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With global crude oil prices falling after months of volatility, a question many Indian consumers have been asking: will petrol and diesel prices come down? Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Thursday (Jul 3) suggested that the possibility cannot be ruled out, though he stopped short of promising an immediate reduction. Here's all you need to know.<h2>What did the Modi government say about reducing petrol and diesel prices?</h2>Addressing a press conference on Thursday, Puri said, "If crude prices remain at these levels for the next few weeks, cutting petrol and diesel prices will be a legitimate question that everybody asks."At the same time, the minister cautioned against reading too much into current market conditions. "What the situation will be then, it is not right for me to speculate," he added.Also read | <a href="https://www.wionews.com/india-news/small-relief-for-indians-commercial-lpg-rate-slashed-by-183-but-prices-remain-over-70-above-january-levels-1782268425675">Small relief for Indians: Commercial LPG rate slashed by ₹183, but prices remain over 70% above January levels</a><h2>Why prices may not fall immediately</h2>Puri's comments came with an important caveat. According to the minister, India's oil marketing companies have been absorbing massive losses to shield consumers from international energy shocks.He revealed that state-run fuel retailers had accumulated losses and under-recoveries of Rs 74,781 crore by selling petrol, diesel and LPG below market-linked costs."Oil marketing companies had incurred losses and under-recoveries of Rs 74,781 crore by selling petrol, diesel and LPG below cost," Puri said. "So the actual loss and under-recovery are both very high," he added.Also read | <a href="https://www.wionews.com/world/trump-accuses-big-oil-companies-of-gouging-american-customers-says-gasoline-prices-better-start-going-down-a-lot-faster-usa-ogas-price-today-1782274625910">Trump accuses big oil companies of 'gouging' American customers, says 'gasoline prices better start going down a lot faster'</a><h2>Global oil prices fall</h2>On Thursday, Brent crude slipped towards $71 per barrel, extending losses of more than 3 per cent over the previous two trading sessions. This came after Qatar announced that indirect negotiations between Iran and the US had achieved “positive progress”. US benchmark West Texas Intermediate (WTI) crude was trading near $68 per barrel, continuing the downward trend.The decline marks a significant reversal from the panic seen earlier during the conflict, when fears of supply disruptions in the Strait of Hormuz pushed oil prices sharply higher.

Will petrol and diesel prices finally come down after months of pain at the pump? As global crude prices slide towards $71 a barrel, Petroleum Minister Hardeep Singh Puri has dropped a major hint. Scroll down to find out what he said.

With global crude oil prices falling after months of volatility, a question many Indian consumers have been asking: will petrol and diesel prices come down? Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Thursday (Jul 3) suggested that the possibility cannot be ruled out, though he stopped short of promising an immediate reduction. Here's all you need to know. What did the Modi government say about reducing petrol and diesel prices? Addressing a press conference on Thursday, Puri said, "If crude prices remain at these levels for the next few weeks, cutting petrol and diesel prices will be a legitimate question that everybody asks." At the same time, the minister cautioned against reading too much into current market conditions. "What the situation will be then, it is not right for me to speculate," he added. Also read | Small relief for Indians: Commercial LPG rate slashed by ₹183, but prices remain over 70% above January levels Why prices may not fall immediately Puri's comments came with an important caveat. According to the minister, India's oil marketing companies have been absorbing massive losses to shield consumers from international energy shocks. He revealed that state-run fuel retailers had accumulated losses and under-recoveries of Rs 74,781 crore by selling petrol, diesel and LPG below market-linked costs. "Oil marketing companies had incurred losses and under-recoveries of Rs 74,781 crore by selling petrol, diesel and LPG below cost," Puri said. "So the actual loss and under-recovery are both very high," he added. Also read | Trump accuses big oil companies of 'gouging' American customers, says 'gasoline prices better start going down a lot faster' Global oil prices fall On Thursday, Brent crude slipped towards $71 per barrel, extending losses of more than 3 per cent over the previous two trading sessions. This came after Qatar announced that indirect negotiations between Iran and the US had achieved “positive progress”. US benchmark West Texas Intermediate (WTI) crude was trading near $68 per barrel, continuing the downward trend. The decline marks a significant reversal from the panic seen earlier during the conflict, when fears of supply disruptions in the Strait of Hormuz pushed oil prices sharply higher.

Will petrol and diesel prices finally come down after months of pain at the pump? As global crude prices slide towards $71 a barrel, Petroleum Minister Hardeep Singh Puri has dropped a major hint. Scroll down to find out what he said.

When will petrol and diesel get cheaper in India? Modi government's petroleum minister Hardeep Puri drops BIG HINT

India's retirement math just got a rewrite. From July 1, the Employees' Provident Fund Organisation, or the EPFO, formally rolled out the EPF scheme 2026, EPS 2026, and EDLI 2026. India's new labour code lands after a 4-year wait, with the new rules replacing the six-decade-old 1952 framework under the new code on social security.<h2>PF contribution steady, compliance tighter</h2>The headline for salaried India is that contribution rates stay untouched. Under the new employees' provident funds scheme, 2026, if your monthly basic pay is 15,000 rupees or higher, the mandatory minimum deduction is fixed at 1,800 rupees per month. The employer must match this exact amount. An increase in the PF contribution above that minimum mandated amount will add to the longer-term savings corpus.However, that will also lower the monthly take-home salary. Broadly, employees and employers still put in 12 per cent each of wages, capped at the 15,000 rupees statutory wage ceiling, unless a worker opts for the higher-wage, higher-pension route, the Supreme Court cleared earlier.Also Read: <a href="https://www.wionews.com/business-economy/india-japan-summit-will-dollar-bypass-take-shape-1782987285121">India-Japan Summit: Will dollar bypass take shape?</a><h2>India's PF law: same rate, new rulebook</h2>In the new rule, what's changed is governance. Withdrawal categories are simplified to three buckets: illness, education-marriage, and housing.Exempted private PF trusts face tighter audits, digital disclosures, and mandatory dematerialisation.<h2>Now the money question</h2>EPF currently pays 8.25 per cent annually, a rate the centre fixes, not the market. Compare that with bank fixed deposits: SBI's five-year FD sits near 6 to 6.5 per cent, private banks pay marginally higher. That roughly 1.75 to 2 per cent gap compounds hard over decades.<h2>Tax-free PF edge over bank deposits</h2>So, a worker investing 3,000 rupees monthly for 30 years earns close to 47 lakh rupees in EPF at 8.25 per cent. The same in an FD at 6.5 per cent yields about 33 lakh rupees. That's a 42 per cent gap, or over 14 lakh rupees, purely from the interest differential, before counting PF's tax-free compounding, which FDs don't get. For India's 8 crore subscribers, nothing really changes on the ground. But the compliance net tightens, and retirement savings quietly outperform India's safest bank product by a wide, structural margin.

India's EPF Scheme 2026 is now in force. Here's what changes for PF contributions, withdrawals, EPS, EDLI, compliance and retirement savings.

India's retirement math just got a rewrite. From July 1, the Employees' Provident Fund Organisation, or the EPFO, formally rolled out the EPF scheme 2026, EPS 2026, and EDLI 2026. India's new labour code lands after a 4-year wait, with the new rules replacing the six-decade-old 1952 framework under the new code on social security. PF contribution steady, compliance tighter The headline for salaried India is that contribution rates stay untouched. Under the new employees' provident funds scheme, 2026, if your monthly basic pay is 15,000 rupees or higher, the mandatory minimum deduction is fixed at 1,800 rupees per month. The employer must match this exact amount. An increase in the PF contribution above that minimum mandated amount will add to the longer-term savings corpus. However, that will also lower the monthly take-home salary. Broadly, employees and employers still put in 12 per cent each of wages, capped at the 15,000 rupees statutory wage ceiling, unless a worker opts for the higher-wage, higher-pension route, the Supreme Court cleared earlier. Also Read: India-Japan Summit: Will dollar bypass take shape? India's PF law: same rate, new rulebook In the new rule, what's changed is governance. Withdrawal categories are simplified to three buckets: illness, education-marriage, and housing. Exempted private PF trusts face tighter audits, digital disclosures, and mandatory dematerialisation. Now the money question EPF currently pays 8.25 per cent annually, a rate the centre fixes, not the market. Compare that with bank fixed deposits: SBI's five-year FD sits near 6 to 6.5 per cent, private banks pay marginally higher. That roughly 1.75 to 2 per cent gap compounds hard over decades. Tax-free PF edge over bank deposits So, a worker investing 3,000 rupees monthly for 30 years earns close to 47 lakh rupees in EPF at 8.25 per cent. The same in an FD at 6.5 per cent yields about 33 lakh rupees. That's a 42 per cent gap, or over 14 lakh rupees, purely from the interest differential, before counting PF's tax-free compounding, which FDs don't get. For India's 8 crore subscribers, nothing really changes on the ground. But the compliance net tightens, and retirement savings quietly outperform India's safest bank product by a wide, structural margin.

India's EPF Scheme 2026 is now in force. Here's what changes for PF contributions, withdrawals, EPS, EDLI, compliance and retirement savings.

India's new EPF rules 2026 explained: What changes for PF, pension, withdrawals and retirement savings

Beyond the signed MoUs and the listed plan for the India-Japan summit, bets are on currency plumbing. The headline story for Prime Minister Modi and his Japanese counterpart Sanae Takaichi's summit could be Rupee-Yen bilateral trade settlement. &nbsp;<h2>Will India-Japan trade go local-currency?</h2>India and Japan are expected to advance a direct yen-rupee settlement framework, letting Japanese non-resident entities open accounts with Indian banks and allowing both sides' financial institutions to settle cross-border payments without routing through the dollar. Also read: <a href="https://www.wionews.com/world/watch-pm-modi-japan-pm-sanae-takaichi-exchange-warm-handshake-as-india-japan-summit-begins-what-it-signifies-1782968755332">Watch: PM Modi, Japan PM Sanae Takaichi exchange warm handshake</a>&nbsp;The arrangement would eliminate the intermediary currency, lowering forex conversion costs, cutting remittance charges and speeding up settlement. The signal matters more than the mechanism. If it makes the joint statement, it would be the first time currency cooperation of this kind has been formally written into a leaders' statement between the two countries. That will also be an upgrade from the softer language in last year's Japan-India joint vision. India-Japan: joint statement The scale justifies the urgency. Also read: <a href="https://www.wionews.com/india-news/what-is-joint-crediting-mechanism-and-how-japan-plans-to-bankroll-part-of-india-s-decarbonisation-1782975320349">Joint Crediting Mechanism: Japan's roadmap to funding India's green transition</a>&nbsp;Bilateral trade hit $27.47 billion in fiscal year 2025-26, with Japan exporting $21.43 billion in goods to India. A $75-billion bilateral currency swap agreement, extended through 2026, already gives both central banks the baseline infrastructure needed. Japan's Ministry of Finance is reportedly targeting a formal memorandum of cooperation with the RBI within fiscal 2026.

<h2> Will the global rupee plan get a G7 ally?</h2> This isn't India's first local-currency experiment. Since 2022, the RBI's special rupee vostro account mechanism has expanded across roughly 150 accounts spanning 30 countries, mostly with sanctioned or deficit-strapped partners like Russia. Adding Japan, a G7 economy and major reserve-currency issuer, will be different. That signals local-currency settlement graduating from crisis workaround to corporate standard among trusted allies. &nbsp;Markets and investors will watch adoption and not just an announcement. A joint statement is a political commitment. &nbsp;But actual usage depends on how fast banks build settlement rails and whether exporters in autos, electronics and capital goods, the sectors most exposed to Japan, use the mechanism. Takaichi's China problem, India's gain. Geopolitics adds urgency. With Tokyo-Beijing relations deteriorating over Taiwan and China's fresh export curbs on Japanese firms, Takaichi has a clear incentive to diversify financial and supply-chain dependencies towards India.

India and Japan are expected to advance a local-currency trade mechanism, allowing direct Rupee-Yen bilateral settlements to lower forex transaction costs and bypass the US dollar for cross-border payments.

Beyond the signed MoUs and the listed plan for the India-Japan summit, bets are on currency plumbing. The headline story for Prime Minister Modi and his Japanese counterpart Sanae Takaichi's summit could be Rupee-Yen bilateral trade settlement. Will India-Japan trade go local-currency? India and Japan are expected to advance a direct yen-rupee settlement framework, letting Japanese non-resident entities open accounts with Indian banks and allowing both sides' financial institutions to settle cross-border payments without routing through the dollar. Also read: Watch: PM Modi, Japan PM Sanae Takaichi exchange warm handshake The arrangement would eliminate the intermediary currency, lowering forex conversion costs, cutting remittance charges and speeding up settlement. The signal matters more than the mechanism. If it makes the joint statement, it would be the first time currency cooperation of this kind has been formally written into a leaders' statement between the two countries. That will also be an upgrade from the softer language in last year's Japan-India joint vision. India-Japan: joint statement The scale justifies the urgency. Also read: Joint Crediting Mechanism: Japan's roadmap to funding India's green transition Bilateral trade hit $27.47 billion in fiscal year 2025-26, with Japan exporting $21.43 billion in goods to India. A $75-billion bilateral currency swap agreement, extended through 2026, already gives both central banks the baseline infrastructure needed. Japan's Ministry of Finance is reportedly targeting a formal memorandum of cooperation with the RBI within fiscal 2026.

India and Japan are expected to advance a local-currency trade mechanism, allowing direct Rupee-Yen bilateral settlements to lower forex transaction costs and bypass the US dollar for cross-border payments.

India-Japan Summit: Will dollar bypass take shape?

The interest in the India-Japan summit extends beyond both countries, with the outcomes expected to have far-reaching consequences. The real story isn't the $61 billion that Japan has pledged to invest in India over the next decade but what it's fleeing from.&nbsp;Japan's Prime Minister Sanae Takaichi's Delhi visit is being sold as investment diplomacy. Look closer, and it's a hedging operation. Days before she landed, Beijing slapped export controls on 40 Japanese entities, including defence contractors and research labs. That was a retaliation for Takaichi's warning that a Chinese move on Taiwan could trigger Japanese self-defence action. That's not the backdrop, but the trigger.&nbsp;Also Read: <a href="https://www.wionews.com/world/watch-pm-modi-japan-pm-sanae-takaichi-exchange-warm-handshake-as-india-japan-summit-begins-what-it-signifies-1782968755332">Watch: PM Modi, Japan PM Sanae Takaichi exchange warm handshake as India-Japan summit begins: What it signifies</a>&nbsp;Japan Inc., already squeezed by Trump's tariffs on one side, now faces weaponised trade access on the other. So, for Japan, India isn't just a partner but a strategic ballast. The numbers back this.&nbsp;Japanese investment in India ran to $3.2 billion between April and December 2025 alone, against a pledged $61 billion over the coming decade. That investment was announced when Indian Prime Minister Narendra Modi visited Tokyo last August, before the China-Japan rupture hardened. The Yes Bank stake, $1.6 billion for 20 per cent, wasn't isolated banking interest; it was Japanese capital testing Indian financial exposure ahead of a bigger pivot.&nbsp;Also Read: <a href="https://www.wionews.com/world/wion-decodes-takaichi-s-visit-puts-the-india-japan-semiconductor-partnership-in-focus-1782961330976">WION Decodes | Takaichi's visit puts the India-Japan semiconductor partnership in focus</a>&nbsp;Investors will watch for fresh moves into Indian banking or NBFCS.&nbsp;That's the tell for capital, not just factories, relocating away from China. The joint declaration on "economic coercion", deliberately unnamed but obviously aimed at Beijing, matters more than any single MoU. That signals Japan is willing to use India as a diplomatic co-signatory against Chinese trade weaponisation, something Tokyo has avoided doing bilaterally with New Delhi before. Critical minerals and semiconductor cooperation follow the same logic. &nbsp;That is not innovation for Japan's own sake but supply-chain insurance after China's rare-earth leverage over Japan became impossible to ignore. The AI initiative and 500-professional talent pipeline are the soft wrapper. The hard core is this: Japan is quietly re-routing its China-dependent economic security architecture through India. And Delhi is charging strategic rent for the privileged access, minerals and defence-tech reciprocity. Investors will watch for the fine print and not the headline figure.

The India-Japan Summit 2026 is about more than investment. As China tightens trade pressure, Japan is deepening ties with India through strategic investments, supply-chain diversification, critical minerals, semiconductors and economic security, signalling a long-term geopolitical pivot.

The interest in the India-Japan summit extends beyond both countries, with the outcomes expected to have far-reaching consequences. The real story isn't the $61 billion that Japan has pledged to invest in India over the next decade but what it's fleeing from. Japan's Prime Minister Sanae Takaichi's Delhi visit is being sold as investment diplomacy. Look closer, and it's a hedging operation. Days before she landed, Beijing slapped export controls on 40 Japanese entities, including defence contractors and research labs. That was a retaliation for Takaichi's warning that a Chinese move on Taiwan could trigger Japanese self-defence action. That's not the backdrop, but the trigger. Also Read: Watch: PM Modi, Japan PM Sanae Takaichi exchange warm handshake as India-Japan summit begins: What it signifies Japan Inc., already squeezed by Trump's tariffs on one side, now faces weaponised trade access on the other. So, for Japan, India isn't just a partner but a strategic ballast. The numbers back this. Japanese investment in India ran to $3.2 billion between April and December 2025 alone, against a pledged $61 billion over the coming decade. That investment was announced when Indian Prime Minister Narendra Modi visited Tokyo last August, before the China-Japan rupture hardened. The Yes Bank stake, $1.6 billion for 20 per cent, wasn't isolated banking interest; it was Japanese capital testing Indian financial exposure ahead of a bigger pivot. Also Read: WION Decodes | Takaichi's visit puts the India-Japan semiconductor partnership in focus Investors will watch for fresh moves into Indian banking or NBFCS. That's the tell for capital, not just factories, relocating away from China. The joint declaration on "economic coercion", deliberately unnamed but obviously aimed at Beijing, matters more than any single MoU. That signals Japan is willing to use India as a diplomatic co-signatory against Chinese trade weaponisation, something Tokyo has avoided doing bilaterally with New Delhi before. Critical minerals and semiconductor cooperation follow the same logic. That is not innovation for Japan's own sake but supply-chain insurance after China's rare-earth leverage over Japan became impossible to ignore. The AI initiative and 500-professional talent pipeline are the soft wrapper. The hard core is this: Japan is quietly re-routing its China-dependent economic security architecture through India. And Delhi is charging strategic rent for the privileged access, minerals and defence-tech reciprocity. Investors will watch for the fine print and not the headline figure.

The India-Japan Summit 2026 is about more than investment. As China tightens trade pressure, Japan is deepening ties with India through strategic investments, supply-chain diversification, critical minerals, semiconductors and economic security, signalling a long-term geopolitical pivot.

India-Japan Summit goes beyond $61 billion bet

The "Viksit Bharat - Guarantee for Rozgar and Ajeevika Mission, Gramin", or the VB-G RAM Act, 2025, replaces MGNREGA, the scheme that defined rural India's safety net since 2005. Under the new law, the national average wage has increased from ₹298.8 per day under MGNREGA to ₹327.4 per day. That is a rise of ₹28.6, or over 10 per cent.More significant is the floor. Prior to the notification on Wednesday, wage rates in several states were below ₹300, with the lowest notified wage being ₹241 per day. That gap is now closed. A base wage of ₹300 per day has been fixed. Ensuring no state falls below that threshold. The wage map shows states with historically depressed rural wages get the steepest hikes, between 15 and 25 per cent. Those states include Uttar Pradesh, Bihar, Jharkhand, West Bengal, Assam, Arunachal Pradesh and Himachal Pradesh.Also read | <a href="https://www.wionews.com/india-news/9-years-of-gst-india-s-compliance-phase-starts-1782969203965">9 years of GST: India's compliance phase starts</a>On the other end, already high-wage states have pushed further up. Haryana now pays ₹409, Goa ₹406, Kerala ₹401, and Sikkim's high-altitude panchayats ₹450. Beyond wages, the structural shift is bigger. The act guarantees up to 125 days of waged employment per household. Up from 100 days under the previous MGNREGA.An interim allocation of ₹95,692 crore, or about $10 billion, has gone to the states to ensure a smooth transition and uninterrupted payments. The economic logic is: Pump money into the lowest rungs of the rural wage ladder, and lift consumption in regions that need it most.The government bets the multiplier effect on demand could be substantial. From states such as UP and Bihar, with the largest rural workforce. But the rollout hasn't been friction-free.Opposition parties and activists have raised concerns over changes to the existing framework. Implementation will be the real test. Only 24 states have so far notified their state-level schemes, and 29 have made budgetary provisions. The formal launch happens on Thursday in Andhra Pradesh's Tirupati district. Watch | Rural India's new wage map: who gains most<a href="https://www.wionews.com/videos/rural-india-s-new-wage-map-who-gains-most-1782970012086/embed">https://www.wionews.com/videos/rural-india-s-new-wage-map-who-gains-most-1782970012086/embed</a>&nbsp;

Beyond wages, the structural shift is bigger. The act guarantees up to 125 days of waged employment per household. Up from 100 days under the previous MGNREGA.

The "Viksit Bharat - Guarantee for Rozgar and Ajeevika Mission, Gramin", or the VB-G RAM Act, 2025, replaces MGNREGA, the scheme that defined rural India's safety net since 2005. Under the new law, the national average wage has increased from ₹298.8 per day under MGNREGA to ₹327.4 per day. That is a rise of ₹28.6, or over 10 per cent. More significant is the floor. Prior to the notification on Wednesday, wage rates in several states were below ₹300, with the lowest notified wage being ₹241 per day. That gap is now closed. A base wage of ₹300 per day has been fixed. Ensuring no state falls below that threshold. The wage map shows states with historically depressed rural wages get the steepest hikes, between 15 and 25 per cent. Those states include Uttar Pradesh, Bihar, Jharkhand, West Bengal, Assam, Arunachal Pradesh and Himachal Pradesh. Also read | 9 years of GST: India's compliance phase starts On the other end, already high-wage states have pushed further up. Haryana now pays ₹409, Goa ₹406, Kerala ₹401, and Sikkim's high-altitude panchayats ₹450. Beyond wages, the structural shift is bigger. The act guarantees up to 125 days of waged employment per household. Up from 100 days under the previous MGNREGA. An interim allocation of ₹95,692 crore, or about $10 billion, has gone to the states to ensure a smooth transition and uninterrupted payments. The economic logic is: Pump money into the lowest rungs of the rural wage ladder, and lift consumption in regions that need it most. The government bets the multiplier effect on demand could be substantial. From states such as UP and Bihar, with the largest rural workforce. But the rollout hasn't been friction-free. Opposition parties and activists have raised concerns over changes to the existing framework. Implementation will be the real test. Only 24 states have so far notified their state-level schemes, and 29 have made budgetary provisions. The formal launch happens on Thursday in Andhra Pradesh's Tirupati district. Watch | Rural India's new wage map: who gains most https://www.wionews.com/videos/rural-india-s-new-wage-map-who-gains-most-1782970012086/embed

Beyond wages, the structural shift is bigger. The act guarantees up to 125 days of waged employment per household. Up from 100 days under the previous MGNREGA.

India's new rural employment act: New floor wage set at Rs 300

Nine years since India replaced seventeen central and state levies with a single indirect tax, the goods and services tax, or GST, and the numbers tell a story of scale. Registered taxpayers have risen from 66.5 lakh in 2017 to 1.65 crore through to May this year. Gross collections have climbed from Rs 7.4 lakh crore, or about $78 billion, in 2017–18.To Rs 22.27 lakh crore, or nearly $234 billion, in 2025-26.&nbsp;April posted a record monthly collection of 2.42 lakh crore rupees, and June's net GST mop-up rose 11.2 per cent year-on-year to Rs 1.62 lakh crore. That trajectory reflects formalisation of the economy as much as revenue growth.But the real story this year is the pivot.&nbsp;In September 2025, the government rolled out what it calls next-gen GST. Collapsing the four-slab structure into essentially two principal slabs of 5 per cent and 18 per cent, with luxury and sin goods like tobacco and online gaming pushed into a 40 per cent bracket.&nbsp;Nearly 90 per cent of goods earlier taxed at 28 per cent moved to 18 per cent. That is a deliberate demand stimulus.Timed against a macro backdrop of GDP growth near 7.8 per cent and moderating inflation. Economically, that was a consumption boost bet.&nbsp;Also read: <a href="https://www.wionews.com/world/wion-decodes-takaichi-s-visit-puts-the-india-japan-semiconductor-partnership-in-focus-1782961330976">WION Decodes | Takaichi's visit puts the India-Japan semiconductor partnership in focus</a>&nbsp;The harder test now is compliance mechanics and not rates. Businesses now face less negotiation room and more automated scrutiny. The next GST council meeting is expected to shift focus from rates to registration, refunds and audit facilitation.&nbsp;That suggests the rate-cutting phase is largely done. Sentiment backs the country's GST transition. A Deloitte India survey found that over 99 per cent of businesses report positive or neutral experiences with GST.&nbsp;Negative sentiment near zero, down from 5 per cent in 2025 and 10 per cent in 2022. Nine years in, GST has stopped being a reform story and become an infrastructure story. The question now is administrative delivery and not design anymore.

April posted a record monthly collection of 2.42 lakh crore rupees, and June's net GST mop-up rose 11.2 per cent year-on-year to Rs 1.62 lakh crore. That trajectory reflects formalisation of the economy as much as revenue growth.

Nine years since India replaced seventeen central and state levies with a single indirect tax, the goods and services tax, or GST, and the numbers tell a story of scale. Registered taxpayers have risen from 66.5 lakh in 2017 to 1.65 crore through to May this year. Gross collections have climbed from Rs 7.4 lakh crore, or about $78 billion, in 2017–18. To Rs 22.27 lakh crore, or nearly $234 billion, in 2025-26. April posted a record monthly collection of 2.42 lakh crore rupees, and June's net GST mop-up rose 11.2 per cent year-on-year to Rs 1.62 lakh crore. That trajectory reflects formalisation of the economy as much as revenue growth. But the real story this year is the pivot. In September 2025, the government rolled out what it calls next-gen GST. Collapsing the four-slab structure into essentially two principal slabs of 5 per cent and 18 per cent, with luxury and sin goods like tobacco and online gaming pushed into a 40 per cent bracket. Nearly 90 per cent of goods earlier taxed at 28 per cent moved to 18 per cent. That is a deliberate demand stimulus. Timed against a macro backdrop of GDP growth near 7.8 per cent and moderating inflation. Economically, that was a consumption boost bet. Also read: WION Decodes | Takaichi's visit puts the India-Japan semiconductor partnership in focus The harder test now is compliance mechanics and not rates. Businesses now face less negotiation room and more automated scrutiny. The next GST council meeting is expected to shift focus from rates to registration, refunds and audit facilitation. That suggests the rate-cutting phase is largely done. Sentiment backs the country's GST transition. A Deloitte India survey found that over 99 per cent of businesses report positive or neutral experiences with GST. Negative sentiment near zero, down from 5 per cent in 2025 and 10 per cent in 2022. Nine years in, GST has stopped being a reform story and become an infrastructure story. The question now is administrative delivery and not design anymore.

April posted a record monthly collection of 2.42 lakh crore rupees, and June's net GST mop-up rose 11.2 per cent year-on-year to Rs 1.62 lakh crore. That trajectory reflects formalisation of the economy as much as revenue growth.

9 years of GST: India's compliance phase starts

Paramount Skydance said Wednesday it was hoping the EU would approve its $111 billion takeover of Warner Bros. Discovery, after it submitted a proposal to address related competition concerns.&nbsp;"We can confirm that today we have submitted a remedy to the European Commission," the US media conglomerate told AFP, without specifying what measures it had suggested.&nbsp;Paramount Skydance said it was "confident that this remedy directly and comprehensively addresses any concerns" raised by Brussels and supports "the path for timely clearance."&nbsp;The commission, the European Union's antitrust watchdog, has given itself until July 22 to decide on the acquisition, which has already been approved by the US Justice Department.&nbsp;It declined to comment on the content of the Paramount Skydance proposals, which according to US media includes an offer to pull out from a film distribution joint venture with Universal Pictures.&nbsp;Hollywood is uneasy about the takeover deal, which has been largely financed by one of President Donald Trump's closest billionaire allies.&nbsp;Hundreds of actors and directors have signed a letter opposing the merger, warning it will choke production in an industry already battered by years of consolidation and cost-cutting.&nbsp;The combined company would control a sprawling roster of assets, including CNN, Warner Bros. Pictures and the HBO Max streaming service.&nbsp;The deal is also awaiting approval in Britain, where the government announced Tuesday it may launch a more extensive review to ensure that media diversity is preserved.

Hundreds of actors and directors have signed a letter opposing the merger of Paramount and Warner Bros, warning it will choke production in an industry already battered by years of consolidation and cost-cutting.

Paramount Skydance said Wednesday it was hoping the EU would approve its $111 billion takeover of Warner Bros. Discovery, after it submitted a proposal to address related competition concerns. "We can confirm that today we have submitted a remedy to the European Commission," the US media conglomerate told AFP, without specifying what measures it had suggested. Paramount Skydance said it was "confident that this remedy directly and comprehensively addresses any concerns" raised by Brussels and supports "the path for timely clearance." The commission, the European Union's antitrust watchdog, has given itself until July 22 to decide on the acquisition, which has already been approved by the US Justice Department. It declined to comment on the content of the Paramount Skydance proposals, which according to US media includes an offer to pull out from a film distribution joint venture with Universal Pictures. Hollywood is uneasy about the takeover deal, which has been largely financed by one of President Donald Trump's closest billionaire allies. Hundreds of actors and directors have signed a letter opposing the merger, warning it will choke production in an industry already battered by years of consolidation and cost-cutting. The combined company would control a sprawling roster of assets, including CNN, Warner Bros. Pictures and the HBO Max streaming service. The deal is also awaiting approval in Britain, where the government announced Tuesday it may launch a more extensive review to ensure that media diversity is preserved.

Hundreds of actors and directors have signed a letter opposing the merger of Paramount and Warner Bros, warning it will choke production in an industry already battered by years of consolidation and cost-cutting.

Paramount offers EU remedies to greenlight Warner deal

The Income Tax Department has introduced a new return filing schedule for Assessment Year 2026-27, replacing the earlier system of a common deadline for most taxpayers. The deadline to file an Income Tax Return (ITR) will now depend on the taxpayer category and the ITR form being used for the income earned during the Financial Year (FY) 2025-26.&nbsp;Under the new system declared in Budget 2026, all the salaried employees, pensioners and individuals filing ITR-1 or ITR-2 must submit their income tax returns by July 31, 2026. Meanwhile, freelancers, consultants, professionals, proprietors, partners and taxpayers filing ITR-3 or ITR-4, including those under the presumptive taxation scheme and not requiring a tax audit, have been granted an extended deadline of August 31, 2026. The change was announced in Budget 2026.&nbsp;Also read: <a href="https://www.wionews.com/world/not-yet-live-whatsapp-responds-after-india-halts-its-username-feature-wion-factchecks-claims-1782960984846">'Not yet live': Whatsapp responds after India halts its username feature - WION factchecks claims</a><h3>When taxpayers can make changes to ITR</h3>A significant change this year is the extension of the deadline for filing revised income tax returns. Taxpayers can now make changes to their ITR until March 31, 2027, compared with the previous cut-off date of December 31. The extended window allows extra time to fix mistakes, update deductions or address mismatches in records such as Form 26AS or the Annual Information Statement (AIS).&nbsp;WATCH: https://www.wionews.com/videos/pok-protests-600-arrested-as-opposition-slams-pak-army-1782959243918/embedd However, taxpayers must note that belated returns can only be submitted up to December 31, 2026. Filing after the prescribed deadline may result in a penalty of up to Rs 5,000 under Section 234F, along with interest on any outstanding tax liability. Delayed filing may also lead to the loss of certain tax benefits, including the ability to opt for the old tax regime and carry forward specific losses. &nbsp;Meanwhile, the deadline for deposit tax deducted at source (TDS) during the April–June 2026 quarter is July 7, allowing by the Assessing Officer to make TDS payments on a quarterly basis.

The deadline to file an ITR will now depend on the taxpayer category and the ITR form being used for the income earned during the Financial Year (FY) 2025-26. All the salaried employees, pensioners, and individuals filing ITR-1 or ITR-2 must submit their income tax returns by July 31, 2026.

The Income Tax Department has introduced a new return filing schedule for Assessment Year 2026-27, replacing the earlier system of a common deadline for most taxpayers. The deadline to file an Income Tax Return (ITR) will now depend on the taxpayer category and the ITR form being used for the income earned during the Financial Year (FY) 2025-26. Under the new system declared in Budget 2026, all the salaried employees, pensioners and individuals filing ITR-1 or ITR-2 must submit their income tax returns by July 31, 2026. Meanwhile, freelancers, consultants, professionals, proprietors, partners and taxpayers filing ITR-3 or ITR-4, including those under the presumptive taxation scheme and not requiring a tax audit, have been granted an extended deadline of August 31, 2026. The change was announced in Budget 2026. Also read: 'Not yet live': Whatsapp responds after India halts its username feature - WION factchecks claims When taxpayers can make changes to ITR A significant change this year is the extension of the deadline for filing revised income tax returns. Taxpayers can now make changes to their ITR until March 31, 2027, compared with the previous cut-off date of December 31. The extended window allows extra time to fix mistakes, update deductions or address mismatches in records such as Form 26AS or the Annual Information Statement (AIS). WATCH: https://www.wionews.com/videos/pok-protests-600-arrested-as-opposition-slams-pak-army-1782959243918/embedd However, taxpayers must note that belated returns can only be submitted up to December 31, 2026. Filing after the prescribed deadline may result in a penalty of up to Rs 5,000 under Section 234F, along with interest on any outstanding tax liability. Delayed filing may also lead to the loss of certain tax benefits, including the ability to opt for the old tax regime and carry forward specific losses. Meanwhile, the deadline for deposit tax deducted at source (TDS) during the April–June 2026 quarter is July 7, allowing by the Assessing Officer to make TDS payments on a quarterly basis.

The deadline to file an ITR will now depend on the taxpayer category and the ITR form being used for the income earned during the Financial Year (FY) 2025-26. All the salaried employees, pensioners, and individuals filing ITR-1 or ITR-2 must submit their income tax returns by July 31, 2026.

July 31 or August 31: When is your ITR filing deadline? Check due date

New Delhi: The Indian government has issued a formal notice to Meta, directing the technology giant to explain its new WhatsApp “usernames” feature and suspend any rollout in the country until further consultations are complete. The Ministry of Electronics and Information Technology (MeitY) has given Meta three days to provide a detailed report on how the privacy-focused update will work, amid mounting concerns over impersonation, online fraud and challenges to traceability.&nbsp;Also Read: <a href="https://www.wionews.com/world/over-100-eminent-people-from-india-pak-write-open-letter-to-modi-shehbaz-appeal-to-end-hostilities-1782916095110">Over 100 eminent people from India, Pak write open letter to Modi, Shehbaz; appeal to end hostilities</a>&nbsp;WhatsApp, used by hundreds of millions in India, announced last week that users would soon be able to reserve unique usernames, allowing them to connect with others without sharing their phone numbers. The feature, already open for reservations in some markets and slated for wider rollout later in 2026, is designed to allow users to chat, join groups or contact businesses via handles like @exampleuser rather than their mobile numbers.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-invites-india-s-ruling-bjp-and-opposition-congress-to-khamenei-state-funeral-1782905079005">Iran invites India’s ruling BJP and opposition Congress to Khamenei state funeral</a>&nbsp;Meta has described the change as a major step forward, with safeguards including reserved names for public figures, celebrities and government entities, limits on contact attempts and no public directory of usernames. WhatsApp head Kunal Shah, an Indian fintech entrepreneur recently appointed to the role, promoted the username feature as “a more private way to connect”.&nbsp;Also Read: <a href="https://www.wionews.com/world/decoding-japan-s-soft-power-and-cultural-influence-india-others-tend-to-overlook-1782901121503">Decoding Japan’s soft power and cultural influence India, others tend to overlook</a>&nbsp;But it is clear that the Indian government is not convinced and is concerned that fraudsters could create fake profiles mimicking officials or agencies, especially using international numbers, making it harder to trace perpetrators. Meta has yet to respond publicly to the notice.&nbsp;For the social media giant, India represents one of WhatsApp’s largest and fastest-growing markets, driving user numbers and engagement that bolster the company’s global valuation.

The feature, already open for reservations in some markets and slated for wider rollout later in 2026, is designed to allow users to chat, join groups or contact businesses via handles like @exampleuser rather than their mobile numbers.

New Delhi: The Indian government has issued a formal notice to Meta, directing the technology giant to explain its new WhatsApp “usernames” feature and suspend any rollout in the country until further consultations are complete. The Ministry of Electronics and Information Technology (MeitY) has given Meta three days to provide a detailed report on how the privacy-focused update will work, amid mounting concerns over impersonation, online fraud and challenges to traceability. Also Read: Over 100 eminent people from India, Pak write open letter to Modi, Shehbaz; appeal to end hostilities WhatsApp, used by hundreds of millions in India, announced last week that users would soon be able to reserve unique usernames, allowing them to connect with others without sharing their phone numbers. The feature, already open for reservations in some markets and slated for wider rollout later in 2026, is designed to allow users to chat, join groups or contact businesses via handles like @exampleuser rather than their mobile numbers. Also Read: Iran invites India’s ruling BJP and opposition Congress to Khamenei state funeral Meta has described the change as a major step forward, with safeguards including reserved names for public figures, celebrities and government entities, limits on contact attempts and no public directory of usernames. WhatsApp head Kunal Shah, an Indian fintech entrepreneur recently appointed to the role, promoted the username feature as “a more private way to connect”. Also Read: Decoding Japan’s soft power and cultural influence India, others tend to overlook But it is clear that the Indian government is not convinced and is concerned that fraudsters could create fake profiles mimicking officials or agencies, especially using international numbers, making it harder to trace perpetrators. Meta has yet to respond publicly to the notice. For the social media giant, India represents one of WhatsApp’s largest and fastest-growing markets, driving user numbers and engagement that bolster the company’s global valuation.

The feature, already open for reservations in some markets and slated for wider rollout later in 2026, is designed to allow users to chat, join groups or contact businesses via handles like @exampleuser rather than their mobile numbers.

India directs Meta to halt WhatsApp usernames feature until consultations are complete

TikTok is considering another round of job cuts in Europe, with about 300 roles reportedly at risk at its Dublin headquarters. The proposed layoffs would follow a similar reduction in workforce last year and could affect one of the company's largest operations outside Asia.According to reports, TikTok has begun consulting employees about the planned restructuring. While the company has not confirmed the final number of positions that will be affected, the move signals that the social media platform is continuing to reshape its business operations in Europe.<h2>Why is TikTok considering more layoffs?</h2>Technology companies have spent the past few years reviewing costs while investing heavily in artificial intelligence, cloud infrastructure and new digital services. For TikTok, the latest proposal appears to be part of a broader organisational review rather than a sign that the platform is slowing down. Companies often reorganise teams to improve efficiency, remove overlapping roles and focus resources on priority areas. The reported cuts come about a year after TikTok reduced a similar number of jobs at its Dublin office.<h2>TikTok's Dublin office</h2>TikTok's Dublin office serves as one of the company's most important European hubs. It supports operations across multiple countries and houses teams working in trust and safety, data privacy, public policy, engineering, sales and business operations. The office has grown rapidly over the past few years as TikTok expanded across Europe and invested in regional data security initiatives. Because of its strategic role, any workforce changes at the Dublin hub are closely watched by employees, regulators and the wider technology industry. The reported layoffs are currently part of an employee consultation process, meaning the final number of affected roles could still change. TikTok has not announced any impact on its services, users or creators. The platform continues to invest in new features, advertising products and artificial intelligence tools while facing increasing regulatory scrutiny across Europe.&nbsp;The latest proposal also reflects a wider trend across the technology sector, where companies are balancing long-term investment in AI with efforts to streamline operations and control costs.&nbsp;If approved, the latest restructuring would mark another significant workforce adjustment for TikTok's European business as it adapts to changing market conditions.

TikTok is reportedly considering cutting around 300 jobs at its Dublin headquarters, following a similar round of layoffs last year. The proposed move comes as the company continues restructuring its European operations while investing in AI and long-term growth.

TikTok is considering another round of job cuts in Europe, with about 300 roles reportedly at risk at its Dublin headquarters. The proposed layoffs would follow a similar reduction in workforce last year and could affect one of the company's largest operations outside Asia. According to reports, TikTok has begun consulting employees about the planned restructuring. While the company has not confirmed the final number of positions that will be affected, the move signals that the social media platform is continuing to reshape its business operations in Europe. Why is TikTok considering more layoffs? Technology companies have spent the past few years reviewing costs while investing heavily in artificial intelligence, cloud infrastructure and new digital services. For TikTok, the latest proposal appears to be part of a broader organisational review rather than a sign that the platform is slowing down. Companies often reorganise teams to improve efficiency, remove overlapping roles and focus resources on priority areas. The reported cuts come about a year after TikTok reduced a similar number of jobs at its Dublin office. TikTok's Dublin office TikTok's Dublin office serves as one of the company's most important European hubs. It supports operations across multiple countries and houses teams working in trust and safety, data privacy, public policy, engineering, sales and business operations. The office has grown rapidly over the past few years as TikTok expanded across Europe and invested in regional data security initiatives. Because of its strategic role, any workforce changes at the Dublin hub are closely watched by employees, regulators and the wider technology industry. The reported layoffs are currently part of an employee consultation process, meaning the final number of affected roles could still change. TikTok has not announced any impact on its services, users or creators. The platform continues to invest in new features, advertising products and artificial intelligence tools while facing increasing regulatory scrutiny across Europe. The latest proposal also reflects a wider trend across the technology sector, where companies are balancing long-term investment in AI with efforts to streamline operations and control costs. If approved, the latest restructuring would mark another significant workforce adjustment for TikTok's European business as it adapts to changing market conditions.

TikTok is reportedly considering cutting around 300 jobs at its Dublin headquarters, following a similar round of layoffs last year. The proposed move comes as the company continues restructuring its European operations while investing in AI and long-term growth.

Betting big on AI: TikTok plans fresh job cuts in Europe as about 300 roles face risk at its Dublin hub

Zee Entertainment Enterprises Ltd on Wednesday (July 1) announced the appointment of Sudeep Nagpurkar as Chief Sales Officer - Social Platforms, Creator Economy and Partnerships. &nbsp;Sudeep, who will be based out of Noida and will report into Sandeep Mehrotra, Chief Operating Officer – Advertisement Revenue, ‘Z’, has been brought in to further strengthen the digital monetization engine and propel the growth momentum of the company.&nbsp;At a time when brands are increasingly seeking integrated ecosystems that enable meaningful engagement across content, creators, communities and commerce, Zee Entertainment Enterprises Ltd is focused &nbsp;on building a robust digital ecosystem that leverages its content strengths, technology capabilities and strategic partnerships to unlock new monetization opportunities across social platforms, creator networks and emerging digital touchpoints.&nbsp;Sudeep will leverage his deep industry knowledge and experience to enhance the digital asset monetization capabilities with a strong focus on strategic partnerships. Sudeep will work closely with platforms, creators, brands and advertisers to develop innovative monetization solutions and unlock new revenue opportunities for the Company. He will also play a key role in driving strategic collaborations that further strengthen the Company’s presence across the rapidly expanding creator economy ecosystem.&nbsp;<h2>What does Sandeep Mehrotra say</h2>&nbsp;“In a rapidly evolving landscape, the convergence of content, technology and commerce is unlocking newer avenues for audience engagement and monetization. Our focus is to build a future-ready revenue ecosystem with robust capabilities to capitalize on the opportunities emerging from the expanding creator economy and social platforms. I am glad to welcome Sudeep, as we accelerate the momentum on our digital journey. His experience in developing strategic partnerships and driving monetization strategies will further strengthen our capabilities across the digital landscape, said Mehrotra about Nagpurkar's appointment.&nbsp;Sudeep Nagpurkar also let out his views saying, “The creator economy and social platforms are redefining how audiences discover, consume and engage with content. This presents a significant opportunity for brands to connect with consumers through more authentic, contextual and outcome-driven experiences. I am excited to join ‘Z’ at a pivotal phase in its digital growth journey and look forward to collaborating with creators, platforms, advertisers and partners to build innovative monetization models, unlock new revenue streams and create a future-ready ecosystem that delivers long-term value for all stakeholders.”&nbsp;<h2>Nagpurkar's experience and expertise</h2>&nbsp;Sudeep has over 16 years of experience across multiple sectors like Consumer Technology, B2B SaaS, Retail and FMCG. Over the course of his career, Sudeep has worked across regions in India &amp; enabled businesses to export from India to the world. Previously, he was associated with Google India, where he served as the Head of Industry, FMCG, enabling marketing transformation for large consumer conglomerates. He has also been associated with National Instruments (Emerson), building deep foundational expertise in consultative sales and business development. &nbsp;The appointment of Sudeep is a part of the Company's strategic efforts to build a diversified and future-ready monetization ecosystem, leveraging the growing influence of social platforms and creator networks to develop long-term strategic partnerships and enhance value creation across the business.&nbsp;&nbsp;&nbsp;&nbsp;

At a time when brands are increasingly seeking integrated ecosystems that enable meaningful engagement across content, creators, communities and commerce, Zee Entertainment Enterprises Ltd is focused  on building a robust digital ecosystem .

Zee Entertainment Enterprises Ltd on Wednesday (July 1) announced the appointment of Sudeep Nagpurkar as Chief Sales Officer - Social Platforms, Creator Economy and Partnerships. Sudeep, who will be based out of Noida and will report into Sandeep Mehrotra, Chief Operating Officer – Advertisement Revenue, ‘Z’, has been brought in to further strengthen the digital monetization engine and propel the growth momentum of the company. At a time when brands are increasingly seeking integrated ecosystems that enable meaningful engagement across content, creators, communities and commerce, Zee Entertainment Enterprises Ltd is focused on building a robust digital ecosystem that leverages its content strengths, technology capabilities and strategic partnerships to unlock new monetization opportunities across social platforms, creator networks and emerging digital touchpoints. Sudeep will leverage his deep industry knowledge and experience to enhance the digital asset monetization capabilities with a strong focus on strategic partnerships. Sudeep will work closely with platforms, creators, brands and advertisers to develop innovative monetization solutions and unlock new revenue opportunities for the Company. He will also play a key role in driving strategic collaborations that further strengthen the Company’s presence across the rapidly expanding creator economy ecosystem. What does Sandeep Mehrotra say “In a rapidly evolving landscape, the convergence of content, technology and commerce is unlocking newer avenues for audience engagement and monetization. Our focus is to build a future-ready revenue ecosystem with robust capabilities to capitalize on the opportunities emerging from the expanding creator economy and social platforms. I am glad to welcome Sudeep, as we accelerate the momentum on our digital journey. His experience in developing strategic partnerships and driving monetization strategies will further strengthen our capabilities across the digital landscape, said Mehrotra about Nagpurkar's appointment. Sudeep Nagpurkar also let out his views saying, “The creator economy and social platforms are redefining how audiences discover, consume and engage with content. This presents a significant opportunity for brands to connect with consumers through more authentic, contextual and outcome-driven experiences. I am excited to join ‘Z’ at a pivotal phase in its digital growth journey and look forward to collaborating with creators, platforms, advertisers and partners to build innovative monetization models, unlock new revenue streams and create a future-ready ecosystem that delivers long-term value for all stakeholders.” Nagpurkar's experience and expertise Sudeep has over 16 years of experience across multiple sectors like Consumer Technology, B2B SaaS, Retail and FMCG. Over the course of his career, Sudeep has worked across regions in India & enabled businesses to export from India to the world. Previously, he was associated with Google India, where he served as the Head of Industry, FMCG, enabling marketing transformation for large consumer conglomerates. He has also been associated with National Instruments (Emerson), building deep foundational expertise in consultative sales and business development. The appointment of Sudeep is a part of the Company's strategic efforts to build a diversified and future-ready monetization ecosystem, leveraging the growing influence of social platforms and creator networks to develop long-term strategic partnerships and enhance value creation across the business.

At a time when brands are increasingly seeking integrated ecosystems that enable meaningful engagement across content, creators, communities and commerce, Zee Entertainment Enterprises Ltd is focused &nbsp;on building a robust digital ecosystem .

Zee Entertainment appoints Sudeep Nagpurkar as Chief Sales Officer to strengthen digital monetization engine

Japanese Prime Minister Sanae Takaichi is visiting India from July 1 to 3 for the 16th India-Japan Annual Summit. Talks during her first visit to India as Japanese PM will cover defence, economic security, semiconductors, critical minerals and Indo-Pacific security. The visit is also likely to push &nbsp;an "Industrial Value Chain" linking the Bay of Bengal to Northeast India. &nbsp;A key area to examine in this context is the India-Japan free trade agreement, and how it sits inside frameworks like the Free and Open Indo-Pacific (FOIP). The meeting of the two energy-importer nations is taking place amid a perceived US thaw with China under President Trump. China was once central to Indo-Pacific calculations. That appeared to change in June, when the Pentagon renamed US Indo-Pacific Command back to US Pacific Command, dropping "Indo" from the title after eight years. US officials called it symbolic. The area of responsibility, stretching to India's western maritime boundary, stays <a href="https://www.pacom.mil/Media/Press-Releases-and-Readouts/Article/4519249/department-of-war-restores-us-pacific-command-designation/">unchanged</a>. But the naming carries signal value in this region. Amid this backdrop, let us examine the trade relations of India and Japan.<h2>Setting the context: Trade, FOIP, and shifting equations</h2>FOIP has anchored India-Japan strategic and economic thinking for over a decade. Trade policy, maritime security, and China-related calculations move together for both nations. The specific free trade pact (FTA) is the India-Japan Comprehensive Economic Partnership Agreement, or CEPA. The stated aim of FOIP and CEPA are interconnected: supply chain resilience, digital cooperation, and larger Japanese investment into India. Japan's FOIP vision rests on free trade, rule of law, and freedom of navigation. This aligns with India's Act East policy, the Indo-Pacific Oceans' Initiative (IPOI), and SAGAR — Security and Growth for All in the Region. Japan leads the Maritime Trade, Transport, and Connectivity pillar under IPOI, aimed at keeping commerce rules-based across the region including India. Bilateral annual summits have steadily widened cooperation into semiconductors, critical minerals, and AI to secure trade routes.Also read: <a href="https://www.wionews.com/world/takaichi-s-india-visit-decoding-india-japan-joint-vision-for-next-decade-and-its-eight-pillars-1782856460066">Takaichi's India visit: Decoding India-Japan Joint Vision for Next Decade and its eight pillars</a><h2>India-Japan free trade pact: Prospects and problems</h2>The <a href="https://www.commerce.gov.in/international-trade/trade-agreements/india-japan-cepa/">CEPA</a>, in force since August 2011, cut tariffs on roughly 94 per cent of goods traded between India and Japan over 10 years. Indian exports like textiles, gems, and marine products gained access to Japan, while Japanese exports like electronics and machinery went to India. But rice, wheat, and dairy — sectors where India has real export interest — stayed largely excluded. The trade imbalance shows in the numbers. Bilateral <a href="https://www.ibef.org/indian-exports/india-japan-trade">trade</a> touched $25.17 billion in FY25. Japan's imports from India stood at $6.73 billion in 2025, while India's <a href="https://www.ibef.org/indian-exports/india-japan-trade">imports</a> from Japan is higher, across machinery, electronics, copper and chemicals. The gap favours Japan structurally, not cyclically. The two nations are in the process of renegotiating CEPA. The 7th Joint Committee Meeting was held in Tokyo in March 2026. India <a href="https://www.pib.gov.in/PressReleasePage.aspx?PRID=2235329®=3&amp;lang=1">pressed</a> for better market access in textiles, pharmaceuticals, agriculture, and services, and for a more balanced trade relationship. Rice access remains a live issue, though no breakthrough is confirmed.<a href="https://www.wionews.com/videos/india-japan-summit-japan-s-pm-sanae-takaichi-to-land-in-india-today-1782894450088/embed">https://www.wionews.com/videos/india-japan-summit-japan-s-pm-sanae-takaichi-to-land-in-india-today-1782894450088/embed</a><h2>Where CEPA can expand in the larger context of free and open Indo-Pacific</h2>Three areas stand out for widening India's exports to Japan and narrowing the trade deficit.First is defence. Both countries have flagged defence-tech cooperation as a summit priority, but this sits outside CEPA's current scope. Bringing defence manufacturing and co-production into the trade framework could be a natural next step.Services and skilled mobility is the second. India already has a Specified Skilled Worker <a href="https://www.indembassy-tokyo.gov.in/eoityo_pages/NjA">MoC</a> with Japan, and both sides agreed in 2025 to a five-year target of moving 50,000 skilled and semi-skilled Indian workers to Japan. Deepening services access under CEPA can build on this.AI and emerging tech are the third. Takaichi's op-ed column for the Times of India mentioned AI cooperation. And the groundwork already exists. India and Japan launched a Japan-India AI Cooperation <a href="https://www.pmindia.gov.in/en/news_updates/15th-india-japan-annual-summit-joint-statement-partnership-for-security-and-prosperity-of-our-next-generation">Initiative</a> in August 2025, covering LLMs, joint research, and data centre development. The first India-Japan Strategic AI Dialogue was held in Mumbai in April this year. This is the most likely potential area to formalise inside the CEPA, alongside an Economic Security Initiative already covering semiconductors, clean energy, telecom, pharmaceuticals, and critical minerals.Also read: <a href="https://www.wionews.com/world/china-s-xi-jinping-calls-taiwan-historic-mission-hours-before-japan-pm-takaichi-s-india-visit-1782894225091">China's Xi Jinping calls Taiwan 'historic mission' hours before Japan PM Takaichi's India visit: Is it a warning?</a><h2>Connecting the Northeast and beyond: An industrial value chain for India and Japan</h2>Takaichi's op-ed for this visit also raises the Industrial Value Chain concept, connecting Assam through Northeast India and Bangladesh to the Indian Ocean. She named two projects funded through Japanese ODA: the Dhubri-Phulbari Bridge and Matarbari Port in Bangladesh. The stated goal is linking India's Northeast to ASEAN, with spillover gains for Nepal and Bhutan.This sits outside CEPA's formal text. But it matters for the same reason CEPA does. Infrastructure funded through Japanese ODA could unlock the Northeast's geography, turning a landlocked region into a corridor between South and Southeast Asia. The context is that Japan remains India's largest bilateral official development assistance <a href="https://www.indembassy-tokyo.gov.in/eoityo_pages/NjA">donor</a>, with cumulative commitments above JPY 8.5 trillion. The summit's real test will be whether these strands — CEPA renegotiation, AI cooperation, and connectivity infrastructure — get folded into one coherent economic architecture under the larger framework of Free and Open Indo-Pacific.

Japanese PM Sanae Takaichi's India visit focuses on trade, maritime security and Indo-Pacific connectivity, with emphasis on Northeast India and supply chains. It is a good time to take a look at the two nations' free trade agreement. Is there scope for expansion and improvement?

Japanese Prime Minister Sanae Takaichi is visiting India from July 1 to 3 for the 16th India-Japan Annual Summit. Talks during her first visit to India as Japanese PM will cover defence, economic security, semiconductors, critical minerals and Indo-Pacific security. The visit is also likely to push an "Industrial Value Chain" linking the Bay of Bengal to Northeast India. A key area to examine in this context is the India-Japan free trade agreement, and how it sits inside frameworks like the Free and Open Indo-Pacific (FOIP). The meeting of the two energy-importer nations is taking place amid a perceived US thaw with China under President Trump. China was once central to Indo-Pacific calculations. That appeared to change in June, when the Pentagon renamed US Indo-Pacific Command back to US Pacific Command, dropping "Indo" from the title after eight years. US officials called it symbolic. The area of responsibility, stretching to India's western maritime boundary, stays unchanged. But the naming carries signal value in this region. Amid this backdrop, let us examine the trade relations of India and Japan. Setting the context: Trade, FOIP, and shifting equations FOIP has anchored India-Japan strategic and economic thinking for over a decade. Trade policy, maritime security, and China-related calculations move together for both nations. The specific free trade pact (FTA) is the India-Japan Comprehensive Economic Partnership Agreement, or CEPA. The stated aim of FOIP and CEPA are interconnected: supply chain resilience, digital cooperation, and larger Japanese investment into India. Japan's FOIP vision rests on free trade, rule of law, and freedom of navigation. This aligns with India's Act East policy, the Indo-Pacific Oceans' Initiative (IPOI), and SAGAR — Security and Growth for All in the Region. Japan leads the Maritime Trade, Transport, and Connectivity pillar under IPOI, aimed at keeping commerce rules-based across the region including India. Bilateral annual summits have steadily widened cooperation into semiconductors, critical minerals, and AI to secure trade routes. Also read: Takaichi's India visit: Decoding India-Japan Joint Vision for Next Decade and its eight pillars India-Japan free trade pact: Prospects and problems The CEPA, in force since August 2011, cut tariffs on roughly 94 per cent of goods traded between India and Japan over 10 years. Indian exports like textiles, gems, and marine products gained access to Japan, while Japanese exports like electronics and machinery went to India. But rice, wheat, and dairy — sectors where India has real export interest — stayed largely excluded. The trade imbalance shows in the numbers. Bilateral trade touched $25.17 billion in FY25. Japan's imports from India stood at $6.73 billion in 2025, while India's imports from Japan is higher, across machinery, electronics, copper and chemicals. The gap favours Japan structurally, not cyclically. The two nations are in the process of renegotiating CEPA. The 7th Joint Committee Meeting was held in Tokyo in March 2026. India pressed for better market access in textiles, pharmaceuticals, agriculture, and services, and for a more balanced trade relationship. Rice access remains a live issue, though no breakthrough is confirmed. https://www.wionews.com/videos/india-japan-summit-japan-s-pm-sanae-takaichi-to-land-in-india-today-1782894450088/embed Where CEPA can expand in the larger context of free and open Indo-Pacific Three areas stand out for widening India's exports to Japan and narrowing the trade deficit. First is defence. Both countries have flagged defence-tech cooperation as a summit priority, but this sits outside CEPA's current scope. Bringing defence manufacturing and co-production into the trade framework could be a natural next step. Services and skilled mobility is the second. India already has a Specified Skilled Worker MoC with Japan, and both sides agreed in 2025 to a five-year target of moving 50,000 skilled and semi-skilled Indian workers to Japan. Deepening services access under CEPA can build on this. AI and emerging tech are the third. Takaichi's op-ed column for the Times of India mentioned AI cooperation. And the groundwork already exists. India and Japan launched a Japan-India AI Cooperation Initiative in August 2025, covering LLMs, joint research, and data centre development. The first India-Japan Strategic AI Dialogue was held in Mumbai in April this year. This is the most likely potential area to formalise inside the CEPA, alongside an Economic Security Initiative already covering semiconductors, clean energy, telecom, pharmaceuticals, and critical minerals. Also read: China's Xi Jinping calls Taiwan 'historic mission' hours before Japan PM Takaichi's India visit: Is it a warning? Connecting the Northeast and beyond: An industrial value chain for India and Japan Takaichi's op-ed for this visit also raises the Industrial Value Chain concept, connecting Assam through Northeast India and Bangladesh to the Indian Ocean. She named two projects funded through Japanese ODA: the Dhubri-Phulbari Bridge and Matarbari Port in Bangladesh. The stated goal is linking India's Northeast to ASEAN, with spillover gains for Nepal and Bhutan. This sits outside CEPA's formal text. But it matters for the same reason CEPA does. Infrastructure funded through Japanese ODA could unlock the Northeast's geography, turning a landlocked region into a corridor between South and Southeast Asia. The context is that Japan remains India's largest bilateral official development assistance donor, with cumulative commitments above JPY 8.5 trillion. The summit's real test will be whether these strands — CEPA renegotiation, AI cooperation, and connectivity infrastructure — get folded into one coherent economic architecture under the larger framework of Free and Open Indo-Pacific.

Japanese PM Sanae Takaichi's India visit focuses on trade, maritime security and Indo-Pacific connectivity, with emphasis on Northeast India and supply chains. It is a good time to take a look at the two nations' free trade agreement. Is there scope for expansion and improvement?

Japan PM Sanae Takaichi's India visit and the state of free trade: Can more be expected under Indo-Pacific cooperation context?

Japanese Prime Minister Sanae Takaichi is set to arrive in India for her first official state visit. Takaichi will land in the national capital on Wednesday evening for her three-day official visit to India from July 1 to 3. The vital summit between Takaichi and Indian Prime Minister Narendra Modi, as per India's Ministry of External Affairs, offers a chance to "review and strengthen the full spectrum of bilateral cooperation as well as exchange views on regional and global issues of mutual interest."India and Japan share a "Special Strategic and Global Partnership," characterised by deep economic investments, strategic collaboration in the Indo-Pacific, and cultural ties. The relationship between the two nations focuses on manufacturing, AI, supply chain resilience, and infrastructure.Also read | <a href="https://www.wionews.com/india-news/semiconductors-to-biogas-what-s-really-on-the-table-at-the-modi-takaichi-summit-wion-decodes-1782721446269">Semiconductors to biogas: What’s really on the table at the Modi-Takaichi summit? | WION Decodes</a>A high-speed bullet train line happens to be one of the ambitious cooperative projects between India and Japan. The much-vaunted project, using Japanese "Shinkansen" technology, was launched in 2017 by PM Modi and his then-Japanese counterpart&nbsp;Shinzo Abe. What's the scorecard? How far has the project come? WION Decodes.<h2>Mumbai-Ahmedabad High-Speed Rail Project</h2>Back in 2017, India and Japan agreed to a strategic partnership to introduce and co-manufacture the next-generation E10 Shinkansen bullet trains on the Mumbai-Ahmedabad High-Speed Rail corridor. The project at the time was planned to be completed by 2023.The ambitious project to introduce India's first high-speed bullet train line has, however, been mired in cost overruns and delays.<a href="https://www.wionews.com/videos/india-japan-ties-why-japan-is-betting-big-on-india-from-china-1-to-indo-pacific-strategy-1782888145108/embed">https://www.wionews.com/videos/india-japan-ties-why-japan-is-betting-big-on-india-from-china-1-to-indo-pacific-strategy-1782888145108/embed</a><h2>Partial opening expected by 2027</h2>Almost a decade after work began on the high-speed bullet train line, a section of the project between Mumbai, India's financial capital and Ahmedabad, the key city in Modi's home state of Gujarat, may become operational by 2027, say Indian railway ministry officials.Talking to AFP, Dharmendra Tewari, Indian Railways' additional director general, said that "a considerable amount of work on the entire corridor has already been completed"."The first section of the bullet train will be operational in 2027, between the cities of Surat and Vapi," he added. The two cities, Surat, the global diamond cutting centre, and Vapi, known for its chemical and manufacturing industries, are about 100 kilometres apart.Also read | <a href="https://www.wionews.com/world/india-japan-ties-to-go-beyond-the-handshake-1782882666775">India-Japan ties to go beyond the handshake</a><h2>E10 deal, retired E5/E3 sets</h2>The partial opening has been made possible by "Japan’s offer to introduce, in the early 2030s, the E10 series of the Shinkansen that runs on the Japanese signalling system," said MEA in a press release, dated 29 August, 2025.Japan, as per reports, has agreed to bypass older E5/E3 models on the main route, choosing instead to debut the next-generation E10 in India concurrently with its rollout in Japan."The knowledge, skills and capabilities developed through the project are expected to support future high-speed rail corridors across the country," the government's plan reads.The proposed network would feature an east-west corridor connecting New Delhi with Varanasi, one of Hinduism’s holiest cities, before extending to the strategically important city of Siliguri, the gateway linking India’s northeastern states with the rest of the country.A second corridor would run roughly north to south from Ahmedabad to Mumbai, then stretch southeast across the country to connect key technology hubs, including Pune, Hyderabad, and Chennai. The Indian government describes these planned routes as “growth connectors.”

Before the Modi-Takaichi summit, India's bullet train report card looks like this: E10 deal locked in, Surat-Vapi section nearing completion, manufacturing ambitions expanding, but cost overruns and delays continue to shadow the project. WION Decodes.

Japanese Prime Minister Sanae Takaichi is set to arrive in India for her first official state visit. Takaichi will land in the national capital on Wednesday evening for her three-day official visit to India from July 1 to 3. The vital summit between Takaichi and Indian Prime Minister Narendra Modi, as per India's Ministry of External Affairs, offers a chance to "review and strengthen the full spectrum of bilateral cooperation as well as exchange views on regional and global issues of mutual interest." India and Japan share a "Special Strategic and Global Partnership," characterised by deep economic investments, strategic collaboration in the Indo-Pacific, and cultural ties. The relationship between the two nations focuses on manufacturing, AI, supply chain resilience, and infrastructure. Also read | Semiconductors to biogas: What’s really on the table at the Modi-Takaichi summit? | WION Decodes A high-speed bullet train line happens to be one of the ambitious cooperative projects between India and Japan. The much-vaunted project, using Japanese "Shinkansen" technology, was launched in 2017 by PM Modi and his then-Japanese counterpart Shinzo Abe. What's the scorecard? How far has the project come? WION Decodes. Mumbai-Ahmedabad High-Speed Rail Project Back in 2017, India and Japan agreed to a strategic partnership to introduce and co-manufacture the next-generation E10 Shinkansen bullet trains on the Mumbai-Ahmedabad High-Speed Rail corridor. The project at the time was planned to be completed by 2023. The ambitious project to introduce India's first high-speed bullet train line has, however, been mired in cost overruns and delays. https://www.wionews.com/videos/india-japan-ties-why-japan-is-betting-big-on-india-from-china-1-to-indo-pacific-strategy-1782888145108/embed Partial opening expected by 2027 Almost a decade after work began on the high-speed bullet train line, a section of the project between Mumbai, India's financial capital and Ahmedabad, the key city in Modi's home state of Gujarat, may become operational by 2027, say Indian railway ministry officials. Talking to AFP, Dharmendra Tewari, Indian Railways' additional director general, said that "a considerable amount of work on the entire corridor has already been completed". "The first section of the bullet train will be operational in 2027, between the cities of Surat and Vapi," he added. The two cities, Surat, the global diamond cutting centre, and Vapi, known for its chemical and manufacturing industries, are about 100 kilometres apart. Also read | India-Japan ties to go beyond the handshake E10 deal, retired E5/E3 sets The partial opening has been made possible by "Japan’s offer to introduce, in the early 2030s, the E10 series of the Shinkansen that runs on the Japanese signalling system," said MEA in a press release, dated 29 August, 2025. Japan, as per reports, has agreed to bypass older E5/E3 models on the main route, choosing instead to debut the next-generation E10 in India concurrently with its rollout in Japan. "The knowledge, skills and capabilities developed through the project are expected to support future high-speed rail corridors across the country," the government's plan reads. The proposed network would feature an east-west corridor connecting New Delhi with Varanasi, one of Hinduism’s holiest cities, before extending to the strategically important city of Siliguri, the gateway linking India’s northeastern states with the rest of the country. A second corridor would run roughly north to south from Ahmedabad to Mumbai, then stretch southeast across the country to connect key technology hubs, including Pune, Hyderabad, and Chennai. The Indian government describes these planned routes as “growth connectors.”

Before the Modi-Takaichi summit, India's bullet train report card looks like this: E10 deal locked in, Surat-Vapi section nearing completion, manufacturing ambitions expanding, but cost overruns and delays continue to shadow the project. WION Decodes.

Bullet train scorecard before Modi-Takaichi summit: E10 deal, 2027 partial opening, 8-year delay

Japanese Prime Minister Sanae Takaichi's India visit brings with it a clear plan and agenda on the Free and Open Indo-Pacific doctrine. The digital corridor plan under that strategy is the sharper story for the India-Japan annual summit this week. Japan's updated Free and Open Indo-Pacific strategy, unveiled by Takaichi in Hanoi in May, reframes the strategy away from pure maritime security towards economic resilience: ai, data flows, undersea cables and satellites. The country's communications ministry is set to launch eight communications infrastructure projects in Taiwan and India under a new digital corridor initiative. That is to strengthen cooperation on undersea cables, satellite communications, and digital infrastructure.&nbsp;Also Read: <a href="https://www.wionews.com/world/cepa-at-15-why-the-india-japan-trade-pact-fell-short-and-what-a-refresh-could-change-1782804365931">CEPA at 15: Why the India-Japan trade pact fell short—and what a refresh could change</a>&nbsp;Japan's ministry of internal affairs is rolling these out across Taiwan, India, Singapore and Chile, backed by roughly 8 billion yen, or nearly $5 billion. In Taiwan, Japan is testing resilience of undersea cables repeatedly damaged near its coast, which reports suspect is being done by China. In India and Singapore, Japan is betting on tech to secure digital payment infrastructure. In Chile, remote-operation tests using Japan's technology at the world's largest copper mine are underway.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/takaichi-s-india-visit-decoding-india-japan-joint-vision-for-next-decade-and-its-eight-pillars-1782856460066/amp">Takaichi's India visit: Decoding India-Japan Joint Vision for Next Decade and its eight pillars</a>&nbsp;While they are small, technical-sounding pilots, each one is a brick in a China-resistant digital architecture stretching from the Taiwan strait to South America. The pattern across minerals, chips and cables is identical. Reduce dependency on one country, build parallel infrastructure with trusted partners. India, for Japan, isn't just a partner anymore, it's insurance.&nbsp;<h2>Indo-Pacific strategy to Mediterranean strategic agenda</h2>At the recently concluded G7 meeting in France, the Indo-Pacific strategy expanded in a broader manner to the European and Mediterranean strategic agenda. Italian Prime Minister Giorgia Meloni's foreign policy now champions a Free and Open Indo-Pacific plan. That policy links the region's security with Italy's strategic "Global Mediterranean" vision.&nbsp;Rome is pursuing this objective through a series of key diplomatic, economic, and defense partnerships across Asia. So, Italy's Indo-Pacific pivot is now structural and not just symbolic.&nbsp;Meloni's special strategic partnerships with India and Japan - covering critical minerals, and the 20-billion-euro trade target - signal Rome hedging against China dependency. Takaichi's political alignment, and the Indo-Mediterranean framing show Italy positioning itself as Europe's bridge into Asian security architecture.For Japan, India's north east is the gateway for that strategy.

Japanese PM Sanae Takaichi's India visit highlights Japan's digital corridor initiative under the Free and Open Indo-Pacific strategy, boosting cooperation on undersea cables, satellite communications and digital infrastructure while strengthening India-Japan strategic ties.

Japanese Prime Minister Sanae Takaichi's India visit brings with it a clear plan and agenda on the Free and Open Indo-Pacific doctrine. The digital corridor plan under that strategy is the sharper story for the India-Japan annual summit this week. Japan's updated Free and Open Indo-Pacific strategy, unveiled by Takaichi in Hanoi in May, reframes the strategy away from pure maritime security towards economic resilience: ai, data flows, undersea cables and satellites. The country's communications ministry is set to launch eight communications infrastructure projects in Taiwan and India under a new digital corridor initiative. That is to strengthen cooperation on undersea cables, satellite communications, and digital infrastructure. Also Read: CEPA at 15: Why the India-Japan trade pact fell short—and what a refresh could change Japan's ministry of internal affairs is rolling these out across Taiwan, India, Singapore and Chile, backed by roughly 8 billion yen, or nearly $5 billion. In Taiwan, Japan is testing resilience of undersea cables repeatedly damaged near its coast, which reports suspect is being done by China. In India and Singapore, Japan is betting on tech to secure digital payment infrastructure. In Chile, remote-operation tests using Japan's technology at the world's largest copper mine are underway. Also Read: Takaichi's India visit: Decoding India-Japan Joint Vision for Next Decade and its eight pillars While they are small, technical-sounding pilots, each one is a brick in a China-resistant digital architecture stretching from the Taiwan strait to South America. The pattern across minerals, chips and cables is identical. Reduce dependency on one country, build parallel infrastructure with trusted partners. India, for Japan, isn't just a partner anymore, it's insurance. Indo-Pacific strategy to Mediterranean strategic agenda At the recently concluded G7 meeting in France, the Indo-Pacific strategy expanded in a broader manner to the European and Mediterranean strategic agenda. Italian Prime Minister Giorgia Meloni's foreign policy now champions a Free and Open Indo-Pacific plan. That policy links the region's security with Italy's strategic "Global Mediterranean" vision. Rome is pursuing this objective through a series of key diplomatic, economic, and defense partnerships across Asia. So, Italy's Indo-Pacific pivot is now structural and not just symbolic. Meloni's special strategic partnerships with India and Japan - covering critical minerals, and the 20-billion-euro trade target - signal Rome hedging against China dependency. Takaichi's political alignment, and the Indo-Mediterranean framing show Italy positioning itself as Europe's bridge into Asian security architecture. For Japan, India's north east is the gateway for that strategy.

Japanese PM Sanae Takaichi's India visit highlights Japan's digital corridor initiative under the Free and Open Indo-Pacific strategy, boosting cooperation on undersea cables, satellite communications and digital infrastructure while strengthening India-Japan strategic ties.

Japan's digital corridor: Free and open Indo-Pacific's backbone

Amid falling gold prices in India, people are hurrying to sell their old gold to cash out before its prices decline further from record levels seen earlier this year. Growing concerns that gold may have already peaked are prompting Indian households to liquidate their holdings rather than hold on to them. This comes at a time when India largely remains dependent on imported gold. During FY26, the country imported gold worth nearly USD 72.4 billion, while recycled gold contributed an estimated 125-150 tonnes in 2025. Industry projections suggest recycled gold volumes could rise to 200–250 tonnes in 2026 if the current pace continues. Data from the India Bullion &amp; Jewellers Association (IBJA) shows that around 50 tonnes of old gold were sold between April and June, marking a huge 43 per cent increase as compared to the same period last year. With gold prices retreating to about Rs 1.4 lakh per 10 grams and expectations of a further decline to Rs 1.2 lakh. As a result, many consumers began opting to monetise their gold and secure profits rather than exchange old jewellery for new pieces.<h3>Sharp rise in gold business</h3>The rising trend has also provided momentum to the organised gold recycling industry of India, as high prices are stimulating citizens across Indian households to bring idle gold into the market instead of leaving it unused. In response, Industry executives stated that consumers are increasingly seeing gold as a financial asset that can be converted into cash when prices are favourable. It ensures a continuous supply of recyclable gold for refiners and jewellers. Firms involved in buying old gold are also seeing a sharp rise in business. Muthoot Exim reported a 40 per cent increase in gold collections through its network of over 100 Gold Points spread across the country. Industry reports also indicated that the surge has provided a boost to the country's gold recycling industry as “idle” gold is being reintroduced into circulation, creating an additional domestic source of supply for refiners and jewellers.<h3>Why are gold prices recovering?</h3>Market experts said the recent recovery in gold prices has been driven by investors reassessing expectations around the US Federal Reserve's interest rate trajectory, alongside ongoing geopolitical uncertainties and fluctuations in crude oil prices. Internationally, Comex gold futures climbed to USD 4,044.80 per ounce. However, concerns persist after Iran reiterated its intention to maintain control over shipping through the Strait of Hormuz, a crucial route for global oil trade. India remains highly dependent on imported gold, bringing in approximately USD 72.4 billion worth during FY26. Recycled gold accounted for an estimated 125–150 tonnes in 2025 and, according to industry projections, could rise to 200–250 tonnes in 2026 if current resale trends continue. &nbsp;

Industry executives stated that consumers are increasingly seeing gold as a financial asset that can be converted into cash when prices are favourable. It ensures a continuous supply of recyclable gold for refiners and jewellers.

Amid falling gold prices in India, people are hurrying to sell their old gold to cash out before its prices decline further from record levels seen earlier this year. Growing concerns that gold may have already peaked are prompting Indian households to liquidate their holdings rather than hold on to them. This comes at a time when India largely remains dependent on imported gold. During FY26, the country imported gold worth nearly USD 72.4 billion, while recycled gold contributed an estimated 125-150 tonnes in 2025. Industry projections suggest recycled gold volumes could rise to 200–250 tonnes in 2026 if the current pace continues. Data from the India Bullion & Jewellers Association (IBJA) shows that around 50 tonnes of old gold were sold between April and June, marking a huge 43 per cent increase as compared to the same period last year. With gold prices retreating to about Rs 1.4 lakh per 10 grams and expectations of a further decline to Rs 1.2 lakh. As a result, many consumers began opting to monetise their gold and secure profits rather than exchange old jewellery for new pieces. Sharp rise in gold business The rising trend has also provided momentum to the organised gold recycling industry of India, as high prices are stimulating citizens across Indian households to bring idle gold into the market instead of leaving it unused. In response, Industry executives stated that consumers are increasingly seeing gold as a financial asset that can be converted into cash when prices are favourable. It ensures a continuous supply of recyclable gold for refiners and jewellers. Firms involved in buying old gold are also seeing a sharp rise in business. Muthoot Exim reported a 40 per cent increase in gold collections through its network of over 100 Gold Points spread across the country. Industry reports also indicated that the surge has provided a boost to the country's gold recycling industry as “idle” gold is being reintroduced into circulation, creating an additional domestic source of supply for refiners and jewellers. Why are gold prices recovering? Market experts said the recent recovery in gold prices has been driven by investors reassessing expectations around the US Federal Reserve's interest rate trajectory, alongside ongoing geopolitical uncertainties and fluctuations in crude oil prices. Internationally, Comex gold futures climbed to USD 4,044.80 per ounce. However, concerns persist after Iran reiterated its intention to maintain control over shipping through the Strait of Hormuz, a crucial route for global oil trade. India remains highly dependent on imported gold, bringing in approximately USD 72.4 billion worth during FY26. Recycled gold accounted for an estimated 125–150 tonnes in 2025 and, according to industry projections, could rise to 200–250 tonnes in 2026 if current resale trends continue.

Industry executives stated that consumers are increasingly seeing gold as a financial asset that can be converted into cash when prices are favourable. It ensures a continuous supply of recyclable gold for refiners and jewellers.

Why are Indians selling their gold? 50 tonnes offloaded in just three months: EXPLAINED

Japan's Prime Minister Sanae Takaichi, just before her visit to India on Wednesday, called the country an indispensable partner in advancing her updated Free and Open Indo-Pacific (FOIP) vision. That language matters, because "indispensable" is diplomatic code for "we need you, now."The real story is China. Beijing controls the lion's share of global rare earths, lithium, and cobalt processing, and has shown its willingness to weaponise that dominance. Japan has spent a decade trying to de-risk its supply chains. This is where India's Northeast becomes the gateway for Japan's move away from China.Also read | <a href="https://www.wionews.com/world/india-japan-ties-to-go-beyond-the-handshake-1782882666775">India-Japan ties to go beyond the handshake</a>India sits on 7.2 million tonnes of rare earth reserves, the world's third largest, and that's the pivot point for Takaichi.At the India-Japan annual summit this week, concrete deals on joint exploration and processing are expected, and not just intent.The plan also includes a supply pipeline for EV batteries and defence hardware. Semiconductors are the second pillar.Japan wants India as a manufacturing base, and not just a billion-plus consumer market. That's Japan's latest strategic shift - from selling to India, to building in India, for the world.<h2>New geo-economics at play</h2>Reports quoting diplomatic sources show that both sides are building an "Industrial Value Chain," connecting the Bay of Bengal and Northeast India.So that plan potentially turns a historically underdeveloped frontier into a critical minerals and manufacturing corridor.This is the new geo-economics.Also read | <a href="https://www.wionews.com/india-news/semiconductors-to-biogas-what-s-really-on-the-table-at-the-modi-takaichi-summit-wion-decodes-1782721446269">Semiconductors to biogas: What’s really on the table at the Modi-Takaichi summit? | WION Decodes</a><h2>The numbers back the intent</h2>About 1,400 Japanese companies operate in India, with nearly half of them in manufacturing. Bilateral trade hit $27.5 billion in FY 2025-26, with Japanese investment of $3.2 billion between April and December 2025 alone.Expect Takaichi's visit to produce a joint statement on economic security, and a separate declaration on AI cooperation, alongside memorandum of understanding agreements (MOUs) on batteries, pharma and critical minerals.The India-Japan summit is less about symbolism and more about supply chains now, and whether intent finally converts into contracts.

Beijing controls the lion's share of global rare earths, lithium, and cobalt processing, and has shown its willingness to weaponise that dominance. This is where India's Northeast becomes the gateway for Japan's move away from China.

Japan's Prime Minister Sanae Takaichi, just before her visit to India on Wednesday, called the country an indispensable partner in advancing her updated Free and Open Indo-Pacific (FOIP) vision. That language matters, because "indispensable" is diplomatic code for "we need you, now." The real story is China. Beijing controls the lion's share of global rare earths, lithium, and cobalt processing, and has shown its willingness to weaponise that dominance. Japan has spent a decade trying to de-risk its supply chains. This is where India's Northeast becomes the gateway for Japan's move away from China. Also read | India-Japan ties to go beyond the handshake India sits on 7.2 million tonnes of rare earth reserves, the world's third largest, and that's the pivot point for Takaichi. At the India-Japan annual summit this week, concrete deals on joint exploration and processing are expected, and not just intent. The plan also includes a supply pipeline for EV batteries and defence hardware. Semiconductors are the second pillar. Japan wants India as a manufacturing base, and not just a billion-plus consumer market. That's Japan's latest strategic shift - from selling to India, to building in India, for the world. New geo-economics at play Reports quoting diplomatic sources show that both sides are building an "Industrial Value Chain," connecting the Bay of Bengal and Northeast India. So that plan potentially turns a historically underdeveloped frontier into a critical minerals and manufacturing corridor. This is the new geo-economics. Also read | Semiconductors to biogas: What’s really on the table at the Modi-Takaichi summit? | WION Decodes The numbers back the intent About 1,400 Japanese companies operate in India, with nearly half of them in manufacturing. Bilateral trade hit $27.5 billion in FY 2025-26, with Japanese investment of $3.2 billion between April and December 2025 alone. Expect Takaichi's visit to produce a joint statement on economic security, and a separate declaration on AI cooperation, alongside memorandum of understanding agreements (MOUs) on batteries, pharma and critical minerals. The India-Japan summit is less about symbolism and more about supply chains now, and whether intent finally converts into contracts.

Beijing controls the lion's share of global rare earths, lithium, and cobalt processing, and has shown its willingness to weaponise that dominance. This is where India's Northeast becomes the gateway for Japan's move away from China.

Northeast India: Japan's new geo-economic corridor

India on Wednesday (Jul 1) slashed the prices of commercial LPG cylinders by ₹183, bringing prices down marginally to Rs 2,930 in the national capital New Delhi. The price reduction comes after months of relentless increases driven by the West Asia crisis. Since January, India has seen the prices of commercial LPG cylinders almost double from ₹1,691.50 in January to ₹3,113.50 in June. &nbsp;Also read | <a href="https://www.wionews.com/world/trump-accuses-big-oil-companies-of-gouging-american-customers-says-gasoline-prices-better-start-going-down-a-lot-faster-usa-ogas-price-today-1782274625910">Trump accuses big oil companies of 'gouging' American customers, says 'gasoline prices better start going down a lot faster'</a><h2>Indian Oil announces price cut</h2>Indian Oil on Tuesday announced a small reduction in the price of 19-kg commercial LPG cylinders across the country, offering relief to restaurants, hotels, eateries and small businesses that have been grappling with record fuel costs since the beginning of the year.&nbsp;The price cut comes after tensions in West Asia eased, reducing fears of supply disruptions and helping energy markets stabilise.<h2>How much have prices been reduced?</h2>The new rates came into effect on July 1. In Delhi, the price of a 19-kg commercial LPG cylinder has now been reduced by Rs 183.50, bringing it down from Rs 3,113.50 to Rs 2,930. Similar reductions have been announced in other major cities.Commercial LPG cylinder new prices:<figure class="table"><table><tbody><tr><td>City</td><td>Commercial LPG (19 kg)</td></tr><tr><td>Delhi</td><td>₹2,930.00</td></tr><tr><td>Mumbai</td><td>₹2,885.50</td></tr><tr><td>Kolkata</td><td>₹3,072.00</td></tr><tr><td>Chennai</td><td>₹3,100.00</td></tr></tbody></table></figure>Domestic consumers, however, will not see any immediate benefit. The price of the standard 14.2-kg household LPG cylinder remains unchanged for July.Also read | <a href="https://www.wionews.com/world/us-calls-india-an-indispensable-tech-partner-says-only-india-can-rival-china-s-engineering-talent-pool-1782782979168">'Only country on earth': US says only India can rival China's engineering talent pool, calls New Delhi an 'indispensable' tech partner</a><h2>From nearly double the price to a 5% cut</h2>To understand the significance of the latest cut, we must look at what happened over the past six months. At the start of 2026, a commercial LPG cylinder in Delhi cost Rs 1,691.50. By June, that same cylinder was selling for Rs 3,113.50.In other words, prices had almost doubled in just five months. The biggest reason was the conflict in West Asia, which disrupted global energy markets and triggered concerns about fuel supplies moving through critical shipping routes, particularly the Strait of Hormuz.As oil and gas markets reacted, LPG prices climbed month after month. Notably, the increases did not happen all at once.January saw a hike of Rs 111 per cylinder. February added another Rs 49. The biggest shock came in May when the price increased by a whopping 993 all at once, taking the Delhi price above Rs 3,000 for the first time. Here's a month-by-month breakdown of the price increase.<figure class="table"><table><thead><tr><th>Effective Date</th><th>Hike Amount (per cylinder)</th><th>Revised Price (Delhi)</th></tr></thead><tbody><tr><td>1-Jan-26</td><td>+₹111.00</td><td>₹1,691.50</td></tr><tr><td>1-Feb-26</td><td>+₹49.00</td><td>₹1,740.50</td></tr><tr><td>1-Mar-26</td><td>+₹28.00</td><td>₹1,768.50</td></tr><tr><td>7-Mar-26</td><td>+₹114.50</td><td>₹1,883.00</td></tr><tr><td>1-Apr-26</td><td>+₹195.50</td><td>₹2,078.50</td></tr><tr><td>1-May-26</td><td>+₹993.00 (Record High)</td><td>₹3,071.50</td></tr><tr><td>1-Jun-26</td><td>+₹42.00</td><td>₹3,113.50</td></tr></tbody></table></figure>

India has cut the price of 19-kg commercial LPG cylinders by ₹183.50, marking the first major reduction after months of steep increases driven by the West Asia crisis. The move brings the Delhi price down to ₹2,930 from ₹3,113.50. But, how significant is the reduction compared to the hike?

India on Wednesday (Jul 1) slashed the prices of commercial LPG cylinders by ₹183, bringing prices down marginally to Rs 2,930 in the national capital New Delhi. The price reduction comes after months of relentless increases driven by the West Asia crisis. Since January, India has seen the prices of commercial LPG cylinders almost double from ₹1,691.50 in January to ₹3,113.50 in June. Also read | Trump accuses big oil companies of 'gouging' American customers, says 'gasoline prices better start going down a lot faster' Indian Oil announces price cut Indian Oil on Tuesday announced a small reduction in the price of 19-kg commercial LPG cylinders across the country, offering relief to restaurants, hotels, eateries and small businesses that have been grappling with record fuel costs since the beginning of the year. The price cut comes after tensions in West Asia eased, reducing fears of supply disruptions and helping energy markets stabilise. How much have prices been reduced? The new rates came into effect on July 1. In Delhi, the price of a 19-kg commercial LPG cylinder has now been reduced by Rs 183.50, bringing it down from Rs 3,113.50 to Rs 2,930. Similar reductions have been announced in other major cities. Commercial LPG cylinder new prices: City Commercial LPG (19 kg) Delhi ₹2,930.00 Mumbai ₹2,885.50 Kolkata ₹3,072.00 Chennai ₹3,100.00 Domestic consumers, however, will not see any immediate benefit. The price of the standard 14.2-kg household LPG cylinder remains unchanged for July. Also read | 'Only country on earth': US says only India can rival China's engineering talent pool, calls New Delhi an 'indispensable' tech partner From nearly double the price to a 5% cut To understand the significance of the latest cut, we must look at what happened over the past six months. At the start of 2026, a commercial LPG cylinder in Delhi cost Rs 1,691.50. By June, that same cylinder was selling for Rs 3,113.50. In other words, prices had almost doubled in just five months. The biggest reason was the conflict in West Asia, which disrupted global energy markets and triggered concerns about fuel supplies moving through critical shipping routes, particularly the Strait of Hormuz. As oil and gas markets reacted, LPG prices climbed month after month. Notably, the increases did not happen all at once. January saw a hike of Rs 111 per cylinder. February added another Rs 49. The biggest shock came in May when the price increased by a whopping 993 all at once, taking the Delhi price above Rs 3,000 for the first time. Here's a month-by-month breakdown of the price increase. Effective Date Hike Amount (per cylinder) Revised Price (Delhi) 1-Jan-26 +₹111.00 ₹1,691.50 1-Feb-26 +₹49.00 ₹1,740.50 1-Mar-26 +₹28.00 ₹1,768.50 7-Mar-26 +₹114.50 ₹1,883.00 1-Apr-26 +₹195.50 ₹2,078.50 1-May-26 +₹993.00 (Record High) ₹3,071.50 1-Jun-26 +₹42.00 ₹3,113.50

India has cut the price of 19-kg commercial LPG cylinders by ₹183.50, marking the first major reduction after months of steep increases driven by the West Asia crisis. The move brings the Delhi price down to ₹2,930 from ₹3,113.50. But, how significant is the reduction compared to the hike?

Small relief for Indians: Commercial LPG rate slashed by ₹183, but prices remain over 70% above January levels

India's Black Money Act is one of the most unforgiving tax laws on the books. A resident Indian who holds a foreign bank account, owns overseas property, or has shares in a foreign company — and fails to disclose it in their income tax return — faces a flat penalty of Rs 10 lakh per assessment year. Not a percentage of the asset value. Not a sliding scale. A flat Rs 10 lakh, applied every year the omission continues. With Budget 2026 having introduced the Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS 2026) as a limited amnesty window, and the July 31 ITR deadline approaching, here are the seven disclosure mistakes that cost taxpayers the most.&nbsp;Mistake 1: Thinking Small Assets Do Not Need To Be Reported&nbsp;Many taxpayers assume that foreign assets below a certain value are exempt from disclosure. This is wrong. Under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, the Rs 10 lakh flat penalty applies regardless of the size of the foreign asset — with one exception: from October 1, 2024, the penalty under Sections 42 and 43 does not apply if the aggregate value of all non-immovable foreign assets is below Rs 20 lakh. Foreign immovable property, however, carries no such safe harbour — it must be declared regardless of value. A foreign bank account with Rs 50,000 in it still needs to appear in Schedule FA of your ITR.&nbsp;Mistake 2: Not Reporting Foreign Assets Inherited Or Received As Gifts&nbsp;Taxpayers who inherit foreign assets — a bank account from a parent who lived abroad, shares in a family-held overseas company, or foreign property — often assume they do not need to declare assets they did not actively acquire. The obligation to disclose applies to all foreign assets held by a resident Indian, regardless of how they were acquired. Inherited or gifted foreign assets must appear in Schedule FA from the year the taxpayer becomes the legal owner.&nbsp;Mistake 3: Returning NRIs Forgetting Overseas Assets&nbsp;Non-resident Indians who return to India and become resident taxpayers must begin disclosing their overseas assets from the year they become residents. Many returning NRIs continue to hold foreign bank accounts, retirement savings plans (such as 401k accounts in the US), or overseas property — and do not realise that these must now be disclosed annually in Schedule FA. A returning NRI who held a foreign account for years without disclosing it after becoming a resident faces compounding penalties for each year of non-disclosure.&nbsp;Mistake 4: Confusing Schedule FA With Schedule FSI&nbsp;Schedule FA and Schedule FSI serve different purposes and both must be filled where applicable. Schedule FA covers assets held outside India — bank accounts, equity, immovable property, trusts, and any other financial interest abroad. Schedule FSI covers income earned from foreign sources — salary received from a foreign employer, dividends from overseas shares, interest from a foreign bank account, or rental income from overseas property. Taxpayers often fill one and skip the other. Both are mandatory for resident taxpayers with overseas exposure, and the information in both schedules must be consistent.&nbsp;Mistake 5: Assuming Tax Disclosure Cures FEMA Violations&nbsp;Budget 2026's FAST-DS 2026 scheme allows individuals to regularise undisclosed foreign income and assets by paying applicable tax and a penalty, obtaining immunity under income tax laws. What it does not do is cure separate violations under the Foreign Exchange Management Act. Common FEMA contraventions include retaining foreign bank balances beyond the permitted repatriation period, acquiring overseas property through impermissible funding sources, or failing to file required reports such as Form FC with the Reserve Bank of India. Paying the income tax penalty under FAST-DS does not automatically resolve a FEMA liability — taxpayers need separate legal advice on FEMA compliance.&nbsp;Mistake 6: Not Reporting Foreign Income That Was Not Remitted To India&nbsp;Some taxpayers believe that foreign income needs to be declared in India only when it is brought into the country. This is incorrect for resident and ordinarily resident taxpayers. Under Indian tax law, residents are taxable on their global income — including income that arose abroad and was never remitted to India. Foreign salary credited to an overseas account, interest earned in a foreign bank that stayed abroad, or dividends from foreign shares that were reinvested overseas — all of these must be declared in Schedule FSI and are potentially taxable in India.&nbsp;Mistake 7: Filing The Wrong Return Form And Skipping Foreign Schedules&nbsp;Schedule FA and Schedule FSI exist only in ITR-2 and ITR-3. Taxpayers with foreign assets who file ITR-1 — perhaps because their salaried income appears to fit that form — have no way to complete the mandatory foreign asset disclosure. Filing ITR-1 when you hold foreign assets is treated as non-disclosure. Resident taxpayers with any overseas bank account, foreign shares, or overseas property must file at minimum ITR-2, which contains both Schedule FA and Schedule FSI. Getting the form wrong is not a technical defence — the penalty for non-disclosure applies regardless of which form was filed.

India imposes a flat Rs 10 lakh penalty for undisclosed foreign assets. Here are seven costly Schedule FA and FSI mistakes Indian taxpayers make — and how to avoid them before July 31.

India's Black Money Act is one of the most unforgiving tax laws on the books. A resident Indian who holds a foreign bank account, owns overseas property, or has shares in a foreign company — and fails to disclose it in their income tax return — faces a flat penalty of Rs 10 lakh per assessment year. Not a percentage of the asset value. Not a sliding scale. A flat Rs 10 lakh, applied every year the omission continues. With Budget 2026 having introduced the Foreign Assets of Small Taxpayers Disclosure Scheme (FAST-DS 2026) as a limited amnesty window, and the July 31 ITR deadline approaching, here are the seven disclosure mistakes that cost taxpayers the most. Mistake 1: Thinking Small Assets Do Not Need To Be Reported Many taxpayers assume that foreign assets below a certain value are exempt from disclosure. This is wrong. Under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, the Rs 10 lakh flat penalty applies regardless of the size of the foreign asset — with one exception: from October 1, 2024, the penalty under Sections 42 and 43 does not apply if the aggregate value of all non-immovable foreign assets is below Rs 20 lakh. Foreign immovable property, however, carries no such safe harbour — it must be declared regardless of value. A foreign bank account with Rs 50,000 in it still needs to appear in Schedule FA of your ITR. Mistake 2: Not Reporting Foreign Assets Inherited Or Received As Gifts Taxpayers who inherit foreign assets — a bank account from a parent who lived abroad, shares in a family-held overseas company, or foreign property — often assume they do not need to declare assets they did not actively acquire. The obligation to disclose applies to all foreign assets held by a resident Indian, regardless of how they were acquired. Inherited or gifted foreign assets must appear in Schedule FA from the year the taxpayer becomes the legal owner. Mistake 3: Returning NRIs Forgetting Overseas Assets Non-resident Indians who return to India and become resident taxpayers must begin disclosing their overseas assets from the year they become residents. Many returning NRIs continue to hold foreign bank accounts, retirement savings plans (such as 401k accounts in the US), or overseas property — and do not realise that these must now be disclosed annually in Schedule FA. A returning NRI who held a foreign account for years without disclosing it after becoming a resident faces compounding penalties for each year of non-disclosure. Mistake 4: Confusing Schedule FA With Schedule FSI Schedule FA and Schedule FSI serve different purposes and both must be filled where applicable. Schedule FA covers assets held outside India — bank accounts, equity, immovable property, trusts, and any other financial interest abroad. Schedule FSI covers income earned from foreign sources — salary received from a foreign employer, dividends from overseas shares, interest from a foreign bank account, or rental income from overseas property. Taxpayers often fill one and skip the other. Both are mandatory for resident taxpayers with overseas exposure, and the information in both schedules must be consistent. Mistake 5: Assuming Tax Disclosure Cures FEMA Violations Budget 2026's FAST-DS 2026 scheme allows individuals to regularise undisclosed foreign income and assets by paying applicable tax and a penalty, obtaining immunity under income tax laws. What it does not do is cure separate violations under the Foreign Exchange Management Act. Common FEMA contraventions include retaining foreign bank balances beyond the permitted repatriation period, acquiring overseas property through impermissible funding sources, or failing to file required reports such as Form FC with the Reserve Bank of India. Paying the income tax penalty under FAST-DS does not automatically resolve a FEMA liability — taxpayers need separate legal advice on FEMA compliance. Mistake 6: Not Reporting Foreign Income That Was Not Remitted To India Some taxpayers believe that foreign income needs to be declared in India only when it is brought into the country. This is incorrect for resident and ordinarily resident taxpayers. Under Indian tax law, residents are taxable on their global income — including income that arose abroad and was never remitted to India. Foreign salary credited to an overseas account, interest earned in a foreign bank that stayed abroad, or dividends from foreign shares that were reinvested overseas — all of these must be declared in Schedule FSI and are potentially taxable in India. Mistake 7: Filing The Wrong Return Form And Skipping Foreign Schedules Schedule FA and Schedule FSI exist only in ITR-2 and ITR-3. Taxpayers with foreign assets who file ITR-1 — perhaps because their salaried income appears to fit that form — have no way to complete the mandatory foreign asset disclosure. Filing ITR-1 when you hold foreign assets is treated as non-disclosure. Resident taxpayers with any overseas bank account, foreign shares, or overseas property must file at minimum ITR-2, which contains both Schedule FA and Schedule FSI. Getting the form wrong is not a technical defence — the penalty for non-disclosure applies regardless of which form was filed.

India's income tax law imposes a flat Rs 10 lakh penalty per year for failing to disclose foreign assets — regardless of how small the asset is or whether any tax was evaded. With the government's FAST-DS 2026 amnesty scheme running and the July 31 deadline approaching, here are seven costly mistakes Indian taxpayers make when declaring foreign income and overseas assets in their ITR.

'Rs 10 lakh penalty': 7 foreign income disclosure mistakes to avoid in your ITR 2026

If you ask most Indian taxpayers when the income tax deadline is, the answer is always July 31. That answer is incomplete in 2026. Budget 2026 restructured the ITR filing calendar, creating a tiered system of deadlines based on the type of return being filed rather than a single date for everyone. The result is a compliance calendar that runs from July 31 all the way to March 31, 2027 — and missing the right date for your category can mean penalties, loss of tax benefits, and in some cases, a return that cannot be revised even if you find an error later.&nbsp;Deadline 1 — July 31, 2026: Salaried Filers And Investors&nbsp;The July 31 deadline applies to individuals and HUFs filing ITR-1 or ITR-2 for FY 2025-26. This covers salaried employees, pensioners, and investors with capital gains, dividend income, or multiple house properties — anyone whose income does not include business or professional earnings. Missing July 31 means a late filing fee of Rs 5,000 for those with income above Rs 5 lakh, or Rs 1,000 for those below. More significantly, taxpayers who miss this date permanently lose the right to carry forward capital losses or house property losses to offset against future income. That loss of carry-forward benefit cannot be recovered by filing late.&nbsp;Deadline 2 — August 31, 2026: Small Business And Freelancers&nbsp;This is the most significant new date introduced by Budget 2026. Taxpayers filing ITR-3 or ITR-4 with business or professional income that does not require a statutory audit now have until August 31, 2026. This group includes freelancers, consultants, doctors, lawyers, architects, small traders, and professionals under the presumptive taxation scheme. Previously, these taxpayers shared the July 31 deadline with salaried filers, creating a filing rush for people whose income records take longer to compile. The extra month is designed to reduce errors and last-minute compliance pressure for India's growing self-employed population.&nbsp;Deadline 3 — October 31, 2026: Audit Cases&nbsp;Businesses and professionals whose accounts are required to be audited under the Income Tax Act — typically those with turnover above the specified thresholds — have until October 31, 2026 to file. This deadline covers ITR-3 and ITR-4 filers in audit-mandatory categories, as well as companies filing ITR-6 and partnership firms filing ITR-5 that require statutory audit. The audit report itself — filed in Form 3CA or 3CB along with Form 3CD — must also be submitted before the October 31 deadline, meaning the entire audit process needs to be completed well before the month-end.&nbsp;Deadline 4 — November 30, 2026: Transfer Pricing Cases&nbsp;The November 30 deadline applies to businesses involved in international transactions or specified domestic transactions that require a transfer pricing report under Section 92E of the Income Tax Act. These are typically larger companies, multinationals, and businesses with cross-border related-party transactions. The transfer pricing accountant's report in Form 3CEB must be filed by November 30, and the ITR itself must also be submitted by this date. This is the last of the four filing deadlines for the assessment year.&nbsp;Deadline 5 — December 31, 2026: Belated Returns&nbsp;Taxpayers who missed their applicable deadline — whether July 31, August 31, or October 31 — can still file a belated return until December 31, 2026. However, filing a belated return carries a penalty of Rs 5,000 for taxpayers with income above Rs 5 lakh, and Rs 1,000 for those below. Interest continues to accrue on unpaid tax at 1 percent per month under Section 234A from the original deadline. Belated filers also cannot carry forward most types of losses. December 31 is an absolute cut-off — no original return can be filed after this date for FY 2025-26.&nbsp;Deadline 6 — March 31, 2027: Revised Returns&nbsp;The most taxpayer-friendly change in the 2026 calendar is this: the window to file a revised return — correcting errors or omissions in an already-filed return — has been extended from December 31 to March 31, 2027. Previously, taxpayers had to spot and correct mistakes in their return by December 31, the same deadline as belated returns. Now, anyone who filed on time but later discovers an error — a missed deduction, an incorrect figure, an unreported income source — has until the last day of the assessment year to correct it. This applies only to taxpayers who filed their original return on or before their applicable deadline.&nbsp;The Practical Takeaway&nbsp;The new calendar creates a genuine hierarchy of urgency. Salaried filers face the tightest window and should treat July 31 as non-negotiable. Business filers without audit requirements have August 31 — but using the extra month as a reason to delay until the last week is inadvisable. Audit cases should be commissioning their auditors now, not in September. And every taxpayer, regardless of category, should calendar March 31, 2027 as the safety net for correcting filed returns — because it is now the last real chance to get the numbers right for FY 2025-26.

India's 2026 ITR calendar runs from July 31 to March 2027. Six key dates cover salaried, business, audit, transfer pricing, belated, and revised return filers. Full tracker here.

If you ask most Indian taxpayers when the income tax deadline is, the answer is always July 31. That answer is incomplete in 2026. Budget 2026 restructured the ITR filing calendar, creating a tiered system of deadlines based on the type of return being filed rather than a single date for everyone. The result is a compliance calendar that runs from July 31 all the way to March 31, 2027 — and missing the right date for your category can mean penalties, loss of tax benefits, and in some cases, a return that cannot be revised even if you find an error later. Deadline 1 — July 31, 2026: Salaried Filers And Investors The July 31 deadline applies to individuals and HUFs filing ITR-1 or ITR-2 for FY 2025-26. This covers salaried employees, pensioners, and investors with capital gains, dividend income, or multiple house properties — anyone whose income does not include business or professional earnings. Missing July 31 means a late filing fee of Rs 5,000 for those with income above Rs 5 lakh, or Rs 1,000 for those below. More significantly, taxpayers who miss this date permanently lose the right to carry forward capital losses or house property losses to offset against future income. That loss of carry-forward benefit cannot be recovered by filing late. Deadline 2 — August 31, 2026: Small Business And Freelancers This is the most significant new date introduced by Budget 2026. Taxpayers filing ITR-3 or ITR-4 with business or professional income that does not require a statutory audit now have until August 31, 2026. This group includes freelancers, consultants, doctors, lawyers, architects, small traders, and professionals under the presumptive taxation scheme. Previously, these taxpayers shared the July 31 deadline with salaried filers, creating a filing rush for people whose income records take longer to compile. The extra month is designed to reduce errors and last-minute compliance pressure for India's growing self-employed population. Deadline 3 — October 31, 2026: Audit Cases Businesses and professionals whose accounts are required to be audited under the Income Tax Act — typically those with turnover above the specified thresholds — have until October 31, 2026 to file. This deadline covers ITR-3 and ITR-4 filers in audit-mandatory categories, as well as companies filing ITR-6 and partnership firms filing ITR-5 that require statutory audit. The audit report itself — filed in Form 3CA or 3CB along with Form 3CD — must also be submitted before the October 31 deadline, meaning the entire audit process needs to be completed well before the month-end. Deadline 4 — November 30, 2026: Transfer Pricing Cases The November 30 deadline applies to businesses involved in international transactions or specified domestic transactions that require a transfer pricing report under Section 92E of the Income Tax Act. These are typically larger companies, multinationals, and businesses with cross-border related-party transactions. The transfer pricing accountant's report in Form 3CEB must be filed by November 30, and the ITR itself must also be submitted by this date. This is the last of the four filing deadlines for the assessment year. Deadline 5 — December 31, 2026: Belated Returns Taxpayers who missed their applicable deadline — whether July 31, August 31, or October 31 — can still file a belated return until December 31, 2026. However, filing a belated return carries a penalty of Rs 5,000 for taxpayers with income above Rs 5 lakh, and Rs 1,000 for those below. Interest continues to accrue on unpaid tax at 1 percent per month under Section 234A from the original deadline. Belated filers also cannot carry forward most types of losses. December 31 is an absolute cut-off — no original return can be filed after this date for FY 2025-26. Deadline 6 — March 31, 2027: Revised Returns The most taxpayer-friendly change in the 2026 calendar is this: the window to file a revised return — correcting errors or omissions in an already-filed return — has been extended from December 31 to March 31, 2027. Previously, taxpayers had to spot and correct mistakes in their return by December 31, the same deadline as belated returns. Now, anyone who filed on time but later discovers an error — a missed deduction, an incorrect figure, an unreported income source — has until the last day of the assessment year to correct it. This applies only to taxpayers who filed their original return on or before their applicable deadline. The Practical Takeaway The new calendar creates a genuine hierarchy of urgency. Salaried filers face the tightest window and should treat July 31 as non-negotiable. Business filers without audit requirements have August 31 — but using the extra month as a reason to delay until the last week is inadvisable. Audit cases should be commissioning their auditors now, not in September. And every taxpayer, regardless of category, should calendar March 31, 2027 as the safety net for correcting filed returns — because it is now the last real chance to get the numbers right for FY 2025-26.

July 31 is the deadline everyone talks about — but India's income tax calendar for 2026 has five more critical dates that stretch all the way to March 2027. From August 31 for small business owners to November 30 for transfer pricing cases, and December 31 for belated returns, here is the complete compliance tracker every taxpayer needs.

6 Income Tax deadlines every Indian taxpayer must track In 2026

Every year, millions of Indian taxpayers file the wrong income tax return form — not out of dishonesty, but out of genuine confusion about which form their income profile requires. Filing the wrong form can mean a defective return notice, a demand for refiling, or in some cases, penalties for incorrect disclosure. For AY 2026-27, the Income Tax Department has also expanded the eligibility criteria for some forms, meaning taxpayers who previously had to file ITR-2 may now qualify for the simpler ITR-1. Here is a complete guide to all seven ITR forms.&nbsp;ITR-1 (Sahaj): The Simplest Form, Now With Wider Eligibility&nbsp;ITR-1, called Sahaj, is designed for resident individual taxpayers with straightforward income. For AY 2026-27, it applies to taxpayers with total income up to Rs 50 lakh from salary or pension, up to two house properties, interest and dividend income, and long-term capital gains under Section 112A of up to Rs 1.25 lakh. Agricultural income up to Rs 5,000 is also permitted. The key change for this year: the Income Tax Department has expanded ITR-1 eligibility to include taxpayers who own two house properties — previously, ownership of more than one property automatically pushed you to ITR-2. ITR-1 cannot be used by directors of companies, those holding unlisted equity shares, NRIs, or taxpayers with income from business or profession.&nbsp;ITR-2: For Capital Gains, Multiple Properties, And Foreign Income&nbsp;ITR-2 applies to individuals and Hindu Undivided Families who do not have income from business or profession. It is the correct form if you have capital gains from shares, mutual funds, or property sales; income from more than two house properties; foreign assets or foreign source income; or income that does not fit within ITR-1's limits. NRIs and non-ordinarily resident Indians also use ITR-2 for their Indian-source income. With up to 26 internal schedules, ITR-2 looks complex — but filers only need to complete the schedules that apply to their specific situation. The deadline for ITR-2 is July 31, 2026.&nbsp;ITR-3: For Business And Profession Income&nbsp;ITR-3 is filed by individuals and HUFs who earn income through a business or profession — whether it is a sole proprietorship, a trading operation, a consultancy, a medical practice, or any other self-run income-generating activity. Unlike ITR-4, ITR-3 does not limit you to presumptive taxation — it accommodates actual books of accounts, balance sheets, and profit and loss statements. If your business income exceeds the presumptive taxation threshold, or if you have opted out of the presumptive scheme, ITR-3 is your form. Deadline: August 31, 2026 for non-audit cases; October 31 for audit cases.&nbsp;ITR-4 (Sugam): For Presumptive Taxation&nbsp;ITR-4, also called Sugam, is designed for individuals, HUFs, and firms other than LLPs who have opted for the presumptive taxation scheme under Sections 44AD, 44ADA, or 44AE of the Income Tax Act. Under presumptive taxation, eligible taxpayers declare income at a flat percentage of turnover or gross receipts — 8 percent for business income under 44AD, and 50 percent for professional income under 44ADA — without needing to maintain detailed books of accounts. The expanded eligibility for AY 2026-27 allows more taxpayers to qualify for ITR-4. Total income must not exceed Rs 50 lakh. Deadline: August 31, 2026.&nbsp;ITR-5: For Firms, LLPs, And Associations&nbsp;ITR-5 is not for individuals at all. It is filed by partnership firms, Limited Liability Partnerships, Associations of Persons, Bodies of Individuals, artificial juridical persons, estates of deceased persons, estates of insolvents, business trusts, and investment funds. Cooperative societies not claiming exemption under Section 11 also use ITR-5. Entities required to file ITR-7 — those claiming exemption under charitable or religious trust provisions — cannot use ITR-5.&nbsp;ITR-6: For Companies&nbsp;ITR-6 is exclusively for companies — both private and public — registered under the Companies Act. The single exception: companies that claim exemption under Section 11 of the Income Tax Act, covering income from property held for charitable or religious purposes, must file ITR-7 instead. All other companies, regardless of whether they are profit-making or loss-making, file ITR-6.&nbsp;ITR-7: For Charitable Trusts, Political Parties, And Research Institutions&nbsp;ITR-7 applies to any person — including companies — required to file returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D) of the Income Tax Act. In practice this means charitable and religious trusts, political parties, research institutions, universities, and entities claiming exemption under Sections 11 and 12. A charitable trust with taxable income above the basic exemption limit that does not need to file under mandatory sections may use ITR-5 — but entities mandatorily required to file under 139(4A) through 139(4F) must use ITR-7.&nbsp;The Single Most Important Rule&nbsp;If you are unsure which form applies to you, the safest starting point is this: any business or profession income puts you between ITR-3 and ITR-4. No business income but capital gains, foreign assets, or more than two properties means ITR-2. Income entirely from salary, pension, interest, and modest LTCG within the Rs 1.25 lakh limit — total income under Rs 50 lakh — means ITR-1 is sufficient. The Income Tax Department's e-filing portal at incometax.gov.in has a form selection tool that confirms the right form based on your income sources.

ITR-1 now covers two house properties. ITR-4 eligibility is wider. Here is a complete guide to all 7 ITR forms — who each is for and who is excluded — for AY 2026-27.

Every year, millions of Indian taxpayers file the wrong income tax return form — not out of dishonesty, but out of genuine confusion about which form their income profile requires. Filing the wrong form can mean a defective return notice, a demand for refiling, or in some cases, penalties for incorrect disclosure. For AY 2026-27, the Income Tax Department has also expanded the eligibility criteria for some forms, meaning taxpayers who previously had to file ITR-2 may now qualify for the simpler ITR-1. Here is a complete guide to all seven ITR forms. ITR-1 (Sahaj): The Simplest Form, Now With Wider Eligibility ITR-1, called Sahaj, is designed for resident individual taxpayers with straightforward income. For AY 2026-27, it applies to taxpayers with total income up to Rs 50 lakh from salary or pension, up to two house properties, interest and dividend income, and long-term capital gains under Section 112A of up to Rs 1.25 lakh. Agricultural income up to Rs 5,000 is also permitted. The key change for this year: the Income Tax Department has expanded ITR-1 eligibility to include taxpayers who own two house properties — previously, ownership of more than one property automatically pushed you to ITR-2. ITR-1 cannot be used by directors of companies, those holding unlisted equity shares, NRIs, or taxpayers with income from business or profession. ITR-2: For Capital Gains, Multiple Properties, And Foreign Income ITR-2 applies to individuals and Hindu Undivided Families who do not have income from business or profession. It is the correct form if you have capital gains from shares, mutual funds, or property sales; income from more than two house properties; foreign assets or foreign source income; or income that does not fit within ITR-1's limits. NRIs and non-ordinarily resident Indians also use ITR-2 for their Indian-source income. With up to 26 internal schedules, ITR-2 looks complex — but filers only need to complete the schedules that apply to their specific situation. The deadline for ITR-2 is July 31, 2026. ITR-3: For Business And Profession Income ITR-3 is filed by individuals and HUFs who earn income through a business or profession — whether it is a sole proprietorship, a trading operation, a consultancy, a medical practice, or any other self-run income-generating activity. Unlike ITR-4, ITR-3 does not limit you to presumptive taxation — it accommodates actual books of accounts, balance sheets, and profit and loss statements. If your business income exceeds the presumptive taxation threshold, or if you have opted out of the presumptive scheme, ITR-3 is your form. Deadline: August 31, 2026 for non-audit cases; October 31 for audit cases. ITR-4 (Sugam): For Presumptive Taxation ITR-4, also called Sugam, is designed for individuals, HUFs, and firms other than LLPs who have opted for the presumptive taxation scheme under Sections 44AD, 44ADA, or 44AE of the Income Tax Act. Under presumptive taxation, eligible taxpayers declare income at a flat percentage of turnover or gross receipts — 8 percent for business income under 44AD, and 50 percent for professional income under 44ADA — without needing to maintain detailed books of accounts. The expanded eligibility for AY 2026-27 allows more taxpayers to qualify for ITR-4. Total income must not exceed Rs 50 lakh. Deadline: August 31, 2026. ITR-5: For Firms, LLPs, And Associations ITR-5 is not for individuals at all. It is filed by partnership firms, Limited Liability Partnerships, Associations of Persons, Bodies of Individuals, artificial juridical persons, estates of deceased persons, estates of insolvents, business trusts, and investment funds. Cooperative societies not claiming exemption under Section 11 also use ITR-5. Entities required to file ITR-7 — those claiming exemption under charitable or religious trust provisions — cannot use ITR-5. ITR-6: For Companies ITR-6 is exclusively for companies — both private and public — registered under the Companies Act. The single exception: companies that claim exemption under Section 11 of the Income Tax Act, covering income from property held for charitable or religious purposes, must file ITR-7 instead. All other companies, regardless of whether they are profit-making or loss-making, file ITR-6. ITR-7: For Charitable Trusts, Political Parties, And Research Institutions ITR-7 applies to any person — including companies — required to file returns under Sections 139(4A), 139(4B), 139(4C), or 139(4D) of the Income Tax Act. In practice this means charitable and religious trusts, political parties, research institutions, universities, and entities claiming exemption under Sections 11 and 12. A charitable trust with taxable income above the basic exemption limit that does not need to file under mandatory sections may use ITR-5 — but entities mandatorily required to file under 139(4A) through 139(4F) must use ITR-7. The Single Most Important Rule If you are unsure which form applies to you, the safest starting point is this: any business or profession income puts you between ITR-3 and ITR-4. No business income but capital gains, foreign assets, or more than two properties means ITR-2. Income entirely from salary, pension, interest, and modest LTCG within the Rs 1.25 lakh limit — total income under Rs 50 lakh — means ITR-1 is sufficient. The Income Tax Department's e-filing portal at incometax.gov.in has a form selection tool that confirms the right form based on your income sources.

Filing the wrong ITR form is one of the most common — and costly — mistakes Indian taxpayers make. For AY 2026-27, the rules have changed: ITR-1 now allows two house properties, and the eligibility lines between ITR-2, ITR-3, and ITR-4 have sharpened. Here is a plain-language guide to all seven forms — who each one is for, and who is specifically excluded.

ITR-1 Or ITR-3? Which Income Tax Return form you should actually be filing for AY 2026-27

In India, the first day of a new financial quarter rarely passes without regulatory changes, and July 1, 2026 is no exception. This year's edition is unusually packed — passport fees have been revised upward, EPFO is upgrading to a new platform that allows UPI and ATM withdrawals of provident fund money, Aadhaar email updates are free for the next six months, and the Reserve Bank of India is rolling out a new framework to protect consumers from being mis-sold financial products. On top of all this, the July 31 ITR filing deadline is now less than a month away. Here is what every Indian household needs to know.&nbsp;Passport Fees Have Gone Up&nbsp;The Ministry of External Affairs has revised the fee structure for passport services, effective July 1, 2026. The new rates apply to both normal and tatkal applications made within India and at Indian missions abroad. Applicants who had been delaying their passport renewal or fresh application will now pay more than they would have before July 1. The government has not announced an exemption category for the revision, meaning the increased charges apply across the board. Anyone planning international travel in the coming months should factor in the new fees when budgeting for documentation.&nbsp;EPFO 3.0: Provident Fund Via UPI And ATM&nbsp;The Employees' Provident Fund Organisation is expected to launch EPFO 3.0 in early July 2026, and it marks the most significant upgrade to the PF withdrawal system in years. Under the new platform, private sector employees will be able to withdraw provident fund money directly through UPI and ATM networks — without the multi-day processing wait that currently accompanies withdrawal requests on the existing portal. The change is designed to make PF access as immediate as a bank withdrawal for employees who need funds in an emergency, closing the gap between the theory of social security savings and the reality of being able to access them when needed.&nbsp;Free Aadhaar Email Update Until December 2026&nbsp;The Unique Identification Authority of India has opened a six-month window — from July 1 to December 31, 2026 — during which Aadhaar holders can update their registered email address free of charge through the Aadhaar mobile application. Ordinarily, demographic updates to Aadhaar records carry a fee. The free window is specifically for email address updates and is available through the app, not offline centres. Given that a valid email linked to Aadhaar is increasingly required for government service applications, tax filings, and subsidy transfers, this is a meaningful window for anyone whose linked email is outdated or no longer accessible.&nbsp;RBI's Anti-Mis-Selling Framework&nbsp;The Reserve Bank of India is rolling out a new framework targeting the mis-selling of financial products by banks. Under the new rules, customers who suffer financial losses because a bank misrepresented or inappropriately sold them a financial product — insurance bundled with a loan, a high-risk investment marketed as low-risk, or a product unsuited to a customer's profile — may be eligible for a refund or compensation. The framework places the burden of demonstrating suitability on the bank rather than the customer. This is a structural shift in how financial grievances are handled, and it applies across retail banking, deposit products, and investment products distributed through bank branches.&nbsp;Credit Card Lounge Access Rules Change&nbsp;Several major banks including SBI and HDFC have revised their complimentary airport lounge access rules for credit card holders, effective July 2026. The changes vary by card variant, but the general trend is tighter eligibility — either requiring minimum monthly spends to unlock lounge visits or reducing the number of complimentary visits per quarter. Cardholders who rely on lounge access as part of their card's value proposition should check their bank's updated benefits schedule directly, as the specifics vary significantly by card tier.&nbsp;July 31 ITR Deadline: Under 30 Days&nbsp;While not a change that took effect on July 1, the proximity of the July 31 income tax return deadline is the most time-sensitive financial obligation for most Indian households this month. Taxpayers filing ITR-1 or ITR-2 for FY 2025-26 have until July 31 to submit. Missing the deadline means a late fee of Rs 5,000 for taxpayers with income above Rs 5 lakh, and the permanent loss of the ability to carry forward capital or house property losses. For business filers under the presumptive scheme (ITR-4), the new deadline is August 31 — but for salaried and investor categories, the July 31 date is firm.

Passport fees are up, EPFO allows UPI withdrawals, Aadhaar email update is free, and RBI launches anti-mis-selling rules. Here are seven financial changes from July 1, 2026.

In India, the first day of a new financial quarter rarely passes without regulatory changes, and July 1, 2026 is no exception. This year's edition is unusually packed — passport fees have been revised upward, EPFO is upgrading to a new platform that allows UPI and ATM withdrawals of provident fund money, Aadhaar email updates are free for the next six months, and the Reserve Bank of India is rolling out a new framework to protect consumers from being mis-sold financial products. On top of all this, the July 31 ITR filing deadline is now less than a month away. Here is what every Indian household needs to know. Passport Fees Have Gone Up The Ministry of External Affairs has revised the fee structure for passport services, effective July 1, 2026. The new rates apply to both normal and tatkal applications made within India and at Indian missions abroad. Applicants who had been delaying their passport renewal or fresh application will now pay more than they would have before July 1. The government has not announced an exemption category for the revision, meaning the increased charges apply across the board. Anyone planning international travel in the coming months should factor in the new fees when budgeting for documentation. EPFO 3.0: Provident Fund Via UPI And ATM The Employees' Provident Fund Organisation is expected to launch EPFO 3.0 in early July 2026, and it marks the most significant upgrade to the PF withdrawal system in years. Under the new platform, private sector employees will be able to withdraw provident fund money directly through UPI and ATM networks — without the multi-day processing wait that currently accompanies withdrawal requests on the existing portal. The change is designed to make PF access as immediate as a bank withdrawal for employees who need funds in an emergency, closing the gap between the theory of social security savings and the reality of being able to access them when needed. Free Aadhaar Email Update Until December 2026 The Unique Identification Authority of India has opened a six-month window — from July 1 to December 31, 2026 — during which Aadhaar holders can update their registered email address free of charge through the Aadhaar mobile application. Ordinarily, demographic updates to Aadhaar records carry a fee. The free window is specifically for email address updates and is available through the app, not offline centres. Given that a valid email linked to Aadhaar is increasingly required for government service applications, tax filings, and subsidy transfers, this is a meaningful window for anyone whose linked email is outdated or no longer accessible. RBI's Anti-Mis-Selling Framework The Reserve Bank of India is rolling out a new framework targeting the mis-selling of financial products by banks. Under the new rules, customers who suffer financial losses because a bank misrepresented or inappropriately sold them a financial product — insurance bundled with a loan, a high-risk investment marketed as low-risk, or a product unsuited to a customer's profile — may be eligible for a refund or compensation. The framework places the burden of demonstrating suitability on the bank rather than the customer. This is a structural shift in how financial grievances are handled, and it applies across retail banking, deposit products, and investment products distributed through bank branches. Credit Card Lounge Access Rules Change Several major banks including SBI and HDFC have revised their complimentary airport lounge access rules for credit card holders, effective July 2026. The changes vary by card variant, but the general trend is tighter eligibility — either requiring minimum monthly spends to unlock lounge visits or reducing the number of complimentary visits per quarter. Cardholders who rely on lounge access as part of their card's value proposition should check their bank's updated benefits schedule directly, as the specifics vary significantly by card tier. July 31 ITR Deadline: Under 30 Days While not a change that took effect on July 1, the proximity of the July 31 income tax return deadline is the most time-sensitive financial obligation for most Indian households this month. Taxpayers filing ITR-1 or ITR-2 for FY 2025-26 have until July 31 to submit. Missing the deadline means a late fee of Rs 5,000 for taxpayers with income above Rs 5 lakh, and the permanent loss of the ability to carry forward capital or house property losses. For business filers under the presumptive scheme (ITR-4), the new deadline is August 31 — but for salaried and investor categories, the July 31 date is firm.

From higher passport fees and EPFO going digital to free Aadhaar email updates and new RBI consumer protection rules, July 1, 2026 brought a cluster of financial changes that affect nearly every household in India. Here is what changed, what it costs you, and what you need to act on before July 31.

'Passport, PF, Aadhaar update': 7 financial changes that hit India from July 1, 2026

Every year, Indian taxpayers treat July 31 as if it is the only income tax date that matters in the month. It is not. The July tax compliance calendar runs from the very first week of the month, and missing any of the earlier dates can create cascading problems — penalty notices, interest charges, and in some cases, the permanent loss of the right to carry forward losses to offset against future income. Here are the five income tax deadlines in July 2026 that every taxpayer, employer, and business owner needs to have on their calendar.&nbsp;July 7: TDS And TCS Deposits&nbsp;The first compliance deadline of the month falls on July 7, and it applies to anyone who deducts or collects tax at source. Tax Deducted at Source for the month of June 2026 must be deposited with the government by this date. Additionally, businesses that have been permitted by their Assessing Officer to make quarterly TDS deposits — covering the April to June 2026 quarter — must also deposit by July 7. This date also covers the upload of declarations received from buyers in Form 127 during June 2026, and declarations received from recipients in Form 121 for the quarter ending June 2026.&nbsp;July 15: Reporting By Financial Institutions And Exchanges&nbsp;July 15 is primarily a compliance date for regulated entities rather than individual taxpayers. Financial institutions, stock exchanges, authorised dealers, and certain other reporting entities must submit their required transaction reports by this date. This also includes the issuance of Form 132 certificates for specified taxes deducted in May 2026. While individual filers are not directly affected, this deadline feeds into the pre-filled data available in their ITR forms — making it relevant to anyone who expects their investment or banking income to appear automatically in their tax return.&nbsp;July 30: TDS Challan-Cum-Statement&nbsp;Any individual or entity that deducted tax on payments made during June 2026 must file the corresponding challan-cum-statement by July 30. This is a separate filing from the standard TDS return, and it applies in specific categories of transactions. Missing this date triggers its own penalties under the Income Tax Act and can create compliance mismatches that surface later during scrutiny.&nbsp;July 31: ITR Filing For Salaried And ITR-2 Filers&nbsp;The primary deadline most taxpayers know — July 31, 2026 is the last date to file income tax returns for FY 2025-26 for individuals and HUFs filing ITR-1 or ITR-2. This covers salaried employees, pensioners, and investors with capital gains or multiple house properties. Missing this deadline means a late fee of Rs 5,000 for taxpayers with income above Rs 5 lakh, or Rs 1,000 for those below the Rs 5 lakh threshold. Interest at 1 percent per month also accrues on any outstanding tax under Section 234A. Critically, taxpayers who miss July 31 also lose the ability to carry forward losses — such as capital losses or losses from house property — to set off against income in future years. The right to carry forward losses is available only if the return is filed on time.&nbsp;July 31: TDS And TCS Quarterly Returns, Plus Special Forms&nbsp;The second July 31 obligation is less well known but equally significant. Companies must file their TDS and TCS returns for the April to June 2026 quarter by this date, covering Forms 138, 140, 142, and 144. A range of special forms are also due on July 31: Form 10E for claiming salary arrear relief under Section 89, Form 10BA for deduction of rent paid, Form 10H for foreign income, and Forms 10CCE and 10CCD for royalty and technical know-how deductions. Pension funds must also submit their required reporting through Form 175 by this date. Each of these has its own penalty structure under the Income Tax Act for late or non-filing.&nbsp;Do Not Wait Till July 31&nbsp;With five separate compliance milestones spread across July, the safest approach is to treat July 7 as the month's opening gun — not July 31 as the finish line. For employers and businesses, missing the TDS deposit on July 7 is often more immediately damaging than missing the ITR deadline at the end of the month, since it attracts penalties, disallowance of expense deductions, and prosecution risk under Section 276B of the Income Tax Act. For individual filers, begin gathering Form 16, capital gains statements, and bank interest certificates now — July 31 leaves almost no time to recover if anything is missing.

July 2026 has five income tax compliance deadlines — July 7, 15, 30, and two on July 31. Missing any can trigger penalties or loss of carry-forward loss benefit. Full guide here.

Every year, Indian taxpayers treat July 31 as if it is the only income tax date that matters in the month. It is not. The July tax compliance calendar runs from the very first week of the month, and missing any of the earlier dates can create cascading problems — penalty notices, interest charges, and in some cases, the permanent loss of the right to carry forward losses to offset against future income. Here are the five income tax deadlines in July 2026 that every taxpayer, employer, and business owner needs to have on their calendar. July 7: TDS And TCS Deposits The first compliance deadline of the month falls on July 7, and it applies to anyone who deducts or collects tax at source. Tax Deducted at Source for the month of June 2026 must be deposited with the government by this date. Additionally, businesses that have been permitted by their Assessing Officer to make quarterly TDS deposits — covering the April to June 2026 quarter — must also deposit by July 7. This date also covers the upload of declarations received from buyers in Form 127 during June 2026, and declarations received from recipients in Form 121 for the quarter ending June 2026. July 15: Reporting By Financial Institutions And Exchanges July 15 is primarily a compliance date for regulated entities rather than individual taxpayers. Financial institutions, stock exchanges, authorised dealers, and certain other reporting entities must submit their required transaction reports by this date. This also includes the issuance of Form 132 certificates for specified taxes deducted in May 2026. While individual filers are not directly affected, this deadline feeds into the pre-filled data available in their ITR forms — making it relevant to anyone who expects their investment or banking income to appear automatically in their tax return. July 30: TDS Challan-Cum-Statement Any individual or entity that deducted tax on payments made during June 2026 must file the corresponding challan-cum-statement by July 30. This is a separate filing from the standard TDS return, and it applies in specific categories of transactions. Missing this date triggers its own penalties under the Income Tax Act and can create compliance mismatches that surface later during scrutiny. July 31: ITR Filing For Salaried And ITR-2 Filers The primary deadline most taxpayers know — July 31, 2026 is the last date to file income tax returns for FY 2025-26 for individuals and HUFs filing ITR-1 or ITR-2. This covers salaried employees, pensioners, and investors with capital gains or multiple house properties. Missing this deadline means a late fee of Rs 5,000 for taxpayers with income above Rs 5 lakh, or Rs 1,000 for those below the Rs 5 lakh threshold. Interest at 1 percent per month also accrues on any outstanding tax under Section 234A. Critically, taxpayers who miss July 31 also lose the ability to carry forward losses — such as capital losses or losses from house property — to set off against income in future years. The right to carry forward losses is available only if the return is filed on time. July 31: TDS And TCS Quarterly Returns, Plus Special Forms The second July 31 obligation is less well known but equally significant. Companies must file their TDS and TCS returns for the April to June 2026 quarter by this date, covering Forms 138, 140, 142, and 144. A range of special forms are also due on July 31: Form 10E for claiming salary arrear relief under Section 89, Form 10BA for deduction of rent paid, Form 10H for foreign income, and Forms 10CCE and 10CCD for royalty and technical know-how deductions. Pension funds must also submit their required reporting through Form 175 by this date. Each of these has its own penalty structure under the Income Tax Act for late or non-filing. Do Not Wait Till July 31 With five separate compliance milestones spread across July, the safest approach is to treat July 7 as the month's opening gun — not July 31 as the finish line. For employers and businesses, missing the TDS deposit on July 7 is often more immediately damaging than missing the ITR deadline at the end of the month, since it attracts penalties, disallowance of expense deductions, and prosecution risk under Section 276B of the Income Tax Act. For individual filers, begin gathering Form 16, capital gains statements, and bank interest certificates now — July 31 leaves almost no time to recover if anything is missing.

Most taxpayers only know about the July 31 ITR filing deadline — but there are four other income tax compliance dates in July 2026 that affect businesses, employers, financial institutions, and salaried individuals alike. Missing any one of them can trigger penalties, interest charges, or loss of the right to carry forward tax losses.

5 income tax deadlines in July 2026 you cannot miss

If your income comes from salary but you also sold shares, own more than one property, hold foreign assets, or received income from virtual digital assets in FY 2025-26, ITR-1 is not the right form for you. ITR-2 is — and while it can look intimidating at first glance, with up to 26 schedules inside the form, the rule is simple: you only fill what applies to your situation. Here is a section-by-section breakdown of the 15 most important schedules for AY 2026-27, what is new this year, and what you can safely ignore.&nbsp;Who Should File ITR-2&nbsp;ITR-2 applies to individuals and Hindu Undivided Families who do not have income from business or profession. If you have salary income alongside capital gains, income from more than one house property, dividend income, foreign income or assets, or income from virtual digital assets — ITR-2 is your form. Non-residents and non-ordinarily resident Indians also use ITR-2 for Indian-source income. The filing deadline for ITR-2 is July 31, 2026.&nbsp;What Is New For AY 2026-27&nbsp;Two auto-selections have been introduced this year: the filing status field is pre-filled as ‘Filed u/s 139(1)’ — the standard on-time filing section — and the tax regime selector defaults to the new regime. If you intend to file under the old regime, you will need to manually override this. The other important change: the split capital gains reporting requirement introduced after Budget 2024 — where gains before and after July 23, 2024 had to be disclosed separately — has been removed. Capital gains reporting is now consolidated, simplifying the schedule considerably.&nbsp;The 15 Key Schedules&nbsp;Part A General: Start by verifying the pre-filled profile data covering contact details, residential status, bank accounts, and filing status. Bank Details: All bank accounts must be listed; at least one must be pre-validated for tax refunds to be credited. Schedule House Property: Report income or loss from self-occupied, let-out, or deemed let-out properties individually. Each property gets its own block with gross rent, municipal tax deduction, 30 percent standard deduction, and home loan interest under Section 24. Land and building transfers must be reported per property — consolidated reporting is not permitted here. Schedule Capital Gains: Segregates capital gains by asset type. Post-Budget 2024 rates: short-term capital gains under Section 111A are taxed at 20 percent; long-term capital gains under Section 112A are taxed at 12.5 percent. For multiple assets of the same type, consolidated calculation is allowed — except for land and building, which require individual computations. Schedule VDA: A dedicated schedule for virtual digital asset income including cryptocurrency and NFTs. This auto-populates into Schedule CG.&nbsp;Loss Schedules You Cannot Ignore&nbsp;Schedule CYLA shows income after adjusting current-year losses across heads. Schedule BFLA applies brought-forward losses from prior assessment years to reduce current income. Schedule CFL identifies losses that are eligible to be carried forward to future years. If you have capital loss carry-forwards from earlier years, these three schedules work together and must be filled in sequence.&nbsp;Deductions, Clubbing, And Foreign Disclosures&nbsp;Schedule VI-A covers all deductions — Section 80C investments, Section 80D health insurance premiums, and others. This schedule is primarily relevant for taxpayers staying in the old regime. Schedule SPI applies when income from a spouse or minor child must be clubbed with the taxpayer's own income. Schedule FSI is mandatory for residents reporting income from foreign sources — whether from employment abroad, interest in a foreign bank, or dividends from overseas holdings. Schedule TR summarises the tax relief claimed for foreign taxes already paid, country by country. Schedule FA requires residents to disclose all foreign assets — bank accounts, equity, immovable property, trusts — held at any point during the year. Non-residents and non-ordinarily resident Indians are exempt from Schedule FA.&nbsp;High-Income Filers And Special Cases&nbsp;Schedule AL is mandatory for all taxpayers whose total income exceeds Rs 1 crore. It requires a full disclosure of movable and immovable assets and the liabilities attached to them. Schedule 5A applies only to taxpayers governed by the Portuguese Civil Code community property rules — relevant for residents of Goa and certain Union Territories. If neither applies to you, both can be skipped. With roughly half of ITR-2's 26 schedules applicable only to specific situations, the key to filing correctly is not completing every section — it is knowing which ones your financial profile actually requires.

ITR-2 contains 26 schedules but you only fill what applies. Here is a section-by-section guide for AY 2026-27 covering capital gains, house property, foreign assets, VDA, and what changed this year.

If your income comes from salary but you also sold shares, own more than one property, hold foreign assets, or received income from virtual digital assets in FY 2025-26, ITR-1 is not the right form for you. ITR-2 is — and while it can look intimidating at first glance, with up to 26 schedules inside the form, the rule is simple: you only fill what applies to your situation. Here is a section-by-section breakdown of the 15 most important schedules for AY 2026-27, what is new this year, and what you can safely ignore. Who Should File ITR-2 ITR-2 applies to individuals and Hindu Undivided Families who do not have income from business or profession. If you have salary income alongside capital gains, income from more than one house property, dividend income, foreign income or assets, or income from virtual digital assets — ITR-2 is your form. Non-residents and non-ordinarily resident Indians also use ITR-2 for Indian-source income. The filing deadline for ITR-2 is July 31, 2026. What Is New For AY 2026-27 Two auto-selections have been introduced this year: the filing status field is pre-filled as ‘Filed u/s 139(1)’ — the standard on-time filing section — and the tax regime selector defaults to the new regime. If you intend to file under the old regime, you will need to manually override this. The other important change: the split capital gains reporting requirement introduced after Budget 2024 — where gains before and after July 23, 2024 had to be disclosed separately — has been removed. Capital gains reporting is now consolidated, simplifying the schedule considerably. The 15 Key Schedules Part A General: Start by verifying the pre-filled profile data covering contact details, residential status, bank accounts, and filing status. Bank Details: All bank accounts must be listed; at least one must be pre-validated for tax refunds to be credited. Schedule House Property: Report income or loss from self-occupied, let-out, or deemed let-out properties individually. Each property gets its own block with gross rent, municipal tax deduction, 30 percent standard deduction, and home loan interest under Section 24. Land and building transfers must be reported per property — consolidated reporting is not permitted here. Schedule Capital Gains: Segregates capital gains by asset type. Post-Budget 2024 rates: short-term capital gains under Section 111A are taxed at 20 percent; long-term capital gains under Section 112A are taxed at 12.5 percent. For multiple assets of the same type, consolidated calculation is allowed — except for land and building, which require individual computations. Schedule VDA: A dedicated schedule for virtual digital asset income including cryptocurrency and NFTs. This auto-populates into Schedule CG. Loss Schedules You Cannot Ignore Schedule CYLA shows income after adjusting current-year losses across heads. Schedule BFLA applies brought-forward losses from prior assessment years to reduce current income. Schedule CFL identifies losses that are eligible to be carried forward to future years. If you have capital loss carry-forwards from earlier years, these three schedules work together and must be filled in sequence. Deductions, Clubbing, And Foreign Disclosures Schedule VI-A covers all deductions — Section 80C investments, Section 80D health insurance premiums, and others. This schedule is primarily relevant for taxpayers staying in the old regime. Schedule SPI applies when income from a spouse or minor child must be clubbed with the taxpayer's own income. Schedule FSI is mandatory for residents reporting income from foreign sources — whether from employment abroad, interest in a foreign bank, or dividends from overseas holdings. Schedule TR summarises the tax relief claimed for foreign taxes already paid, country by country. Schedule FA requires residents to disclose all foreign assets — bank accounts, equity, immovable property, trusts — held at any point during the year. Non-residents and non-ordinarily resident Indians are exempt from Schedule FA. High-Income Filers And Special Cases Schedule AL is mandatory for all taxpayers whose total income exceeds Rs 1 crore. It requires a full disclosure of movable and immovable assets and the liabilities attached to them. Schedule 5A applies only to taxpayers governed by the Portuguese Civil Code community property rules — relevant for residents of Goa and certain Union Territories. If neither applies to you, both can be skipped. With roughly half of ITR-2's 26 schedules applicable only to specific situations, the key to filing correctly is not completing every section — it is knowing which ones your financial profile actually requires.

ITR-2 is the correct return for salaried individuals with capital gains, multiple house properties, or foreign income — but it contains up to 26 schedules that can overwhelm even experienced filers. Here is a quick guide to the 15 most important sections, what changed for AY 2026-27, and which schedules you can skip entirely.

Filing ITR-2 for AY 2026-27? Here are 15 key sections explained

For years, July 31 was the one date every Indian taxpayer circled on their calendar. Salaried employees, freelancers, small business owners, consultants — everyone raced against the same deadline. That era is over. Budget 2026 has restructured the ITR filing calendar entirely, tying deadlines to the type of return being filed rather than forcing every category of taxpayer to comply on the same date. If you assume your deadline is still July 31, you may be right — or you may have an extra month, or even four months. The difference depends on which ITR form applies to you.&nbsp;What Changed And Why&nbsp;The old calendar was a blunt instrument. A salaried employee with straightforward income and a small business owner with complex accounts, inventory, and GST filings both had to comply by the same July 31 date — even though the compliance burden was vastly different. Budget 2026 acknowledged this imbalance and introduced a tiered deadline system based on ITR form type, not taxpayer category. The goal was to reduce last-minute filing pressure, reduce errors in returns filed in a rush, and give businesses that genuinely need more time — particularly those subject to statutory audits — room to file correctly rather than quickly.&nbsp;The New Calendar At A Glance&nbsp;Salaried employees, pensioners, and investors filing ITR-1 or ITR-2 — covering income from salary, interest, capital gains, dividends, and up to two house properties — retain the July 31, 2026 deadline. Nothing has changed for this group. Taxpayers filing ITR-3 or ITR-4 with business or professional income that does not require a statutory audit have received a meaningful relief: their deadline is now August 31, 2026 — a full extra month. For business income cases that do require a statutory audit under the Income Tax Act, the deadline is October 31, 2026. Companies and partnerships involved in international transactions or specified domestic transactions requiring transfer pricing reports have until November 30, 2026.&nbsp;What This Means For The Self-Employed&nbsp;The biggest beneficiaries of this change are freelancers, consultants, doctors, lawyers, chartered accountants, architects, and small business owners who previously scrambled to meet the July 31 deadline while also managing quarterly advance tax payments and monthly GST filings. For the non-audit cases in this group — the majority of small businesses and professionals operating under the presumptive taxation scheme — the August 31 date provides a meaningful buffer. It reduces the risk of errors that come from filing in a rush, and it aligns their compliance window more closely with the actual time they need to compile income records from the full financial year.&nbsp;Miss It And It Costs You&nbsp;For anyone who misses their applicable deadline, a belated return can still be filed until December 31, 2026, but it comes with a penalty of up to Rs 5,000 under Section 234F — reduced to Rs 1,000 for taxpayers with total income below Rs 5 lakh. Interest on any outstanding tax liability also continues to accrue at 1 percent per month under Section 234A. In a significant additional change, the window for filing a revised return — allowing taxpayers to correct mistakes after the initial filing — has been extended from December 31 to March 31, 2027, the last day of the assessment year. This gives taxpayers who file on time but discover errors later a longer window to fix them without penalty.&nbsp;Check Your Form Before Assuming Your Date&nbsp;The critical action for every taxpayer right now is to confirm which ITR form applies to their situation before assuming a deadline. A salaried person with freelance income on the side, or an investor who also runs a small consultancy, may find their applicable form — and therefore their deadline — different from what they expect. The Income Tax Department's e-filing portal (incometax.gov.in) allows taxpayers to check their applicable form based on income sources. With July 31 approaching rapidly, salaried filers who haven't begun should treat the deadline as urgent. For business filers with a later date, the extra time is a relief — but not an invitation to delay.

India changed ITR filing deadlines in 2026. July 31 is not universal anymore. Salaried filers, business owners, and audit cases now have different due dates. Here's the full calendar.

For years, July 31 was the one date every Indian taxpayer circled on their calendar. Salaried employees, freelancers, small business owners, consultants — everyone raced against the same deadline. That era is over. Budget 2026 has restructured the ITR filing calendar entirely, tying deadlines to the type of return being filed rather than forcing every category of taxpayer to comply on the same date. If you assume your deadline is still July 31, you may be right — or you may have an extra month, or even four months. The difference depends on which ITR form applies to you. What Changed And Why The old calendar was a blunt instrument. A salaried employee with straightforward income and a small business owner with complex accounts, inventory, and GST filings both had to comply by the same July 31 date — even though the compliance burden was vastly different. Budget 2026 acknowledged this imbalance and introduced a tiered deadline system based on ITR form type, not taxpayer category. The goal was to reduce last-minute filing pressure, reduce errors in returns filed in a rush, and give businesses that genuinely need more time — particularly those subject to statutory audits — room to file correctly rather than quickly. The New Calendar At A Glance Salaried employees, pensioners, and investors filing ITR-1 or ITR-2 — covering income from salary, interest, capital gains, dividends, and up to two house properties — retain the July 31, 2026 deadline. Nothing has changed for this group. Taxpayers filing ITR-3 or ITR-4 with business or professional income that does not require a statutory audit have received a meaningful relief: their deadline is now August 31, 2026 — a full extra month. For business income cases that do require a statutory audit under the Income Tax Act, the deadline is October 31, 2026. Companies and partnerships involved in international transactions or specified domestic transactions requiring transfer pricing reports have until November 30, 2026. What This Means For The Self-Employed The biggest beneficiaries of this change are freelancers, consultants, doctors, lawyers, chartered accountants, architects, and small business owners who previously scrambled to meet the July 31 deadline while also managing quarterly advance tax payments and monthly GST filings. For the non-audit cases in this group — the majority of small businesses and professionals operating under the presumptive taxation scheme — the August 31 date provides a meaningful buffer. It reduces the risk of errors that come from filing in a rush, and it aligns their compliance window more closely with the actual time they need to compile income records from the full financial year. Miss It And It Costs You For anyone who misses their applicable deadline, a belated return can still be filed until December 31, 2026, but it comes with a penalty of up to Rs 5,000 under Section 234F — reduced to Rs 1,000 for taxpayers with total income below Rs 5 lakh. Interest on any outstanding tax liability also continues to accrue at 1 percent per month under Section 234A. In a significant additional change, the window for filing a revised return — allowing taxpayers to correct mistakes after the initial filing — has been extended from December 31 to March 31, 2027, the last day of the assessment year. This gives taxpayers who file on time but discover errors later a longer window to fix them without penalty. Check Your Form Before Assuming Your Date The critical action for every taxpayer right now is to confirm which ITR form applies to their situation before assuming a deadline. A salaried person with freelance income on the side, or an investor who also runs a small consultancy, may find their applicable form — and therefore their deadline — different from what they expect. The Income Tax Department's e-filing portal (incometax.gov.in) allows taxpayers to check their applicable form based on income sources. With July 31 approaching rapidly, salaried filers who haven't begun should treat the deadline as urgent. For business filers with a later date, the extra time is a relief — but not an invitation to delay.

India has quietly overhauled its income tax filing calendar for 2026, and the old one-size-fits-all July 31 deadline no longer applies to everyone. Depending on whether you are salaried, run a business, or require an audit, your ITR due date could be July 31, August 31, October 31, or even November 30. Here is the complete new calendar — and why missing it could cost you.

ITR 2026: Your deadline is not same as before! Here's the new calendar

Gold has emerged as the top hedge for central banks amid ongoing geopolitical risks. According to a recent survey of public investors by the Official Monetary and Financial Institutions Forum (OMFIF), a net 30 per cent of central banks intend to increase their gold holdings over the next one to two years. The report noted that 82 per cent of central banks held physical gold reserves in 2026, compared with 71 per cent in the last year. The survey found that around 61 per cent of central banks expect the gold prices to trade between USD 5,000 and USD 6,000 per ounce by June 2027, while 28 per cent stated that recent prices are discouraging enough to make further purchases. "The motivation behind gold purchases is increasingly strategic rather than purely financial. Protection against geopolitical risk is cited by 51 per cent of respondents, up 11 per cent from 2024," according to the report. The survey found that about 61 per cent of central banks expect gold prices to trade between USD 5,000 and USD 6,000 per ounce by June 2027. However, 28 per cent indicated that current gold prices are already high enough to discourage additional purchases.&nbsp;Also read: <a href="https://www.wionews.com/world/what-is-article-5-of-us-iran-deal-and-why-is-it-being-blamed-for-hormuz-unrest-wion-decodes-1782825574565">What is Article 5 of US-Iran deal, and why is it being blamed for Hormuz unrest? WION Decodes</a><h3>Dollar alternatives</h3>The OMFIF study also pointed out that the euro and renminbi are the top alternatives to the dollar among central banks. It also highlighted that emerging market currencies are getting attention. "This year, 29 per cent of respondents plan to increase euro holdings in the long term, up from 22 per cent last year," the survey report stated. However, the report underscored that both currencies have some handicaps. "Neither the euro nor the renminbi fully solves reserve managers' problem: the former lacks a single, deep safe asset market, while the latter remains constrained by market structure and geopolitical concerns," the report said. In addition, adoption of artificial intelligence (AI) among central banks allow to improve efficiency and decision-making. "89% of developed economy central banks report some form of artificial intelligence implementation, compared with 44% of emerging market peers," the report mentioned. The report found that volatility is being seen as something that needs better management rather than just a wait-and-watch approach. "The old assumption that public investors can wait for the environment to normalise looks increasingly unrealistic," the report said.&nbsp;

The survey found that about 61 per cent of central banks expect gold prices to trade between USD 5,000 and USD 6,000 per ounce by June 2027. However, 28 per cent indicated that current gold prices are already high enough to discourage additional purchases.

Gold has emerged as the top hedge for central banks amid ongoing geopolitical risks. According to a recent survey of public investors by the Official Monetary and Financial Institutions Forum (OMFIF), a net 30 per cent of central banks intend to increase their gold holdings over the next one to two years. The report noted that 82 per cent of central banks held physical gold reserves in 2026, compared with 71 per cent in the last year. The survey found that around 61 per cent of central banks expect the gold prices to trade between USD 5,000 and USD 6,000 per ounce by June 2027, while 28 per cent stated that recent prices are discouraging enough to make further purchases. "The motivation behind gold purchases is increasingly strategic rather than purely financial. Protection against geopolitical risk is cited by 51 per cent of respondents, up 11 per cent from 2024," according to the report. The survey found that about 61 per cent of central banks expect gold prices to trade between USD 5,000 and USD 6,000 per ounce by June 2027. However, 28 per cent indicated that current gold prices are already high enough to discourage additional purchases. Also read: What is Article 5 of US-Iran deal, and why is it being blamed for Hormuz unrest? WION Decodes Dollar alternatives The OMFIF study also pointed out that the euro and renminbi are the top alternatives to the dollar among central banks. It also highlighted that emerging market currencies are getting attention. "This year, 29 per cent of respondents plan to increase euro holdings in the long term, up from 22 per cent last year," the survey report stated. However, the report underscored that both currencies have some handicaps. "Neither the euro nor the renminbi fully solves reserve managers' problem: the former lacks a single, deep safe asset market, while the latter remains constrained by market structure and geopolitical concerns," the report said. In addition, adoption of artificial intelligence (AI) among central banks allow to improve efficiency and decision-making. "89% of developed economy central banks report some form of artificial intelligence implementation, compared with 44% of emerging market peers," the report mentioned. The report found that volatility is being seen as something that needs better management rather than just a wait-and-watch approach. "The old assumption that public investors can wait for the environment to normalise looks increasingly unrealistic," the report said.

The survey found that about 61 per cent of central banks expect gold prices to trade between USD 5,000 and USD 6,000 per ounce by June 2027. However, 28 per cent indicated that current gold prices are already high enough to discourage additional purchases.

Gold overtakes dollar emerging top hedge for central banks amid geopolitical risks, says report

Ford has hired over 300 quality inspectors after realising that Artificial Intelligence is not the answer to all its questions. A Bloomberg report states that the US automaker has brought back human engineers after AI failed to match their skills and experience. "Artificial intelligence is a fantastic tool, but it's only as good as the information you use to train it," Charles Poon, vice president of vehicle hardware engineering, told reporters. The company, just like many others, hopped onto the AI bandwagon, deploying it across some of its operations, including quality checks. However, it has now realised that it fails miserably when pitted against its most experienced engineers.&nbsp;"Over prior years, we didn't pay as much attention as we should have to the experience of our most knowledgeable engineers who have been with us through many product cycles," Poon said. Companies all over the world are moving towards AI-first organisations, but many have admitted that human knowledge is irreplaceable. Ford boss Jim Farley said in an interview last year, "AI will leave a lot of white-collar people behind." Turns out, quality checks aren't one of them.Also Read: <a href="https://www.wionews.com/trending/company-ends-up-spending-rs-4-800-crore-on-claude-ai-in-a-month-because-of-a-tiny-oversight-1780048597729">Company accidentally blows away Rs 4,800 crore on Claude AI in a month because of a tiny oversight</a>&nbsp;In October, chief operating officer Kumar Galhotra said that Ford is rolling out 900 AI-powered cameras in its plants "to detect quality issues at the source and help us mitigate supply disruptions". But Poon has admitted that AI-led checks are not delivering the desired results.Also Read: <a href="https://www.wionews.com/trending/fact-check-did-jeff-bezos-say-human-use-of-water-is-slowing-down-ai-1781967987089">Fact check: Did Jeff Bezos say human use of water is slowing down AI? Here is what we found</a>&nbsp;"Mistakenly, we thought that by just introducing artificial intelligence and ingesting the design requirements that we had, that would produce a high-quality product," he said. Galhotra added that Ford is moving away from its quality control approach, where problems were identified after they reached the factory floor. The technical specialists now help identify quality issues before production begins.<h2>Technical experts will train AI systems at Ford</h2>Poon reportedly said that since the veteran engineers left the company before AI could learn from their years of experience, it is lacking their expertise. Human workers who have now been brought back are training the systems and other workers. Ford has realised that it is important to enhance automation, machine learning and artificial intelligence tools, and human knowledge is the only way to make it happen.&nbsp;The company said in a press statement that to top the index, it made a "significant talent refresh", including replacing senior leaders across engineering, supply chain and manufacturing, and hiring roughly 300 veteran engineers.&nbsp;

Ford has understood that Artificial Intelligence alone is not going to work, and has hired over 300 technical experts for quality checks. However, they will train the AI systems, passing on their decades of expertise to AI to improve its quality.

Ford has hired over 300 quality inspectors after realising that Artificial Intelligence is not the answer to all its questions. A Bloomberg report states that the US automaker has brought back human engineers after AI failed to match their skills and experience. "Artificial intelligence is a fantastic tool, but it's only as good as the information you use to train it," Charles Poon, vice president of vehicle hardware engineering, told reporters. The company, just like many others, hopped onto the AI bandwagon, deploying it across some of its operations, including quality checks. However, it has now realised that it fails miserably when pitted against its most experienced engineers. "Over prior years, we didn't pay as much attention as we should have to the experience of our most knowledgeable engineers who have been with us through many product cycles," Poon said. Companies all over the world are moving towards AI-first organisations, but many have admitted that human knowledge is irreplaceable. Ford boss Jim Farley said in an interview last year, "AI will leave a lot of white-collar people behind." Turns out, quality checks aren't one of them. Also Read: Company accidentally blows away Rs 4,800 crore on Claude AI in a month because of a tiny oversight In October, chief operating officer Kumar Galhotra said that Ford is rolling out 900 AI-powered cameras in its plants "to detect quality issues at the source and help us mitigate supply disruptions". But Poon has admitted that AI-led checks are not delivering the desired results. Also Read: Fact check: Did Jeff Bezos say human use of water is slowing down AI? Here is what we found "Mistakenly, we thought that by just introducing artificial intelligence and ingesting the design requirements that we had, that would produce a high-quality product," he said. Galhotra added that Ford is moving away from its quality control approach, where problems were identified after they reached the factory floor. The technical specialists now help identify quality issues before production begins. Technical experts will train AI systems at Ford Poon reportedly said that since the veteran engineers left the company before AI could learn from their years of experience, it is lacking their expertise. Human workers who have now been brought back are training the systems and other workers. Ford has realised that it is important to enhance automation, machine learning and artificial intelligence tools, and human knowledge is the only way to make it happen. The company said in a press statement that to top the index, it made a "significant talent refresh", including replacing senior leaders across engineering, supply chain and manufacturing, and hiring roughly 300 veteran engineers.

Ford has understood that Artificial Intelligence alone is not going to work, and has hired over 300 technical experts for quality checks. However, they will train the AI systems, passing on their decades of expertise to AI to improve its quality.

AI flops for Ford as it brings back over 300 human experts