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    Punjab govt committed to paying all valid dues; legal options being examined: FM Cheema
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    Rupee gains 9 paise against US dollar
    India, US working towards interim trade agreement: MEA
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    August 4, 2026
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    Dearness allowance arrears must be cleared promptly, while the government examines legal remedies and continues its structured liquidation plan.
    Pending dearness allowance arrears of government employees and pensioners are to be cleared within a fortnight, with restraint on unproductive expenditure until admissible dues are paid. The government states that it will pay constitutionally and legally valid dues while examining the judgment, precedents and possible legal remedies. It attributes the arrears to delayed pay commission implementation and frozen dearness allowance, and states that a structured liquidation plan has been prepared and partly implemented.
    August 4, 2026
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    Money-laundering investigation examines alleged fraudulent industrial plot allotments, benami holdings and diversion of plots to residential use.
    A money-laundering investigation under the Prevention of Money Laundering Act examines alleged irregularities in industrial-plot allotments involving corporation officials, private persons, property dealers and alleged benamidars. The inquiry concerns alleged use of fictitious firms and false addresses to obtain plots, allotments to relatives and associates, and alleged diversion or change of land use from industrial to residential purposes. These activities are alleged to have generated private gains while causing loss to the public exchequer.
    August 4, 2026
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    Rupee exchange-rate movement gains support from capital inflows, while oil prices, dollar strength and monetary policy shape sentiment.
    Rupee exchange-rate movement was supported by foreign capital inflows and improved global risk sentiment, while elevated crude-oil prices and a stronger US dollar constrained gains. Market attention shifted to monetary policy, overseas dollar-deposit incentives and easier foreign access to government bonds, which were reported to support capital inflows and India's external position. A cautious approach to the benchmark repo rate was expected amid assessment of the West Asia conflict.
    August 4, 2026
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    Interim bilateral trade agreement negotiations continue as both sides work to finalise unresolved issues in the proposed arrangement.
    Interim bilateral trade agreement negotiations between India and the United States are continuing. Both sides have undertaken substantial work, while certain issues remain to be finalised before completion of the proposed interim trade arrangement. A United States Trade Representative delegation visited India to advance discussions. The text records the status of negotiations and identifies no concluded agreement or operative customs measure.
    August 4, 2026
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    Fuel-price volatility mitigation will combine fiscal measures, consumer protection, energy security and fiscal sustainability during external energy shocks.
    Fuel-price volatility is to be mitigated through fiscal and administrative measures that protect consumers while maintaining fiscal sustainability. The approach includes monitoring revenue and expenditure, reprioritising spending, and using fiscal measures when economic conditions require. Reduced central excise duty on petrol and diesel moderated the impact of elevated international crude prices and partly offset under-recoveries of public-sector oil marketing companies. Longer-term measures include revenue mobilisation, import diversification, Strategic Petroleum Reserves, cleaner fuels and energy efficiency.
    August 4, 2026
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    Tax policy certainty reforms propose easier fund management, data-centre access, electronics incentives and revised electronic-payment charging rules.
    The proposed Bill seeks to simplify conditions for foreign investment funds using fund managers in India without being treated as carrying on business in India, while retaining safeguards against misuse and round-tripping. It proposes removal of approval requirements for foreign cloud companies using Indian data centres and permits leased operation of Indian data centres. It also extends tax support for foreign companies participating in electronics contract manufacturing and component warehousing, preserves tax-free dividends for REIT and InvIT investors in specified circumstances, and removes the prohibition on Merchant Discount Rate charges for notified electronic payment modes.
    August 4, 2026
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    Responsible precious-metals recycling supports recycled-gold products, organised buyback channels and a more self-reliant domestic supply chain.
    Responsible precious-metals recycling is promoted through a commemorative recycled-gold coin intended to support domestic recycling, responsible sourcing and a self-reliant supply chain. The product is described as having certified purity authentication, tamper-proof packaging, a unique identification number and an assayer-certified minted card. The initiative seeks to reduce dependence on imported gold and expand organised, transparent recycling infrastructure. An organised silver buyback programme is also described as supporting secure consumer sales and a circular economy for precious metals.
    August 4, 2026
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    Broad-based growth strategy links tax reforms, trade resilience, industrial support and services development to medium-term economic expansion.
    The growth strategy combines agricultural productivity, manufacturing, MSME support, infrastructure, logistics, ease of doing business, streamlined income-tax and GST reforms, innovation, digitalisation, human-capital development, energy security, public capital expenditure, foreign direct investment liberalisation, export promotion, fiscal prudence and price stability. Trade resilience is to be strengthened through expanded trade agreements, while manufacturing, services, agriculture and strategic sectors receive targeted policy support. The material also reports secured-asset enforcement cases and recoveries by banks under the SARFAESI framework during FY25.
    August 4, 2026
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    Co-operative bank governance and financial disclosure support digital transformation, risk management, priority-sector lending and sustainable member-focused growth.
    Co-operative bank governance and financial disclosure were addressed at the annual general meeting, where the member-notice agenda was transacted and audited financial statements were presented. The bank reported growth in business, deposits and advances, together with net profit, asset quality, provisioning coverage and capital adequacy indicators. Its operational priorities include digital transformation, risk management, selective network expansion, customer service and operational discipline. Future priorities include retail and priority-sector lending, MSMEs, affordable housing and institutional deposits.
    August 4, 2026
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    Foreign-exchange market conditions weakened the rupee as oil prices, domestic equities and dollar strength shaped near-term currency expectations.
    The rupee weakened against the US dollar amid elevated crude oil prices, weaker domestic equities and a stronger dollar index, while foreign fund inflows moderated the decline. Attention shifted to the central bank's monetary policy meeting, with continuation of the existing benchmark policy rate anticipated. Earlier measures encouraging overseas dollar deposits and facilitating foreign participation in government bonds were reported to support capital inflows and India's external position.
    August 4, 2026
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    MSME credit expansion combines SIDBI lending initiatives with guaranteed additional working-capital facilities for eligible borrowers.
    MSME credit access is being expanded through SIDBI's branch network, direct lending, refinance support, co-lending arrangements, affordable credit for informal micro-entrepreneurs, and invoice-based digital credit for micro enterprises. Emergency Credit Line Guarantee Scheme 5.0 enables eligible MSMEs to obtain additional credit linked to peak fund-based working-capital outstanding, with full guarantee coverage for member lending institutions against defaults on the additional facility. The scheme also covers scheduled passenger airlines under distinct eligibility and guarantee parameters.
    August 4, 2026
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    Furniture and interiors sourcing platform connects Indian manufacturers with domestic and international trade buyers through direct procurement opportunities.
    imm india 2026 is presented as a business-to-business sourcing platform linking Indian furniture, home de cor, rug, carpet, mattress and handicraft manufacturers with domestic and international trade buyers. It is intended to provide direct manufacturer access, design-led sourcing and project-scale procurement opportunities for architects, designers, retailers, hospitality professionals and real estate developers. The programme includes a hosted buyer initiative, industry conferences, knowledge sessions and awards addressing innovation, sustainability, craftsmanship and design.
    August 4, 2026
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    Financial literacy Olympiad builds students' practical understanding of mutual funds, financial planning, market concepts and responsible investment participation.
    Financial literacy and investment awareness are promoted through a nationwide, multi-level educational competition for undergraduate and postgraduate students. Participants are assessed on mutual funds, investment fundamentals, financial planning, market concepts and long-term wealth creation, with exposure to market-linked products including ETFs, portfolio management services, alternative investment funds and specialised investment funds. The initiative combines academic institutions and financial-sector participants to improve practical investment knowledge, informed decision-making and responsible participation in investment markets.
    August 4, 2026
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    WTO dispute settlement challenges test India's safeguards, agricultural support, technology tariffs and production-linked incentives across pending proceedings.
    Nine pending WTO disputes against India concern safeguard measures, sugar support and export schemes, information and communications technology tariffs, and technology-sector incentives. India contests the claims as consistent with its WTO rights and obligations. Appeals concerning iron and steel safeguards, sugar measures, and certain information and communications technology tariff reports remain pending, including because the WTO Appellate Body is non-functional. Other proceedings concern Chinese challenges to production-linked incentives, tariffs, and solar, automotive, renewable-energy and information-technology measures; one panel proceeding is ongoing and another panel has not been constituted.
    August 4, 2026
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    Digital business law and entrepreneurship education combine management, compliance and innovation training for technology-driven enterprise careers and ventures.
    The MBA programme integrates management education, entrepreneurial capability, digital business law, and legal and policy awareness for technology-driven enterprise. It addresses compliance, digital platforms, data-driven decision-making, artificial intelligence, digital transactions, intellectual property, cross-border commerce and evolving regulatory frameworks. The programme is designed for prospective founders, start-up professionals, transforming family businesses and careers in consulting, strategy, business development, policy-oriented enterprises and digital commerce, with industry-relevant entrepreneurship education and digital-first learning.
    August 4, 2026
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    Savings account access expands through video KYC, mobile banking, no-minimum-balance options, monthly interest payments and deposit insurance coverage.
    Savings accounts provide monthly interest payments, liquidity and access to funds, subject to eligibility, internal policies and applicable terms. Digital account opening through Video KYC is available for an account with no minimum balance requirement, supported by mobile banking for UPI transfers, bill payments and balance monitoring. Account variants include premium, value-oriented, agricultural, financial-inclusion, children's and basic no-frills accounts. Deposit insurance applies up to the prescribed limit per depositor per bank.
    August 4, 2026
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    Foreign-exchange market conditions supported a modest early rupee gain, while importer demand and policy data remained key factors.
    Foreign-exchange market conditions supported a marginal early appreciation of the rupee against the US dollar, led by broad US-dollar weakness, improved risk sentiment, lower oil-price levels and foreign portfolio inflows. Importer demand for dollars moderated the movement. Market direction remained linked to the forthcoming monetary-policy decision and US economic data, while reported central-bank activity was described as helping smooth currency volatility. The US dollar index, crude-oil movements, global supply expectations and domestic equity-market activity were relevant exchange-rate influences.
    August 4, 2026
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    Quality statistics drive statistical-system reform through administrative data, interoperable systems, stronger governance, and international cooperation for evidence-based policymaking.
    Quality statistics are advanced through modernised national statistical systems, administrative data, digital public infrastructure, and stronger data-governance and privacy standards. Cooperation among national statistical offices is intended to address data gaps through knowledge sharing, methodological harmonisation and statistical innovation. Discussions also emphasised digital dissemination, transformational statistical reforms, and the use of administrative data for timely, cost-effective and granular official statistics, supported by harmonised metadata, interoperable systems and institutional collaboration.
    August 4, 2026
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    Digital statistical modernisation strengthens survey quality, macroeconomic indicators, international standards alignment and infrastructure performance monitoring through standardised data systems.
    National statistical modernisation uses digital survey platforms with validation checks, AI-enabled support and multilingual interfaces, alongside short-duration surveys and administrative data to improve sampling and timely official statistics. Reforms include base revisions for Gross Domestic Product, Consumer Price Index and Index of Industrial Production; adoption of metadata, quality-assessment and classification standards; and alignment with international statistical principles and methodologies. Sustainable development indicators and infrastructure monitoring are supported through a national indicator framework, PAIMANA and a standardised performance dashboard.
    August 3, 2026
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    Windfall gains tax on petroleum exports increases to discourage exports and preserve domestic fuel availability during regional supply disruptions.
    Special additional excise duty on exports of petrol, diesel and aviation turbine fuel has been increased for the relevant fortnightly period, while existing duty rates for petrol and diesel cleared for domestic consumption remain unchanged. The windfall gains tax is intended to preserve domestic availability of petroleum products during the West Asia crisis and prevent exporters from benefiting unduly from price differences linked to elevated global crude oil prices.

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      After years of firm support, 10 days upended US approach to Ukraine

      February 22, 2025

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      Kyiv, Feb 22 (AP) As Ukraine approached the three-year mark of Russia's full-scale invasion, the country's hoped-for path to a favourable and lasting peace was upended in a matter of days by the administration of US President Donald Trump.

      Kyiv had benefited from years of staunch support by its allies in the United States and Europe which had provided crucial military and financial support to help defend against Moscow's grinding incursions.

      But when Trump held a lengthy phone call with Russian President Vladimir Putin last week — undoing years of US policy to isolate the Russian leader over his aggression — it was taken as a signal in Kyiv and other European capitals that their alliance to contain Moscow was fraying.

      Here's a timeline of events: Wednesday, Feb 12 On their 90-minute call, Trump and Putin agreed to begin negotiations to end the war, a move that was met with jubilation in Russia but which Ukrainian President Volodymyr Zelenskyy had warned would be “ very dangerous " if Ukraine were excluded from talks.

      Although Trump spoke to Zelenskyy immediately after the Putin call, US Defence Secretary Pete Hegseth said that day that NATO membership for Ukraine, something Kyiv believes would protect the country and Europe from future Russian attacks, was unrealistic. He suggested Ukraine should abandon hopes of winning all its territory back, a perspective that is remarkably close to Moscow's.

      The breakneck speed of Trump's transformation of US policy toward Ukraine and Russia left many war-weary Ukrainians feeling that they were being left out of the conversation on their future, and fearing that a deal forced by Washington and Moscow would result in lost territory and vulnerability to future Russian aggression.

      Friday, Feb 14 European leaders had their first chance to meet with members of the new Trump administration at the Munich Security Conference in Germany, where they hoped to gain clarity on Trump's approach to the war.

      But leaders were stunned as senior US officials including Vice President JD Vance lambasted European nations, gave mixed signals on support for Kyiv and suggested Europe would not be at the table for negotiations on Ukraine.

      During highly anticipated talks between Vance and Zelenskyy in Munich, the Ukrainian leader told Vance that his country needed security guarantees as a precondition for engaging in any talks with Moscow to end the war.

      Zelenskyy also said he'd ordered his ministers not to sign off on a proposed agreement to give the United States access to Ukraine's rare earth minerals, a key part of his talks with Vance. Ukrainian officials said the U.S. proposal did not offer any specific security guarantees in return for access to Ukraine's vast reserves of critical minerals that are used in the aerospace, defense and nuclear industries.

      A senior White House official described Zelenskyy's refusal as “short-sighted.” Sunday, Feb 16 On the final day of the conference, French President Emmanuel Macron began rallying European leaders to fortify their support for Ukraine, with his foreign minister announcing an emergency “working meeting” in Paris to assess the continent's next steps.

      Meanwhile, amid concerns that U.S. support for Kyiv was faltering, a group of European countries was quietly working on a plan to send troops into Ukraine to help enforce any future peace settlement with Russia.

      Tuesday, Feb 18 US and Russian officials met for talks in Saudi Arabia's capital, sidestepping Kyiv and its European backers. The two countries agreed to work together to end the war in Ukraine and to improve diplomatic and economic ties, an extraordinary about-face in US foreign policy.

      Yet the three US principals at the meeting in Riyadh — Secretary of State Marco Rubio, national security adviser Mike Waltz and Trump's special Mideast envoy Steve Witkoff — maintained that the four-hour discussion was aimed mainly at assessing Russia's seriousness about wanting a peace deal.

      All three said publicly that no specific proposals had been put on the table, and that it remained to be seen if the Russians were willing to negotiate in good faith.

      They also rejected assertions that either Ukraine or the Europeans were being excluded, noting that although they weren't present in Riyadh, Trump, Vance and Rubio had all spoken with both Zelenskyy and European officials who would be involved if and when peace talks actually start.

      Zelenskyy dismissed the talks, saying they would “yield no results” in the absence of Ukrainian participation. He postponed a plan to visit Riyadh the next day to avoid any linkage of his trip with the U.S.-Russia meeting.

      Trump showed little patience for Kyiv's objections to being sidelined in Riyadh, and ramped up inflammatory rhetoric that caused anger and alarm in Ukraine and seemed to contradict the assurances that Rubio, Waltz and Witkoff had endeavored to provide.

      Speaking from his Mar-a-Lago resort, Trump made the jarring suggestion that Ukraine itself was responsible for starting the war that has cost tens of thousands of Ukrainian lives, and criticized Zelenksyy for Ukraine delaying elections because of the invasion, in accordance with the Ukrainian Constitution.

      Wednesday, Feb 19 Trump's comments, and a Wednesday post on social media that called Zelenskyy a “dictator,” led to Zelenskyy saying that some of the president's claims were “disinformation” that originated in Russia, and that he would like Trump's team “to be more truthful.” Trump, Zelenskyy said, is living in a Russian-made “disinformation space.” As relations between the two leaders eroded, one thing remained on the horizon that some observers thought could serve to lower the temperature on the disagreements between Washington and Kyiv: Trump's special envoy for Ukraine and Russia, Ret. Lt. Gen. Keith Kellogg, arrived in Ukraine's capital by train Wednesday morning for discussions with Zelenskyy and other officials.

      Kellogg has long been Trump's top adviser on defense issues. He was due to speak with Zelenskyy about Trump's efforts to end the war, and the Ukrainian leader had previously said he looked forward to explaining what was happening in Ukraine to Kellogg and accompanying him to see the front line.

      Thursday, Feb 20 A news conference that was set to follow a meeting between Zelenskyy and Kellogg was abruptly cancelled at the request of the U.S. delegation.

      Friday, Feb 21 In a complimentary gesture that stood in stark contrast with the tone of the preceding days, Kellogg wrote on X that he'd had a “long and intense day with the senior leadership of Ukraine.” He said he'd had positive discussions with "the embattled and courageous leader of a nation at war and his talented national security team.” Still, Trump continued to lay into Zelenskyy, grumbling that a visit to Kyiv last week by U.S. Treasury Secretary Scott Bessent was “a wasted trip” after the Ukrainian side declined to agree to a U.S. proposal to procure profits on rare earth minerals.

      At the same time, Waltz, Trump's national security adviser, expressed confidence that Zelenskyy would seal a rare earths deal. "Here's the bottom line. President Zelenskyy is going to sign that deal,” Waltz said.

      Trump, speaking to “The Brian Kilmeade Show” on Fox News radio, also dismissed Zelenskyy's complaints about not being included in the Saudi talks. He voiced certainty that Putin wanted to strike a deal.

      “He doesn't have to make a deal," Trump said of Putin. “Because if he wanted, he would get the whole country.” (AP) NSA NSA

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