to bank locker examination over alleged corporate transactions and proceeds of crime
Enforcement Directorate action in a money laundering investigation extended to examination of a bank locker belonging to Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan, in her presence at an HDFC Bank branch. The inquiry relates to alleged transactions involving her now-defunct IT firm, Exalogic, and its purported links with Cochin Minerals and Rutile Ltd, including payments said to have been made without corresponding services and loans allegedly extended through another company connected with CMRL management.
June 19, 2026
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India-UK trade agreement enters into force as leaders link commerce, mobility and broader bilateral cooperation.
The India-UK Comprehensive Economic and Trade Agreement is scheduled to enter into force on July 15, marking a significant development in bilateral economic relations. The agreement is described as extending beyond trade and technology to include mobility and wider people-to-people engagement, with an expected boost to annual bilateral trade and business expansion plans on both sides.
June 19, 2026
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Initial public offer structure for Jio Platforms set as a fresh issue with price discovery through book building.
A proposed initial public offer of Jio Platforms is to be made by way of a fresh issue of up to 27 crore equity shares of face value of Rs 10 each. The Draft Red Herring Prospectus has been approved and is to be filed with the Securities and Exchange Board of India, BSE and the National Stock Exchange. The issue price will be determined through the book building process in accordance with SEBI regulations, subject to the required regulatory approvals.
June 19, 2026
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Autonomous financial decision-making gains traction as auditable AI agents handle routine regulated workflows with compliance and control.
AI deployment in financial services is described as shifting from advisory support to autonomous decision-making through a platform that applies an institution's own guidelines, reaches end-to-end decisions, and escalates only matters requiring human judgment. The system is presented as producing decisions with full reasoning, policy cross-reference, and auditability, while remaining consistent, explainable, compliant, and defensible under audit in banking, insurance, and capital markets workflows.
June 19, 2026
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Tax relief and amnesty measures reshape Kerala's budget through arrear settlements, vehicle tax revisions and stamp duty concessions.
Kerala's revised Budget introduced tax relief measures, amnesty schemes and vehicle tax revisions, including settlement of Flood Cess arrears, waiver of specified small pre-GST arrears, revised sales tax rates for low-strength alcoholic beverages, reduced tax for AITP buses, changes in electric vehicle road tax slabs, an e-challan amnesty scheme, and a one-time settlement for undervaluation and deficit stamp duty cases.
June 19, 2026
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Construction and building materials expo drives exports, supply chains, and Make in India engagement across global markets.
Bharat Buildcon 2026 opened as a large industry exhibition for the building materials and construction sector, drawing more than 25,000 visitors on the first day along with participants from over 90 countries and more than 100 Indian cities. The exhibition was presented as a platform for strengthening supply chains, encouraging technology adoption, generating business opportunities, and promoting exports and foreign investment in the construction and building materials sector.
June 19, 2026
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Government e-marketplace access expands through last-mile seller facilitation, onboarding support, and catalogue listing through new partnership.
Government e-marketplace access is being expanded through a strategic partnership between GeM and CSC-SPV aimed at strengthening last-mile facilitation for sellers, especially in rural and underserved regions. The collaboration extends support through the full onboarding chain up to catalogue listing, with assistance for Vendor Assessment, Brand Approval, and creation and publication of product and service catalogues. A pilot rollout of 50 GeM Suvidha Kendras will provide guidance, training, onboarding support, capacity building, and grievance redressal for a range of enterprises.
June 19, 2026
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Rupee appreciation gains support from India-US trade optimism, foreign inflows and softer crude prices.
The rupee appreciated in early trade against the US dollar, supported by optimism over India-US trade negotiations, firm foreign inflows and softer crude oil prices. Market sentiment remained positive as traders tracked developments suggesting momentum in talks on a proposed trade pact and an improvement in external flows. The foreign exchange market also reflected expectations that the Reserve Bank of India may use incoming dollar inflows to rebuild foreign exchange reserves and gradually reduce its forward dollar book.
June 18, 2026
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Direct tax collections rise on stronger advance tax mop-up and higher corporate tax receipts across key segments.
Net direct tax collection increased by 14.64 per cent to over Rs 5.21 lakh crore up to June 17 of the fiscal year, driven primarily by higher advance tax mop-up from corporates. Net corporate tax collection rose 22 per cent, while net non-corporate tax collection increased 8 per cent. Securities Transaction Tax collection also recorded strong growth, and advance tax collection rose 15.30 per cent, with corporate and non-corporate advance tax both showing gains.
June 18, 2026
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Aquaculture feed price stabilisation drives a committee plan, with manufacturers agreeing to reduce prices and review sector concerns.
Aquaculture feed pricing was addressed as a sectoral price-stabilisation issue, with manufacturers agreeing to reduce prices by Rs 4 per kg after a directive from the Chief Minister. A committee of aqua farmers, feed manufacturers and officials was proposed to develop a long-term mechanism for price stabilisation and to examine processing-related issues and pollution control measures, with recommendations due within 20 days. The discussion also covered subsidy awareness, insurance coverage, nursery ponds, water supply and strict quality control in aquaculture production.
June 18, 2026
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Interim free trade agreement negotiations advance as leaders urge swift conclusion of the India-US trade pact.
Trade negotiations between India and the United States were described as being in the final stages of an interim free trade agreement, with both leaders directing their negotiators to conclude the pact at the earliest. The discussions were said to have addressed uncertainty in bilateral trade and to have produced significant progress, with further talks expected to continue through an upcoming visit by the US Trade Representative.
June 18, 2026
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Direct tax collection growth drives higher net income tax mop-up, with corporate and non-corporate taxes both rising.
Direct tax collection recorded year-on-year growth during the early part of the fiscal year, with net income tax collection rising to over Rs 5.21 lakh crore by June 17. Net corporate tax collection increased sharply, while net non-corporate tax collection also posted growth; the non-corporate category covers taxes paid by individuals, HUFs and firms. Refunds were issued during the period and showed a marginal increase compared with the corresponding earlier period.
June 18, 2026
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Phased customs duty cuts on UK passenger car imports set quota limits, price bands and EV concession rules.
India-UK Comprehensive Economic and Trade Partnership provides for phased, quota-based reduction of customs duty on passenger car imports from the UK into India over the first 15 years of implementation. Conventional-engine passenger cars are subject to specified annual quotas across engine-size categories, with duty reductions tapering to a final 10 per cent, while electric, hybrid and hydrogen passenger cars receive concessions only from the sixth year, subject to price bands and quotas. Zero-emission two-wheelers, buses and trucks are excluded from any customs duty concession commitment.

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Corp. Laws / SEBI / IBC

Govt should amend legal framework to make passport, Aadhaar valid proofs of citizenship: Tharoor

June 26, 2026

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New Delhi, Jun 26 (PTI) Amid the row over the passport-citizenship issue, senior Congress leader Shashi Tharoor on Friday said the government should amend the legal framework to make both the passport and the Aadhaar card valid and conclusive proofs of Indian citizenship unless they are explicitly cancelled or withdrawn by the state.

He said implementing this requires solving a critical administrative hurdle because Aadhaar is currently issued based on 182 days of local residence rather than nationality, and it is held by citizens and non-citizen residents alike.

"The solution is straightforward. The Unique Identification Authority of India (UIDAI) should introduce a visually distinct Aadhaar card (featuring, say, a visible diagonal red stripe across the front), specifically designated for non-citizens living in India," Tharoor said.

"The recent statement by the Ministry of External Affairs (MEA) -- on #PassportSevaDivas, no less! -- clarifying that an Indian passport is primarily a 'travel document and not conclusive proof of citizenship' has triggered a predictable wave of public bewilderment and political sparring," the former minister of state for external affairs said on X.

While the government defends this as a long-standing legal position rooted in Section 20 of the Passports Act of 1967, which technically allows the state to issue passports to non-citizens under rare, public-interest circumstances, this is a distinction without a difference, meaningless to the average citizen, Tharoor argued.

"For decades, the passport has been considered the gold standard of identity. We navigate the gruelling bureaucratic maze of police verifications and document checks required to obtain one, precisely because the state demands concrete proof of citizenship before granting it.

"To turn around and declare that the very document born from this rigorous vetting does not actually prove citizenship creates an absurd legal paradox," he said.

If a passport does not establish domestic citizenship, then what does, asked the MP from Thiruvananthapuram.

"The Supreme Court has already ruled that the Aadhaar card is merely a proof of identity and residence, not citizenship. This leaves millions of Indians in a bizarre administrative limbo where they possess world-class biometric and state-issued documents, yet none are legally deemed 'conclusive' proof of their nationality within their own borders," the Congress leader said.

"To end this fatuous controversy once and for all, a common-sense legislative overhaul is urgently required. The government should formally amend the legal framework to make both the passport and the Aadhaar card valid, conclusive proofs of Indian citizenship unless they are explicitly cancelled or withdrawn by the state," he said.

Implementing this requires solving a critical administrative hurdle -- because Aadhaar is currently issued based on 182 days of local residence rather than nationality, it is held by citizens and non-citizen residents alike, he pointed out.

"The solution is straightforward. The Unique Identification Authority of India (UIDAI) should introduce a visually distinct Aadhaar card (featuring, say, a visible diagonal red stripe across the front), specifically designated for non-citizens living in India. By clearly demarcating the two categories, the state can safely mandate that carrying either a standard citizen's Aadhaar or a valid passport is compulsory and sufficient proof of citizenship for all Indian nationals at all times," he said.

This dual-document policy would immediately streamline domestic verification, eliminate arbitrary bureaucratic challenges during electoral revisions, and provide every Indian with absolute, unquestionable legal certainty regarding their identity, Tharoor said.

The raging controversy erupted on Thursday on the passport-citizenship issue with the government asserting that no new decision has been taken on the travel document in the past 12 years and the opposition alleging that groundwork is being done to "arbitrarily deny" citizenship rights to those who "disagree" with the ruling dispensation.

Citing the Passports Act 1967, government sources said passports can be given to even non-citizens "in the public interest" while Election Commission officials said passport continues to be among the 12 valid supporting documents required by voters to prove their eligibility to be on the voters' list.

Amid the row, the Ministry of External Affairs (MEA) on Thursday published a gazette notification, dated June 20, announcing the hike in the application fee for an ordinary fresh passport containing 36 pages from Rs 1,500 to Rs 2,500.

The controversy emerged after the media reported, quoting MEA officials, that a passport is a travel document, not proof of citizenship. It is not a document that establishes citizenship, the MEA officials had said on Wednesday.

"It was not decided yesterday that the passport is not proof of citizenship. It was not even decided in the last 12 years under the Narendra Modi government. The passport has never been a proof of citizenship," a government source said.

The sources also cited Section 20 of the Passports Act, 1967, which says that passports and travel documents can be issued to persons who are not citizens of India. PTI ASK ASK KSS KSS

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