New Delhi, Aug 25: The government has revised the timeline for processing and selling duty-free imported raw sugar and allowed importers up to two months from the date of filing the bill of entry to convert the sugar into white or refined sugar and sell it in the domestic market.

The Directorate General of Foreign Trade (DGFT) amended the modalities notified — earlier in August — for the import of 10 lakh tonnes of raw sugar under the tariff-rate quota (TRQ) scheme.

Under the earlier provision, raw sugar imported under the TRQ was required to be processed into white or refined sugar and sold in the domestic market by October 31.

The revised provision removes that fixed deadline and stipulates that importers must process and sell the imported raw sugar within a period not exceeding two months from the date of filing the Bill of Entry.

In addition, the government had on August 20 allowed duty-free imports of 1 million tonnes of raw sugar under the TRQ scheme until October 31 amid a sharp rise in domestic sugar prices ahead of the festive season.

However, the latest amendment does not change other terms and conditions of the August 20 notification.

The government had also permitted a one-time conversion of existing Advance Authorisations issued under SION E-52 into the TRQ scheme for raw sugar actually imported under those authorisations up to August 20.

The conversion covers refined sugar already produced as well as sugar to be produced from the imported raw sugar which is subject to payment of GST exempted at the time of import and other prescribed conditions.

The government’s decision comes as it steps up efforts to improve domestic sugar availability and contain price pressures ahead of the August-November festive period when demand typically rises.

Additionally, industry leaders and experts said that India has sufficient sugar stocks to meet domestic demand and prices are likely to moderate over the next few weeks as supplies improve.

The sharp increase in sugar prices over the past 15-20 days was driven largely by market sentiment, speculative buying and concerns over short-term supply, rather than any structural shortage, says ISMA Director General Deepak Ballani.

According to Ballani, sufficient sugar would remain available until the end of the current season on September 30 and the market situation is expected to improve shortly.

ISMA President Neeraj Shirgaokar also assured consumers that the country has adequate stocks and there would be no difficulty in meeting demand, including during the upcoming festive season.

New Delhi, Aug 24: The annual transaction volume of Unified Payments Interface (UPI) has surged almost 13,000-fold from 1.78 crore transactions in FY 2016-17 to more than 24,162 crore transactions in FY 2025-26, the Ministry of Finance said on Monday.

UPI, launched on August 25, 2016 by the National Payments Corporation of India (NPCI) under the regulatory oversight of the Reserve Bank of India (RBI), has emerged as the backbone of India’s digital payments ecosystem and a key driver of financial inclusion.

According to the ministry, the value of UPI transactions has also expanded sharply, rising from Rs 0.07 lakh crore in FY 2016-17 to approximately Rs 314 lakh crore in FY 2025-26, representing a more than 4,000-fold increase over the decade.

The platform has become a major pillar of India’s Digital Public Infrastructure, offering an interoperable and real-time payments system that enables seamless person-to-person and person-to-merchant transactions.

The ministry said UPI’s scale, reliability and interoperability have received global recognition, with the International Monetary Fund acknowledging it as the world’s largest real-time payment system by transaction volume. As of 2025, UPI accounted for nearly 49 per cent of global real-time payment transaction volume.

The growth momentum has accelerated further in 2026. Monthly UPI transaction volume crossed the 2,300 crore mark for the first time in May, when 2,320 crore transactions were recorded. The platform subsequently touched a record 2,366 crore transactions in July, the highest monthly volume in its decade-long journey.

Institutional participation has also expanded significantly. The number of banks live on UPI increased from 44 in FY 2016-17 to 703 by FY 2025-26, covering public sector banks, private banks, small finance banks, payment banks and cooperative banks.

The ministry said UPI has witnessed particularly strong adoption in merchant payments. Person-to-merchant transactions accounted for 63 per cent of total transaction volume, while person-to-person transactions contributed 71 per cent of the overall transaction value.

The data also highlights the widespread use of UPI for small-value everyday payments. Around 86 per cent of P2M transactions in FY2026 were below Rs 500, while 59 per cent of P2P transactions were also below Rs 500.

Chennai, Aug 24: Tamil Nadu Chief Minister C. Joseph Vijay on Monday announced that the state government would abandon the proposed greenfield airport project at Parandur and identify an alternative site that would cause minimal disruption to farmers and residents.

Making a statement in the Legislative Assembly, CM Vijay said the decision was taken following concerns about the project’s potential impact on agricultural lands, waterbodies and residential settlements in Parandur and surrounding villages.

The Chief Minister acknowledged that Chennai required a second airport because of the rapid expansion of the metropolitan region, rising passenger traffic and increasing demand for cargo transportation. However, he said such a major infrastructure project should not come at the cost of farmers’ livelihoods or result in the large-scale displacement of residents.

The existing Chennai airport at Meenambakkam, operated by the Airports Authority of India, can currently handle about 30 million passengers annually.

CM Vijay accused the previous government of attempting to proceed with the Parandur project despite sustained opposition from residents. He recalled visiting Ekanapuram and nearby villages on January 20, 2025, to meet people protesting against the acquisition of their land for the airport. The Chief Minister said he had publicly opposed the project during a meeting at Vikravandi in October 2024.

While reiterating his government’s support for industrial growth and improved aviation infrastructure, he maintained that Parandur was unsuitable for the airport.

CM Vijay said the government arrived at its decision after consulting senior officials, aviation specialists, academicians and other experts. Technical feasibility studies will now be conducted at alternative locations before the new airport site is finalised.

“As promised, the measures initiated to establish the new airport at Parandur will be abandoned by this government,” he told the Assembly.

Meanwhile, the state government will work with the Airports Authority of India to expand the Meenambakkam airport.

A new Terminal 5 has been proposed in the airport’s northwestern section, along with additional roads and flyovers to improve connectivity. The ongoing construction of Terminal 3 is expected to increase the airport’s annual passenger-handling capacity to 35 million. Terminal 5, once operational, could add another 20 million passengers, taking the overall capacity to 55 million annually.

CM Vijay said the expansion would help Chennai manage its growing aviation requirements until the proposed second airport becomes operational at a suitable alternative location.