The Punjab and Haryana high court has clarified the conditions under which an accused of money laundering can be released under police custody, diverging from the mandated conditions of the Prevention of Money Laundering Act (PMLA), 2002. Upholding a decision by a special court in Panchkula, Haryana, the high court emphasized the distinction between release from prison in police custody and bail, stating that the former entails continued detention while allowing the accused to gather necessary documents for a proper response to a show-cause notice issued by the Enforcement Directorate (ED). The court ruled that the twin conditions of Section 45 of the PMLA apply only to bail, not to release under police custody. It highlighted the judge's concerns for ensuring the accused's safety and preventing flight risks while ordering release in police custody.

The 13th Ministerial Conference (MC13) of the World Trade Organization (WTO) held in Abu Dhabi witnessed significant debates and opposition concerning the adoption of the Agreement on Investment Facilitation for Development (IFD). Despite support from a substantial majority of WTO member countries, including 120 out of 166 nations, the agreement faced non-adoption primarily due to objections raised by countries like India and South Africa. Key concerns revolved around the nature of investment within the WTO framework and the legitimacy of the negotiation process for the IFD Agreement. India, in particular, emphasized the distinction between trade and investment and questioned the mandate for conducting investment-related negotiations within the WTO. These discussions underscored broader challenges regarding the scope of mandates, the distinction between multilateral and plurilateral negotiations, and the potential role of plurilateral agreements in revitalizing the WTO's legislative function.

In the ever-evolving landscape of cryptocurrencies, a peculiar trend has emerged – meme coins. These digital currencies, characterized by their humorous origins and lack of fundamental value, have captured the attention of internet-savvy investors. Inspired by meme culture, meme coins such as Dogecoin and Shiba Inu have gained significant popularity despite their highly volatile nature.

In a significant move to address accessibility and affordability issues in the insurance sector, regulatory authorities have unveiled the Bima Sugam initiative. This initiative aims to streamline insurance processes, restructure policies for affordability without compromising coverage, and revolutionize claim-settlement procedures. By simplifying documentation requirements, revising premium rates, and ensuring efficient claim processing, Bima Sugam promises to make insurance more accessible to a wider audience while fostering financial inclusion. Industry experts have welcomed this initiative, foreseeing positive impacts on insurance penetration rates and economic resilience. With its core principles of affordability, accessibility, and efficiency, Bima Sugam sets a new standard for the insurance industry, where protection against risks becomes a fundamental right for all.

Kerala's decision to withdraw from the Central Government's smart meter plan has ignited discussions nationwide, bringing attention to the complexities surrounding the initiative. While the plan aimed to modernize India's energy infrastructure with technologically advanced meters, Kerala's dissent underscores the need for tailored approaches that consider the diverse socio-economic landscapes and governance models of individual states. Critics raised concerns about data privacy and cybersecurity, prompting Kerala's withdrawal. This move emphasizes the importance of constructive dialogue and adaptation in addressing the shortcomings of the smart meter scheme and advancing a more inclusive approach to modernizing India's energy sector.

The National Internet Exchange of India (NIXI) is gearing up to unveil the BhashaNet portal at the forthcoming Universal Acceptance (UA) Day event, with the aim of advancing digital inclusion and fostering linguistic diversity within India. Scheduled for March 21 at the Dr Ambedkar International Centre in Delhi, the event, a collaborative effort between NIXI and the Ministry of Electronics and Information Technology (MeitY), underscores their joint commitment to promoting Universal Acceptance. Noteworthy support from organizations like the Internet Corporation for Assigned Names and Numbers (ICANN) and the Internet Governance division of MeitY further highlights the significance of UA Day. Themed "BhashaNet: Impetus Towards Universal Acceptance," the event will feature various sessions focusing on the importance of UA readiness and steps towards achieving widespread acceptance across linguistic boundaries. Distinguished guests including S Krishnan, Secretary of MeitY, Government of India, and Shushil Pal, Joint Secretary of MeitY, will grace the occasion, reaffirming the government's support for digital inclusivity initiatives. Dr. Devesh Tyagi, CEO of NIXI, expressed his enthusiasm about the event, emphasizing the pivotal role of universal acceptance in bridging linguistic divides and ensuring digital participation for all.

India recently hosted the 41st International Partnership for Hydrogen and Fuel Cells in the Economy (IPHE) meeting, signaling a significant step towards fostering global collaboration and innovation in sustainable energy. The meeting, attended by policymakers, industry leaders, and researchers from around the world, underscored India's commitment to spearheading initiatives aimed at creating a greener, more sustainable future. Key highlights included discussions on hydrogen production, storage, transportation, and utilization, with a focus on leveraging renewable sources and strengthening international partnerships. Indian Prime Minister Narendra Modi emphasized the importance of collaboration in addressing energy security and environmental sustainability, affirming India's dedication to leading the transition towards a hydrogen-based economy. The meeting concluded with delegates departing with renewed commitment to advancing the hydrogen economy, recognizing India's proactive stance and the potential for unprecedented collaboration and innovation in achieving a sustainable future.

In a notable development within the Indian startup ecosystem, companies such as Pine Labs, Zepto, and Meesho are contemplating a strategic "reverse flip" to refocus on their roots in India. Despite achieving significant success in global markets, these startups recognize the untapped potential in their home country's market. This trend reflects a shift towards prioritizing domestic expansion while leveraging global experiences and expertise. Factors such as India's rapidly digitizing economy, eased compliance norms, and supportive policies for startups contribute to the attractiveness of returning to the Indian market. This strategic pivot underscores the evolving dynamics of the Indian startup landscape, where established players are recalibrating their strategies to capture emerging opportunities domestically and internationally.

The India-EFTA Trade and Economic Partnership Agreement (TEPA) signifies India's strategic move towards strengthening trade ties with the European Free Trade Association (EFTA) countries, including Switzerland, Norway, Iceland, and Liechtenstein. This landmark agreement, the first of its kind with any European nation, underscores India's commitment to trade liberalization amidst global protectionist trends. TEPA aims to attract significant investment from EFTA countries into India, with provisions allowing India to withdraw tariff concessions if investment targets are not met. The agreement encompasses tariff concessions, services sector liberalization, commitments to trade and sustainable development, and intellectual property rights protection. Overall, TEPA marks a significant step towards fostering deeper economic cooperation between India and the EFTA nations, with its long-term impact hinging on effective implementation.

The Directorate General of Foreign Trade (DGFT) has issued a trade notice outlining significant changes in UK trade policies affecting Indian exporters. Effective from June 19, 2023, the UK has replaced its origin declaration process under the Generalized System of Preferences (GSP) with the Developing Countries Trading Scheme (DCTS). Indian exporters must adhere to the new rules under DCTS starting from January 1, 2024, to avail concessions on exports to the UK. Key aspects include fulfilling Rules of Origin requirements through self-certification and using DCTS origin declaration wording. Sectors such as leather, carpets, chemicals, iron, steel, and textiles, which previously benefitted from GSP, will now operate under DCTS regulations. The DCTS aims to provide reduced tariffs on Indian products, subject to clear origin rules. However, products exceeding a certain export limit may lose preferential tariff rates. Despite India's placement in the "Standard Preferences" category, the DCTS offers opportunities for exporters, albeit with limitations.

The tightening of compliance regulations by the Reserve Bank of India (RBI) has prompted banks to reassess their partnerships for co-branded card ventures. Concerns about non-compliance risks with RBI regulations, particularly with smaller fintech firms, have led banks to prefer collaborating with established fintech companies with a proven track record of regulatory adherence. Following amendments to credit and debit card rules by the RBI, certain banks, such as Federal Bank and South Indian Bank, have ceased issuing new co-branded credit cards. This regulatory shift underscores the importance of robust compliance systems and adherence to RBI directives for co-branded card partnerships. As a result, smaller fintech firms may face challenges in securing partnerships with banks for co-branded card ventures, while larger, stable fintech companies are positioned to benefit from this evolving landscape.

The article highlights the growing prominence of Revenue-based Financing (RBF) as a lifeline for startups and digital SMEs facing a scarcity of traditional credit and venture capital. With platforms like GetVantage, Velocity, and Klub filling the working capital gap estimated at over $150 billion, RBF offers non-collateralized debt against a percentage of gross revenue, attracting businesses with steady revenue streams but high short-term capital needs. Despite potential drawbacks such as higher costs compared to traditional credit, RBF's flexibility and accessibility make it a compelling option in today's financing landscape.

The Software Technology Parks of India (STPI) inaugurated its 24th Center of Entrepreneurship (CoE), named "FinGlobe," in collaboration with the Department of Science and Technology, Government of Gujarat, at STPI-Gandhinagar, GIFT City. The CoE aims to catalyze innovation and growth in the financial technology sector by providing infrastructure, mentorship, and a collaborative ecosystem for startups and established players. Shri K Rajaraman, Chairperson of the International Financial Services Centres Authority (IFSCA), inaugurated the CoE, emphasizing the importance of tax reforms and global regulations. Ms Mona K Khandhar expressed support for making Gujarat a Fintech hub. The CoE seeks to invest in technology, adapt to changing trends, and provide a platform for startups to innovate and penetrate new areas of the financial system.

The Department of Pharmaceuticals in India has launched an updated version of the Pharmaceuticals Technology Upgradation Assistance Scheme (PTUAS) aimed at strengthening the country's pharmaceutical sector. Under this revamped scheme, pharmaceutical enterprises will receive comprehensive support to upgrade their technological infrastructure, including financial assistance for acquiring advanced machinery and equipment. The initiative emphasizes fostering innovation, competitiveness, and sustainability within the industry, while also promoting indigenous manufacturing and reducing dependency on imports. Industry stakeholders have welcomed the initiative, foreseeing its potential to enhance efficiency, productivity, and global competitiveness in the pharmaceutical sector, thus contributing significantly to India's economic growth.

The recent decision by the Income Tax Appellate Tribunal (ITAT) has brought clarity to the eligibility of taxpayers to claim credit for Minimum Alternate Tax (MAT) under the Vivad Se Vishwas (VSV) Scheme. The ruling came following a case where a taxpayer contested the denial of MAT credit under the VSV Scheme by the tax authorities. After thorough examination, the ITAT ruled in favor of the taxpayer, affirming their entitlement to claim MAT credit under the VSV Scheme for the relevant assessment year. This decision underscores the importance of fairness and transparency in tax assessments, especially concerning schemes aimed at resolving tax disputes. With this clarification, taxpayers can proceed with confidence in claiming MAT credits under the VSV Scheme, contributing to greater clarity and efficiency in tax dispute resolution.

Economists anticipate that inflation in goods and services excluding fuel and food is expected to persist at a low level, around 3%, in the near term. This projection is attributed to factors such as weak rural demand, softness in housing inflation, and decreased pressure on input costs. Additionally, recent data reveals that India's core inflation rate dropped to 3.5% in January, marking its lowest level in recent months. This decline in core inflation has contributed to an overall decrease in consumer inflation, which stood at 5.1%.

The global steel industry is on the brink of a crisis due to warnings from the sponge iron sector regarding an impending shortage of ore. Representatives from the sponge iron industry have expressed concerns about dwindling ore reserves and increasing demand exacerbating the situation. Urgent calls for government intervention, including an immediate ban on ore exports to prioritize domestic steel production, highlight the severity of the issue. The significance of steel in various industries such as construction and automotive underscores the potential far-reaching consequences of any disruption in production. Stakeholders stress the need for swift and decisive measures to stabilize the supply chain and ensure the resilience of the steel sector amidst mounting challenges.

In his memoir "Banker by Chance, Leader by Choice," seasoned banking professional Shiv B Singh delves into the complexities surrounding the 2019 amalgamation of regional rural banks (RRBs). Singh highlights the significant technological, procedural, and organizational hurdles faced during the merger, emphasizing the critical importance of harmonizing systems for seamless business continuity. Reflecting on his role during the amalgamation, Singh expresses satisfaction and personal growth amid the challenging circumstances. Furthermore, the memoir provides insights into Singh's extensive career journey within the banking sector, detailing the evolution of banking operations, particularly focusing on customer-centric services and the advent of alternative delivery channels. Through Singh's experiences, readers gain valuable insights into the dynamic landscape of regional rural banking and the transformative changes reshaping the industry.

The government, in alignment with Mission LiFE (Lifestyle for the Environment), has introduced the Right to Repair Portal India, aiming to shift from a 'use-and-dispose' economy to a 'circular economy.' Under the leadership of the Department of Consumer Affairs, stakeholders from various sectors were convened to address concerns such as planned obsolescence and restricted repair options. The portal offers transparency by providing consumers access to repair information, including product manuals, spare parts pricing, and service center details. Emphasizing collaboration between industry and consumers, the initiative seeks to balance innovation with consumer rights, promoting a sustainable and responsible consumption ecosystem.

The recent approval of the Uttar Poorva Transformative Industrialization Scheme by the Cabinet signifies a significant milestone in the economic development of the region. With a primary focus on bolstering industrial infrastructure and creating a conducive environment for business growth, the scheme aims to attract both domestic and foreign investments by offering incentives and concessions. Critical infrastructure development, including transportation networks, power supply, and telecommunications, is prioritized to ensure sustainable industrial growth and seamless connectivity within and beyond the region. Key stakeholders, including policymakers, industry leaders, and local communities, have welcomed the decision, recognizing its potential to drive socio-economic development. Additionally, the scheme holds promise in generating employment opportunities through entrepreneurship and skill development initiatives, paving the way for Uttar Poorva to emerge as a hub of innovation, productivity, and inclusive growth.

Prime Minister Narendra Modi inaugurated a historic milestone in Kolkata by launching India's first metro train service through an under-river tunnel. The inauguration ceremony celebrated the opening of a 4.8-kilometer tunnel between Howrah Maidan and Esplanade, with a section positioned beneath the Hooghly River, marking a significant achievement in India's transportation infrastructure. Alongside the inauguration, PM Modi also expanded Kolkata's metro network by launching services from various other locations. The project, part of the East-West Metro Corridor, aims to alleviate traffic congestion, improve air quality, and enhance mass transit accessibility in Kolkata. Despite facing challenges such as aquifer bursts and ground subsidence, the project reflects a commitment to expedite pending railway infrastructure projects in West Bengal, with a substantial increase in budget allocation over the past years.

The Reserve Bank of India (RBI) has launched the UDGAM portal, which stands for Unclaimed Deposits-Gateway to Access inforMation, to assist individuals in locating their unclaimed deposits/accounts across various banks. As of March 4, 2024, 30 banks are actively participating in the portal, covering approximately 90% of unclaimed deposits in the RBI's Depositor Education and Awareness (DEA) Fund. Users can register on the portal using their name and mobile number and search for unclaimed deposits/accounts. The portal provides information on the claim/settlement process for each bank, emphasizing that unclaimed deposits can only be claimed from the respective bank. As of March 2023, the total value of unclaimed deposits stood at Rs 42,270 crore.

Union Minister Piyush Goyal, addressing the launch ceremony of the 'e-Kisan Upaj Nidhi' (Digital Gateway) by the Warehousing Development and Regulatory Authority (WDRA) in New Delhi, highlighted the pivotal role of the agriculture sector in India's developmental trajectory. The initiative aims to leverage technology to streamline farmers' warehousing logistics and ensure fair prices for their produce. With reduced security deposit charges and simplified digital processes, the 'e-Kisan Upaj Nidhi' platform is poised to empower farmers, especially small ones, and prevent distress sales. Shri Goyal emphasized the importance of well-monitored warehouses under WDRA in enhancing farmer welfare and advocated for mandatory registration of warehouses. Additionally, plans for a cooperative sector support scheme were announced to further bolster farmers' confidence in utilizing WDRA facilities.

The Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce and Industry, held a LEAPS (Logistics Excellence, Advancement, and Performance Shield) Valedictory Session in New Delhi. Secretary, DPIIT, Shri Rajesh Kumar Singh, felicitated 12 logistics players across various categories, acknowledging their outstanding contributions to the industry. The event, attended by key stakeholders, aimed to highlight innovative endeavors within the logistics sector. Through transparent evaluation processes involving expert committees and a national jury, LEAPS aimed to set new benchmarks by recognizing excellence in logistics, aligned with the National Logistics Policy.

In a significant development, Tripura's traditional tribal attire, known as "Tripura Risa," has been granted the Geographical Indication (GI) tag, adding to the state's cultural heritage recognition. The Killa Mahila Cluster of Gomati district, promoted by Tripura Rural Livelihood Mission (TRLM), has obtained the GI tag for Tripura Risa. This recognition comes after almost a year since Tripura's iconic queen pineapple received the GI tag. The BJP-IPFT government of Tripura has been actively promoting Tripura Risa as a signature identity of the state since coming to power in 2018. Earlier initiatives by then Chief Minister Biplab Kumar Deb laid the groundwork for this recognition. Tripura Risa consists of three main components: Risa, Rignai, and Rituku, each serving different purposes in traditional attire. The historical significance of Tripura Risa predates the Manikya kings' era, and it holds immense social and religious significance, being used in various ceremonies and festivals. Despite being common among the 19 indigenous tribal communities of Tripura, each community has its unique design, reflecting the richness of the state's cultural heritage.

The Reserve Bank of India (RBI) reported on March 1, 2024, that the National Electronic Funds Transfer (NEFT) system reached a milestone with its highest-ever daily transaction volume, hitting 4.10 crore on February 29, 2024. Over the past decade, both NEFT and Real Time Gross Settlement (RTGS) systems have experienced remarkable growth, with NEFT transactions witnessing a 700% increase in volume and a 670% increase in value. Similarly, RTGS transactions grew by 200% in volume and 104% in value during the same period. Managed by the RBI, NEFT and RTGS systems play crucial roles in settling retail and wholesale payments respectively. The NEFT system was enabled for round-the-clock, seven days a week, 365 days a year functioning on December 16, 2019, while the RTGS system followed suit on December 14, 2020. These developments underscore the growing reliance on electronic payment systems in India's financial landscape.

India's foreign exchange reserves experienced a notable surge, reaching $619.07 billion for the week ending on February 23, 2024, as per the latest data released by the Reserve Bank of India (RBI). This increase of $2.98 billion contrasts with the previous week's decline of $1.13 billion, bringing attention to the dynamics impacting the country's forex reserves. The rise primarily stemmed from the growth in foreign currency assets (FCAs), which expanded by $2.41 billion to $548.19 billion. Additionally, gold reserves increased by $472 million to $47.85 billion, SDRs rose by $89 million to $18.2 billion, and the reserve position in the IMF grew by $9 million to $4.84 billion.

The 66th meeting of the Network Planning Group (NPG) convened under the chairpersonship of Shri Rajeev Singh Thakur, Additional Secretary of DPIIT, in New Delhi on February 27, 2024. The meeting aimed to evaluate significant infrastructure projects from the Ministry of Road Transport and Highways (MoRTH) and the Ministry of Railways (MoR), focusing on regional development and connectivity enhancement. Projects included brownfield and greenfield initiatives across various states, addressing critical needs such as reducing traffic congestion, improving interconnectivity, and fostering socio-economic growth. Discussions centered on integrated planning methodologies and leveraging the PM GatiShakti framework for comprehensive development. Attendees emphasized the vital role of these projects in nation-building, highlighting their potential to integrate transportation modes, provide socio-economic benefits, and contribute to overall regional prosperity.

The Union Cabinet has greenlit three significant semiconductor plant proposals, marking a monumental stride in India's semiconductor manufacturing landscape. With investments totaling Rs 1.26 lakh crore, these ventures are poised to bolster the country's technological prowess and create substantial employment opportunities. The approved projects include India's first semiconductor fabrication plant in Gujarat, a semiconductor unit in Assam, and another semiconductor facility in Gujarat. These initiatives signify a crucial step towards establishing a robust semiconductor ecosystem in India, facilitating advancements in chip design, fabrication, and packaging technologies.

A significant development has occurred as 72 nations have agreed to strengthen commitments in services under the General Agreement on Trade in Services (GATS), aiming to facilitate non-goods trade among themselves and extend similar concessions to all World Trade Organisation (WTO) members. These nations have incorporated additional obligations in their schedules in GATS, intending to mitigate unintended trade-restrictive impacts. The application of these obligations will follow a "most-favoured nation" principle, ensuring benefits for all WTO members. This agreement, termed Services Domestic Regulation (DSR), is projected to lead to substantial reductions in services trade costs, particularly for middle-income economies, and significant increases in global real income and service exports by 2032. The initiative involves a wide array of nations and originated from negotiations initiated during the 11th Ministerial Conference in Buenos Aires in 2017, reflecting a commitment to fostering multilateral trade agreements.

State Bank of India (SBI), the largest lender in India, is facing pricing issues that deter it from utilizing the provision to raise nearly Rs 11,900 crore through additional tier-I (AT-1) bonds in the current fiscal year. Despite having approval to raise Rs 20,000 crore via AT-1 bonds, SBI has reconsidered its plans due to sufficient completion of requirements and unfavorable market conditions. The bank is advocating for changes in the valuation methodology of AT-1 bonds, which is currently affecting its interest cost and demand for the instrument. Other banks, including Canara Bank and Punjab National Bank, have also faced challenges in raising funds through AT-1 issuances due to similar pricing concerns. SBI's capital adequacy ratio as of December 31 stands at 13.05%, with common-equity tier I (CET-1) capital forming a significant portion of it.

The recent directive from the Reserve Bank of India (RBI) urging the National Payments Corporation of India (NPCI) to consider Paytm's application for Third Party App Provider (TPAP) status has sparked widespread interest in the financial and tech sectors. Paytm, a leading digital payment platform in India, has long sought TPAP recognition, which would grant it enhanced capabilities in facilitating transactions and managing digital wallets. TPAP status allows direct integration with the Unified Payments Interface (UPI), potentially offering users a seamless payment experience. If approved, Paytm would join a select group of players with TPAP status, fostering increased competition and innovation in the digital payments space, ultimately benefitting consumers with more choices and better services. However, NPCI will evaluate Paytm's application based on various criteria before making a final decision. Nonetheless, this recommendation signifies a significant milestone in India's digital payments evolution, promising far-reaching implications for users and industry stakeholders.

In response to the varied Know Your Customer (KYC) processes across different sectors causing complexities for businesses and consumers, the government has established a committee led by T V Somanathan, Finance Secretary. The committee aims to review existing KYC practices, identify areas for improvement, and propose standardized guidelines. Stakeholder engagement and anticipation of benefits such as enhanced customer convenience and strengthened regulatory compliance underscore the government's commitment to modernizing regulatory frameworks and promoting ease of doing business in India.

After an interval of 11 years, the government has disclosed the outcomes of the All India Household Consumption Expenditure Survey, conducted from August 2022 to July 2023. This survey, typically carried out every five years by the National Statistical Office (NSO), is instrumental in assessing crucial economic metrics such as GDP, poverty levels, and Consumer Price Inflation (CPI). The latest findings reveal notable increases in average monthly per capita consumption expenditure (MPCE) for both urban and rural households since 2011-12. Moreover, shifts in spending patterns, particularly a decrease in the proportion of expenditure on food, have implications for the country's retail inflation calculations. The Statistics and Programme Implementation Ministry has released a preliminary factsheet summarizing the survey results, with a comprehensive report slated for subsequent release. The data, collected from over 2.6 lakh households across all States and Union Territories, highlights significant socioeconomic and regional disparities in consumption expenditure patterns within India.

The article delves into the resurgence of a data breach incident concerning the Employees’ Provident Fund Organisation (EPFO) in 2018, with recent indications suggesting the involvement of a Chinese cyber agency. Initially attributed to vulnerabilities in Common Service Centres (CSCs), the breach has resurfaced due to the discovery of a significant data leak on Github, which includes documents related to Chinese cyber agencies. Despite EPFO's denial of system compromise in 2018, preliminary findings from the Indian Computer Emergency Response Team (Cert-In) hint at a different reality. The incident underscores the pressing need for robust cybersecurity measures in India, especially in critical sectors, as highlighted by the National Cybersecurity Reference Framework (NCRF).

India recently hosted the 3rd meeting of the ASEAN-India Trade in Goods Agreement (AITIGA) Joint Committee in New Delhi. Co-chaired by Shri Rajesh Agrawal of India and Ms. Mastura Ahmad Mustafa of Malaysia, the meeting aimed to review and enhance the AITIGA signed in 2009. Delegates from ASEAN countries participated, discussing progress made since the task assignment in September 2022. The committee outlined focus areas for further deliberations, aiming to conclude the review by 2025. With India-ASEAN trade reaching USD 131.58 billion in 2022-23, the review seeks to facilitate balanced and sustainable trade expansion. The next meeting is scheduled for May 2024 in Kuala Lumpur, Malaysia.

Reserve Bank of India (RBI) Governor Shaktikanta Das highlighted the challenges posed by recurring food price shocks and geopolitical tensions to the ongoing disinflation process. He stressed the significance of stable and low inflation as a foundation for sustainable economic growth. Das underscored the need for central banks to remain vigilant in navigating through the final phase of disinflation, especially considering the uncertainties surrounding food inflation outlook due to adverse weather events and geopolitical tensions. Additionally, he emphasized the importance of understanding the supply side of the economy for effective monetary policy implementation, noting that macroeconomic models should shift focus to adequately address these factors. Despite challenges, Das acknowledged India's successful navigation through various economic hurdles.

India has initiated an anti-dumping probe into imports of specific solar glass products from China and Vietnam, prompted by a complaint from domestic industry players. The Directorate General of Trade Remedies (DGTR) under the Commerce Ministry is leading the investigation, focusing on alleged dumping of 'Textured Tempered Coated and Uncoated Glass', commonly referred to as solar glass. Borosil Renewables Limited filed the application on behalf of the domestic industry, seeking the imposition of anti-dumping duties. If evidence supports claims of material injury to domestic players, DGTR will recommend duties, with the final decision resting with the Ministry of Finance. This action aims to ensure fair trading practices and maintain a level-playing field for Indian producers in the face of increasing cheap imports.

State Bank of India (SBI), the country's largest lender, has advocated to the Reserve Bank of India (RBI) for a reduction in the cash reserve ratio (CRR) applicable to green deposits. This move aims to encourage environmentally conscious financing practices within the banking sector. SBI Chairman, Dinesh Khara, revealed that the bank has proposed two initiatives to the RBI: a decrease in CRR specifically for green deposits and the integration of this reduction into the broader banking policy. SBI has also begun evaluating borrowers based on Environmental, Social, and Governance (ESG) parameters and has requested regulatory approval for implementing differential pricing for green deposits. Additionally, the bank has introduced a green rupee term-deposit scheme to finance eco-friendly projects and accessed markets for green funding. Khara foresees ESG parameters influencing loan pricing in the near future and emphasizes the importance of establishing accounting standards to track green assets and liabilities effectively.

India has refused the request made by the European Free Trade Association (EFTA) for 'data exclusivity' provisions in the ongoing negotiations for a free trade agreement. Commerce secretary Sunil Barthwal emphasized that such provisions would adversely affect the Indian pharmaceutical industry's ability to produce generic versions of off-patent products. Data exclusivity would entail restrictions on generic drug producers from using preclinical and clinical trial data of former patent holders. India aims to protect the interests of its thriving generic drug industry, which contributes significantly to exports. Despite negotiations being at an advanced stage since January 2008, the rejection highlights a key sticking point between India and EFTA. In the fiscal year 2023, India's exports to EFTA countries amounted to $1.92 billion, while imports stood at $16.74 billion.

India's retail inflation witnessed a decline to 5.1% in January 2024, marking a three-month low from 5.7% in the previous month. Despite this moderation, food prices remained a significant concern, with a slight cooling observed compared to December 2023. However, the figure slightly surpassed the Reserve Bank of India's projection for the final quarter of 2023-24. Any hopes for an interest rate cut are likely to be deferred until at least August, with expectations of inflation averaging 5% in the subsequent quarter. The urban-rural divide in inflation persisted, with rural consumers facing higher overall price rises, particularly in food items. Economists express concerns about persistent high inflation in specific food categories, despite some moderation in others. While half of the major states registered inflation below the national average, some states breached the RBI's tolerance threshold, indicating regional disparities. Forecasts suggest potential rate cuts commencing in the August 2024 Monetary Policy Committee meeting, contingent on the outlook of the monsoon season.

The Insolvency and Bankruptcy Board of India (IBBI) has issued a crucial mandate requiring Resolution Professionals (RPs) to provide a copy of their reports to both creditors and debtors in all cases related to personal guarantors' insolvency resolution. This move aims to enhance transparency and informed decision-making in the process. Previously, RPs were only required to report to the Applicant who initiated the proceedings, leaving one party uninformed. Anjali Jain, Partner at Areness, praises the circular, noting its alignment with the Insolvency and Bankruptcy Code's objective of ensuring fairness among stakeholders. This measure is expected to lead to more efficient resolutions and a better understanding of debt dynamics by both creditors and debtors.

India is set to extend its Unified Payment Interface (UPI) services to Sri Lanka and Mauritius, along with launching RuPay card services in Mauritius. The virtual ceremony, scheduled for February 12, will be attended by Prime Minister Narendra Modi, Sri Lankan President Ranil Wickremesinghe, and Mauritian Prime Minister Pravind Jugnauth. Developed by the National Payments Corporation of India (NPCI), UPI facilitates real-time inter-bank transactions through mobile phones, while RuPay is a globally accepted card payment network. This expansion underscores India's commitment to fostering bilateral economic ties and leveraging its leadership in Fintech innovation. The initiative aims to enhance digital connectivity and streamline digital transactions between India, Sri Lanka, and Mauritius, benefiting a diverse range of individuals and businesses.

The Reserve Bank of India (RBI) has announced the launch of Sovereign Gold Bond Series IV, with an issue price set at Rs 6,263 per gram. Investors applying online and making digital payments will receive a discount of Rs 50 per gram. The subscription for the bonds will be open from February 12 to February 16, 2024. SGBs can be purchased through various channels including banks, post offices, and stock exchanges. The scheme offers a fixed interest rate of 2.50% per annum, with subscription limits capped at 4 kg for individuals and HUFs, and 20 kg for trusts per fiscal year. The tenor of the bonds is eight years, with an option for premature redemption after the 5th year. SGBs can also be used as collateral for loans. The KYC norms for purchasing SGBs remain the same as those for physical gold, and the scheme aims to reduce the demand for physical gold and promote financial savings.

Indiabulls Housing Finance has unveiled plans for a rights issue to raise capital, aiming to issue 24.62 crore rights shares at an issue price of ₹150 per share with a face value of ₹2 each. Shareholders as of the record date, February 1, will be eligible to participate, with existing shareholders receiving one rights equity share for every two paid-up equity shares they own. The rights issue, available at a discount to the market price, is part of the company's strategy to raise up to ₹5,000 crore approved by its board. The on-market renunciation period will occur between February 7 and February 8, with the rights issue closing on February 14. Shares of Indiabulls Housing Finance ended higher on Tuesday, reflecting investor confidence in the company's plans.

The Directorate General of Goods and Services Tax Intelligence (DGGI) has initiated an investigation into Mahadev Online Book, a prominent player in the online book retail sector. The focus of the investigation is concerns about potential non-payment of Goods and Services Tax (GST). The move reflects the government's commitment to ensuring tax compliance and preventing financial irregularities in businesses operating in India.

The Finance Bill 2024 is set to revolutionize the Goods and Services Tax (GST) framework by introducing significant modifications, particularly in the distribution of credits by Input Service Distributors (ISD). The proposed changes aim to streamline processes, enhance efficiency, and ensure compliance standards are met. This transformation involves a structured approach to credit distribution, emphasizing transparency and accountability. Additionally, the bill addresses concerns about credit misuse, implementing stricter measures to prevent loopholes. As businesses await the finalization and implementation, proactive engagement with industry experts becomes crucial for adapting GST compliance strategies and leveraging potential benefits from the revamped credit distribution system.

Finance Minister Nirmala Sitharaman has unveiled fiscal consolidation projections that exceed expectations for the current fiscal year and Budget Estimates (BE) for the upcoming year. Despite challenges in tax buoyancy and lower-than-projected nominal economic growth, the fiscal deficit in Revised Estimates (RE) for FY24 is lower both in absolute terms and as a proportion of GDP, showcasing prudent financial management. The minister emphasized fiscal discipline, committing to bring the deficit below 4.5% by 2025-26. Analysts praise the higher-than-expected capital expenditure and lower fiscal deficit, considering it a positive signal for India's sovereign rating.

The Reserve Bank of India (RBI) has taken decisive regulatory actions against Paytm Payments Bank Ltd (PPBL) based on a system audit report and compliance validation by external auditors. Under Section 35A of the Banking Regulation Act, 1949, PPBL is now prohibited from accepting deposits, conducting credit transactions, and providing various banking services after February 29, 2024. Additionally, the Nodal Accounts of One97 Communications and Paytm Payments Services Ltd. are slated for termination by the same date. Despite these restrictions, customers are allowed to access their funds without limitations. This move follows earlier directives from the RBI in March 2022, instructing PPBL to halt the onboarding of new customers. The industry reacts with concerns about the operational integrity of Paytm Payments Bank, and the impact on its existing customers and short to medium-term stock prices is yet to be fully determined.

In a significant move towards advancing the telecommunications sector, Dr Neeraj Mittal, Chairman of Digital Communications Commission and Secretary of the Department of Telecommunications, launched the "Bharat 5G Portal - an integrated portal" during the 'Bharat Telecom 2024 - An Exclusive International Business Expo.' The portal aims to serve startups, industry, and academia in quantum, 6G, IPR, and 5G domains, providing a comprehensive platform for collaboration and knowledge-sharing.

In a significant ruling, the Delhi High Court upheld the constitutional validity of the anti-profiteering provisions in the Goods and Services Tax (GST). Over 100 companies, including major players like Hindustan Unilever, Patanjali, Jubilant Foodworks, and Phillips, had filed petitions against these provisions. The court emphasized the public interest perspective of these provisions, highlighting their role in ensuring a commensurate reduction in prices during GST rate changes or due to input tax credit. While providing relief to companies, the court acknowledged the possibility of price hikes due to factors such as cost escalation and arbitrary exercise of power by anti-profiteering bodies. The court directed that these concerns would be examined on a case-by-case basis, with matters to be listed before a division bench for further directions on February 8. Additionally, the court clarified that there is no fixed formula for determining anti-profiteering and provided guidance on the distribution of profiteered amounts among home buyers, based on per square feet. The ruling strengthens the role of the National Anti-Profiteering Authority (NAA), established in November 2017, in overseeing measures to ensure companies pass on the benefits of input tax credit and GST reduction to consumers by reducing prices.

The Directorate of Revenue Intelligence (DRI) continues its rigorous campaign against gold smuggling with a recent breakthrough at the Foreign Post Office in New Delhi. DRI officers intercepted seven consignments labeled as "Electric Current/Potential Meters," originating from Hong Kong. Upon examination, the electric meters were found to be functional, but their unusual weight raised suspicions. Further scrutiny revealed that the 56 electric meters' outer covers were cleverly painted black, concealing an alloy of gold and silver. The initial market value of the seized gold and silver covers is estimated at Rs. 10.66 crore. The discovery points to a sophisticated syndicate involved in gold smuggling, employing tactics such as alloying gold with silver to change its color and manufacturing covers for electric meters as a disguise. The successful interception underscores the ongoing challenges faced by authorities in combating organized smuggling operations.

Finance Minister Nirmala Sitharaman addressed students at the University of Delhi's Hindu College, rejecting the notion of India's economic recovery being 'K-shaped.' She questioned the credibility of the current public narrative influenced by mainstream and social media, urging those who doubt the growth path to provide a basis for their claims. Sitharaman highlighted positive indicators, such as India being the fastest-growing economy, a well-performing stock market, and higher dividends from listed companies. The rejection of the 'K-shaped' theory aligns with the stance of State Bank of India's group chief economic adviser, Soumya Kanti Ghosh. The Finance Minister emphasized the importance of accessing information from multiple sources and acknowledged the need to bridge the gap between university education and industry expectations. Additionally, she discussed India's food security, highlighting the country's near self-sufficiency and potential for long-term agreements with other nations for food exports and processing.

Union Finance Minister Nirmala Sitharaman participates in the traditional 'Halwa Ceremony,' marking the commencement of preparations for the interim budget for the fiscal year 2024-25.

The NFRA announces plans to conduct inspections of major audit firms, including the Big 4, in 2024 to ensure corrective measures are implemented following deficiencies highlighted in the December 2023 report.

In anticipation of the upcoming Budget 2024-25, the telecom industry is fervently lobbying the government to discard the Universal Service Obligation Fund (USOF) and implement significant reductions in duties. Industry leaders argue that such measures are imperative to foster growth, innovation, and affordability in the sector, paving the way for a robust and competitive telecommunications landscape.

In a significant move aimed at fostering economic stability, the government has announced a substantial reduction in the windfall tax imposed on crude petroleum. The new rate of Rs 1,700 per tonne, effective from Tuesday, is expected to provide relief to various sectors and ease the financial burden on both consumers and businesses.

As the Union Budget 2024 approaches, many are curious about the distinction between an Interim Budget and a Vote-on-Account. Delve into the intricacies of these fiscal terms to comprehend their roles and implications in shaping the country's economic trajectory.

Rural Electrification Corporation Limited (REC), a key player in India's power sector, has unveiled an ambitious plan for the fiscal year 2024. The company has set a formidable sanction target of Rs. 1 lakh crore for infrastructure projects, with a particular emphasis on the development of roads and highways. This move reflects REC's commitment to catalyzing growth and connectivity in the country's critical infrastructure landscape.

In a significant move, the Life Insurance Corporation of India (LIC) has finalized a deal to acquire a substantial 10% stake in a company promoted by the National Housing Bank (NHB). This strategic investment marks a pivotal collaboration between two major financial entities, setting the stage for potential synergies in the realm of housing and financial services.

In a strategic move to offer investors a diversified and adaptive investment solution, PPFAS Mutual Fund has officially submitted an application to the Securities and Exchange Board of India (SEBI) for the introduction of a dynamic asset allocation scheme. The proposed scheme aims to leverage market conditions, allowing for optimal allocation across various asset classes to enhance portfolio performance.

In a strategic move to bolster India's compliance with Financial Action Task Force (FATF) regulations, the Reserve Bank of India (RBI) has provided explicit clarification on the classification of 'politically exposed persons' (PEPs). This step aims to enhance transparency and strengthen the nation's efforts in combating money laundering and illicit financial activities.

In a recent announcement, the Reserve Bank of India (RBI) has clarified that it is not mandatory for banks and Non-Banking Financial Companies (NBFCs) to raise green funds. This clarification comes amidst growing discussions about environmental sustainability and the role of financial institutions in supporting green initiatives.

In a landmark judgment, the Karnataka High Court has upheld the sanctity of an unconditional undertaking within a promissory note. The court ruled that the inclusion of a clause conferring the payer the right to recover as per law does not dilute the primary unconditional commitment. This decision is poised to have significant implications on contract law and financial transactions, providing clarity on the enforceability of such undertakings.

Delayed by Covid and facing two missed deadlines, the Mumbai Trans Harbour Link (MTHL) project has seen a cost escalation of a whopping Rs 2,192 crore, raising concerns about project management and efficiency. Despite the setbacks, the bridge is now expected to open sometime next year.

No more storing card details! The Reserve Bank of India (RBI) has expanded card tokenisation, allowing you to create secure tokens for online payments directly through your bank, offering extra protection against fraud.

In a bid to strengthen the power grid and support distribution companies, the government has announced a new policy. At least 85% of the electricity generated by Battery Energy Storage Systems (BESS) projects funded through the Viability Gap Funding (VGF) scheme will be offered to Discoms before being made available to other entities.

India retained its crown as the top recipient of remittances in 2023, receiving a staggering $125 billion, driven by strong labor markets in the US and Europe, according to the World Bank. This underlines the crucial role Indian diaspora plays in supporting families and boosting the country's economy.

Borrowers beware! The State Bank of India (SBI) has hiked its Marginal Cost of Funds Lending Rate (MCLR) by up to 10 basis points, potentially leading to higher Equated Monthly Installments (EMIs) on various loan types.

The International Energy Agency (IEA) predicts a deceleration in India's oil demand growth, with a shift from "explosive" rates to a more modest 2.5% increase next year, marking a potential end to the recent surge.

In a major win for policyholders, the Insurance Regulatory and Development Authority of India (IRDAI) has proposed significantly higher surrender values and reduced surrender charges for life insurance policies. This move aims to make life insurance more attractive and flexible for customers.

In a historic move, SGBS Unnati Foundation has become the first entity to list on India's recently launched social stock exchange. This groundbreaking step marks a new era for social enterprises, paving the way for them to attract alternative funding and expand their impact.

Signaling potential economic boost, Switzerland's ambassador to India expresses optimism that a crucial trade agreement with the European Free Trade Association (EFTA) will be finalized before the country's upcoming elections.

The Employees' Provident Fund Organisation (EPFO) has reached a significant milestone, exceeding Rs 2.5 trillion in investments in Exchange-Traded Funds (ETFs). This was announced by Rameswar Teli, Minister of State for Labour, in a statement to the Lok Sabha on December 12, 2023.

In a bid to encourage wider participation in the debt market, SEBI has proposed slashing the minimum investment required for Non-Convertible Debentures (NCDs) and Non-Convertible Redeemable Preference Shares (NCRPS) from Rs 1 lakh to Rs 10,000.

After a slight dip in October, India's manufacturing sector bounced back in November, with the Purchasing Managers' Index (PMI) rising to 56. This positive signal indicates continued expansion and bodes well for the sector's overall health.

After months of negotiations, the Reserve Bank of India (RBI) and the Bank of England (BoE) have reached an agreement on the establishment of a new clearing corporation for cross-border payments between the two countries.

The upcoming winter session of Parliament is expected to witness a significant increase in funding for crucial sectors, including fertilizer, food, and fuel subsidies, as well as the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) scheme. These additional allocations will be presented through the Supplementary Demands for Grants (SDG) and are expected to provide much-needed support to these critical areas.

The Securities and Exchange Board of India (SEBI) has introduced the Investor Risk Reduction Access (IRRA) platform to provide investors with a safety net in case of technical glitches faced by trading members. The platform will enable investors to square off open positions and cancel pending orders even if their broker's system is down.

Unprecedented warm temperatures over an extended period are believed to have triggered a severe pest outbreak that has ravaged paddy crops across 15 districts in Assam, causing extensive damage to approximately 28,000 hectares of farmland. The infestation, caused by the armyworm (Mythimna separata), has occurred at a critical stage in the rice-growing cycle, just as the crop was nearing maturity and ready for harvest.

The global index provider MSCI has added nine stocks to its MSCI India Standard Index, effective from November 30, 2023. The nine stocks are Suzlon Energy, Paytm, Tata Motors DVR, Adani Power, Adani Green Energy, HDFC Life Insurance, Larsen & Toubro, Maruti Suzuki India and Divi's Laboratories.

Active and passive equity funds are two distinct investment approaches that have gained traction among investors. While active funds aim to outperform the market by employing stock-picking strategies, passive funds track specific market indexes, seeking to replicate their performance.

India and the Asian Development Bank (ADB) have signed a $400 million loan agreement to support the development of high-quality urban infrastructure, improve service delivery, and promote efficient governance systems in India.

Regulated entities in India, including banks, non-bank financial companies, credit information companies, and other financial entities, must now adhere to a robust IT governance framework as mandated by the Reserve Bank of India (RBI). The guidelines, which will take effect on April 1, 2024, require the establishment of a board-level IT strategy committee, an IT steering committee, and the appointment of a senior-level IT head.

The Cayman Islands' removal from the Financial Action Task Force (FATF) grey list is expected to have a positive impact on global private equity funds seeking to invest in India, say experts.

India's GST revenue bounced back in October 2023, hitting the second-highest monthly tally of ₹1.72 lakh crore. This is a sharp increase from the 27-month low of 10.2% growth recorded in September.

The Indian government has recently announced substantial changes to the subsidy rates for key fertilisers, including nitrogen, phosphorus, potassium, and sulphur. These adjustments, despite global price hikes, aim to ensure that fertilisers remain affordable for Indian farmers.

In a significant economic forecast, S&P Global has projected that India will surpass Japan to become the second-largest economy in Asia by the year 2030. This projection is a testament to India's rapid economic growth and its position as an emerging global powerhouse.

India has announced an extension of restrictions on sugar exports in a bid to alleviate local price concerns. Learn more about the government's move to manage the sugar market and safeguard consumer interests.

The Union Government has taken a significant step to benefit central government employees and pensioners by raising the Dearness Allowance (DA) and Dearness Relief (DR) by 4%, effective from July 1, 2023. Learn how this decision aligns with the 7th Central Pay Commission recommendations and aims to offset rising prices and inflation.

A recent survey by the Federation of Indian Chambers of Commerce and Industry (FICCI) reveals promising growth projections for India's economy, forecasting a 6.3% expansion in the fiscal year 2024. This survey sheds light on key factors contributing to the nation's economic recovery.

India's Wholesale Price Index (WPI) has entered its sixth consecutive month in the negative territory, registering -0.26 percent in September. This deflationary trend, contrary to expectations, has economists and policymakers concerned. While some food prices have plummeted, others have surged, posing challenges for both consumers and authorities.

The latest India Development Update (IDU) from the World Bank reveals India's remarkable resilience in the face of global challenges. Despite a challenging global environment, India's economy surged, growing at a robust 7.2% in FY22/23, positioning it as one of the fastest-growing major economies.

In September, India witnessed a noteworthy decline in retail inflation, representing a significant departure from the peak levels observed 15 months prior. This decrease, primarily attributed to softer vegetable prices, brought the Consumer Price Index (CPI) to a three-month low. While this is a welcome development, inflation remains above the central bank's 4% target, posing potential challenges for rate adjustments. Despite the overall decrease, certain components, including cereals, pulses, and spices, continued to experience price increases, creating a complex economic landscape.

The Ministry of Statistics and Programme Implementation has reported a remarkable surge in India's industrial output for August 2023, with the Index of Industrial Production (IIP) revealing a staggering growth of 10.3 percent, surpassing consensus estimates and marking the highest growth in 14 months. The robust performance was not limited to a single sector, as mining, manufacturing, and electricity all contributed to this upturn. While this growth is commendable, experts anticipate a gradual slowdown in the coming months, despite the industrial sector's crucial role in India's economic growth.

The International Monetary Fund (IMF) has chosen to uphold Pakistan's economic growth projection at 2.5%, aligning with official forecasts but falling short of the government's target by 1%. This decision comes as part of a larger assessment of Pakistan's economic situation and inflation rates. The IMF's projection diverges significantly from Pakistan's reported GDP growth for the previous year, and it raises concerns about the nation's ability to combat unemployment and poverty given its population growth rate. Furthermore, the report highlights the challenges Pakistan faces as it strives to stabilize its economy, including a decreasing current account deficit and remittance issues. The IMF's outlook for Pakistan's economic growth extends to 2028, though it remains subject to change based on the country's rapidly evolving economic landscape.

India faces a fiscal challenge as its fiscal deficit climbs to Rs 6.42 trillion, equivalent to 36% of the fiscal year 2024 target. This development raises concerns about the country's fiscal stability and necessitates a closer look at fiscal policies and revenue generation.

In a positive sign for the Indian economy, the urban unemployment rate has seen a significant decline, reaching 6.6% in the first quarter. This development suggests a potential turnaround in the job market, providing hope for both job seekers and policymakers. Read on to learn more about this encouraging trend.

In a significant development, Union Minister for Commerce and Industry, Piyush Goyal, recently unveiled the much-anticipated Status Holder Certificates as part of the Foreign Trade Policy 2023. This initiative aims to boost India's export prowess and reward businesses for their exceptional contributions to the country's international trade. Read on to learn more about this exciting development and its potential impact.

The GST Council, in its 52nd meeting, cleared a few measures to boost foreign trade and make the tax regime simpler and easier to comply with. The council reduced the GST rate on molasses from 28% to 5% and introduced an amnesty scheme for filing appeals. It also made changes to the GST rates for food preparations made from millet flour and imitation zari threads.