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    UCO Bank launches IFSC Banking Unit at GIFT City
    Banking sector has key role to play as India on way to become 3rd largest economy: Gujarat CM
    India's exports to US rise 12.85 pc in Jul; shipments to China jump 64.57 pc: Govt data
    50 tonnes of copper without e-way bills seized by Delhi GST, Railways joint team
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    India's exports rise 19.63 pc to USD 44.24 bn in Jul; trade deficit widens to $31.98 bn
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    August 13, 2026
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    International banking unit expands cross-border financing, trade finance and foreign-currency service access through GIFT City operations.
    UCO Bank has launched an International Financial Services Centre Banking Unit at GIFT City to provide permitted international banking services. The unit offers trade finance, external commercial borrowings, foreign-currency loans, loan syndication, treasury services and other permitted financial services. It serves Indian corporates, exporters, importers, financial institutions, overseas businesses and other eligible customers requiring cross-border financing and access to global financial markets. FCNR(B) deposits are also offered through the unit.
    August 13, 2026
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    August 13, 2026
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    Merchandise trade growth saw rising exports to major markets alongside increased imports and continuing United States trade-pact negotiations.
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    August 13, 2026
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    GST transport documentation enforcement addresses freight movement of metals without valid e-way bills and invoices under applicable rules.
    GST enforcement action led to the seizure of copper and aluminium ingots transported by freight train without valid e-way bills and invoices. The metals were found in three train wagons during inspection of parcel cargo. Further proceedings are to be undertaken under applicable GST rules concerning movement of goods without prescribed transport documentation.
    August 13, 2026
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    Merchandise trade deficit widens as import growth outpaces exports despite strong petroleum, electronics and engineering shipments.
    Merchandise trade in July 2026 saw exports rise 19.63 per cent and imports increase 17.52 per cent, widening the trade deficit to a six-month high. Petroleum products, electronics, engineering goods and marine goods supported export growth, while crude oil and several commodity and capital-goods categories increased imports. During April-July 2026-27, faster import growth widened the cumulative merchandise trade deficit compared with the corresponding prior-year period.
    August 13, 2026
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    Bribery allegations in GST enforcement prompted arrest after alleged payment demand to avoid a tax-liability notice.
    Bribery allegations involving GST enforcement led to the arrest of a CGST Superintendent after a complaint alleged that payment was demanded from a private company to avoid issuance of a tax-liability demand notice and to close the matter. A trap operation resulted in the public servant being apprehended while allegedly accepting part of the demanded bribe, and the amount accepted was recovered. Searches were undertaken, and investigation remained ongoing.
    August 13, 2026
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    Trade performance shows rising merchandise and services exports, but faster import growth expands the overall trade deficit.
    India's combined merchandise and services exports and imports increased in July 2026 and April-July 2026-27, while the overall trade deficit widened. Cumulative exports were estimated at US$ 316.42 billion and imports at US$ 365.85 billion, resulting in a trade deficit of US$ 49.43 billion. Merchandise exports, non-petroleum exports, and exports excluding petroleum and gems and jewellery grew, led by petroleum products, electronic goods, engineering goods and chemicals. Services trade recorded a cumulative surplus of US$ 69.17 billion.
    August 13, 2026
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    Student GIC referral programmes integrate connectivity credits with funding verification and post-arrival banking arrangements for eligible international students.
    Referral arrangements connect mobile connectivity benefits with the Student Guaranteed Investment Certificate application journey. Applicants may access an online portal through a referral link, submit documents, complete know-your-customer verification, and fund the GIC from permitted Indian bank accounts in no more than two transactions. After arrival, students may activate the GIC account and open a linked bank account for receipt of GIC transfers. Eligible verified applicants receive non-cash mobile credits usable only against mobile bills, subject to a cap on the bill portion payable through credits.
    August 13, 2026
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    Global Capability Centre banking support connects offshore and onshore operations to simplify financial management and enable cross-border expansion.
    Global Capability Centre banking support is positioned around connected offshore and onshore banking, international network access, digital banking platforms, and expertise in treasury centres, cross-border corporates, and evolving GCC operating models. The approach seeks to simplify financial operations and support GCC expansion across global markets. India's GCC ecosystem is characterised as a leading global capability hub, with capability centres evolving into strategic enterprise hubs requiring support for operational and financial complexities across markets.
    August 13, 2026
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    Investment banking registration enables regulated cross-border offerings, listings, debt transactions and capital-market advisory through GIFT City.
    IFSCA registration under the IFSCA (Capital Market Intermediaries) Regulations, 2025 authorises Nexent Capital IFSC Private Limited to operate as an investment banker from GIFT City. Permitted activities include management of initial and follow-on public offerings, SPAC and secondary listings, depository receipt issuances, debt capital-market transactions, and other capital-market advisory mandates. The firm proposes to provide transaction structuring, listing-readiness, execution and post-listing capital-markets support for companies seeking capital raising and listing opportunities through GIFT City's exchanges.
    August 13, 2026
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    Merchandise export growth was driven by petroleum, electronics, engineering and marine goods, while rising imports widened the trade deficit.
    India's merchandise exports increased in July, while imports also rose and widened the trade deficit. Export growth was attributed to higher overseas shipments of petroleum products, electronics, engineering goods and marine goods. Exports and imports both recorded growth during the April-July fiscal period, and exports to West Asian countries increased in July.
    August 13, 2026
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    Vizhinjam International Seaport is scheduled to commence EXIM operations after Customs clearance, issuance of Customs notifications, establishment of a Customs-bonded area, and temporary connectivity to NH-66. The port had previously handled transshipment operations. A proposed transfer of a stake in the port concessionaire to a foreign shipping company remains under committee examination and requires Central Government consideration of strategic and security aspects.
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    Accredited Investor certification facilitates eligible investors' access to alternative investment products, lower thresholds and applicable regulatory flexibilities.
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    Electronic inspection and certified copies expand digital access to judicial records while supporting efficient case management and reduced delays.
    NCLT has launched e-Inspection and e-Certified Copy Services for faster and more convenient access to judicial records and certified copies by advocates, litigants and other stakeholders. The services support a technology-enabled Registry framework and transparent, efficient justice delivery. Pendency monitoring, workload redistribution, Special Benches, maximisation of court time, and registration and listing guidelines are intended to improve case management, optimise limited judicial resources and reduce avoidable delays.
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    Preferential trade agreement negotiations begin under agreed terms covering market access, origin rules, trade remedies and dispute settlement.
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    August 12, 2026
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    Insolvency professional conduct faces money-laundering allegations over re-admitted claims, creditor committee changes, and a connected resolution applicant.
    Enforcement action under the Prevention of Money Laundering Act concerns allegations that an insolvency professional re-admitted claims earlier rejected as spurious and fraudulent during the Corporate Insolvency Resolution Process. The alleged re-admission altered the Committee of Creditors' composition and facilitated consideration of a resolution plan allegedly submitted for, and funded through an entity controlled by, a company promoter under investigation for diversion of bank-loan funds. Adverse findings reportedly included acting beyond authority by relying on fabricated and improperly submitted material.

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      Pope dissolves Peru-based conservative Catholic movement after Vatican uncovers abuses

      January 21, 2025

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      Rome, Jan 21 (AP) Pope Francis has taken the remarkable step of dissolving a Peruvian-based Catholic movement, the Sodalitium Christianae Vitae, after years of attempts at reform and a Vatican investigation.

      The probe uncovered sexual abuses by its founder, financial mismanagement by its leaders, and spiritual abuses by its top members.

      The Sodalitium on Monday confirmed the dissolution, which was conveyed to an assembly of its members in Aparecida, Brazil, in the weekend by Francis' top legal advisor Cardinal Gianfranco Ghirlanda.

      In revealing the dissolution in a statement, the group lamented that news of Francis' decision had been leaked by two members attending the assembly, who were "definitively expelled".

      It provided no details, saying only that the "central information" about the dissolution that was reported by Spanish-language site Infovaticana "was true but it contained several inaccuracies".

      It didn't say what the inaccuracies were.

      The Vatican has not responded to several requests for comment.

      Dissolution, or suppression, of a pontifically recognised religious movement is a major undertaking for a pope, all the more so for a Jesuit pope given the Jesuit religious order was itself suppressed in the 1700s.

      The SCV dissolution, which had been rumoured, marks a final end to what has amounted to a slow death of the movement, which was founded in 1971 as one of several Catholic societies born as a conservative reaction to the Left-leaning liberation theology movement that swept through Latin America in the 1960s.

      At its height, the group counted about 20,000 members across South America and the United States. It was enormously influential in Peru and has its US base in Denver.

      But former members complained to the Lima archdiocese in 2011 about abuses by its founder, Luis Figari, and other claims dating to 2000.

      But neither the local church nor the Holy See took concrete action until one of the victims, Pedro Salinas, wrote a book along with journalist Paola Ugaz detailing the twisted practices of the Sodalitium in 2015, entitled "Half Monks, Half Soldiers".

      In 2017, a report commissioned by the group's leadership determined that Figari sodomised his recruits and subjected them to humiliating psychological and other sexual abuses.

      After an attempt at reform, Francis sent his two most trusted investigators, Archbishop Charles Scicluna and Monsignor Jordi Bertomeu, to look into the Sodalitium abuses.

      Their report uncovered "sadistic" sect-like abuses of power, authority and spirituality, economic abuses in administering church money and even journalistic abuses of harassing critics.

      Their report resulted in the expulsions last year of Figari and 10 top members, including an archbishop who had sued Salinas and Ugaz for their reporting and was forced to retire early.

      Salinas, who has long called for the SCV to be suppressed, said word of Francis' decree was "extraordinary" albeit belated since the first denunciations date from 25 years ago.

      He praised Scicluna and Bertomeu, as well as the new prefect of the Vatican's office for religious orders, Sister Simona Brambilla, since she is ultimately responsible for the SCV.

      "And of course, without the personal commitment of Pope Francis in this long history of impunity, nothing would have happened," Salinas said, identifying complicit Peruvian institutions and bishops who "preferred to look the other way instead of accompanying the Argentine pontiff in his struggle for a Catholic church without abuse".

      It remains unknown what will become of the assets of the Sodalitium, which victims want to be used as compensation for their trauma.

      According to the code of canon law, only the Holy See can suppress an institute such as the SCV and "a decision regarding the temporal goods of the institute is also reserved to the Apostolic See".

      Renzo Orbegozo of Grapevine, Texas, a victim of the movement, welcomed the dissolution of the group to which he belonged from 1995-2008 and said he hoped current members will realise the deception they have been living with.

      "The Sodalitium is really a social scourge disguised as a Catholic association," he said.

      "With time the current Sodalits will understand this, they will realise that they were only a number and not a real concern of the sect." His comments echoed those of the current archbishop of Lima, Cardinal Carlos Gustavo Castillo Mattasoglio, who in a recent essay called the group a "failed experiment" of the church in Latin America and urged its suppression.

      "My hypothesis is that the Sodalitium obeys a political project. It is the resurrection of fascism in Latin America, artfully using the church by means of sectarian methods," Castillo wrote in El País.

      Francis' willingness to suppress the movement outright contrasts with the decision taken by his predecessor, Pope Benedict XVI, when faced with another powerful and wealthy Latin American conservative order, the Legionaries of Christ.

      Faced with similar evidence of depravity by its founder and a lack of a founding spirit, or charism, underpinning the Legion, Benedict decided instead in 2010 on a path of renewal, overriding calls for the Legion to be suppressed. (AP) ARI

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