IBTimes

MDR would apply only to select high-value merchant transactions above a specified threshold. Meanwhile, the government will organise the PSB Confluence on August 17-18 to discuss strategies for affordable credit, investment, priority sector lending, youth-focused banking and other areas of inclusive economic development.

Sensex opened 32.67 points or 0.04 per cent lower at 78,509.77, while Nifty started the session declining 8.70 points or 0.04 per cent at 24,575.10.

In a written reply to a question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said customs duty collections during the period stood at Rs 10,040 crore on gold, Rs 328 crore on silver and Rs 95 crore on platinum.

Gold and silver prices surged on the MCX on Monday, supported by festive-season buying, strong global market cues and fresh long positions. October gold futures rose 0.76% to Rs 1,52,982, while September silver gained 1.62% to Rs 2,35,221.

India could manage the loss of discounted Russian crude more comfortably than a prolonged rise in global oil prices to $100 a barrel, as India has diversified its crude suppliers. A sustained oil price surge could significantly increase India's import bill, inflation and external financial pressures.

Gold prices in Delhi rose by 200 to 1.54 lakh per 10 grams on Friday, extending gains for the fourth straight session. Silver remained unchanged at 2,34,800 per kilogram, inclusive of all taxes, after witnessing a sharp rise in the previous session.

The government said Indian coffee was exported to more than 140 countries in FY202526, with growing demand in markets such as the UAE, Australia, South Korea, Egypt, Kuwait, the UK, and new destinations including Djibouti, Micronesia and Timor-Leste. I

Finance Minister Nirmala Sitharaman rejected Congress' claims that the Taxation and Other Laws (Amendment) Bill, 2026, would make UPI transactions chargeable, clarifying that MDR applies only to merchants. She said UPI payments will remain free, and any future levy would require a separate government notification.