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    RBI invites public comments on Draft Guidelines for ‘on tap’ Licensing of Urban Co-operative Banks
    Pakistan-origin dry dates, routed through UAE, seized at Kandla port
    RBI keeps rates unchanged, retains neutral stance; outlook uncertain on El Nino, geopolitical risks
    Government Notifies Inventory-based Cross-border E-Commerce Export Framework under Foreign Trade Policy 2023
    Customs official among 5 held for smuggling gold of Rs 1.44 crore at Indore airport
    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
    Sensex gains 152 pts in volatile session as RBI keeps policy rates unchanged
    DRI seizes 364 metric tonne (MT) banned Pakistan-origin dry dates imports worth Rs. 3 crore
    Rupee gains 13 paise to close at 95.15 against US dollar post-RBI policy decision
    ED raids premises linked to ex-Andhra MLA Malla Vijaya Prasad in chit fund scam
    'Gungi gudiya' remark against Sunetra shows Cong's 'ideological bankruptcy': NCP leader Tatkare
    RBI holds interest rates for fourth straight meeting, awaits clearer inflation outlook
    Highlights of RBI's August monetary policy
    RBI targeting polymer currency notes launch in early FY28: Guv Malhotra
    Two women held at Delhi airport with 1 kg gold concealed as silver-coated armlet
    Sensex trades higher, Nifty flat post RBI policy
    India's services sector growth hits four-and-a-half-year low in July on weak demand: PMI
    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
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    August 5, 2026
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    On-tap licensing for Urban Co-operative Banks enters public consultation through draft guidelines inviting stakeholder feedback.
    Draft guidelines for 'on tap' licensing of Urban Co-operative Banks have been issued for public and stakeholder consultation. Comments and feedback may be submitted until September 05, 2026, through the designated online consultation facility or by written or email submission to the specified regulatory department.
    August 5, 2026
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    Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
    Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
    August 5, 2026
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    Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
    Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
    The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
    August 5, 2026
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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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
    Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
    August 5, 2026
    Show AI Summary
    Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
    Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.
    August 5, 2026
    Show AI Summary
    Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
    Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
    August 5, 2026
    Show AI Summary
    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.

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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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