Expansion of UPI–PayNow Linkage

Context:

NPCI International Payments Ltd. (NIPL) has expanded the UPI–PayNow real-time payment linkage by adding 13 more banks to enhance cross-border remittances between India and Singapore. Concurrently, the Ministry of Commerce has intensified trade surveillance and initiated anti-dumping investigations to curb unfair trade practices.

UPI–PayNow Linkage Expansion:

The Unified Payments Interface (UPI) and PayNow real-time payment linkage was initially launched in February 2023 between India and Singapore.
As of July 17, 2025, NIPL has added 13 additional Indian banks to the UPI–PayNow platform, increasing the total number of Indian participating banks to 19.
Users in Singapore can now send remittances to Indian recipients via apps such as BHIM, Google Pay, PhonePe, and other UPI-enabled banking apps.
This move is expected to significantly enhance financial inclusivity, reduce transaction costs, and promote formal cross-border money transfers between the two countries.
The development aligns with India’s broader Digital Public Infrastructure (DPI) and Fintech diplomacy

Anti-Dumping and Import Surveillance:

The Directorate General of Trade Remedies (DGTR), under the Ministry of Commerce, initiated eight anti-dumping investigations in June 2025 targeting imports from 12 countries including China, Taiwan, Malaysia, and EU nations.
The investigations focus on commodities such as industrial chemicals, types of paperboards, and glass wool that are allegedly being dumped below normal value, harming domestic industries.
The Directorate General of Foreign Trade (DGFT) has also imposed restrictions on the import of precious metal alloys to curb the misuse of gold import norms.
A coordinated inter-ministerial approach has been adopted for monitoring import surges and ensuring trade remedy measures are timely applied.
These steps are grounded in the WTO framework that allows anti-dumping duties when domestic industries suffer material injury due to unfair pricing by foreign exporters.