The Trump government has now taken off India and Switzerland from its watchlist on currency practices. Nine nations were part of the list as they met some of its criteria. The US Treasury Department in its semi-annual foreign exchange report to the Congress, there was no mention of India in the list of countries which though have been included due to some of the questionable forex policies.
In its October report, the countries part of the list includes India, China, Japan, Germany, Switzerland and South Korea. China still is there in the list and in a statement, US Treasury secretary states, "Treasury continues to urge China to take the necessary steps to avoid a persistently weak currency".
The two countries India and Switzerland have been taken off because in the 2 consecutive reports they met only a single criteria out of the 3 to be included in the watchlist.
Tagging a nation as a currency manipulator does not come with any immediate penalty but has the potential to rattle the financial markets of that particular nation.