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    Punjab govt committed to paying all valid dues; legal options being examined: FM Cheema
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    Rupee gains 9 paise against US dollar
    India, US working towards interim trade agreement: MEA
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    50,000 Students to Participate in Season 2 of the Franklin Templeton National Mutual Fund Olympiad 2026
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    August 4, 2026
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    Dearness allowance arrears must be cleared promptly, while the government examines legal remedies and continues its structured liquidation plan.
    Pending dearness allowance arrears of government employees and pensioners are to be cleared within a fortnight, with restraint on unproductive expenditure until admissible dues are paid. The government states that it will pay constitutionally and legally valid dues while examining the judgment, precedents and possible legal remedies. It attributes the arrears to delayed pay commission implementation and frozen dearness allowance, and states that a structured liquidation plan has been prepared and partly implemented.
    August 4, 2026
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    Money-laundering investigation examines alleged fraudulent industrial plot allotments, benami holdings and diversion of plots to residential use.
    A money-laundering investigation under the Prevention of Money Laundering Act examines alleged irregularities in industrial-plot allotments involving corporation officials, private persons, property dealers and alleged benamidars. The inquiry concerns alleged use of fictitious firms and false addresses to obtain plots, allotments to relatives and associates, and alleged diversion or change of land use from industrial to residential purposes. These activities are alleged to have generated private gains while causing loss to the public exchequer.
    August 4, 2026
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    Rupee exchange-rate movement gains support from capital inflows, while oil prices, dollar strength and monetary policy shape sentiment.
    Rupee exchange-rate movement was supported by foreign capital inflows and improved global risk sentiment, while elevated crude-oil prices and a stronger US dollar constrained gains. Market attention shifted to monetary policy, overseas dollar-deposit incentives and easier foreign access to government bonds, which were reported to support capital inflows and India's external position. A cautious approach to the benchmark repo rate was expected amid assessment of the West Asia conflict.
    August 4, 2026
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    Interim bilateral trade agreement negotiations continue as both sides work to finalise unresolved issues in the proposed arrangement.
    Interim bilateral trade agreement negotiations between India and the United States are continuing. Both sides have undertaken substantial work, while certain issues remain to be finalised before completion of the proposed interim trade arrangement. A United States Trade Representative delegation visited India to advance discussions. The text records the status of negotiations and identifies no concluded agreement or operative customs measure.
    August 4, 2026
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    Fuel-price volatility mitigation will combine fiscal measures, consumer protection, energy security and fiscal sustainability during external energy shocks.
    Fuel-price volatility is to be mitigated through fiscal and administrative measures that protect consumers while maintaining fiscal sustainability. The approach includes monitoring revenue and expenditure, reprioritising spending, and using fiscal measures when economic conditions require. Reduced central excise duty on petrol and diesel moderated the impact of elevated international crude prices and partly offset under-recoveries of public-sector oil marketing companies. Longer-term measures include revenue mobilisation, import diversification, Strategic Petroleum Reserves, cleaner fuels and energy efficiency.
    August 4, 2026
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    Tax policy certainty reforms propose easier fund management, data-centre access, electronics incentives and revised electronic-payment charging rules.
    The proposed Bill seeks to simplify conditions for foreign investment funds using fund managers in India without being treated as carrying on business in India, while retaining safeguards against misuse and round-tripping. It proposes removal of approval requirements for foreign cloud companies using Indian data centres and permits leased operation of Indian data centres. It also extends tax support for foreign companies participating in electronics contract manufacturing and component warehousing, preserves tax-free dividends for REIT and InvIT investors in specified circumstances, and removes the prohibition on Merchant Discount Rate charges for notified electronic payment modes.
    August 4, 2026
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    Responsible precious-metals recycling supports recycled-gold products, organised buyback channels and a more self-reliant domestic supply chain.
    Responsible precious-metals recycling is promoted through a commemorative recycled-gold coin intended to support domestic recycling, responsible sourcing and a self-reliant supply chain. The product is described as having certified purity authentication, tamper-proof packaging, a unique identification number and an assayer-certified minted card. The initiative seeks to reduce dependence on imported gold and expand organised, transparent recycling infrastructure. An organised silver buyback programme is also described as supporting secure consumer sales and a circular economy for precious metals.
    August 4, 2026
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    Broad-based growth strategy links tax reforms, trade resilience, industrial support and services development to medium-term economic expansion.
    The growth strategy combines agricultural productivity, manufacturing, MSME support, infrastructure, logistics, ease of doing business, streamlined income-tax and GST reforms, innovation, digitalisation, human-capital development, energy security, public capital expenditure, foreign direct investment liberalisation, export promotion, fiscal prudence and price stability. Trade resilience is to be strengthened through expanded trade agreements, while manufacturing, services, agriculture and strategic sectors receive targeted policy support. The material also reports secured-asset enforcement cases and recoveries by banks under the SARFAESI framework during FY25.
    August 4, 2026
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    Co-operative bank governance and financial disclosure support digital transformation, risk management, priority-sector lending and sustainable member-focused growth.
    Co-operative bank governance and financial disclosure were addressed at the annual general meeting, where the member-notice agenda was transacted and audited financial statements were presented. The bank reported growth in business, deposits and advances, together with net profit, asset quality, provisioning coverage and capital adequacy indicators. Its operational priorities include digital transformation, risk management, selective network expansion, customer service and operational discipline. Future priorities include retail and priority-sector lending, MSMEs, affordable housing and institutional deposits.
    August 4, 2026
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    Foreign-exchange market conditions weakened the rupee as oil prices, domestic equities and dollar strength shaped near-term currency expectations.
    The rupee weakened against the US dollar amid elevated crude oil prices, weaker domestic equities and a stronger dollar index, while foreign fund inflows moderated the decline. Attention shifted to the central bank's monetary policy meeting, with continuation of the existing benchmark policy rate anticipated. Earlier measures encouraging overseas dollar deposits and facilitating foreign participation in government bonds were reported to support capital inflows and India's external position.
    August 4, 2026
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    MSME credit expansion combines SIDBI lending initiatives with guaranteed additional working-capital facilities for eligible borrowers.
    MSME credit access is being expanded through SIDBI's branch network, direct lending, refinance support, co-lending arrangements, affordable credit for informal micro-entrepreneurs, and invoice-based digital credit for micro enterprises. Emergency Credit Line Guarantee Scheme 5.0 enables eligible MSMEs to obtain additional credit linked to peak fund-based working-capital outstanding, with full guarantee coverage for member lending institutions against defaults on the additional facility. The scheme also covers scheduled passenger airlines under distinct eligibility and guarantee parameters.
    August 4, 2026
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    Furniture and interiors sourcing platform connects Indian manufacturers with domestic and international trade buyers through direct procurement opportunities.
    imm india 2026 is presented as a business-to-business sourcing platform linking Indian furniture, home de cor, rug, carpet, mattress and handicraft manufacturers with domestic and international trade buyers. It is intended to provide direct manufacturer access, design-led sourcing and project-scale procurement opportunities for architects, designers, retailers, hospitality professionals and real estate developers. The programme includes a hosted buyer initiative, industry conferences, knowledge sessions and awards addressing innovation, sustainability, craftsmanship and design.
    August 4, 2026
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    Financial literacy Olympiad builds students' practical understanding of mutual funds, financial planning, market concepts and responsible investment participation.
    Financial literacy and investment awareness are promoted through a nationwide, multi-level educational competition for undergraduate and postgraduate students. Participants are assessed on mutual funds, investment fundamentals, financial planning, market concepts and long-term wealth creation, with exposure to market-linked products including ETFs, portfolio management services, alternative investment funds and specialised investment funds. The initiative combines academic institutions and financial-sector participants to improve practical investment knowledge, informed decision-making and responsible participation in investment markets.
    August 4, 2026
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    WTO dispute settlement challenges test India's safeguards, agricultural support, technology tariffs and production-linked incentives across pending proceedings.
    Nine pending WTO disputes against India concern safeguard measures, sugar support and export schemes, information and communications technology tariffs, and technology-sector incentives. India contests the claims as consistent with its WTO rights and obligations. Appeals concerning iron and steel safeguards, sugar measures, and certain information and communications technology tariff reports remain pending, including because the WTO Appellate Body is non-functional. Other proceedings concern Chinese challenges to production-linked incentives, tariffs, and solar, automotive, renewable-energy and information-technology measures; one panel proceeding is ongoing and another panel has not been constituted.
    August 4, 2026
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    Digital business law and entrepreneurship education combine management, compliance and innovation training for technology-driven enterprise careers and ventures.
    The MBA programme integrates management education, entrepreneurial capability, digital business law, and legal and policy awareness for technology-driven enterprise. It addresses compliance, digital platforms, data-driven decision-making, artificial intelligence, digital transactions, intellectual property, cross-border commerce and evolving regulatory frameworks. The programme is designed for prospective founders, start-up professionals, transforming family businesses and careers in consulting, strategy, business development, policy-oriented enterprises and digital commerce, with industry-relevant entrepreneurship education and digital-first learning.
    August 4, 2026
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    Savings account access expands through video KYC, mobile banking, no-minimum-balance options, monthly interest payments and deposit insurance coverage.
    Savings accounts provide monthly interest payments, liquidity and access to funds, subject to eligibility, internal policies and applicable terms. Digital account opening through Video KYC is available for an account with no minimum balance requirement, supported by mobile banking for UPI transfers, bill payments and balance monitoring. Account variants include premium, value-oriented, agricultural, financial-inclusion, children's and basic no-frills accounts. Deposit insurance applies up to the prescribed limit per depositor per bank.
    August 4, 2026
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    Foreign-exchange market conditions supported a modest early rupee gain, while importer demand and policy data remained key factors.
    Foreign-exchange market conditions supported a marginal early appreciation of the rupee against the US dollar, led by broad US-dollar weakness, improved risk sentiment, lower oil-price levels and foreign portfolio inflows. Importer demand for dollars moderated the movement. Market direction remained linked to the forthcoming monetary-policy decision and US economic data, while reported central-bank activity was described as helping smooth currency volatility. The US dollar index, crude-oil movements, global supply expectations and domestic equity-market activity were relevant exchange-rate influences.
    August 4, 2026
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    Quality statistics drive statistical-system reform through administrative data, interoperable systems, stronger governance, and international cooperation for evidence-based policymaking.
    Quality statistics are advanced through modernised national statistical systems, administrative data, digital public infrastructure, and stronger data-governance and privacy standards. Cooperation among national statistical offices is intended to address data gaps through knowledge sharing, methodological harmonisation and statistical innovation. Discussions also emphasised digital dissemination, transformational statistical reforms, and the use of administrative data for timely, cost-effective and granular official statistics, supported by harmonised metadata, interoperable systems and institutional collaboration.
    August 4, 2026
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    Digital statistical modernisation strengthens survey quality, macroeconomic indicators, international standards alignment and infrastructure performance monitoring through standardised data systems.
    National statistical modernisation uses digital survey platforms with validation checks, AI-enabled support and multilingual interfaces, alongside short-duration surveys and administrative data to improve sampling and timely official statistics. Reforms include base revisions for Gross Domestic Product, Consumer Price Index and Index of Industrial Production; adoption of metadata, quality-assessment and classification standards; and alignment with international statistical principles and methodologies. Sustainable development indicators and infrastructure monitoring are supported through a national indicator framework, PAIMANA and a standardised performance dashboard.
    August 3, 2026
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    Windfall gains tax on petroleum exports increases to discourage exports and preserve domestic fuel availability during regional supply disruptions.
    Special additional excise duty on exports of petrol, diesel and aviation turbine fuel has been increased for the relevant fortnightly period, while existing duty rates for petrol and diesel cleared for domestic consumption remain unchanged. The windfall gains tax is intended to preserve domestic availability of petroleum products during the West Asia crisis and prevent exporters from benefiting unduly from price differences linked to elevated global crude oil prices.

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      Pete Hegseth, Trump's nominee for defence secretary, faces crucial test at confirmation hearing

      January 14, 2025

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      Washington, Jan 14 (AP) President-elect Donald Trump's choice for defence secretary, Pete Hegseth, is heading into a potentially explosive confirmation hearing Tuesday as senators question whether the former combat veteran and TV news show host is fit to lead the US military.

      Hegseth's former experience in the Army National Guard is widely viewed as an asset for the job, but he also brings a jarring record of past statements and actions, including allegations of sexual assault, excessive drinking and derisive views about women in military combat roles, minorities and “woke” generals. He has vowed to not drink alcohol if he is confirmed to lead the Pentagon.

      He is among the most endangered of Trump's Cabinet choices, but GOP allies are determined to turn Hegseth into a cause celebre for Trump's governing approach amid the nation's culture wars. Outside groups, including those aligned with the Heritage Foundation, are running costly campaigns to prop up Hegseth's bid.

      “He will be ripped, he will be demeaned. He will be talked about,” said Sen. Tommy Tuberville, R-Ala., at an event with former Navy SEALs, Army special forces and Marines supporting the nominee. “But we're going to get him across the finish line.” The hearing at the Senate Armed Services Committee is the start of a weeklong marathon as senators begin scrutinising Trump's choices for more than a dozen top administrative positions. The Republican-led Senate is rushing to have some of Trump's picks ready to be confirmed as soon as Inauguration Day, Jan. 20, despite potential opposition to some from both sides of the aisle.

      “We're going to grind them down,” Senate Majority Leader John Thune, R-S.D., said on Fox News.

      Hegseth faces perhaps the most difficult path to confirmation. He will be forced to confront allegations of sexual assault, which he has denied, and his own comments that are far from the military mainstream, though he has the support of some veterans' groups that say his past indiscretions are not as important as his focus on improving military readiness to fight.

      And Hegseth will have to answer for his comments that women should “straight up” not be in combat roles in the military, a view he has softened following recent meetings with senators. Two former female combat veterans, Republican Joni Ernst of Iowa and Democrat Tammy Duckworth of Illinois, are among those grilling him from the dais.

      “He can try to walk back his comments on women in combat all he wants, but we know what he thinks, right?” said Duckworth, an Iraq War veteran who lost her legs and partial use of her right arm when the Black Hawk helicopter she was piloting in the Army National Guard was shot down. “He's the most unqualified person to ever be nominated for secretary of defense.” Many senators have not yet met with Hegseth and most do not have access to his FBI background check, as only committee leaders are briefed on its findings. The background check on Hegseth did not appear to probe or produce new information beyond what's already in the public realm about him, according to a person familiar with the situation and granted anonymity to discuss it.

      In many ways, the Hegseth hearing is expected to follow the template set during Trump's first term, when one of his choices for Supreme Court justice, Brett Kavanaugh, came under intense scrutiny over allegations of sexual assault from his teens but recouped to win confirmation to the high court.

      Kavanaugh vigorously fought back during a volcanic 2018 hearing, portraying the sexual assault allegations against him as a smear job by liberal lawmakers and outside groups opposed to his judicial record, turning the tables in a way that many senators credit setting a new benchmark for partisanship.

      Asked about advice for Hegseth, Sen. John Cornyn, R-Texas, referred to that earlier example.

      “Go back and watch videos of the Kavanaugh hearings — give you a flavor,” he said.

      Hegseth was largely unknown on Capitol Hill when Trump tapped him for the top Pentagon job.

      A co-host of Fox News Channel's “Fox & Friends Weekend,” he had been a contributor with the network since 2014, and apparently caught the eye of the president-elect, who is an avid consumer of television and the news channel, in particular.

      Hegseth, 44, attended Princeton and served in the Army National Guard from 2002 to 2021, deploying to Iraq in 2005 and Afghanistan in 2011 and earning two Bronze Stars. But he lacks senior military and national security experience.

      In 2017, a woman told police that Hegseth sexually assaulted her, according to a detailed investigative report recently made public. Hegseth has denied any wrongdoing and told police at the time that the encounter at a Republican women's event in California was consensual. He later paid the woman a confidential settlement to head off a potential lawsuit.

      Hegseth also came under scrutiny amid reports of excessive drinking when he worked at a veterans' organisation. But as he began meeting privately with GOP senators ahead of the hearing, he promised he would not drink if confirmed to the post.

      If confirmed, Hegseth would take over a military juggling an array of crises on the global stage and domestic challenges in military recruitment, retention and ongoing funding.

      In addition to being a key national security adviser to the president, the defence secretary oversees a massive organization, with nearly 2.1 million service members, about 780,000 civilians and a budget of roughly $850 billion.

      He is responsible for tens of thousands of US troops deployed overseas and at sea, including in combat zones where they face attacks, such as in Syria and Iraq and in the waters around Yemen. The secretary makes all final recommendations to the president on what units are deployed, where they go and how long they stay.

      His main job is to make sure the US military is ready, trained and equipped to meet any call to duty. But the secretary also must ensure that American troops are safe and secure at home, with proper housing, healthcare, pay and support for programs dealing with suicide, sexual assault and financial scams.

      Pentagon chiefs also routinely travel across the world, meeting with international leaders on a vast range of security issues including US military aid, counterterrorism support, troop presence and global coalition building. And they play a key role at NATO as a critical partner to allies across the region. (AP) AMS

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