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    Government's Financial Inclusion Mission Continues to Foster Economic Empowerment Through Universal Banking, Social Security and Credit Access
    Tribunal absolves Lalit Modi of FEMA violation in 2009 South Africa IPL event
    NABARD sanctions Rs 15,056 cr for 6,175 rural infrastructure projects in Haryana
    SUPREME COURT HIGHLIGHTS
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    CARD91 offers its comprehensive PPI Suite to Indian Overseas Bank with RuPay NCMC Capability
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    SC issues notice on Venugopal Dhoot's plea against order upholding separate insolvency for VIL, VOVL
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    India’s 8th Trade Policy Review at WTO Scheduled on 21 and 23 July 2026
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    FIRST PRESS RELEASE OF INDEX OF CORE INDUSTRIES OF NEW SERIES WITH BASE YEAR 2022-23
    Central Bureau of Narcotics (CBN) India thwarts illegal trafficking of 12 crore Tramadol Hydrochloride, a.k.a. “fighter drug” tablets under “Ope...
    Trump imposes 50 per cent tariffs on Canadian goods, citing disputes over autos, alcohol and cheese
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    J'khand aiming to increase GI-tagged products to 25, Atthe Mutton among those in pipeline: official
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    July 22, 2026
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    Financial inclusion expands universal banking, social insurance, pensions and collateral-free credit for underserved households and entrepreneurs.
    Financial inclusion is pursued through universal banking under Pradhan Mantri Jan Dhan Yojana, social-security coverage through life, accident and pension schemes, and credit access for underserved borrowers. Pradhan Mantri Mudra Yojana provides collateral-free institutional finance to micro and small business units for income-generating activities. The Stand-Up India Scheme supports Scheduled Caste, Scheduled Tribe and women entrepreneurs through loans for greenfield projects in manufacturing, trading, services and agriculture-allied activities.
    July 21, 2026
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    Foreign exchange contravention liability requires evidence that the person was responsible for the overseas transfer in question.
    Foreign exchange transfer for the 2009 South Africa cricket tournament was examined under the Foreign Exchange Management Act after funds were moved to an overseas entity without prior Reserve Bank approval. The appellate tribunal set aside the penalty imposed on Lalit Modi, finding no material establishing that he was in charge of the relevant affairs or personally responsible for the alleged contravention. Liability for a foreign-exchange contravention must rest on evidence connecting the person proceeded against with responsibility for the impugned transaction.
    July 21, 2026
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    Rural infrastructure financing under RIDF supports irrigation, roads, water supply, cooperative digitisation, producer organisations and climate-resilient livelihoods.
    Rural Infrastructure Development Fund financing supports rural infrastructure in Haryana, including irrigation, roads and drinking-water assets. Rural cooperative strengthening includes digitisation and financial viability of Primary Agricultural Credit Societies, alongside promotion and financial support for Farmer Producer Organisations. Climate-resilient measures include watershed development, groundwater management, micro-irrigation, direct seeding of rice and vegetable clusters, supplemented by livelihood training for rural women and agricultural lending and project-appraisal support.
    July 21, 2026
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    Supreme Court proceedings address juvenile adult trials, insolvency, electoral representation, environmental funds and foreign-exchange complaint requirements.
    Supreme Court proceedings covered election representation, criminal justice, insolvency and regulatory compliance. The Court considered challenges concerning political-party merger approval, separate insolvency proceedings for group entities, and espionage charges. It sought responses on an appeal mechanism for persons excluded from the National Register of Citizens and alleged non-utilisation of environmental relief funds. Criminal matters included medical assessment for interim bail, a fresh trial in a blast case, and the principle that a juvenile accused of murder may face adult trial where statutory conditions for a heinous offence are met.
    July 21, 2026
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    Digital lending safeguards require verified app associations, responsible recovery, data privacy, grievance redressal and reporting channels against illegal loan apps.
    Digital lending safeguards include a public directory enabling customers to verify a digital lending app's association with a regulated entity. The Digital Lending Directions, 2025 impose mandatory requirements on recovery practices, data privacy and customer grievance redressal for regulated entities, lending service providers and digital lending apps. Measures also include blocking illegal loan applications following due process, cybercrime reporting channels, complaint facilities for unlawful money collection, and public awareness programmes on fraud prevention and risk mitigation.
    July 21, 2026
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    Authorised Dealer Category-II remittances expand to specified trade and family-maintenance payments under the revised FEMA framework.
    FEMA framework revisions described as effective from May 2026 expand Authorised Dealer Category-II activities to include specified trade remittances and family-maintenance remittances, subject to the applicable RBI and FEMA framework. EbixCash World Money Limited states that its perpetual AD-II licence carries this expanded scope. The release describes a non-bank channel for MSME and SME cross-border payments, supported by Nostro-account settlement, remittance and travel-card services, and technology-enabled compliance measures including document verification, sanctions screening, fraud detection and transaction monitoring.
    July 21, 2026
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    Foreign investment regulation: Draft rules propose simpler, principle-based compliance and clearer separation of procedural requirements from investment policy.
    Draft Foreign Exchange Management (Foreign Investment) Rules, 2026 propose a simplified, principle-based foreign investment framework. The proposals rationalise provisions, harmonise definitions, and separate procedural foreign-exchange requirements from foreign direct investment policy and sector-specific conditions. They aim to streamline procedures, reduce compliance burdens, enhance operational flexibility, and apply investor-neutral and investee-neutral provisions while preserving regulatory safeguards. The draft Rules remain subject to public consultation before finalisation.
    July 21, 2026
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    Prepaid payment instrument programme adds mobility and gift card capabilities with digital servicing subject to applicable programme conditions.
    Prepaid payment instrument programme launched for Indian Overseas Bank through CARD91's technology stack, incorporating RuPay National Common Mobility Card and Gift Card capabilities. The programme was implemented following requisite approvals, testing and compliance validation. The RuPay NCMC facility supports prepaid, tap-based payments for metro, bus and parking transactions, subject to the bank's programme conditions and user eligibility. Digital card servicing may include balance enquiry, transaction history, reload or top-up functions, and customer support, subject to applicable programme terms.
    July 21, 2026
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    Free trade agreements and e-commerce export reforms expand preferential market access, address non-tariff barriers, and support small exporters.
    Export market diversification is advanced through trade agreements, export-promotion measures and capacity building. Free Trade Agreements seek preferential market access, increased trade and investment, and support for labour-intensive exports, while technical barriers to trade provisions and engagement mechanisms address standards, regulatory requirements and non-tariff barriers. Cross-border e-commerce exports are supported through trade-finance and compliance assistance, E-Commerce Export Hubs, District Export Hubs, simplified courier-export procedures, reverse-logistics facilitation, logistics planning, duty-and-tax remission, and MSME export facilitation.
    July 21, 2026
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    Production Linked Incentive Schemes strengthen domestic manufacturing through investment support, export growth, employment generation, monitoring and eligibility reforms.
    Production Linked Incentive Schemes for 14 sectors promote domestic manufacturing, investment, exports, employment and global competitiveness. Overall coordination and monitoring rests with the Department for Promotion of Industry and Internal Trade, while sector-specific implementation is undertaken by the relevant ministries and departments. Implementation is periodically reviewed, with scheme modifications, rationalised guidelines, relaxation of specified eligibility conditions, project monitoring, stakeholder consultation and inter-ministerial issue resolution used to improve uptake and strengthen domestic manufacturing ecosystems.
    July 21, 2026
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    Separate corporate insolvency processes remain contested over foreign asset treatment, specialised resolution needs, and creditors' commercial decision-making.
    Separate corporate insolvency resolution processes for VIL and VOVL are disputed following reversal of an earlier consolidation direction. Independent processes were preferred because the entities operate in distinct sectors and may require specialised resolution, while creditors' choice was treated as commercial wisdom not ordinarily open to tribunal interference. The dispute also concerns whether foreign oil and gas assets should be treated as VIL assets, against the background of VIL's conversion from co-obligor to corporate guarantor to ring-fence those assets from domestic business liabilities.
    July 21, 2026
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    Drone technology collaboration promotes joint manufacturing, technology transfer, rural entrepreneurship and global market access through an integrated industrial ecosystem.
    India-Russia industrial collaboration in drone technology is proposed through engagement on technology transfer, joint manufacturing, research collaboration, investment, exports and global market access. Drone City is presented as an integrated ecosystem covering manufacturing, research and development, testing, certification support, skill development, incubation, warehousing, startup acceleration and international technology partnerships. Its expansion and panchayat-level entrepreneurship programme are expected to create rural drone enterprises and employment in manufacturing, component production, quality control, maintenance, logistics and technical support.
    July 21, 2026
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    WTO trade policy review will assess India's trade measures, transparency framework, reforms, and responses to member questions.
    India's eighth Trade Policy Review under the World Trade Organization framework examines its trade policies and developments during the 2021-2025 review period. The process uses a Government Report and a Secretariat Report and provides a comprehensive peer examination of border and behind-the-border trade measures to promote transparency, predictability and understanding. The review addresses trade agreements, Goods and Services Tax rationalisation, digital trade-facilitation measures, and Member questions on digitisation, MSMEs, women's economic participation, Viksit Bharat and the Atmanirbhar Bharat Abhiyan.
    July 21, 2026
    Show AI Summary
    Fisheries subsidy disciplines promote sustainable marine resource use while excluding aquaculture and inland fisheries from their scope.
    The WTO Agreement on Fisheries Subsidies disciplines subsidies concerning marine wild-capture fishing and fishing-related activities at sea. It prohibits subsidies linked to illegal, unreported and unregulated fishing and fishing of overfished stocks, promoting conservation and sustainable use of marine resources. Aquaculture and inland fisheries remain outside its scope. India's fisheries management framework is identified as supporting implementation while preserving policy space and safeguarding the interests of traditional and small-scale fishers.
    July 21, 2026
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    Revised Index of Core Industries adopts a new base year, adds iron ore, and revises sector measurement methodology.
    The revised Index of Core Industries series adopts 2022-23 as its base year, replaces the former series and expands coverage to nine industries by including iron ore. Steel is measured using gross production data, while only raw coal is retained to avoid double counting. Weights are derived from the corresponding Index of Industrial Production series and normalised to 100. A geometric-mean linking methodology connects the former and revised series. June 2026 provisional estimates show overall year-on-year ICI growth, led principally by iron ore and electricity.
    July 21, 2026
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    Risk-based export controls exposed alleged pharmaceutical diversion, prompting NDPS enforcement against transnational illicit opioid trafficking networks.
    Risk-based export controls and intelligence-led enforcement under the NDPS Act, 1985 addressed an alleged attempt to divert an export consignment of high-strength Tramadol Hydrochloride tablets into illicit international channels. Enquiries with the International Narcotics Control Board and competent authorities indicated that the declared destination had been misrepresented. The action involved seizure of the consignment and arrests of persons alleged to be connected with the export arrangement and conspiracy. The operation emphasises risk-based profiling, export-control scrutiny, intelligence sharing, and international coordination against pharmaceutical diversion and transnational drug trafficking.
    July 21, 2026
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    Trade tariffs on Canadian goods target alleged discrimination against American automobiles, alcohol and dairy products under trade law.
    United States trade action imposes tariffs on most Canadian goods, citing alleged discriminatory treatment of American automobiles, alcoholic beverages and dairy products. The measures apply to goods previously protected under the United States-Mexico-Canada Agreement, subject to exclusions for energy products, potash, fish and critical minerals. The stated grounds include Canadian retaliatory tariffs, restrictions on American alcohol sales, treatment of dairy imports, and tariffs on certain United States motor vehicles outside preferential trade treatment.
    July 20, 2026
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    Foreign exchange market movement saw rupee depreciation amid geopolitical risk, higher crude prices, stronger dollar conditions and equity outflows.
    Foreign exchange market movement saw the rupee depreciate by 6 paise to close at 96.36 against the US dollar, amid global risk aversion, higher crude oil prices, escalating US-Iran tensions and rising US Treasury yields. Market commentary indicated that anticipated Reserve Bank of India intervention could limit further downside. The report also noted a stronger dollar index, domestic equity-market declines, foreign institutional equity outflows, and an increase in India's foreign exchange reserves.
    July 20, 2026
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    Concessional foreign-exchange swaps incentivise fresh FCNR(B) deposits and foreign borrowings to strengthen balance-of-payments liquidity.
    The concessional foreign-exchange swap facility incentivises fresh FCNR(B) deposits, overseas foreign-currency borrowings and external commercial borrowings to strengthen the balance of payments and support foreign-exchange liquidity. Its availability is time-limited, with FCNR(B) deposits eligible until September 2026 and OFCB and ECB inflows eligible until December 2026. Reported inflows were primarily mobilised through FCNR(B) deposits.
    July 20, 2026
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    Geographical indication recognition protects traditional product identity while supporting rural entrepreneurship, quality maintenance, digital access and artisan market opportunities.
    Geographical Indication recognition is being pursued for additional traditional products from Jharkhand to protect product identity and expand protected regional products. GI recognition supports cultural heritage, rural entrepreneurship and market access for artisans and primary producers. Post-registration measures emphasise product-quality maintenance and digital e-commerce access, alongside skill development, marketing initiatives, rural haats and support for non-farm sectors.

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      ₹1,65,105 crore gross GST revenue collected for July 2023; records 11% Year-on-Year growth

      August 1, 2023

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      Gross GST collection crosses ₹1.6 lakh crore mark for 5th time since inception of GST

      Revenues from domestic transactions (including import of services) are 15% higher Year-on-Year

      The gross GST revenue collected in the month of July, 2023 is ₹1,65,105 crore of which CGST is ₹29,773 crore, SGST is ₹37,623 crore, IGST is ₹85,930 crore (including ₹ 41,239 crore collected on import of goods) and cess is ₹11,779 crore (including ₹ 840 crore collected on import of goods).

      The government has settled ₹39,785 crore to CGST and ₹33,188 crore to SGST from IGST. The total revenue of Centre and the States in the month of July 2023 after regular settlement is ₹69,558 crore for CGST and ₹70,811 crore for the SGST.

      The revenues for the month of July 2023 are 11% higher than the GST revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) are 15% higher than the revenues from these sources during the same month last year. It is for the fifth time, the gross GST collection has crossed Rs. 1.60 lakh crore mark.  

      The chart below shows trends in monthly gross GST revenues during the current year. The table-1 shows the state-wise figures of GST collected in each State during the month of July 2023 as compared to July 2022 and table-2 shows the SGST and SGST portion of the IGST received/settled to the States/UTs in July’2023.

      State-wise growth of GST Revenues during July 2023[1] (Rs. in crore)

      State/UT

      July’22

      July’23

      Growth(%)

      Jammu and Kashmir

      431

      549

      27

      Himachal Pradesh

      746

      917

      23

      Punjab

      1733

      2000

      15

      Chandigarh

      176

      217

      23

      Uttarakhand

      1390

      1607

      16

      Haryana

      6791

      7953

      17

      Delhi

      4327

      5405

      25

      Rajasthan

      3671

      3988

      9

      Uttar Pradesh

      7074

      8802

      24

      Bihar

      1264

      1488

      18

      Sikkim

      249

      314

      26

      Arunachal Pradesh

      65

      74

      13

      Nagaland

      42

      43

      3

      Manipur

      45

      42

      -7

      Mizoram

      27

      39

      47

      Tripura

      63

      78

      23

      Meghalaya

      138

      175

      27

      Assam

      1040

      1183

      14

      West Bengal

      4441

      5128

      15

      Jharkhand

      2514

      2859

      14

      Odisha

      3652

      4245

      16

      Chhattisgarh

      2695

      2805

      4

      Madhya Pradesh

      2966

      3325

      12

      Gujarat

      9183

      9787

      7

      Daman and Diu

      313

      354

      13

      Dadra and Nagar Haveli

      Maharashtra

      22129

      26064

      18

      Karnataka

      9795

      11505

      17

      Goa

      433

      528

      22

      Lakshadweep

      2

      2

      45

      Kerala

      2161

      2381

      10

      Tamil Nadu

      8449

      10022

      19

      Puducherry

      198

      216

      9

      Andaman and Nicobar Islands

      23

      31

      32

      Telangana

      4547

      4849

      7

      Andhra Pradesh

      3409

      3593

      5

      Ladakh

      20

      23

      13

      Other Territory

      216

      226

      4

      Center Jurisdiction

      162

      209

      29

      Grand Total

      106580

      123026

      15

      [1] Does not include GST on import of goods

      Amount of SGST & SGST portion of IGST settled to States/UTs in July’2023 (Rs. in crore)

      State/UT

      SGST collection

      SGST portion of IGST

      Total

      Jammu and Kashmir

      234

      429

      663

      Himachal Pradesh

      233

      285

      518

      Punjab

      727

      1138

      1865

      Chandigarh

      57

      133

      190

      Uttarakhand

      415

      210

      625

      Haryana

      1610

      1256

      2866

      Delhi

      1221

      1606

      2827

      Rajasthan

      1380

      1819

      3199

      Uttar Pradesh

      2751

      3426

      6176

      Bihar

      718

      1469

      2187

      Sikkim

      30

      53

      83

      Arunachal Pradesh

      37

      113

      150

      Nagaland

      18

      70

      88

      Manipur

      23

      58

      80

      Mizoram

      22

      57

      79

      Tripura

      40

      86

      125

      Meghalaya

      50

      99

      149

      Assam

      451

      696

      1146

      West Bengal

      1953

      1531

      3483

      Jharkhand

      721

      330

      1051

      Odisha

      1300

      416

      1716

      Chhattisgarh

      627

      382

      1009

      Madhya Pradesh

      1045

      1581

      2626

      Gujarat

      3293

      1917

      5210

      Dadra and Nagar Haveli and Daman and Diu

      56

      29

      85

      Maharashtra

      7958

      4167

      12124

      Karnataka

      3181

      2650

      5831

      Goa

      173

      146

      320

      Lakshadweep

      2

      13

      14

      Kerala

      1093

      1441

      2534

      Tamil Nadu

      3300

      2119

      5419

      Puducherry

      41

      57

      99

      Andaman and Nicobar Islands

      11

      25

      37

      Telangana

      1623

      1722

      3345

      Andhra Pradesh

      1199

      1556

      2755

      Ladakh

      11

      47

      58

      Other Territory

      19

      55

      75

      Grand Total

      37623

      33188

      70811

       

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