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September 12, 2026
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Temporary debit holds for suspected money-mule and cyber-fraud accounts are proposed through a standardised banking procedure.
Draft Reserve Bank of India (Know Your Customer) Amendment Directions, 2026 propose a Standard Operating Procedure for banks to place temporary debit holds on amounts or accounts linked to money-mule activity and cyber-enabled financial fraud. The consolidated draft applies to commercial banks, including small finance banks, payments banks, regional rural banks and local area banks, and to urban cooperative banks. Feedback may be submitted through the Reserve Bank's Connect 2 Regulate portal or by email before final directions are issued separately.
September 11, 2026
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Municipal salary arrears and GST grant demands prompted temporary strike suspension after payment and committee assurances.
Municipal employees temporarily suspended their strike after the administration committed to pay two months' pending salaries by September 15 and arrange clearance of remaining salary arrears within 30 days. The employees had sought payment of salary arrears, increased GST grants to the civic body, and release of the outstanding difference in GST grants. A committee is to pursue the pending GST grant proposals at the government level.
September 11, 2026
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Aadhaar-linked OTP information enabled tracing of a missing adult while investigation continued to locate the minor companion.
Aadhaar-linked OTP information assisted investigators in tracing an adult student missing for more than seven months. A recent Aadhaar-based transaction recorded her husband's mobile number for OTP receipt, allowing police to trace the number and locate her. The CID had assumed investigation pursuant to a High Court order on a habeas corpus petition. The student was produced before the High Court, while tracing efforts continued for her minor companion, who remained missing.
September 11, 2026
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Inflation risks from oil shocks support proposed policy-rate tightening to prevent broader consumer-price pressures before they become entrenched.
Monetary policy tightening is advocated to counter persistent external shocks, elevated crude oil prices, and expanding inflationary pressures. The proposed response is based on the risk that sustained high oil prices may raise consumer-price inflation and entrench inflation before a complete cost pass-through occurs. Banking-system liquidity has increased through foreign currency deposit inflows, but anticipated strong credit demand is expected to absorb the surplus and normalise liquidity by the end of the financial year.
September 11, 2026
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Money-laundering investigation prompts competing demands for a police case and allegations of political misuse by investigators.
Enforcement Directorate action in the CMRL-linked matter prompted a request for registration of an FIR based on material recovered during investigation and searches under the Prevention of Money Laundering Act. BJP representatives asserted that the material warranted investigation under the Prevention of Corruption Act and alleged delay in acting on it. CPI(M) representatives disputed the investigation's neutrality, alleging coercive collection of statements and political misuse of investigative processes. The reported allegations and counter-allegations concern initiation and conduct of a criminal investigation.
September 11, 2026
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India-UK free trade agreement drives northern England delegation to develop trade links, investment pipelines, and long-term India partnerships.
India-UK Comprehensive Economic and Trade Agreement implementation is being leveraged through a strategic partnership supporting the Great North Mayor Mission to India. The mission is intended to convert free-trade opportunities into investment, commercial engagement, employment and sustained business relationships. Northern England's regions will combine collective engagement with region-specific market strategies, relationship-building and operational programmes focused on their respective economic strengths.
September 11, 2026
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Rupee depreciation reflects risk aversion and elevated crude prices, while central-bank support may cushion lower-level pressure.
Rupee depreciation against the US dollar continued amid global risk aversion, elevated crude oil prices, higher bond yields and weak domestic sentiment. Lower crude prices, recovery in domestic equities and suspected Reserve Bank of India intervention supported a partial intraday recovery. Foreign-exchange conditions were also influenced by dollar strength, inflation concerns, anticipated US data, domestic equity declines and net foreign institutional equity sales. India's foreign-exchange reserves rose sharply to a record level despite continuing currency-market volatility.
September 11, 2026
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Trade barrier reduction within BRICS is linked to startup expansion, business partnerships, digital cooperation, and secure maritime commerce.
BRICS economic cooperation is advanced through proposed removal of major trade barriers, expanded cross-border investment and business ties, and measurable annual targets for startup expansion and commercial partnerships. Secure sea lanes, open supply routes, freedom of navigation and seafarer safety are treated as necessary for global trade and supply-chain continuity. Infrastructure, strategic technologies, startup innovation and digital public infrastructure are identified as platforms for deeper cooperation, supported by incubator, MSME, startup, agriculture, health care, skills and smart-grid networks.
September 11, 2026
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Five-day banking week demand prompts nationwide union strike, disrupting public-sector banking operations and escalating action over unresolved pension issues.
Nationwide bank employee strike action disrupted cash deposits, withdrawals, cheque clearances and administrative work, principally at public sector bank branches. The principal demand is implementation of a five-day banking week by declaring all Saturdays as holidays. This demand is linked to the 12th Bipartite Settlement but remains pending government notification. Other unresolved demands concern pension updation, a uniform dearness allowance formula for pensioners, and an option for National Pension System employees to shift to the Old Pension Scheme.
September 11, 2026
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Foreign exchange compliance investigation examines alleged overseas shareholdings, unauthorised cash investments, and contractor-bribery evidence linked to public works tenders.
Foreign Exchange Management Act investigation into alleged undisclosed overseas investments led to searches of premises connected with a Karnataka public works minister, family members, associates and a private company. The investigation alleges foreign shareholdings, cash investments in a Congo-based entity through unauthorised channels, and bribe payments connected with a public works tender and foreign asset acquisition. Cash, foreign currency, digital devices and records relating to foreign entities and alleged contractor-bribery collections were seized.
September 11, 2026
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Asset restoration under anti-money-laundering law does not itself terminate criminal prosecution or excuse evasion of legal process.
Money-laundering prosecution is not rendered infructuous merely because claimant banks recover debts from attached assets restored to them. Restoration under the Prevention of Money Laundering Act enables legitimate claimants to recover losses but does not cancel or require discontinuance of criminal proceedings concerning alleged laundering and misappropriation of bank-loan funds. The Enforcement Directorate also maintains that failure to respond to summons and submit to criminal-court jurisdiction remains material to the proceedings.
September 11, 2026
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Central bank digital currency development should support tokenised settlement while cybersecurity safeguards address AI-driven systemic risks.
Central bank digital currency development was urged to be advanced through wholesale and retail pilots, with stronger digital rupee capabilities supporting tokenisation. A tokenised corporate bond pilot showed that the digital rupee can enable simultaneous transfer of asset and payment legs, permitting settlement on the payment date. Tokenisation may reduce intermediaries and accelerate transfers, but requires systemic-risk and cybersecurity safeguards because errors, fraud and market shocks may spread faster. AI can improve fraud detection while also enabling sophisticated automated cyberattacks.
September 11, 2026
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Five-day banking workweek demand drives nationwide employee protest over delayed implementation and performance-linked incentive concerns.
Bank employees and officers supported a nationwide strike seeking implementation of a five-day banking system following delay in acting on an agreement between banking unions and the Indian Banks' Association. The proposed arrangement contemplated Saturday holidays with increased daily working hours to preserve customer-facing banking hours. Union representatives also objected to a unilateral and discriminatory Performance Linked Incentive scheme and sought bilateral discussions to resolve pending workweek, incentive, and other banking-sector issues.
September 11, 2026
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UPI-native credit infrastructure enables pre-approved credit lines, issuance management, interoperable payments and financing across digital commerce.
Credit Line on UPI (CLOU) enables banks to offer pre-approved, risk-graded credit facilities directly through a customer's UPI ID for merchant transactions. The platform consolidates customer eligibility assessment, credit-line creation, digital consent and activation, transaction processing, risk controls, billing, payments and collections. PhiAMS supports the credit lifecycle from origination and product configuration to limit management, authorisation, billing, collections, risk management and customer servicing.
September 11, 2026
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BRICS trade cooperation highlights export growth and addresses non-tariff barriers, value chains, agriculture, services and digital economy.
BRICS trade cooperation is marked by reported growth in member-country exports and a near doubling of BRICS nations' share of global exports. Business-forum discussions address non-tariff barriers affecting global value chains, agriculture and agri-technologies, services trade, women-led enterprises and the digital economy.
September 11, 2026
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Foreign exchange reserve accumulation through concessional forex swaps strengthened foreign currency assets while gold reserves and special drawing rights declined.
India's foreign exchange reserves increased by USD 44.903 billion to USD 785.706 billion in the week ended September 4, following an increase in the preceding reporting week. Reserve accumulation resumed after concessional forex swap initiatives announced amid local-currency depreciation. Foreign currency assets rose to USD 648.168 billion, including valuation effects from non-US currencies. Gold reserves and special drawing rights declined, while the reserve position with the International Monetary Fund increased marginally.
September 11, 2026
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Money laundering investigation into public service examination irregularities resulted in arrest and proposed custodial interrogation of an additional collector.
Money-laundering proceedings under the Prevention of Money Laundering Act concern alleged corruption, question-paper leaks, and manipulation of state Public Service Commission examinations conducted in 2020 and 2021. An additional collector, formerly an officer on special duty in the office of the then chief minister, was arrested in connection with the investigation. Custodial interrogation is proposed to be sought before the special Prevention of Money Laundering Act court.
September 11, 2026
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Trusted financial innovation requires resilient payments, inclusive design, accountable digital lending, responsible AI, and proportionate risk-based regulation.
Trusted financial innovation requires financial stability, customer protection, security, transparency, accountability and fairness. Digital payments, as critical infrastructure, require operational and cyber resilience, ecosystem-wide fraud prevention, effective authentication, grievance redressal and timely customer access to funds. Digital lending does not dilute regulated-lender responsibility; borrowers must understand loan terms, and data use must be consent-based, purpose-linked and secure. Institutions remain accountable for algorithmic decisions, model bias and explainability. Regulation should be proportionate to risk while supporting inclusive, resilient innovation.
September 11, 2026
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Trusted fintech innovation requires inclusive design, consent-based data use, resilience, responsible scaling, and proportionate activity-based regulation.
Fintech should advance financial inclusion through accessible savings, insurance, pensions and small-ticket credit, while AI, quantum computing and tokenisation serve consumer service, credit assessment, efficiency and fraud prevention. Trust requires mitigating AI-related risks, treating customer data as a fiduciary responsibility, using consent-based and purpose-limited data sharing, and maintaining resilience, continuity and cybersecurity at scale. Regulation is proportionate and activity-based, calibrated to risk, capacity, systemic significance and consumer conduct.
September 11, 2026
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Industrial smart cities support manufacturing partnerships, localisation, technology collaboration and investor facilitation for expanded operations in India.
NICDC conducted business-to-business meetings with Russian counterparts, BRICS delegates, prospective investors and industry representatives to explore manufacturing partnerships, localisation, technology collaboration and supply-chain integration. Industrial Smart Cities were presented as platforms offering serviced industrial land, quality infrastructure, multimodal connectivity and investor facilitation for manufacturing investment. The engagements promoted collaboration among manufacturers, technology providers and supply-chain participants.

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Customs, DGFT & SEZ

India's Toy Exports Soar 89.1%, Reflecting Strong Growth in Domestic Manufacturing

July 28, 2026

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Toy Biz International 2026 Showcases 400 Indian Brands, Boosting Domestic Sales and Export Opportunities

Government Initiatives Boost Quality, Safety and Competitiveness of India's Toy Industry

The 17th Toy Biz International B2B Exhibition was organized by the Toy Association of India from 4th to 7th July, 2026 at Bharat Mandapam, New Delhi. The Exhibition aimed at promoting Indian toys, facilitating business networking, and creating opportunities for growth in domestic sales and exports. It witnessed participation of 400 Indian toy brands, 100 international buyers from 40 countries, and around 30,000 business visitors. The exhibition provided platform for connecting manufacturers with wholesalers, retailers, distributors, institutional buyers and e-commerce platforms.

At present, there is no dedicated toy policy of the Government of India.

In 2018-19, Toys worth USD 371.7 Mn were imported into India. A large proportion of these toys were unsafe, substandard, counterfeit, and cheap. Further, a Mystery Shopping exercise conducted in 2019 revealed that only 33% toys in the domestic market were of acceptable quality as per BIS standards.

In order to improve the quality and safety of toys in the country and to promote the overall development of the Indian toy industry, the Government of India has undertaken several initiatives. The key initiatives are as follows:

  • Formulation of a comprehensive National Action Plan for Toys (NAPT), comprising 21 action points and coordinated by 14 Ministries and Departments. It focuses on promoting the design and development of toys based on Indian values, culture, and history; encouraging the use of toys as learning resources; organizing hackathons, toy fairs, and grand challenges for toy design and manufacturing; strengthening quality monitoring and restricting the import of substandard and unsafe toys; promoting indigenous toy clusters; and boosting domestic manufacturing.
  • Basic Custom Duty (BCD) on Toys (HS Code-9503) was increased from 20% to 60% in February 2020, and subsequently increased to 70% in 2023. Further, the BCD on Parts of Electronic Toys (HS 95030091) revised as 20% in the Budget F.Y. 2025-26.
  • A Quality Control Order (QCO) for Toys was issued on 25.02.2020, implemented with effect from 01.01.2021.
  • BIS has granted more than 1800 licenses to domestic manufacturers of toys and more than 50 licenses to foreign manufacturers for use of BIS Standard Mark on toys conforming to the Indian Standards for safety of toys.
  • The National Education Policy 2020 formulated by Ministry of Education focuses on play and activity-based learning. A handbook on ‘Toy Based Pedagogy’ has been published by NCERT with the objective of ensuring that the learning process for children is enjoyable and fun. It prescribes toys, especially based on indigenous toys and games to be used at different stages to help develop many competencies in young children.
  • Cluster-based approach adopted to support domestic Toy industry. The Ministry of MSMEs has approved 18 Toy clusters under the Scheme of Funds for the Regeneration of Traditional Industries (SFURTI), and the Ministry of Textiles is providing designing and tooling support to 40 Toy clusters.
  • More than 700 startups have been recognised by DPIIT under Startup India initiative.
  • More than 2,200 exporters have been supported under Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for exports of Toys.
  • Zero duty market access under India-UAE Comprehensive Economic Partnership Agreement (CEPA), the India-Australia Economic Cooperation and Trade Agreement, and India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement, India-Oman Comprehensive Economic Partnership Agreement, India-New Zealand Free Trade Agreement, and India-United Kingdom Comprehensive Economic and Trade Agreement.
  • Several promotional initiatives have also been undertaken to promote indigenous toys and encourage innovation, including Toycathon, Toy fairs, etc.

These initiatives have resulted in remarkable growth of the Indian Toy industry. As per a BIS survey conducted in 2025, 95% of toy samples were found conforming to the prescribed quality standards, as against 33% in 2019, indicating a substantial improvement in the quality of toys available in the Indian market.

Further, the Indian toy industry has emerged as a net exporter of toys with exports to countries including United States, United Kingdom, the Netherlands and Germany. The import of toys into India has declined by 37.5%, while toy exports have increased by 89.1%.

Trade

FY 2018-19

FY 2025-26

Growth (%)

India's Imports from World ($ Mn.)

371.7

232.3

-37.5%

India's Exports to World ($ Mn.)

203.5

384.7

89.1%

Source: Tradestat website & Data for HS 9503, HS 9504 & HS 9505.

This information was given by Minister of State for Ministry of Commerce and Industry, Shri Jitin Prasada in a written reply in Lok Sabha today.

***

Abhishek Dayal/ Garima Singh/ Ishita Biswas

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