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    IDFC FIRST Bank introduces Zero Forex Markup across all its Credit Cards, existing and new.
    India's forex reserves drop by USD 4.924 billion to USD 780.782 billion: RBI data
    Govt eases sugar stockholding limit for bulk users to 30 days ahead of festive season
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    India–Nepal Inter-Governmental Sub-Committee on Trade, Transit and Cooperation to Control Unauthorised Trade Meets in New Delhi
    OnEMI Technology Solutions Limited’s Board Approves Fundraise of approximately ₹832 Crore through a Preferential Issue of Securities
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September 19, 2026
Show AI Summary
Zero forex markup on credit cards applies automatically to international transactions without conditions while preserving applicable rewards.
Zero Forex Markup applies automatically to international transactions made through all existing and new credit cards, without a new-card application, upgrade, spending threshold or other stated condition. International card spends do not attract forex markup charges. Reward Points or Cashback, where applicable to the relevant card, continue on international transactions. Existing credit cards may be used for overseas and cross-border payments without requiring a separate forex card solely to avoid such charges.
September 18, 2026
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Foreign exchange reserve valuation reflects currency movements as foreign currency assets and gold holdings decline.
India's foreign exchange reserves declined to USD 780.782 billion for the week ended September 11, driven by reductions in foreign currency assets and gold holdings. Foreign currency assets fell to USD 645.796 billion, with their dollar value reflecting movements in reserve currencies against the US dollar. Gold reserves also declined, while Special Drawing Rights increased to USD 18.845 billion. The reserve position with the IMF stood at USD 4.916 billion.
September 18, 2026
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Bulk sugar stockholding limits now allow expanded inventories only where additional supplies derive from designated import channels.
Bulk sugar consumers using more than 10 tonnes monthly as a raw material may hold up to 30 days' requirement instead of 15 days. Holdings above 15 days must consist exclusively of sugar imported under the Tariff Rate Quota or Advance Authorisation Scheme; sugar obtained from the open market remains restricted to 15 days' consumption. Bulk consumers must declare and disclose their sugar inventories every Friday through the food ministry's online portal.
September 18, 2026
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Trade facilitation and digitalisation support regional economic cooperation through simpler customs procedures, paperless exchange, resilient supply chains, and MSME access.
Priority measures included expanded intra-SCO trade, lower trade costs, resilient and diversified supply chains, trusted multimodal connectivity, greater market access, simplified customs processes, paperless trade and electronic document exchange. Digital and cross-border payments and accessible trade finance were identified to enable MSMEs and start-ups to participate in trade and value chains. Ministers agreed an Action Plan for 2026-2030 for further approval and approved regulations for a special working group on creative-economy development.
September 18, 2026
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Customs cooperation and trade facilitation advance electronic origin verification, pre-arrival information exchange, and safeguards against preferential trade misuse.
Customs cooperation and trade facilitation measures included pre-arrival information exchange, electronic verification of Certificates of Origin, and Customs automation and digitalisation. These measures are directed at facilitating legitimate trade while ensuring compliance with applicable rules and preventing misuse of preferential trade arrangements. Rail and road connectivity, freight movement, Integrated Check Posts and land-port infrastructure were reviewed to improve infrastructure utilisation and address operational bottlenecks affecting bilateral and transit trade.
September 18, 2026
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Preferential equity issuance approved to strengthen capital, support digital lending expansion, and fund subsidiary operations subject to required approvals.
OnEMI Technology Solutions Limited has approved a preferential issue of equity shares to identified investors, subject to shareholder and requisite regulatory and statutory approvals. The issuance is proposed under the Companies Act, 2013, the SEBI capital-issue and disclosure framework, other applicable SEBI regulations, and applicable law. Seventy-five per cent of the additional capital raised is proposed for infusion into its wholly owned subsidiary to support lending, technology, digital capabilities and product expansion, while the remaining twenty-five per cent is proposed for general corporate purposes.
September 18, 2026
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Fraudulent input tax credit claims through bogus invoices prompted arrest over alleged invoicing without actual supply of goods.
Alleged fraudulent availment, utilisation and passing on of inadmissible input tax credit involved invoices from purported suppliers found to be non-existent, non-functional, suspended or cancelled. Input tax credit was allegedly claimed without actual receipt of goods and passed on through invoices unsupported by corresponding supplies. Following investigation and recorded statements, the proprietor of an iron and steel trading firm was arrested under statutory arrest powers, while further investigation remains in progress.
September 18, 2026
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Direct tax collections: stronger advance tax payments support growth in corporate, non-corporate, and securities transaction tax receipts.
Direct tax collections grew through September 17, supported principally by increased advance tax payments from corporate and non-corporate taxpayers. Gross collections exceeded Rs 14.32 lakh crore, while net collections, after refunds, exceeded Rs 12.12 lakh crore. Corporate tax collections grew more strongly than non-corporate tax collections, and Securities Transactions Tax receipts recorded significant growth. The trend indicated broad-based tax buoyancy, supported by underlying economic activity, taxpayer confidence and business performance.
September 18, 2026
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Reusable consent-based KYC enables integrated onboarding, reporting, record updates and periodic re-verification for regulated financial institutions.
Central KYC-based onboarding enables regulated financial institutions to reuse a customer's existing verified identity record through the Central KYC Registry with customer consent. The integrated solution supports onboarding, KYC reporting, unsolicited notifications and re-KYC. It retrieves consented KYC records through CKYC APIs, uses facial matching or video-based customer identification for authentication, and applies AI-based duplicate detection. Reporting automates validation, image correction and real-time registry submission, while record updates and simplified periodic re-verification support the currency of institutional KYC information.
September 18, 2026
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Benchmark interest rate normalisation raises borrowing costs while monetary policy monitors inflation, wage growth, currency risks, and economic recovery.
The Bank of Japan increased the uncollateralised overnight call rate from 1.0 per cent to 1.25 per cent, advancing monetary-policy normalisation after a prolonged period of near-zero or negative rates. The increase was assessed against gradual economic recovery, inflation near its target, wage growth, currency fluctuations, elevated crude oil prices, and external risks. Further tightening remains contingent on stable price increases, wage developments, and monitoring of other risks.
September 18, 2026
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Direct tax collections reflect stronger advance tax payments, alongside increased corporate tax, securities transaction tax, and refund issuance.
Net direct-tax collections exceeded Rs 12.12 lakh crore through 17 September, reflecting 13 per cent growth following increased advance-tax receipts. Gross direct-tax collections exceeded Rs 14.32 lakh crore, while refunds exceeded Rs 2.20 lakh crore. Corporate-tax and non-corporate tax collections increased, as did Securities Transaction Tax collections. Advance-tax receipts exceeded Rs 5.22 lakh crore, comprising increased corporate advance tax and non-corporate advance tax payments.
September 18, 2026
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Upper-layer NBFC listing compliance sharpens corporate governance conflict over public accountability, shareholder liquidity, and preservation of private ownership.
Tata Sons' status as an upper-layer non-banking financial company has brought its proposed public listing into focus after the Reserve Bank of India rejected its application to voluntarily surrender core investment company registration. Tata Sons is required to take steps to comply with the enhanced regulatory framework applicable to upper-layer NBFCs, which includes stock-market listing. Classified in 2022, Tata Sons did not meet the original listing deadline and had pursued deregistration after repaying debt.
September 18, 2026
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Upper-layer NBFC compliance places Tata Sons on a listing-oriented path emphasising transparency, governance, shareholder visibility, and philanthropic continuity.
Reserve Bank of India rejection of Tata Sons' application to surrender its core investment company registration requires compliance with the upper-layer non-banking financial company regulatory framework. The resulting regulatory path is associated with public listing. Shapoor Mistry supports listing as a means to enhance transparency, shareholder visibility, and corporate governance accountability, while potentially clarifying the holding company's value and supporting a durable flow of value towards charitable activities without compromising Tata's philanthropic mission.
September 18, 2026
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Duty-free market access will cover all covered exports upon entry into force under the bilateral free trade agreement.
Upon entry into force, the India-New Zealand Free Trade Agreement grants duty-free access in New Zealand for 100 per cent of Indian exports, including textiles and apparel, leather and footwear, engineering goods, pharmaceuticals, agriculture, and processed food products. It also provides enhanced preferential access to the Indian market for specified New Zealand exports. The Agreement further covers services, investment, professional, student and youth mobility, and cooperation in agricultural productivity, pharmaceuticals and medical devices, traditional medicine and AYUSH, technology, and trade facilitation.
September 18, 2026
Show AI Summary
Competition clearance for additional shareholding acquisition facilitates increased investment in Azure Power's renewable energy business by OMERS Infrastructure.
Competition approval has been granted for a proposed combination involving OMERS Infrastructure Asia Holdings Pte. Ltd.'s acquisition of certain additional shareholding in Azure Power Global Limited from CDPQ Infrastructures Asia Pte. Ltd. Azure Power Global Limited is the parent entity of the Azure group, which establishes and operates renewable energy plants and sells solar power in India.
September 18, 2026
Show AI Summary
Competition approval for interconnected acquisitions enables shared equity acquisition in Great White and sole control acquisition in ITVIS.
Competition-law approval covers an interconnected combination involving acquisition of 50% of Great White Global Private Limited's issued and paid-up equity share capital by EAAA Acquiring Entities and the Continuing Promoter group, through inter-connected steps using an acquisition special purpose vehicle that will merge into Great White. The combination also includes Mr. Mehul Shah's acquisition of sole control over ITVIS Innovations Private Limited.
September 18, 2026
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Competition approval for acquiring three Royals franchises covers cross-border professional cricket franchise ownership interests and related transaction arrangements.
Competition Commission of India granted competition approval for the proposed combination involving Westview Cricket Limited and Poonawalla Sports and Fitness Private Limited acquiring the Rajasthan Royals, Paarl Royals and Barbados Royals professional cricket franchises. The franchises operate respectively in India, South Africa and Barbados, with Rajasthan Royals participating in the Indian Premier League T20 cricket tournament organised by the Board of Control for Cricket in India.
September 17, 2026
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Sanctions bill permits punitive tariffs on oil and gas trading partners, raising energy-market and bilateral relationship concerns.
United States sanctions bill concerning Russia would authorize the President to impose sanctions on Russia and punitive tariffs of up to 100 per cent on nations importing Russian crude oil. The tariff mechanism may affect oil and gas trading partners, bilateral relations and global energy markets, with concern expressed over its implications for energy trade.
September 17, 2026
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Secondary sanctions on Russian energy trade could expose major crude importers to punitive tariffs and economic pressure.
Congressional legislation targeting Russia and Iran would authorise sanctions against Russia's leadership, energy sector, and vessels facilitating evasion of oil-delivery restrictions. It would also permit punitive tariffs of up to 100 per cent on leading trading partners continuing to import Russian oil and gas. India has identified possible effects on bilateral economic relations and the international energy market, while maintaining that diversified sourcing is necessary for energy security and that its trade and economic interests will be protected.
September 17, 2026
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Trust-nominated director consent shapes the contested chairmanship reappointment as regulatory classification renews pressure to consider a stock-market listing.
Validity of the reappointment is therefore contested under the company's internal governance framework despite the majority board vote, and the appointment is expected to be considered for ratification at the annual general meeting. The dispute also concerns the distinction between shareholder influence and directors' decision-making duties. A Trust sought to direct its nominee director to oppose a listing, but the director declined on the basis of independent director duties.

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Trump says US, Iranian officials met, shortly after warning he may 'annihilate' Iran

September 23, 2026

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United Nations, Sep 23 (AP) President Donald Trump said US and Iranian officials met Tuesday, an unexpected engagement that came even as he threatened in his address to the UN General Assembly that he may “annihilate” the Islamic Republic if a deal isn't reached soon to end the nearly seven-month war.

Trump told reporters that his chief envoys, Steve Witkoff and Jared Kushner, met with the Iranian officials on the sidelines of the annual gathering of world leaders but he offered few details about how the discussions transpired or the substance of the exchange.

“It was a very good meeting,” Trump said. The president later added that the Iranian officials were “not the highest level, but it's something.”

The engagement comes after months of US-Iran communications languishing following the collapse of a short-lived ceasefire that was brokered in June.

US and Iranian negotiators met separately with Qatari and Pakistani mediators in Doha in early July for indirect talks.

Earlier Tuesday, Secretary of State Marco Rubio said that Trump is open to meeting with Iran's president, Masoud Pezeshkian, while he's in New York for the General Assembly.

“This is a president that will meet with anybody for the most part, because he believes that engaging with people is important if you're going to solve problems,” Rubio said on NBC's “Today” show. “It doesn't mean you're going to end up agreeing with them, but it's important.”

Trump also met on Tuesday with leaders and senior officials from Gulf Cooperation Council nations - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates - as well as Jordan to discuss the way ahead with the war in Iran.

In his address to the General Assembly, Trump made the case that he's shown fortitude while other leaders have equivocated as he defended his decision to start a war with Iran.

But Trump also suggested that he could be at a crossroads in the conflict even as he called on the Islamic Republic to fully reopen the Strait of Hormuz and return to the negotiating table to find a settlement to end the conflict.

“I have a big decision to make,” Trump said. “Will a deal be made with Iran that lets them rebuild and create a far greater country than it ever was before, maybe one of the greatest in the Middle East or even the world. Or do I annihilate the Islamic Republic and do it quickly, never giving them a chance to kill and destroy people and countries again?”

The president's comments came in his wide-ranging address to the international body in which he also celebrated this year's US military operation to oust Venezuelan President Nicolas Maduro from power, a new agreement to expand the US military presence in Greenland, and pushed back against calls for greater regulation of the artificial intelligence industry.

But at the heart of the address was a fulsome defence of the war and pushback on the notion that Iran has shown a measure of resilience.

“The terrorist regime is behaving badly, not because they are strong and confident, but because they are weak and desperate," Trump said.

Most of Iran's delegation walked out of the chamber as Trump railed against the Islamic Republic.

After his speech, Trump gathered with Danish Prime Minister Mette Frederiksen and Greenlandic Prime Minister Jens-Frederik Nielsen on the sidelines of the General Assembly to sign a new security agreement.

The deal, announced last week, came together after Trump repeatedly threatened to “take over” Greenland, a territory of NATO-ally Denmark, by military force if necessary.

Trump said Tuesday the US will immediately begin the process of developing a larger military presence in Greenland including “building two very major military bases”.

Under the deal, Greenland remains Denmark's territory.

Trump also held talks with new British Prime Minister Andy Burnham, Japanese Prime Minister Sanae Takaichi and Ukrainian President Volodymyr Zelenskyy.

He's expected to hold a more informal meeting on Tuesday evening with Venezuela's acting President Delcy Rodriguez, according to the White House.

Trump also took part in an event on the Shield of Americas, an initiative Trump launched with Latin American countries earlier this year focused on combatting violent cartels.

The visit to the UN comes as Trump's foreign policy approach - particularly his decision to start a war with Iran - has become a drag on his fellow Republicans' hopes of retaining control of both chambers of Congress during the coming midterm elections.

Nevertheless, Trump made the case in his speech that the world is better off for his leadership.

“I have no interest in leaving dangers to grow for another day," Trump said.

In last year's address at the UN, Trump claimed the US had “demolished” Iran's nuclear capabilities after he ordered the June 2025 bombardment of three key facilities.

He returned to the General Assembly nearing the seven-month mark of a new war against Iran that he insists is necessary to address a nuclear threat posed by Iran.

The war has grown more complicated even though strikes by the United States and Israel have killed much of Iran's top leadership and destroyed its air force and navy, while a US blockade of Iranian oil has left Tehran in economic shambles.

The energy market continues to be spooked by the war and oil prices remain elevated.

Saudi Arabia earlier this month shuttered a key pipeline that acted as a relief valve for oil blocked in the Gulf. The kingdom made the move after the pipeline came under attack by Iran-backed militants in Iraq.

At the same time, territorial grabs by the Yemen-based Houthi rebels, another Iranian-backed group, near the Bab al-Mandab Strait has now made it treacherous for oil carriers to use that Red Sea shipping lane.

In his address, the president also touched on Russia's continuing war against Ukraine - a conflict that during his 2024 campaign he predicted would be resolved on Day One of his second term. He once again expressed hope that the conflict will soon be resolved.

Trump hasn't obscured that his patience is being tested by Ukraine's targeting of Russia's diesel refineries - an issue that's added to the global oil markets' volatility - and Russia's targeting of Ukraine's energy grid.

Trump last week asserted that he got the two sides to agree to not target each other's energy infrastructure.

Zelenskyy had said he was willing to go along with Trump's plan if Russia abided by it. Russia said it could only go along with Trump's energy truce proposal if Western energy sanctions on Moscow were lifted first.

The two sides have continued carrying out strikes on refineries and other energy infrastructure.

Trump noted that last week he signed a new sanctions bill targeting Moscow. It empowers him to impose up to 100% tariffs on the top five importers of Russian oil or natural gas.

The legislation includes an exception for countries that import less than 15% of Russia's natural gas exports and have taken significant steps to reduce those imports. Trump, however, has yet to enact the stiff penalties.

“If necessary, I will have to use them,” Trump said. “It's time to stop the killing.” (AP) SCY

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