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Banks are pressing the Reserve Bank of India to soften a new foreign-exchange rule that dealers say could force the unwinding of large arbitrage positions, deepen trading losses and add fresh strain to the rupee at a fragile moment for the currency market. The central bank has told lenders to keep their net open rupee positions in the onshore deliverable market within $100 million by the end of each business day from April 10, replacing a far more flexible regime under which banks’ boards could set limits linked to capital.

The pushback from lenders has grown because the rule change lands after weeks of pressure on the rupee from higher oil prices, foreign portfolio outflows and war-driven risk aversion across global markets. The rupee touched a record low of 94.84 against the US dollar after a sharp slide this week, underscoring the urgency with which the central bank is trying to contain volatility and regain influence over price formation in the domestic market.

At the heart of the dispute is a trading structure that banks have used to profit from differences between the onshore market and the offshore non-deliverable forward, or NDF, market. Under the earlier framework, dealers could offset positions across the two venues without breaching broader exposure limits. The new rule narrows that room sharply by capping end-of-day net open rupee exposure in the onshore deliverable market, regardless of how positions are balanced elsewhere. Traders told Reuters that arbitrage books likely to be affected are worth about $10 billion to $18 billion, while Bloomberg reported that banks see total unwinding pressure building toward roughly $30 billion.

That distinction matters because the RBI appears to be targeting a channel through which offshore pricing has increasingly spilled back into the domestic market. By tightening end-of-day exposure, the central bank is seeking to reduce the ability of banks to transmit volatility from the NDF market into onshore rupee trading, while making its own intervention in the domestic market more effective. That objective fits with a broader pattern this month, as the RBI has been active in spot, futures and non-deliverable forward markets to steady the currency.

Banks, however, argue that the speed of implementation could be costly. Treasury officials have warned that compressing positions before the April 10 deadline may force disorderly exits, widen onshore-offshore spreads and crystallise mark-to-market losses on trades that had previously been profitable. The immediate complaint is not only about tighter oversight but also about the lack of transition time for legacy positions built under the old regime. Reports from the domestic financial press say lenders have asked the central bank to reconsider or provide relief, reflecting concern that a hard cap applied uniformly across banks does not distinguish between speculative bets and market-making activity.

The central bank’s tougher line comes as India’s external buffers, while still substantial, have been tested by intervention. RBI data cited in a Reuters report showed foreign-exchange reserves at $709.76 billion as of March 13, enough to cover 11.2 months of imports and about 95 per cent of outstanding external debt. Even so, reserves had fallen notably over the month as the central bank sold dollars to smooth rupee moves. That means policymakers are trying to balance two goals at once: preserving confidence in India’s macro-financial resilience while discouraging trading structures that may amplify pressure during periods of external shock.

Another layer of complexity is that the RBI had, only weeks earlier, proposed broader reforms that would ease some foreign-exchange transaction norms for authorised dealers and give market participants greater flexibility in hedging and balance-sheet management. That makes the present clampdown look less like a reversal of liberalisation and more like a targeted response to extraordinary market conditions. For banks, though, the contrast has sharpened frustration: one arm of the regulatory agenda promises flexibility, while another has suddenly imposed a hard operational ceiling on rupee positions.

By K Raveendran US President Donald Trump’s attempt to jawbone oil lower has run into the hard edge of market reality. At the start, the strategy appeared to work. When he signalled that peace talks with Iran were possible and suggested a diplomatic opening, crude quickly gave back a large share of its war premium. […]

The article Energy Markets See Through Shallow Peace Talk, Move On Their Own Terms appeared first on Latest India news, analysis and reports on Newspack by India Press Agency).

Foreign visitors to India will have to complete a digital e-Arrival Card before landing from April 1, 2026, marking the end of the paper disembarkation card that travellers had long filled out on board or at immigration counters. The move is part of a wider technology-led overhaul of border processing that authorities say is aimed at cutting queues, improving data accuracy and giving immigration officers faster access to passenger information.

The e-Arrival Card is submitted online through the official Indian Visa Online portal, the Bureau of Immigration platform or the government’s Indian Visa Su-Swagatam mobile app. The current official guidance says the form must be completed within 72 hours before arrival and is for arrival information only, not a visa. Travellers are asked to provide passport details, travel information, contact particulars, purpose of visit and their address in India, after which a digital confirmation is generated for presentation on arrival.

The April 1 deadline is not the start of the digital system itself but the point at which the physical card is being withdrawn after a transition period. Government-linked notices issued through overseas missions said the digital disembarkation process had already come into force on October 1, 2025, while paper cards would continue temporarily for as long as six months or until further notice. An immigration advisory published this week by Fragomen, citing a government announcement, said physical cards would be permanently discontinued from April 1, 2026.

That chronology matters because it shows India is not unveiling a wholly new border form overnight, but completing a staged shift towards paperless arrival processing. The official visa portal now prominently carries a notice that foreigners and OCI card holders can complete and submit the e-Arrival Card online within 72 hours before arrival through approved government channels. That wording suggests authorities are folding the form more tightly into the wider immigration and visa network rather than treating it as a stand-alone travel add-on.

The policy aligns with a broader expansion of the Immigration, Visa, Foreigners Registration and Tracking scheme, or IVF-RT, which the Union Cabinet has approved for another five years through March 2031 with an outlay of Rs 1,800 crore. Officials have described the plan as a way to link visa issuance, immigration records, travel history and foreigner registration databases so that decisions at entry and exit points rely less on fragmented manual checks and more on integrated digital records.

For travellers, the most immediate consequence is procedural rather than legal. The e-Arrival Card does not replace a visa, e-Visa or other entry authorisation. It supplements them. A visitor who already holds valid travel permission for India will still need to file the digital arrival declaration in the permitted time window. That means airlines, travel agents, business mobility firms and universities handling international arrivals are likely to spend the next few days reminding passengers that a boarding document and an arrival declaration are now separate steps in the journey.

The government’s pitch is built around speed and visibility. Digital pre-submission allows immigration systems to receive data before a flight lands, which can reduce form-filling bottlenecks at the airport and improve risk screening. Industry specialists tracking mobility rules say the change also gives authorities stronger data control and supports more real-time monitoring of foreign arrivals. That mirrors a global pattern in which governments are replacing handwritten landing cards with app-based or portal-based pre-arrival disclosures.

There are, however, operational questions that matter for passengers. Official pages make clear that the form should be completed within 72 hours of arrival, yet some secondary reports have described slightly different timelines or suggested varying treatment of QR code presentation depending on when the form is filed. The most reliable course for travellers is therefore to follow the instructions displayed on the official government portal or app at the time of submission, rather than relying on social media summaries or copied advisories.

Another area requiring care is who exactly falls under the rule. The current official portal text explicitly refers to foreigners and OCI card holders being able to submit the e-Arrival Card, while some earlier mission notices had described OCI holders as exempt before later updates changed that position. For foreign visitors travelling on tourist, business, student or other visas, the direction is straightforward: the digital arrival filing now sits at the centre of entry processing.

“Culinary Capital” Title Reaffirmed with Over 200 Restaurants Listed in Internationally Acclaimed Gourmet Guides

HONG KONG SAR – Media OutReach Newswire – 28 March 2026 – Following last year’s “The World’s 50 Best Bars” Award Ceremony in Hong Kong, the Hong Kong Tourism Board (HKTB) this year brought the “Asia’s 50 Best Restaurants 2026” Awards Ceremony to Hong Kong for the first time. The event today (25 March) brought together over 1,000 culinary industry representatives, renowned chefs and media worldwide. Top local Cantonese restaurant The Chairman and contemporary Cantonese restaurant Wing secured first and second places respectively on the Asia’s 50 Best Restaurants 2026 list, once again highlighting the leading position of Hong Kong’s dining scene in Asia.

HKTB Chairman Dr Peter Lam said: “We extend our sincere gratitude to the Asia’s 50 Best Restaurants team for selecting Hong Kong for the first time as the host city for the Awards Ceremony. This international award recognises the outstanding achievements of the culinary sector. I am very proud of Hong Kong’s remarkable accomplishments in this year’s Awards. Together with the ‘MICHELIN Guide Hong Kong Macau 2026’ and ‘The Black Pearl Restaurant Guide’, over 200 restaurants have been listed in these internationally acclaimed gourmet guides, reaffirming Hong Kong’s position as a “Culinary Capital” in Asia. We are delighted to welcome the esteemed Asian chefs and other culinary professionals attending the Awards Ceremony to Hong Kong, and we warmly invite everyone to explore the city’s unique and diverse gastronomic charm by following the master chefs’ curated recommendations featured in the citywide ‘Taste Hong Kong’ Gourmet Guide.”

Danny Yip, owner of The Chairman, said “Being named The Best Restaurant in Asia for the second time is a huge honour for our entire team, and to achieve it here in Hong Kong makes it even more meaningful. This recognition — as well as the strong results for the city on this year’s list — reflects the depth and diversity that define Hong Kong’s dining culture today. It’s a privilege to represent our city in this way and to continue sharing the traditions and stories that shape our cuisine.”

Hong Kong Leads Asia Culinary Landscape with Two Restaurants in the Top Three

Together with the previously announced extended list of Asia’s 50 Best Restaurants (51^th – 100^th), a total of ten Hong Kong restaurants were recommended in the Asian edition of the prestigious list. These include six restaurants in the top 50: while The Chairman and Wing topped the list at first and second spots, Neighborhood (No. 24), Estro (No. 32), Caprice (No. 35), and Mono (No.46) stayed strong on the list. Four other restaurants were also feature in the extended list, namely Ta Vie (No. 68), Vea (No. 70), Andō (No. 88), and Amber (No. 90). With this stellar performance, Hong Kong reaffirming its leading position in the regional culinary scene. The winning restaurants cover a diverse range of cuisines, demonstrating Hong Kong’s unique appeal as a melting pot of global flavours and a hub for star-rated dining establishments.

In the recently announced “Black Pearl Restaurant Guide”, the number of Hong Kong entries increased to 39, up from last year, including four first-time entries – Mosu Hong Kong, founded by three-Michelin-star South Korean chef Sung Anh; Jee, a Cantonese-French fusion restaurant; contemporary Indian restaurant Leela, and Cantonese fine-dining establishment Man Ho Chinese Restaurant. In addition, homegrown chef Vicky Cheng of Chinese-French restaurant VEA, and Terry Ho, Chef de Cuisine of French restaurant Amber, received the Master Chef Award and the Young Chef Award respectively in the Black Pearl Restaurant Guide, affirming the distinguished reputation of Hong Kong’s culinary talent in the Asian dining scene. In the “MICHELIN Guide Hong Kong Macau 2026”, more Hong Kong establishments were awarded MICHELIN stars than in the previous year, bringing a total to 77 Michelin-starred restaurants in one destination, further demonstrating the world-class standard of the city’s culinary scene.

Top Asian Chefs and Global Media Gather in Hong Kong to Experience the City’s Culinary

Capitalising on the opportunity presented by major culinary event being hosted in Hong Kong, HKTB arranged exchanges between leading Asian chefs and renowned local culinary talent, enabling them to experience the city’s diverse gastronomic offerings and produce promotional videos dedicated to “Taste Hong Kong”. In addition, HKTB leveraged its global network to invite media representatives from the Chinese Mainland, Taiwan, South Korea, Southeast Asia and other key markets to visit Hong Kong. In addition to attending the award ceremony for media coverage of the event, HKTB curated a series of immersive culinary experiences to fully showcase Hong Kong’s unique charm as a Culinary Capital.

Highlights of the itinerary included engaging with local master chef Vicky Cheng to gain firsthand insight into his exceptional culinary skills and cooking philosophy; participating in a dim sum workshop led by master chef Wong Lung-to, Executive Chef of Forum Restaurant, to learn how to make classic Cantonese dim sum such as siu mai (Cantonese pork dumplings) and har gow (shrimp dumplings); and joining an egg tart baking workshop. Media representatives were also invited to dine at several listed restaurants and visit emerging bars to experience Hong Kong’s diverse food and beverage culture in full. Through in-depth media coverage, the media trip will help promote Hong Kong’s distinctive culinary appeal to audiences worldwide, attracting more visitors to explore “Taste Hong Kong” and further consolidating the city’s status as a Culinary Capital.

11 Exclusive Collaborative Signature Sessions around the Awards Ceremony to Share Hong Kong’s Gastronomic Experiences

To encourage locals and visitors to immerse themselves in the vibrant atmosphere surrounding the award ceremony, HKTB partnered with the organiser for the first time this year to invite 40 internationally renowned and local award-winning restaurants to present 11 limitedtime collaborative Signature Sessions covering various global cuisines, bringing multiple tasting surprises to locals and visitors. The events attracted many locals and visitors, allowing everyone to experience the charm of global cuisines converging in Hong Kong at a single table.

Popular Variety Shows Drive Tourism and Encourage Visitors to Experience Hong Kong’s Diverse Culinary Delights through “Taste Hong Kong”

In line with the “Taste Hong Kong” Gourmet Guide launched in January, which covers all neighbourhoods across the city and features chef-recommended restaurants, HKTB has stepped up its promotional efforts in key source markets, such as the Chinese Mainland, Taiwan, New Zealand, South Korea and Southeast Asia. By collaborating with popular local food variety shows, HKTB showcased Hong Kong’s diverse dining culture to wider audiences, further enhancing international interest in Hong Kong’s culinary tourism.

In the Chinese Mainland, HKTB promoted culinary travel to Hong Kong through a Chinese New Year food programme on Shenzhen Satellite TV, with master chefs introducing restaurants recommended in the Guide and visiting specialty streets such as “Dried Seafood Street” and Shanghai Street, locally known as “Kitchenware Street”, to explore the charm of Hong Kong’s neighbourhoods. HKTB also partnered with New Zealand’s popular programme Seven Sharp, inviting media to visit Sham Shui Po to taste authentic local snacks, such as pineapple buns, milk tea, tofu pudding and dumplings, and to dine at a time-honoured Western restaurant to sample Swiss chicken wings and soufflé, showcasing Hong Kong’s diverse food culture. In addition, HKTB collaborated with Taiwan’s Super Taste, South Korea’s Boss in the Mirror, and multiple travel and food programmes in Thailand and the Philippines, featuring visits to recommended restaurants and exchanges with local master chefs. Through the broad influence of these variety shows, HKTB is actively showcasing the unique charm of “Taste Hong Kong”, attracting more visitors to embark on a culinary journey in Hong Kong.

Full results of Asia’s 50 Best Restaurants 2026: https://www.theworlds50best.com/asia/en/list/1–50
Hashtag: #HKTB

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Singapore-linked professional bodies and trade groups have opened a Professional Services Centre in Nanjing, pitching it as a gateway for Chinese companies seeking to expand into Southeast Asia and for Singapore firms looking to deepen their footprint in China. The launch took place on March 27 at a forum in Nanjing and marks the alliance’s second centre in China and third globally, according to the announcement distributed by the organisers.

The centre has been set up under an alliance led by the Institute of Singapore Chartered Accountants and supported by the Association of Small & Medium Enterprises, Institute of Valuers & Appraisers, Singapore Business Federation, Singapore Chinese Chamber of Commerce & Industry, Singapore Manufacturing Federation, Tax Academy of Singapore and the Law Society of Singapore. Organisers said the Nanjing base is intended to provide companies with legal, tax, accounting, valuation, advisory and market-entry support as they navigate cross-border expansion. The move comes as commercial links between China and ASEAN continue to broaden and as businesses face a more complex regulatory and geopolitical environment when operating across jurisdictions.

Nanjing was presented as a deliberate choice rather than a symbolic one. The alliance said the city offers strong university linkages, talent pools and institutional support, while the Singapore-Nanjing Eco Hi-tech Island provides an established platform for bilateral cooperation. That project is jointly backed by authorities in Jiangsu and Nanjing as well as Singapore’s Ministry of Trade and Industry, giving the new centre an anchor in a corridor that already carries a Singapore brand in east China.

Officials used the launch to underline the commercial logic. Nanjing Vice Mayor Xu Feng said enterprises expanding overseas depend on professional services support and described Singapore as a global hub with complementary strengths. Ernie Koh, a council member at Singapore Business Federation and vice-chairman of the research and publications committee at Singapore Chinese Chamber of Commerce & Industry, said the platform could help enterprises build capabilities and unlock opportunities across Southeast Asia. Darren Ku, a council member at ASME, said smaller companies in particular need a more coordinated route into foreign markets, from compliance to market-entry strategy. Daniel Koh, vice-president of the Law Society of Singapore, framed the legal dimension as equally important, arguing that cross-border growth now demands stronger risk management and regulatory advice.

The alliance is presenting the centre as more than a ceremonial office. It says its centres in China and Vietnam have already supported more than 100 businesses, and cited BIPO, the human resources technology group, as one example of a company that used the ecosystem to establish operations and build local teams in Nanjing. Those claims could not be independently verified from public disclosures in full, but they fit the broader trend of service providers bundling market access, compliance and talent support for companies trying to expand across Asia without building every capability in-house.

That broader trend matters. Enterprise Singapore continues to position China as a major destination for outward expansion, pointing to its scale, consumer market and innovation ecosystem, while also offering grants and overseas market assistance to firms venturing abroad. At the same time, ASEAN’s own data show the region’s trade in goods rose to about $3.8 trillion in 2024, and ASEAN says two-way merchandise trade with China reached $772.4 billion that year, accounting for roughly a fifth of ASEAN’s total trade. Chinese media and official commentary have since pointed to China-ASEAN trade crossing the $1 trillion mark in 2025, underscoring why service platforms that specialise in cross-border operations are multiplying.

Commercial opportunity, however, does not remove the risks. China is trying to reassure foreign investors after weaker inbound investment figures, while international companies remain alert to policy shifts, compliance burdens, data rules and geopolitical tensions. Reuters reported this month that Beijing has been signalling a more open stance to foreign business even as it works to reverse a decline in foreign direct investment. For Chinese firms heading south, Southeast Asia offers growth, manufacturing diversification and access to younger consumer markets, but it also presents a patchwork of tax regimes, legal systems and political risks that can complicate expansion plans. That is precisely the gap the Nanjing centre says it wants to fill.

The launch also reflects a wider Singapore strategy of exporting professional and business services alongside capital and trade links. Earlier alliance messaging around the Shanghai centre described a “hunt in a pack” model in which multiple associations expand together so companies can tap a bundled network rather than isolated advisers. That approach appears to be carrying over into Nanjing, with the added emphasis on helping Chinese enterprises invest in Singapore and across ASEAN, not only on helping Singapore firms move into China.