Government Doubles Gold & Silver Import Duty to 18.4% Amid CAD Concerns, Effective May 13, 2026

Govt Collects Rs 10,463 Cr from Gold, Silver, Platinum Duty Hike (May 13-Aug 2, 2026)

The central government raised customs duty on gold, silver, and platinum on May 13, 2026, to curb imports and protect the rupee amid West Asia crisis. Within under 3 months (May 13-Aug 2), it collected Rs 10,463 crore in additional revenue, with gold alone contributing Rs 10,040 crore. This is a high-yield fiscal move with direct Prelims and Mains implications for Economy and Trade.

FAST-DS: Govt's New Foreign Assets Disclosure Scheme Imposes Rs 1 Lakh Fee, Raises Disproportionate Penalty Concerns

The government's Foreign Assets of Small Taxpayers – Disclosure Scheme (FAST-DS), launched on August 16, 2026, requires a flat Rs 1 lakh fee for disclosing undisclosed foreign assets up to Rs 5 crore. This has sparked concerns among salaried employees with ESOPs or small US stock investments, who find the fee disproportionate to the asset value and argue it penalizes honest taxpayers. The scheme aims to regularize non-disclosure but clashes with the Black Money Act's provisions.

GST Collections Jump 15.4% to ₹2.11 Lakh Crore in July 2026; Import Surge 29%

Gross GST collections grew 15.4% to ₹2.11 lakh crore in July 2026, driven by a 29% jump in import revenues. This signals sustained domestic consumption but also highlights dependency on imports, raising concerns about domestic manufacturing gaps despite PLI schemes.

RBI Relaxes FCNR(B) and NRE Deposit Rates, Doubles PROI Equity Limits to Attract $60-70 Billion Inflows

RBI has announced a set of measures to strengthen the rupee by attracting foreign capital, including temporarily relaxing interest rate restrictions on FCNR(B) and NRE deposits, doubling investment limits for PROIs, and exempting FIIs from income tax on G-Secs. These reforms could attract $60-70 billion in foreign inflows, boosting rupee stability and deepening India's bond market.

Government Imposes 0.4% MDR on UPI Transactions Over ₹2,000 from October 15

The government has firmly ruled out any rollback of the 0.4% Merchant Discount Rate (MDR) on UPI transactions above ₹2,000, effective October 15, 2026. This marks the end of the zero-MDR regime for merchant payments, aiming to make the UPI ecosystem self-sustainable while keeping person-to-person and small payments free.

New UPI MDR: Flat Rs 5 Charge on Railway Bookings Above Rs 2,000 from Oct 15, 2026

From October 15, 2026, UPI payments above Rs 2,000 for railway tickets will attract a flat Rs 5 Merchant Discount Rate (MDR) instead of the general 0.4% fee. Crucially, this charge is on the merchant side and will not be passed to passengers. This special category concession makes railway ticketing cheaper to process than regular merchant payments.

Anti-Dumping Duty on Chinese TiO2: DGTR Final Findings (Aug 3, 2026) - Centre Assures KMML, TTPL

The Centre has assured Kerala of imposing anti-dumping duty on Chinese titanium dioxide following DGTR's final findings. This protects PSUs like KMML and TTPL from low-cost imports. Key for Prelims: DGTR process, anti-dumping mechanism, and dates.

Govt Cuts BCD on Crude Edible Oils (Palm, Soy) to Curb Inflation Ahead of Festivals

The Union Government has reduced Basic Customs Duty (BCD) on major crude edible oils (including palm oil) to moderate prices during the festive season. This move, announced on Sept 24, 2026, aims to counter rising international edible oil prices and domestic inflationary pressures, but has sparked protests from edible oilseed farmers who see it as a threat to their livelihoods.