GST compliance failures and electricity subsidy controls raise allegations of financial irregularities and potential losses to the public exchequer. Allegations based on a Comptroller and Auditor General report identified purported GST compliance failures involving outstanding tax liabilities, e-way bills generated after cancellation of GST registrations, limited bill scrutiny, non-compliance, and turnover mismatches. The allegations also concerned electricity subsidies extended to consumers with prolonged zero bills or apparent non-residence, presenting these issues as possible financial irregularities and losses to the public exchequer.
Money-laundering prosecution complaints allege fund diversion through shell entities, credit-facility evergreening, layered transactions and fictitious project expenditure. Money-laundering prosecution complaints allege that funds from toll-road projects and credit facilities were diverted through group companies, contractors, shell entities and conduit accounts. In the toll-road matter, allegedly sham or back-dated subcontracting arrangements and subsequent documentation were used to portray transfers as genuine project expenditure. In the credit-facilities matter, fresh facilities were allegedly used to repay, rotate and evergreen earlier liabilities rather than for sanctioned end-use, with funds layered and presented as legitimate business expenditure or receipts. Attached assets are sought to be confiscated as alleged proceeds of crime.
Direct Benefit Transfer pension disbursement replaces cooperative-bank doorstep delivery, while preserving home payments for beneficiaries unable to use bank accounts. Direct Benefit Transfer of social security and welfare pensions to Aadhaar-linked bank accounts is intended to replace cooperative-bank doorstep delivery, except for bedridden and similarly situated beneficiaries. The change addresses delays in remitting undistributed pensions, deficient record updates and reconciliation, duplicate payments, delivery incentives, and compliance with Direct Benefit Transfer norms. Criticism focuses on beneficiary access to linked commercial-bank accounts, possible minimum-balance deductions, exclusion of cooperative banks, and the effect on doorstep-delivery workers.
Engineering business growth supported Raymond's first-quarter performance, with export expansion, capacity investment and net-debt-free financial flexibility. Raymond Limited reported unaudited first-quarter FY27 growth in total income, EBITDA and profit before tax before exceptional items, while remaining net-debt-free with a net cash surplus. Its Engineering business comprises Precision Technology & Auto Components and Aerospace & Defence. Growth in the former was attributed to export expansion, operating leverage, product mix and cost reductions. Aerospace & Defence growth was linked to production for global OEMs, portfolio expansion and increased capacity, although margins were affected by targeted research and development investment. Forward-looking statements remain subject to regulatory, political, economic and technological risks.
Savings account selection requires comparison of effective interest, fees, digital service, access, and individual banking needs. Savings-account selection should compare effective interest returns under slab-based rates, recurring operating charges and the customer's actual banking needs. Net value depends not only on advertised rates but also on relevant minimum-balance, card, ATM, alert and transfer fees. Digital reliability, customer support, branch availability and ATM access should be assessed according to the customer's average balance, cash use, transfer frequency, travel patterns and need for in-person assistance. The suitable account is one that matches real banking behaviour.
Urban cooperative bank regulation promotes licensing, governance, compliance support and cybersecurity measures to strengthen stability and depositor confidence. Urban cooperative banks are encouraged to recognise regulatory support through liberalised branch opening, doorstep banking, demand drafts, life certificates, dedicated regulatory coordination, enhanced gold-loan limits, one-time settlements and progress towards on-tap licensing. Sound governance is material to sectoral stability, while small-borrower lending is presented as a comparatively safe lending segment. The umbrella body can support member banks through technical expertise, compliance assistance, cybersecurity solutions and participation in a security operations centre to strengthen depositor confidence.
Korean food export promotion combines buyer consultations, regulatory guidance and consumer experiences to support entry into Indian and South Asian markets. Korean food export promotion in India and South Asia combined business consultations with consumer-facing activities. Individual meetings connected Korean exporters with regional buyers and generated memoranda of understanding for products including frozen gimbap, ginseng wine and kombucha. Exporters received on-site guidance concerning non-tariff barriers, including food import customs clearance and certification requirements. Preparatory online sessions addressed import procedures, regulatory matters and consumer trends, while consumer events promoted Korean food through tasting, retail and experiential activities.
Illegal immigration enforcement prioritises dismantling entry, documentation and employment networks while requiring citizens to report information through police channels. Illegal immigration enforcement involves continuous identification and verification operations, coordination with relevant officials, and confidential investigation of networks facilitating entry, identity documentation, accommodation and employment. Enquiries extend to intermediaries, contractors, Aadhaar procurement and verification practices, rather than focusing only on apprehended individuals. Citizen vigilantism, moral policing and social-media targeting of suspected migrants are discouraged because they may compromise investigations; information should instead be given through proper police channels.
Technology, transparency and governance strengthen urban cooperative banks through modern customer services, depositor protection and cooperative-sector support. Technology adoption, transparency, sound governance and modern customer services are identified as necessary for urban cooperative banks to remain competitive. Banks are encouraged to join the sector's umbrella organisation and self-regulatory body, which provides capital, information-technology infrastructure and liquidity support. Protection of depositors' money remains a regulatory responsibility, while banks are expected to improve governance, train staff, adopt technology and enhance customer-centric services. Customer prosperity and reduced perception gaps between the central bank and urban cooperative banks are emphasised as measures to strengthen the sector.
Authorised Dealer Category-II licensing expands permissible FEMA current account and foreign trade transaction services for cross-border payment customers. An Authorised Dealer Category-II approval under the Foreign Exchange Management (Authorised Persons) Regulations, 2026 enables Paul Merchants to undertake additional permissible non-trade current account transactions under FEMA, excluding gifts and donations, and foreign trade transactions within the applicable per-transaction limit. The approval supports foreign exchange and cross-border payment services, including overseas remittances for education, medical treatment, travel, and conference or event participation.
Integrated investor claim portal modernisation advances digital KYC, streamlined verification, stakeholder-informed safeguards, and efficient investor claim settlement services. Integrated IEPFA Portal 2.0 is proposed to modernise investor claim processing through digital KYC, pre-filled Form IEPF-5, entitlement search, and a simplified e-Verification Report filing workflow. Stakeholder feedback included Aadhaar eKYC address validation, KYC for authorised representatives, entitlement-letter validation checks, bulk DSC and eSign functionality, integration of approved IEPF Form-4 data, lower-value share valuation using NSE and BSE data, and alerts for frequent address changes to prevent fraud.
Foreign capital inflows supported the rupee despite geopolitical uncertainty, oil-price pressures, and volatile global market sentiment. Foreign capital inflows supported a marginal strengthening of the rupee against the US dollar despite global risk aversion arising from uncertainty surrounding negotiations affecting the Strait of Hormuz. Higher crude oil prices and weak domestic equity sentiment remained relevant pressures. Near-term currency movement was expected to depend on developments in the negotiations, weekend decisions, US employment data, the dollar index, crude oil prices, and the reported increase in foreign exchange reserves.
Energy security through diversified sourcing protected fuel supplies during Hormuz disruption and supports domestic exploration and alternative fuels. Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.
Credit valuation adjustment framework revises derivative capital requirements through flexible basic approaches, hedge recognition, and risk-sensitive counterparty treatment. Credit Valuation Adjustment framework revisions align CVA capital treatment with final Basel III standards. Eligible banks may use the full or reduced basic approach, while banks with an insignificant volume of non-centrally cleared derivatives may calculate their CVA capital charge at 100 per cent of the counterparty credit risk capital charge. The draft also clarifies CVA hedge recognition, introduces risk weights sensitive to sector and credit quality, and separates systematic and idiosyncratic CVA risk in the full basic approach.
Leverage ratio framework amendments propose Basel-aligned capital adequacy standards, with public feedback invited on the draft directions. Proposed amendments to the leverage ratio framework would revise Chapter VII of the 2025 Commercial Banks Prudential Norms on Capital Adequacy Directions to implement the Basel Committee's Leverage Ratio 2017 Standard. Public comments and feedback on the draft Eleventh Amendment Directions, 2026, are invited until August 28, 2026, through the designated online platform, postal submission, or email.
BHAVYA Scheme project selection uses challenge-based evaluation of infrastructure, industrial ecosystems, and policy enablers under prescribed eligibility criteria. BHAVYA Scheme Phase-I proposals submitted by State and Union Territory governments will be evaluated and scored under prescribed eligibility and evaluation criteria. Challenge-based project selection considers connectivity and site suitability, quality of core, value-added and social infrastructure in the detailed project report, and the industrial ecosystem and policy enablers. The Scheme guidelines provide for completion of the first-phase selection process within one year from notification.
Multilateral trade cooperation preserves developing economies' policy space while advancing MSME finance, diversified value chains and digital services. BRICS ministers adopted measures supporting a development-centred multilateral trading system with the World Trade Organization at its core, preservation of Special and Differential Treatment, binding two-tier dispute settlement, and developing economies' policy space for food security and public stockholding. MSME measures include study of an invoice discounting mechanism and credit-assessment principles focused on cash flow rather than collateral. Value-chain measures provide for a GVC Action Plan, technical cooperation, Special Economic Zone cooperation and digitised trade documents, alongside principles for trusted cross-border digitally delivered services.
Digital public procurement promotes transparent sourcing, reduced seller charges, competition monitoring and evidence-based spending oversight through an integrated marketplace. Government e-Marketplace digitises public procurement through a unified platform promoting transparency, efficiency, good governance and wider supplier participation. Seller-facing measures include reduced transaction charges, exemption of smaller orders, a cap on maximum transaction fees and reduced vendor assessment fees. The platform uses Artificial Intelligence and Machine Learning tools to identify suspected cartelisation, collusion and order splitting, while its digital transactional trail supports expenditure monitoring, identification of inefficiencies and evidence-based policy interventions.
Criminal justice, extremist-material regulation and administrative schemes feature in reports on prosecutions, demolition practices, loan waivers and fuel policy. Criminal justice reports cover bail and an expedited trial in an assault prosecution, arrest for allegedly sheltering an accused, allegations of rape and murder of a minor, and claimed irregularities in a police recruitment examination. Regulatory developments include a ban on extremist literature associated with proscribed organisations and judicial disapproval of coercive demolition. Administrative coverage includes farmer loan-waiver transfers following Aadhaar authentication and debate over the E20 fuel-blending programme.
Foreign exchange reserves rose as foreign currency assets, gold holdings, Special Drawing Rights and IMF reserve position increased. India's foreign exchange reserves increased during the week ended July 31, principally because of higher foreign currency assets and gold reserves. Foreign currency assets include US dollar valuation effects arising from movements in currencies such as the euro, pound and yen. Special Drawing Rights and India's reserve position with the International Monetary Fund also increased. The movement followed measures to attract foreign exchange inflows, including an FCNR(B) measure, after earlier reserve declines associated with rupee pressure and dollar sales for foreign exchange market intervention.
The Prime Minister, Dr. Manmohan Singh has inaugurated the four year long celebrations of Swami Vivekananda's 150th birth anniversary in New Delhi today. Following is the text of the PM's speech on the occasion:
"I am honoured to be present here today on this very happy occasion of the inauguration of the four year long celebration of 150th Birth Anniversary of Swami Vivekananda.
It was on a September day in 1893 that a young man from India, dressed in the traditional saffron robes of a Hindu monk, addressed the Parliament of Religions in Chicago. It was the first time he had gone abroad and it was the first time he was speaking in public. Yet his first few words beginning with his greetings to the 'sisters and brothers of America' electrified the audience and brought forth an applause that lasted for over two minutes.
Swami Vivekananda's Chicago address is a proud moment in India's history and it heralded the arrival of one of India's greatest spiritual leaders on the world stage.
Swami Vivekanandaji dedicated his life to the service of his motherland and to the spiritual awakening of Indian people. He worked to instill pride in his countrymen in their cultural heritage. He tried to build a national consciousness that was modern, rational and universal.
It is a deep honour for me to be able to offer my homage to this great noble son of India, who by his words and his work inspired millions of people in our country as well as in foreign lands.
Swami Vivekananda's dress was that of a sanyasi; his calling was that of a religious leader and profound spiritual thinker. But he was not an ordinary man and his intellect and vitality would not allow him to be confined to a life of renunciation. Swami Vivekananda was always engaged with the people and he worked for their well-being and for their betterment. He travelled the length and breadth of the country and sought to enrich Indian religious thought by emphasizing the importance of work and commitment to the people in his teachings.
Vivekananda tried to spread his ideas by speaking directly to the people, especially to the youth. He believed that the absence of self-respect was at the root of India's weakness. He exhorted the people to inculcate self-respect. He wanted every Indian to be proud of being an Indian and being capable of saying that every Indian is my brother or sister. His message broke through the shackles of caste and creed and spoke of a language of universal brotherhood.
When Mahatma Gandhi visited Belur Math on Swami Vivekananda's birthday in 1921, he said, "I have gone through his works very thoroughly, and after having gone through them, the love that I had for my country became a thousand-fold."
What Gandhiji said captures the great importance of spreading Swami Vivekananda's ideas and ideals among the youth in our country today. He personified the eternal energy of the youth and their restless quest for truth. It is entirely fitting that the Government of India has declared 12th January, the birthday of Swami Vivekananda, as National Youth Day. We must work to rekindle the eternal message of this great patriot and son of India.
To carry forward his ideas, Swami Vivekananda established the Ramakrishna Mission, an organization that would be devoted to spreading the message of his spiritual master, Ramakrishna Paramhansa, while working for the welfare of the people. It is a tribute to his vision that the Ramakrishna Mission continues to earn enormous goodwill among the people a hundred years after its establishment. The monastic order has 172 branches across the globe, of which 128 are in India. The Ramakrishna Mission is widely recognized for its commendable work in the areas of value based education, culture, health, women's empowerment, youth and tribal welfare and relief and rehabilitation.
I fervently hope that Swami Vivekananda's 150th birth anniversary will be an occasion to expand the activities and good work being done by the Ramakrishna Mission. I can assure the Mission of our government's full support and co-operation in the fulfillment of the noble mission.
The Government of India has set up a National Committee, under the chairmanship of the Prime Minister, to guide the conduct of the commemorations of the 150th Birth Anniversary of Swami Vivekananda in a befitting manner.
During its first meeting last year, a number of constructive suggestions were made for events and activities to popularize the teachings of Swami Vivekananda during this anniversary year. These suggestions include the publication of his complete works, international conferences and seminars on his teachings, establishing chairs in universities, annual lectures, encouraging research in inter-faith dialogue and involving states and local organizations in commemorating Swami Vivekananda's travels in India. I expect that these ideas would soon be translated in to concrete plans of action which could be ready for implementation by the year 2013.
The Government of India has already approved a film on Swami Vivekananda by the Public Service Broadcasting Trust.
We should make special efforts to commemorate Swami Vivekananda's Address in Chicago. I understand that there is a plaque placed at the spot in the Art Institute of Chicago where the historic address was delivered and that the City of Chicago has also named the stretch of the Avenue on which the Art Institute of Chicago is located as the Swami Vivekananda way. We are working on a suitable commemorative event in Chicago.
Swami Vivekananda had very definite and enlightened views on education. He conceived of education as the primary means of rebuilding Indian society. He once said:
'The education which does not help the common mass of people to equip themselves for the struggle for life, which does not bring out strength of character, a spirit of philanthropy, and the courage of a lion - is it worth the name? Real education is that which enables one to stand on one's own legs.'
Our government has approved in principle a grant of Rs. 100 crores for a "Value Education Project" of the Ramakrishna Mission. I sincerely hope that the project will help to inculcate in our children a moral compass and a value system that provides a bulwark against the tide of commercialism and consumerism that is sweeping our societies.
I wish to end by returning to the life and message of Swami Vivekananda. He was born when India was under colonial subjugation but was never overcome with either despondency or cynicism. He confronted reality and worked tirelessly to change it. He said:
'To succeed, you must have tremendous perseverance, tremendous will. "I will drink the ocean," says the persevering soul, "at my will mountains will crumble up." Have that sort of energy, that sort of will, work hard, and you will reach the goal.'
Swami Vivekananda believed in the people of India. We need to rededicate ourselves to that belief and to his mission of building a self-confident India where each citizen has the right to his or her own self-respect, dignity and well being. With these words I once again express my great happiness for being present on this very auspicious occasion."
National Committee to guide commemorations, promote value education and institutionalize Vivekananda's social and cultural initiatives.
The Government of India has established a National Committee, chaired by the Prime Minister, to guide four years of commemorative activities for Swami Vivekananda, translating suggestions-publication of his works, international conferences, university chairs, annual lectures, research in inter faith dialogue, state and local involvement, and a commemorative event in Chicago-into implementable plans; government approval in principle extends to a Value Education Project of the Ramakrishna Mission and to a film project, with an express assurance of support and cooperation to expand the Mission's welfare, education, health and outreach programmes.
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