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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

Xi to visit US from Sept 23 to 25 for talks with Trump; China calls it ‘milestone of historic significance’

September 21, 2026

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Beijing, Sept 21 (PTI) Chinese President Xi Jinping will visit Washington from September 23 to 25 for summit talks with his US counterpart Donald Trump, marking their second meeting in four months, a development Beijing has described as a "milestone of historic significance".

Xi will visit the US for three days at the invitation of Trump, Foreign Ministry spokesperson Guo Jiakun announced at a media briefing here on Monday.

During his talks with Trump, Xi will have in-depth exchanges on key issues concerning China-US relations, as well as world peace and development, Guo said.

"The reciprocal visits by the two heads of state within a span of six months will mark a milestone of historic significance," he said.

The two leaders last met in Beijing in May during Trump's China visit, when they held talks aimed at improving ties between the world's two largest economies.

"China will work with the US to enrich the dimensions of the China-US constructive relationship of strategic stability, strengthen dialogue and cooperation and properly manage differences so as to deliver greater benefits to our two peoples and to further contribute to world peace, stability and prosperity," Guo said.

Trump plans to accord a rare airport reception to Xi by personally receiving him on the tarmac at Joint Base Andrews, according to the Hong Kong-based South China Morning Post.

From trade tariffs and technology to AI, military-to-military ties, the conflict in West Asia, the Russia-Ukraine war, the space arms race and US arms sales to Taiwan, a range of issues are expected to figure in the meeting between the two world leaders.

Ahead of Xi's visit, Chinese Vice Premier He Lifeng, US Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer held "candid, in-depth and constructive" talks on economic and trade issues, including AI, on Sunday in New York.

In his talks with He, Bessent said the US had proposed a new notification mechanism for artificial intelligence incidents that could affect national security.

"We want a shared vision of common goals and common threats," Bessent told the media in New York. "We think that just like any cross-border activity, that moving from opaque to more transparency between the No. 1 and the No. 2 AI powers in the world is very important." ` Guided by the important consensus reached by the heads of state of the two countries, He and Bessent engaged in exchanges on important economic and trade issues of common concern, as well as the implementation of consensus reached in previous talks, while upholding the principles of mutual respect, peaceful coexistence and win-win cooperation, the state-run Xinhua news agency reported.

The Xi-Trump talks assume significance against the backdrop of Trump signing a new sanctions law that authorises him to impose tariffs of up to 100 per cent on countries buying Russian oil and gas, including China and India.

Trump last week signed the Lindsey O Graham Sanctioning Russia and Iran Act of 2026, which authorises expanded sanctions and gives the president powers to impose tariffs on countries that buy Russian energy.

China has rejected US attempts to impose tariffs over its purchases of Russian oil and gas, saying normal trade cooperation between countries should not be subject to interference by third parties.

China engages in normal economic and trade cooperation with other countries based on equality and mutual benefit, Guo Jiakun told reporters on September 17.

China opposes long-arm jurisdiction and unilateral sanctions that have no basis in international law and lack a UN Security Council mandate, he said.

Despite the tariff threat, Washington and Beijing are also negotiating a reciprocal tariff reduction framework covering products worth USD 30 billion from each side, China's commerce ministry said.

The consultations aim to reach a reciprocal tariff reduction arrangement at the earliest possible date, ministry spokesperson Huang Ling said.

Ahead of the summit, Chinese Foreign Minister Wang Yi and US Secretary of State Marco Rubio also held a telephone conversation on September 17, focusing on high-level exchanges between the two countries.

Trump has also unveiled a new "AI Force" in a potential escalation of the high-stakes technology race between the rival powers. In a social media post on Saturday, Trump said attempts at the "decimation, or destruction" of artificial intelligence were among what he described as hoaxes generated by the "Radical Left Democrats".

The Iran-US conflict is also expected to figure in the Xi-Trump talks. Iranian Foreign Minister Abbas Araghchi visited Beijing last week and held talks with Wang, during which he said Tehran did not want the conflict to continue and hoped to return to diplomatic channels for a solution.

China has urged Iran and the US to return to the Islamabad Memorandum of Understanding (MoU), rebuild the negotiating mechanism and conduct substantive consultations on issues of mutual concern, according to the Chinese foreign ministry.

The MoU, signed in June, was essentially an interim agreement that paved the way for a 60-day window for technical-level talks between US and Iran, aimed at restoring peace in West Asia. Pakistan, which played a key mediator, had signed it as a guarantor.

But he process was disrupted in July after military escalation by both sides. The Strait of Hormuz, which effectively remained blocked, remains the key sticking point. Roughly a fifth of the world’s energy supplies passed through this waterway in peacetime.

Trump is also urging Xi to prevail on Russian President Vladimir Putin to stop the war in Ukraine, as Beijing and Moscow maintain close ties.

For his part, Xi is expected to press Trump not to go ahead with new US arms sales to Taiwan, with Taiwan remaining a major point of contention in China-US relations.

The Trump administration announced an USD 11.1 billion arms package for Taiwan in December 2025, the largest such US package for the island at the time. The package included HIMARS, Javelin anti-tank missiles, artillery systems and unmanned aircraft systems.

China, which claims Taiwan as part of its territory, prohibits countries it has diplomatic relations with from having formal ties with Taipei. Beijing has strongly opposed US arms sales to the island. PTI KJV ABD ABD ABD

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