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    Government Eases RCMC Requirement for Export Consignments up to ₹3 Lakh
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September 16, 2026
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RCMC exemption for eligible small-value exports reduces upfront registration requirements while preserving compliance for larger consignments.
RCMC or Certificate of Registration is not required, wherever otherwise mandated under the Foreign Trade Policy, 2023, for export consignments with a Free-on-Board value of up to Rs. 3 lakh. Export consignments exceeding that threshold continue to require a valid RCMC or Certificate of Registration wherever applicable. The exemption reduces the initial registration burden for MSMEs, artisans, small businesses, first-time exporters and occasional exporters undertaking eligible small-value exports, including through Postal, Courier, e-commerce and other emerging channels.
September 16, 2026
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Methamphetamine trafficking enforcement enabled coordinated vehicle interceptions, contraband seizures, and arrests under narcotic drug control law.
Intelligence-led narcotics enforcement led to the interception of four trucks in Assam and Tripura suspected of carrying methamphetamine tablets concealed in vehicle cabins. A total of 231.8 kg of suspected methamphetamine tablets, along with all four vehicles, was seized under the NDPS Act, and three persons were arrested. The action involved coordinated surveillance, interception and searches directed at an alleged drug-smuggling syndicate.
September 16, 2026
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Authorised Economic Operator programme advances trusted trade through risk-based customs facilitation, streamlined EMI documentation, and stakeholder-led reforms.
India's Authorised Economic Operator Programme promotes voluntary compliance, supply-chain security, risk-based customs administration and predictable cross-border movement of goods. Compliant trade and logistics entities may receive simplified customs procedures and risk-based facilitation. Proposed process reforms include uniform operating procedures, applicant checklists, single-deficiency processing, time-bound applications, clearer financial-solvency requirements, and strengthened client relationship and validation arrangements. Documentation under the Eligible Manufacturer Importer Scheme has been reduced, supporting lower compliance burdens and a pathway towards higher AEO tiers.
September 16, 2026
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Fraudulent procurement of a second passport allegedly involved false identity records, a false loss report, and overseas travel.
Alleged fraudulent procurement of a second passport arose after a passport had been surrendered in money-laundering-related proceedings. Authorities allege that the individual falsely reported the passport as lost and obtained another passport through false information, including an incorrect address in identity documentation and supporting records. The second passport was allegedly used for international travel. Criminal proceedings concern alleged forged documents, false representations and passport-related offences under the Bharatiya Nyaya Sanhita and the Passports Act.
September 16, 2026
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Rupee depreciation reflected dollar strength, foreign outflows, elevated oil prices, and importer demand despite stronger domestic equities.
Foreign-exchange market conditions resulted in the rupee weakening for a seventh consecutive session and closing lower against the US dollar. Dollar strength, foreign fund outflows, elevated crude oil prices, higher US Treasury yields and increased importer demand for dollars exerted pressure on the currency. Positive domestic equity-market performance limited the downside, while expectations of a US Federal Reserve interest-rate increase supported the dollar index.
September 16, 2026
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Multi-currency prepaid travel cards enable foreign-exchange spending, exchange-rate locking, and mobile-based controls for Indian international travellers.
Wizzmoni Financial Services Ltd. and City Union Bank Ltd. have partnered to launch Wizz Voyager, a co-branded AI-powered multi-currency prepaid travel card for Indian residents undertaking international travel. The card supports 37 international currencies and provides real-time exchange-rate locking, spending controls, transaction tracking and mobile-app-based management. It is designed to facilitate foreign-exchange spending and management of multiple currencies through a single payment instrument.
September 16, 2026
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Non-executive nominee directorship strengthens lending governance, compliance, risk management and technology-led capability as the business scales responsibly.
Finnable has appointed Sreeram Ranganathan Iyer as a Non-Executive Nominee Director representing investor TVS Capital. The role is intended to strengthen board oversight as the non-banking financial company expands its lending operations. The identified priorities for sustainable growth include technology, compliance, governance, risk management, responsible lending, and data-driven underwriting. The nominee directorship reflects investor participation in governance and capability-building for a sustainable lending franchise.
September 16, 2026
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Money laundering investigation addresses alleged land grabbing through forged property records, fabricated claims, coercion, and denial of landowners' rights.
Money-laundering proceedings under the Prevention of Money Laundering Act concern alleged land grabbing through forged board resolutions, forged-sale agreements, fabricated deeds, and falsified property records. The alleged conduct includes manipulation of land records, civil proceedings based on false claims, denial of landowners' lawful entitlements, and threats or physical force against persons asserting legitimate rights. The investigation is linked to multiple police FIRs concerning the individual and associated entities.
September 16, 2026
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Trade performance estimates show merchandise and services exports increasing while imports rise, widening the cumulative trade deficit.
External trade estimates for April-August 2026-27 show combined merchandise and services exports of US$399.27 billion and imports of US$459.65 billion, with a trade deficit of US$60.38 billion. Merchandise exports reached US$215.91 billion, while services exports were estimated at US$183.36 billion. Non-petroleum exports increased to US$180.61 billion. Growth in August merchandise exports was driven by electronic goods, petroleum products, engineering goods, chemicals, and cotton yarn, fabrics, made-ups and handloom products. Services-sector figures for August were estimated using data available through July.
September 16, 2026
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Rupee depreciation amid dollar strength and foreign fund outflows highlights pressure from global monetary expectations and elevated oil prices.
Rupee depreciation against the US dollar in early trading reflected pressure from a stronger dollar and net foreign fund outflows, notwithstanding support from positive domestic equity-market performance. Dollar strength was associated with market expectations of a US Federal Reserve interest-rate increase to address inflation linked to higher oil prices. Elevated crude oil prices and risks to oil exports remained concerns, while domestic equity gains provided countervailing support.
September 16, 2026
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Fraudulent input tax credit through bogus invoices prompted arrest following allegations of invoicing without actual supply of goods.
The investigation concerned alleged fraudulent availment and passing on of inadmissible input tax credit through bogus invoices. Multiple suppliers were identified as non-existent, non-functional, suspended or cancelled, while field verification indicated an absence of genuine business activity at certain declared premises. Input tax credit was allegedly availed without receipt of goods and passed on through invoices without corresponding supplies. Statements recorded during investigation led to the arrest of a firm partner under the CGST Act.
September 16, 2026
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UPI merchant discount rate framework preserves free individual and small-merchant payments while charging specified larger merchant transactions.
UPI person-to-person transactions remain free irrespective of value, and person-to-merchant payments up to Rs.2,000 remain outside the merchant discount rate framework. Small merchants receiving qualifying UPI QR payments under the P2PM category continue to receive zero MDR treatment. MDR applies only to specified merchant payments above the threshold, with separate treatment for essential sectors and capital-market payments. Customers are not liable for MDR, merchants must not pass it on, and UPI application providers may not levy platform fees or hidden charges. MDR revenue supports payment ecosystem participants and small-merchant UPI adoption.
September 15, 2026
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Merchant discount rate on large-value UPI merchant payments supports infrastructure investment while preserving free user payments.
Merchant Discount Rate (MDR) of 0.4 per cent applies to large-value UPI person-to-merchant payments exceeding Rs 2,000 from October 15. MDR is a merchant payment ecosystem charge, not a fee payable by customers. Person-to-person UPI payments remain free for users, while person-to-merchant UPI payments below Rs 2,000 remain free for merchants. MDR distribution is intended to support payment technology, infrastructure, acceptance networks and sustained UPI growth.
September 15, 2026
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Special economic zone approval enables a silicon carbide semiconductor facility operating under an export-oriented technology investment framework.
Approval for a special economic zone-linked silicon carbide semiconductor manufacturing unit permits establishment of a facility under the jurisdiction of Falta Special Economic Zone. The unit is proposed to manufacture silicon carbide diodes and silicon carbide MOSFETs. Project financing combines government capital subsidies and promoter contribution, while the facility is projected to support export-oriented advanced semiconductor manufacturing, domestic capabilities, and technology-driven capital investment.
September 15, 2026
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Merchandise trade performance reflects strong export momentum, import-led deficit pressures, and expanded services trade during August.
Merchandise exports increased by 26.12 per cent year-on-year to USD 43.81 billion in August, led by electronics, engineering goods and petroleum products. Merchandise imports rose 14.1 per cent to USD 70.76 billion, driven by crude oil, project goods, electronic items, silver, coal and coke. Gold imports declined substantially, contributing to a five-month low merchandise trade deficit. During April-August 2026-27, higher imports reflected domestic economic expansion, energy requirements and manufacturing-sector input needs.
September 15, 2026
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Foreign exchange market pressures weakened the rupee as oil-import demand, risk aversion, dollar strength, and rising yields intensified.
Foreign exchange market pressures led to a sixth consecutive session of rupee depreciation against the US dollar. Higher Brent crude prices, dollar demand from oil importers, risk aversion, a stronger dollar and elevated global Treasury yields heightened concerns over inflation and India's external trade balance. Potential RBI intervention was viewed as a factor that could support the rupee at lower levels.
September 15, 2026
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Merchant discount rates for larger merchant UPI payments introduce category-based fees while preserving free consumer transfers.
Merchant discount rate framework introduces a 0.4 per cent charge on direct person-to-merchant UPI payments exceeding Rs 2,000, effective from 15 October 2026. The charge is capped at Rs 300 for higher-value payments and is payable by merchants to acquiring banks. Person-to-person transfers remain free regardless of value, and P2M payments up to Rs 2,000 remain outside the charge. App providers may not impose platform fees or hidden charges, and banks must prevent merchants from passing MDR costs to customers.
September 15, 2026
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Insolvency fraud enforcement targets collusive resolutions, coordinated predicate-offence investigations, accelerated money-laundering trials, and earlier victim asset restoration.
Enforcement priorities target suspected insolvency-resolution frauds involving collusive large haircuts, promoter reacquisition of assets, related-party claim inflation, creditor-process manipulation, asset stripping, and circumvention of resolution-applicant ineligibility. Coordination with police and other agencies is emphasised for predicate offences, including joint investigation teams and committal applications to enable combined trials of predicate and money-laundering offences. Asset restoration for legitimate victims is to be pursued early, especially in investor and homebuyer frauds.
September 15, 2026
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Export expansion and domestic manufacturing guide JCB India's strategy through broader equipment offerings, fuel efficiency, and operator comfort.
JCB India targets 15-20 per cent export growth during the current financial year and plans a similar increase in annual production. Its export operations cover approximately 135 countries, including Southeast Asia, Africa and developed markets. The company's construction and earthmoving equipment portfolio is designed, engineered and manufactured in India for domestic and international customers, with product development focused on fuel efficiency, operator ergonomics, comfort and productivity.
September 15, 2026
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Merchandise export growth driven by petroleum products coincided with lower gold imports and a narrowing trade deficit.
Merchandise exports increased sharply in August, led by petroleum product shipments, while imports also rose year-on-year. Reduced gold imports contributed to a narrower merchandise trade deficit. During the first five months of the fiscal year, the cumulative deficit widened as higher imports reflected domestic expansion, energy requirements and manufacturing-input demand. Energy commodities and electronic goods were principal contributors to the deficit, while export growth was supported by engineering goods, petroleum products, chemicals and textiles.

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Customs & Trade

BRICS adopts landmark declaration as PM Modi calls to replace 'pyramid of privilege' in global governance

September 12, 2026

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New Delhi, Sep 12 (PTI) The Global South must become a "rule shaper" and the existing "pyramid of privilege" in global governance must give way to a "platform of partnership", Prime Minister Narendra Modi said on Saturday at the BRICS Summit where India secured a consensus joint declaration despite sharp differences between the UAE and Iran over the West Asia conflict.

In his opening address at the two-day India-hosted summit, Modi also proposed a 10-point roadmap for global governance reform under the BRICS framework and advocated for a 'Seafarers' Emergency Support Network' to safeguard sailors facing heightened risks from ongoing global and regional crises.

The summit, attended by a galaxy of world leaders including Russian President Vladimir Putin, Chinese President Xi Jinping, Iranian President Masoud Pezeshkian and Abu Dhabi Crown Prince Mohamed bin Zayed Al Nahyan, assumed greater significance as it unfolded against a backdrop of escalating geopolitical headwinds driven by the Russia-Ukraine war, West Asia instability and new US tariff policies.

BRICS has emerged as an influential grouping as it brings together 11 major emerging economies of the world, representing around 49.5 per cent of the global population, around 40 per cent of the global GDP and around 26 per cent of the global trade.

As the BRICS chair, India has placed the Global South at the heart of its agenda by seeking actionable solutions for food, energy and supply chain security primarily to insulate developing nations from the economic consequences of conflicts.

"The current structure of global governance resembles a pyramid: power and decision-making are concentrated at the top, while the lower tiers consist of nations that are affected by these decisions but unable to shape them," Modi said.

"Today, the Global South stands in the front row of global crises but in the back row of decision-making. We must transform this 'pyramid of privilege' into a 'platform of partnership' -- one where every nation has a voice, every member has a stake, and the development of humanity lies at the heart of every effort," he said.

To this end, the prime minister proposed that BRICS jointly formulate a 10-point roadmap for global governance reform under the broader framework of the grouping's reform roadmap. Modi said the roadmap should be finalised by the time of the next summit.

"In formulating this roadmap, we must focus on three key aspects: representation, responsiveness, and rule-making.

In his address, Chinese President Xi hailed the BRICS bloc as the world's most influential platform for cooperation among emerging markets and developing countries and called on the grouping to play its "due role" in bringing peace in West Asia.

Russian President Putin too underlined the need for united efforts by BRICS to confront major challenges.

As the leaders concluded the first day's deliberations, Modi announced the New Delhi BRICS declaration, which was adopted unanimously.

The declaration is seen as a major diplomatic victory for India as sharp differences between the United Arab Emirates and Tehran regarding the West Asia conflict had triggered apprehensions about adoption of the document as BRICS is a consensus-based bloc.

The declaration skipped making any direct mention of the US strikes on Iran or Iranian military's attacks on several Gulf Arab nations. It 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.

The grouping 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.

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

In his remarks, the prime minister also highlighted the critical role being played by the seafarers community in the flow of global trade and said their safety should be a matter of priority.

"Seafarers make a massive contribution to global trade, yet they often find themselves lacking support during difficult times. I propose that we establish a 'Seafarers' Emergency Support Network'," he said.

"This would connect the maritime authorities and diplomatic missions of relevant countries, facilitating assistance with distress alerts, medical aid, family notifications, and evacuations," he said.

After the West Asia conflict began in February, India has been critical of Iranian attacks on merchant vessels near the Strait of Hormuz that have killed and injured Indian seafarers. Ten Indian seafarers are among the 16 Indians killed so far in the West Asia conflict.

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

In the evening, PM Modi hosted a dinner reception for the BRICS leaders. On the margins of the summit, Modi held a series of bilateral meetings including with Chinese President Xi Jinping, Malaysian Prime Minister Anwar Ibrahim and Abu Dhabi Crown Prince Mohamed bin Zayed Al Nahyan.

In the meeting with Xi, Modi emphasised that peace and tranquillity along the Line of Actual Control (LAC) remain essential for the development of India-China relations.

The two leaders reaffirmed that both countries should take a strategic and long-term perspective on their ties and that differences should not become disputes. PTI MPB SAP RT RT

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