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CURRENT AFFAIRS : BANKING, FINANCE & BUSINESS

Finance Minister Nirmala Sitharaman Chairs the 57th Goods and Services Tax Council Meeting in New Delhi

• The 57th Goods and Services Tax (GST) Council Meeting was held in New Delhi under the chairpersonship of Union Finance and Corporate Affairs Minister Nirmala Sitharaman.
• The GST Council focused on process reforms, registration, return filing, refunds, dispute resolution, Input Tax Credit (ITC), ease of doing business, and GST rate clarifications.
• The 56th GST Council Meeting had focused on Next-Gen GST reforms and rate rationalisation, while the 57th meeting primarily focused on process and compliance reforms.

Key Highlights :

GST Registration Reforms

• Under Rule 14A of the CGST Rules, 2017, eligible taxpayers who do not intend to pass on ITC exceeding ₹2.5 lakh per month can receive automatic GST registration without officer intervention, subject to prescribed conditions.
• The GST Council recommended clearer registration guidelines, FORM GST REG-01 improvements, document-selection drop-downs, and a user-friendly GST portal to reduce application rejections.
• Under the recommended amendment to Rule 19 of the CGST Rules, 2017, amendments to registration particulars will generally be accepted automatically, except those relating to the Principal Place of Business (PPoB); eligible taxpayers registered under Rule 14A can receive automatic acceptance for all particulars, including PPoB.
• The Council recommended a phased system for automatic cancellation of GST registration through FORM GST REG-16, subject to filing pending returns and paying outstanding dues.
• The Council recommended introducing Rule 14B of the CGST Rules, 2017 to simplify GST registration for eligible small sellers supplying goods through Electronic Commerce Operators (ECOs) in States/UTs where they have no physical presence.
• Eligible small e-commerce sellers can declare the ECO’s warehouse as their Principal Place of Business in the relevant State/UT and obtain automatic registration, subject to prescribed conditions, including the ₹2.5 lakh monthly ITC threshold.

GST Return and ITC Reforms

• The GST Council recommended improvements to FORM GSTR-1, GSTR-1A, IFF, and GSTR-3B to reduce mismatches between reported tax liabilities and Input Tax Credit.
• A new Electronic Statement of Tax Paid on Reverse Charge Basis and ITC Claimed was proposed under Rule 86D of the CGST Rules, 2017.
• The Council recommended an Electronic Credit Reversal and Reclaim Statement under Rule 86C to improve the reporting of ITC reversals and reclaims.
• The Invoice Management System (IMS) will allow recipients to accept, reject or keep pending documents relating to inward supplies, subject to prescribed conditions, for generating the GSTR-2B ITC statement.
• The proposed alternative mechanism for correcting tax liabilities and ITC in GST returns is recommended to take effect from the April 2027 return period.
• The reforms aim to reduce ITC mismatches, system-generated intimations, and demand notices while improving the accuracy of GST return filing.

GST Refund Reforms

• The Council recommended automated, system-based processing of GST refunds relating to excess balances in the electronic cash ledger, zero-rated supplies, and the inverted duty structure.
• Under Phase 1, eligible refunds of excess balances in the electronic cash ledger will be sanctioned automatically without officer intervention.
• The time limit for issuing a refund acknowledgement or deficiency memo is proposed to be reduced from 15 days to 10 days.
• For eligible refund claims involving zero-rated supplies and the inverted duty structure, 90% of the claimed amount is proposed to be sanctioned provisionally through automated, risk-based processing under Phase 1.
• Under Phase 2, the Council recommended automated acknowledgement and, for eligible zero-rated supply refunds, automated sanction of the full refund after adjusting pending dues, subject to system verification and risk assessment.
• The Council recommended removing the restriction that limits the turnover of zero-rated supplies of goods to 5 times the value of goods supplied domestically for calculating eligible refunds.
• The Council recommended allowing refunds of accumulated ITC on input services under the inverted duty structure for ITC available on or after 1 November 2026.
• Refund of accumulated ITC on capital goods for zero-rated supplies and the inverted duty structure is proposed to be spread over 60 months, covering eligible ITC available on or after 1 April 2027.
• These measures aim to improve taxpayer cash flow, transparency, and refund-processing efficiency.

GST Dispute Resolution and Penalties

• The Council recommended a minimum threshold of ₹10,000 in aggregate GST and cess for issuing show-cause notices, subject to the proposed statutory provisions.
• The maximum general penalty under Section 125 of the CGST Act, 2017, is proposed to be reduced from ₹25,000 to ₹10,000.
• A reduced penalty of 5% in non-fraud cases is proposed where tax and interest are paid within 30 days under Section 73 or 60 days under Section 74A of the adjudication order.
• The Council recommended raising the monetary threshold for GST prosecution from ₹1 crore to ₹5 crore.
• The Council recommended the withdrawal of GST arrest powers through the proposed omission of Section 69 of the CGST Act, 2017.
• For appeals involving only a penalty and no tax demand, the proposed maximum pre-deposit limit is ₹40 crore, comprising ₹20 crore under CGST and ₹20 crore under SGST/UTGST, for appeals before the Appellate Authority or Appellate Tribunal, respectively.
• The Council recommended clearer guidelines for demand notices, adjudication orders, appeal orders, and personal hearings to strengthen transparency and reduce litigation.

Input Tax Credit and Export Reforms

• The Council recommended removing restrictions on ITC under Section 17(5) of the CGST Act, 2017, for specified supplies, including outdoor catering, health and life insurance, telecommunications towers, and pipelines laid outside factory premises, subject to the proposed amendments.
• The Council recommended changes to the definition of export of services under the IGST Act, 2017 to facilitate export-related benefits for Indian service providers dealing with foreign offices or branches.
• The Council recommended clarifying that export payments may be received in foreign exchange or Indian rupees where permitted by the RBI.
• Supplies made to overseas buyers with delivery in a Special Economic Zone (SEZ) or Free Trade Warehousing Zone (FTWZ) may qualify for zero-rating under the proposed clarification, subject to prescribed conditions.
• The Council recommended clarifying the place of supply for certain services involving goods made physically available by the recipient to the supplier, to facilitate export-related benefits for eligible Indian service providers.
• The Council recommended treating the temporary or permanent transfer of Intellectual Property Rights (IPR) uniformly as a supply of services under the proposed amendment to Schedule II of the CGST Act.

Ease of Doing Business and Compliance

• The Council recommended that goods-carrying vehicles may be intercepted only on the basis of specific intelligence and with authorization from an officer not below the rank of Joint Commissioner, subject to the proposed amendments.
• Under the proposed e-way bill reforms, inspection and detention action would generally be restricted in transit States, with specified exceptions, including cases where an e-way bill or required documents are absent.
• The Council recommended providing taxpayers an opportunity to file objections and receive a personal hearing before a decision is taken on blocking amounts in the electronic credit ledger under Rule 86A.
• A waiver of late fees was recommended for eligible taxpayers with annual turnover up to ₹5 crore in the preceding financial year, if the delayed return is filed by the end of the month in which it was due.
• The Council approved in principle an optional Annual Return Quarterly Payment (ARQP) scheme for taxpayers with aggregate turnover up to ₹5 crore in the preceding financial year who deal exclusively in Business-to-Consumer (B2C) supplies.
• The Council recommended extending e-invoicing to specified imports of services and domestic supplies received from unregistered persons under the Reverse Charge Mechanism (RCM) for taxpayers with annual aggregate turnover of ₹5 crore or more.
• The Council recommended clarifying the GST liability of Electronic Commerce Operators (ECOs) for notified services under Section 9(5) of the CGST Act, 2017.
• The Council recommended amendments to align provisions governing the GST Appellate Tribunal (GSTAT) with the Tribunals Reforms Act, 2026 and related tribunal rules.

GST Rate and Classification Clarifications – Goods

• Sublimation paper is to be classified under Heading 4809, with past cases to be regularised on an “as is where is” basis.
• GST rate-schedule entries relating to toys under Heading 9503 are clarified to cover other categories of toys, including dolls and puzzles, and not only tricycles, scooters and pedal cars.
• Eligible seaweed-extract-based bio-stimulants registered under the prescribed fertiliser-control framework are to be classified under Heading 3101 as fertilisers.
• Under the GST margin scheme for second-hand vehicles, ITC may be availed on eligible inputs and input services, such as repairs, maintenance and advertising, while the restriction applies to tax paid on the procured second-hand vehicles.
• Specified plastic waste, electrical and electronic waste, tyre scrap, and used cooking oil supplied by an unregistered person to a registered person are proposed to be brought under RCM, subject to the prescribed conditions.
• TDS at 2% is proposed for specified waste and scrap supplied by a registered person to another registered person under B2B transactions.
• Psyllium seeds (Isabgol) are to attract a NIL GST rate, whether fresh, chilled, frozen or dried.
• GST treatment of retreaded tractor tyres is to be aligned with the treatment applicable to new tractor tyres.
• The Council recommended exempting specified Compensation Cess not levied by Canteen Stores Departments (CSDs) on two-wheelers, four-wheelers and aerated drinks during the specified historical periods.

GST Rate and Exemption Clarifications – Services

• The Council recommended an option to pay GST at 5% with restricted ITC on eligible passenger transport and rental services of motor vehicles with operators using electric vehicles, where battery-charging costs are included in the consideration.
• Eligible delivery services supplied through Electronic Commerce Operators, excluding courier and postal services, are proposed to attract GST at 5% without ITC, subject to prescribed conditions.
• The Council recommended clarifying the GST treatment of recoveries such as registration charges, road tax, insurance, and FASTag charges in motor vehicle leasing transactions.
• Limited ITC is proposed to be allowed within the same line of business for eligible restaurant and outdoor catering services, hotel accommodation up to ₹7,500 per unit per day, and gym or fitness services, subject to prescribed conditions.
• Passenger transportation by helicopter on a seat-sharing basis to or from specified locations in the Northeastern States, Sikkim, and Bagdogra in West Bengal is proposed to be exempt from GST.
• Storage or warehousing of seeds meant for sowing is proposed to be exempt from GST.
• Agricultural support services involving the curing of coffee by coffee curers for cultivators are proposed to be exempt from GST.
• Services provided by the Seamen’s Provident Fund Organisation (SPFO) to persons covered under the Seamen’s Provident Fund Act, 1966, are proposed to be exempt from GST.
• For eligible research and development services, a simplified self-certification mechanism by the head of the institution or organisation is proposed to establish that the activity is research and development rather than consultancy.
• The Council recommended exempting eligible imports of services by Indian establishments of foreign shipping companies from related foreign entities where the services are provided without consideration, with past periods to be regularised on an “as is where is” basis.
• The Council recommended exempting the grant of exclusive rights, licences and authority to collect tolls for highway projects under the Toll-Operate-Transfer (TOT) model.
• A special procedure is proposed for determining the valuation and timing of GST payment on operation and maintenance services provided by concessionaires to authorities under the TOT model.

Reserve Bank of India’s New Services Export Reporting Framework Raises Concerns Among Freelancers and Small Exporters

• The Reserve Bank of India (RBI) introduced a new foreign exchange reporting framework, effective 1 October 2026, to improve monitoring of India’s non-software services exports.
• Under the new Foreign Exchange Management Act (FEMA) Regulations, service exporters must submit an Export Declaration Form (EDF) to their Authorised Dealer (AD) bank.
• Software exporters must submit the EDF through the Software Technology Parks of India (STPI).
• Exporters must file the EDF within 30 days from the end of the invoice month.
• An Export Declaration Form (EDF) is a mandatory form used to declare the value of exported services for foreign exchange reporting to the RBI.
• The new framework replaces the earlier SOFTEX form with the EDF for software exporters, making it a transition in reporting requirements for the software export sector.
• Freelancers, consultants, and small service firms face new documentation and filing requirements under the framework.
• The RBI introduced a ₹10 lakh threshold per bill for eligible small service enterprises and firms that do not qualify as individuals, allowing them to opt for a simplified self-declaration route along with the invoice.
• The simplified reporting route aims to reduce the burden of navigating the complex corporate reporting process and submitting full invoices for eligible small exporters.
• The framework aims to improve foreign exchange monitoring and provide policymakers with better data on India’s growing services exports.
• The practical implementation of the framework will depend on how consistently Authorised Dealer (AD) banks implement Standard Operating Procedures (SOPs).
• The new reporting requirements have raised concerns among freelancers, consultants, and small-ticket service providers who were previously unfamiliar with such documentation requirements.

Reserve Bank of India Enhances Account Aggregator Network Interoperability to Simplify Financial Data Sharing for Customers

• The Reserve Bank of India (RBI) announced interoperability among Non-Banking Financial Companies–Account Aggregators (NBFC-AAs) on 7 October 2026 to improve customer convenience and enable seamless sharing of financial information.
• Account Aggregators (AAs) are RBI-regulated entities that facilitate the digital sharing of customers’ financial information between Financial Information Providers (FIPs) and Financial Information Users (FIUs) based on the customer’s consent.
• Interoperability will allow customers to use any NBFC-Account Aggregator of their choice, even when their bank or financial institution is connected to a different aggregator, reducing platform-related barriers.
• The initiative is expected to improve credit assessment, accelerate loan approvals, and promote financial inclusion, particularly for self-employed individuals and borrowers in underserved segments.
• The RBI announced that SEBI-regulated depositories will be facilitated to include bank deposit account information in Consolidated Account Statements (CAS).
• The proposed CAS facility will enable demat account holders to view their securities holdings and bank deposit information in one place.
• Both measures aim to enhance customer convenience and are expected to be implemented by 31 December 2026.
• Around 17 Account Aggregators are registered under the RBI’s NBFC-AA category, operating across separate financial-information ecosystems.

India’s Merchandise Trade Deficit Falls to a Five-Month Low of USD 26.86 Billion in August 2026

• According to the Department of Commerce, India’s merchandise trade deficit eased to a five-month low of USD 26.86 billion in August 2026, compared with USD 27.22 billion in August 2025 and USD 32 billion in July 2026.

Key Highlights :

• India’s merchandise exports rose 26% year-on-year (YoY) to USD 43.81 billion in August 2026, recording their fastest growth since June 2022.
• India’s merchandise imports increased 14% YoY to USD 70.67 billion in August 2026.
• India’s services exports were estimated at USD 38.87 billion in August 2026, registering nearly 25% YoY growth.
• India’s services imports were estimated to have increased 37% YoY to USD 21.42 billion, resulting in an estimated services trade surplus of USD 17.45 billion.
• The Reserve Bank of India (RBI) was expected to release the final services trade data later in September 2026.
• Engineering goods exports increased nearly 24% YoY to USD 12.32 billion in August 2026.
• Electronic goods exports nearly doubled to USD 5.55 billion in August 2026, compared with USD 2.93 billion in August 2025.
• Petroleum product exports increased 63% YoY to USD 6.81 billion in August 2026.
• Organic and inorganic chemical exports rose a little over 16% YoY to USD 2.80 billion in August 2026.
• India’s crude oil imports increased nearly 26% YoY to USD 16.69 billion in August 2026.
• Electronic goods imports jumped nearly 41% YoY to USD 13.66 billion in August 2026.
• Fertiliser imports grew nearly 14% to USD 1.89 billion in August 2026.
• Imports of coal, coke and briquettes increased 25% to USD 2.57 billion in August 2026.
• India’s gold imports fell 58% YoY to USD 2.30 billion in August 2026, following the government’s increase in customs duty on gold in May 2026.
• The United States (US) remained India’s largest export market in August 2026, with exports rising nearly 22% YoY to USD 8.32 billion.
• China remained India’s largest source of imports, with imports increasing a little over 17% YoY to USD 12.78 billion in August 2026.
• India’s exports to China rose a little over 52% to USD 1.84 billion in August 2026.
• India’s imports from Russia increased nearly 44% to USD 6.96 billion in August 2026, mainly due to crude oil imports.
• During April–August FY2026–27 (FY27), India’s merchandise exports increased nearly 18% YoY to USD 215.91 billion.
• India’s merchandise imports also grew 18% YoY to USD 363 billion during April–August FY27.
• India’s cumulative merchandise trade deficit stood at USD 147 billion during the first five months of FY27.
• India’s merchandise exports accounted for 14% of GDP in Q1 FY27, according to the latest available data, indicating a recovery in exports’ contribution to economic output.
• The share of exports in India’s GDP declined from 5% in FY24 to 11.7% in FY25 and 11.3% in FY26, following a slowdown in global demand during FY24 and FY25 and steep US tariffs on Indian goods in FY26.
• The export share recovered to 14% of GDP in Q1 FY27, returning to the level recorded in FY23, when India achieved a record-high annual merchandise export value.

India’s Net Direct Tax Collection Rises 13% to ₹12.12 Lakh Crore Till 17 September 2026

• According to the Central Board of Direct Taxes (CBDT), India’s net direct tax collection increased by 13% to over ₹12.12 lakh crore between 1 April and 17 September 2026 in the current financial year.
• Gross direct tax collection grew by 15% to over ₹14.32 lakh crore during the same period.
• Corporate tax collection increased by 48% to approximately ₹5.56 lakh crore between 1 April and 17 September 2026.
• Non-corporate tax collection, which includes taxes paid by individuals and Hindu Undivided Families (HUFs), rose by 6% to over ₹6.16 lakh crore during the same period.
• Securities Transaction Tax (STT) collection increased by 53% to ₹40,214 crore between 1 April and 17 September 2026.
• Income tax refunds issued increased by 19% to over ₹2.20 lakh crore up to 17 September 2026.
• Advance tax collection rose by 18% to approximately ₹5.22 lakh crore up to 17 September 2026, contributing to the growth in net direct tax revenue.
• Advance corporate tax payments increased by 18% to over ₹4.16 lakh crore during the period.
• Non-corporate advance tax payments grew by 24% to ₹1.06 lakh crore up to 17 September 2026.

India’s Current Account Deficit Widens to USD 7 Billion in July 2026, More Than Doubling Year-on-Year

• According to the Reserve Bank of India (RBI), India recorded a Current Account Deficit (CAD) of USD 7 billion in July 2026, compared with a deficit of USD 3.2 billion in July 2025, according to preliminary Balance of Payments (BoP)
• India’s Balance of Payments (BoP) recorded a surplus of USD 20.8 billion in July 2026, compared with a surplus of USD 0.3 billion in July 2025.
• During April–July FY2026–27 (FY27), India’s Current Account Deficit widened to USD 11.2 billion, compared with USD 6.6 billion during the corresponding period of FY26.
• India’s merchandise trade deficit widened to USD 31.7 billion in July 2026, compared with USD 28.2 billion in July 2025.
• India’s merchandise exports increased to USD 45.1 billion in July 2026, compared with USD 37.4 billion in the same month of the previous year.
• India’s merchandise imports rose to USD 76.8 billion in July 2026, compared with USD 65.6 billion in July 2025.
• During April–July FY27, India’s merchandise trade deficit widened to USD 117.8 billion, compared with USD 97.1 billion during April–July FY26.
• India’s net services exports stood at USD 17.6 billion in July 2026, registering a slight increase.
• India’s net transfers, supported by remittances from Indians abroad, increased to USD 13.2 billion in July 2026, compared with USD 12.6 billion in July 2025.
• India recorded a net capital-account inflow of USD 27.7 billion in July 2026, compared with USD 3.5 billion in July 2025.
• Net banking capital inflows increased to USD 18.4 billion in July 2026, compared with USD 6 billion in the corresponding month of the previous year.
• Net Non-Resident Indian (NRI) deposit inflows surged to USD 33.5 billion in July 2026, compared with USD 1 billion in July 2025.
• Foreign Portfolio Investment (FPI) recorded a net inflow of USD 4.1 billion in July 2026, compared with a net outflow of USD 2.5 billion in July 2025.
• Net Foreign Direct Investment (FDI) recorded an inflow of USD 7.3 billion in July 2026, compared with USD 4.5 billion in July 2025.
• External Commercial Borrowings (ECBs) recorded a net outflow of USD 2.3 billion in July 2026, compared with a net inflow of USD 1.4 billion in July 2025.
• Short-term credit to India recorded a net inflow of USD 1.8 billion in July 2026.
• During April–July FY27, India’s overall Balance of Payments surplus increased to USD 12.7 billion, compared with USD 4.8 billion during the corresponding period of FY26.

Airtel Money Makes London Stock Exchange Debut Through £529 Million Initial Public Offering

• Airtel Money, the mobile payments and financial services business of Airtel Africa, began trading on the London Stock Exchange (LSE) on 9 October 2026 through an Initial Public Offering (IPO).
• Airtel Mobile Commerce NV is the company’s formal name, and its shares trade under the ticker symbol “AMC”.
• The IPO raised approximately £529 million (US$700 million) by selling 270 million existing shares at £1.96 per share.
• The IPO valued Airtel Money at approximately £5.3 billion.
• Conditional trading in Airtel Money shares began on 9 October 2026, while full trading and formal admission were expected on 14 October 2026.
• The listing marked the London Stock Exchange’s largest IPO since 2021 and was expected to help attract more international companies to London’s capital markets.

National Payments Corporation of India Launches National Payments Corporation of India Banking, India’s First Sovereign Compact AI Model for Retail Banking, at Global Fintech Festival 2026

• The National Payments Corporation of India (NPCI) unveiled the Finance Model for India (FiMi) Banking, India’s first sovereign compact model designed for Indian retail banking use cases, at the Global Fintech Festival (GFF) 2026.
• FiMi Banking is a sovereign compact AI model designed to perform complex, long-context tasks within a bank’s defined rules and infrastructure.
• The model is built on Gemma, Google’s family of open AI models, and was further trained by NPCI using Indian retail banking scenarios.
• NPCI will collaborate with HDFC Bank to strengthen and jointly develop FiMi Banking by combining NPCI’s technology and AI expertise with HDFC Bank’s banking-domain and AI expertise.
• NPCI is open-sourcing the model’s benchmarks, technical report, and evaluation sets to help assess the performance of banking AI agents.
• Unlike AI systems designed mainly to answer questions, FiMi Banking is designed to support AI agents that can reason, interact with tools, and complete actions in a banking environment.
• The model is being introduced alongside an open evaluation framework that allows developers, banks, fintech companies, and researchers to evaluate banking AI agents using standardised Indian retail banking scenarios.
• FiMi Banking uses synthetic data, and its benchmarks do not include real customer, account, or institutional data.
• The open-sourced technical report documents the model’s evaluation design, scoring methodology, and results, allowing the research to be cited and reused.
• The two India-specific benchmarks associated with FiMi Banking are IndicBank Bench and the Tau² Agentic Banking Benchmark.
• IndicBank Bench is a deterministic test-case benchmark comprising 799 scripted, multi-turn test cases across six retail banking domains.

 CURRENT AFFAIRS: NATIONAL AND STATE NEWS

Ministry of Rural Development Notifies 375 Permissible Works Under Viksit Bharat – Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, 2025

• The Ministry of Rural Development notified the Schedule of Permissible Works under the Viksit Bharat – Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, 2025 (VB–G RAM G Act), providing for 375 permissible works under the new rural works framework.
• The new Schedule represents a 41% increase over the 266 works under the previous framework.
• The works are organised under four thematic pillars: Water Security, Core Rural Infrastructure, Livelihood-related Infrastructure, and Special Works for Extreme Weather Events and Disaster Preparedness.
• Works will be identified through a bottom-up, decentralised planning process under the Viksit Gram Panchayat Plan, approved by the Gram Sabha, and digitally tracked through the Viksit Bharat National Rural Infrastructure Stack.

Key Highlights

• Water Security – 128 works: This is the largest category and includes check dams, gully plugs, underground dykes, recharge shafts, injection wells, rejuvenation of rivers, rivulets and nallahs, reclamation of waterlogged land, and renovation of field water-distribution channels.
• Core Rural Infrastructure – 111 works: This category focuses on essential civic and community infrastructure, including solar street lighting, waste-to-wealth recycling plants, greywater treatment units, waste-segregation sheds, rural libraries, veterinary and rural health centres, Common Service Centres, multipurpose youth centres, community facilities, and additional classrooms and laboratories in government schools. It also includes the repair and maintenance of Jal Jeevan Mission water-supply infrastructure, rural parks, footpaths and other village-level amenities.
• Livelihood-related Infrastructure – 98 works: This category supports rural livelihoods and value chains through agro-processing and value-addition facilities, cleaning, grading and packaging units, cold storage, mini flour mills, market yards, dairy infrastructure, mushroom cultivation sheds, sericulture sheds, poly-houses and aquaculture structures. It also covers infrastructure for Self-Help Groups (SHGs) and their federations, including SHG worksheds, SHE Marts, federation buildings and training-cum-skill development centres.
• Livelihood-related works account for 26% of all permissible works, compared with 1.1% under the previous framework, reflecting the increased emphasis on livelihood creation.
• Special Works for Disaster Preparedness and Climate Resilience – 38 works: For the first time, a dedicated category for disaster preparedness and extreme weather events has been introduced.
• Focus on agriculture and allied activities: The Schedule includes 181 agriculture and allied works, of which 52 are individual-beneficiary works. These cover water, land, plantation, livestock and other productive assets that can directly benefit farmers.
• Support for vulnerable households: A total of 107 works are tagged for Antyodaya and vulnerable households, including 68 individual-beneficiary works. These cover housing, sanitation, energy, irrigation, plantations, livestock shelters and other household-level assets.
• Women and youth development: The framework includes 36 works related to Nari Shakti and 36 works related to Yuva Shakti. These cover infrastructure for women's collectives, SHGs and their federations, youth centres, skill development and enterprise-linked facilities.
• Inclusive and future-ready infrastructure: The Schedule explicitly provides for accessibility for Divyangjan (persons with disabilities), including the construction of stairs and ramps in government buildings.
• Planning, digital tracking and convergence: Works will be planned through Viksit Gram Panchayat Plans according to local needs and approved by the Gram Sabha. Digital tracking through the Viksit Bharat National Rural Infrastructure Stack is intended to facilitate convergence of investments across Central, State and local schemes while preventing duplication.
• Overall, the new Schedule aims to integrate employment generation with water security, durable rural infrastructure, livelihood creation, climate resilience and inclusive development, contributing to the vision of Viksit Bharat @2047.

Supreme Court Dismisses Plea Seeking Investigation into FIRs Against Cockroach Janta Party Protesters

• The Supreme Court of India dismissed a plea seeking an investigation into the First Information Reports (FIRs) registered against student protesters who participated in the 20 July protest organised by the Cockroach Janta Party (CJP).
• The plea was filed as a review petition challenging the Supreme Court’s 1 September order, which cancelled all FIRs registered against protesters between 20 and 25 July, except those involving individuals with criminal antecedents.

Key Highlights

• On 20 July, around 30,000 people took to the streets and attempted to march towards Parliament, demanding educational reforms and the resignation of the then Union Education Minister Dharmendra Pradhan.
• The protest turned violent after police used force to control the crowd, leading to clashes between the police and protesters.
• A bench comprising Chief Justice of India Surya Kant, Justice Joymalya Bagchi and Justice V. Mohana heard a Public Interest Litigation (PIL) filed by L. Ramanathan.
• Ramanathan argued that judicial interference in police functions should not be permitted, describing the police as an “independent and sovereign” authority.
• The Chief Justice explained that the Court had invoked Article 142 of the Constitution of India to cancel the FIRs, emphasising that the protesters were young students whose parents and future prospects had to be considered. The Court stated that it did not want them to become entangled in legal cases or repeatedly appear in court.
• The lawyer argued that it was important to send a message and remarked that people often approached the Court as though it were their “private property.”
• In response, the Court referred to its recent order permitting the Himachal Pradesh Government to withdraw prosecution in 63 criminal cases involving Members of Parliament (MPs) and Members of Legislative Assemblies (MLAs). These cases were related to public demonstrations and sit-ins held during the COVID-19 period.
• The Court observed that the plea was essentially a review petition challenging the correctness of its earlier order and subsequently dismissed the petition.

Ladakh Launches India’s First High-Altitude Wildlife Safari

• Ladakh has launched India’s first high-altitude wildlife safari, with six specially designed open-back vehicles flagged off for operations in three initial locations: Rumbak, Shang and Uley.
• The safari was approved in August 2026, with vehicles introduced approximately two months later.
• The safari will provide visitors access to snow leopard habitats.
• However, sightings are not guaranteed, as snow leopards are difficult to spot because their pale-grey coats blend into the rocky mountain landscape.

Key Highlights

• Rumbak, near Hemis National Park, is known for winter snow leopard tracking, while Uley, in the Sham region, is an established base for wildlife tourism.
• According to India’s first Snow Leopard Population Assessment, India has an estimated 718 snow leopards, including 477 in Ladakh and 124 in Uttarakhand. Nearly two-thirds of India’s estimated snow leopard population is found in Ladakh.
• Ladakh’s high-altitude ecosystem also supports other Himalayan wildlife, including bharal (blue sheep) and ibex.
• The safari may expand to additional areas, including Hemis National Park, Changthang, Karakoram Wildlife Sanctuary, Nubra, Zanskar, Sham, Kargil and Drass.
• The organised safari system aims to curb illegal off-roading and minimise disturbances to wildlife and Ladakh’s fragile high-altitude ecosystem.
• The safari has initially started on a limited scale with six vehicles across Rumbak, Shang and Uley. Fares, booking arrangements, daily timings and the complete operating calendar have not yet been publicly announced.
• Although the safari is expected to improve access to snow leopard habitats, spotting the elusive “Ghost of the Mountains” will continue to depend on patience and luck.

About Ladakh:

• Lieutenant Governor: Vinai Kumar Saxena
• Capital: Leh
• National Parks: Hemis National Park
• Wildlife Sanctuaries: Changthang Wildlife Sanctuary, Karakoram Wildlife Sanctuary

Unique Identification Authority of India Revises Aadhaar Name Update Procedure

• The Unique Identification Authority of India (UIDAI) revised the procedure for updating names in Aadhaar through a new Standard Operating Procedure (SOP) uploaded on 18 September 2026.
• It replaces the earlier name update process under the exception-handling mechanism.
• The revised procedure distinguishes between minor name corrections and major or complete name changes, specifying the documents required for different cases.

Key Highlights

• Minor name changes include:
• Expanding abbreviations or shortening names to initials.
• Adding or removing a middle name or surname.
• Changing the sequence of names.
• Making minor English spelling corrections when the pronunciation remains similar.
• For minor changes, the applicable Proof of Identity (PoI) is required. For children whose names are updated through the Head of Family process, the applicable PoI or Proof of Relationship (PoR) may be required. The updated Aadhaar name will follow the spelling, sequence and abbreviations appearing in the submitted document.
• Correction of data entry errors: If the original document contained the correct name but it was entered incorrectly in Aadhaar, an adult must submit the prescribed affidavit along with the applicable PoI or PoR. For a minor, the prescribed affidavit for minors and the applicable PoI or PoR are required.
• Name change after marriage or divorce: A woman seeking a surname change following marriage or divorce must submit the prescribed affidavit and applicable PoI.
• Change of gender: UIDAI has also specified a procedure for updating a name following a change of gender. The applicable PoI must be submitted.
• Document-free corrections: Certain formatting corrections, such as removing randomly occurring capital letters and dots, can be made without supporting documents under the specified procedure.
• Restricted additions and characters: Aadhaar names cannot include aliases or the term “urf”, prefixes, military ranks, designations, service details, awards or decorations. Dots and other special characters are also not permitted.
• Removal of “urf” or “alias”: If these terms are already part of the name recorded in Aadhaar, their removal requires the prescribed affidavit and applicable PoI.
• Complete name change: A major change that amounts to a complete change of name or identity requires the applicable PoI along with a Gazette notification relating to the name change.
• UIDAI will verify the genuineness of submitted documents, including identity proofs, relationship proofs, affidavits and Gazette notifications, wherever applicable.
• Aadhaar holders should identify the type of change before applying and check whether their case requires a PoI, PoR, affidavit or Gazette notification. The required documents depend on the nature and circumstances of the name update.

Noida International Airport Renamed Narendra Modi International Airport

• The Uttar Pradesh Cabinet, chaired by Chief Minister Yogi Adityanath, approved a proposal to rename Noida International Airport, located at Jewar, Uttar Pradesh, as Narendra Modi International Airport, Noida-Jewar.
• Chief Minister Yogi Adityanath announced the decision on 9 October 2026, stating that the state Cabinet expressed gratitude to Prime Minister Narendra Modi for the airport.
• The airport is expected to become Uttar Pradesh's largest airport and a major aviation hub in India.

Key Highlights

• Prime Minister Narendra Modi inaugurated the airport on 28 March 2026. Its first flight landed on 15 June 2026, when an IndiGo aircraft arrived from Lucknow.
• The airport was developed by Yamuna International Airport Private Limited, a subsidiary of Switzerland-based Zurich Airport International AG, in association with Noida International Airport Limited, the implementing agency on behalf of the Uttar Pradesh government.
• The first phase was developed at a cost of ₹11,282 crore, with an initial annual passenger-handling capacity of 1.2 crore passengers, expandable to 7 crore passengers annually in the coming years.
• The airport has a 3,900-metre runway capable of handling wide-body aircraft and is equipped with modern navigation systems.
• It has been designed as a multimodal transport hub, integrating air connectivity with road and other modes of transport.
• The runway is equipped with an Instrument Landing System at both ends, enabling aircraft to approach from either direction depending on wind conditions.

About Uttar Pradesh:

• Chief Minister: Yogi Adityanath
• Governor: Anandiben Patel
• Capital: Lucknow
• National Parks: Dudhwa National Park
• Wildlife Sanctuaries: Katarniaghat Wildlife Sanctuary, Kishanpur Wildlife Sanctuary, Hastinapur Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, Kaimur Wildlife Sanctuary, Bakhira Wildlife Sanctuary, Nawabganj Bird Sanctuary, Okhla Bird Sanctuary

West Bengal Cabinet Approves Bhagini Nivedita Scheme and Announces 14,454 Government Vacancies

• West Bengal Chief Minister Suvendu Adhikari announced the recruitment of 14,454 government employees within six to eight months and approved the Bhagini Nivedita Scheme, which will provide ₹50,000 in financial assistance to unmarried women pursuing higher education for three years.
• The Public Service Commission (PSC) and the State Police Recruitment Board will complete the examination and recruitment processes for the newly approved vacancies.
• The posts will be distributed across departments, including forests, fire services, prisons, home and hill affairs.

Key Highlights

• Bhagini Nivedita Scheme: The scheme will provide financial assistance to unmarried women pursuing higher education. Beneficiaries will receive ₹17,000 each in the first and second years and ₹16,000 in the third year, taking the total assistance to ₹50,000.
• The scheme is scheduled to be implemented from January 2027.
• Karmabandhus' remuneration increased: The monthly remuneration of Karmabandhus, contractual sanitation workers engaged under the Land and Land Revenue Department, has been increased from ₹5,000 to ₹8,000, effective October 2026.
• Higher hostel food allowance: The monthly food allowance for Scheduled Caste (SC) and Scheduled Tribe (ST) students residing in government hostels has been increased from ₹1,800 to ₹3,300.
• Police recruitment and appointment letters: Appointment-related formalities for around 12,000 police posts were scheduled to be taken up on 11 October 2026, with approximately 5,000 candidates expected to receive appointment letters at a programme on the same day.
• Emergency response number: The state police's emergency response number 112 was scheduled to be launched on 10 October 2026, coinciding with Mahalaya.
• Police vehicles and motorcycles: A total of 400 vehicles and 450 motorcycles were scheduled to be handed over to various police stations at a programme at Brigade Parade Ground on 10 October.
• Mahalaya cultural programme: A major cultural event was announced for Eden Gardens on 10 October 2026, featuring a special display involving approximately 3,000 drones.
• Bijaya Sammilani: A special Bijaya Sammilani for Durga Puja committees was scheduled for 26 October 2026. The event would feature food stalls showcasing popular dishes from different districts of West Bengal instead of conventional catering.

About West Bengal:

• Chief Minister: Suvendu Adhikari
• Governor: N. Ravi
• Capital: Kolkata
• National Parks: Sundarbans National Park, Jaldapara National Park, Gorumara National Park, Singalila National Park, Neora Valley National Park, Buxa National Park
• Wildlife Sanctuaries: Senchal Wildlife Sanctuary, Buxa Wildlife Sanctuary, Raiganj Wildlife Sanctuary, Ballavpur Wildlife Sanctuary, Chintamani Kar Bird Sanctuary, Lothian Island Wildlife Sanctuary, West Sundarban Wildlife Sanctuary

CURRENT AFFAIRS : INTERNATIONAL NEWS

India and Singapore Plan 2,000-MW Cross-Border Power Link Under Association of Southeast Asian Nations Power Grid Initiative

• India and Singapore are exploring a proposed 2,000-megawatt (MW) cross-border electricity interconnection project as part of the Association of Southeast Asian Nations (ASEAN) Power Grid
• The proposed project aims to establish a cross-border electricity transmission link between India and Singapore to promote regional power connectivity.
• One option under consideration is an approximately 3,000-km land-based transmission corridor connecting Imphal (India) to Singapore through Myanmar, Thailand, and Malaysia.
• Shripad Yesso Naik, Minister of State for Power and New and Renewable Energy, represented India at the 20th East Asia Summit Energy Ministers’ Meeting held in Manila, Philippines.
• The proposed power interconnection aims to facilitate reliable cross-border electricity trade, support clean energy integration, and strengthen regional energy security.
• India reaffirmed its commitment to the ASEAN Plan of Action for Energy Cooperation (APAEC) 2026–2030 and the ASEAN–India Plan of Action 2026–2030.
• India emphasised cooperation in power transmission and multilateral electricity trade to strengthen regional energy cooperation.
• India called for stronger institutional linkages between the ASEAN Centre for Energy (ACE) and Indian energy institutions.
• The Indian institutions identified for enhanced cooperation include NTPC Limited, Power Grid Corporation of India Limited, the Central Electricity Authority (CEA), the National Institute of Wind Energy (NIWE), and the National Institute of Solar Energy (NISE).
• The initiative aligns with India’s Act East Policy and its Comprehensive Strategic Partnership with ASEAN, promoting regional connectivity and sustainable energy cooperation.

About Singapore :

• President : Tharman Shanmugaratnam
• Prime Minister : Lawrence Wong
• Capital : Singapore
• Currency : Singapore dollar

CURRENT AFFAIRS: AWARDS AND HONOURS

Israel to Honour Indian Pilot Captain Smit Machchhar with Presidential Award for Civilian Heroism

• Israeli President Isaac Herzog announced that Captain Smit Machchhar, an Indian pilot working for flydubai, will receive the State of Israel’s Presidential Award for Civilian Heroism, Israel’s highest bravery award for civilians.
• The award will be presented after he regains his strength.

Key Highlights

• Captain Machchhar saved the lives of 174 passengers and crew members after his co-pilot, Hammam Al-Hammami, an Omani national, attacked him with a crash axe inside the cockpit.
• Despite suffering serious injuries and heavy bleeding, Machchhar opened the cockpit door, allowing Israeli passengers to enter and overpower the attacker.
• According to reports citing Israeli intelligence, the co-pilot initially planned to seize control of the aircraft, fly it to Tel Aviv and crash it into a building. Captain Machchhar’s bravery thwarted the plan.
• The co-pilot subsequently attempted to crash the aircraft into the desert. However, off-duty pilots on board took control of the plane and landed it safely in Saudi Arabia.
• Captain Machchhar was taken to a hospital for treatment and is recovering in a hospital in the United Arab Emirates.
• President Isaac Herzog praised Machchhar’s bravery and professionalism, stating that his actions helped avert a catastrophe.
• The Israeli President had also presented heroism awards to five Israeli citizens who helped overpower the co-pilot and prevent the aircraft from being crashed.
• Prime Minister Narendra Modi, Israeli Prime Minister Benjamin Netanyahu and United States President Donald Trump praised Captain Machchhar for his courageous actions.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Indian Olympic Association and Korean Sport & Olympic Committee Sign Memorandum of Understanding to Strengthen Sports Cooperation

• The Indian Olympic Association (IOA) and the Korean Sport & Olympic Committee (KSOC) signed a Memorandum of Understanding (MoU) to strengthen cooperation in athlete development, high-performance sports and sports administration.
• The agreement was signed at Korea House in Nagoya, Japan, during the 2026 Asian Games.
• It was signed by IOA President P. T. Usha and KSOC President Ryu Seung-min.

Key Highlights

• The two organisations will cooperate in athlete development, coaching, sports science, youth development and good governance.
• The partnership also covers sports planning and marketing, extending cooperation beyond athletic performance to sports administration and commercial development.
• Ryu Seung-min, a former Olympic fencing champion, has led the Korean Sport & Olympic Committee since 2025.
• The committee oversees South Korea's Olympic movement and works in athlete development, international sporting relations and preparation for major multi-sport competitions.
• The MoU builds on broader sports cooperation between India and South Korea, including efforts to increase exchanges of sports experts and personnel in coaching, talent development and sports science.
• The partnership was signed during the 2026 Asian Games in Nagoya, where athletes from India and South Korea competed alongside delegations from across Asia.

CURRENT AFFAIRS: RANKINGA ND INDEX

India Ranks Among Top 10 Emerging-Market Performers in Artificial Intelligence Readiness: World Bank

• According to the World Bank’s report India and Artificial Intelligence: Seizing the Development Opportunity, India ranks among the top 10 emerging-market performers in Artificial Intelligence (AI) readiness.
• India’s AI readiness is supported by its large technical workforce, globally integrated Information Technology (IT) sector and digital public infrastructure.

Key Highlights

• Private investment in AI in India more than tripled in 2025, rising to ₹36,231.70 crore (US$4.1 billion) from ₹10,604.40 crore (US$1.2 billion) in 2024, reflecting growing investor interest in India’s AI ecosystem.
• The number of professionals employed by Global Capability Centres (GCCs) increased to 2.36 million in 2025, compared with 1.9 million in 2024, highlighting the growing role of technology-driven services and skilled talent in India’s economy.
• The World Bank identified AI’s potential to improve productivity and public service delivery in India, while noting that its long-term effects on the economy and labour market remain uncertain.
• Through AgriConnect, the World Bank Group is investing in “small AI” tools that are targeted and locally adapted. These tools aim to extend AI benefits to more people while supporting workers during the transition brought about by the technology.
• The report highlighted that, for most South Asian economies, the largest gains from AI are likely to come from adopting and adapting existing technologies to local conditions, including through small AI applications suitable for low-resource settings.
• According to the accompanying South Asia Economic Update, South Asia is projected to grow by 6.9% in 2026, remaining the world’s fastest-growing region.
• India’s digital infrastructure, technical capabilities and integrated IT industry position it to expand AI applications across productivity, public services and economic development.

CURRENT AFFAIRS: SPORTS NEWS

Pramod Bhagat and Bhavina Patel Named India’s Flag Bearers for Aichi-Nagoya 2026 Asian Para Games

• Pramod Bhagat (para badminton) and Bhavina Patel (para table tennis) will lead the Indian contingent as flag bearers at the opening ceremony of the 5th Asian Para Games, scheduled in Nagoya, Japan.
• The Aichi-Nagoya 2026 Asian Para Games will be held from 18 to 24 October 2026, bringing together para-athletes from across Asia.

Key Highlights

• Pramod Bhagat has won six Asian Para Games medals between 2014 and 2023, comprising two gold medals and four bronze medals. He is one of India’s most decorated para badminton players.
• Bhavina Patel has won two Asian Para Games medals between 2018 and 2023, comprising one silver medal and one bronze medal. She is one of India’s leading para table tennis players.
• Together, Bhagat and Patel have won eight Asian Para Games medals. They will carry the Indian Tricolour as the country begins its campaign at the 2026 edition.
• Devendra Jhajharia, President of the Paralympic Committee of India (PCI), welcomed their selection, stating that their achievements and resilience make them suitable representatives of the Indian contingent.
• Mansukh Mandaviya, Union Minister of Youth Affairs and Sports, will attend the ceremony as the Chief Guest, while Raksha Nikhil Khadse, Minister of State for Youth Affairs and Sports, will be the Guest of Honour.
• India aims to build on its growing success at major international para-sport competitions at the Aichi-Nagoya 2026 Asian Para Games.

CURRENT AFFAIRS : OBITUARIES

Bestselling British Author and Former Politician Jeffrey Archer Passed away at 86

• Jeffrey Archer, the bestselling British novelist and former politician, died at the age of 86 at his home in London, shortly before the global release of his latest novel.
• His final novel, Adam and Eve, was published globally on 6 October 2026, one day after his death.
• Jeffrey Archer was famous for bestselling novels such as Kane and Abel, The Prodigal Daughter, Not a Penny More, Not a Penny Less, and A Prisoner of Birth.
• His novels sold more than 300 million copies, according to his official website.
• Archer was a member of the British Conservative Party and served as a Member of Parliament (MP) for Louth from 1969 to 1974.
• He later served as Deputy Chairman of the Conservative Party under British Prime Minister Margaret Thatcher but resigned in 1986.
• Archer was also known for legal controversy, having been convicted of perjury.

CURRENT AFFAIRS: IMPORTANT DAYS

World Egg Day 2026 – 9 October

• World Egg Day is observed annually on the second Friday in October This year, World Egg Day is on 9^th October 2026, marking the 30th anniversary of the global observance.
• The official theme for 2026 was “Protein that Powers and Protects”, highlighting eggs as a natural source of high-quality protein and essential nutrients that support health and well-being throughout life.
• World Egg Day is celebrated annually on the second Friday of October. As the date is based on the day of the week rather than a fixed calendar date, it changes every year.
• The observance was established in Vienna, Austria, in 1996, when it was decided that World Egg Day would be celebrated on the second Friday of October each year.
• Organised by the World Egg Organisation, the 2026 campaign highlighted the role of eggs in providing high-quality protein and important nutrients. The theme also marked three decades of the observance.
• The 30th anniversary in 2026 provided an opportunity to highlight developments in nutrition awareness, food production and public understanding of the importance of protein.

World Post Day 2026 – 9 October

• World Post Day is celebrated annually on 9 October to highlight the importance of postal services in global communication.
• 2026 Theme: “World Post Day: One Postal Network, Infinite Possibilities.”
• History: World Post Day was first declared by the Universal Postal Union (UPU) Congress held in Tokyo, Japan, in 1969.
• Significance of 9 October: The day marks the establishment of the Universal Postal Union in 1874 in Switzerland, which helped transform international postal communication.
• Role of postal services: Postal services enable people to communicate over long distances through written letters and parcels. The primary functions of a post office include the collection, processing, transmission and delivery of letters and parcels.
• Historical background: The first organised postal service is traced to the period of Augustus Caesar (62 BCE–14 CE) in Rome. Postal systems subsequently expanded and developed across the world.
• Oldest functioning post office: The post office on High Street in Sanquhar, Scotland, has reportedly been operating since 1712, according to the British Postal Museum.
• Global observance: Countries worldwide participate in World Post Day celebrations to recognise the contribution of postal services to communication and connectivity.
• The Universal Postal Union played a major role in developing international postal cooperation and enabling people to exchange letters across national borders.

Daily CA One- Liner: October 11 & 12

• The Ministry of Rural Development notified the Schedule of Permissible Works under the Viksit Bharat – Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, 2025 (VB–G RAM G Act), providing for 375 permissible works under the new rural works framework
• The Supreme Court of India dismissed a plea seeking an investigation into the First Information Reports (FIRs) registered against student protesters who participated in the 20 July protest organised by the Cockroach Janta Party
• Ashwini Vaishnaw, Union Minister for Electronics and Information Technology, Railways, and Information and Broadcasting, launched the World Bank Group’s World Development Report 2026: The Promise of Artificial Intelligence on 8 October 2026 at The Oberoi, New Delhi
• Ladakh has launched India’s first high-altitude wildlife safari, with six specially designed open-back vehicles flagged off for operations in three initial locations: Rumbak, Shang and Uley
• The Unique Identification Authority of India (UIDAI) revised the procedure for updating names in Aadhaar through a new Standard Operating Procedure (SOP) uploaded on 18 September 2026
• The Uttar Pradesh Cabinet, chaired by Chief Minister Yogi Adityanath, approved a proposal to rename Noida International Airport, located at Jewar, Uttar Pradesh, as Narendra Modi International Airport, Noida-Jewar
• West Bengal Chief Minister Suvendu Adhikari announced the recruitment of 14,454 government employees within six to eight months and approved the Bhagini Nivedita Scheme, which will provide ₹50,000 in financial assistance to unmarried women pursuing higher education for three years
• Israeli President Isaac Herzog announced that Captain Smit Machchhar, an Indian pilot working for flydubai, will receive the State of Israel’s Presidential Award for Civilian Heroism, Israel’s highest bravery award for civilians
• The Indian Olympic Association (IOA) and the Korean Sport & Olympic Committee (KSOC) signed a Memorandum of Understanding (MoU) to strengthen cooperation in athlete development, high-performance sports and sports administration
• Pramod Bhagat (para badminton) and Bhavina Patel (para table tennis) will lead the Indian contingent as flag bearers at the opening ceremony of the 5th Asian Para Games, scheduled in Nagoya, Japan
• World Egg Day is observed annually on the second Friday in October This year, World Egg Day is on 9^th October 2026, marking the 30th anniversary of the global observance
• World Post Day is celebrated annually on 9 October to highlight the importance of postal services in global communication
• The 57th Goods and Services Tax (GST) Council Meeting was held in New Delhi under the chairpersonship of Union Finance and Corporate Affairs Minister Nirmala Sitharaman.
• The Reserve Bank of India (RBI) introduced a new foreign exchange reporting framework, effective 1 October 2026, to improve monitoring of India’s non-software services exports.
• The Reserve Bank of India (RBI) announced interoperability among Non-Banking Financial Companies–Account Aggregators (NBFC-AAs) on 7 October 2026 to improve customer convenience and enable seamless sharing of financial information.
• According to the Department of Commerce, India’s merchandise trade deficit eased to a five-month low of USD 26.86 billion in August 2026, compared with USD 27.22 billion in August 2025 and USD 32 billion in July 2026.
• According to the Central Board of Direct Taxes (CBDT), India’s net direct tax collection increased by 13% to over ₹12.12 lakh crore between 1 April and 17 September 2026 in the current financial year.
• According to the Reserve Bank of India (RBI), India recorded a Current Account Deficit (CAD) of USD 7 billion in July 2026, compared with a deficit of USD 3.2 billion in July 2025, according to preliminary Balance of Payments (BoP)
• Airtel Money, the mobile payments and financial services business of Airtel Africa, began trading on the London Stock Exchange (LSE) on 9 October 2026 through an Initial Public Offering (IPO).
• The National Payments Corporation of India (NPCI) unveiled the Finance Model for India (FiMi) Banking, India’s first sovereign compact model designed for Indian retail banking use cases, at the Global Fintech Festival (GFF) 2026.
• India and Singapore are exploring a proposed 2,000-megawatt (MW) cross-border electricity interconnection project as part of the Association of Southeast Asian Nations (ASEAN) Power Grid
• Jeffrey Archer, the bestselling British novelist and former politician, died at the age of 86 at his home in London, shortly before the global release of his latest novel.