The Financial Intelligence Unit-India (FIU-IND) has issued notices to 15 Virtual Digital Asset Service Providers (VDA SPs) for failing to comply with provisions of the Prevention of Money Laundering Act (PMLA), 2002, the Ministry of Finance said on Wednesday. The notices have been issued under Section 13 of the PMLA to platforms including Weex, Blofin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, FixedFloat, WhiteBIT and Guardian. The FIU-IND has also directed that the applications and URLs associated with these entities be removed from public access. According to the Finance Ministry, the platforms were operating in India without meeting the mandatory requirements under the country's anti-money laundering law.

Virtual Digital Asset Service Providers were brought under India's anti-money laundering and counter-financing of terrorism framework in March 2023 through the PMLA. The rules apply to both domestic and overseas VDA service providers conducting covered activities in India. These activities include exchanging virtual digital assets for fiat currencies, transferring digital assets, providing custody or administration services, and offering services that enable users to control such assets.

Under the framework, VDA service providers carrying out these activities are required to register with the FIU-IND as reporting entities and follow the obligations prescribed under the PMLA and related rules. The Finance Ministry clarified that these requirements are based on the nature of activities carried out by a service provider and apply regardless of whether the company has a physical presence in India.

The regulations require registered VDA service providers to maintain appropriate records, report specified transactions and comply with other anti-money laundering requirements. The latest action reflects the government's continued efforts to ensure that digital asset platforms serving Indian users operate within the country's financial compliance framework.

The Finance Ministry also issued a public safety warning about cryptocurrencies and non-fungible tokens (NFTs), stating that these products remain unregulated and can carry significant financial risks. It cautioned users that there may be limited or no regulatory recourse available for losses resulting from transactions involving such assets.

Disclaimer: This image is taken from ANI.

The discovery of counterfeit currency worth ₹17.29 crore inside a Punjab National Bank (PNB) currency chest in Uttar Pradesh has raised serious questions over how fake notes entered a facility responsible for handling large volumes of cash. The National Investigation Agency (NIA), which is probing the case, has arrested a PNB manager as investigators work to establish the source of the counterfeit notes and determine whether the incident was part of a larger network.

The NIA arrested PNB manager Amit Kumar in Chandigarh in connection with the case. His arrest has brought renewed attention to the role of bank officials and the procedures followed while receiving, counting, storing and transferring currency through the banking system. The case came to light after discrepancies were detected in cash handled by the bank. Investigators subsequently discovered a large quantity of suspected counterfeit notes. According to details emerging from the investigation, some currency bundles allegedly contained genuine notes on the outside while counterfeit notes were found inside. The discovery eventually put the total value of the suspected fake currency at around ₹17.29 crore.

The investigation is now focused on determining exactly when the alleged replacement of genuine currency took place. Authorities are examining records related to cash deposits, withdrawals, counting and dispatches from the currency chest, along with the people who had access to the cash during the relevant period.

A major part of the probe involves a cash consignment of around ₹111 crore that was reportedly sent from Saharanpur to the Reserve Bank of India's Jaipur office. Investigators are examining how the cash was packed and verified before it was dispatched and whether the suspected counterfeit notes were already present in the currency chest at that stage.

The arrest of Amit Kumar is significant because investigators are examining whether employees with access to the currency chest played a role in the alleged circulation or concealment of counterfeit notes. Other bank officials have also come under scrutiny, and investigators are examining documents, electronic evidence and other material gathered during searches.

The case has also prompted authorities to examine a possible Nepal connection. Investigators are looking into the movements and contacts of individuals associated with the case, including the possibility that the alleged counterfeit currency network could have links extending towards the India-Nepal border. However, the Nepal angle remains under investigation and has not been established as a confirmed link.

The NIA is also trying to determine whether any of the suspected counterfeit notes left the currency chest before the irregularities were detected. If fake currency entered circulation through bank branches or other channels, investigators would need to establish its route and identify the people involved in moving it.

The incident is particularly significant because currency chests form an important part of India's cash distribution system. They handle substantial quantities of banknotes and operate under procedures intended to ensure that cash is properly counted, verified and accounted for. The presence of such a large amount of suspected counterfeit currency inside a currency chest therefore raises questions about internal controls and possible manipulation of the cash-handling process.

Investigators are expected to examine CCTV footage, transaction records, cash registers, dispatch documents, electronic devices and communications involving the accused and other persons under scrutiny. The objective is to reconstruct the movement of the money and identify the point at which counterfeit notes allegedly entered the system.

The NIA's investigation will ultimately determine whether the Saharanpur case was an isolated incident involving bank employees or whether it points to a broader counterfeit currency operation. The possible Nepal connection is also likely to remain an important line of inquiry as investigators trace the origin and movement of the suspected fake notes.

The central mystery remains how counterfeit currency valued at ₹17.29 crore could allegedly make its way into a PNB currency chest without being detected earlier. The arrest of the bank manager marks a major development, but investigators still have to establish the complete money trail, identify any other participants and determine the wider scope of the alleged counterfeit currency operation.

Disclaimer: This image is taken from Hindustan Times.

The Directorate General of Foreign Trade (DGFT) has automated the issuance of Free Sale and Commerce Certificates (FSC), aiming to make the approval process quicker and reduce the compliance burden for exporters. Under the new system, eligible FSC applications will no longer be required to undergo routine manual scrutiny. Instead, applications that meet the prescribed conditions will be processed automatically through the DGFT portal, helping exporters obtain the certificates in a shorter timeframe.

The Ministry of Commerce and Industry said the initiative is intended to simplify the existing process and reduce delays. Until now, exporters could submit their applications online, but the requests were subsequently sent to the concerned DGFT Regional Authority for manual examination, verification and approval. The earlier procedure often resulted in longer processing times.

According to DGFT Trade Notice No. 24/2026-2027 issued on August 31, the new automated mechanism will allow eligible applications to move through a system-driven workflow without being routinely referred for manual scrutiny. The government expects the change to significantly improve turnaround times for a large number of FSC applications.

The new system does not mean that every application will be automatically approved. Cases that require additional verification or fail to satisfy the conditions for automated processing can still be referred to the relevant DGFT Regional Authority for manual examination. Some applications that are cleared automatically may also be selected for subsequent review under DGFT's risk management system.

Free Sale and Commerce Certificates are issued by the DGFT under India's Foreign Trade Policy for certain products that are not covered by the Drugs & Cosmetics Act, 1940. These certificates can be required by exporters for meeting regulatory or commercial requirements in overseas markets. The DGFT said the new mechanism represents a shift from manual verification towards a digital and system-based process. The automated workflow is expected to support paperless processing, reduce unnecessary administrative intervention and provide exporters with more predictable turnaround times.

The move is part of the government's broader efforts to simplify trade procedures and improve the ease of doing business for exporters. By automating routine applications while retaining manual checks for cases that need closer examination, DGFT aims to make the certification process faster without removing necessary regulatory safeguards.

Disclaimer: This image is taken from ANI.

Union Commerce and Industry Minister Piyush Goyal has invited Japanese companies, particularly those from the Kansai region, to participate in India’s rapidly expanding semiconductor industry and take advantage of the opportunities emerging in the sector. Speaking at an Investors and Business Roadshow, Goyal said India’s first Semiconductor Mission received a government commitment of $10 billion and, with support from state governments, helped attract about $20 billion in investments. The government has now introduced Semiconductor India Mission 2.0 with a $15 billion allocation. Combined with state-level incentives, the initiative is expected to generate around $50 billion in additional investment.

Goyal said India was prepared to provide further financial support as demand for chips continues to grow. He noted that India’s annual semiconductor consumption is projected to reach around $150 billion within the next five years, creating significant opportunities for companies looking to innovate, manufacture and develop technology in the country.

The minister also highlighted opportunities beyond the semiconductor industry. He referred to Japan’s interest in bringing around 300,000 Indian workers into different sectors and suggested that Kansai-based companies could help train them in Japanese language, workplace culture and professional practices before they begin working in Japan.

Goyal encouraged business leaders from the Kansai region to visit India and explore partnerships through investments, joint exhibitions, industry discussions and exchange programmes. Food processing was another sector he identified as having strong potential for India-Japan cooperation. He said India could benefit from Japanese expertise and quality standards to improve processed-food production, while Japanese companies could use India as both a growing consumer market and a technology partner.

The minister also highlighted the maritime sector, noting that nearly 250,000 Indian seafarers currently work on ships across the world. He pointed to an agreement with Mediterranean Shipping Company to establish a major seafarer training academy in Mumbai and encouraged Japanese shipping companies and maritime institutes to consider similar partnerships.

Goyal said cooperation in semiconductors, skilled manpower, food processing and shipping could create substantial opportunities for Japanese businesses while supporting India's broader economic and manufacturing ambitions. The outreach comes as India continues to strengthen its semiconductor ecosystem and attract global investment in advanced manufacturing and technology. For Japanese companies, closer engagement with India could provide access to a large domestic market, skilled workforce and an expanding industrial base.

Disclaimer: This image is taken from ANI.

The White House has announced the threat of sanctions against countries that continue to conduct trade with Iran, intensifying Washington’s efforts to put further economic pressure on Tehran as its military campaign faces mounting challenges. US Treasury Secretary Scott Bessent unveiled what he described as “Operation Economic Outcast”, drawing a comparison with the historic D-Day invasion to underline the scale of the economic measures being pursued against Iran. The strategy aims to deepen Iran’s economic isolation by discouraging other countries from maintaining commercial ties with Tehran. However, China, Iran’s largest trading partner, has already indicated that it is unlikely to support or comply with President Donald Trump’s efforts to target the Iranian economy. The latest measures come as the Trump administration looks to increase pressure on Tehran and force an end to the conflict. The move raises questions over how effective the economic campaign will be and whether Washington can persuade major trading partners to join its strategy. Lucy Hough discusses the latest developments with Julian Borger, senior international correspondent, examining the US pressure campaign, China’s position and what the economic escalation could mean for the wider conflict.

Disclaimer: This podcast is taken from The Guardian.

In today’s 17 August market analysis on Open For Business, Hairianto Diman and Justine Moss are joined by Nick Ferres, Chief Investment Officer at Vantage Point, to discuss the latest market trends and developments.

Disclaimer: This podcast is taken from CNA.

On today’s (13 August) episode of Open For Business, Hairianto Diman and Justine Moss discuss the latest market trends and economic developments with Will McGough, Chief Investment Officer at Prime Capital Financial. The conversation explores current market conditions, investment sentiment, inflation, interest rates, and the broader outlook for investors as global financial markets respond to evolving economic signals and changing expectations.

Disclaimer: This podcast is taken from CNA.

On the July 13 edition of Open For Business, Andrea Heng and Hairianto Diman spoke with Mel Siew, Head of Asia Public Credit at Muzinich & Co., to examine the latest market trends. The discussion covered the resilience of Asian credit markets, growth opportunities in AI infrastructure, and the potential inflationary impact of rising oil prices on the global economy.

Disclaimer: This podcast is taken from CNA.