11 October 2026 · Daily Current Affairs

Banking and RBI

RBI tightens forex derivative rules; Foreign Exchange Risk Reserve introduced

10 October 2026 | Reserve Bank of India (Press Release 2026-2027/1305)

On 10 October 2026 the Reserve Bank of India issued two circulars, A.P. (DIR Series) Circular No. 25 and No. 26, with regulatory measures for the foreign exchange market, citing evolving conditions and the need for orderly functioning. Authorised Dealers may no longer allow users to rebook a rupee foreign exchange derivative contract that has been cancelled, though rollover on maturity continues. The threshold for undertaking forex derivative transactions without establishing an underlying exposure is cut from USD 100 million to USD 5 million equivalent, for both Authorised Dealers and exchange-traded currency derivatives.

Users hedging contracted exposures must give an undertaking that the same exposure is not hedged with another Authorised Dealer. A Foreign Exchange Risk Reserve (FERR) is introduced: for rupee forex derivative contracts above USD 2 million notional, Authorised Dealers must keep with the RBI a cash reserve equal to 20 per cent of the rupee equivalent of the notional amount. The FERR applies to contracts hedging current account exposures where the user buys foreign currency against the rupee.

Exam takeaway: FERR is a cash reserve kept with the RBI by Authorised Dealers against large rupee forex derivative contracts.

Quick revision: RBI forex curbs: threshold USD 5 mn; FERR 20% above USD 2 mn.

Economy and Finance

GST in numbers: PIB explainer after the 57th Council

9 October 2026 | Press Information Bureau

A PIB explainer posted on 9 October 2026 puts GST in numbers. Registered taxpayers rose from around 60 lakh in 2017 to about 1.70 crore as of September 2026. By 30 September 2026 the system had cumulatively processed 3,053 crore invoice uploads and 833.82 crore e-way bills. Gross GST collections reached about Rs 12.46 lakh crore in April to September 2026, up 11.6 per cent year on year.

The note recalls that GST was introduced on 1 July 2017 under the principle of One Nation, One Tax. The 56th GST Council recommended Next-Generation reforms, leaving two main rates of 5 per cent and 18 per cent and a special 40 per cent rate for select goods and services. The 57th meeting in October 2026 recommended further process reforms, including a simpler registration process with documentation and FAQs and a user-friendly portal interface.

Exam takeaway: The rate structure is two main rates plus a special 40% rate; the 57th Council focused on process reform.

Quick revision: GST: 1.70 cr taxpayers; Rs 12.46 lakh cr (Apr-Sep 2026); 5/18/40% rates.

Government Schemes

Integrated Transport and Logistics Authority approved

6 October 2026 (carried forward) | Union Cabinet, via ETInfra

ETInfra reported on 8 October 2026 that the Union Cabinet had approved, on Tuesday, setting up an Integrated Transport and Logistics Authority (ITLA). The authority will function as the apex body for integrated transport and logistics planning, research, project appraisal and monitoring, policy support and data analytics.

Experts quoted in the report said ITLA can strengthen multimodal connectivity and make better use of resources, and that the focus must now be on turning integrated planning into coordinated execution across transport modes as India works to reduce logistics costs as a share of GDP.

Exam takeaway: ITLA is meant to plan transport as one multimodal network instead of sector by sector.

Quick revision: ITLA: Cabinet-approved apex body for integrated transport planning.

Carried forward: the Cabinet approval was on Tuesday, 6 October 2026, as reported by ETInfra on 8 October.

National and International Affairs

Supreme Court: Hindu widow's limited interest can become absolute

10 October 2026 | Supreme Court of India, via LiveLaw

LiveLaw reported on 10 October 2026 that the Supreme Court held that a Hindu widow's limited interest in agricultural land can become absolute ownership under Section 14(1) of the Hindu Succession Act, 1956, and that succession must be decided under the personal law applicable at the time of her death. The Bench was Justice S.V.N. Bhatti and Justice N.V. Anjaria.

The dispute concerned about 45 bighas of agricultural land between the heirs of a woman's first husband's family and her two sons from her second marriage. The woman was recognised as a Bhumidhar under the Delhi Land Reforms Act, 1954 and died in 1973.

Exam takeaway: Section 14(1) of the Hindu Succession Act, 1956 converts a Hindu woman's limited estate into absolute ownership.

Quick revision: SC: Hindu widow's limited estate becomes absolute under s.14(1) HSA 1956.

Appointments, Awards and Important Days

ACC approves 27 joint secretary level appointments

10 October 2026 | Appointments Committee of the Cabinet, via The Hindu (PTI)

The Centre effected a bureaucratic reshuffle on Saturday, 10 October 2026. The Appointments Committee of the Cabinet (ACC) approved the appointments of 27 civil servants at joint secretary and equivalent levels. Prakash Rajpurohit, a 2010 batch IAS officer of the Rajasthan cadre, was appointed Deputy Election Commissioner for a tenure up to 8 April 2030, in place of Sanjay Kumar, according to a Personnel Ministry order.

Vivek Khare, a 1996 batch Indian Telecom Service officer, will be Joint Secretary, National Testing Agency. Varnali Deka, a 2009 batch IAS officer of the Assam-Meghalaya cadre, was named Joint Secretary, National Health Authority. Other appointments include joint secretaries in the Ministry of Home Affairs and the Department of Health and Family Welfare, Tamboli Ayyaj Fakirbhai as Executive Director at IRDAI and Rajesh Malik as Executive Director at the Food Corporation of India.

Exam takeaway: The ACC, headed by the Prime Minister, approves senior civil service appointments.

Quick revision: ACC: 27 JS-level posts; Prakash Rajpurohit Deputy Election Commissioner.

Appointments, Awards and Important Days

World Mental Health Day 2026: Lived Experiences Heard

10 October 2026 | United Nations Secretary-General's message

World Mental Health Day is observed every year on 10 October. The 2026 theme, in the UN Secretary-General's message, is 'Lived Experiences Heard: Real Voices, Real Change'. The message says people are too often excluded from decisions about their own lives and that the insights of people with lived experience are essential to effective services and policies.

The Secretary-General noted that over 80 per cent of countries provide mental health services in psychiatric hospitals, while many people wish to recover in their homes and communities. He called on governments to replace exclusion with partnership and to invest in community-centred care.

Exam takeaway: World Mental Health Day is 10 October every year.

Quick revision: WMHD 10 Oct; theme 'Lived Experiences Heard: Real Voices, Real Change'.