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    Rupee weakens 17 paise to settle at 96.42 against US dollar; loses 1.5 pc in four sessions
    India-UK CETA takes effect: First zero-duty Indian coffee, jewellery consignments reach UK shores
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    Foreign assets, income details for 2022-24 now available under AIS on income tax portal
    L-G Manoj Sinha reviews donation management systems at J-K's Vaishno Devi shrine
    Bandhan Bank launches EPFO-integrated PF payment service for businesses
    ESDS Launches Swaraj Nandi and Swaraj Hansa, Two Sovereign Enterprise Security Platforms Built Entirely in India
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    ED raids in 4 states in illegal Bangladeshis, Rohingyas infiltration case
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    I-T dept raises Cost Inflation Index to 384 for FY27
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    CCI approves acquisition by Opal Bidco Pte. Ltd. of 100% shareholding in STT GDC Pte. Ltd.
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    July 16, 2026
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    Rupee depreciation pressures intensify as elevated crude prices, foreign capital outflows and geopolitical tensions weigh on exchange markets.
    The rupee weakened for a fourth consecutive session amid elevated crude oil prices, a stronger dollar index and foreign capital outflows, with rising oil import costs adding to balance-of-payments pressures. Reserve Bank of India data showed an overall balance-of-payments deficit during the first two months of the fiscal year, although the current account recorded a surplus for April-May 2026. Geopolitical tensions and Strait of Hormuz risks were cited as supporting high crude prices, while possible Reserve Bank intervention could support the rupee.
    July 16, 2026
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    Zero-duty India-UK trade under CETA begins with jewellery and coffee consignments, supported by exporter compliance guidance.
    India-UK CETA introduced a low- or zero-tariff regime covering about 99 per cent of tariff lines for Indian exports to the United Kingdom. Initial zero-duty jewellery and coffee consignments reached the UK under the agreement. CETA is intended to improve market competitiveness, strengthen supply chains and support businesses, exporters, importers and investors. A dedicated facilitation forum and a guide to UK import standards and regulatory requirements support Indian exporters, particularly small and medium enterprises, in navigating the post-CETA trading regime.
    July 16, 2026
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    Foreign investor tax exemptions on government securities are proposed to continue, supporting sovereign debt market liquidity and capital inflows.
    Income-tax exemption for foreign investors in government securities is proposed to continue through the Income-tax (Amendment) Bill, 2026, replacing the corresponding ordinance. The ordinance exempted interest income and capital gains from the sale, exchange or transfer of government securities by foreign investors, effective from 1 April. The measure seeks to attract foreign capital, deepen the sovereign debt market and improve liquidity amid global economic volatility. The legislative agenda also includes MSME reforms concerning delayed-payment redressal, enforcement of arbitral awards and State flexibility in constituting facilitation councils.
    July 16, 2026
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    Foreign asset reporting requires complete Schedule FA and Schedule FSI disclosures despite limited information displayed in the Annual Information Statement.
    Annual Information Statement records for eligible taxpayers include foreign assets and foreign-source income information received through the Automatic Exchange of Information framework. The information is intended to facilitate accurate tax compliance and is not a scrutiny or investigation mechanism. As the displayed data is limited to information received from partner jurisdictions and is not exhaustive, taxpayers must correctly and completely disclose all foreign assets and foreign-source income in Schedule FA and Schedule FSI, whether or not such information appears in the Annual Information Statement.
    July 16, 2026
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    Donation management safeguards require transparent accounting, secure precious-metal handling, audits and adherence to prescribed banking and statutory norms.
    Donation-management governance at the Vaishno Devi shrine was reviewed with emphasis on transparency, accountability and compliance with standard operating procedures. The review covered collection, counting, accounting, custody and utilisation of offerings, supported by verification procedures, surveillance, banking safeguards and periodic audits. Security protocols also govern the handling, storage, transportation, processing and refining of precious-metal offerings. The review took place amid a pending complaint alleging irregularities in silver offerings, with complete records sought regarding action taken.
    July 16, 2026
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    EPFO-integrated provident fund payments streamline statutory compliance through digital banking, with real-time confirmations and instant challan downloads for businesses.
    EPFO-integrated provident fund payment service enables business customers to initiate statutory PF payments through the EPFO portal and complete transactions using the bank's internet banking platform. Real-time transaction confirmations and instant challan downloads support faster processing, cash-flow management and timely compliance with EPFO payment requirements.
    July 16, 2026
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    Privileged access governance and explainable security monitoring support auditable, sovereign enterprise cybersecurity across private and air-gapped deployments.
    Swaraj Nandi provides privileged-access management through credential vaulting, automated rotation, Zero-Trust approvals, multi-factor authentication, session recording and audit reporting. Swaraj Hansa provides AI-assisted security information and event management by collecting, correlating and triaging security signals with explainable alerts and human-owned decisions. Both platforms support on-premise, private-cloud and relevant air-gapped deployment models, and their compliance architecture is mapped to the RBI IT Framework, SEBI CSCRF, DPDP Act, PCI-DSS, ISO 27001 and NIST CSF.
    July 16, 2026
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    Money-laundering investigation targets alleged foreign-funded network facilitating illegal infiltration, forged identity documents and economic rehabilitation of immigrants.
    A money-laundering investigation examined an alleged syndicate facilitating illegal infiltration, forged Indian identity documents and settlement of Bangladeshi nationals and Rohingyas. Investigators alleged that public charitable trusts receiving foreign contributions channelled funds through multiple bank accounts, mule accounts and layered transactions to support economic rehabilitation through cash assistance, employment and income-generating arrangements. Searches were conducted under the Prevention of Money Laundering Act.
    July 16, 2026
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    Money-laundering investigation examines alleged foreign-funded networks supporting illegal infiltration, forged documents, and economic settlement of migrants.
    A money-laundering investigation concerns an alleged network facilitating illegal entry and settlement of Bangladeshi and Rohingya nationals. The alleged scheme involved forged identity and travel documents, charitable trusts receiving overseas contributions, and diversion of funds through bank accounts, mule accounts and layered transactions. Suspected fund use included settlement support, documentation, employment, cash assistance and income-generating assets. Searches examined the alleged infiltration, documentation and financial-support network.
    July 16, 2026
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    Agentic AI innovation centre enables consumer businesses to co-create, test and scale enterprise AI solutions across operational functions.
    TCS launched a Gemini Experience Centre in Kolkata with Google Cloud to enable consumer businesses to co-create, test and scale AI-led solutions. The centre showcases agentic AI applications for store operations, supply-chain management, omni-channel retail and customer service, serving retail, consumer packaged goods, travel, tourism and hospitality enterprises. The initiative uses Gemini Enterprise-based industry- and context-aware AI agents and seeks to accelerate agentic AI adoption and support movement from AI pilots to enterprise-scale deployment.
    July 16, 2026
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    Cost Inflation Index enables inflation-adjusted long-term capital gains calculations through indexed acquisition cost for eligible capital asset transfers.
    The Cost Inflation Index for financial year 2026-27 is 384 for computing inflation-adjusted long-term capital gains on transfers of capital assets, including immovable property, securities and jewellery. It is used to determine indexed cost of acquisition by adjusting purchase cost for inflation. Long-term classification generally requires holding exceeding 36 months, with stated periods of 24 months for immovable property and unlisted shares and 12 months for listed securities.
    July 16, 2026
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    India-EU industrial and technology cooperation advances through trade facilitation, resilient supply chains, digital innovation and expanded market access.
    India-EU industrial and technology cooperation was advanced through engagements addressing industrial collaboration, technology partnerships, bilateral trade opportunities and business-to-business cooperation. Discussions covered trade facilitation, investment flows, supply-chain resilience, digital innovation, competitiveness and regulatory challenges. The interactions emphasised industry-led growth, greater market access for Indian enterprises and innovation-driven partnerships under the Trade and Technology Council framework.
    July 16, 2026
    Show AI Summary
    Preferential India-UK trade framework introduces broad zero-duty export access, self-certified origin documentation, and social-security contribution relief for temporary professionals.
    India-United Kingdom CETA entered into force with preferential tariff treatment, including zero-duty access in the United Kingdom for nearly 99 per cent of India's exports. The Agreement covers goods, services and cooperation in customs, digital trade, financial services, telecommunications, intellectual property and professional services. The associated Agreement on Social Security exempts Indian professionals on temporary United Kingdom assignments from double social-security contributions for up to five years. Rules of Origin certification was operationalised through self-certified Certificates of Origin issued on the eCoO 2.0 platform.
    July 16, 2026
    Show AI Summary
    Labour market indicators showed stable overall participation, employment and unemployment, with marginal urban improvement and softer rural unemployment.
    Monthly labour-market estimates for persons aged 15 years and above, compiled under the Current Weekly Status approach, show stable overall labour-force participation, worker population ratio and unemployment rate in June 2026. Urban labour-force participation and worker population ratio improved marginally, while rural participation and employment remained stable. Female labour-force participation was broadly stable month-on-month. Rural unemployment eased slightly, urban unemployment rose marginally from the preceding month, and urban unemployment declined on a year-on-year basis.
    July 16, 2026
    Show AI Summary
    Competition clearance governs full acquisition of a data-centre provider alongside co-investor economic interests in the transaction.
    Competition approval concerns Opal Bidco Pte. Ltd.'s acquisition of the entire shareholding in STT GDC Pte. Ltd., a data-centre provider. The transaction also provides for specified co-investors to acquire economic interests in STT GDC on a see-through basis. STT GDC operates in India through an indirect subsidiary and is among multiple data-centre participants active in India.
    July 16, 2026
    Show AI Summary
    Windfall tax on petroleum exports revises diesel and aviation fuel levies while reducing the petrol export levy.
    Special Additional Excise Duty on petroleum-product exports was revised from 16 July 2026, increasing the levy on diesel and aviation turbine fuel exports while reducing it on petrol exports. Duty rates on petrol and diesel cleared for domestic consumption remained unchanged. The windfall tax framework seeks to support domestic fuel availability and discourage exporters from benefiting from differences between domestic and global fuel prices during elevated crude-oil prices.
    July 15, 2026
    Show AI Summary
    Duty-free market access under the India-UK trade pact expands exports while preserving safeguards for procurement and policy space.
    The India-UK Comprehensive Economic and Trade Agreement provides duty-free access for nearly 99 per cent of Indian exports and includes reciprocal government-procurement access subject to safeguards. India retains MSME preferences, limits covered procurement to selected central entities, excludes strategic sectors, and applies minimum contract thresholds. The agreement preserves compulsory licensing and permits withdrawal of certain concessions if a future UK carbon tax adversely affects Indian exports. Its gender, SME, environment, and labour chapters contain no dispute-settlement provisions.
    July 15, 2026
    Show AI Summary
    India-UK trade agreement expands duty-free market access and tariff reductions for exports, services, manufacturing and small enterprises.
    India-UK Comprehensive Economic and Trade Agreement (CETA) is stated to provide duty-free access in the UK market for 99 per cent of Indian products and to reduce or eliminate UK import tariffs across key product categories. It is expected to support Karnataka exports in manufacturing, agricultural produce, processed food, electronics, aerospace and medical devices, with certain tariff reductions phased out over time. Mode 1 services provisions are identified as beneficial to Bengaluru's IT industry, while awareness programmes and investment roadshows are proposed to help exporters and attract investment.
    July 15, 2026
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    Foreign investment screening cooperation advances investment flows alongside trade, technology, supply-chain resilience and prospective investment-protection commitments.
    India and the European Union concluded a work programme on foreign direct investment screening, exchanging best practices to facilitate investment flows. Trade and Technology Council cooperation addresses market access, standards harmonisation, supply-chain requirements, deep-tech innovation and critical dependencies. The parties also discussed free trade agreement ratification, World Trade Organization reform, and prospective investment-protection and geographical-indications agreements. The Council provides an institutional mechanism for cooperation on trade, trusted technology and economic security.
    July 15, 2026
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    Balance of payments reporting shows a current account surplus despite a wider trade deficit and portfolio investment outflows.
    Balance of payments data for April-May 2026 records a current account surplus, supported by increased net services receipts, higher inward remittances and a marginal reduction in net income outgo. The merchandise trade deficit widened as imports rose more than exports. The overall balance of payments moved into deficit, while net foreign direct investment increased and net foreign portfolio investment recorded a larger net outflow.

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      Syria's Druze seek place in changing nation, navigating pressures from government, Israel

      March 10, 2025

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      Jaramana (Syria), Mar 10 (AP) Syria's Druze minority has a long history of cutting their own path to survive among the country's powerhouses. They are now trying again to navigate a new, uncertain Syria since the fall of longtime autocrat Bashar Assad.

      Members of the small religious sect find themselves caught between two forces that many of them distrust: the new, Islamist-led government in Damascus and Syria's hostile neighbor, Israel, which has used the plight of the Druze as a pretext to intervene in the country.

      Syria's many religious and ethnic communities are worried over their place in the new system.

      The transitional government has promised to include them, but has so far kept authority in the hands of the Islamist former insurgents who toppled Assad in December -- Hayat Tahrir al-Sham, or HTS. That and HTS's past affiliation with Sunni Muslim extremist al-Qaida, has minorities suspicious.

      The most explosive hostilities have been with the Alawite religious minority, to which Assad's family belongs. Heavy clashes erupted this week between armed Assad loyalists and government forces, killing at least 70, in the coastal regions that are the Alawites' heartland.

      In contrast, the Druze -- largely centered in southern Syria -- have kept up quiet contacts with the government. Still, tensions have broken out.

      Last week in Jaramana, a suburb of Damascus with a large Druze population, unknown gunmen killed a member of the government's security forces, which responded with a wave of arrests in the district.

      Israel's Prime Minister Benjamin Netanyahu and military officials weighed in by threatening to send forces to Jaramana to protect the Druze. Druze leaders quickly disavowed the offer. But soon after, someone hung an Israeli flag in Sweida, an overwhelmingly Druze region in southern Syria, prompting residents to quickly tear it down and burn it.

      Many fear another flare-up is only a matter of time.

      Multiple Druze armed militias have existed for years, originally set up to protect their communities against Islamic State group fighters and drug smugglers coming in from the eastern desert. They have been reluctant to set down their arms. Recently a new faction, the Sweida Military Council, proclaimed itself, grouping several smaller Druze militias.

      The result is a cycle of mistrust, where government supporters paint Druze factions as potential separatists or tools of Israel, while government hostility only deepens Druze worries.

      A struggle to unite a divided country On the outskirts of Sweida, a commander in Liwa al-Jabal, a Druze militia, stood on a rooftop and scanned the hills with binoculars. He spoke by walkie-talkie with a militiaman with an assault rifle below. They were watching for any movement by militants or gangs.

      “Our arms are not for expansionist purposes. They're for self-defence and protection,” said the commander, who asked to be identified only by his nickname Abu Ali for security reasons. “We have no enemies except those who attack us.” Abu Ali, who is a metal worker as his day job, said most Druze militiamen would merge with a new Syrian army if it's one that “protects all Syrians rather than crushes them like the previous regime”.

      The Druze religious sect began as a 10th-century offshoot of Ismailism, a branch of Shiite Islam. Over half of the roughly 1 million Druze worldwide live in Syria. Most other Druze live in Lebanon and Israel, including in the Golan Heights, which Israel captured from Syria in the 1967 Mideast War and annexed in 1981.

      In Syria, the Druze take pride in their fierce independence. They were heavily involved in revolts against Ottoman and French colonial rule to establish the modern Syrian state.

      During Syria's civil war that began in 2011, the Druze were split between supporters of Assad and the opposition. The Sweida region stayed quiet for much of the war, though it erupted with anti-government protests in 2023.

      Assad reluctantly gave Druze a degree of autonomy, as they wanted to avoid being involved on the frontlines. The Druze were exempted from conscription into the Syrian army and instead set up local armed factions made of workers and farmers to patrol their areas.

      Druze say they want Syria's new authorities to include them in a political process to create a secular and democratic state.

      “Religion is for God and the state is for all” proclaimed a slogan written on the hood of a vehicle belonging to the Men of Dignity, another Druze militia patrolling the outskirts of Sweida.

      Being inclusive will not hurt him Many Druze quickly rejected Israel's claims to protect the minority. Hundreds took to the streets in Sweida to protest Netanyahu's comments.

      “We are Arabs, whether he or whether the Lord that created him likes it or not. Syria is free,” said Nabih al-Halabi, a 60-year-old resident of Jaramana.

      He and others reject accusations that the Druze want partition from Syria.

      But patience is wearing thin over what many see as arbitrary layoffs of public sector workers, shortage of economic opportunities, and the new authorities' lack of more than token inclusion of Syrians from minority communities. For the first time, a protest took place in Sweida on Thursday against Damascus' new authorities.

      Interim President Ahmad al-Sharaa has promised to create an inclusive system, but the government is made up mostly of his confidantes. The authorities convened a national dialogue conference last week, inviting Syrians from different communities, but many criticised it as rushed and not really inclusive.

      “What we are seeing from the state today, in our opinion, does not achieve the interests of all Syrians,” said retired nurse Nasser Abou-Halam, discussing local politics with other residents in Sweida's public square where near-daily protests took place.

      “It's a one-colour government, with leadership appointed through factions rather than through elections.” Al-Sharaa “has a big opportunity to be accepted just to be Syrian first and not Islamist first. Being inclusive will not hurt him”, said Bassam Barabandi, a former Syrian diplomat currently based in Washington. “On the contrary, it will give him more power.” Economic woes shorten the honeymoon Syria's new leaders have struggled to convince the United States and its allies to lift Assad-era sanctions. Without the lifting of sanctions, it will be impossible for the government to rebuild Syria's battered infrastructure or win over minority communities, analysts say.

      “I'm scared sanctions won't be lifted and Syria won't be given the chance,” said Rayyan Maarouf, who heads the activist media collective Suwayda 24. He has just returned to Sweida after fleeing to Europe over a year ago because of his activism.

      “Syria could go back to a civil war, and it would be worse than before,” he said.

      Outside Sweida, Abu Ali was helping train new volunteers for the militia. Still, he said he hopes to be able to lay down his weapons.

      “There is no difference between the son of Sweida or Jaramana and those of Homs and Lattakia,” he said. “People are tired of war and bloodshed … weapons don't bring modernism.” (AP) PY PY

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