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    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
    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
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    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
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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
    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
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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
    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
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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.
    August 5, 2026
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    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.

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      Trump signs order that likely sets in motion a future ban on transgender troops

      January 28, 2025

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      Washington, Jan 28 (AP) President Donald Trump signed an executive order Monday directing Defence Secretary Pete Hegseth to revise the Pentagon's policy on transgender troops, likely setting in motion a future ban on their military service.

      He also ordered troops to be reinstated who had been booted for refusing COVID-19 vaccines, outlined new rollbacks in diversity programs and provided for the deployment of a space-based missile defense shield for the US just after Hegseth began his first day on the job.

      Both Trump and Hegseth had described parts of the anticipated orders throughout the day, but the exact language did not drop until late Monday evening.

      Transgender order A transgender ban had been widely expected, and the order Trump signed largely sets in motion a future ban — but directs Hegseth to come up with how that would be implemented in policy.

      In his order, Trump claimed that service by troops who identify as a gender other than their biological one “conflicts with a soldier's commitment to an honourable, truthful, and disciplined lifestyle, even in one's personal life” and is harmful to military readiness, requiring a revised policy to address the matter.

      Trump had tried to impose a ban on transgender troops during his first term, but it was tangled up in the courts for years before being overturned by then-President Joe Biden shortly after he took office.

      Lawyers for transgender troops who challenged the ban in the courts during Trump's first term have already pledged to fight the new ban.

      Space-based missile defence During his first term in office Trump established US Space Command and the US Space Force, which just marked its fifth birthday. Space continues to be a priority for the president, who has now directed the Pentagon to begin to develop the capability to shoot down missiles from space.

      For years the US has cautioned that China, Russia and others were weaponizing space. It has at times declassified information about both countries' efforts to create offensive weapons to disable critical US satellites, including the capability to move satellites from orbit, temporarily blind them or potentially even destroy them. The Space Force is in the process of building a low-orbit ring of redundant satellites that can more quickly track and detect potential missile launches.

      But establishing a way to shoot missiles down from space is something the US has not considered since President Ronald Reagan announced the Strategic Defense Initiative — “Star Wars” as it was commonly known — in the 1980s. The system was never developed due to cost and technological limitations.

      In his order late Monday called “an Iron Dome for America,” Trump called for a multi-layer missile defense system capable of countering an array of threats to the US, to include development and deployment of space-based interceptors.

      COVID-19 vaccination At least 8,200 troops were forced out of the military in 2021 for refusing to obey a lawful order when they declined to get the vaccine. Notices advising them they could return were sent out in 2023, but just 113 have reenlisted.

      The reinstatement process for those ousted for refusing the vaccine requires that they meet military entry standards, unless Trump opts to change that. He and Hegseth, however, have persistently stated that the military must not reduce standards.

      ?We will offer full reinstatement to any service member who was expelled from the armed forces due to the COVID vaccine mandate,” Trump told a Republican crowd at the Trump National Doral Miami, a resort he owns. “And we will restore them to their former rank with full pay. ? The order isn't expected to have a major impact on the number of service members returning. But it could take a bite out of the budget if more do now, since it requires back pay.

      They would have to meet weight, fitness, medical and other requirements, and they could be refused if they now have a criminal record or other disqualifying factor. Officers would have to get recommissioned, which is a simple appointment process.

      According to the services, 3,748 Marines were discharged, and 25 have opted to re-enlist; 1,903 Army soldiers were discharged, and 73 returned; 1,878 sailors were discharged and two returned; 671 airmen were discharged and 13 returned.

      The Pentagon made the COVID-19 vaccine mandatory in August 2021 for all service members, including the National Guard and Reserve. At that time, the pandemic was still killing and sickening tens of thousands around the country, and troops were being used to help get people vaccinated.

      Then-Defence Secretary Lloyd Austin said getting the vaccine was critical to maintaining a heathy, ready force that could be prepared to defend the nation. The Pentagon formally dropped the mandate in January 2023, as a result of legislation signed into law.

      Defense officials said then that many troops appeared to use the vaccine mandate as a way to quickly and easily to get out of their service obligations. And officials on Monday said many of those service members had gotten new jobs and moved on with their lives, and didn't want to reenlist.

      DEI initiatives Trump also, as expected, issued a sweeping order to abolish all programs, initiatives and mentions of diversity, equity and inclusion across the Defense Department and the Coast Guard, which is governed by the Department of Homeland Security.

      The order looks to scrub “any vestiges” of such initiatives that seek to “promote a race-based preferences system that subverts meritocracy, perpetuates unconstitutional discrimination, and promotes divisive concepts or gender ideology.” It prohibits the departments from promoting or following “un-American” theories that suggest that America's founding documents are racist or sexist; that discuss gender ideology; and that promote “divisive concepts” such as “race or sex stereotyping.” The order says the defense and homeland security secretaries must issue guidance to implement the order in 30 days. It calls for a review to find any instances of actions taken in pursuit of DEI, which will be due to the defense secretary in 90 days.

      The secretaries must submit a report to the White House in six months outlining their progress.

      The Pentagon had already been taking steps to comply with his initial DEI ban, and it has had far-reaching consequences. Without clearer direction, agencies have been taking a broad approach to removing any content that seemed to run afoul of Trump's ban.

      That temporarily included videos of the storied Tuskegee Airmen and World War II Women's Airforce Service Pilots, or WASPs, which were part of DEI training courses for the Air Force's basic military training. Videos on both the Tuskegee Airmen and WASPs were removed as the courses were taken down last week, causing an uproar.

      WASPs were vital in ferrying warplanes for the military. The Tuskegee Airmen were the nation's first Black military pilots, serving in a segregated WWII unit, and their all-Black 332nd Fighter Group had one of the lowest loss records of all the bomber escorts in the war.

      On Sunday, the Air Force clarified that the DEI courses had been removed to be edited but that the Tuskegee Airmen and WASP content would continue to be taught.

      “The revised training which focuses on the documented historic legacy and decorated valor with which these units and Airmen fought for our Nation in World War II and beyond will continue on 27 January,” the Air Force said in a statement.

      Hegseth didn't mention the issue as he walked into the Pentagon Monday morning accompanied by Gen. CQ Brown Jr., chairman of the Joint Chiefs of Staff. But in other comments, Hegseth said that “military training will be focused on the readiness of what our troops in the field need to deter our enemies.” Hegseth is also continuing to focus on the border, and told reporters gathered on the steps of the Pentagon that “whatever is needed at the border will be provided,” using active-duty, National Guard and state-activated Guard troops.

      Hegseth was approved by the Senate Friday night in a tie vote that had to be broken by Vice President JD Vance. (AP) AMS

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