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16 May 2026 Current Affairs

May 16, 2026

Daily CA One‑Liner: May 16 

  • DGFT tightens duty‑free gold import rules  – The  Directorate General of Foreign Trade  has tightened regulations for duty‑free gold imports under the  Advance Authorisation (AA) scheme  for the gems and jewellery sector – a move to plug loopholes.

  • RBI eases fintech tie‑ups for outward remittances  – The  Reserve Bank of India  removed the requirement of prior approval for  non‑bank entities (fintechs)  to enter tie‑up arrangements for enabling outward remittance services through banks – a welcome step for digital payments.

  • SEBI proposes hybrid settlement for agri‑derivatives  – The  Securities and Exchange Board of India  has proposed allowing select agricultural commodity derivatives contracts to be  initially financially settled  before transitioning to compulsory physical settlement – a balanced approach.

  • Retail inflation hits 14‑month high  – India’s  CPI rose to 3.48% in April , primarily driven by higher prices of food items, gold, and silver – still within comfort zone, but a clear upward creep.

  • First Taiwanese bank sets foot in GIFT City  –  CTBC Bank Co. Ltd.  opened its new branch at  Gujarat International Finance Tec‑City (GIFT City)  – becoming the  first Taiwanese bank  to establish presence in India’s IFSC.

  • 30 banks now on UDGAM portal for unclaimed funds  – The  RBI  informed the Supreme Court that  30 banks  have been integrated into the  UDGAM portal  to help legal heirs trace unclaimed funds of deceased account holders – a compassionate digital initiative.

  • NSO revises GDP release schedule  – The  National Statistics Office (NSO)  under the Ministry of Statistics and Programme Implementation has revised the release schedule for India’s  Annual GDP and Q4 GDP estimates  – for more timely data.

  • Akash Ambani becomes Jio Platforms' first MD  –  Jio Platforms Limited (JPL)  has appointed  Akash Ambani  as its first  Managing Director (MD)  for a five‑year term starting 9 April 2026 – a new generation taking the digital reins.

  • Uganda's Museveni sworn in for seventh term  –  Yoweri Museveni , leader of the National Resistance Movement (NRM), took oath as  President of Uganda for a seventh term  after winning the January 2026 election – extending his long‑running leadership.

  • N. Rangasamy returns as Puducherry CM for fifth term  – The leader of  All India N.R. Congress (AINRC)  was sworn in as  Chief Minister of Puducherry for a fifth term  following the 2026 Assembly elections – continuity in the coastal union territory.

  • Rajnath Singh, Naidu launch defence projects in Andhra  –  Raksha Mantri Rajnath Singh  and Andhra Pradesh CM  N. Chandrababu Naidu  laid foundation stones and presided over grounding ceremonies of strategic aerospace and defence projects at  Puttaparthi, Sri Sathya Sai district  – a big push for indigenous defence manufacturing.

  • Two new spider species discovered in Nagaland  – The  Zoological Survey of India (ZSI)  has discovered two new spider species named 

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