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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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    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
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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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      PM's Make in India failed; alternative vision must focus on energy, mobility revolution: Rahul

      February 3, 2025

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      New Delhi, Feb 3 (PTI) Claiming that Prime Minister Narendra Modi's 'Make in India' initiative has failed, Leader of the Opposition Rahul Gandhi on Monday presented an alternative vision of greatly enhancing the participation of Dalits, tribals and OBCs, as well as ensuring that the energy and mobility revolution is not given up to the Chinese.

      He, however, conceded that successive governments, be it the Congress-led UPA or the the BJP-led NDA, have not been able to tackle unemployment and give a clear cut answer to the youth on employment.

      Speaking on the Motion of Thanks on the President's address, Gandhi centred his address around on what a presidential address under an INDIA bloc government would look like.

      "When we talk to the US, we wouldn't send our foreign minister to (get) our PM invited to his (US President's) coronation. We will not send our foreign minister 3-4 times (to say) please invite our prime minister... because if we had a robust production system and were working on technologies, the US President would come to India and invite our PM," Gandhi said to protests from the treasury benches with Union minister Kiren Rijiju asking him not to make "unsubstantiated allegations" on India's foreign policy.

      Gandhi's remarks were an apparent reference to External Affairs Minister S Jaishankar travelling to the US ahead of President Donald Trump's inauguration. Jaishankar, later represented India at the inauguration on January 20.

      Noting that India's future is going to be decided by the youth, Gandhi said the country has grown at a fast pace in the past and is now growing at a slower rate, but it has not been able to address the universal problem of unemployment.

      "Neither the UPA government nor today's NDA government has given a clear cut answer to the youth about unemployment," the former Congress chief said.

      He also said 'Make in India' was a good idea, but the prime minister "pretty much failed". PM Modi was present in the House when Gandhi spoke.

      "Manufacturing fell from 15.3 per cent of GDP in 2014 to 12.6 per cent of GDP today i.e. the lowest share of manufacturing in 60 years," he said.

      "I am not even blaming the prime minister because it would not be fair to say that the prime minister did not try. I think the prime minister tried and conceptually 'Make in India' was a good idea but it is pretty clear that he failed," Gandhi said.

      He said the alternative vision must answer how the problem of unemployment will be solved.

      Every government since 1990 has done a decent job on organising consumption but the record of the country in organising production is dismal, Gandhi said. "What we have done is that we have handed over the organisation of production to the Chinese." He said that due to rising unemployment, social tension is on the rise in India.

      Gandhi said that his message to the youth is that a mobility revolution is taking place as "we are moving from the world of the internal combustion engine to the world of the electric motor and we are moving from petrol to batteries".

      "The last time there was a revolution, the computer revolution, the Congress government looked at the revolution and decided that we are going to focus on the development software. We rode the wave of that revolution. Today you can see the results," he said.

      Gandhi said four technologies driving change in mobility are -- electric motors, batteries, optics, application of Aritificial Intelligence (AI).

      "AI on its own is absolutely meaningless, as it operates on top of data. In India, consumption data is owned by the US through companies such as Google, Facebook, and Instagram," he said.

      He said China has a 10-year lead over India in terms of the revolution.

      "Our president's address will say to youngsters, we will choose critical areas in each one of these technologies and we will start to build capabilities in those areas. We would ensure our banking system is not captured by 2-3 companies, our banking system is open, dynamic and accessible to small and medium businesses," he said.

      "Today, we have the Chinese (on our land) but the Prime Minister has denied it, the Army disagreed with the Prime Minister," he said, to strong protests from the treasury benches.

      "The PM has denied that Chinese forces are inside our territory but for some reason our army keeps talking to the Chinese about their entry into our territory and our chief of army staff has said that the Chinese are inside our territory," he said.

      Gandhi claimed the reason China is inside this country is because 'Make in India' has failed and India is refusing to produce. "I am worried that India is going to give up this revolution to the Chinese once again," he said.

      He also said a Congress government have conducted a Caste Census in Telangana, and the findings are shocking.

      Almost 90 percent of Telangana's population is constituted by Dalits, Adivasis, Backward Classes, or minorities, he said, adding that he is sure that the OBC population of this country is at least 50 percent.

      "There are two parallel tracks to focus on: firstly, ensuring the participation of OBCs, Adivasis, and Dalits in the country's governance, institutions, and equal distribution of wealth. Secondly, challenging China and participating in the revolution to emerge victorious," Gandhi said.

      He asserted the President's address was pretty much the same the year before and the year before that, and it was a laundry list of things that the government has done.

      Later, in a post on X, Gandhi shared his address on X and said, "As the world stands on the brink of a technological and economic revolution, India needs a new vision for growth, production, and participation'”one that directly addresses our two biggest challenges: the job crisis and the lack of opportunity for 90% of Indians." "Jobs come from production, which Make In India has failed to revive. But we have an opportunity with the revolution in energy and mobility - with renewable energy, batteries, electric motors and optics, and AI to bring these together. India must master a central role in this revolution, and boost production to give our youth hope for the future," he said.

      "Although China is 10 years ahead, we can catch up - with the right vision.

      An INDIA government would realign education, enlist experts, widely spread finance, and align our trade and foreign policies," he asserted.

      Asserting that production is also the foundation of national security, Gandhi said that in a world where wars are not fought between armies but between industrial systems, our dependence on Chinese imports like motors and batteries puts us at risk.

      Internally, India is fighting against inequality that is increasing social tensions by excluding the 90%, he said.

      "We must conduct a caste census to understand where Dalits, Adivasis, OBCs and minorities stand today; and with the help of AI understand how best to ensure they have a fair share in the nation's wealth and opportunities. It is only these two tracks in parallel - production and participation - which will create a robust growth story for India and a bright future for all our youth," Gandhi said. PTI ASK TIR TIR

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