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    Sensex climbs 374 points on buying in Reliance, ICICI Bank; Nifty ends flat
    Insurance Division, DFS Secures 3rd Rank in Group A Category of Grievance Redressal Assessment & Index (GRAI) for June 2026
    VKDL Group’s NPA Bazaar Strengthens India’s Distressed Asset Resolution Ecosystem Under the Leadership of V K Dubey
    Lok Sabha passes bill to authorise govt to permit banks to levy charges on UPI transactions
    Monetary Policy Statement, 2026-27 Resolution of the Monetary Policy Committee August 3 to 5, 2026
    Stock markets edged higher in early trade amid lower crude oil prices, buying in Reliance Industries
    Monthly review of accounts of Government of India upto June 2026 (FY 2026-27)
    DRI busts illegal drug manufacturing unit in Satara district in Maharashtra; two arrested
    CCI approves proposed combination inter alia involving share acquisition(s) and merger of certain entities e.g. AAPC India, Triguna, Caddie, SMPL, Tec...
    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
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    August 6, 2026
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    Closing auction price discovery may affect benchmark levels differently based on constituent liquidity and concentrated institutional order flow.
    The Closing Auction Session in the equity cash segment uses an auction-based method to determine closing prices of eligible shares with futures and options contracts, aiming to strengthen transparent and robust price discovery. Its effect on benchmark closing levels may differ according to constituent liquidity and institutional order flow. The Reserve Bank of India retained the policy repo rate and neutral stance, indicating that future policy decisions will be data-dependent and influenced by assessment of energy-cost effects on inflation.
    August 6, 2026
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    Public grievance redressal strengthens through monitoring, senior review, workshops, stakeholder coordination, and customer-centric service delivery improvements.
    Public grievance redressal is assessed through the Grievance Redressal Assessment and Index, which analyses grievance categories and disposal. The Department of Financial Services' Insurance and Banking Divisions received third and sixth ranks respectively in the June 2026 assessment. Its framework includes disposal of grievances, random reviews by senior officials, and workshops on effective grievance redressal, supporting best practices, stakeholder coordination, technology use, customer-centric service, and accountable public service delivery.
    August 6, 2026
    Show AI Summary
    Distressed asset resolution integrates restructuring, insolvency advisory, funding facilitation and digital marketplaces for transparent financial recovery transactions.
    The platform provides integrated advisory, management and transaction-facilitation services for Non-Performing Assets, stressed assets and distressed assets. Its services include NPA resolution, debt restructuring, One-Time Settlements, funding assistance, insolvency and bankruptcy advisory, asset reconstruction, financial restructuring and capital raising. Digital and offline marketplaces facilitate transactions involving distressed assets, receivables and related movable or immovable properties, supported by collaborations with banks, Non-Banking Financial Companies, Asset Reconstruction Companies, corporates and investors.
    August 6, 2026
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    Merchant discount rate framework may permit charges on notified UPI and digital payments through a government notification mechanism.
    The proposed amendment to Section 10A of the Payment and Settlement Systems Act, 2007 replaces the existing income-tax-linked reference with a Central Government notification-based mechanism for electronic payment modes. It removes the current statutory restriction preventing banks and payment service providers from charging Merchant Discount Rate on notified modes, enabling the Government to permit charges for UPI and other digital payments. The policy rationale is to support funding for payment infrastructure and a sustainable revenue model for service providers.
    August 6, 2026
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    Neutral monetary policy stance continues as resilient growth and food-fuel inflation risks require close macroeconomic monitoring.
    The Monetary Policy Committee retained the policy repo rate and continued the neutral monetary policy stance, citing the need to assess evolving growth-inflation conditions. Domestic activity was assessed as resilient, supported by consumption, investment, credit, manufacturing, services and exports, although global uncertainty, energy prices, supply-chain pressures, geopolitical developments and monsoon conditions remain risks. CPI inflation increased mainly because of food and fuel pressures, while underlying inflation remained moderate. The Committee considered that price pressures were not yet generalised and reaffirmed its commitment to align inflation with the target.
    August 6, 2026
    Show AI Summary
    Closing auction price discovery and a neutral monetary policy stance shaped equity market conditions amid lower crude prices.
    The Closing Auction Session in the equity cash segment introduced an auction-based mechanism for determining closing prices of eligible shares with futures and options contracts, intended to make price discovery more transparent and robust. The Reserve Bank of India retained its neutral stance and left the benchmark policy rate unchanged, pending greater clarity on the inflationary effects of higher energy costs. Future policy decisions were stated to be data dependent.
    August 6, 2026
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    Monthly public accounts review records receipts, expenditure, tax devolution, interest payments, subsidies, and capital spending through June.
    Consolidated monthly accounts up to June 2026 report total receipts of Rs.10,49,243 crore, comprising net tax revenue, non-tax revenue and non-debt capital receipts. Tax devolution transfers to State Governments total Rs.2,63,336 crore. Total expenditure is Rs.13,57,076 crore, including revenue expenditure of Rs.10,16,818 crore and capital expenditure of Rs.3,40,258 crore. Revenue expenditure includes interest payments and major subsidies.
    August 6, 2026
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    Illicit psychotropic drug manufacture triggered seizure, apprehensions, and investigation into planned trafficking under narcotics control law.
    Illicit manufacture and trafficking of Alprazolam and Diazepam, psychotropic substances regulated under the Narcotic Drugs and Psychotropic Substances Act, 1985, were detected at a clandestine facility. Searches recovered finished and intermediary substances, together with raw materials and reaction mixtures used in manufacture, and the goods were seized under the Act. The manufacturer and an intended buyer were apprehended, with material indicating a proposed transaction for further illicit trafficking. Preliminary investigation indicated prior involvement in illegal drug production and trafficking.
    August 6, 2026
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    Competition approval for hotel-sector consolidation covers share acquisitions and merger of Accor-branded hotel entities into InterGlobe Hotels.
    Competition approval was granted for related share acquisitions and the merger of AAPC India, Caddie, Triguna, Srilanand Mansions, Techpark and Accent into InterGlobe Hotels. The combination involves entities jointly controlled by the Bhatia Family Group and the Accor Group, including hotel-owning and developing entities, hotel management and franchising operations, leasing activities, and captive consultancy and support services relating to Accor-branded hotels in India.
    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
    Show AI Summary
    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
    Show AI Summary
    Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
    Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
    August 5, 2026
    Show AI Summary
    Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
    Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
    August 5, 2026
    Show AI Summary
    Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
    The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
    August 5, 2026
    Show AI Summary
    Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
    Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
    August 5, 2026
    Show AI Summary
    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
    The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
    August 5, 2026
    Show AI Summary
    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
    The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
    August 5, 2026
    Show AI Summary
    Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
    The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.

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      16 dead, 16 missing as fire crews try to corral Los Angeles blazes before winds return this week

      January 12, 2025

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      Los Angeles, Jan 12 (AP) Firefighters scrambled Sunday to make further progress against wildfires that have killed 16 people in the Los Angeles area as forecasters again warned of dangerous weather with the return of strong winds this week.

      At least 16 people were missing, and authorities said that number was expected to rise.

      The National Weather Service issued red flag warnings for severe fire conditions through Wednesday, with sustained winds of 50 mph (80 kph) and gusts in the mountains reaching 70 mph (113 kph). The most dangerous day will be Tuesday, said weather service meteorologist Rich Thompson.

      “You're going to have really strong gusty Santa Ana winds, a very dry atmosphere and still very dry brush, so we still have some very critical fire weather conditions out there,” Thompson said at a community meeting Saturday night.

      Fierce Santa Ana winds have been largely blamed for turning the wildfires sparked last week into infernos that levelled entire neighbourhoods around the city where there has been no significant rainfall in more than eight months.

      Twelve people were missing within the Eaton Fire zone and four from the Palisades Fire, Los Angeles County Sheriff Robert Luna said Sunday morning.

      Meanwhile, the death toll rose to 16 over the weekend. Five of the deaths were attributed to the Palisades Fire and 11 resulted from the Eaton Fire, the Los Angeles County coroner's office said in a statement Saturday evening.

      The previous number of confirmed fatalities before Saturday was 11, but officials said they expected that figure to increase as teams with cadaver dogs conduct systematic grid searches in levelled neighbourhoods. Authorities have established a centre where people can report the missing.

      Joseph Everett, assistant chief of the Los Angeles Fire Department's west bureau, said it has been difficult to see such destruction in an area where he, his father and grandfather all have worked as firefighters.

      “It resonates with me heavily,” he said. “Please be patient as we are up there … we're still aggressively fighting fire out there.” By Sunday morning, Cal Fire reported the Palisades, Eaton, Kenneth and Hurst fires had consumed more than 62 square miles (160 square kilometres), an area larger than San Francisco. The Palisades Fire was 11 per cent contained and containment on the Eaton Fire reached 27 per cent. Those two blazes accounted for 59 square miles (nearly 153 square kilometres).

      In a briefing posted online Saturday evening, Michael Traum of the California Office of Emergency Services said 150,000 people in Los Angeles County were under evacuation orders, with more than 700 people taking refuge in nine shelters.

      Crews from California and nine other states are part of the ongoing response that includes 1,354 fire engines, 84 aircraft and more than 14,000 personnel, including newly arrived firefighters from Mexico, he said.

      With Cal Fire reporting containment of the Palisades Fire at 11 per cent and the Eaton Fire at 15 per cent on Saturday night, the fight is set to continue.

      “Weather conditions are still critical and another round of strong winds is expected starting Monday,” Traum said.

      Fighting to save public and private areas After a fierce battle Saturday, firefighters managed to fight back the flames in Mandeville Canyon, home to Arnold Schwarzenegger and other celebrities near Pacific Palisades not far from the Pacific coast, where swooping helicopters dumped water as the blaze charged downhill. Firefighters on the ground used hoses in an attempt to beat back leaping flames as thick smoke blanketed the chaparral-covered hillside.

      The fire also briefly threatened to jump over Interstate 405 and into densely populated areas in the Hollywood Hills and San Fernando Valley.

      Arrests for looting Looting continues to be a concern, with authorities reporting more arrests as the devastation grows. Michael Lorenz, a captain with the Los Angeles Police Department, said seven people have been arrested in the last two days.

      “We even made arrests of two individuals that were actually posing as firefighters coming and in and out of houses, so we're paying very, very close attention to everybody,” Lorenz said at Saturday evening's community meeting.

      Asked exactly how many looters have been arrested, Lorenz said he couldn't give a precise number but that officers were detaining about 10 people a day. California National Guard troops arrived Friday to help guard properties.

      California Gov. Gavin Newsom posted on X Saturday that “California will NOT allow for looting.” Historical cost The fires that began Tuesday just north of downtown LA have burned more than 12,000 structures.

      Firefighters for the first time made progress Friday afternoon on the Eaton Fire north of Pasadena, which has burned more than 7,000 structures, a term that includes homes, apartment buildings, businesses, outbuildings and vehicles. Most evacuation orders for the area were lifted, officials said.

      No cause has been determined for the largest fires and early estimates indicate the wildfires could be the nation's costliest ever. A preliminary estimate by AccuWeather put the damage and economic losses so far between USD 135 billion and USD 150 billion.

      In an interview that aired Sunday on NBC, Gov. Gavin Newsom said the fires could end up being the worst natural disaster in US history.

      “I think it will be in terms of just the costs associated with it, in terms of the scale and scope,” he said.

      Overflowing kindness Volunteers overflowed donation centres and some had to be turned away at locations including the Santa Anita Park horse racing track, where people who lost their homes sifted through stacks of donated shirts, blankets and other household goods.

      Altadena resident Jose Luis Godinez said three homes occupied by more than a dozen of his family members were destroyed.

      “Everything is gone,” he said, speaking in Spanish. "All my family lived in those three houses and now we have nothing.” Officials warn against returning Los Angeles County Sheriff Robert Luna warned residents against venturing back to destroyed homes to sift through rubble for keepsakes.

      “We have people driving up and around trying to get in just to look. Stay away,” Luna said, urging people to abide by curfews.

      Officials on Saturday warned the ash can contain lead, arsenic, asbestos and other harmful materials.

      “If you're kicking that stuff up, you're breathing it in,” said Chris Thomas, a spokesman for the unified incident command at the Palisades Fire who warned the material was "toxic.” Residents will be allowed to return with protective gear after damage teams evaluate their properties, Thomas said.

      Rebuilding will be a challenge The level of devastation is jarring even in a state that regularly confronts massive wildfires. Traum of the state Office of Emergency Services said those impacted by the fires can apply online for immediate government assistance.

      Newsom issued an executive order Sunday aimed at fast-tracking the rebuilding of destroyed property by suspending some environmental regulations and ensuring that property tax assessments are not increased.

      “California leads the nation in environmental stewardship. I'm not going to give that up. But one thing I won't give into is delay,” he said. “Delay is denial for people: lives, traditions, places torn apart, torn asunder.” “We've got to let people know that we have their back,” he said. “Don't walk away because we want you to come back, rebuild, and rebuild with higher quality building standards, more modern standards. We want to make sure that the associated costs with that are not disproportionate, especially in a middle-class community like this.” Leadership accused of skimping LA Mayor Karen Bass faces a critical test of her leadership during the city's greatest crisis in decades, but allegations of leadership failures, political blame and investigations have begun.

      Newsom on Friday ordered state officials to determine why a 117 million-gallon (440 million-litre) reservoir was out of service and some hydrants had run dry.

      Los Angeles Fire Chief Kristin Crowley said city leadership failed her department by not providing enough money for firefighting. She also criticized the lack of water.

      “When a firefighter comes up to a hydrant, we expect there's going to be water,” Crowley said. (AP)   GRS GRS GRS

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