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August 10, 2026
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Russian crude imports reshape India's refining trade as processed petroleum products reach sanctioning jurisdictions despite import restrictions.
Indian imports of Russian crude oil reached a second consecutive monthly record in July 2026, with Russian crude forming the dominant share of India's Russian fossil-fuel purchases and more than half of total crude imports. Higher receipts through smaller terminals offset reduced volumes at Paradip. Indian refineries processing Russian crude also exported refined petroleum products to sanctioning jurisdictions, including the European Union, Australia and the United States, despite the European Union prohibition on imports of oil products made from Russian crude.
August 10, 2026
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Cyber-fraud through stolen phones allegedly used mule accounts, banking credentials and coordinated technical operations to divert victims' funds.
Investigation into unauthorised withdrawals after theft of a mobile phone uncovered an alleged interstate cyber-fraud network using stolen devices, linked banking credentials and mule bank accounts. The scheme allegedly involved phone theft, supply of accounts and banking instruments, and a technical operation that accessed victims' accounts and routed funds for withdrawal or transfer. Digital surveillance, transaction mapping, seized devices, victim data and transaction records are being examined to identify linked complaints and the extent of funds allegedly diverted.
August 10, 2026
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Rupee depreciation reflected stronger dollar, elevated crude prices and geopolitical uncertainty, while portfolio inflows and equity gains provided support.
The rupee depreciated against the US dollar amid a stronger dollar, higher global crude oil prices and uncertainty surrounding West Asia-related negotiations. Concerns over crude oil's potential impact on the trade deficit weighed on the currency, while positive domestic equity markets and foreign portfolio investment inflows provided support. Market caution remained focused on forthcoming US inflation data, dollar-index movements and Brent crude prices. Foreign-exchange reserves increased during the reported period.
August 10, 2026
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Collateral-free personal loans offer extended repayment flexibility, conditional reward benefits, and online application subject to eligibility and disbursal requirements.
Loan Utsav 2026 provides eligible Bajaj Finance Personal Loan applicants an exclusive reward bundle where the loan is successfully disbursed during the campaign period. The collateral-free facility supports personal expenses, offers repayment tenures from 12 to 108 months, and may enable lower monthly EMI obligations through a longer selected tenure. Interest rates depend on eligibility, credit assessment, financial profile and lending criteria. Online applications require personal and financial details and required documents, with disbursal for eligible applicants possible after verification and approval.
August 10, 2026
Show AI Summary
Credit card payment flexibility supports seasonal shopping and travel through eligible EMIs, rewards, tracking tools and conditional merchant benefits.
Credit-card spending features include conversion of eligible purchases into EMIs, selected no-cost EMI options, reward points, cashback, merchant discounts and payment flexibility. Travel-related benefits may include domestic airport lounge access, travel-booking discounts, fuel-surcharge waiver and anniversary-linked rewards. The AU 0101 application enables transaction tracking, balance and interest-rate monitoring, EMI conversion and bill-payment management. Features and offers are subject to change, customer eligibility, internal policies and partner-merchant terms.
August 10, 2026
Show AI Summary
Foreign-exchange market conditions weakened the rupee as stronger dollar and crude prices offset support from reserve growth and inflows.
Foreign-exchange market conditions saw the rupee weaken against the US dollar in early trading, influenced by a stronger dollar and higher global crude oil prices. Foreign institutional equity inflows and increased foreign-exchange reserves moderated pressure on the rupee. Market attention remained focused on developments in West Asia and the Reserve Bank of India, alongside movements in the dollar index, crude oil prices and domestic equity markets.
August 10, 2026
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GI-tagged Mithila Makhana export facilitation expands sea-route market access while supporting quality compliance and farmer-linked value chains.
Export facilitation for GI-tagged Mithila Makhana enabled the first commercial sea-route shipment from Bihar to Australia. APEDA, in association with the Bihar agriculture department, supported market access, coordination, capacity building and stakeholder engagement. The export model is intended to improve farmer price realisation, require adherence to global quality standards, and strengthen growers, processors and exporters. A separate HS Code for Makhana has taken effect under the Finance Bill, 2025, supporting product-specific trade classification.
August 10, 2026
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Startup ecosystem support expands through digital payments, cloud access, AI innovation, investment readiness, governance support and global market programmes.
DPIIT has entered into strategic MoUs to support DPIIT-recognised startups through payment infrastructure, entrepreneurship development, cloud technology, mobility innovation, investment readiness and global-market access. Eligible startups may receive payment and cloud support, technical training, mentorship, startup formalisation assistance, market and investor connections, AI and mobility enablement, and programmes addressing governance, financial readiness, compliance and international expansion. The collaborations promote innovation across digital payments, clean energy, artificial intelligence, climate technology, advanced manufacturing, mobility and automotive technology.
August 10, 2026
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UPI transaction charges remain unavailable for consumers and person-to-person payments, while limited threshold-based merchant MDR may be considered.
Proposed amendment of section 10A of the Payment and Settlement Systems Act, 2007 is intended to support UPI sustainability, technological advancement and resilience. Consumer payments and person-to-person transactions are to remain free. Any future merchant discount rate would apply only to limited merchant transactions above a threshold, at a nominal rate, while most merchant transactions remain free. The framework supports investment in cybersecurity, fraud prevention and infrastructure, alongside a self-sustaining and inclusive digital-payment ecosystem.
August 10, 2026
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Fair competition cooperation in renewable energy markets advances knowledge-sharing and evidence-based enforcement across interconnected digital and energy markets.
BRICS competition authorities adopted a Joint Statement strengthening cooperation to promote fair competition, including in renewable energy markets. Cooperation focuses on dialogue, knowledge-sharing and consideration of cross-border competition challenges in digital markets, emerging technologies and the energy transition. Competition enforcement is to remain principled and evidence-based, supporting efficiency, consumer welfare, innovation and merit-based competition. A collaborative renewable-energy competition study identified evolving market dynamics and areas for future cooperation.
August 10, 2026
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Cost optimisation in public finance strengthens investment decisions, risk allocation, indigenous manufacturing and value-driven government expenditure through specialised financial expertise.
ICoAS cost optimisation supports public financial management through prudent resource utilisation, financial oversight and improved cost management across government. Its role includes supporting indigenous manufacturing, better investment decisions, efficient public expenditure and maximum value for public spending. With greater private-sector participation and Public-Private Partnerships, ICoAS officers are expected to promote cost efficiency, appropriate risk allocation and sound project structuring. Capacity building emphasises integrity, financial modelling, data visualisation, analytical frameworks and artificial intelligence for improved public-finance management.
August 9, 2026
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Co-operative development financing would expand through direct assistance, share-capital participation and wider operational powers for sectoral support.
National Cooperative Development Corporation (Amendment) Bill, 2026 proposes to broaden the Corporation's mandate to promote co-operative development. It would permit direct loans and grants to co-operative societies and other entities engaged in co-operative development, where funds are used for co-operative purposes. With Central Government approval, the Corporation could participate in the share capital of such entities. The proposals also expand the meaning of foodstuffs, remove geographical restrictions for industrial-goods assistance, and provide additional functional powers.
August 9, 2026
Show AI Summary
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.
August 9, 2026
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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.
August 9, 2026
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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.
August 8, 2026
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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.
August 8, 2026
Show AI Summary
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.
August 8, 2026
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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.
August 8, 2026
Show AI Summary
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.
August 8, 2026
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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.

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News and Press Release

Amendment in Indian Post Office Act

December 9, 2011

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Press Information Bureau

Government of India

Ministry of Communications & Information Technology

09-December-2011 19:07 IST

The Minister of State in the Ministry of Communication and Information Technology Shri Sachin Pilot today informed the Rajya Sabha that Government is not proposing to amend the Indian Post Office Act 1898. It is proposed to replace the existing Act and a Draft Post Office Bill is under consideration of the Government.

Replying to a written question the minister said the highlights of changes proposed to be brought through the new legislation are as follows:

1. Opening of market by reducing the exclusive privilege of Central Government:

Gradual opening of the market by phase wise removal of the monopoly proposed. Exclusive privilege reduced upto 150 gm. in case of letters and upto 50 gm. in case of express mail. Couriers can carry letters even within 150 gm and 50 gm (the reserve area) subject to them charging twice the postal rates for letters and twice the rates for express service.

2. Sunset clause:

A 15 years SUNSET clause for complete removal of exclusive privilege in express service and Parliamentary Review of exclusive privilege in case of letters is proposed.

3. Universal Service Obligation of the Central Government:

As proposed, USO is defined as the obligation of the Central Government to provide, through the Department of Posts, basic postal services at reasonable access, affordable price and with specified service parameters throughout the country. Commitment to provide postal service, delivery and access to post office 6 days of the week except holidays.

4. Definitions:

Definitions of certain ‘terms’ are proposed keeping in view the definition adopted by different countries, as also the requirement of customers i.e.

(a)“Postal services” means services provided by the Central Government or on its behalf and includes services related to

(i) handling of addressed letters,

(ii) handling of addressed parcels and packages,

(iii) handling of addressed press products,

(iv) handling of these articles as registered or insured mail,

(v) express services for these articles,

(vi) handling of unaddressed articles,

(vii) Value Payable Post,

(viii) money remittance

(ix) Post Office Counter Services

(x) services on behalf of any Ministry or Department of the Central or State Governments, or services on behalf any other organization

(xi) other services not specified elsewhere;

b) “courier services” means services related to the handling of articles of mail i.e. collection, sorting, dispactch, conveyance and delivery including

(i) handling of addressed letters subject to provisions in Section 4,

(ii) handling of addressed parcels and packages,

(iii) handling of addressed press products,

(iv) express services for these articles subject to provision in Section 4

(v) handling of unaddressed articles,

(c) “express services” means postal / courier services related to handling of articles of mail and expedited delivery within a clearly specified and declared time limit with confirmation of receipt and with or without end-to-end integration to ensure track and trace and a record of delivery;

(d) “Registered Courier” means any person registered as such under Section --- and includes his employee or agent or assignee;

(e) “Licensee” means a Registered Courier who has been given licence under Section --;

5. Registration and Licensing:

The Central Government may grant registration to any person undertaking the provision of any courier service in India, who shall be called a Registered Courier. T he Central Government may also grant license to any Registered Courier, who shall be called a licensee, for providing certain specific services. There is no registration fee or licences fee. Licensing conditions involve adherence to quality, guarantee relief to customers in case of any deficiency in service and commitment to ensure confidentiality and security of letter. All operators will require registration for providing any type of courier service in India. But license will be required only for reserve area, USO and letter mail.

6. Registering Authority:

It is propose that Central Government shall appoint Registering Authority, in such manner and to perform such functions, as may be prescribed.

7. Appellate Authority:

An Appellate Authority is proposed for redressal of grievances of any person aggrieved by an order of Registration Authority.

8. Setting up Extra Territorial Offices of Exchange (ETOE) and International mail Processing Centers (IMPC) abroad:

Central Govt. may establish ETOEs/IMPCs in other countries for providing international Mail Services including express and parcel services subject to arrangements with such Postal Administrations regarding terms and conditions.

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