India’s Satcom Battlefield, RBI’s New FEMA Rules & More

India's Satellite Communications Controversy

A heated dispute has erupted between SpaceX founder Elon Musk and the Indian government over Starlink's launch in India. Musk has accused certain "oligarchs" of blocking the launch, while the government rejected these allegations and defended its regulatory framework as fair and non-discriminatory. All three licensed satcom operators – Starlink, Jio, and OneWeb – are currently stuck in the security clearance stage with the Home Affairs Ministry.

Despite receiving licenses and provisional spectrum, none of the companies can proceed to a commercial launch until the Ministry of Home Affairs approves.

RBI Implements New FEMA Rules

The Reserve Bank of India (RBI) introduced the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026, on October 1. The new framework combines goods, software, and services into a unified forex reporting system. Notably, service exports now require declaration through an export declaration form filed via a dealer bank.

However, personal transactions and small individual assignments remain exempt. Service exporters will now need better records of invoices and foreign receipts, with export proceeds needing realization within nine months.

DailyObjects Secures Funding

D2C lifestyle brand DailyObjects raised $34.3 million in its Series C round, valuing the startup at ₹1,050 crore. Founded in 2012, DailyObjects sells accessories such as phone cases, watchbands, bags, wallets, and wireless chargers through nine offline stores. The brand plans to expand its physical retail network to 150 exclusive boutiques over the next five years and aims to achieve a top line of ₹400 crore by FY27.

Government Considers MDR Deferral

The government is contemplating a proposal to defer the implementation of the merchant discount rate (MDR) on select UPI transactions. If implemented, the deferral would temporarily exempt eligible merchants with an annual turnover of up to ₹40 lakh from MDR through the festive season. This move comes after weeks of debate over a new MDR framework introduced by the finance ministry, which proposes a 0.4% levy on UPI P2M transactions above ₹2,000.