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September 12, 2026
BRICS adopts landmark declaration as PM Modi calls to replace 'pyramid of privilege' in global governance
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Global governance reform prioritises representation, responsiveness and rule-making while addressing trade restrictions, conflict, terrorism and seafarer protection.
Global governance reform is pursued through a BRICS roadmap focused on representation, responsiveness and rule-making, with greater participation for the Global South. BRICS also raises concerns about tariffs, non-tariff measures, protectionism, unilateral sanctions and coercive measures that may disrupt trade, supply chains and energy security. The agenda supports dialogue and diplomacy in West Asia, zero tolerance for terrorism, and a Seafarers' Emergency Support Network to coordinate distress alerts, medical aid, family notifications and evacuations.
September 12, 2026
Following are the top foreign stories at 2030 hours
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Trade sanctions and import duties shape proposed Russia measures and solar import restrictions affecting India and other trading partners.
Trade-related developments include proposed sanctions on Russia coupled with tariffs on its trading partners, including India, and final anti-dumping and countervailing duties on solar-cell and panel imports from India, Indonesia and Laos. The duties are linked to allegations of unfair government subsidies and injury to domestic industry. Cross-border cooperation also concerns repatriation of trafficked orangutans, climate security, trade, infrastructure and resumed passenger air connectivity between Guangzhou and New Delhi.
September 12, 2026
RBI rejects Tata Sons' bid to surrender NBFC licence, setting stage for mandatory listing
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Upper Layer NBFC Classification Triggers Mandatory Listing After Deregistration Request Is Rejected for a Private Holding Company.
Rejection of the application to surrender Core Investment Company registration reportedly keeps Tata Sons within the NBFC framework as an Upper Layer NBFC. The classification imposes enhanced regulatory obligations, including mandatory stock-exchange listing for privately held entities. Revised norms provide for automatic Upper Layer inclusion where an NBFC meets the prescribed asset threshold. Any listing would entail regular public disclosures and greater scrutiny of finances, investments and capital allocation. Enhanced Upper Layer requirements continue for at least five years after listing, even if qualifying thresholds are later no longer met.
September 12, 2026
BRICS adopts New Delhi Declaration with consensus, skips mentioning US attack on Iran
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Trade-restrictive actions and unilateral sanctions are opposed as members promote lawful commerce, diplomacy, and counterterrorism cooperation.
Trade policy commitments express concern over trade-restrictive actions inconsistent with WTO rules, including indiscriminate tariffs, unilateral tariff and non-tariff measures, and protectionism presented as environmental action. Unilateral coercive measures, including unilateral economic and secondary sanctions contrary to international law, are condemned for adverse human-rights implications, with a call for their elimination. Counterterrorism cooperation requires zero tolerance, rejection of double standards, accountability for terrorist activity and support, and compliance with international-law obligations.
September 12, 2026
RBI rejects Tatas'€™ bid to surrender NBFC licence, group will have to list on bourses: Sources
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Upper-layer NBFC listing requirements apply after licence-surrender rejection, making public market listing mandatory for the holding company.
Reported rejection of Tata Sons' application to surrender its NBFC licence leaves it classified as an upper-layer NBFC and subject to mandatory public listing. The deregistration application was reportedly declined because necessary criteria were not met. The upper-layer NBFC framework identifies entities requiring compulsory listing and automatically includes NBFCs with assets above the prescribed threshold.
September 12, 2026
BRICS leaders oppose 'punitive, discriminatory’ carbon border taxes
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Carbon border adjustment mechanisms are criticised as unilateral, discriminatory trade measures affecting carbon-intensive imports from developing economies.
Carbon border adjustment mechanisms are characterised as unilateral, punitive, discriminatory and protectionist measures inconsistent with international law, with concern that they may undermine developing countries' climate-change adaptation and resilience efforts. Such mechanisms impose additional import duties on carbon-intensive goods according to emissions generated in manufacture and may affect iron and steel, cement, fertiliser and aluminium exports.
September 12, 2026
RBI rejects Tata Sons' bid to surrender NBFC licence, say sources
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Upper-layer NBFC listing requirements may require Tata Sons to pursue public markets after deregistration request rejection.
Reported rejection of Tata Sons' application to surrender its non-banking financial company licence is attributed to failure to satisfy applicable deregistration criteria. The company is consequently described as remaining classified as an upper-layer NBFC, a classification carrying a mandatory public-markets listing requirement. The reported position makes a listing of the holding company imminent.
September 12, 2026
US finalises levies on solar cell imports from India, Indonesia, Laos
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Anti-dumping and countervailing duties on solar imports await final injury findings before duty orders or investigation termination.
United States final affirmative determinations in anti-dumping and countervailing duty investigations concerning crystalline silicon photovoltaic cells and panels imported from India, Indonesia and Laos establish dumping margins and countervailing duty rates. A final injury determination remains necessary before duty orders may be issued. An affirmative injury determination will lead to anti-dumping and countervailing duty orders based on the established rates, while a negative determination will terminate the investigations.
September 12, 2026
BRICS hits unilateral tariffs, CBAM as protectionist, demands fairer global trade rules
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Multilateral trade reform challenges unilateral tariffs, carbon border measures, and sanctions while advancing equitable market access.
BRICS opposes unilateral tariff and non-tariff measures that distort trade, disrupt supply chains and widen economic disparities. It also rejects unilateral, punitive, discriminatory or protectionist carbon border adjustment mechanisms that can restrict developing countries' market access and undermine climate-adaptation and resilience efforts. BRICS supports an open, equitable and rules-based multilateral trading system, including restoration of an accessible two-tier binding dispute-settlement mechanism. Its wider agenda links trade reform with resilient supply chains, sovereign control over critical minerals, higher-value manufacturing participation, and improved finance for export-oriented small businesses.
September 12, 2026
BRICS adopts New Delhi Declaration with consensus, skips mentioning US on West Asia crisis
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Consensus-based multilateral cooperation urges West Asia diplomacy, civilian protection, counterterrorism coordination, and WTO-consistent trade without unilateral restrictions.
The consensus New Delhi Declaration calls for maximum restraint in West Asia, civilian protection, and dialogue and diplomacy for lasting regional peace. It urges cooperation to maintain global trade, supply chains and energy flows under applicable international law. It also commits members to zero tolerance for terrorism, including cross-border terrorism, terrorism financing and safe havens, while rejecting double standards. Unilateral tariff and non-tariff measures, indiscriminate tariff increases, and environmental protectionism are criticised where inconsistent with WTO rules or trade-distorting.
September 12, 2026
BRICS urges IMF, World Bank reforms, hits unilateral tariffs and sanctions
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Multilateral trade governance faces calls for restored binding dispute settlement, opposition to unilateral tariffs and sanctions, and financial institution reform.
BRICS supports a rules-based multilateral trading system and seeks restoration of an accessible, effective, fully functioning two-tier binding dispute-settlement mechanism, including prompt appointment of Appellate Body members. It opposes unilateral tariff and non-tariff measures, trade restrictions, and economic or secondary sanctions not authorised by the UN Security Council. It also seeks reform of International Monetary Fund and World Bank governance through greater representation, quota and shareholding realignment, and increased voting power for emerging markets and developing economies.
September 12, 2026
BRICS finance chiefs push for deeper financial cooperation; IMF, World Bank reforms
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Global financial governance reform seeks greater emerging-economy representation, alongside expanded development finance, liquidity support and payment cooperation.
BRICS finance ministers and central bank governors seek reform of global financial governance to increase emerging-market and developing-economy representation in the International Monetary Fund and World Bank. The agenda includes quota realignment, transparent leadership selection and correction of developing-country underrepresentation. Cooperation also supports expanded New Development Bank financing, local-currency lending, a multilateral guarantees mechanism, and a more flexible Contingent Reserve Arrangement for liquidity support during balance-of-payments pressures.
September 12, 2026
India-China trade: A snapshot
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Cross-border supply-chain dependence shapes imports of industrial inputs, while foreign investment screening remains stricter for land-border linked entities.
India-China trade reflects a widening deficit driven by imports of industrial raw materials, intermediate goods and capital goods used in manufacturing. Dependence is concentrated in electronics, machinery, computers, organic chemicals, electronic components, batteries, solar modules, active pharmaceutical ingredients and specialty chemicals. Foreign direct investment norms are relaxed for certain companies outside land-border countries where beneficial ownership from such countries remains below the specified threshold and non-controlling. Entities registered in China, Hong Kong and other land-border countries remain excluded from that relaxation.
September 12, 2026
RBI invites comments on the Draft “Reserve Bank of India (Know Your Customer) Amendment Directions, 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
Parbhani civic staffers suspend strike after agreement on pending salaries of two months
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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
Bengaluru girl missing for over seven months traced using Aadhaar OTP
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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
RBI should hike rate by 25 bps in Oct to counter external shocks: SBI Research
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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
BJP seeks Vijayan's resignation as LoP; CPI(M) calls ED move 'political'
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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
Major northern England delegation to India to tap into FTA benefits
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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
Rupee falls 2 paise to close at 95.54 against US dollar
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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.

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Following are the top foreign stories at 2030 hours

September 12, 2026

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FGN20: UN-9/11-US

Together, we hunted down bin Laden: US tells UNSC on 25th anniversary of 9/11 attacks United Nations: The United States told the UN Security Council that “we hunted down” Al-Qaeda leader Osama bin Laden as the 15-nation body adopted its first presidential statement on counter-terrorism in five years on the 25th anniversary of the September 11 attacks.

FGN5: US-SANCTIONS-BILL

US House of Representatives to take up Russia sanctions bill next week Washington: The US House of Representatives is set to take up for vote the Russia sanctions bill that also seeks to impose tariffs on its trading partners, including India.

FGN34: NEPAL-FLOODS

Nepal floods: Search operations continue for 5,000 still missing Kathmandu: Search operations continued in Nepal on Saturday, more than two weeks after devastating flash floods, with teams continuing efforts to trace more than 5,000 people still missing.

FGN37: US-LEVIES-SOLAR CELLS

US finalises levies on solar cell imports from India, Indonesia, Laos Washington: The US has finalised high anti-dumping and countervailing duties on the import of solar cells and panels from India and two other countries, contending that producers and exporters benefited from unfair government subsidies and harmed American industry.

FGN41: INDONESIA-INDIA-ORANGUTANS

Indonesia working with Indian authorities to repatriate smuggled baby orangutans Jakarta: Indonesia is working with the authorities in India to expedite the repatriation of five baby orangutans who were found in an Odisha forest, suspected to be victims of transnational wildlife trafficking, according to a local media report.

FGN28: NEPAL-FM-CLIMATE

Nepal-China collaboration needed to minimise climate-related disasters: Nepal FM Khanal Kathmandu: Nepal’s Foreign Minister Shisir Khanal on Saturday underscored the need to take Nepal-China relations beyond the confines of traditional border management to a new level of ecological collaboration, climate security and strategic partnership based on technology, trade and infrastructure development.

FGN18: CHINA-INDIA-FLIGHT

China Southern Airlines to resume Guangzhou-Delhi flights after 6 years Beijing: China Southern Airlines on Saturday announced that it will resume regular passenger services on the Guangzhou-New Delhi route from September 21, restarting the service after a six-year suspension.

FGN40: RUSSIA-UKRAINE-2NDLD WAR

5 killed in Russian strikes on Ukraine as Putin warns Europe against sending troops Kyiv: Russian strikes killed five civilians and wounded dozens in Ukraine, local officials said Saturday, after Russian President Vladimir Putin warned that sending European troops into Ukraine would amount to direct conflict with Russia.(AP)

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