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    Rupee gains 20 paise to close at 95.08 against US dollar post-RBI policy decision
    TN Budget: Revenue deficit at Rs 55,775 crore, fiscal deficit estimated at Rs 1,21,819 crore
    Tatkare slams ‘gungi gudiya’ jibe against Sunetra; Cong says row being exploited for political gains
    RBI invites public comments on Draft Guidelines for ‘on tap’ Licensing of Urban Co-operative Banks
    Pakistan-origin dry dates, routed through UAE, seized at Kandla port
    RBI keeps rates unchanged, retains neutral stance; outlook uncertain on El Nino, geopolitical risks
    Government Notifies Inventory-based Cross-border E-Commerce Export Framework under Foreign Trade Policy 2023
    Customs official among 5 held for smuggling gold of Rs 1.44 crore at Indore airport
    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
    Sensex trades higher, Nifty flat post RBI policy
    India's services sector growth hits four-and-a-half-year low in July on weak demand: PMI
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    August 5, 2026
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
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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
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
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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.

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      Corp. Laws, SEBI & IBC

      Unfair Business Practice by Insurance Companies

      July 24, 2019

      Contents
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      The Insurance Regulatory and Development Authority of India (IRDAI) has put in place Integrated Grievance Management System (IGMS), which captures the complaints registered against all insurers. A statement showing the number of complaints received and attended to in the said system against both public and private general insurers during the last 3 years and the current year is given in Annexure.

      IRDAI has notified IRDAI (Protection of Policyholders’ Interests) Regulations, 2017. Vide Regulation 5(1)(iv) of the said Regulations, the IRDAI has mandated all insurers to have in place a board approved policy which shall contain steps to be taken to prevent mis-selling and unfair business practices at point of sale and service. Further, vide Regulation 6, prescribed specific point of sale provisions to be complied with by all insurers, agents and intermediaries. In case any insurer, agent, intermediary violates the above provision the IRDAI can initiate action against them.

      IRDA (Advertisement and Disclosure) Regulations, 2000 and other guidelines relating to advertisements are aimed at ensuring that any communication (including those on the internet) which directly or indirectly result in eventual sale or solicitation of policy should not be unfair or misleading. 

      IRDAI has also notified various other regulations namely IRDAI (Appointment of Insurance Agents) Regulations, 2016, IRDAI (Registration of Corporate Agents) Regulations, 2015, IRDAI (Insurance Brokers) Regulations, 2018 prescribing code of conduct for agents, corporate agents and brokers so that they do not resort to mis-selling and unfair business practices at point of sale.

      This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs in a written reply to a question in Rajya Sabha

      Annexure

      Complaints received against all general insurers during last 3 years and current year 

      S.No

      Name of the Insurer

      2016-17

       

      2017-18

       

      Opening Balance

      Reported during the year

      Attended to during the year

      Pending at the end of the year

      Opening Balance

      Reported during the year

      Attended to during the year

      Pending at the end of the year

      1

      Agriculture Insurance*

      -

      -

      -

      -

      -

      -

      -

      -

      2

      ECGC of India

      55

      8

      11

      52

      52

      9

      8

      53

      3

      National Insurance

      180

      4680

      4671

      189

      189

      5571

      5591

      169

      4

      The New India Assurance

      139

      4208

      4312

      35

      35

      4820

      4852

      3

      5

      The Oriental Insurance

      129

      2673

      2672

      130

      130

      2743

      2121

      752

      6

      United India Insurance

      22

      7484

      7394

      112

      112

      9425

      9212

      325

      (i)

      Total - PSU insurers

      525

      19053

      19060

      518

      518

      22568

      21784

      1302

      1

      Acko General

       

       

       

       

       

       

       

       

      2

      Aditya Birla Health

      0

      5

      4

      1

      1

      251

      145

      107

      3

      Apollo MUNICH Health

      4

      1097

      1081

      20

      20

      929

      918

      31

      4

      Bajaj Allianz General 

      49

      917

      959

      7

      7

      914

      919

      2

      5

      Bharati Axa General

      37

      3579

      3609

      7

      7

      1943

      1944

      6

      6

      Cholamandalam MS General

      10

      1670

      1677

      3

      3

      439

      440

      2

      7

      CignaTTK Health

      6

      1020

      1018

      8

      8

      702

      707

      3

      8

      DHFL General

       

       

       

       

       

       

       

       

      9

      Edelweiss General

       

       

       

       

       

       

       

       

      10

      Future Generali India

      1

      2075

      2073

      3

      3

      1113

      1113

      3

      11

      Go Digit General

       

       

       

       

       

       

       

       

      12

      HDFC ERGO General

      16

      2900

      2916

      0

      0

      1037

      1037

      0

      13

      ICICI Lombard General

      90

      3587

      3589

      88

      88

      3037

      3091

      34

      14

      IFFCO Tokio General

      1

      1781

      1781

      1

      1

      1044

      1029

      16

      15

      Kotak General

      0

      25

      23

      2

      2

      63

      65

      0

      16

      L&T General

      0

      409

      409

      0

      0

      137

      137

      0

      17

      Liberty Videocon Genral

      3

      315

      315

      3

      3

      257

      260

      0

      18

      Magma HDI General

      0

      113

      96

      17

      17

      94

      62

      49

      19

      Max Bupa Health

      0

      802

      802

      0

      0

      772

      772

      0

      20

      Raheja QBE

      0

      0

      0

      0

      0

      1

      0

      1

      21

      Reliance General

      46

      1287

      1324

      9

      9

      454

      456

      7

      22

      Reliance Health

       

       

       

       

       

       

       

       

      23

      Religare Health

      6

      895

      901

      0

      0

      573

      569

      4

      24

      Royal Sundaram Alliance

      22

      808

      824

      6

      6

      778

      782

      2

      25

      SBI General

      61

      1117

      1123

      55

      55

      671

      697

      29

      26

      Shriram General

      0

      214

      214

      0

      0

      218

      218

      0

      27

      Star Health and Allied

      93

      6434

      6490

      37

      37

      4496

      4486

      47

      28

      Tata- AIG General

      1

      1473

      1473

      1

      1

      1050

      1050

      1

      29

      Universal Sompo General

      0

      528

      528

      0

      0

      454

      454

      0

      (ii)

      Total Private Insurers

      446

      33051

      33229

      268

      268

      21427

      21351

      344

       

      Grand Total [ (i)+(ii)]

      971

      52104

      52289

      786

      786

      43995

      43135

      1646

       

      2018-19

       

      Apr 19 - May 19

      Opening Balance

      Reported during the year

      Attended to during the year

      Pending at the end of the year

      Opening Balance

      Reported during the year

      Attended to during the year

      Pending at the end of the year

      0

      12

      12

      0

      0

      4

      2

      2

      53

      15

      68

      0

      0

      0

      0

      0

      169

      4739

      4891

      17

      17

      856

      708

      165

      3

      5164

      5137

      30

      30

      1020

      703

      347

      752

      2634

      3359

      27

      27

      538

      357

      208

      325

      8404

      8464

      265

      265

      1600

      860

      1005

      1302

      20968

      21931

      339

      339

      4018

      2630

      1727

      0

      11

      11

      0

      0

      186

      173

      13

      107

      595

      702

      0

      0

      147

      140

      7

      31

      1211

      1230

      12

      12

      313

      288

      37

      2

      1052

      1052

      2

      2

      221

      211

      12

      6

      1350

      1352

      4

      4

      165

      155

      14

      2

      233

      235

      0

      0

      35

      35

      0

      3

      709

      709

      3

      3

      136

      126

      13

      0

      12

      12

      0

      0

      5

      5

      0

      0

      3

      3

      0

      0

      0

      0

      0

      3

      602

      605

      0

      0

      91

      84

      7

      0

      117

      117

      0

      0

      9

      8

      1

      0

      1070

      1070

      0

      0

      193

      190

      3

      34

      2929

      2889

      74

      74

      555

      507

      122

      16

      707

      722

      1

      1

      117

      89

      29

      0

      71

      69

      2

      2

      12

      11

      3

      0

      5

      5

      0

      0

      1

      1

      0

      0

      291

      291

      0

      0

      61

      58

      3

      49

      80

      129

      0

      0

      12

      5

      7

      0

      892

      892

      0

      0

      210

      210

      0

      1

      1

      2

      0

      0

      0

      0

      0

      7

      600

      607

      0

      0

      114

      105

      9

      0

      6

      6

      0

      0

      0

      0

      0

      4

      644

      645

      3

      3

      163

      150

      16

      2

      538

      530

      10

      10

      73

      78

      5

      29

      471

      489

      11

      11

      107

      102

      16

      0

      231

      231

      0

      0

      69

      68

      1

      47

      5685

      5597

      135

      135

      1100

      1040

      195

      1

      1231

      1228

      4

      4

      229

      226

      7

      0

      446

      446

      0

      0

      70

      69

      1

      344

      21793

      21876

      261

      261

      4394

      4134

      521

      1646

      42761

      43807

      600

      600

      8412

      6764

      2248

      Source: IRDAI

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