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    Monetary Policy Statement, 2026-27 Resolution of the Monetary Policy Committee August 3 to 5, 2026
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August 6, 2026
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Neutral monetary policy stance continues as resilient growth and food-fuel inflation risks require close macroeconomic monitoring.
The Monetary Policy Committee retained the policy repo rate and continued the neutral monetary policy stance, citing the need to assess evolving growth-inflation conditions. Domestic activity was assessed as resilient, supported by consumption, investment, credit, manufacturing, services and exports, although global uncertainty, energy prices, supply-chain pressures, geopolitical developments and monsoon conditions remain risks. CPI inflation increased mainly because of food and fuel pressures, while underlying inflation remained moderate. The Committee considered that price pressures were not yet generalised and reaffirmed its commitment to align inflation with the target.
August 6, 2026
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Closing auction price discovery and a neutral monetary policy stance shaped equity market conditions amid lower crude prices.
The Closing Auction Session in the equity cash segment introduced an auction-based mechanism for determining closing prices of eligible shares with futures and options contracts, intended to make price discovery more transparent and robust. The Reserve Bank of India retained its neutral stance and left the benchmark policy rate unchanged, pending greater clarity on the inflationary effects of higher energy costs. Future policy decisions were stated to be data dependent.
August 6, 2026
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Monthly public accounts review records receipts, expenditure, tax devolution, interest payments, subsidies, and capital spending through June.
Consolidated monthly accounts up to June 2026 report total receipts of Rs.10,49,243 crore, comprising net tax revenue, non-tax revenue and non-debt capital receipts. Tax devolution transfers to State Governments total Rs.2,63,336 crore. Total expenditure is Rs.13,57,076 crore, including revenue expenditure of Rs.10,16,818 crore and capital expenditure of Rs.3,40,258 crore. Revenue expenditure includes interest payments and major subsidies.
August 6, 2026
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Illicit psychotropic drug manufacture triggered seizure, apprehensions, and investigation into planned trafficking under narcotics control law.
Illicit manufacture and trafficking of Alprazolam and Diazepam, psychotropic substances regulated under the Narcotic Drugs and Psychotropic Substances Act, 1985, were detected at a clandestine facility. Searches recovered finished and intermediary substances, together with raw materials and reaction mixtures used in manufacture, and the goods were seized under the Act. The manufacturer and an intended buyer were apprehended, with material indicating a proposed transaction for further illicit trafficking. Preliminary investigation indicated prior involvement in illegal drug production and trafficking.
August 6, 2026
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Competition approval for hotel-sector consolidation covers share acquisitions and merger of Accor-branded hotel entities into InterGlobe Hotels.
Competition approval was granted for related share acquisitions and the merger of AAPC India, Caddie, Triguna, Srilanand Mansions, Techpark and Accent into InterGlobe Hotels. The combination involves entities jointly controlled by the Bhatia Family Group and the Accor Group, including hotel-owning and developing entities, hotel management and franchising operations, leasing activities, and captive consultancy and support services relating to Accor-branded hotels in India.
August 5, 2026
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Rupee appreciation followed unchanged monetary policy, lower crude prices, weaker dollar and expectations of orderly exchange-rate management.
The rupee strengthened after the central bank maintained its policy rate and neutral monetary-policy stance. Lower crude oil prices, a weaker US dollar and declining US Treasury yields supported investor sentiment. Earlier measures to attract capital inflows remained part of the framework supporting the rupee, while the central bank stressed its endeavour to preserve an orderly currency trajectory. Future movement was linked to geopolitical de-escalation, global risk sentiment and US economic data.
August 5, 2026
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Fiscal consolidation through revenue mobilisation and leakage control aims to reduce deficits while expanding capital expenditure capacity.
Tamil Nadu's Revised Budget Estimates for 2026-27 project a revenue deficit and fiscal deficit, with outstanding liabilities comprising public debt and public-account liabilities. Revenue mobilisation is proposed through improved tax administration, collection efficiency, closure of leakages, liquor-manufacturer privilege fees, and eligible Union grants. The strategy projects gradual deficit reduction to create room for capital expenditure, supported by expenditure reforms aimed at eliminating leakages, optimising expenditure, and improving service delivery.
August 5, 2026
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Political criticism of public office-holders raises debate over media accountability, personal remarks, and acceptable public discourse.
Political criticism followed a social-media post describing Maharashtra Deputy Chief Minister Sunetra Pawar as "gungi gudiya" in connection with a press interaction on law-and-order issues in Beed district. Congress representatives stated that the post was not a personal insult, had been deleted after adverse reactions, and was followed by an expression of regret. NCP representatives termed the expression inappropriate and stressed that the principal dignitary should conduct media interactions. Shiv Sena (UBT) representatives described the phrase as not unparliamentary and linked it to criticism of a guardian minister's public responsibilities.
August 5, 2026
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On-tap licensing for Urban Co-operative Banks enters public consultation through draft guidelines inviting stakeholder feedback.
Draft guidelines for 'on tap' licensing of Urban Co-operative Banks have been issued for public and stakeholder consultation. Comments and feedback may be submitted until September 05, 2026, through the designated online consultation facility or by written or email submission to the specified regulatory department.
August 5, 2026
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Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
August 5, 2026
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Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
August 5, 2026
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Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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.

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News and Press Release

Guidelines for permitting the use of ‘Make in India’ logo -regarding

July 22, 2015

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GOVERNMENT OF INDIA

Department of Industrial Policy & Promotion

BE-III Division

F. No.: 5(46)/2014-BE-III

Date :July 21st, 2015

Subject : Guidelines for permitting the use of ‘Make in India’ logo -regarding

1. The Department of Industrial Policy & Promotion (DIPP), Government of India has launched extensive international & domestic media campaigns under the ‘Make in India’ initiative. The “Make in India” Logo and other related proprietary material are valuable assets of DIPP. By using “Make in India” Logo, in whole or in part, the user is acknowledging that DIPP is the sole owner of the trademark and promising that user will not interfere with DIPP‟s rights and will not harm, misuse, or bring into disrepute the “Make in India” Logo.

Accordingly, the policy for use of „Make in India‟ Logo by various Government/ Semi-Government/ Private Authorities has been approved by the competent authority in DIPP:

I Use of “Make in India” Logo will be allowed without any permission for the following categories:-

(i) All establishments, offices and officers of the DIPP, Government of India.

(ii) All Central Government Ministries/Departments and Departments of State Governments/UT Administrationsfor use in programmes directly organized by them.

II For the following events, use of the “Make in India” logo may be allowed with prior approval of the DIPP, Government of India:-

(i) All Central Government Ministries/Departments/PSUs and Departments of State Governments/UT Administrations for programmes conducted in association with industry bodies likeCII/FICCI/ASSOCHAM/PHDCCI etc.

(ii) All events for which financial support is extended by the DIPP, Government of India.

(iii) For a specified period, for events organized by private bodies that promote the ‘Make in India’ initiative.

III Use of ‘Make in India’ logo by Indian Embassies/Missions abroad

(i) The use of ‘Make in India’ logo by Indian Embassies/Missions abroad will be permissible for events, brochures, publicity material and advertisements that promote the ‘Make in India’ initiative and are sponsored/supported by the Embassies/Missions.

IV Use of logo for Events, Publications, Websites / Portals

(i) Permission for use of the ‘Make in India’ logo for categories covered by paras II & III above would be considered on merit of the case, with particular emphasis on the following :

(a) nature and importance of the event

(b) profile / track record of the organisers

(c) profile of participants and delegates

(d) other deliverables offered by way of exhibition space at the venue, distribution of DIPP’s publicity material in the delegate kits, etc.

(ii) Requests for use of the ‘Make in India’ logo on publications, websites / portals would be considered only if the publications, websites / portals are related to approved sectors under ‘Make in India’. Such requests would be considered on merit of each case.

(iii) Requests for use of the ‘Make in India’ logo by individuals would be considered if such requests promote the ‘Make in India’ cause. Such requests would be considered on merit of each case.

V Use of logo for programmes on Electronic Media

(i) Requests received for use of the ‘Make in India’ logo for programmes on electronic media, such as debates, discussions or any other would be considered on merit of each case, keeping in view the following:

(a) nature of the programme

(b) profile/track record of the producers of the programme

(c) target audience

(d) contents of the programme and inclusion of manufacturing related content in the programme

(e) extent to which the programme would help in increasing awareness about approved sectors under „Make in India‟ as well as the culture and heritage of the country.

VI Procedure for grant of permission for use of ‘Make in India’ logo under categories II, III & IV

(i) All requests for use of logo under categories II (i), II (ii) & III would be considered on the basis of these guidelines on merit and approved by JS (BE-III).  For category II (iii) and V the following Committee would examine the requests and obtain the approval of Secretary (DIPP) :-

(a) Joint Secretary (BE-III) - Chairman

(b) Deputy Secretary (BE-III) - Member

(c) Director (M&C) - Member

(ii) The above Committee, constituted will be within its right to seek any additional detail in respect of requests for use of logo for Events, Publications, Websites/Portals, electronic programmes, etc., before taking any decision on the request.

(iii) All requests for use of the logo for programmes on electronic media must be received in the DIPP at least 30 days in advance along with complete details as enumerated in para IV (i) of these guidelines, for consideration of the DIPP.

VII Use of the ‘Make in India’ logo for any other purpose would be considered on the basis of merit of each case, keeping in view the visibility, impact and the extent about manufacturing or its related aspects by the Committee constituted in para VI (i) above and approval of Secretary (DIPP) shall be obtained.

VIII Permission accorded by the DIPP, Govt. of India, for use of the ‘Make in India’ logo would be subject to:

(i) The right of the DIPP to withdraw permission for use of the ‘Make in India’ logo by giving sufficient notice.

(ii) The right of the DIPP to view the proposed design and layout of ‘Make in India’ logo usage, prior to finalization of the same.

IX The applicants should submit their applications for use of ‘Make in India’ logo in the format annexed.

Format for applying for permission to use the ‘Make in India’ logo

S.No.

Activity

Details

1.

Name of the Event for which permission is being sought for use of ‘Make in India’ Logo.

 

2.

Date of Event

 

3.

Details of Participant Entities

 

4.

Purpose for which logo would be used

 

5.

Relevance of ‘Make in India’ in the proposed event

 

Name of the Applicant:

Signature:

Date:

Telephone No.:

Mobile No.:

E-mail:

Address:

Topics

Acts Income Tax