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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
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    Government Notifies Inventory-based Cross-border E-Commerce Export Framework under Foreign Trade Policy 2023
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    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
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    Two women held at Delhi airport with 1 kg gold concealed as silver-coated armlet
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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
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    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
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    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
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    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
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    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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      Hegseth confronts allegations of misconduct as senators grill Trump's choice for Pentagon chief

      January 15, 2025

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      Washington, Jan 14 (AP) President-elect Donald Trump's choice for defence secretary, Pete Hegseth, vowed Tuesday to foster a “warrior culture” at the Pentagon and confronted allegations of his misconduct during a testy Senate confirmation hearing that drew protesters but also veterans in support.

      Hegesth did not initially address the allegations of sexual assault, excessive drinking or his derisive views on women in combat and minorities, as senators determine whether the veteran and TV news show host is fit to lead the US military. Instead, he focused on his combat experience in the Army National Guard.

      “It's time to give someone with dust on his boots the helm. A change agent,” Hegseth said in his opening remarks.

      Asked directly about the sexual assault allegation against him, Hegseth dismissed it as a “smear campaign.” But pressed about his personal behaviour and marital infidelity Hegseth acknowledged, “I am not a perfect person.” Senators spent hours drilling down on the questions surrounding Hegseth, with the Republican chairman of the Armed Services Committee acknowledging the “unconventional” choice and the top Democrat warning of “extremely alarming” allegations against him.

      Sen. Roger Wicker, R-Miss., the chairman, compared Hegseth to Trump himself, dismissed the various allegations against him as unfounded and said he will “bring energy and fresh ideas to shake up the bureaucracy.” But Sen. Jack Reed, D-R.I. said flatly: “I do not believe that you are qualified to meet the overwhelming demands of this job.” Hegseth, 44, comes from a new generation of veterans from the Iraq and Afghanistan wars, and his military experience is widely viewed as an asset. But he also brings a jarring record of past actions and statements, including about women, minorities and “woke” generals. He has vowed not to drink alcohol if he is confirmed to lead the Pentagon.

      Trump backed his pick, saying Hegseth has “my Complete and Total support” in a morning post.

      The hearing launched a weeklong marathon as senators begin scrutinising Trump's picks for more than a dozen top administrative positions.

      Hegseth faces perhaps the most difficult path to confirmation, but GOP allies are determined to turn him 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.

      In the audience were cadres of men wearing clothing expressing support for veterans or service in the military, but also protesters who momentarily disrupted proceedings but were removed from the room.

      Hegseth was combative at times, forced to confront allegations of sexual assault, which he has denied, and his own comments that are far from the military mainstream. He wore an American flag pocket square in his suitcoat, and said his military experience was not academic but his life.

      Pressed on his opposition to diversity initiatives in the military and women serving in combat roles, Hegseth agreed that the military “was a forerunner in courageous racial integration.” But he argued that modern diversity and inclusion policies “divide” current troops and don't prioritise “meritocracy.” Hegseth was grilled over his comments that women should “straight up” not be in combat roles, a view he has softened following recent meetings with senators.

      Sen. Jeanne Shaheen, D-N.H., noted the switch. “Which is it?” In one fiery exchange, Sen. Kristen Gillibrand, D-N.Y., told Hegseth: “You will have to change how you see women to do this job.” But Sen. Joni Ernst, R-Iowa, a military veteran and sexual assault survivor, was far less combative as Hegseth told her it would be a “privilege of a lifetime" to serve the men, and women, in uniform.

      Many senators have not yet met with Hegseth and most do not have access to his FBI background check, as only committee leaders were briefed on its findings. Reed said the background check was “insufficient.” It did not probe or produce new information beyond what's already in the public realm about him, according to a person familiar with the situation who insisted on anonymity to discuss it.

      In many ways, the Hegseth hearing was following 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 but turned the tables on his critics and recouped to win confirmation to the high court.

      “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 Republican-led Senate is rushing to have some of Trump's picks ready to be confirmed as soon as Inauguration Day, January 20. With a narrow GOP majority, almost all Republicans must support Trump's pick if Democrats oppose.

      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 attended Princeton University 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.

      North Dakota Republican Sen. Kevin Cramer asked about Hegseth's tattoos, which have come under question for their association with white nationalist groups. However, Cramer did not focus on the “Deus Vult” tattoo that got Hegseth flagged as a potential “insider threat.” Sen. Gary Peters, D-Mich., questioned his lack of management experience, saying he has “real problems” with Hegseth's ability to take on a large organisation like the military.

      And Mazie Hirono, D-Hawaii, asked Hegseth if he'd follow orders from Trump to shoot protesters, invade Greenland, which is controlled by NATO-ally Denmark, or occupy the Panama Canal, to which Hegseth cited a need for strategic ambiguity in declining to fully answer.

      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.

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

      The secretary 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.

      The secretary's 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, health care, pay and support for programmes 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) GRS GRS

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