Magnus Carlsen and R Praggnanandhaa

World No. 1 and five-time World Chess Champion Magnus Carlsen has shared his thoughts on the players competing in the 2026 Candidates Tournament. According to the former world champion, Indian Grandmaster R Praggnanandhaa is the third strongest contender to win the event.

Carlsen believes that Praggnanandhaa has a good chance, but still ranks him behind two American players. The Candidates Tournament is very important in chess. The winner earns the right to challenge the current World Champion. This time, the champion is India’s D Gukesh. Eight top players will take part in the tournament, and Praggnanandhaa is the only Indian among them.The 2026 Candidates Tournament will begin on March 28 in Cyprus. Carlsen feels that Americans Hikaru Nakamura and Fabiano Caruana are the top favourites. After them, he places Praggnanandhaa. He also said that there is a clear gap between these three and the rest of the field. “Just like last time, probably the Americans are the favourites. Then we got Pragg as the third favorite, and then probably a pretty big drop off after that. Wei Yi is really good, but I don’t think he’s capable of winning enough games to win the Candidates. So it will be interesting to see,” Carlsen told Chess.com in an interview. Apart from Nakamura, Caruana, and Praggnanandhaa, the tournament will include Anish Giri from the Netherlands, Matthias Bluebaum from Germany, Javokhir Sindarov from Uzbekistan, Wei Yi from China, and Andrey Esipenko from Russia. Carlsen also spoke about players who missed out on qualifying. He feels that some strong names deserved a place in the Candidates. “I would have loved to see some more big names in the field, but then again, if you didn’t qualify, you didn’t qualify. Maybe this system should kind of account for somebody like Vincent Keymer, who was really close to qualifying a lot of times and has the highest rating of anybody who’s not there. He certainly deserved to be there, but I guess he and Arjun and a few others will have to await their returns. It’s always interesting to follow,” Carlsen added.

Many Indians looking to transfer money overseas are facing tightened scrutiny from high street banks, demanding to provide detailed proof behind the origin of the funds. This comes as rupee continues to slide against the US dollar and many rush to move their funds abroad. Over the past month, at least two Mumbai-headquartered private sector banks have asked high net worth individuals (HNIs), non-resident Indians (NRIs) and even a film production company to submit chartered accountant-certified testimonials validating the source of funds proposed to be remitted abroad, according to an ET report. In several instances, customers were also told that the certification must come from accountants empanelled with the bank, rather than a CA of their choice.

Rules for overseas fund transfers

These checks come even though the regulatory framework already lays out clear limits and conditions. Under the Reserve Bank of India’s liberalised remittance scheme (LRS), resident individuals can remit up to $250,000 annually for overseas investments, property purchases, travel and other permitted purposes, according to ET. NRIs are allowed to repatriate up to $1 million a year after selling assets or property in India. Separately, businesses are permitted to make outward remittances from current accounts to pay overseas vendors and service providers, such as a movie producer transferring funds to cover hotel stays and shooting expenses in foreign locations. “Under the RBI regulations, only own funds can be remitted under LRS,” Rajesh P Shah, partner at Jayantilal Thakkar & Co told ET.

Restrictions are particularly tight when it comes to remittances from non-resident ordinary (NRO) accounts, where borrowed funds cannot be used.NRO accounts are rupee-denominated accounts maintained by NRIs to manage income earned in India. Besides interest on fixed deposits, rental income and dividends, proceeds from redeemed mutual funds and property sales in India are typically credited to these accounts. According to Pankaj Bhuta, founder of CA firm P R Bhuta & Co, recent enforcement action may be influencing banks’ approach. He pointed to a penalty imposed on a leading bank by an appellate tribunal, noting that authorised dealer banks cannot act only as middlemen for outward remittances and must carry out due diligence to ensure the transaction complies with FEMA rules. Under RBI rules, outward remittances from NRO balances must be sourced only from legitimate receivables in India and cannot come from borrowings or transfers from other NRO accounts. “So, an authorised dealer bank may feel obliged to verify the source of funds before processing such remittances. However, a peculiar challenge arises in cases involving a change in residential status from ‘resident’ to ‘non-resident’ upon emigration. Savings bank accounts [which are subsequently redesignated as NRO accounts] often contain balances accumulated over several years, making it difficult to precisely identify the source of funds. In certain instances, despite initially furnishing income tax returns, our clients have been additionally required to provide salary certificates dating back several years to establish that the funds originated from their own income,” Bhuta said. The situation is different for corporate remittances. While LRS and NRO-related transfers prohibit the use of borrowed money, businesses face no such restriction when paying overseas vendors. These payments do not have an upper limit and can be made from working capital, including bank borrowings, provided banks verify the authenticity of invoices raised by foreign suppliers. Even so, practitioners say banks questioning the source of funds in such cases is unusual. “But assessing fund sources in such cases is strange,” said another practitioner. For years, many wealthy Indians have been shifting a portion of their assets overseas, setting up companies and trusts, transferring money to NRI relatives, and spreading wealth across currencies and jurisdictions. This strategy is often driven by diversification goals and long-term planning for the next generation, many of whom settle abroad. With the rupee hitting new lows, the urge to remit more funds has only intensified. Against this backdrop, banks’ heightened caution is being felt most acutely now, as customers pushing more money overseas encounter growing compliance hurdles.

Problems with regulations

Shah said that banks seem to be layering additional compliance requirements on top of what the rules already mandate.“Once a CA certifies the same, there should be no requirement to have an additional certificate asking for the sources of funds. But, bank compliance teams are asking for extra documents, adding to the paperwork for customers.”He further added that while bankers should do their due diligence, they should not ask for something which is unnecessary. “Over the last one month some banks are even insisting on certificates from the CAs listed with them,” he said.

Representative image (AI-generated)

The Food Safety and Standards Authority of India (FSSAI) issued a clarification on the use of the word “tea” on food packaging and labelling, stating that only beverages made from the plant Camellia sinensis can legally be sold as tea.According to the press release issued on Wednesday, the food regulator said that products such as Kangra tea, green tea and instant tea qualify as “tea” under existing food safety standards. However, the use of the term for herbal or plant-based infusions not derived from Camellia sinensis is misleading and amounts to misbranding under the law.The clarification comes after FSSAI observed that several Food Business Operators (FBOs) were marketing products like “Rooibos Tea”, “Herbal Tea” and “Flower Tea”, even though these are not obtained from the tea plant.“As per standards specified under the Food Safety and Standards (Food Product Standards and Food Additives) Regulations, 2011, tea shall be exclusively from the plant Camellia sinensis,” the regulator said. It added that labelling rules require every package to clearly indicate the true nature of the food on the front of the pack.“Therefore, the use of the word ‘Tea’ directly or indirectly for any other plant-based or herbal infusions or blends not derived from Camellia sinensis is misleading and amounts to misbranding under the provisions of the Food Safety and Standards Act, 2006,” the release stated.FSSAI further clarified that herbal or plant-based infusions that are not derived from Camellia sinensis do not qualify to be named as tea. Depending on their ingredients, such products may instead fall under the category of proprietary foods or under the Food Safety and Standards (Approval for Non-Specified Food and Food Ingredients) Regulations, 2017.Accordingly, all food business operators, including those engaged in e-commerce, have been directed to comply with the regulations and refrain from using the term “tea” for products not made from Camellia sinensis. This applies to manufacturing, packing, marketing, importing and selling such products.The regulator has also asked Commissioners of Food Safety in all states and Union Territories, as well as regional directors of FSSAI, to ensure strict enforcement of these rules. It warned that action will be taken against non-compliant businesses under the provisions of the Food Safety and Standards Act, 2006 and related regulations.

NEW DELHI: After Uddhav and Raj Thackeray joined hands, are the senior and junior Pawar also entering into an alliance ahead of the upcoming local body polls in Maharashtra? Speculation is rife after NCP (Sharad Pawar) MP Supriya Sule said that her party is in talks with Ajit Pawar and senior party leaders have spoken to each other.“Of course, we are looking at all alliances. Ajit Pawar constantly says that he has not given up that ideology. Right now, the focus is on the corporation elections. A lot of our colleagues have spoken to each other,” Sule said.“We are engaged in dialogue with them, but no decision or final offer has come,” she added.

This comes as municipal corporation elections are expected to be held next month. Against this backdrop, various parties have been working on different alliance combinations. As the BJP has established its dominance in both the Pune Municipal Corporation (PMC) and Pimpri Chinchwad Municipal Corporation (PCMC) areas, the Ajit Pawar-led NCP has been contemplating an alliance with the senior Pawar’s party in both these municipal corporations of Pune district.The undivided NCP, founded by Sharad Pawar, split in 2023, with the Ajit Pawar-led faction not only joining the BJP–Sena alliance in the state government but also bagging the “real NCP” status via an Election Commission’s ruling.The NCP (SP) has since been contesting against the NCP in various polls and on social issues.In the Maharashtra assembly elections in 2024, Ajit Pawar’s NCP upped its score from a mere six Assembly segment leads in the Lok Sabha results to a tally of 41 MLAs, in the process beating the senior Pawar’s nominees in 27 head-to-head clashes; the latter won seven of those contests.The 2024 Maharashtra Assembly elections saw the BJP-led Mahayuti alliance win 235 seats, including 132 for the BJP, 57 for the Shiv Sena, and 41 for the NCP (Ajit Pawar faction). The Maha Vikas Aghadi was reduced to 20 seats for Shiv Sena (UBT), 16 for the Congress, and 10 for the NCP (Sharad Pawar faction).

You might soon be able to grab your favourite bites from that one fast-food giant—right at your local railway station!Leading global and Indian restaurant and food chains have began approaching Indian Railways to seek clarity over the rules for setting up premium food and beverage outlets at railway stations. The fast food chains believe that sales potential at railway stations could outstrip that of airports, according to officials and industry executives. Last month, according to ET, government announced that established brands such as McDonald’s, KFC, Haldiram’s, Wow Momo and Baskin Robbins would be permitted to open outlets at railway stations. Officials said the first of these premium outlets are expected to become operational in 2026. “We want to bring the passenger experience at railway stations at par with airports,” a senior railway official told ET. He said the Catering Policy 2017 of the national transporter was amended last month to allow premium brand catering outlets at stations.‘Strong ROI’ While airports may deliver higher average order values, railway stations offer unmatched scale, said Sagar Daryani, president of the National Restaurants Association of India (NRAI). “With the right model, railway outlets can generate very strong returns on investment, driven by volume-led sales, faster TAT (turnaround time) and hopefully lower entry costs,” he said, as cited by ET. The government has announced that restaurant chains will be allotted five-year licences through e-auctions at more than 7,000 railway stations. Brands will be allowed to operate either company-owned or franchise stores. “Premium food outlets will have to maintain significantly improved quality of food and service while also paying a fixed licence fee for occupying space in stations,” the railway official said. Zonal railways will also be allowed to frame “special conditions” to ensure the feasibility of these restaurants while balancing passenger interests. According to a recent study by retail group IRHPL, beverages dominate food and beverage sales at airports, with soft drinks, coffee, juices and alcohol accounting for about 70% of airport F&B revenue. Executives said companies are expecting similar demand patterns to emerge at railway stations. “This policy unlocks massive potential for the industry, and we definitely see many upsides to opening restaurants at railway stations,” a spokesperson for Haldiram’s said. “There are small details that need to be ironed out, and we are working with the government to do this…if done right, this is going to be the next big QSR business opportunity as people of all ages and SEC (social-economic) groups travel via trains.”‘Major growth engine’ Daryani, who is also cofounder of Wow! Momo, said organised food brands could increasingly look at railways as a growth platform. “As operational frameworks mature, railways will become a major growth engine for organised food brands,” he said. The addition of premium food outlets is expected to support Indian Railways’ efforts to raise non-fare revenue, which currently contributes about 3% of its total income. A Niti Aayog assessment has highlighted significant untapped potential, noting that non-fare revenue accounts for around 30% of railway income in developed countries. Indian Railways reported non-fare revenue of Rs 588.07 crore in FY24, which increased to Rs 686.9 crore in FY25.

ULHASNAGAR: Ahead of the municipal corporation elections, Uddhav Thackeray has suffered a major political setback in Thane district, with a significant defection from Ulhasnagar. Four-time corporator of the Ulhasnagar Municipal Corporation and Shiv Sena (UBT) Kalyan district president Dhananjay Bodare quit the party and joined the BJP on Wednesday, intensifying political churn ahead of the polls.Bodare, who is considered an influential leader not only in Ulhasnagar but also in Kalyan region, joined the BJP in the presence of BJP state president Ravindra Chavan, even as election preparations gather momentum. His exit is being seen as a serious blow to the Shiv Sena (UBT), especially as he was entrusted with key organisational responsibilities for the upcoming elections.Along with Dhananjay Bodare, four other former corporators also joined the BJP. These include Bodare’s wife and sister-in-law, both former corporators from the Shiv Sena (UBT), senior leader Rajesh Wankhede, and Nana Birade, a corporator from Team Omie Kalani (TOK). Their collective entry is expected to strengthen the BJP’s position in Ulhasnagar ahead of the civic polls.Bodare is widely known as an educated and experienced corporator. However, he was embroiled in controversy in September this year following the suicide of city-based social activist Sarita Khanchandani. In her suicide note, she reportedly named Bodare along with others, alleging abetment to suicide, after which a case was registered against him. Against this backdrop, Bodare’s induction into the BJP has also raised political questions.Another prominent leader who joined the BJP is Rajesh Wankhede, a strong three-time corporator. Wankhede had contested the Assembly elections from Ambernath last year on a Shiv Sena (UBT) ticket and had secured close to 60,000 votes, indicating his political clout in the region.Meanwhile, speaking to TOI, Kumar Ailani, BJP MLA said that it is certain the BJP will have its mayor in the upcoming municipal corporation elections.At a time when all political parties are intensifying preparations for the municipal elections, the departure of senior leaders from the Shiv Sena (UBT) in Ulhasnagar and Kalyan—who were central to election planning—has created a sense of disappointment and uncertainty among local party workers. The developments are expected to significantly impact the political equations in the civic polls.