The article titled "Govt raises import duty on gold, silver, platinum to conserve forex" is reproduced below from the sources:
Days after Prime Minister Narendra Modi urged citizens to defer gold purchases for a year as part of a broader national effort to conserve foreign exchange, the government on Wednesday sharply increased the import duty on precious metals amid concerns over the external sector and the impact of the West Asia crisis on India’s import bill.
A Finance Ministry notification said the import duty on gold and silver had been increased to 15 per cent from 6 per cent, while the levy on platinum had been raised to 15.4 per cent from 6.4 per cent. Consequential changes had also been made to gold and silver dore, coins and related items, with the revised rates coming into effect from Wednesday.
“This has been done as a policy measure aimed at safeguarding macroeconomic stability, conserving foreign exchange and moderating non-essential imports during a period of heightened global uncertainty arising from the ongoing West Asia crisis,” an official said. Officials added that the import duty on precious metals had historically been adjusted in line with prevailing macroeconomic and external sector conditions. In the Union Budget 2024-25, import duties on gold and silver were cut from 15 per cent to 6 per cent and on platinum from 15.4 per cent to 6.4 per cent, reflecting what officials described as a more comfortable external sector position at the time.
UAE ROUTE
The government simultaneously tightened the concessional import route available under the India-UAE Comprehensive Economic Partnership Agreement (CEPA), raising the duty on gold imported under the tariff rate quota to 14 per cent from 5 per cent. The move preserves only the existing 1 percentage point preferential margin over the standard duty rate and is aimed at plugging a possible arbitrage route after the sharp increase in headline Customs duty.
The tightening comes amid growing concern over rising gold imports routed through Dubai. According to an analysis by the Global Trade Research Initiative (GTRI), gold bar imports from the UAE surged to $16.5 billion in 2025 from $2.9 billion in 2022, while the UAE’s share in India’s gold imports rose to 28 per cent from 7.9 per cent during the same period.
Officials said the latest duty hike is part of a broader strategy to conserve foreign exchange and prioritise essential imports such as crude oil, fertilizers, industrial raw materials, defence equipment and capital goods, amid global uncertainties and the risk of a widening current account deficit (CAD).
DEMAND IMPACT
Economists said the higher tariff could moderate gold demand and offer some relief to the CAD, though part of the gains may be offset by smuggling.
- Rajani Sinha, Chief Economist at CareEdge, said a cumulative 9 percentage point increase in duty could reduce gold demand by 50-60 tonnes annually, lowering imports worth $6-9 billion at current international prices.
- Debopam Chaudhuri, Chief Economist, Piramal Group, estimated that the move could save $2.5 billion, or about ₹23,750 crore, in FY27 if the tariff hike is fully passed on to consumers.
The article titled "Uber to set up first India data centre with Adani Group" is reproduced below from the sources:
Uber will set up its first data centre in India in partnership with the Adani Group, marking a significant expansion of its technology infrastructure in the country. Uber CEO Dara Khosrowshahi announced the move in a post on X.
“Great to meet @gautam_adani in Ahmedabad this morning and build on our existing partnership with the Adani group. As India fast emerges as a leading innovation hub for @Uber, we are setting up our first data center in the [country],” Khosrowshahi wrote.
In January 2026, Adani Enterprises Ltd stated that the company will invest over ₹5,000 crore in a 100 MW data centre powered by renewable energy, over the coming 5-7 years.
Adani will work closely with local MSMEs and start-ups to develop a globally competent supplier base and generate 600 jobs directly and indirectly.
The article titled "India, Chile review progress of free trade pact talks" is reproduced below as it appears in the source material:
India and Chile, a South American nation, on Wednesday reviewed the progress of negotiations for the proposed free trade agreement and discussed and Commerce Secretary Rajesh Agrawal here.
“Apart from discussing the modalities for early conclusion of Comprehensive Economic Partnership Agreement, the interactions also covered a broad range of issues relating to trade facilitation, market ac-
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The article titled "Banks’ credit offtake, deposit growth surged in second fortnight of April" is reproduced below from the sources:
After a substantial decline in the first fortnight of the current financial year (FY27), banks’ credit offtake and deposit accretion gathered pace in the second fortnight of April.
Credit growth of all scheduled banks jumped by ₹2,95,164 crore in the reporting fortnight ended April 30, compared to a decline of ₹4,56,208 crore in the preceding fortnight. Further, deposit accumulation was robust at ₹2,12,302 crore against a decline of ₹5,95,607 crore, according to RBI data.
Outstanding bank credit and deposits in the first fortnight typically tend to decline as short-term business contracted in the run-up to the financial year-end winds down. In fact, credit offtake and deposit accretion in the reporting quarter is higher than the year-ago fortnight’s ₹96,509 crore and ₹1,68,845 crore, respectively.
In a recent report, ICRA noted that with India’s real GDP growth expected to grow at a slower clip of 6.5 per cent in FY27 (against an estimated 7.5 per cent for FY26), it expects bank credit to moderate and the slippage rate to rise in the current financial year amid heightened geopolitical uncertainties and evolving interest rate dynamics.
The rating agency expects credit growth to moderate to sub-12 per cent in FY27 (at 11.0-11.7 per cent, surpassing the growth rate of 10.9 per cent in FY25) from the significantly high level of 15.9 per cent in FY26.
The article titled "AERA defers 15% revenue recovery to moderate Noida airport charges" is reproduced below from the sources:
The Airports Economic Regulatory Authority (AERA) has deferred 15.02 per cent of the aggregate revenue requirement (ARR) in the final tariff order for the first control period between 2026 and 2031 for Noida International Airport. On Monday, businessline, in a conversation with AERA Chairperson SKG Rahate, had reported that the authority had significantly rationalised the ARR proposed by the airport operator. Accordingly, the ARR has been deferred to the next tariff cycle to moderate airport charges during the initial years of operation.
The regulator said the move was aimed at reducing the tariff burden on passengers and airlines at the upcoming greenfield airport, which is scheduled to commence commercial operations from June 15.
TARIFF PROPOSAL
Notably, AERA said Yamuna International Airport Private Ltd (YIAPL), the airport operator, had submitted an ARR of around ₹6,847 crore for the first control period under its multi-year tariff proposal. However, after carrying out analysis, prudence checks and stakeholder consultations, AERA said it rationalised the proposed revenue requirement and allowed around ₹5,308 crore.
“Keeping in mind the fact that Noida Airport is a greenfield airport with significant upfront capital investment and a comparatively lower initial traffic base resulting in higher airport charges, AERA has deferred (carried forward) a substantial portion (15.02 per cent) of the ARR to the next tariff cycle (2nd control period) so as to moderate the airport charges in the interests of passengers and airlines,” the regulator said.
USER DEVELOPMENT FEE
Consequently, AERA fixed the user development fee (UDF) for departing domestic passengers at ₹490 per passenger for 2026-27 against ₹653 proposed by the airport operator. For departing international passengers, the regulator fixed a UDF rate of ₹980 against the proposed ₹1,200. These charges are unchanged from the ad hoc tariff order issued by the regulator in August 2025.
Besides, the domestic landing charge was fixed at ₹725 per tonne compared to the ₹760 proposed by the airport operator. Furthermore, AERA said the UDF approved for the airport remains comparable with the national average at major airports and within the range currently levied at non-major airports.
Similarly, the regulator pointed out that UDF has been determined for both embarking and disembarking passengers as airport infrastructure such as aero bridges, travelators, conveyor belts, and terminal facilities are utilised by both categories of passengers. Meanwhile, AERA said distributing the tariff burden between departing and arriving passengers would ensure a more equitable recovery of airport infrastructure costs.
VARIABLE TARIFF PLAN
The regulator further approved a Variable Tariff Plan for the airport in order to encourage airlines to start new routes, increase flight frequencies, and expand network operations during the initial years of traffic ramp-up. According to AERA, the variable tariff plan will primarily apply to landing and parking charges and is expected to support airlines in gradually building passenger traffic from the airport.
In addition, AERA reiterated that airport charges at Noida International Airport cannot be directly compared with those at Delhi airport due to structural differences between greenfield and brownfield airports. Speaking to businessline a day earlier, AERA Chairperson Rahate said Delhi airport is an established brownfield airport with depreciated assets and high passenger traffic, whereas Noida International Airport is a newly-operational greenfield airport built with substantial upfront investments and lower initial traffic volumes.
IDENTICAL FARES
Presently, Noida International Airport’s fares are nearly identical to those from Delhi airport on several domestic routes despite Uttar Pradesh levying only 1 per cent value added tax on ATF compared to nearly 25 per cent in Delhi. These fares have led some industry executives to state that higher aeronautical charges and UDF at the airport are offsetting gains arising from lower fuel taxation. Nonetheless, sectoral experts aware of the tariff structure said these charges account for only a small portion of airline operating costs, while airlines continue to derive significant benefits from lower ATF taxation in Uttar Pradesh.
By Rohit Vaid, New Delhi.
The article titled "Yellow metal holdings of gold ETFs soared 79% over the past year" is reproduced below from the sources:
While a large part of gold imports is led by jewellery consumers, demand from exchange-traded funds (ETFs) has also seen a surge over the past year. Data from the World Gold Council (WGC) show that assets under management of gold ETFs listed in India increased from $7.2 billion in April 2025 to $18.4 billion in May 2026. Given the mandate to back their investments with physical gold, ETFs have increased their holdings from 65.3 tonnes to 116.7 tonnes in the same period, registering an increase of 79 per cent.
WHY THE INCREASE
Gold prices have had a stellar run over the last two years, more than doubling from around $2,100 per ounce in April 2024. Heightened uncertainty caused by Trump’s reciprocal tariffs and the ongoing Iran war are the prime reasons cited for the increase in prices.
In times of sharp price increases, demand from jewellery buyers typically comes down while investment demand surges. According to the WGC, demand for jewellery dropped from 563 tonnes in 2024 to 440 tonnes in 2025. But in the same period, holdings of Indian gold ETFs recorded a sharp increase. Total demand from global gold exchange-traded funds amounted to 794 tonnes in 2025, driving prices higher.
Interestingly, WGC data show that investments in gold could be in the form of gold bars and coins, besides gold ETFs. Gold ETFs account for only 40 per cent of the gold investment demand.
INFLOWS CONTINUE
Inflows have continued into India’s top gold ETFs, resulting in continued demand.
- Nippon India Gold BeES, which holds 36.5 tonnes of gold, has witnessed inflows of $1.1 billion so far in 2026.
- ICICI Prudential Gold iWIN ETF (holding 17.3 tonnes) received $673 million this year.
- SBI ETF Gold (holding 16.1 tonnes) received $522 million.
By Lokeshwarri SK, Chennai.
The article titled "SEBI eases FPI tax liability concerns" is reproduced below from the sources:
The Securities and Exchange Board of India (SEBI) has clarified to banks, custodians and brokers that they will not be held liable for the tax dues of offshore funds in India, easing concerns that had delayed fresh foreign portfolio investor (FPI) registrations and PAN issuance since last month, according to people familiar with the matter.
A public clarification note on the issue is expected to be issued soon by depositories or the Income Tax Department, sources said. “This will be very helpful for foreign investors to find appropriate domestic representatives to complete the new RA or AR entry in the CAF form,” one person aware of the discussions said.
The issue arose after changes were introduced to the common application form (CAF) framework and PAN application process for FPIs from April 1. Under the revised framework, representatives of offshore funds, including custodians and intermediaries acting on behalf of FPIs, were required to furnish additional details while applying for PAN allotment for clients.
LIABILITY CONCERNS
This requirement raised concerns among banks, brokers and other intermediaries over whether they could face potential tax liability for the offshore funds they represented. As a result, FPIs found it difficult to identify domestic representative assessees willing to take up the role, which slowed onboarding and delayed fresh fund launches.
PAN issuance for new FPIs had been impacted over the past month, with at least 20 newly registered FPIs currently awaiting PAN allotment despite completing registration formalities, according to sources.
Following consultations with the Income Tax Department, SEBI is understood to have clarified via email on Wednesday that banks and brokers acting as representatives for offshore funds would not be exposed to tax liability on behalf of their clients. This clarification is expected to help ease the current bottleneck in FPI onboarding and PAN issuance, market participants said.
By Akshata Gorde, Mumbai.
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