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    India's Russian crude imports hit record for second straight month
    Stolen phone of 88-year-old leads Delhi Police to bust interstate cyber-fraud syndicate; 9 held
    Rupee falls 11 paise to close at 95.28 against US dollar on firm crude oil prices
    Loan Utsav 2026: Bajaj Finance Personal Loan Now Comes with an Exclusive Reward Bundle for Eligible Customers
    Freedom to Spend Smarter: AU Small Finance Bank Credit Cards Bring Rewards, EMI Flexibility and Lounge Access to India''s Biggest Shopping Month
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    Why Most People Choose the Wrong Savings Account And How Not to Be One of Them
    RBI has proactively helped UCBs; cooperatives should look at regulator differently: Shah
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    August 10, 2026
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    Russian crude imports reshape India's refining trade as processed petroleum products reach sanctioning jurisdictions despite import restrictions.
    Indian imports of Russian crude oil reached a second consecutive monthly record in July 2026, with Russian crude forming the dominant share of India's Russian fossil-fuel purchases and more than half of total crude imports. Higher receipts through smaller terminals offset reduced volumes at Paradip. Indian refineries processing Russian crude also exported refined petroleum products to sanctioning jurisdictions, including the European Union, Australia and the United States, despite the European Union prohibition on imports of oil products made from Russian crude.
    August 10, 2026
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    Cyber-fraud through stolen phones allegedly used mule accounts, banking credentials and coordinated technical operations to divert victims' funds.
    Investigation into unauthorised withdrawals after theft of a mobile phone uncovered an alleged interstate cyber-fraud network using stolen devices, linked banking credentials and mule bank accounts. The scheme allegedly involved phone theft, supply of accounts and banking instruments, and a technical operation that accessed victims' accounts and routed funds for withdrawal or transfer. Digital surveillance, transaction mapping, seized devices, victim data and transaction records are being examined to identify linked complaints and the extent of funds allegedly diverted.
    August 10, 2026
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    Rupee depreciation reflected stronger dollar, elevated crude prices and geopolitical uncertainty, while portfolio inflows and equity gains provided support.
    The rupee depreciated against the US dollar amid a stronger dollar, higher global crude oil prices and uncertainty surrounding West Asia-related negotiations. Concerns over crude oil's potential impact on the trade deficit weighed on the currency, while positive domestic equity markets and foreign portfolio investment inflows provided support. Market caution remained focused on forthcoming US inflation data, dollar-index movements and Brent crude prices. Foreign-exchange reserves increased during the reported period.
    August 10, 2026
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    Collateral-free personal loans offer extended repayment flexibility, conditional reward benefits, and online application subject to eligibility and disbursal requirements.
    Loan Utsav 2026 provides eligible Bajaj Finance Personal Loan applicants an exclusive reward bundle where the loan is successfully disbursed during the campaign period. The collateral-free facility supports personal expenses, offers repayment tenures from 12 to 108 months, and may enable lower monthly EMI obligations through a longer selected tenure. Interest rates depend on eligibility, credit assessment, financial profile and lending criteria. Online applications require personal and financial details and required documents, with disbursal for eligible applicants possible after verification and approval.
    August 10, 2026
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    Credit card payment flexibility supports seasonal shopping and travel through eligible EMIs, rewards, tracking tools and conditional merchant benefits.
    Credit-card spending features include conversion of eligible purchases into EMIs, selected no-cost EMI options, reward points, cashback, merchant discounts and payment flexibility. Travel-related benefits may include domestic airport lounge access, travel-booking discounts, fuel-surcharge waiver and anniversary-linked rewards. The AU 0101 application enables transaction tracking, balance and interest-rate monitoring, EMI conversion and bill-payment management. Features and offers are subject to change, customer eligibility, internal policies and partner-merchant terms.
    August 10, 2026
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    Foreign-exchange market conditions weakened the rupee as stronger dollar and crude prices offset support from reserve growth and inflows.
    Foreign-exchange market conditions saw the rupee weaken against the US dollar in early trading, influenced by a stronger dollar and higher global crude oil prices. Foreign institutional equity inflows and increased foreign-exchange reserves moderated pressure on the rupee. Market attention remained focused on developments in West Asia and the Reserve Bank of India, alongside movements in the dollar index, crude oil prices and domestic equity markets.
    August 10, 2026
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    GI-tagged Mithila Makhana export facilitation expands sea-route market access while supporting quality compliance and farmer-linked value chains.
    Export facilitation for GI-tagged Mithila Makhana enabled the first commercial sea-route shipment from Bihar to Australia. APEDA, in association with the Bihar agriculture department, supported market access, coordination, capacity building and stakeholder engagement. The export model is intended to improve farmer price realisation, require adherence to global quality standards, and strengthen growers, processors and exporters. A separate HS Code for Makhana has taken effect under the Finance Bill, 2025, supporting product-specific trade classification.
    August 10, 2026
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    Startup ecosystem support expands through digital payments, cloud access, AI innovation, investment readiness, governance support and global market programmes.
    DPIIT has entered into strategic MoUs to support DPIIT-recognised startups through payment infrastructure, entrepreneurship development, cloud technology, mobility innovation, investment readiness and global-market access. Eligible startups may receive payment and cloud support, technical training, mentorship, startup formalisation assistance, market and investor connections, AI and mobility enablement, and programmes addressing governance, financial readiness, compliance and international expansion. The collaborations promote innovation across digital payments, clean energy, artificial intelligence, climate technology, advanced manufacturing, mobility and automotive technology.
    August 10, 2026
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    UPI transaction charges remain unavailable for consumers and person-to-person payments, while limited threshold-based merchant MDR may be considered.
    Proposed amendment of section 10A of the Payment and Settlement Systems Act, 2007 is intended to support UPI sustainability, technological advancement and resilience. Consumer payments and person-to-person transactions are to remain free. Any future merchant discount rate would apply only to limited merchant transactions above a threshold, at a nominal rate, while most merchant transactions remain free. The framework supports investment in cybersecurity, fraud prevention and infrastructure, alongside a self-sustaining and inclusive digital-payment ecosystem.
    August 10, 2026
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    Fair competition cooperation in renewable energy markets advances knowledge-sharing and evidence-based enforcement across interconnected digital and energy markets.
    BRICS competition authorities adopted a Joint Statement strengthening cooperation to promote fair competition, including in renewable energy markets. Cooperation focuses on dialogue, knowledge-sharing and consideration of cross-border competition challenges in digital markets, emerging technologies and the energy transition. Competition enforcement is to remain principled and evidence-based, supporting efficiency, consumer welfare, innovation and merit-based competition. A collaborative renewable-energy competition study identified evolving market dynamics and areas for future cooperation.
    August 10, 2026
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    Cost optimisation in public finance strengthens investment decisions, risk allocation, indigenous manufacturing and value-driven government expenditure through specialised financial expertise.
    ICoAS cost optimisation supports public financial management through prudent resource utilisation, financial oversight and improved cost management across government. Its role includes supporting indigenous manufacturing, better investment decisions, efficient public expenditure and maximum value for public spending. With greater private-sector participation and Public-Private Partnerships, ICoAS officers are expected to promote cost efficiency, appropriate risk allocation and sound project structuring. Capacity building emphasises integrity, financial modelling, data visualisation, analytical frameworks and artificial intelligence for improved public-finance management.
    August 9, 2026
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    Co-operative development financing would expand through direct assistance, share-capital participation and wider operational powers for sectoral support.
    National Cooperative Development Corporation (Amendment) Bill, 2026 proposes to broaden the Corporation's mandate to promote co-operative development. It would permit direct loans and grants to co-operative societies and other entities engaged in co-operative development, where funds are used for co-operative purposes. With Central Government approval, the Corporation could participate in the share capital of such entities. The proposals also expand the meaning of foodstuffs, remove geographical restrictions for industrial-goods assistance, and provide additional functional powers.
    August 9, 2026
    Show AI Summary
    GST compliance failures and electricity subsidy controls raise allegations of financial irregularities and potential losses to the public exchequer.
    Allegations based on a Comptroller and Auditor General report identified purported GST compliance failures involving outstanding tax liabilities, e-way bills generated after cancellation of GST registrations, limited bill scrutiny, non-compliance, and turnover mismatches. The allegations also concerned electricity subsidies extended to consumers with prolonged zero bills or apparent non-residence, presenting these issues as possible financial irregularities and losses to the public exchequer.
    August 9, 2026
    Show AI Summary
    Money-laundering prosecution complaints allege fund diversion through shell entities, credit-facility evergreening, layered transactions and fictitious project expenditure.
    Money-laundering prosecution complaints allege that funds from toll-road projects and credit facilities were diverted through group companies, contractors, shell entities and conduit accounts. In the toll-road matter, allegedly sham or back-dated subcontracting arrangements and subsequent documentation were used to portray transfers as genuine project expenditure. In the credit-facilities matter, fresh facilities were allegedly used to repay, rotate and evergreen earlier liabilities rather than for sanctioned end-use, with funds layered and presented as legitimate business expenditure or receipts. Attached assets are sought to be confiscated as alleged proceeds of crime.
    August 9, 2026
    Show AI Summary
    Direct Benefit Transfer pension disbursement replaces cooperative-bank doorstep delivery, while preserving home payments for beneficiaries unable to use bank accounts.
    Direct Benefit Transfer of social security and welfare pensions to Aadhaar-linked bank accounts is intended to replace cooperative-bank doorstep delivery, except for bedridden and similarly situated beneficiaries. The change addresses delays in remitting undistributed pensions, deficient record updates and reconciliation, duplicate payments, delivery incentives, and compliance with Direct Benefit Transfer norms. Criticism focuses on beneficiary access to linked commercial-bank accounts, possible minimum-balance deductions, exclusion of cooperative banks, and the effect on doorstep-delivery workers.
    August 8, 2026
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    Engineering business growth supported Raymond's first-quarter performance, with export expansion, capacity investment and net-debt-free financial flexibility.
    Raymond Limited reported unaudited first-quarter FY27 growth in total income, EBITDA and profit before tax before exceptional items, while remaining net-debt-free with a net cash surplus. Its Engineering business comprises Precision Technology & Auto Components and Aerospace & Defence. Growth in the former was attributed to export expansion, operating leverage, product mix and cost reductions. Aerospace & Defence growth was linked to production for global OEMs, portfolio expansion and increased capacity, although margins were affected by targeted research and development investment. Forward-looking statements remain subject to regulatory, political, economic and technological risks.
    August 8, 2026
    Show AI Summary
    Savings account selection requires comparison of effective interest, fees, digital service, access, and individual banking needs.
    Savings-account selection should compare effective interest returns under slab-based rates, recurring operating charges and the customer's actual banking needs. Net value depends not only on advertised rates but also on relevant minimum-balance, card, ATM, alert and transfer fees. Digital reliability, customer support, branch availability and ATM access should be assessed according to the customer's average balance, cash use, transfer frequency, travel patterns and need for in-person assistance. The suitable account is one that matches real banking behaviour.
    August 8, 2026
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    Urban cooperative bank regulation promotes licensing, governance, compliance support and cybersecurity measures to strengthen stability and depositor confidence.
    Urban cooperative banks are encouraged to recognise regulatory support through liberalised branch opening, doorstep banking, demand drafts, life certificates, dedicated regulatory coordination, enhanced gold-loan limits, one-time settlements and progress towards on-tap licensing. Sound governance is material to sectoral stability, while small-borrower lending is presented as a comparatively safe lending segment. The umbrella body can support member banks through technical expertise, compliance assistance, cybersecurity solutions and participation in a security operations centre to strengthen depositor confidence.
    August 8, 2026
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    Korean food export promotion combines buyer consultations, regulatory guidance and consumer experiences to support entry into Indian and South Asian markets.
    Korean food export promotion in India and South Asia combined business consultations with consumer-facing activities. Individual meetings connected Korean exporters with regional buyers and generated memoranda of understanding for products including frozen gimbap, ginseng wine and kombucha. Exporters received on-site guidance concerning non-tariff barriers, including food import customs clearance and certification requirements. Preparatory online sessions addressed import procedures, regulatory matters and consumer trends, while consumer events promoted Korean food through tasting, retail and experiential activities.
    August 8, 2026
    Show AI Summary
    Illegal immigration enforcement prioritises dismantling entry, documentation and employment networks while requiring citizens to report information through police channels.
    Illegal immigration enforcement involves continuous identification and verification operations, coordination with relevant officials, and confidential investigation of networks facilitating entry, identity documentation, accommodation and employment. Enquiries extend to intermediaries, contractors, Aadhaar procurement and verification practices, rather than focusing only on apprehended individuals. Citizen vigilantism, moral policing and social-media targeting of suspected migrants are discouraged because they may compromise investigations; information should instead be given through proper police channels.

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      Customs & Trade

      China's premier and American president: Two leaders, two speeches, two differing world visions

      March 6, 2025

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      Beijing, Mar 6 (AP) Their words came just an hour apart this week — two major speeches by two of the world's most powerful leaders, delivered on opposite sides of the planet. Together, they illustrate the very different approaches the world's 21st-century powers are taking to achieve their respective national ambitions.

      For China, it was a call for unity to overcome obstacles through innovation and “opening up” — a time-honoured phrase in Chinese politics — to eventually accomplish national rejuvenation. It came from Chinese Premier Li Qiang in Beijing as he delivered an annual work report to the National People's Congress, nearly 3,000 representatives from a nation of 1.4 billion people.

      Seven thousand miles away and an hour later, at 9 p.m. in Washington, President Donald Trump addressed both chambers of the U.S. Congress, more than 500 lawmakers representing a nation of 340 million, as he vowed to levy tariffs on imports and defeat inflation to "make America great again" — an equally resonant phrase for many in the United States.

      From setting to speaking style, the speeches were an ocean apart. Yet they struck a similar tone — that of a desire for greatness at a moment when the reigning superpower and its biggest challenger are seeing their interests increasingly at odds.

      The paths their leaders choose will shape both countries' futures — and the rest of the world's, too.

      Divided democracy vs. authoritarian unity Li's speech was a set piece delivered to a loyal audience. For 55 minutes, he read a condensed version of a mostly dry and laudatory report on the government's performance last year and its plans for 2025.

      He spoke from the stage of a grand, theatre-like chamber in the Great Hall of the People, a monumental, communist-era edifice on Beijing's renowned Tiananmen Square. China's top leader, Xi Jinping, sat on the dais behind him. The thousands of delegates arrayed before them politely applauded at the appropriate junctures.

      Trump's address, which clocked at about an hour and 40 minutes, took place in the white-domed Capitol on the eastern end of the National Mall, dotted with national monuments. With his vice president and the Republican House speaker behind him, Trump delivered a longer, more theatrical speech to a divided Congress reflecting a divided nation.

      Republicans clapped and cheered robustly at times. Democrats mostly sat in stony silence and occasionally shouted in protest. One, Rep. Al Green of Texas, was ejected from the chamber early on after he stood up and interrupted the president.

      Such unscripted moments — and the high emotions visible behind them — are rare in China. It is a one-party state, and the Communist Party brooks no dissent in public. It strives to present a facade of unity. In his remarks, Li praised unity and urged the country to “rally more closely” around Xi's leadership.

      In Washington, Trump lamented that “there is absolutely nothing I can say to make” Democrats “happy or to make them stand or smile or applaud” and called his Democratic predecessor, Joe Biden, "the worst president in American history.” Tariffs vs. globalisation Trump was upbeat about the economy, in the cheerleading way of American politicians pumping up support for their policies. He promised steps — including cutting energy costs — to defeat inflation, a pain point for many Americans. And he pledged to put more tariffs on imports, a move he claimed would boost U.S. industries but threatens to upset the global trade order and inflict pain on China and its export-dependent economy.

      “Plants are opening up all over the place. Deals are being made like never seen. That's a combination of the election win and tariffs. It's a beautiful word, isn't it?” Trump said.

      China is more worried about deflation than inflation. But Li acknowledged the other challenges the economy faces, chiefly falling real estate prices and depressed consumer spending. He reaffirmed Beijing's “unswerving commitment” to opening up.

      “Regardless of changes in the external environment, we should remain steadfast in our commitment to opening up,” Li said. “We will continue to expand our globally oriented network of high-standard free trade areas." In a statement that no doubt referred in large part to the United States, he cautioned that “an increasingly complex and severe external environment may exert a greater impact on China in areas such as trade, science and technology." Leaving climate accord vs. green transition Trump touted his move to withdraw from the Paris Climate Accord and described his energy policy with the moniker “drill, baby, drill.” He boasted of ending the previous administration's environmental restrictions and (incorrectly) its electric vehicle mandate, “saving our auto workers and companies from economic destruction.” Beijing, on the contrary, is betting on a greener economy. Li said it would be a priority to accelerate “green transition” for "all areas of economic and social development". China already has the world's largest electric vehicle industry. Echoing earlier pledges by Xi, Li said China would “actively and prudently” work towards carbon peak and carbon neutrality.

      Li stressed the importance of innovation and of developing the tech economy in China, including artificial intelligence. It's a push that many US policymakers worry could challenge America's lead in technology, with impacts on both the economic and military rivalry between the two.

      Trump made no mention of technology except to say that it would help build “a golden dome” missile defense shield over the U.S. He declared his focus as commander-in-chief to be “building the most powerful military of the future.” One measure, he said, was to resurrect the American shipbuilding industry. Li's report touched on defence only briefly but said China would “speed up the development of new combat capabilities.” MAGA vs. Chinese rejuvenation' There's something in common, too: Both countries are yearning for greatness again.

      The United States, as a rising and then reigning power, dominated the second half of the 20th century and the start of the 21st. Its economy and military are still the world's most powerful. As China emerges as a rising power, its interests increasingly and inevitably collide with those of Americans and their allies over trade, technology and far-flung Pacific islands.

      Today, through China's control of its domestic media, it plays up America's divisions and violent crimes. The message to its people: It offers a better choice for their future than the messiness of democracy.

      Trump presented a different view. He opened his speech much as he spent great parts of his inaugural address in January: by declaring that “America's momentum is back.” “Our spirit is back. Our pride is back. Our confidence is back. And the American Dream is surging bigger and better than ever before,” Trump said. “Our country is on the verge of a comeback.” Xi has fashioned what has been called the “Chinese Dream," by which the nation would be rejuvenated or restored to a position of greatness it held in centuries past.

      China doesn't necessarily want to be a leader in the U.S. sense, but it wants to be considered an equal. Concretely, China wants a greater say in setting rules in a global system long dominated by the United States.

      Trump appears more intent on freeing the US from global rules. Aside from the Paris agreement, he has pulled the US from other global groups including the World Health Organisation and the UN Human Rights Council — withdrawals that he held up as accomplishments in his speech.

      As Trump pulls the United States back from international involvement, it creates an opportunity for China to fill the void. What's unclear is to what extent the Communist Party thinks that doing so is in its interest and is able and willing to do so.

      At the start of his speech, Li told the delegates that China has made “solid new strides” in advancing its modernisation — an echo of the “Four Modernisations” that became a mantra during the rule of the late Deng Xiaoping in the late 1970s and 1980s.

      In ending his report, Li, as expected, made the call that so many Chinese leaders do at these annual March meetings: “Build a great country," he said, "and advance national rejuvenation." (AP) AMS

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