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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
    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
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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
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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
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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
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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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      India is ready for the largest student chefs' competition in the world

      January 29, 2025

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      The Young Chef Olympiad-YCO, held by IIHM- International Hospitality Council brings together young chefs from 50 countries for a week-long competitive bonding over food YCO Founder Dr Suborno Bose says 'YCO belongs to India'. He will launch his path-breaking book on AI in hospitality and tourism at this 11th edition of YCO KOLKATA, India, Jan. 28, 2025 /PRNewswire/ -- One of the most iconic and the largest congregation of student chefs from 50 countries will gather for a week, in different cities, to celebrate power of food to build bridges of solidarity and bring people and countries together. The 11th edition of the Young Chefs Olympiad, will be held under the aegis of the International Institute of Hotel Management (IIHM) in partnership with the International Hospitality Council (IHC) London. The Young Chef Olympians- student chefs from 50 nations will undertake two rounds of culinary challenges, to attempt to win, the coveted YCO 2025 Golden Toque.

      Speaking to journalists across India on a video conference before this global event, Dr. Suborno Bose, Chairman of International Hospitality Council (IHC) and Founder YCO, and Chairman IIHM said, "It's possibly the best we have seen, referring to the YCO. The world has been challenged, but this has not stopped countries from traveling. This year, we also had the Young Chef India competition, where chefs from all the management schools across the country participated. The participating chef, the winner of the Indian round, was selected from among 140 finalists across 10 cities." Dr. Bose further went on to say, "The YCO is a celebration of food and of young people coming together to spread the spirit of happiness and togetherness." "We call our contestants Young Chef Olympians. One very important aspect of YCO this time is the theme of AI with a human touch. It is all about humanity and how it is bolstered by AI," he added.

      Importantly Dr Bose flagged the importance of YCO beyond the competition. "YCO belongs to India. It's a great opportunity for us to showcase India. It's not just about IIHM or an Olympiad, it's about India, the country." The competition rounds will start, at the IIHM campus kitchens, from Feb 3, in Goa, and from Feb 4 in Delhi, Pune, Hyderabad and Bengaluru. The top 10 Young Chef Olympians' as per the scores of the two rounds, will compete in the Grand Finale of YCO 2025 in Kolkata on February 8, 2025. However there is also the plate trophy and the Dr Suborno Bose Culinary International Challenge prize up for grabs. Each trophy, in this global platform, is bound to embellish the careers of young chefs and validate their skills.

      But each of the Young Chef Olympians, along with their mentors, the judges, and the YCO organising team and student volunteers will be- quite literally, on the same plate of friendship, as each of them will go home a winner, in the cause of cementing friendships and unity through food.

      There will be another winner in this year's YCO. This winner will not compete but be the catalyst for phenomenal change in global hospitality education- AI.

      The International Institute of Hotel Management (IIHM), has adopted a comprehensive framework to integrate Artificial Intelligence (AI) into global hospitality education. This initiative prioritizes inclusivity, human-centric values, and sustainability, reflecting the industry's evolving needs while preserving its essence.

      A book by Dr Suborno Bose on the A to Z of AI in tourism and hospitality will be launched during the opening of the YCO in Goa. This is aptly called Harmonizing Human Touch and AI in Tourism and Hospitality.

      "With YCO and AI Suborno Bose has changed the realm of hospitality education", said Padma Shri Chef Sanjeev Kapoor, Principal Judge and Mentor for YCO 2025. He added, "Everything that's going to be featured, there is excitement in the air and every country is looking forward to winning. We will witness history being made. Good times are here and it's that time of the year when the culinary world looks forward to what YCO has to offer. May this be the biggest event in the culinary world. Let's put our best plate forward. YCO has a global footprint. It also has one of the finest panel of judges and there is so much creativity." Intelligent hospitality, therefore will be a goal and a way of life of the Young Chef Olympians as they cook, compete, collaborate, but most importantly cement ties, in the largest grandstanding of culinary diplomacy in the world, achieved by young chefs. This impact will be felt beyond the kitchens in IIHM campuses, in the cities where two rounds of the Young Chefs' Olympiad will be held, culminating in the grand finale where the winner will be chosen.

      YCO 2025 will also bring together the student chefs and chef mentors for the 'United World of Young Chefs.' This will be held alongside the main event. There will be World Cuisine display by the 10 participating countries at Bengaluru at the Karnataka Food festival organized by IIHM Bangalore in partnership with Venue Partner Brigade Hospitality on 3rd February 2025, while Hyderabad, Goa Delhi and Pune will host a mini-UWYC, which will present the National Dishes of participating countries in respective host cities to create awareness and break cultural barriers through the universal language of food.

      The Jury is out As in previous years Padma Shri Chef Sanjeev Kapoor is the Principal Judge and Mentor for YCO 2025 while Prof David Foskett OBE, the legendary hospitality educator and author is Chairman of the Jury. The judging panel includes internationally acclaimed celebrity chef judges including Chief Judge Chef John Wood, a Michelin Star Chef and Founder of KitchenCUT.

      Prof David Foskett remarked to the participants, "To live is to Change, to grow is to change often." He said, "YCO is all about friendship, innovation and creativity. It's a great culture and it's a celebration of the best of humanity. It's also a celebration of our culture and heritage. The YCO demonstrates friendship. And hospitality at its very best. Food and culture come together. It also tells us who we are. The voice here was also about harmony and happiness. It's a celebration of youth. It engages our mind. It engages in our mental space. At the end of the day, the YCO is about simply being human. YCO is also the best cultural competition in the world for young people." Mr Ron Scott, Principal Advisor of YCO announced his faith in the Grand Jury by saying. "Transparency and fairness is the basis of our judging. We wish to maintain a correct balance across all locations. We want all five teams speaking in one voice and we are confident in doing so because of the caliber of these international judges. They are highly respected and we are very fortunate to have them. YCO is also an event in the global stage, even from the tourism point of view, because this is also going to have a big impact on tourism." Members of the public will also get an opportunity to participate. There will be an online voting opened to vote for the best dessert in round 1 of the main competition, and for the most popular national dish in the United World of Young Chefs competition.

      When the chefs of 49 countries including India's very own, Aliakbar Rampurawala from Bengaluru, return from YCO; the fire of solidarity of the Young Chefs Olympiad movement will burn in hospitality college campuses and beyond in these countries, thus making the YCO, a truly global movement- curated and chiseled under the visionary leadership of Dr Suborno Bose, Chairman IIHM and Founder YCO.

      About IIHM: The International Institute of Hotel Management (IIHM) is a leading hospitality education institution in India, offering undergraduate and postgraduate programmes in hospitality and hotel management. The institute has campuses in several cities in India and abroad, as well as partnerships with leading hospitality institutions worldwide. IIHM has a strong commitment to promoting gender diversity and inclusion in the hospitality industry and has been recognised as one of India's best hospitality education institutions.

      Contact: Mr. Abdullah Ahmed [email protected] Phone No: 011-43204700 Photo: Embedded Media Logo: Embedded Media (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI PWR PWR

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