The rich list for 2016: the topper of Forbes India's wealthiest is no surprise, with Mukesh Ambani coming in at No. 1 with $22.7 billion net worth, nearly $6 billion more than Dilip Shanghvi at number 2. For context, that wealth difference between the No. 1 and 2 ranking would rank 15 on the Forbes list. The Modi government's boost to infrastructure have benefited cement and paints, which have helped a couple of new entrants - Benu Gopal Bangur of Shree Cements and Ashwin Dani of Asian Paints - reach the list. Forbes

Indian markets have bounced back up after both the US Federal Reserve and Bank of Japan kept their key rates unchanged; however the US Fed also said that they may raise rates at the end of the year. Markets are likely to remain cautious in the wake of India-Pakistan tensions, and how these develop over the next few days. Social media exploded over the past few days since the Uri attack, with some Indians appealing for calm while other users such as Sanjay Dixit conducted polls on what weapons India should respond with. 

Karnataka CM Siddaramaiah responded to the Supreme Court ruling directing the government to release more water to Tamil Nadu by saying that the order is not possible to implement, and has instead decided to convene a session of both houses on September 23 to take a decision on the issue. The order by the Supreme Court will, based on our calculations make it impossible for Karnataka to meet the drinking water needs of the state. 

Income Tax officials are targeting small eateries and roadside businesses, raiding their premises and asking them to declare their black money under the Income Declaration Scheme. Some estimates put the cash seized from store premises in Mumbai at Rs. 2 crores. ET

Photo of the day: A demon awakes, as artisans dress up a model of Kumbhakarna in preparation for a carnival in Chandigarh. Reuters