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    Monthly review of accounts of Government of India upto June 2026 (FY 2026-27)
    DRI busts illegal drug manufacturing unit in Satara district in Maharashtra; two arrested
    CCI approves proposed combination inter alia involving share acquisition(s) and merger of certain entities e.g. AAPC India, Triguna, Caddie, SMPL, Tec...
    Rupee gains 20 paise to close at 95.08 against US dollar post-RBI policy decision
    TN Budget: Revenue deficit at Rs 55,775 crore, fiscal deficit estimated at Rs 1,21,819 crore
    Tatkare slams ‘gungi gudiya’ jibe against Sunetra; Cong says row being exploited for political gains
    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
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    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
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    August 6, 2026
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    Monthly public accounts review records receipts, expenditure, tax devolution, interest payments, subsidies, and capital spending through June.
    Consolidated monthly accounts up to June 2026 report total receipts of Rs.10,49,243 crore, comprising net tax revenue, non-tax revenue and non-debt capital receipts. Tax devolution transfers to State Governments total Rs.2,63,336 crore. Total expenditure is Rs.13,57,076 crore, including revenue expenditure of Rs.10,16,818 crore and capital expenditure of Rs.3,40,258 crore. Revenue expenditure includes interest payments and major subsidies.
    August 6, 2026
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    Illicit psychotropic drug manufacture triggered seizure, apprehensions, and investigation into planned trafficking under narcotics control law.
    Illicit manufacture and trafficking of Alprazolam and Diazepam, psychotropic substances regulated under the Narcotic Drugs and Psychotropic Substances Act, 1985, were detected at a clandestine facility. Searches recovered finished and intermediary substances, together with raw materials and reaction mixtures used in manufacture, and the goods were seized under the Act. The manufacturer and an intended buyer were apprehended, with material indicating a proposed transaction for further illicit trafficking. Preliminary investigation indicated prior involvement in illegal drug production and trafficking.
    August 6, 2026
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    Competition approval for hotel-sector consolidation covers share acquisitions and merger of Accor-branded hotel entities into InterGlobe Hotels.
    Competition approval was granted for related share acquisitions and the merger of AAPC India, Caddie, Triguna, Srilanand Mansions, Techpark and Accent into InterGlobe Hotels. The combination involves entities jointly controlled by the Bhatia Family Group and the Accor Group, including hotel-owning and developing entities, hotel management and franchising operations, leasing activities, and captive consultancy and support services relating to Accor-branded hotels in India.
    August 5, 2026
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    Rupee appreciation followed unchanged monetary policy, lower crude prices, weaker dollar and expectations of orderly exchange-rate management.
    The rupee strengthened after the central bank maintained its policy rate and neutral monetary-policy stance. Lower crude oil prices, a weaker US dollar and declining US Treasury yields supported investor sentiment. Earlier measures to attract capital inflows remained part of the framework supporting the rupee, while the central bank stressed its endeavour to preserve an orderly currency trajectory. Future movement was linked to geopolitical de-escalation, global risk sentiment and US economic data.
    August 5, 2026
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    Fiscal consolidation through revenue mobilisation and leakage control aims to reduce deficits while expanding capital expenditure capacity.
    Tamil Nadu's Revised Budget Estimates for 2026-27 project a revenue deficit and fiscal deficit, with outstanding liabilities comprising public debt and public-account liabilities. Revenue mobilisation is proposed through improved tax administration, collection efficiency, closure of leakages, liquor-manufacturer privilege fees, and eligible Union grants. The strategy projects gradual deficit reduction to create room for capital expenditure, supported by expenditure reforms aimed at eliminating leakages, optimising expenditure, and improving service delivery.
    August 5, 2026
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    Political criticism of public office-holders raises debate over media accountability, personal remarks, and acceptable public discourse.
    Political criticism followed a social-media post describing Maharashtra Deputy Chief Minister Sunetra Pawar as "gungi gudiya" in connection with a press interaction on law-and-order issues in Beed district. Congress representatives stated that the post was not a personal insult, had been deleted after adverse reactions, and was followed by an expression of regret. NCP representatives termed the expression inappropriate and stressed that the principal dignitary should conduct media interactions. Shiv Sena (UBT) representatives described the phrase as not unparliamentary and linked it to criticism of a guardian minister's public responsibilities.
    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
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    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
    The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
    August 5, 2026
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    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
    The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
    August 5, 2026
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
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    Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
    Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.

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      Customs & Trade

      Donald Trump is reviving fortunes of governments and leaders that talk tough against him

      March 11, 2025

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      Toronto, Mar 11 (AP) Canada's governing Liberal Party appeared poised for a historic election defeat this year. Then Donald Trump declared economic war and threatened to annex the entire country as a 51st state. Now the Canadian Liberals and their new prime minister could come out on top.

      Then there's Mexican President Claudia Sheinbaum, facing a groundswell of visible support at home for her approach to Trump's tariff threats. There's Volodymyr Zelenskyy, who visited the White House last month and was knocked on his heels, then went back to Europe to receive what many offered as a hero's welcome. Even Emmanuel Macron's comeback in French polls might be linked, some say, to his taking a more robust approach with the new U.S. president during recent weeks.

      Saying the United States will always do what's best for the United States first, Trump has shaken up decades of international order. In weeks, he has sent leaders of other nations scrambling to shore up their own economies, partnerships and defenses against a Russia threat — and solidify their own polls at home, too.

      “Trump is like a flaming freight train that is igniting everything in its path,” said Kory Teneycke, a conservative Canadian campaign director. “It's not just a big thing. It's almost the only thing that is moving the electorate right now.” Everyone, it seems, is responding to Trump. But nearly two months after his blizzard of executive orders, threats and trade wars, some leaders are steadying their messages with defiance and plans — not that they will necessarily change the Trump administration's approach to it all.

      Scrambling and dread in EuropeFor great swaths of the European continent, Trump's reversal of three years of support for Ukraine after Russia's invasion was received as an existential matter. Trump's false claim that Zelenskyy started the war — and the American president's thrashing of Zelenskyy in the Oval Office Feb. 28 — undermined 80 years of cooperation with Europe on the understanding that the U.S. would help protect those nations from the Russian threat after World War II. Trump also limited Ukraine's access to intelligence and weaponry.

      The confrontation laid bare the limits of a full-court press by America's allies aimed at reshaping Trump's determination to end Russia's invasion even if the terms are not to Ukraine's liking. And a lot of Europe didn't like it much.

      Leaders immediately backed up the Ukrainian president on social media. Visual confirmation came the next day, when British Prime Minister Keir Starmer enveloped Zelenskyy in a hug in front of 10 Downing Street for all to see. It was a visual hint at what one historian suggests could happen: “Oddly enough, NATO might become kind of a anti-Trump alliance,” said Robert Bothwell, a professor of Canadian history and international relations at the University of Toronto. “He's doing a good job of creating that.” That could happen reasonably quickly; some European leaders are already understanding that Trump is setting them adrift to face Russia alone.

      For years, Trump had complained that NATO allies weren't contributing enough to Europe's defense. Macron, too, had pushed for a stronger, more sovereign Europe since his own election in 2017, and has since insisted that the EU step up and start acting as a strategic world power. And within moments of his Feb. 23 election as Germany's likely next chancellor, Friedrich Merz, declared that his “absolute priority” will be for Europe to “really achieve independence from the U.S.” Germany, Europe's biggest economy, is expected under its likely coalition government to loosen restrictions on borrowing money for defense spending. Meanwhile last week, the EU's 27 member nations signed off on a plan to loosen budget restrictions so that willing EU countries can increase their military spending. But for all that, Europe's leaders were sidelined from talks in Jeddah, Saudi Arabia, Tuesday to end the war.

      Canada's conservatives struggleCanada's federal Conservatives and their leader Pierre Poilievre were heading for a massive victory in Canada's federal election this year — until, Teneycke says, Trump's near-daily trade and annexation threats derailed them.

      “It's the kiss of death to have JD Vance say something nice about you or have Elon Musk tweet out support for you. Every time Musk says something nice about Pierre Poilievre he goes down a point or two,” he said. “Stop helping. You are not helping.” Teneycke was the campaign director for Doug Ford's recent Progressive Conservative party win in the Canadian province of Ontario. Ford's government just won big by having Ford stand up strong for Canada against Trump.

      Trump's trade war and his talk of making Canada the 51st U.S. state have infuriated Canadians, who are booing the American anthem at NHL and NBA games. Some are canceling trips south of the border, and many are avoiding buying American goods when they can. The surge in Canadian nationalism has bolstered the Liberal Party's chances federally in a parliamentary election expected within days or weeks, and Liberal showings have been improving in opinion polls.

      The change in the polls is dramatic. In mid-January a poll by Nanos, the Liberals trailed the opposition Conservatives and Poilievre 47% to 20%. This week the latest poll has the Liberals within 2 points. And that was before the party chose former central banker Mark Carney to replace Justin Trudeau.

      “They are coming right back from the dead,” Bothwell said. “I am amazed. And it is all Trump.” Bothwell says Trump's appeal is merely to American nationalism — what he calls a type of it “that is offensive to all foreigners.” He says Canadians are rallying around the flag as if it's wartime.

      “If somebody comes up and kicks sand in your face and then spits in your eye, you don't like it,” Bothwell said. “It's a response to provocation. And a very serious provocation." Mexico has a less confrontational approachIn Mexico, a jubilant Sheinbaum celebrated with fellow citizens at a huge rally Sunday after many American tariffs were delayed, Although she appears strong now, it is not clear whether the 62-year-old president's political support would weaken if the Mexican economy deteriorates because of tensions with the United States. “The president will overcome everything,” said Mariana Rivera, a 40-year-old social activist who held up a massive Mexican flag as high as her arms allowed.

      While her predecessor and populist ally managed an amicable relationship with Trump in his last term, some questioned if Sheinbaum would be able to strike up the same dynamic. But with approval above 80% and a steady peso, even Sheinbaum's critics have admitted that the leader has been able to navigate the chaotic waters with expertise.

      “She's a leader that has chosen a very rational, reasonable strategy, a strategy that focuses on cooperation … at the same time that Trudeau has come at with very conflictive language,” said Palmira Tapia, a political analyst in Mexico.

      Sheinbaum has repeatedly said she would manage relations with Trump with a “cool head," especially when it comes to Trump's promise of 25% tariffs, something economic forecasters said would sink Mexico's economy into a recession.

      To appease Trump, Sheinbaum has directed 10,000 troops to the U.S.-Mexico border, stepped up crackdowns on fentanyl and sent 29 cartel bosses to face justice in the U.S. While Canada and China immediately responded to last week's tariffs by reciprocating, Sheinbaum bided her time. After Trump said he would delay the tariffs, she turned a planned march into a “festival.” Where will the ripples end? Trump is already so unpopular in Canada that hockey great Wayne Gretzky, a friend of Trump's who has not spoken up for Canada, has become a pariah in his home country.

      “This is Wayne Gretzky — the best-known and best-regarded Canadian in my life time. Since the early 80's this guy has been Canadian like a beaver and maple syrup,” Teneycke said. “He's absolutely iconic, and he would be booed if he took center ice at any NHL game in Canada right now over the Trump thing. It's flabbergasting.” (AP) AS AS

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