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    Pakistan-origin dry dates, routed through UAE, seized at Kandla port
    RBI keeps rates unchanged, retains neutral stance; outlook uncertain on El Nino, geopolitical risks
    Government Notifies Inventory-based Cross-border E-Commerce Export Framework under Foreign Trade Policy 2023
    Customs official among 5 held for smuggling gold of Rs 1.44 crore at Indore airport
    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
    Sensex gains 152 pts in volatile session as RBI keeps policy rates unchanged
    DRI seizes 364 metric tonne (MT) banned Pakistan-origin dry dates imports worth Rs. 3 crore
    Rupee gains 13 paise to close at 95.15 against US dollar post-RBI policy decision
    ED raids premises linked to ex-Andhra MLA Malla Vijaya Prasad in chit fund scam
    'Gungi gudiya' remark against Sunetra shows Cong's 'ideological bankruptcy': NCP leader Tatkare
    RBI holds interest rates for fourth straight meeting, awaits clearer inflation outlook
    Highlights of RBI's August monetary policy
    RBI targeting polymer currency notes launch in early FY28: Guv Malhotra
    Two women held at Delhi airport with 1 kg gold concealed as silver-coated armlet
    Sensex trades higher, Nifty flat post RBI policy
    India's services sector growth hits four-and-a-half-year low in July on weak demand: PMI
    SC grants interim bail to businessman Anwar Dhebar in manpower commission 'scam' case
    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
    RBI marginally raises FY27 GDP growth projection to 6.7 pc, lowers inflation forecast
    Collaboration, Inclusion and Entrepreneurship: How SIDBI MSME Samvaad Is Shaping the Future of India’s MSME Ecosystem
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    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
    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.
    August 5, 2026
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    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
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    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
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    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
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    Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
    Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.
    August 5, 2026
    Show AI Summary
    Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
    Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
    August 5, 2026
    Show AI Summary
    Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
    Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.
    August 5, 2026
    Show AI Summary
    Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
    Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
    August 5, 2026
    Show AI Summary
    Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
    The Reserve Bank retained the repo rate with a neutral stance amid uncertainty over energy prices and supply disruptions. Stock exchanges introduced the Closing Auction Session in the equity cash segment for eligible shares with futures and options contracts. This auction-based mechanism determines closing prices of eligible stocks and aims to make price discovery more transparent and robust.
    August 5, 2026
    Show AI Summary
    Services-sector growth slowed as weaker demand, competition and postponed orders moderated business activity, while employment improved modestly.
    Services-sector growth slowed as domestic and export orders moderated amid weaker demand, competitive pressures, softer market conditions and postponed orders. Output continued to expand, but at its weakest pace in more than four years. Employment growth improved modestly, while input costs rose and firms increased selling prices. Business confidence remained positive but declined, and the composite output indicator weakened due principally to the sharp slowdown in services activity.
    August 5, 2026
    Show AI Summary
    Interim bail conditions require residence outside the state and trial attendance in alleged manpower commission corruption proceedings.
    Interim bail was granted to Anwar Dhebar in a matter involving alleged corruption and an illegal commission mechanism linked to a state marketing corporation. Conditions require him to remain outside Chhattisgarh, attend the trial court, and provide his residential address. The allegations concern manpower supply agencies allegedly being compelled to pay commissions for clearance of legitimate bills, with proceeds routed through intermediaries. The case was registered under the Indian Penal Code and the Prevention of Corruption Act.
    August 5, 2026
    Show AI Summary
    Tax certainty measures revise fund-management safe harbours, electronic-payment charges, sectoral exemptions, business-trust treatment, and excess expenditure appropriation.
    The Taxation and Other Laws (Amendment) Bill, 2026 proposes to replace the Income-tax (Amendment) Ordinance, 2026 and amend payment-system and tax laws. It would prohibit charges on notified electronic payments, revise safe-harbour conditions for eligible investment funds and fund managers, and expand tax exemptions for Government securities, qualifying rough-diamond sales and bonded-warehouse component storage. It also modifies exemptions concerning electronic-goods contract manufacturing, data centres and business-trust dividends, while imposing a differentiated surcharge on qualifying special purpose vehicles. A separately included appropriation bill authorises excess expenditure from the Consolidated Fund of India.
    August 5, 2026
    Show AI Summary
    Growth and inflation projections reflect resilient domestic activity while energy volatility, supply disruptions, and food prices sustain inflation risks.
    Monetary policy projections for fiscal 2026-27 revise real GDP growth upward to 6.7 per cent and Consumer Price Index inflation downward to 5 per cent. Domestic activity is described as resilient amid global uncertainty, but inflationary risks persist from rainfall disruption, energy-price volatility, supply-chain uncertainty, and second-round effects of higher food, fuel and input costs. Core inflation is projected at 4.3 per cent for the fiscal year.
    August 5, 2026
    Show AI Summary
    Industry collaboration strengthens MSME competitiveness through shared resources, market linkages, capability building and inclusive support for women entrepreneurs.
    MSME development is linked to collaboration, knowledge-sharing, institutional support and capability building. Industry associations can provide networking, policy advocacy, business intelligence, skills programmes, shared infrastructure and market linkages, while collective procurement, shared logistics, digital commerce and export readiness may improve competitiveness. Women-led enterprises benefit from market-oriented capability development, mentorship, continuous learning, professional networks, capacity-building programmes and institutional support. The Development of Industry Associations initiative is intended to connect associations and facilitate the sharing of best practices.

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      Davos beyond WEF: Skiing to Sherlock to Sanatorium

      January 19, 2025

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      Davos, Jan 19 (PTI) As the rich and powerful of the world debate here the 'collaboration in an intelligent age' over the next five days, this small Swiss ski resort town will also offer them its own history to ponder over.

      Be it the menace of misinformation and disinformation posed by deepfakes and other forms of artificial intelligence, conflicts in Ukraine and Gaja or climate change threats from Delhi to Dallas, problems are plenty and all have suddenly reached Davos.

      Once known for health tourism, always frequented by skiing enthusiasts and also home to the Sherlock Homes creator who moved here to help his ailing wife live longer, Davos is also home to the annual week-long pow-wow of global elite in sub-zero temperatures and that has made it into a host for a talkfest for all problems plaguing or facing the world.

      For now, it teems with huge billboards atop buildings and buses, promoting governments and companies, including from India, while the narrow roads made even narrower by heavy snowfall are full of lounges set up by the private and public sectors from multiple countries.

      The five-day World Economic Forum (WEF) Annual Meeting will begin on Monday evening and will continue till Friday, where approximately 3,000 leaders from over 130 countries will discuss innovative strategies to revitalize growth, harness transformative technologies, empower individuals and communities, protect the planet and drive collaboration amid economic fragmentation and geopolitical polarization.

      More than 350 government leaders, including over 60 heads of state and government, will attend the Annual Meeting 2025, sharing their priorities for the year ahead.

      They will be joined by over 1,600 business leaders, as well as civil society representatives, prominent changemakers and key experts to foster inclusive dialogue and forge new partnerships to deliver better outcomes for people, economies and the planet.

      Giving them company in full strength, the heavy snowfall has led to several roads getting closed and serpentine traffic elsewhere and a similar situation is expected throughout the week.

      Flush with nearly three times its usual population, the Swiss resort of Davos is teeming with black business suits for the WEF annual gathering, but it still cannot deter skiing enthusiasts and those coming for medical tourism.

      There are warnings that the snow-laden town in the Swiss Alps can see snow storms and rains with temperatures expected to continue in sub-zero degrees and a lot worse at the higher altitudes.

      But that does not seem to have dampened the spirits of those having come to the annual talkathon of the rich and powerful from across the world -- something that has become synonymous with this place for over five decades now.

      The event has also brought thousands of army, police and other security personnel from across Switzerland and some neighbouring countries as well to secure the summit being attended by nearly 60 heads of states and governments.

      But it has a much older and fascinating history of its own, being a place of eminence for medical tourism as also winter sports.

      Arthur Conan Doyle, creator of the famous detective character Sherlock Holmes, moved to this town along with his ailing wife that reportedly helped her live longer.

      Once famous for being a summer health resort, Davos has gradually emerged as a major winter sports hub on the Alps, but its biggest claim to fame for the past four decades has been the World Economic Forum's annual meeting every January, beginning in 1971.

      The Geneva-based WEF is hosting its 55th annual meeting here beginning Monday, where more than 2.800 leaders from across the world will participate in a high-profile talkfest for five days.

      To cover this global elite jamboree, there are more than 500 journalists and thousands of support staff as well.

      While such a high-profile event leads to all hotels and rental apartments being occupied, the die-hard winter sports fans still throng this place as the WEF week also means relatively smaller crowds in ski areas and on mountain cableways.

      The only drawback for tourists is that they cannot stay within the town, which has less than 10 medium-sized hotels and about 40 small ones, including in nearby areas like Klosters and Dorf.

      Besides, the so-called WAGs and HABs (wives and girlfriends/husbands and boyfriends), as referred to by locals and others privately but as partners on record, of those attending the WEF meet are also around in large numbers on ski circuits and at various tourist destinations of the town that comprises two big parallel roads and numerous connecting alleys.

      Davos' history as a modern and popular holiday destination dates back to 150 years when the first winter guests arrived here in 1865. Till then, it was just a summer mountain health resort with a strong reputation for the treatment of tuberculosis patients.

      One day in February 1865, Doctor Friedrich Unger and Hugo Richter from Germany arrived here and began a course of treatment on a bed made from a hay sledge covered with boards.

      The treatment proved successful and both men were able to return to work. Soon after, Unger returned to Davos and worked as a doctor here for over 20 years.

      Richter married a Davos girl and took over the management of a guest house. Later, he also moved his publishing business to this small town and began printing two local newspapers.

      Another feather in its cap is Davos being home to painter Ernst Ludwig Kirchner, who spent his last 20 years in this town, which is full of many of his finest paintings.

      Besides a museum devoted to Kirchner's work, his paintings can be seen everywhere in Davos.

      Towards the end of his life, Kirchner suffered a major nervous breakdown and spent his last days in a sanatorium in Davos.

      This is the same sanatorium that inspired Noble laureate Thomas Mann's classic novel 'The Magic Mountain'.

      Davos' annual affair with WEF began in 1971 when the Forum was known as the European Management Forum. That year, WEF founder Klaus Schwab invited over 400 European business leaders for a meeting at the Davos Congress Centre under the patronage of the European Commission.

      Subsequently, WEF was formed and leaders from across the world began congregating here at the end of January every year.

      Over the years, the WEF annual meeting at Davos grew larger and has been host to many historic accords and meetings, including one draft agreement on Gaza and Jericho between the then Israel foreign minister Shimon Peres and Palestine Liberation Organisation chairman Yasser Arafat in 1994. In 1988, Greece and Turkey also signed their Davos Declaration here, which saw the two countries avoiding a war, while North and South Korea held their first ministerial-level meetings in Davos in 1989 -- a year that also saw German chancellor Helmut Kohl here discussing German reunification and then the knocking down of the Berlin Wall.

      So far, only once has WEF held its annual meeting outside Davos, when in 2002 it decided to shift the venue to New York to show solidarity with that city and the American public after the 9/11 terrorist attacks.

      Also, the WEF couldn't hold a physical annual meeting in Davos in 2021 due to the Covid pandemic, while the 2022 meeting got postponed to May due to the pandemic.

      India's presence has also been increasing at the Davos meeting, during which hundreds of Indians can be seen strolling on its narrow roads, one of which has been hosting an 'India Adda' for many years, though the official name has changed in recent years quite a few times, including to Make In India lounge and simply India Lounge and India Pavilion, but regulars still prefer to call it by the old name of India Adda. PTI BJ MR

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