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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
    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
    RBI keeps policy rate unchanged for third time in row in FY27 amid West Asia crisis
    RBI keeps policy rate unchanged for third time in row amid West Asia crisis
    Markets climb in early trade on falling crude oil prices; RBI monetary policy decision awaited
    Rupee jumps 39 paise to 94.89 against US dollar ahead of RBI monetary policy decision
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    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
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    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
    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.
    August 5, 2026
    Show AI Summary
    Monetary policy rate maintenance continues under a neutral stance amid energy disruption, inflation concerns and sustained currency depreciation.
    Monetary policy rate maintenance was continued with the repo rate retained at 5.25 per cent under a neutral stance amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The growth forecast was marginally increased and the inflation projection reduced. Sustained rupee depreciation against the dollar was attributed to costly oil, capital outflows, widening trade deficits and a strong US dollar.
    August 5, 2026
    Show AI Summary
    Monetary policy rate pause maintains a neutral stance amid energy disruption, inflation concerns and sustained rupee depreciation pressures.
    Monetary policy rates were retained without change for a third consecutive review, with a neutral stance maintained amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The policy assessment noted retail inflation above the medium-term target, alongside an upward revision to growth expectations and a downward revision to the inflation projection. Continued rupee depreciation was linked to higher oil prices, capital outflows, widening trade deficits and a stronger US dollar.
    August 5, 2026
    Show AI Summary
    Monetary policy expectations shape equity sentiment as softer crude prices and foreign investment support domestic financial assets.
    Equity market sentiment improved in early trading as lower crude oil prices and foreign fund inflows supported benchmark indices, while investors awaited the monetary policy decision. Softer crude prices, rupee recovery, improving global risk sentiment, resilient economic growth, corporate earnings and sustained foreign portfolio investment supported domestic financial assets, despite continuing global and geopolitical uncertainties.
    August 5, 2026
    Show AI Summary
    Foreign exchange market movement strengthens as lower crude prices and monetary policy signals influence the rupee's direction.
    Foreign exchange market movement saw the rupee appreciate against the US dollar in early trading, supported by lower crude oil prices, a softer dollar index, domestic equity gains and net foreign institutional investment. Market attention centred on the Reserve Bank of India's monetary policy decision, with expectations of an unchanged benchmark repo rate. Policy communication on inflation and developments in Hormuz-related talks were identified as factors that could influence the rupee's direction.

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      Customs & Trade

      PM Modi will do 'what is right' on illegal immigrants, likely to visit US in February: Trump

      January 28, 2025

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      Washington, Jan 28 (PTI) US President Donald Trump has said that Prime Minister Narendra Modi will do "what is right" on illegal immigrants, underlining that discussions are going on with India.

      President Trump made these remarks on Monday while talking to reporters aboard Air Force One on his way back to Joint Base Andrews from Florida. He also mentioned that Prime Minister Modi is likely to visit the White House in February.

      Separately, in a readout of a phone call between both leaders, the White House said that Trump had a "productive" phone call with Modi and sought a move towards a "fair" bilateral trading relationship and deeper India-US cooperation.

      While talking to House Republicans at a Florida retreat on Monday, President Trump said that the US would impose tariffs on the countries that "harm" America as he named China, India and Brazil as high-tariff countries.

      “We're going to put tariffs on outside countries and outside people that really mean harm to us... Look at what others do. China is a tremendous tariff maker, and India and Brazil and so many other countries. So we're not going to let that happen any longer because we're going to put America first,” he said.

      Meanwhile, during their phone call, the two leaders also discussed plans for Modi to visit the US, the White House said in the readout.

      While talking to reporters aboard Air Force One, Trump was asked "Did he (Modi) agree to take illegal immigrants.” “He (Modi) will do what’s right. We are discussing,” said the president.

      “I had a long talk with him this morning (Monday). He is going to be coming to the White House, over next month, probably February. We have a very good relationship with India,” Trump told reporters aboard Air Force One.

      The president was responding to a question on the phone call he had with Modi on Monday.

      “Everything came up (in a phone call with Modi),” Trump told reporters when asked about the details of his call with the Prime Minister.

      The prime minister's trip to the US, the first under Trump 2.0 was finalised during the call. Trump’s last foreign trip as president was to India during his first term.

      Trump and Modi enjoy a good friendly relationship. The two addressed thousands of people at two different rallies in Houston in September 2019 and in Ahmedabad in February 2020.

      Modi was among the top three world leaders to speak with Trump after his stunning electoral victory in November 2024.

      In a readout of the call, the White House said the two Trump sought India to increase in US-made security equipment and move towards a fair bilateral trading relationship.

      “Today, President Donald J Trump held a productive call with Prime Minister Narendra Modi of India. The two leaders discussed expanding and deepening cooperation. They also discussed a range of regional issues, including security in the Indo-Pacific, the Middle East, and Europe,” it said.

      “The President emphasised the importance of India increasing its procurement of American-made security equipment and moving toward a fair bilateral trading relationship,” the White House said.

      “The leaders discussed plans for Prime Minister Modi to visit the White House, underscoring the strength of the friendship and strategic ties between our nations,” it added.

      Both Modi and Trump emphasised their commitment to advance the "US-India strategic partnership and the Indo-Pacific Quad partnership, with India hosting Quad Leaders for the first time later this year.” The US, India, Japan and Australia compose the Quad, a four-way grouping. They have been stepping up cooperation in various fields such as defence and energy, amid China's increasing military and economic clout in the region.

      Like in many countries, there have been some concerns in India as well over the Trump administration’s approach to immigration and tariffs.

      Trump has already talked about slapping “100 per cent tariffs” on the BRICS grouping, a bloc that includes India as well.

      Speaking during a weekly press briefing, External Affairs Ministry spokesperson Randhir Jaiswal referred to India’s ongoing dialogue with the US on matters related to trade and immigration and expressed hope that both sides will be able to address any issue.

      Trade occupies a special place within the strong and multi-faceted India-US relationship, and the two sides reached a record level of trade in goods and services worth USD 190 billion in 2023, Jaiswal said.

      On January 23, External Affairs Minister S Jaishankar, who represented India at the inauguration ceremony of Trump, said that India has always been open to the legitimate return of undocumented Indians to their country.

      "As a government, we are obviously very much supportive of legal mobility because we do believe in a global workplace... At the same time, we are also very firmly opposed to illegal mobility and illegal migration," Jaishankar had said.

      "So, with every country, and the US is no exception, we have always maintained that if any of our citizens are there illegally, and if we are sure that they are our citizens, we have always been open to their legitimate return to India." He was responding to a query on news reports that India is working with the Trump administration for the deportation of some 1,80,000 Indians in the US who are either undocumented or have overstayed their visas.

      Department of Homeland Security in April 2024 said there were about 11 million illegal immigrants in the US in the year 2022. Mexico topped the list with 4.81 million illegal immigrants, followed by Guatemala (750,000), El Salvador (710,000), Honduras (560,000), Philippines (350,000), Venezuela (320,000), Colombia (230,000) and Brazil (230,000).

      The DHS said there has been a sharp decline in illegal immigrants from India between 2018 and 2022.

      It says 220,000 Indians were living in the US illegally at the end of 2022.

      “The Indian population fell by 54 per cent, or 260,000 people, from 480,000 in 2018 to 220,000 in 2022, while the Chinese population declined by 47 per cent, or 180,000, from 390,000 to 210,000,” DHS said. PTI LKJ GRS AMS

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