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    Rupee settles with 5 paise gain at 95.17 against US dollar
    India weathered Hormuz disruption without fuel shortages: Puri
    RBI invites public comments on the draft Directions on ‘Credit Valuation Adjustment (CVA) Framework’
    RBI invites comments on the draft “Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Eleventh Amendment Directions, ...
    87 Proposals Received under BHAVYA Scheme during First Round of Phase-I
    India successfully concludes the 16th BRICS Trade Ministers' Meeting in Jaipur under its BRICS Chairship 2026
    GeM Completes a Decade of Transforming Public Procurement with Cumulative GMV Exceeding ₹20 Lakh Crore
    NEWS HIGHLIGHTS
    India's forex kitty swells by USD 10.5 bn to USD 692.87 bn
    Rs 5,000 cr credited to 6.22 lakh Maharashtra farmers so far under loan waiver scheme: Fadnavis
    SBI Life and J&K Bank partner to bring comprehensive life insurance solutions closer to families across India
    DRI intensifies vigil along India's North-Eastern Frontier
    Vijayan slams Kerala govt's move to end doorstep pension delivery through cooperative banks
    Kerala to stop welfare pension delivery through cooperative banks, shifts to DBT
    China's exports slow slightly in July despite robust demand for high-tech products
    India successfully concludes the Tenth BRICS Industry Ministers' Meeting in Jaipur under its BRICS Chairship 2026
    APEDA Organises BIOFACH INDIA 2026 to Promote India's Certified Organic Products and Expand Global Market Access
    RBI bars banks from disabling mobile devices of defaulting borrowers
    Par panel for early conclusion of India-US trade pact, tariff exemptions on key goods
    No commitments relating to ethanol import from US for fuel blending under FTA talks: Govt
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    August 7, 2026
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    Foreign capital inflows supported the rupee despite geopolitical uncertainty, oil-price pressures, and volatile global market sentiment.
    Foreign capital inflows supported a marginal strengthening of the rupee against the US dollar despite global risk aversion arising from uncertainty surrounding negotiations affecting the Strait of Hormuz. Higher crude oil prices and weak domestic equity sentiment remained relevant pressures. Near-term currency movement was expected to depend on developments in the negotiations, weekend decisions, US employment data, the dollar index, crude oil prices, and the reported increase in foreign exchange reserves.
    August 7, 2026
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    Energy security through diversified sourcing protected fuel supplies during Hormuz disruption and supports domestic exploration and alternative fuels.
    Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.
    August 7, 2026
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    Credit valuation adjustment framework revises derivative capital requirements through flexible basic approaches, hedge recognition, and risk-sensitive counterparty treatment.
    Credit Valuation Adjustment framework revisions align CVA capital treatment with final Basel III standards. Eligible banks may use the full or reduced basic approach, while banks with an insignificant volume of non-centrally cleared derivatives may calculate their CVA capital charge at 100 per cent of the counterparty credit risk capital charge. The draft also clarifies CVA hedge recognition, introduces risk weights sensitive to sector and credit quality, and separates systematic and idiosyncratic CVA risk in the full basic approach.
    August 7, 2026
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    Leverage ratio framework amendments propose Basel-aligned capital adequacy standards, with public feedback invited on the draft directions.
    Proposed amendments to the leverage ratio framework would revise Chapter VII of the 2025 Commercial Banks Prudential Norms on Capital Adequacy Directions to implement the Basel Committee's Leverage Ratio 2017 Standard. Public comments and feedback on the draft Eleventh Amendment Directions, 2026, are invited until August 28, 2026, through the designated online platform, postal submission, or email.
    August 7, 2026
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    BHAVYA Scheme project selection uses challenge-based evaluation of infrastructure, industrial ecosystems, and policy enablers under prescribed eligibility criteria.
    BHAVYA Scheme Phase-I proposals submitted by State and Union Territory governments will be evaluated and scored under prescribed eligibility and evaluation criteria. Challenge-based project selection considers connectivity and site suitability, quality of core, value-added and social infrastructure in the detailed project report, and the industrial ecosystem and policy enablers. The Scheme guidelines provide for completion of the first-phase selection process within one year from notification.
    August 7, 2026
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    Multilateral trade cooperation preserves developing economies' policy space while advancing MSME finance, diversified value chains and digital services.
    BRICS ministers adopted measures supporting a development-centred multilateral trading system with the World Trade Organization at its core, preservation of Special and Differential Treatment, binding two-tier dispute settlement, and developing economies' policy space for food security and public stockholding. MSME measures include study of an invoice discounting mechanism and credit-assessment principles focused on cash flow rather than collateral. Value-chain measures provide for a GVC Action Plan, technical cooperation, Special Economic Zone cooperation and digitised trade documents, alongside principles for trusted cross-border digitally delivered services.
    August 7, 2026
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    Digital public procurement promotes transparent sourcing, reduced seller charges, competition monitoring and evidence-based spending oversight through an integrated marketplace.
    Government e-Marketplace digitises public procurement through a unified platform promoting transparency, efficiency, good governance and wider supplier participation. Seller-facing measures include reduced transaction charges, exemption of smaller orders, a cap on maximum transaction fees and reduced vendor assessment fees. The platform uses Artificial Intelligence and Machine Learning tools to identify suspected cartelisation, collusion and order splitting, while its digital transactional trail supports expenditure monitoring, identification of inefficiencies and evidence-based policy interventions.
    August 7, 2026
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    Criminal justice, extremist-material regulation and administrative schemes feature in reports on prosecutions, demolition practices, loan waivers and fuel policy.
    Criminal justice reports cover bail and an expedited trial in an assault prosecution, arrest for allegedly sheltering an accused, allegations of rape and murder of a minor, and claimed irregularities in a police recruitment examination. Regulatory developments include a ban on extremist literature associated with proscribed organisations and judicial disapproval of coercive demolition. Administrative coverage includes farmer loan-waiver transfers following Aadhaar authentication and debate over the E20 fuel-blending programme.
    August 7, 2026
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    Foreign exchange reserves rose as foreign currency assets, gold holdings, Special Drawing Rights and IMF reserve position increased.
    India's foreign exchange reserves increased during the week ended July 31, principally because of higher foreign currency assets and gold reserves. Foreign currency assets include US dollar valuation effects arising from movements in currencies such as the euro, pound and yen. Special Drawing Rights and India's reserve position with the International Monetary Fund also increased. The movement followed measures to attract foreign exchange inflows, including an FCNR(B) measure, after earlier reserve declines associated with rupee pressure and dollar sales for foreign exchange market intervention.
    August 7, 2026
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    Farm loan waiver eligibility depends on verified beneficiary status and Aadhaar authentication for direct credit of eligible crop-loan relief.
    The farm loan waiver scheme covers eligible short-term crop loans within the prescribed ceiling and eligibility period. Waiver amounts are credited to verified bank accounts after field verification and completion of Aadhaar authentication. Aadhaar authentication is the operative condition for automatic processing of benefits, while eligibility rules and technical conditions have raised concerns about exclusion of distressed farmers.
    August 7, 2026
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    Corporate agency distribution expands access to life insurance products, supporting insurance awareness, financial inclusion and long-term household financial protection.
    A corporate agency arrangement enables J&K Bank to distribute SBI Life Insurance protection, savings, retirement and child-oriented life insurance plans through its branch network. The partnership aims to improve insurance access, awareness, financial literacy and long-term financial planning for households, particularly in Jammu & Kashmir and Ladakh. It is intended to expand insurance penetration, strengthen household financial protection and support financial inclusion in line with the IRDAI vision of "Insurance for All by 2047".
    August 7, 2026
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    Cross-border smuggling controls target narcotics, poppy seeds and areca nuts entering through the Indo-Myanmar border region.
    Cross-border smuggling enforcement targeted methamphetamine, foreign-origin poppy seeds and areca nuts allegedly brought from Myanmar. Methamphetamine concealed in an ambulance was seized under the NDPS Act, 1985. Poppy seeds and areca nuts recovered in separate operations were seized under the Customs Act, 1962. Poppy-seed imports are restricted to designated countries and require registration to ensure traceability and prevent illicit produce entering legitimate supply chains. The enforcement action addresses circumvention of customs controls and regulated import requirements.
    August 7, 2026
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    Direct benefit transfer for welfare pensions replaces cooperative-bank doorstep delivery, while retaining limited home service for excluded beneficiaries.
    Direct Benefit Transfer for social security and welfare pensions is to be made through Aadhaar-linked bank accounts, replacing cooperative-bank doorstep delivery. Home delivery remains available for bedridden persons and others who cannot be excluded. The change is associated with delays in remitting undistributed amounts, record-update failures, reconciliation issues, duplicate payments, and incomplete Aadhaar-based payment implementation. Concerns have been raised that mandatory bank-account credit may disadvantage beneficiaries dependent on doorstep delivery.
    August 7, 2026
    Show AI Summary
    Direct Benefit Transfer for welfare pensions replaces doorstep cooperative-bank delivery, while home delivery remains for bedridden beneficiaries.
    Direct Benefit Transfer of social security and welfare pensions is to be made mandatory through Aadhaar-linked bank accounts, replacing cooperative-bank doorstep distribution. Home delivery continues for completely bedridden beneficiaries and others who cannot be excluded. The change addresses delays in remitting undistributed amounts, record-update and reconciliation deficiencies, duplicate payments linked to incomplete Aadhaar-based payments, delivery incentive costs, and the need to comply with Direct Benefit Transfer norms to avoid loss of central financial assistance.
    August 7, 2026
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    Customs trade data show moderating July growth while high-technology exports, vehicles and advanced manufacturing supplies remain strongly supported.
    Customs and trade data showed that China's July export and import growth moderated and its trade surplus narrowed from the preceding month. Typhoon-related port disruptions affected trade flows, but demand for electronics and green technology products supported elevated values. High-technology items, vehicles, electronics and machinery recorded strong January-July export growth, while trade performance varied among the United States, the European Union and Southeast Asia.
    August 7, 2026
    Show AI Summary
    BRICS industrial cooperation advances MSME, photovoltaic, startup and logistics frameworks alongside resilient trade and digital services collaboration.
    BRICS industrial cooperation under PartNIR was strengthened through a Joint Declaration and institutional measures addressing MSMEs, photovoltaics, startup-led innovation, and resilient transport and logistics. The measures include an SME cooperation framework, Terms of Reference and an Action Plan for photovoltaic industry cooperation, and a startup innovation action plan. Trade discussions focused on the multilateral trading system, MSME participation in international trade, resilient global value chains, and cross-border digitally delivered services within a rules-based trading framework.
    August 7, 2026
    Show AI Summary
    Certified organic export promotion: BIOFACH INDIA facilitates buyer-seller engagement, certification awareness, traceability discussions and international market access.
    BIOFACH INDIA 2026 promotes certified organic exports by providing a platform for Indian organic enterprises to showcase diverse certified products and engage with overseas buyers through structured Buyer-Seller Meets. Technical sessions address organic certification, traceability, sustainability, quality standards, international regulatory requirements and export-market expectations. The initiative supports quality assurance, international market access, export linkages and sustainable agricultural practices across the organic value chain.
    August 6, 2026
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    Device-based loan recovery restrictions protect essential mobile functions while permitting gradual locking only for lender-financed devices.
    Technology-based recovery mechanisms cannot restrict or disable a borrower's mobile device unless the bank financed acquisition of that device. Where permitted, banks must adopt a gradual approach and preserve essential functions, including incoming calls, SMS access, and emergency SOS features. Regulated entities and service providers must obtain manufacturer or operating-system certification for device-locking technology. Disclosure of borrower or guarantor information to recovery personnel must be limited to what is necessary for loan-recovery duties.
    August 6, 2026
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    Bilateral trade agreement negotiations should secure tariff certainty, protect key exports, strengthen supply chains, and support vulnerable small industries.
    An early Bilateral Trade Agreement is proposed to protect Indian interests, secure tariff exemptions for key exports, reduce barriers affecting industrial products, and create predictable trade conditions. Recommended measures include financial and export-credit support for small industries, real-time monitoring of customs requirements, documentation assistance, and timely policy support against tariff and non-tariff barriers. Export strategy should develop knowledge services and critical supply-chain integration, while a National Fund should assist suppliers with redesign, tooling, certification and entry into new global supply chains.
    August 6, 2026
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    Ethanol imports for fuel blending remain excluded from trade commitments, with domestic producers continuing to supply the blending programme.
    Ethanol imports for fuel blending remain outside concessions or commitments in India-US trade discussions. Under the Ethanol Blended with Petrol Programme, ethanol procurement is governed solely by domestic policy requirements and is sourced entirely from domestic producers. Claims of existing or intended large-scale ethanol imports from the United States for fuel blending, or of a policy change permitting them, are stated to be baseless.

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      New LA-area fire prompts more evacuations while over 10,000 structures lost to 2 biggest blazes

      January 10, 2025

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      Los Angeles, Jan 10 (AP) The two biggest wildfires ravaging the Los Angeles area this week burned at least 10,000 homes, buildings and other structures, officials said Thursday as they urged more people to heed evacuation orders after a new blaze ignited and quickly grew.

      The fast-moving Kenneth Fire started in the late afternoon in the San Fernando Valley near the West Hills neighbourhood and close to Ventura County. Only hours earlier officials expressed encouragement after firefighters aided by calmer winds and help from crews from outside the state saw the first signs of successfully beating back the region's devastating wildfires that have killed seven people so far.

      “We are expecting this fire to rapidly spread due to high winds,” Los Angeles Mayor Karen Bass said, echoing the forecast that called for winds to strengthen Thursday evening through Friday morning.

      The orders came as Los Angeles County officials announced the Eaton Fire near Pasadena that started Tuesday night has burned more than 5,000 structures, a term that includes homes, apartment buildings, businesses, outbuildings and vehicles. To the west in Pacific Palisades, the largest of the fires burning in the LA area has destroyed over 5,300 structures.

      Between the Eaton and Palisades fires, more than 10,000 structures have burned.

      All of the large fires that have broken out this week in the Los Angeles area are located in a roughly 25-mile band north of downtown.

      The Kenneth blaze ignited less than 2 miles (3.2 kilometers) away from the El Camino Real Charter High School, where people are sheltering from the fire in Palisades. The two fires are about 10 miles (18 kilometers) apart.

      Dozens of blocks were flattened to smoldering rubble in scenic Pacific Palisades. Only the outlines of homes and their chimneys remained. In Malibu, blackened palm strands were all that was left above debris where oceanfront homes once stood.

      At least five churches, a synagogue, seven schools, two libraries, boutiques, bars, restaurants, banks and groceries were lost. So too were the Will Rogers' Western Ranch House and Topanga Ranch Motel, local landmarks dating to the 1920s. The government has not yet released figures on the cost of the damage or specifics about how many structures burned.

      AccuWeather, a private company that provides data on weather and its impact, on Thursday increased its estimate of the damage and economic loss to USD 135-USD 150 billion.

      Firefighters made significant gains Thursday at slowing the spread of the Eaton and Palisades fires, though both remained at 0% containment, officials said.

      Crews also knocked down a blaze in the Hollywood Hills, allowing an evacuation to be lifted Thursday. The fire that sparked up late Wednesday near the heart of the entertainment industry came perilously close to igniting the famed Hollywood Bowl outdoor concert venue.

      “While we are still facing significant threats, I am hopeful that the tide is turning,” Los Angeles County Supervisor Kathryn Barger said Thursday.

      Water dropped from aircraft helped fire crews quickly seize control of the fires in the Hollywood Hills and Studio City, officials said. Much of the widespread destruction occurred Tuesday after those aircraft were grounded due to high winds.

      Fire officials said Thursday that they don't yet know the cause of the fires but are actively investigating.

      Enormity of destruction emerges Earlier in the week, hurricane-force winds blew embers, igniting the Southern California hillsides.

      Right now, it's impossible to quantify the extent of the destruction other than “total devastation and loss,” said Barbara Bruderlin, head of the Malibu Pacific Palisades Chamber of Commerce.

      “There are areas where everything is gone, there isn't even a stick of wood left, it's just dirt,” Bruderlin said.

      Of the seven deaths so far, Los Angeles Fire Chief Kristin Crowley confirmed two were in the Palisades Fire. County officials said the Eaton Fire had killed five.

      Cadaver dogs and search crews are searching through rubble, Los Angeles County Sheriff Robert Luna said.

      Anthony Mitchell, a 67-year-old amputee, and his son, Justin, who had cerebral palsy, were waiting for an ambulance to come, but they did not make it out, Mitchell's daughter, Hajime White, told The Washington Post.

      Shari Shaw told KTLA that she tried to get her 66-year-old brother, Victor Shaw, to evacuate Tuesday night but he wanted to stay and fight the fire. Crews found his body with a garden hose in his hand.

      On Thursday, recovery crews pulled a body from rubble of what was a beachfront residence in Malibu on the scenic Pacific Coast Highway. A charred washer and dryer were among the few things that remained.

      Evacuations, school closures and arrests At least 180,000 people were under evacuation orders, and the fires have consumed about 45 square miles (117 square kilometers) — roughly the size of San Francisco. The Palisades Fire is already the most destructive in Los Angeles' history.

      All schools in the Los Angeles Unified School District, the nation's second largest, will be closed Friday because of the heavy smoke wafting over the city and ash raining down in parts, and classes will not resume until the conditions improve, officials said.

      At least 20 arrests have been made for looting, and the city of Santa Monica declared a curfew Wednesday night because of the lawlessness, officials said. Luna said to protect properties national guard troops would be stationed near the areas ravaged by fire and a curfew was expected to go into effect from 6 p.m. until 6 a.m., starting as soon as Thursday.

      Actors lost homes Flames destroyed the homes of several celebrities, including Billy Crystal, Mandy Moore and Paris Hilton.

      Jamie Lee Curtis pledged USD 1 million to start a “fund of support” for those affected by the fires that touched all economic levels from the city's wealthy to its working class.

      A longer fire season California's wildfire season is beginning earlier and ending later due to rising temperatures and decreased rainfall tied to climate change, according to recent data.

      Dry winds, including the notorious Santa Anas, have contributed to warmer-than-average temperatures in Southern California, which has not seen more than 0.1 inches (2.5 millimeters) of rain since early May.

      Picking up the pieces with nowhere to go Robert Lara sifted through the remains of his home in Altadena on Thursday with tears in his eyes, hoping to find a safe containing a set of earrings that once belonged to his great-great-grandmother.

      “All our memories, all our sentimental attachments, things that were gifted from generation to generation to generation are now gone,” he said. (AP) NSA NSA

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