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August 5, 2026
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Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
August 5, 2026
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Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
August 5, 2026
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Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
August 5, 2026
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Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
August 5, 2026
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Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
August 5, 2026
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Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
August 5, 2026
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Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.
August 5, 2026
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Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.
August 5, 2026
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Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
August 5, 2026
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Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.
August 5, 2026
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Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
August 5, 2026
Show AI Summary
Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
The Reserve Bank retained the repo rate with a neutral stance amid uncertainty over energy prices and supply disruptions. Stock exchanges introduced the Closing Auction Session in the equity cash segment for eligible shares with futures and options contracts. This auction-based mechanism determines closing prices of eligible stocks and aims to make price discovery more transparent and robust.
August 5, 2026
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Services-sector growth slowed as weaker demand, competition and postponed orders moderated business activity, while employment improved modestly.
Services-sector growth slowed as domestic and export orders moderated amid weaker demand, competitive pressures, softer market conditions and postponed orders. Output continued to expand, but at its weakest pace in more than four years. Employment growth improved modestly, while input costs rose and firms increased selling prices. Business confidence remained positive but declined, and the composite output indicator weakened due principally to the sharp slowdown in services activity.
August 5, 2026
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Interim bail conditions require residence outside the state and trial attendance in alleged manpower commission corruption proceedings.
Interim bail was granted to Anwar Dhebar in a matter involving alleged corruption and an illegal commission mechanism linked to a state marketing corporation. Conditions require him to remain outside Chhattisgarh, attend the trial court, and provide his residential address. The allegations concern manpower supply agencies allegedly being compelled to pay commissions for clearance of legitimate bills, with proceeds routed through intermediaries. The case was registered under the Indian Penal Code and the Prevention of Corruption Act.
August 5, 2026
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Tax certainty measures revise fund-management safe harbours, electronic-payment charges, sectoral exemptions, business-trust treatment, and excess expenditure appropriation.
The Taxation and Other Laws (Amendment) Bill, 2026 proposes to replace the Income-tax (Amendment) Ordinance, 2026 and amend payment-system and tax laws. It would prohibit charges on notified electronic payments, revise safe-harbour conditions for eligible investment funds and fund managers, and expand tax exemptions for Government securities, qualifying rough-diamond sales and bonded-warehouse component storage. It also modifies exemptions concerning electronic-goods contract manufacturing, data centres and business-trust dividends, while imposing a differentiated surcharge on qualifying special purpose vehicles. A separately included appropriation bill authorises excess expenditure from the Consolidated Fund of India.
August 5, 2026
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Growth and inflation projections reflect resilient domestic activity while energy volatility, supply disruptions, and food prices sustain inflation risks.
Monetary policy projections for fiscal 2026-27 revise real GDP growth upward to 6.7 per cent and Consumer Price Index inflation downward to 5 per cent. Domestic activity is described as resilient amid global uncertainty, but inflationary risks persist from rainfall disruption, energy-price volatility, supply-chain uncertainty, and second-round effects of higher food, fuel and input costs. Core inflation is projected at 4.3 per cent for the fiscal year.
August 5, 2026
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Industry collaboration strengthens MSME competitiveness through shared resources, market linkages, capability building and inclusive support for women entrepreneurs.
MSME development is linked to collaboration, knowledge-sharing, institutional support and capability building. Industry associations can provide networking, policy advocacy, business intelligence, skills programmes, shared infrastructure and market linkages, while collective procurement, shared logistics, digital commerce and export readiness may improve competitiveness. Women-led enterprises benefit from market-oriented capability development, mentorship, continuous learning, professional networks, capacity-building programmes and institutional support. The Development of Industry Associations initiative is intended to connect associations and facilitate the sharing of best practices.
August 5, 2026
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Monetary policy rate maintenance continues under a neutral stance amid energy disruption, inflation concerns and sustained currency depreciation.
Monetary policy rate maintenance was continued with the repo rate retained at 5.25 per cent under a neutral stance amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The growth forecast was marginally increased and the inflation projection reduced. Sustained rupee depreciation against the dollar was attributed to costly oil, capital outflows, widening trade deficits and a strong US dollar.
August 5, 2026
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Monetary policy rate pause maintains a neutral stance amid energy disruption, inflation concerns and sustained rupee depreciation pressures.
Monetary policy rates were retained without change for a third consecutive review, with a neutral stance maintained amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The policy assessment noted retail inflation above the medium-term target, alongside an upward revision to growth expectations and a downward revision to the inflation projection. Continued rupee depreciation was linked to higher oil prices, capital outflows, widening trade deficits and a stronger US dollar.
August 5, 2026
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Monetary policy expectations shape equity sentiment as softer crude prices and foreign investment support domestic financial assets.
Equity market sentiment improved in early trading as lower crude oil prices and foreign fund inflows supported benchmark indices, while investors awaited the monetary policy decision. Softer crude prices, rupee recovery, improving global risk sentiment, resilient economic growth, corporate earnings and sustained foreign portfolio investment supported domestic financial assets, despite continuing global and geopolitical uncertainties.

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Customs, DGFT & SEZ

Merchandise Exports registering double digit growth for the month of May and June (12.4% and 10.22% respectively) and 7.33% for July, 2014

September 10, 2014

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Positive Trade Balance for Service Exports

Timelines for completion of activities relating to SEZs developers and units - prescribed and implemented

Procedural simplification measures initiated in DGFT

Nirmala Sitharaman addresses media persons at PIB National Media Centre

Background  

  • The year 2013-14 was in many ways a year full of challenges and opportunities. A series of international events including the impact of Euro Zone Crisis and the global slowdown had a major impact on our economy and exports.
  • While the global environment still remains challenging, policy action in India has been repositioned so as to better tackle the negative impact of external shocks.
  • The growth momentum and export competitiveness has picked up as government has instilled greater confidence among businesses. The improved outlook and pro-active policy environment will help boost exports and bring India on the trajectory of greater economic growth.
  • During year 2013-14, total value of exports was US $ 465.90 billion with Merchandise and Services Exports comprising of US$ 314.40 billion and US $ 151.5 billion respectively.  The target for total exports for year 2014-15, is US $ 500 billion with Merchandise and Services Exports expected to be US $ 340 billion and US $ 160 billion respectively.
  • As per the current rankings, India is the 19th largest exporter (with a share of 1.7%) and 12th largest importer (with a share of 2.5%) of merchandise trade in the world. In Commercial Services, India is the 6th largest exporter (with a share of 3.3%) and 7th largest importer (with a share of 2.9%).
  •  India’s share in world trade (Merchandise and Services) has increased from 1.77% in 2008 to 2.27% in 2013. Our goal is to raise this to 3.5% by 2018-19.

Key initiatives taken are:

1. Foreign Trade Policy (FTP)

The New Foreign Trade Policy (FTP) (2014-19) is on the anvil, which would include strategy, goals, road maps and time frame for increasing exports. This would be comprehensive and composite, focussing on: products which are winners and potential winners, targeted global engagements, branding and packaging measures etc.

2. Trade Promotion and Reforms  

  • Reduction in transaction costs through initiatives for simplification of documents and procedures

Re-alignment, redrafting and synchronisation of paragraphs in all Chapters of FTP/HBP to bring in more clarity, rationalize the number in Schemes (Chapter-3) and to ensure that provisions are placed in an orderly manner.  Number of columns in Application forms for various schemes is being reduced to the minimum.

  • Digitization of various processes

(i) Procedural simplification and on-line inter-ministerial consultation

In order to simplify the various procedures, it has been proposed to do inter-ministerial consultations online where exporters can file their applications on the DGFT website.  This will reduce the transaction cost and transaction time and also bring transparency in the system.

(ii) Discontinuation of printing of all authorisation and EODC – Moving towards paperless work

DGFT has proposed not to issue any authorisations in physical form and would like to issue authorisations under duty exemption, EPCG Schemes and scrips in an electronic form.  This will make a paperless transaction a reality.  We are working with CBEC to take this initiative forward.

  • Specific measures to facilitate the entry of new entrepreneurs and manufacturers in global trade by providing them the required training

Capacity Building of new entrepreneurs to become exporters:

       As part of the capacity building of new entrepreneurs `You tube’ channel of DGFT had been launched recently in respect of the following activities:

Action already completed

(a)    How to obtain an IEC number

(b)    How to view/print e-BRC

Action proposed to be taken

(a)   Online Training Programme for new entrepreneurs.

(b)  How to apply for Certificate of Origin- Non-preferential/preferential

(c)    How to file Shipping Bill for exports

(d)  How to apply for RCMC

(e)  How to file Bill of Entry for imports

(f)    How to pay fee/Duty by e-challan

(g)  How to file Application for Authorisation under Chapter 3, 4 and 5 of FTP.

  • Better (Electronic Data Interface) EDI connectivity in the ports etc. 

Exports: In 2013-14(P), 65.2% of the total value of trade is through EDI, 34.4% is through Non-EDI and 0.42% is through Manual as compared to 58.2% through EDI, 30.09% through Non-EDI and 11.7% through Manual in 2009-10. 

Imports: In 2013-14(P), 72.41% of the total value of trade is through EDI, 27.3% is through Non-EDI and 0.26% is through Manual as compared to 65.8% through EDI, 12.5% through Non-EDI and 21.8% through Manual in 2009-10 

3. India’s Strong Stand in the WTO

India has taken a leadership role to:

  • Rectify the imbalance in the Bali package implementation process and prevent the development being subverted again. Stand taken by India includes reiteration of the position that India is committed to all the Bali Decisions including Trade facilitation. However, for a balanced Bali outcome, WTO must deliver on the other Bali Decisions, including the Decision on public stockholding for food security purposes in a time bound manner.
  • Ensure a permanent solution on public stockholding for food security to correct a longstanding injustice in WTO rules. India also offered suggestions on the procedure to be followed in order to ensure time bound delivery of an outcome on public stockholding for food security. India also made a case for adopting a similar approach on all the elements of the Bali package including the LDC issues.

4. Extensive review of Special Economic Zones for re-energizing manufacturing-led exports. Governance reforms in SEZs e.g.

  • Prescription of time limits for disposal of various activities related to SEZ Developers/Units
  • Digitization of procedures
  • Standardization of procedures, harmonization of rules, formats and fees etc.
  • Decisions on modification of MAT & DDT and the dual use of infrastructure in non-processing areas, these proposals are in active consideration
  • Other issues such as those relating to Service Tax, extending the tax holiday for the pharmaceutical industry and extension of Customs ICEGATE system to the SEZ framework, are being actively pursued  

5. Mainstreaming of States in trade

  • Government of India has requested the State Governments to develop an Export Strategy. This suggestion of Government of India to mainstream States has been welcomed by them
  • Several suggestions communicated by Commerce Secretary to Chief Secretaries of States e.g. on infrastructure needs, human resource requirements, instituting export awards etc.
  • State Governments advised to appoint an Export Commissioner for coordination of all export-related activities.
  • CIM has written to the Chief Ministers of the States suggesting that they oversee the task of mainstreaming their States 

6. Plantations

  • An insurance based scheme being evolved for stabilization of prices of four plantation crops (Tea, Coffee, Rubber and Spices).
  • A National Policy for rubber sector being formulated
  • A special agency, namely the ‘Saffron Production & Export Development Agency’ (SPEDA) to be set up for development, production and marketing of saffron with headquarters in Jammu & Kashmir.
  • Additional measures for promotion of export of orthodox and packaged tea and GI branding of tea are likely to be announced in the Foreign Trade Policy. Subsidy-based support under the XII Plan will be redesigned to achieve the goal of enhancing production as well as exports.
  • Policy measures will be taken to improve quality of grown/manufactured tea. Steps will be taken to fix, within an early time frame, MRLs for chemicals authorized for use in tea cultivation in light of the CODEX standards.
  •  An exercise of resetting the goals and functions of Commodity Boards and making them more citizen-centric will be taken up.
  • Branding campaigns planned for promotion of export of specific sectors such as services, pharmaceuticals, plantation commodities, engineering, and commodities/services in which India has historical strengths such as handicrafts, yoga etc.
  • Indian Institute of Packaging to be strengthened to emerge as a technology hub/centre for setting packaging standards of export oriented products in line with international trends/norms and improving/controlling quality of export packages. 

7. Process initiated by government (as a result of DOC’s initiative) to enhance export of items from the Defence sector 

  • FDI policy modified – e.g. limit on automatic route enhanced from 26% to 49%
  • Clarity brought in as regards industrial licenses for this sector
  • Fastracking of applications
  • Listing of munitions
  • Creation of HS codes for items in this sector 

8. Forging stronger relationships in our immediate neighborhood

  • India’s trade surplus with SAARC (South Asian Association for Regional Cooperation : India, Bhutan, Pakistan, Sri Lanka, Nepal, Bangladesh and Maldives) countries has doubled, thereby, greater economic integration has been achieved in South Asia. Besides, a line of credit of US $ 1 billion has been offered to Bhutan. During the first quarter of 2014-15, exports to South Asian countries have grown by 39%.
  • As part of our larger vision, a more focused direction would be given to the utilisation of FTAs and to establish new approaches to preferential trading with Latin America, CIS region and Africa
  • Giving effect to a vision of integration in less integrated areas
  • Government will also strategise global trade engagements to conclude trade pacts, where negotiations are in various advance stages, such as with EU, PERU/Columbia, COMESA, RCEP, MERCOSUR, Russia, China, US.

9. Initiatives for Africa

  • 4th India – Africa Trade Ministers’ Meet in New Delhi on 28 November 2014; the recommendations of this Meet will be considered by the Heads of Government during the India – Africa Forum Summit – III on 4 - 5 December 2014.
  • Meeting of the India – Africa Business Council to be held, along with Trade Ministers’ Meet.   
  • India committed to substantially contribute to building African capacities through supporting education and capacity building institutions and in enhancing value addition and processing of raw materials in Africa. The Duty Free Tariff Preference Scheme offered by India has the potential to increase African exports to India.

 10. E-procurement

  • An ambitious programme for e-procurement in States to be supported
  • 23 States are already on board; others will also be taken on board; objective is wider and deeper coverage
  • The target is that over the next 1 year, there will be a shift to e-tendering for all procurement exceeding ₹ 5 lakh  

11. Corporate Social Responsibility (CSR) Initiatives through PSUs under DOC

Even before Hon’ble PM had made the announcement regarding provision of better sanitary facilities in schools on a priority basis, Department of Commerce had issued instructions to its PSUs to take up this issue under CSR. 

12. Service Sector Exports

  • Net trade balance in service sector exports for the month of May and June is US $ 5.89 billion and US $ 5.78 billion respectively.
  • The Services sector has been a major force in driving growth in the Indian economy for more than a decade. Services contribute around 60% to the GDP of the country, 35% to employment, 25% to total trade, around 40% to exports, 20% to imports and account for more than 50% of FDI into the country.

Mainstreaming of Services Exports

  • Focussed action and reforms to increase exports of Business, Professional, Tourism, Health Care and Logistic Services, R&D, Consulting, Printing and Publishing, Telecom, Construction, Educational, Entertainment Services
  • Attempt greater liberalisation of Services in the WTO 

13. Project Exports

  • Focus on Project exports, specially to Africa, West Asia, CIS countries, ASEAN and Cambodia, Laos, Myanmar and Vietnam.  

14. Improving Production Standards and Building Brand India

  • A mandatory standards regime to be  implemented, to protect consumers and also raise the quality of merchandise produced which in turn raises the capacity to export to discerning markets. 
  • This together with promotion of our traditional brands of goods like tea, spices, ayurvedic products and services like, yoga, wellness and health care as valued Indian brands can lead to greater value addition and export realization.
  • The export diversification policy pursued by the Government needs to be accelerated by expanding both the range of products and number of countries. Indian exports should move up the value chain. Export of branded goods needs to be encouraged by promoting individual brands. Manufacturing exports require strong brand promotion. Sectors like Gems and Jewellery, Leather, Textiles, Engineering etc. are striving to carve an exclusive `Brand India` niche for themselves in the world markets. 
  • India Brand Equity Foundation (IBEF) is playing a key role in product perception and production promotion strategies in international markets. IBEF’s primary objective is to promote and create international awareness of the Made in India label in markets overseas and to facilitate the dissemination of knowledge of Indian products and services. Towards this objective, IBEF works closely with stakeholders across government and industry.

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Acts Income Tax