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    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
    Sensex gains 152 pts in volatile session as RBI keeps policy rates unchanged
    DRI seizes 364 metric tonne (MT) banned Pakistan-origin dry dates imports worth Rs. 3 crore
    Rupee gains 13 paise to close at 95.15 against US dollar post-RBI policy decision
    ED raids premises linked to ex-Andhra MLA Malla Vijaya Prasad in chit fund scam
    'Gungi gudiya' remark against Sunetra shows Cong's 'ideological bankruptcy': NCP leader Tatkare
    RBI holds interest rates for fourth straight meeting, awaits clearer inflation outlook
    Highlights of RBI's August monetary policy
    RBI targeting polymer currency notes launch in early FY28: Guv Malhotra
    Two women held at Delhi airport with 1 kg gold concealed as silver-coated armlet
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    India's services sector growth hits four-and-a-half-year low in July on weak demand: PMI
    SC grants interim bail to businessman Anwar Dhebar in manpower commission 'scam' case
    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
    RBI marginally raises FY27 GDP growth projection to 6.7 pc, lowers inflation forecast
    Collaboration, Inclusion and Entrepreneurship: How SIDBI MSME Samvaad Is Shaping the Future of India’s MSME Ecosystem
    RBI keeps policy rate unchanged for third time in row in FY27 amid West Asia crisis
    RBI keeps policy rate unchanged for third time in row amid West Asia crisis
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    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
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    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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.
    August 5, 2026
    Show AI Summary
    Foreign exchange market movement strengthens as lower crude prices and monetary policy signals influence the rupee's direction.
    Foreign exchange market movement saw the rupee appreciate against the US dollar in early trading, supported by lower crude oil prices, a softer dollar index, domestic equity gains and net foreign institutional investment. Market attention centred on the Reserve Bank of India's monetary policy decision, with expectations of an unchanged benchmark repo rate. Policy communication on inflation and developments in Hormuz-related talks were identified as factors that could influence the rupee's direction.

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      Customs, DGFT & SEZ

      Assumption of the Vice Chair by India of the Asia Pacific Region for the World Customs Organisation (WCO); MOS (Finance):Customs administrations need to become more efficient by reducing the transaction costs associated with Customs formalities, so that trade flows are not unnecessarily restricted

      July 16, 2018

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      The Minister of State for Finances, Shri Shukla asked the Customs officials to balance the twin objectives of facilitating the trade and managing the increased risks associated with cross border trade. He also asked them to ensure that the entire supply chain is secure and safe. The Minister said that Customs administrations need to become more efficient by reducing the transaction costs associated with Customs formalities, so that trade flows are not unnecessarily restricted. Shri Shukla said that the Customs administrations also need to become more effective by developing robust risk management and targeting systems so as to ensure that our societies are protected against the ever-increasing threats of illegal trade, trafficking and money laundering.The Minister of State for Finance, Shri Shukla was addressing the distinguished gathering at a function organised here today in New Delhi to mark the assumption of Vice Chair Office by India of the Asia Pacific Region for World Customs Organisation (WCO). The event to mark Assumption of Vice-Chair Office by India was organised by the Central Board of Indirect Taxes and Customs (CBIC) in partnership with CIIwhich was attended among others by the Customs Delegates of more than 30 countries of Asia Pacific Region along with representatives from other Government Agencies and the Trade.

      Speaking further on the occasion, the Minister of State for Finance,Shri Shukla said that while Governments in the past decade have been able to find the political will to commit to a structured approach to facilitation of trade, which culminated in the signing of the WTO’s Trade Facilitation Agreement. However, he added that a lot still remains to be done for the actual implementation of the Agreement to ensure that the global economy truly reaps the benefits of trade facilitation. He appreciated the positive role played by CBIC in smooth implementation of GST in the country and simplifying the same within one year and also highlighted the innate experience of India in handling the diversities be it cultural, linguistic, economic to its advantage. Shri Shukla said that the same experience will be handy to the tax administration in coping with the varying regional diversities and aspirations of Asia Pacific people on this global stage. He assured his full support to CBIC for the role of Vice Chair. He also admired the brave Custom Officers who laid their lives while performing their duties with full commitment, sincerety and dedication.

      India has assumed the Vice Chair of the Asia Pacific Region for the World Customs Organisation (WCO) and will be heading the Region for a period of 2 years from 2018 to 2020. The flag of Vice Chair was handed-over to India from the outgoing Vice Chair, Fiji in the Council Session at WCO, Brussels, held from 28thto 30thJune, 2018.

      The Minister of State for Finance, Sh. Shiv Pratap Shukla was the Chief Guest for the occasion. WCO Secretary General,Dr. Kunio Mikuriya attended the Assumption Ceremony and delivered the Keynote Address. The Customs Heads of Japan, Mr. Atsushi lizuka, and Fiji Mr. Visvanath Das, were present among the dignitaries.

      Earlier in his Opening Address, Sh. S. Ramesh, Chairman, CBIC, expressed his gratitude to WCO and Member Countries and stated that India has been associated with WCO since 1971 and has been contributing for the integral development, and promoting people to people contact among the Member Countries in the Asia Pacific Region. He also mentioned that in the present times, the rapid growth of international trade has amplified the relative importance of border procedures in cutting down transaction costs. Trade Facilitation is seen as the key enabler for simplification and rationalization of procedures and reduction of barriers for the movement of goods across the border. India is committed to the path of trade facilitation and has undertaken several reforms in the last few years to reduce the time and cost at the border for clearance and release of goods. He highlighted that for the next two years, India shall have four strategic guiding principles, i.e., greater communication and connectivity within the Region, Harness Technology Advancements, give voice to the aspirations and priorities of the membership and evolve consensus on core issues.

      In his Key Note Address, the Secretary General WCO,Dr. Kunio Mikuriyathanked outgoing Vice Chair of Asia Pacific Region, Fiji and appreciated the good coordination among the AP Member administrations and expressed his confidence in the successful takeover of this role by the CBIC.

      Secretary General, WCO,Dr. Kunio Mikuriya welcomed India as a new Vice Chair and expressed confidence in India’s capabilities of steering Asia Pacific region. He also talked about India’s long association with WCO and applauded India’s effort in global participation in terms of National Trade Facilitation Action Plan. He thanked India for the support for his re-election as Secretary General of WCO and assured his full support to A/P Region. He also appreciated India’s efforts in Risk management, Data Base Valuation and use of the India ‘expertise for many African counties. He emphasized the use of technology and requested Member Countries to use the modules and tools developed by WCO.

      Sh. Pranab Kumar Das, Member (Customs), CBIC spoke about India’s initiatives w.r.t. steps taken by Indian Customs for facilitating trade and “Ease of Doing Business”.  He highlighted that “in our National Trade Facilitation Action Plan, we have a concrete vision in place now for transforming the trade ecosystem towards more expeditious and efficient cargo clearances. This is not just the requirement of TFA but is also required as a step in the direction of Ease of Doing Business, which will hugely facilitate trade under which importers and exporters will be able to lodge documents at a single point, reducing interface with Governmental agencies, dwell time and the cost of doing business. Combination of AEO, DPD and Advance filing of import declarations have significantly reduced the overall cargo release time in imports”.

      Delegates from Fiji, Japan and Korea congratulated India for assuming Vice Chair and appreciated India’s role and contribution at this global platform.

      There were also, addresses by Australia, Singapore, GATF and Private Sector on various facets of Trade Facilitation highlighting the theme of – “Customs Facilitating Cross Border Clearances”.

      In concluding remarks, the Joint Secretary (Customs), CBIC, Department of Revenue, Government of India, Sh.Satya Srinivas, , expressed thanks to the Minister of State for Finance, for his support and time and also extended gratitude to WCO and all foreign delegation for supporting India to become Vice Chair of the Asia Pacific Region for the World Customs Organisation (WCO).

      This event marking the opening of Vice Chair office is being followed by an high level  seminar on E-commerce Framework of Standards(adopted by WCO recently) for the delegates from member countries of the region.

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