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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
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    Rupee appreciation followed unchanged monetary policy, lower crude prices, weaker dollar and expectations of orderly exchange-rate management.
    The rupee strengthened after the central bank maintained its policy rate and neutral monetary-policy stance. Lower crude oil prices, a weaker US dollar and declining US Treasury yields supported investor sentiment. Earlier measures to attract capital inflows remained part of the framework supporting the rupee, while the central bank stressed its endeavour to preserve an orderly currency trajectory. Future movement was linked to geopolitical de-escalation, global risk sentiment and US economic data.
    August 5, 2026
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    Fiscal consolidation through revenue mobilisation and leakage control aims to reduce deficits while expanding capital expenditure capacity.
    Tamil Nadu's Revised Budget Estimates for 2026-27 project a revenue deficit and fiscal deficit, with outstanding liabilities comprising public debt and public-account liabilities. Revenue mobilisation is proposed through improved tax administration, collection efficiency, closure of leakages, liquor-manufacturer privilege fees, and eligible Union grants. The strategy projects gradual deficit reduction to create room for capital expenditure, supported by expenditure reforms aimed at eliminating leakages, optimising expenditure, and improving service delivery.
    August 5, 2026
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    Political criticism of public office-holders raises debate over media accountability, personal remarks, and acceptable public discourse.
    Political criticism followed a social-media post describing Maharashtra Deputy Chief Minister Sunetra Pawar as "gungi gudiya" in connection with a press interaction on law-and-order issues in Beed district. Congress representatives stated that the post was not a personal insult, had been deleted after adverse reactions, and was followed by an expression of regret. NCP representatives termed the expression inappropriate and stressed that the principal dignitary should conduct media interactions. Shiv Sena (UBT) representatives described the phrase as not unparliamentary and linked it to criticism of a guardian minister's public responsibilities.
    August 5, 2026
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    On-tap licensing for Urban Co-operative Banks enters public consultation through draft guidelines inviting stakeholder feedback.
    Draft guidelines for 'on tap' licensing of Urban Co-operative Banks have been issued for public and stakeholder consultation. Comments and feedback may be submitted until September 05, 2026, through the designated online consultation facility or by written or email submission to the specified regulatory department.
    August 5, 2026
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    Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
    Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
    August 5, 2026
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    Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
    Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
    The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
    August 5, 2026
    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
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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
    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
    Show AI Summary
    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
    Show AI Summary
    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.

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      News and Press Release

      Union Minister of External Affairs, Dr. S. Jaishankar and Union Commerce and Industry Minister Shri Piyush Goyal inaugurate Aatmanirbhar Bharat Utsav 2024

      January 4, 2024

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      Ministers gave the National One District One Product Awards 2023

      Government under the leadership of PM Modi is working as one family for a better future for the 140 crore Indians: Sh. Goyal

      Whole of the government approach has been the hallmark of the government over the last 10 years: Sh. Goyal

      India will become the third largest GDP in the world by 2027 with 140 Crore Indians working as a team: Sh. Goyal

      ODOP to drive the growth of the tourism sector in turn pushing employment generation: Dr. Jaishankar

      ODOP and Geographical Indicators are acting as effective tools in promoting traditional Indian products: Dr. Jaishankar

      ODOP showcased India to the world at the various G20 events organized under India’s G20 Presidency: Dr. Jaishankar

      The ‘Aatmanirbhar Bharat Utsav 2024’ was inaugurated by the Chief Guest, Union Minister of External Affairs, Dr. Subrahmanyam Jaishankar and Guest of Honour, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal at Bharat Mandapam, New Delhi today. During the event, the Ministers gave the National One District One Product (ODOP) Awards 2023 to the winners.

      While addressing during the inauguration ceremony, Shri Goyal said that the Government under the leadership of the Prime Minister, Shri Narendra Modi is working as one family for a better future for the 140 crore Indians. He lauded the ‘Aatmanirbhar Bharat Utsav 2024’ as representative of whole of the government approach that the Prime Minister has brought to the fore and which has been the hallmark of the government over the last 10 years.

      Shri Piyush Goyal said that when India talks about economy, Indian ambition and target is not for small changes, the economy will reach the US$ 5 trillion target in a few years and will become the third largest GDP in the world by 2027. He said that this target can be achieved by 140 Crore Indians working as a team as per the Panch Pran of Amrit Kaal enunciated by the Prime Minister.

      Dr. S. Jaishankar said that the ODOP initiative has the potential to drive the growth of the tourism sector which in turn will push employment generation. He added that while making in India is "very" crucial, branding and promotion of products are important as it helps in increasing demand. He said that ODOP and Geographical Indicators (GI) are acting as effective tools in promoting traditional Indian products.

      Dr. Jaishankar said that ODOP showcased India to the world at the various G20 events organized across the country during India’s G20 Presidency, where the ODOP artisans, sellers and weavers got a lot of visibility at the global stage during the events. He said that the government mainly gifts ODOP products to foreign delegates and this was widely done during the G20 events organized in India. He said that the Ministry of External Affairs and the Ministry of Commerce and Industry are working together along with Indian missions to boost the country's outbound shipments.

      Secretary, Department for Promotion of Industry and Internal Trade, Shri Rajesh Kumar Singh; Secretary, Ministry of Textiles, Smt. Rachna Shah and Chairman and Managing Director, Indian Trade Promotion Organisation, Shri Pradeep Singh Kharola attended the inauguration ceremony.

      Aatmanirbhar Bharat Utsav 2024 is being hosted by the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry. The ODOP Awards recognise the substantial efforts and successes in promoting the ODOP Initiative, bringing together Districts, States, and Indian Missions abroad to celebrate their contributions towards this innovative national endeavour.

      The Aatmanirbhar Bharat Utsav and National ODOP Awards ceremony are a celebration of India's journey towards self-reliance, showcasing the nation's rich cultural heritage, diverse talents, and innovative spirit. The Aatmanirbhar Bharat Utsav 2024, taking place from 3rd to 10th January at Bharat Mandapam in New Delhi, is a dynamic event crafted to display India's economic strength and cultural richness. It is organized into various zones, each distinctively showcasing the nation's technological advancements and economic developments, alongside a colourful assortment of local products from different States and Union Territories. These zones collectively highlight the richness of India's heritage and its burgeoning entrepreneurial spirit.

      The ODOP Awards edition for this year, garnered considerable interest, facilitated through the Rashtriya Puraskar Portal from 25th June to 31st July 2023. The overwhelming response, characterized by 580 applications from 535 districts, 26 States/UTs, and 19 Indian Missions Abroad, illustrated a nationwide dedication to promoting competitive spirit, encouraging innovative practices, and enhancing the quality of public service delivery. This enthusiastic participation signifies a collective commitment to the goals and ideals of the ODOP initiative.

      The Ministers and dignitaries launched the ODOP compendium which is a testament to the work and efforts of States/UTs, Districts, and Indian Missions abroad, whose contributions are recognized and celebrated through the ODOP Awards, 2023. The profiles documented there in are the blueprints of resilience, adaptability, and visionary governance. They highlight the commitment of our local governments to embrace good governance and to replicate successful models across varied contexts. A digital launch of the next edition of the ODOP Awards 2024 was also released by the Ministers.

      There are a total of 24 Awards across 3 categories – for Districts, States and Union Territories and Indian Missions Abroad which were received by their representatives at the ceremony. Indian Missions Abroad joined the ceremony virtually.

      1. List of Awardees for ODOP Awards 2023
      • Districts Awards (Agriculture)

      Rank

      District

      State

      Product

      Award

      1.  

      Alluri Sitharama Raju

      Andhra Pradesh

      Araku Coffee

      Gold

      1.  

      Uttarkashi

      Uttarakhand

      Red Rice

      Silver

      1.  

      Shopian

      J&K

      Apple

      Bronze

      1.  

      Kandhamal

      Odisha

      Turmeric

      Bronze

      1.  

      Bathinda

      Punjab

      Honey

      Special Mention

      1.  

      Burhanpur

      Madhya Pradesh

      Banana

      Special Mention

      •  Districts Awards (Non-Agriculture)

       

      District

      State

      Product

      Award

      1.  

      Kakinada

      Andhra Pradesh

      Uppada Jamdani Saree

      Gold

      1.  

      Banda

      Uttar Pradesh

      Shazar Stone Craft

      Silver

      1.  

      Srikakulam

      Andhra Pradesh

      Ponduru Cotton Sarees

      Bronze

      1.  

      Kurnool

      Andhra Pradesh

      Handloom silk sarees

      Bronze

      1.  

      Annamayya

      Andhra Pradesh

      Madanapalle Silk Sarees

      Special Mention

      1.  

      Guntur

      Andhra Pradesh

      Mangalagiri handloom

      Special Mention

      •  States (Category A)

       

      State

      Award

      1.  

      Uttar Pradesh

      Gold

      1.  

      Gujarat 

      Silver

      3.

      Maharashtra 

      Bronze

      4.

      Punjab

      Bronze

      5.

      Rajasthan

      Bronze

      • States (Category B)

      Rank

      State

      Award

      1.  

      J&K

      Gold

      1.  

      Uttarakhand  

      Silver

      1.  

      Meghalaya

      Bronze

      1.  

      Sikkim  

      Bronze

      • Mission Aboard

      Rank

      State

      Award

      1.  

      Consulate General of India, Vancouver

      Gold

      1.  

      Consulate General of India, New York

      Silver

      1.  

      High Commission of India, Nicosia

      Bronze

      The ceremony represents a notable step in our nation's progress towards the 'Vocal for Local' initiative. It provides a platform for exchanging best practices and discussing strategies for the ODOP initiative's future. The event brought together senior government representatives from State and UT, District Administrations, and Indian Missions abroad, recognizing their important roles in this national effort.

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