Current Affairs · Subject
Economy
4 items tagged Economy.
- 2026-08-18
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.
- 2026-08-18
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.
- 2026-08-17
Mines and Minerals Amendment Bill clears Parliament
Parliament passed the Mines and Minerals (Development and Regulation) Amendment Bill, 2026, with the Lok Sabha clearing it on 12 August and the Rajya Sabha on 13 August. It amends the parent 1957 Act, letting holders of existing mining leases add critical minerals such as lithium, nickel, cobalt and graphite without extra fees, and removes the 50 per cent ceiling on sales from captive mines. The National Mineral Exploration Trust's scope is widened to also fund mine development, not just exploration.
- 2026-08-17
India's forex reserves cross USD 707 billion, RBI data shows
Reserve Bank of India data showed the country's foreign exchange reserves jumped by USD 14.14 billion in the week ended 7 August 2026 to touch USD 707 billion, the sharpest weekly gain since January 2026. Foreign currency assets, the largest component, rose to USD 574.6 billion, while gold reserves climbed to USD 108.7 billion. Reserves remain below the record USD 728.5 billion touched in February 2026.