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    Drugs: ED raids in 4 states; over 2 dozen offenders, foreign links under scanner
    Razorpay Launches a Conversational AI Account Manager 'RAY' on WhatsApp For Businesses, in Partnership with IndusInd Bank
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    VR LIVIN’s ‘THE FIRST’ Records Sale of 20 Villas Within Two Days of Launch
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September 3, 2026
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Money-laundering probes into narcotics trafficking rely on predicate police and narcotics cases and examine cross-border linkages.
Money-laundering investigation under the Prevention of Money Laundering Act involves coordinated searches in connection with multiple narcotics-trafficking matters. The investigation is founded on police and Narcotics Control Bureau FIRs and linked chargesheets concerning separate drug-trafficking allegations, including alleged trafficking in methamphetamine, marijuana and MDMA with suspected cross-border linkages.
September 3, 2026
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Conversational AI account management enables businesses to access payment information, settlement support, refunds, and payment links through WhatsApp.
RAY is a conversational AI account manager on WhatsApp that enables businesses to access payment information, support, and operational actions through messages or voice notes. It can provide payment summaries, analyse payment activity, monitor settlement status, generate payment links, and issue refunds. The AI assistant is designed to proactively identify payment-health issues, flag settlement events, recommend actions, and use merchant-specific context to support payment management without dashboard navigation.
September 3, 2026
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Portfolio management services distribution enables certified mutual fund distributors to digitally onboard and report for eligible high-net-worth clients through AssetPlus.
AssetPlus has launched Portfolio Management Services for certified Mutual Fund Distributor partners to digitally onboard, track, manage and report PMS investments for eligible high-net-worth clients. PMS distribution requires NISM Series-XXI-A certification and operates within the APRN distributor-registration framework. PMS comprises individually managed portfolios run by SEBI-registered Portfolio Managers and held in clients' demat accounts. The minimum investment is Rs. 50 lakh, and offerings are governed by the SEBI (Portfolio Managers) Regulations, 2020. The platform provides daily reconciliation of holdings, performance and valuations.
September 3, 2026
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NPOP-certified ethnic rice exports strengthen organic producer access to international markets through certification, traceability, and organised export production.
NPOP-certified ethnic rice exports from Tripura to Austria and the Netherlands connect local farmers and Farmer Producer Companies with international markets through organised, export-oriented production. The initiative emphasises certification, traceability, food safety and quality as requirements for access to markets for certified organic products. Buyer-seller linkages support export opportunities, while coordinated organic value-chain engagement strengthens certification and quality systems and supports producers in meeting international standards.
September 3, 2026
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Gated residential community launch combines smart-home villas, extensive lifestyle amenities and planned expansion into future residential developments.
VR LIVIN Ventures LLP launched 'THE FIRST', an 83-villa gated residential community in Madhavaram, North Chennai, which recorded sales of 20 villas during its first two launch days. The development includes smart-home villas and more than 50 lifestyle amenities, with access to nearby metro connectivity and social infrastructure. It forms part of the company's intended expansion of residential projects in Chennai and other South Indian locations.
September 3, 2026
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GST rationalisation for amusement park admissions could lower ticket prices, stimulate consumer demand, and support investment without input tax credit.
GST rationalisation for amusement park, water park and indoor entertainment admission tickets is sought through a flat 5% GST rate without Input Tax Credit. The proposed rate is intended to reduce ticket prices, improve affordability and increase customer demand in a capital-intensive tourism and entertainment sector. Many smaller and mid-sized operators report limited ability to offset GST liability through ITC. Lower taxation is projected to support facility expansion, revenue growth, new investment, employment and reinvestment in recreational services.
September 3, 2026
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Money laundering linked to hybrid ganja smuggling involves alleged illicit cross-border transfers and foreign-exchange violations.
Enforcement Directorate searches form part of a money-laundering investigation into alleged hybrid ganja smuggling from Thailand. A case under the Prevention of Money Laundering Act concerns suspected laundering of drug-trafficking proceeds and transfer of funds to Thailand through illegal channels. The inquiry also examines possible foreign-exchange violations and an alleged arrangement involving carriers, visas and funds for transporting narcotic substances.
September 3, 2026
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Foreign-currency deposit mobilisation supports currency appreciation while creating surplus-liquidity sterilisation pressures through deposit swaps in domestic banking markets.
Foreign-currency deposit mobilisation strengthened foreign-exchange liquidity and supported rupee appreciation. FCNR(B) deposits, together with overseas foreign-currency borrowings and external commercial borrowings, increased aggregate foreign-currency resources. Bank swaps of such deposits with the central bank may create surplus banking-system liquidity and a sterilisation challenge, while oil prices, global yields, dollar movements and foreign equity inflows remain relevant currency-market factors.
September 3, 2026
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Money laundering investigation examines alleged diversion of bank loans from a power project to group entities and personal use.
Money laundering investigation under the Prevention of Money Laundering Act concerns alleged diversion of bank loans obtained by Kohinoor Power for a power plant in Jharkhand. The loan proceeds were allegedly transferred to other group entities and used personally. Searches were conducted at eleven premises associated with the group's promoters, directors and auditors. The company entered liquidation proceedings before the National Company Law Tribunal, with limited recovery for creditors.
September 3, 2026
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Globalisation of auto component manufacturing is linked to trade access, resilient supply chains, technology adoption, safety, and vehicle scrappage.
The auto component industry is encouraged to expand globally through reciprocal market access, overseas manufacturing, international investment and trade partnerships. Supply-chain resilience is to be strengthened through indigenisation of vulnerable products, access to critical minerals, and domestic capacity in auto components, speciality steel, technical textiles and semiconductors. Priority is also given to high-value integrated solutions, artificial intelligence-enabled quality control, vehicle safety and industrial parks offering manufacturing infrastructure. Vehicle scrappage requires coordinated government incentives and fair industry valuation to support replacement demand for new-age vehicles.
September 3, 2026
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Updated IP cooperation guidelines strengthen cross-border innovation, patent examination coordination, traditional knowledge protection, and geographical indication commercialisation.
IP BRICS Heads adopted Updated Operational Guidelines to direct result-oriented intellectual property cooperation, promote cross-border innovation, and reinforce joint engagement in global IP standards. Priority areas include protection of traditional knowledge and traditional systems of medicine, reinforced patent examination cooperation, exchange of search results, patent analytics, and geographical indication protection and commercialisation. Coordination mechanisms and periodic progress reviews are emphasised for effective implementation and continuity of cooperation.
September 3, 2026
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Sovereign credit rating upgrade reflects resilient growth, improved fiscal expenditure quality, stronger financial systems, and a robust external position.
India's long-term foreign-currency and local-currency issuer ratings were upgraded from 'BBB+' to 'A-', with a Stable Outlook, reflecting resilient economic growth, improved fiscal expenditure quality, strengthened financial-sector soundness, and a robust external position. Fiscal improvement is linked to greater capital expenditure and lower fiscal deficit. Financial resilience is supported by improved banking and non-banking sector asset quality and capital adequacy. External strength arises from a contained current account deficit, services surplus, and foreign-exchange reserves exceeding short-term external debt.
September 3, 2026
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Public sector general insurance performance requires profitable underwriting, lower claim ratios, digitalisation, standardised monitoring, and quality grievance redressal.
Public Sector General Insurance Companies were advised to focus on profitable business lines, reduce the Incurred Claim Ratio, and accelerate technology use and digitalisation while optimising related expenditure. They are to improve insurance penetration, density, outreach and customer awareness, particularly in underserved segments, while reducing protection gaps. A robust, standardised KPI framework should enable comparable financial and non-financial performance assessment and be reviewed quarterly. Customer grievances require expeditious and quality redressal.
September 3, 2026
Show AI Summary
Cross-border financing through GIFT-IFSC expands foreign currency mobilisation, external commercial borrowing disbursements, and international bond market access.
GIFT-IFSC's IBUs mobilised foreign-currency liquidity under the RBI's FCNR(B) deposit swap facility, with 20 IBUs sanctioning USD 54.02 billion and disbursing approximately USD 52.82 billion as at 31 August 2026. Between April and August 2026, IBUs disbursed USD 11.62 billion in External Commercial Borrowings, while Indian banks raised USD 11.12 billion through bond listings on IFSC exchanges. These activities support cross-border financing, international capital-market access and foreign-exchange inflows.
September 3, 2026
Show AI Summary
Bilateral business council leadership appointment strengthens operational capacity to advance Canada-India economic and investment partnerships.
Operational leadership for bilateral economic engagement is strengthened through the appointment of Shuchita Sonalika as the first Chief Operating Officer of the Canada-India Business Council. The appointment is directed toward enhancing the council's capacity to support expanding investment and economic relations between Canada and India, in coordination with its board, members and partners. Sonalika brings international affairs experience in advancing India's economic partnerships across global markets.
September 3, 2026
Show AI Summary
Regulatory certainty and compliance reforms support investment facilitation, infrastructure development, MSME credit access, and reduction of bank non-performing assets.
Regulatory certainty, ease of compliance and investment facilitation are identified as central elements of India's economic reform orientation. The Insolvency and Bankruptcy Code is included among reforms supporting regulatory certainty, reduced paperwork and easier compliance. Policy priorities include infrastructure development, artificial intelligence and data centres, credit access for MSMEs, reduction of banks' non-performing assets, fiscal discipline, and investment facilitation by central and state governments.
September 2, 2026
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Sovereign credit rating upgrade reflects resilient economic growth, fiscal quality, financial-system soundness, and external-sector resilience.
Japan Credit Rating Agency upgraded India's foreign-currency and local-currency long-term issuer ratings to A-, citing solid economic growth, strengthened growth-oriented policies and improved financial-system soundness. Improved banking asset quality, insolvency mechanisms, government capital infusion and stronger central-bank supervision support financial resilience. Fiscal quality has improved through greater infrastructure-focused capital expenditure and restraint in current spending, while a contained current-account deficit, services surplus and substantial foreign-exchange reserves support resilience to external shocks.
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.

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Customs & Trade

BRICS adopts New Delhi Declaration with consensus, skips mentioning US attack on Iran

September 12, 2026

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New Delhi, Sep 12 (PTI) In a major diplomatic victory for India, the BRICS grouping adopted a consensus joint declaration on Saturday after overcoming sharp differences between the United Arab Emirates and Tehran regarding the West Asia conflict, but skipped any direct mention of the US strikes on Iran or the Iranian military's attacks on several Gulf Arab nations.

The New Delhi Declaration also did not criticise Russia's war on Ukraine but was severely critical of Israel for continuing violence in Gaza and called for fulfilling the aspirations of the Palestinian people.

BRICS, without naming the US, also voiced serious concerns over the proliferation of "trade-restrictive actions" such as "indiscriminate" tariffs and non-tariff measures as well as protectionism, saying they threatened to further reduce global trade, disrupt global supply chains, potentially exacerbating existing economic disparities.

The grouping came out against "unilateral sanctions" and "coercive measures" that are contrary to international law, in what is seen as a veiled criticism of Western economic sanctions on Russia.

The BRICS leaders appeared to endorse New Delhi's position to end the West Asia conflict through "dialogue and diplomacy" and stressed the need to work together to maintain a smooth flow of global trade, supply chains and energy, in accordance with "applicable" international law.

Adopted on the opening day of the two-day summit, the BRICS declaration is seen as a major triumph for Indian diplomacy. The negotiations on the text of the declaration went down to the wire as both Iran and the UAE had hardened their positions initially. BRICS is a consensus-based grouping, meaning any single member can block a final joint declaration.

Prime Minister Narendra Modi announced the adoption of the declaration at the end of the opening day's deliberations in the presence of Chinese President Xi Jinping, Russian President Vladimir Putin, Iranian President Masoud Pezeshkian, Abu Dhabi Crown Prince Mohamed bin Zayed Al Nahyan and other top leaders of the bloc.

"We express deep concern over the continued escalation of tensions in West Asia and, recalling our respective national positions, call for exercising maximum restraint, as well as avoiding actions that could further aggravate the situation," the declaration said.

"Furthermore, we urge to ensure the protection of civilians and civilian infrastructure in accordance with the purposes and principles of the Charter of the United Nations in their entirety and interconnectedness, including respect for the sovereignty and territorial integrity of the States," it said.

"We encourage increasing efforts, through dialogue and diplomacy, towards a long-term understanding that will contribute to lasting peace, security and stability in the region," it added.

BRICS stressed the need to work together to maintain a smooth flow of global trade, supply chains and energy, in accordance with applicable international law.

The grouping also expressed "deep concern" over the continued violence in Gaza despite the ceasefire agreement of October last year.

"We call for halting any policies aimed at forced displacement of Palestinians from Gaza Strip and express concern regarding arrangements that may prejudice the inalienable rights of the Palestinian people and legitimise or prolong occupation," it said.

"We reaffirm that a just and lasting solution to the Israeli-Palestinian conflict can only be achieved by peaceful means and depends on the fulfilment of the legitimate rights of the Palestinian people, including the rights to self-determination and return," it said.

BRICS also fully backed India's call for zero tolerance towards any form of terrorism and shunning double standards in countering the menace, as the top leaders of the influential grouping agreed to have a concerted approach in dealing with the challenge.

The grouping also condemned in the "strongest terms" the Pahalgam terror attack in Jammu and Kashmir last year that killed 26 people.

"We reaffirm our commitment to combating terrorism in all its forms and manifestations, including the cross-border movement of terrorists, terrorism financing and safe havens," it said.

"We reiterate that terrorism should not be associated with any religion, nationality, civilization or ethnic group and that all those involved in terrorist activities and their support must be held accountable and brought to justice in accordance with relevant national and international law," it said.

"We urge to ensure zero tolerance for terrorism and reject double standards in countering terrorism," it added.

BRICS emphasised that it is the primary responsibility of states in combating terrorism and that global efforts to prevent and counter terrorist threats must fully comply with their obligations under international law, including the Charter of the UN.

"We condemn in the strongest terms the terrorist attack in Jammu and Kashmir on April 22, 2025, during which 26 people were killed and many more injured," it said.

The grouping also criticised the proliferation of "trade-restrictive actions that are inconsistent with WTO rules, whether in the form of indiscriminate raising of tariffs and non-tariff measures, or protectionism under the guise of environmental objectives." "We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules," it said.

BRICS voiced serious concerns about the "rise of unilateral tariff and non-tariff measures.

"We condemn the imposition of unilateral coercive measures that are contrary to international law, and reiterate that such measures, inter alia in the form of unilateral economic sanctions and secondary sanctions, have far-reaching negative implications for human rights," it said.

"We call for the elimination of such unlawful measures, which undermine international law and the principles and purposes of the UN Charter. We reaffirm our opposition to unilateral coercive measures that are contrary to international law," it noted.

BRICS also pressed for reform of the United Nations and even favoured having a woman as the UN Secretary General.

"In light of the ongoing selection process of the next Secretary-General of the UN and bearing in mind the relevant provisions of the UN Charter, we note that no woman has ever been elected for the role of Secretary General, and only one national from Latin America and the Caribbean, and only two nationals from Africa and Asia each have ever occupied this position," it said.

BRICS also noted with concern the polarisation and distrust in the geopolitical landscape and called on the international community to respond to various security threats through politico-diplomatic measures.

"We underscore that security among all countries is indivisible and reiterate our commitment to the peaceful resolution of international disputes through dialogue, consultation and diplomacy." "We encourage the active role of regional organisations in conflict prevention and resolution and support all efforts conducive to the peaceful settlement of crises," BRICS said in the declaration adopted during its 18th summit. PTI MPB RT

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