Current Affairs · 18 August 2026
UPSC Prelims Current Affairs: 18 August 2026
RBI advances its dollar swap deadline, CBDT opens a foreign asset window, NASA invites ISRO into Artemis, and a Bengal depression triggers red alerts.
RBI advances FCNR(B) forex swap window deadline to 31 August
The Reserve Bank of India has advanced the deadline for banks to raise Foreign Currency Non Resident (Bank) deposits under its special forex swap facility from 30 September to 31 August 2026, citing a strong response since the facility opened on 8 June. Banks may still enter into dollar rupee swaps with the RBI against these deposits until 11 September. The facility, which also covers External Commercial Borrowings and Overseas Foreign Currency Borrowings, had drawn total inflows of about USD 56.8 billion by 13 August, with FCNR(B) deposits alone accounting for USD 52.3 billion.
BRICS Civil Forum 2026 opens in New Delhi
Secretary (Economic Relations) in the Ministry of External Affairs, Sudhakar Dalela, addressed the opening of the BRICS Civil Forum 2026 in New Delhi, describing India's BRICS chairship as guided by a people centric, humanity first approach. He noted that more than 350 meetings have been held across Indian cities during the chairship, spanning the political security, economic financial, and people to people pillars of BRICS cooperation. Inputs from the Civil Forum are expected to feed into the BRICS Leaders' Summit later this year.
CBDT opens FAST-DS 2026 window for small taxpayers to disclose foreign assets
The Central Board of Direct Taxes has notified the Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS) 2026 under the Finance Act, 2026, giving eligible taxpayers a one time window from 16 August to 31 December 2026 to declare foreign assets or income not previously reported. A valid declaration brings immunity from further tax, penalty and prosecution under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The scheme is aimed chiefly at smaller cases where overseas holdings went unreported due to inadvertence or a change in residential status, not deliberate concealment, and it does not apply where Black Money Act assessment proceedings have already concluded.
NABARD's RSVC AMRIT platform launched for rural technology transfer
Principal Scientific Adviser to the Government of India, Professor Ajay Kumar Sood, launched the RSVC AMRIT digital platform on the occasion of the 80th Independence Day. Developed by NABARD with the Office of the Principal Scientific Adviser, the platform is meant to serve as the digital backbone of the RuTAG Smart Village Centre (RSVC) ecosystem, supporting technology discovery, validation, deployment tracking and knowledge sharing. NABARD currently supports eight RSVCs, which provide a structured, last mile route for validated technologies and startup solutions to reach rural communities across areas such as agriculture, renewable energy and water and sanitation.
NASA invites ISRO to join its Artemis Moon Base programme
At the 9th India US Civil Space Joint Working Group meeting held at ISRO headquarters in Bengaluru on 5 and 6 August, NASA invited ISRO to participate in its Artemis Moon Base programme, a lunar South Pole base being developed under the Artemis Accords framework. India became the 27th signatory to the Artemis Accords on 21 June 2023. The invitation comes as India's own human spaceflight programme progresses, with the first uncrewed Gaganyaan mission carrying the half humanoid Vyommitra targeted for the fourth quarter of 2026, ahead of two further uncrewed flights and India's maiden crewed orbital mission.
Depression over Bay of Bengal triggers red alert in West Bengal and Odisha
A low pressure area over the northwest Bay of Bengal intensified into a depression by the early hours of 17 August and lay near the coast of West Bengal and adjoining Bangladesh, before tracking northwestwards across Gangetic West Bengal towards Jharkhand. The India Meteorological Department issued a red alert for West Bengal and Odisha, forecasting isolated extremely heavy rainfall of over 204.5 millimetres, with heavy to very heavy rain also expected over Chhattisgarh and Jharkhand. Several hill states, including Uttarakhand, Himachal Pradesh and Jammu and Kashmir, were placed under an orange alert for a separate spell of heavy rain.