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September 12, 2026
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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
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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
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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
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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
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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.

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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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