: Indian equity markets witnessed a sharp sell-off on Thursday, the fourth trading session of the week, with benchmark indices Sensex and Nifty declining significantly by the end of the session.

The BSE Sensex closed at 73,580.54, down 1,247 points or 1.67 per cent from its previous close of 74,828. The index opened sharply lower at 74,272 and continued to remain under pressure throughout the trading session.

Similarly, the NSE Nifty 50 opened at 23,221, compared with Wednesday’s close of around 23,446. The index eventually ended at 23,063.10, registering a decline of 283.70 points or around 1.64 per cent.

Investors Lose Over Rs 4 Lakh Crore

The sharp decline in the stock market resulted in a significant erosion of investors’ wealth. The loss can be gauged from the fall in the total market capitalisation of companies listed on the BSE.

The combined market capitalisation of BSE-listed companies stood at around Rs 4,85,01,353.85 crore at the close of the previous trading session. The sharp decline in equity prices on Thursday resulted in investors losing more than Rs 4 lakh crore in market value.

Policybazaar Shares Fall Nearly 36%

Several stocks witnessed steep declines during Thursday’s sell-off. Policybazaar, part of the BSE Midcap segment, was among the biggest losers, with its shares plunging 35.98 per cent.

Other notable declines included MFSL, which fell 9.81 per cent, AU Small Finance Bank, which declined 4.95 per cent, and IDFC First Bank, which dropped 4.70 per cent.

In the BSE Small Cap segment, Ujjivan Small Finance Bank shares fell 5 per cent, while STL Tech declined 4.99 per cent. PNB Housing Finance and Welspun Corp also ended lower by 3.93 per cent and 3.80 per cent, respectively.

Among large-cap stocks, Bajaj Finance declined 5.47 per cent, followed by Axis Bank at 4.87 per cent and Bajaj Finserv at 4.06 per cent. InterGlobe Aviation (IndiGo) fell 2.78 per cent, while Trent declined 2.75 per cent.

Mahindra & Mahindra shares ended 2.31 per cent lower, while Reliance Industries declined 2.25 per cent.

The broad-based selling reflected heightened pressure across several segments of the market, with both benchmark indices ending the session sharply lower.

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: Gold and silver prices have witnessed a significant rise in the Indian bullion market. The price of 24-carat gold has crossed Rs 1.54 lakh per 10 grams, while 22-carat gold is trading at around Rs 1.44 lakh per 10 grams.

Gold Prices in Major Cities Today

Silver Prices Also Surge

Silver prices have also recorded an upward movement. The average retail price of silver is around Rs 2,50,100 per kilogram.

On Friday, silver futures prices rose by 1.25 per cent amid a strong trend in global markets. On the Multi Commodity Exchange (MCX), silver contracts for December delivery gained Rs 27, or 1.25 per cent, to reach Rs 2,41,183 per kilogram.

According to a report, market analysts attributed the rise in silver futures to strong domestic market sentiment and fresh buying by traders.

Typically, when demand remains strong in the domestic spot market, traders on commodity exchanges such as MCX begin taking fresh positions in anticipation of further price gains. This provides direct support to futures prices.

In the international market, silver prices in New York also rose to $66.78 per ounce.

Why Are Gold Prices Rising?

The ongoing tensions in the Middle East, recent attacks on oil refineries and pipelines, and tariff-related uncertainties globally have increased concerns in financial markets.

During periods of heightened uncertainty and risk, investors often turn to gold as a safe-haven asset. Increased demand for the precious metal can consequently support higher prices.

Another major factor supporting gold prices globally is continued buying by central banks. Central banks in countries including India and China have been increasing their gold holdings as part of efforts to diversify their foreign exchange reserves and reduce dependence on the US dollar.

This sustained central-bank demand, along with geopolitical and economic uncertainties, is contributing to the upward movement in gold prices.

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Speculation over the possibility of charges being imposed on UPI transactions above Rs 2,000 has sparked discussion among digital payment users in India. While no general charge has been introduced on regular UPI transactions, the debate has also drawn attention to how QR-based digital payments are charged in other countries.

QR code payments have become increasingly popular across the world, but the fee structure varies significantly depending on the country, payment network and type of transaction. In many markets, consumers can make small QR payments free of charge, while merchants may have to pay processing or service fees.

India

In India, person-to-person (P2P) UPI transactions are generally free for users. QR-based payments made to small merchants are also widely used without a direct charge to customers.

However, merchant discount rate (MDR) and the cost of processing certain payment instruments remain subjects of policy discussions, particularly for higher-value commercial transactions. International UPI transactions may also involve foreign exchange conversion or other applicable charges, depending on the service and destination.

China

China has a highly developed QR payment ecosystem, led by platforms such as Alipay and WeChat Pay. QR payments are generally convenient for consumers, while merchants may be charged service or processing fees depending on the payment platform and type of transaction.

For commercial transactions, merchant fees can be around 0.6 per cent in some arrangements, although the exact rate varies by provider and merchant category.

Sri Lanka

Sri Lanka operates LANKAQR, its national QR-based payment system. While small-value transactions can be made without direct charges to customers, fees may apply to certain higher-value or commercial transactions. Merchant charges can vary depending on the payment service and transaction type.

Japan

Japan’s JPQR system provides a unified QR code framework that allows merchants to accept payments through different services. Customers generally do not pay a separate fee for making QR payments, while merchants may incur charges depending on the payment service used.

Merchant processing charges can vary considerably, with some services charging rates in the range of 1.5 to 3.25 per cent.

Indonesia

Indonesia’s national QR payment system, QRIS, has helped expand digital payments among small businesses. Merchant fees are structured according to transaction categories, with small businesses receiving favourable treatment under the system.

The relatively low cost compared with traditional card payment networks has contributed to the growing adoption of QR payments among merchants.

US, Canada and Europe

Unlike India, the US, Canada and several European markets do not generally operate a single nationwide QR payment system equivalent to UPI. QR payments are often linked to private wallets, payment applications or credit and debit card networks.

As a result, merchants can face processing fees that may range from around 1.5 to 3.5 per cent, depending on the provider and payment method.

Latin America

QR payments have also expanded rapidly across several Latin American markets through private payment processors and regional fintech networks. Merchant processing fees can vary widely, with rates of around 1 to 3 per cent possible depending on the country, provider and transaction type.

At the same time, static QR codes used for simple money transfers can be free in several markets.

How QR Payment Charges Differ

The global QR payment landscape shows that there is no single model for charging users or merchants. In many countries, consumers can make QR payments without paying a separate transaction fee, while the payment service provider charges the merchant for processing the transaction.

The structure also depends on whether the payment is made through a national instant-payment network, private digital wallet, credit card or other payment infrastructure.

Therefore, comparisons between India’s UPI system and QR payment systems in other countries need to take into account the underlying payment network, transaction type, merchant category and who bears the processing cost.

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In a significant decision for private-sector employees, the Union Cabinet has approved an increase in the salary ceiling for coverage under the Employees’ Provident Fund (EPF) and Employees’ Pension Scheme (EPS) from Rs 15,000 to Rs 25,000 per month.

The salary ceiling had remained unchanged since September 2014. The latest decision is expected to bring around 51 lakh additional employees earning between Rs 15,000 and Rs 25,000 per month under the revised EPF framework.

According to the government, the estimated annual expenditure on the measure will be around Rs 11,339 crore, while the projected expenditure over five years is approximately Rs 56,696 crore.

The decision follows discussions among various ministries, with the Expenditure Finance Committee recommending the proposal at its meeting held on June 16, 2026. The proposal was subsequently approved by Prime Minister Narendra Modi on September 16.

Three Key Benefits for Employees

The revision is expected to expand social security coverage for millions of workers. Employees covered under the new limit will be eligible for several benefits under the EPF framework.

First, they will have access to regular savings through the Employees’ Provident Fund, helping them build a retirement corpus through statutory contributions.

Second, eligible employees will receive retirement-related pension benefits under the Employees’ Pension Scheme (EPS).

Third, they will also get insurance coverage under the Employees’ Deposit Linked Insurance Scheme (EDLI), subject to the applicable rules.

The government has said that the revised salary ceiling will also bring pensionable wages and statutory contribution arrangements more in line with current salary levels.

The move is expected to widen formal social security coverage among employees in the Rs 15,000–Rs 25,000 monthly salary bracket and strengthen their long-term financial and retirement protection.

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In India, buying gold is considered highly auspicious, particularly during festivals, weddings and other important occasions. Despite rising prices, Indians continue to have a strong affinity for the precious metal, buying it both for traditional purposes and as a form of long-term savings.

However, gold purchases have an impact beyond individual household finances. India’s high demand for gold also affects the country’s demand for US dollars, the trade deficit and, indirectly, foreign exchange reserves.

Why Does India Import So Much Gold?

India’s domestic gold production is far lower than the country’s overall demand. As a result, a significant portion of the gold consumed in India is imported.

Gold is generally traded internationally in US dollars. Therefore, Indian importers need dollars to pay for gold purchased from overseas markets. To obtain these dollars, they exchange Indian rupees for US currency.

This means that when gold imports rise, the demand for dollars can also increase.

Gold Demand Can Put Pressure on the Rupee

Gold demand tends to rise during the festival and wedding seasons. A sharp increase in imports during these periods can raise the demand for foreign currency and potentially put pressure on the Indian rupee.

Higher gold imports can also widen India’s trade deficit because imports increase the value of goods purchased from abroad.

If pressure on the rupee becomes significant, the Reserve Bank of India (RBI) may intervene in the foreign exchange market when necessary. Such intervention can have an indirect connection with the country’s foreign exchange reserves.

Why Does the Government Change Gold Import Duties?

Import duties are one of the tools available to the government to manage gold imports. If imports rise sharply, higher duties can make gold more expensive and potentially reduce demand.

However, excessively high import duties can create another problem—the risk of increased gold smuggling and illegal trade.

Therefore, policymakers have to strike a balance between gold demand, imports, dollar requirements, government revenue and the risk of illicit trade.

In simple terms, an individual’s decision to buy gold may appear to be a personal financial choice, but millions of such purchases together can influence a much larger economic equation involving imports, the rupee, the US dollar, the trade deficit and India’s foreign exchange position.

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The post Indian Stock Market Falls as US-Iran Tensions Push Crude Oil Prices Towards $100 appeared first on Odisha Connect.

The Central Government is considering a reduction in import duties on gold and silver as high tariffs have failed to curb imports and are reportedly encouraging illegal trade and smuggling, according to industry representatives.

Rajesh Rokade, Chairman of the Gems and Jewellery Council, said the increase in import duty had not resulted in the expected decline in gold inflows into the country. Instead, the high duty structure has contributed to the growth of illegal transactions and smuggling.

The government had earlier increased the import duty on gold and silver from 6% to 15% amid tensions in the Middle East, with the objective of protecting the country’s foreign exchange reserves. However, despite the higher duty, India’s gold imports continued to rise.

According to the data cited, the value of India’s gold imports increased by around 24% in the financial year 2026, reaching $71.9 billion. The continued growth in imports despite higher duties has prompted the government to reconsider the existing policy.

India is the world’s second-largest consumer of gold after China, with gold playing a significant role in household savings, jewellery demand and investment. Any reduction in import duty could therefore have a direct impact on domestic gold prices, jewellery demand and the organised jewellery sector.

Industry stakeholders have been calling for a more balanced duty structure to discourage smuggling while ensuring that legitimate imports remain competitive. A lower import duty could potentially narrow the gap between legal and illegal gold prices and help bring more trade into the formal economy.

The government is expected to assess market conditions and the broader economic situation before taking a final decision. If implemented, a reduction in import duty on gold and silver could significantly influence the precious metals market and benefit consumers as well as the organised jewellery industry.

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Investors planning to put their savings into bank fixed deposits (FDs) may need to review the latest interest rates before making a decision. Several major banks could revise their FD interest rates from September 1, potentially affecting the returns available to new depositors.

Any change in FD interest rates can directly influence the maturity amount. Therefore, investors should compare the latest rates offered by different banks before locking in their money.

How Will a Change in Interest Rates Affect You?

There can be two possible scenarios if banks revise their FD rates from September 1.

If banks reduce interest rates, people opening new FDs after the revision could receive slightly lower returns compared with the existing rates. On the other hand, if banks increase their FD rates, new investors could benefit from higher interest earnings on their deposits.

However, people who have already booked their FDs generally will not be affected by a subsequent change in the applicable interest rate during the existing tenure. The revised rates would primarily apply to new deposits or the renewal of maturing FDs.

What Should FD Investors Check?

Before investing, depositors should compare the latest interest rates across banks and consider the tenure, maturity amount, premature withdrawal rules and applicable taxes.

Investors should also avoid making a hurried decision based solely on the possibility of a rate change. Checking the latest official FD rate card of the bank before depositing money can help ensure that the investment offers a suitable return.

With September 1 approaching, investors should keep an eye on banks’ revised FD rates and choose their deposit tenure carefully based on their financial requirements.

The post Bank FD Interest Rates May Change From September 1: What Depositors Should Know appeared first on Odisha Connect.

The post Gold and Silver Prices Today: Rates Remain in Focus as Bullion Markets Stay Closed appeared first on Odisha Connect.

The National Company Law Tribunal’s (NCLT) decision approving a repayment plan for Essel Group founder Subhash Chandra has triggered a major debate over creditor recoveries and India’s insolvency framework.

Under the approved plan, creditors with admitted claims of around ₹22,006.57 crore are set to receive approximately ₹6.25 crore, along with ₹25 lakh towards insolvency process costs. This translates into a recovery of only about 0.03 per cent, or a haircut of nearly 99.97 per cent.

However, the case relates specifically to Chandra’s personal insolvency proceedings as a personal guarantor for loans taken by Essel Group-linked companies. It does not by itself extinguish the underlying corporate liabilities of the principal borrowers. LIC Housing Finance has also clarified that its security interests over the secured assets remain intact.

Why Was the Repayment Plan Approved?

The matter was heard under Section 114 of the Insolvency and Bankruptcy Code (IBC). The original two-member NCLT Bench delivered a split verdict, following which Nilesh Sharma was appointed as the third member to resolve the difference of opinion. Sharma ultimately approved the repayment plan.

A major factor was creditor voting. Creditors representing 80.81 per cent of the voting share supported the plan, while those opposing it collectively accounted for less than 20 per cent. The IBC does not prescribe a universal minimum recovery percentage or maximum permissible haircut for such a personal-guarantor repayment plan.

The tribunal also considered the value of Chandra’s personal estate and the prospects of recovery. It reasoned that rejecting the plan and pushing him into bankruptcy could potentially reduce recovery prospects for creditors.

LIC Housing Finance Faces Major Shortfall

LIC Housing Finance was among the prominent creditors opposing the plan. Its admitted claim stood at ₹1,322.39 crore, while the proposed repayment to it was only ₹38.09 lakh, equivalent to approximately 0.028 per cent of its admitted dues.

LIC Housing Finance had argued that such a negligible recovery made the plan unviable and unlawful. The lender has indicated that it retains its rights, security interests and recovery remedies over the secured assets.

Why Did the Tribunal Reject LIC Housing Finance’s Objection?

The tribunal’s decision was primarily based on the statutory insolvency process and the voting outcome rather than on any rule requiring creditors to receive a fixed percentage of their admitted claims.

The lenders opposing the plan also raised concerns over the recovery amount, the valuation of Chandra’s assets, the admission of certain claims, the voting process and the absence of a forensic audit. However, these objections did not prevent approval because the plan had received the required creditor support.

The case has now become a significant talking point in the insolvency sector, particularly over how personal guarantees are treated under the IBC and how creditors should balance maximum recovery with the practical possibility of recovering money from an individual guarantor.

Meanwhile, HDFC Bank and LIC Housing Finance are considering or pursuing legal avenues to challenge the NCLT decision, keeping the controversy alive.

The post Subhash Chandra Insolvency Case: Why Did NCLT Approve ₹6.25 Crore Plan Against ₹22,006 Crore Claims? appeared first on Odisha Connect.