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    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
    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
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    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
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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
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    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
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    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
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    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.

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      Customs & Trade

      Trump's tariffs expose Ukraine's steel industry to another war

      February 17, 2025

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      Zaporizhzhia (Ukraine), Feb 17 (AP) The steel mill in a partially occupied region of Ukraine is a dystopian maze of flames, chutes and tentacled pipes, vast enough to be a small city. Thunderous blazes of sparks flash above the open furnaces where workers smelt iron ore into streams of molten metal day and night.

      The Zaporizhstal Iron and Steelworks, one of Ukraine's largest steel plants, lies in the country's industrial east, where Russia's 3-year invasion of its neighbour threatens to throttle production at any moment. Daily battles unfold along a front line 40 km away as the plant churns out materials for military equipment and for foreign manufacturers to use in cars, appliances, and construction.

      “Morale is not as high as it was before. We are pretty tired here,” plant supervisor Serhii Zhyvotchenko said, reflecting on the hardships. “But there is no way to go back; the only way is forward.” Last week, though, a second war came to the doorstep of the hulking factory complex: the possible trade war that US President Donald Trump has provoked since returning to office four weeks ago. Trump imposed tariffs of at least 25% on all imported steel and aluminum, a decision that could hurt an essential sector of Ukraine's battered economy.

      Ukrainian government officials and business leaders were shocked by Trump's Feb 10 executive order, which underscored Ukraine's growing precarity in relation to its most important Western ally. The president maintains that imposing a variety of tariffs will level the playing field in international trade and make US factories more competitive.

      The steel industry's share of Ukraine's gross domestic product has dropped by almost half since Russian troops entered the country, and steel exports are substantially below pre-war levels. The Ukrainian Steel Association warned that if the US import duties take effect as planned on March 12, it would cost the weakened industry 2.4 billion hryvnias ($58 million) in revenue and the government 1 billion hryvnias ($24 million) in taxes a year.

      The tariff order was not the only action by the president or his administration to cause alarm in Kyiv last week. Trump signalled changing winds in US policy by having a direct call with Russian President Vladimir Putin, whom former President Joe Biden and other Western leaders had tried to isolate since Putin sent troops into Ukraine.

      Trump also said that he would “probably” meet in person with the Russian leader in the near future, heightening concerns that Kyiv would be left out of or undermined in any ceasefire talks. Comments by both the president and US Defence Secretary Pete Hegseth rejecting NATO membership for Ukraine further reinforced the fear that the country no longer had Washington in its corner.

      Essential support to Ukraine Earlier this month, Trump indicated that he wanted to gain access to Ukraine's rare earth materials as a condition for continued US support in the country's defense against Russia.

      Ukrainian Economy Minister Yulia Svyrydenko expressed readiness to negotiate with US officials to preserve access to the American steel market.

      Ukraine hopes to get an exemption until March 2026 for steel products made in Ukraine, as well as for European Union products made from steel semi-finished Ukrainian steel. The crux of Kyiv's argument is that the total value of steel supplied to the US from Ukraine directly and via processing in the EU amounts to only 0.81% of total US steel imports and cannot reasonably threaten US industry.

      “Maintaining the tariff exemption for Ukrainian steel, including products made in the EU from Ukrainian steel, provides essential support to Ukraine as it continues to resist unprovoked military aggression from Russia,” the Ukrainian Steel Association said in a statement. "The exemption enables Ukrainian steel exporters to sustain their operations, contribute to the national budget and support the broader Ukrainian economy.” At the Zaporizhstal plant in southeast Ukraine's Zaporizhzhia region, smelting iron ore is the first step in a process that culminates in millions of tons of cast iron and steel getting shipped abroad.

      Zhyvotchenko approaches the colossal mouth of the blast furnace as if it were a dragon's lair. A gust of oxygen raises the heat to nearly 2,000 degrees Celsius (3,632 degrees Fahrenheit). Workers in full protective gear appear like medieval knights, guiding a luminous flow of liquid steel.

      For him and other employees, every day since Russia's full-scale invasion has been a test to produce more with less. The Zaporizhstal complex is operating at 75% capacity and with 12% fewer personnel after many workers were drafted into the Ukrainian army or left the country, according to the plant's owner, international mining and metals company Metinvest Group.

      Soaring energy costs Metinvest lost control of two other steel plants when Russian soldiers occupied the city of Mariupol after a months-long siege in 2022. Russian gains recently cost the company an important coal mine in eastern Ukraine's Donetsk region.

      Metinvest suspended operations at the Pokrovsk mine and evacuated workers as Russian troops advanced last month. Coking coal is another essential ingredient in steel production. To keep the Zaporizhstal mill running, Metinvest must import 1 million metric tons of coal a year from Europe and the US, plant general manager Taras Shevchenko said.

      The grinding war already has brought other challenges, including soaring energy costs due to relentless attacks on Ukraine's energy grid. Blockades and bombs disrupted trade routes. Complex export logistics required Metinivest to shift its focus from serving Asia and the Middle East to seeking customers in Europe. It was a painful process, Shevchenko said.

      Ukraine plans to make the EU part of its exemption pitch because the bloc now accounts for the lion's share of Ukrainian steel exports. There's worry the US steel tariffs will have unwelcome ripple effects, such as European countries putting import duties on Ukrainian products to offset new taxes on their goods, Metinvest Group Chief Operating Officer Oleksandr Myronenko said.

      “This will be a very significant problem for us,” Myronenko said.

      Period of uncertainty Europe is the destination for around 80% of Metinvest's exported products, he said. The company also has a plant in EU member-state Bulgaria from where reinforcing steel typically used as rods in concrete is exported to the US. The rebar shipments would be subject to tariffs as well, and demand may drop as a result, Myronenko said.

      “We will have very large problems in the Bulgarian factory," he said.

      Plant workers are hoping for the best in this period of uncertainty, they said.

      Zhyvotchenko stood outside the industrial complex, the smoke of exhaust seeping up from the ground below, as a rail car delivered gigantic ladles shaped like torpedoes. In the final stages of production, the lava-like metal will be poured into the containers for refining and casting. Then the steelworkers start the process over again.

      “We can be tired, we can be tense, we can be anything, but we must endure and must work,” Myronenko said. (AP) SCY SCY

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