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    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
    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
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    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
    Show AI Summary
    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
    Show AI Summary
    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
    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
    Show AI Summary
    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
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    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
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    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.

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      Rivals turn partners: After Airtel, Ambani's Jio strikes satellite internet deal with Musk's Starlink

      March 12, 2025

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      New Delhi, Mar 12 (PTI) Billionaire Mukesh Ambani's Jio Platforms has struck a deal with SpaceX, the aerospace company led by Elon Musk, to bring Starlink's broadband internet services to India, a surprise move that follows months of bickering over how Musk's venture should be granted spectrum rights.

      The deal with Musk - considered the right-hand-man of US President Donald Trump - comes a day after telecom tycoon Sunil Bharti Mittal's Bharti Airtel signed a similar partnership deal with SpaceX.

      Over the past few months, rivals Jio and Airtel had come together to demand an auction for awarding spectrum for satellite services in India as they feared an administrative allocation would give Musk airwaves at a price lower than what they had paid via auctions in the past.

      This agreement "is subject to SpaceX receiving its own authorisations to sell Starlink in India", Jio Platforms - the company that holds telecom and digital properties of Reliance Industries Ltd - said in a statement on Wednesday.

      Jio will offer Starlink equipment in retail outlets and online stores and also support customer installation and activation on devices. Jio and SpaceX will also explore how they can boost each other's offerings.

      "Through this agreement, the parties will leverage Jio's position as the world's largest mobile operator in terms of data traffic and Starlink's position as the world's leading low earth orbit satellite constellation operator to deliver reliable broadband services across the country, including the most rural and remote regions of India," the statement said.

      Starlink is the world's largest low-earth-orbit (LEO) constellation operated by SpaceX.

      On Tuesday, Bharti Airtel announced that it is entering into an agreement with SpaceX to bring Starlink's high-speed Internet service to India on a non-exclusive basis. Bharti already partners with Eutelsat OneWeb, the second-largest LEO constellation.

      Similarly, Jio Platforms has a joint venture with SES, a leading global satellite-based content connectivity solutions provider.

      Jio Space Technology Limited, where Jio holds 51 per cent and SES 49 per cent, is to use multi-orbit space networks that are a combination of geostationary (GEO) and medium earth orbit (MEO) satellite constellations capable of delivering multi-gigabit links and capacity to enterprises, mobile backhaul and retail customers across the length and breadth of India and neighbouring regions.

      Starlink can help Bharti and Jio provide connectivity to previously underserved areas, especially areas currently with limited to no coverage.

      The deals by Airtel and Jio come weeks after Prime Minister Narendra Modi met Musk in Washington to discuss issues, including space, mobility, technology and innovation. During the trip, the prime minister also met Trump, whose administration has upped the ratchet on tariffs against various countries, including India.

      Ambani, chairman and managing director of Reliance Industries Ltd, was one of the select few invitees at the Trump's oath-taking ceremony.

      Starlink is awaiting regulatory approvals to launch Starlink services in India. Key to that is meeting the prescribed security norms. Also, such companies are required to secure a Global Mobile Personal Communication by Satellite (GMPCS) licence and space regulator IN-SPACe's approval, along with the allocation of spectrum from the Indian government, to offer satellite-based voice and data services in the country.

      The Musk-led satellite company has reportedly agreed to meet the Indian government's data localisation and security requirements, which had previously been a significant point of contention.

      Eutelsat OneWeb, in which Airtel is the single-largest shareholder with a 21.2 per cent share, and Jio's joint venture with SES have already secured GMPCS licenses and IN-SPACe approvals.

      Starlink, currently, operates over 6,000 LEO satellites, while Amazon's Kuiper project plans to deploy 3,236 satellites, starting in early 2025.

      In October last year, the government sided with Musk on the issue of allocating airwaves, to be used for offering low latency internet services using satellite, at a pre-decided price through an administrative route.

      Both Jio, India's largest wireless carrier, and Airtel, the No. 2 player in the world's most populous nation, where data usage is rapidly rising, feared lower entry costs would chip away some of their subscriber base.

      Their deals were announced within 12 hours of each underscoring Musk's growing political and business clout in the current US administration. As the head of the nascent Department of Government Efficiency (DOGE), the world's richest man has emerged as a dominant force in Trump's second term.

      In the statement, Jio said its agreement with SpaceX is to offer Starlink's broadband internet services to its customers in India.

      "This agreement, which is subject to SpaceX receiving its own authorisations to sell Starlink in India, enables Jio and SpaceX to explore how Starlink can extend Jio's offerings and how Jio can complement SpaceX's direct offerings to consumers and businesses," it said.

      "Jio will make Starlink solutions available through its retail outlets as well as through its online storefronts." Jio will not only offer Starlink equipment in its retail outlets but also establish a mechanism to support customer service installation and activation, it said.

      "The agreement with SpaceX is part of Jio's commitment to ensuring that reliable internet is fully accessible to all enterprises, small and medium businesses, and communities across India. Starlink complements JioAirFiber and JioFiber by extending high-speed internet to the most challenging of locations in a quick and affordable manner," the statement said.

      Jio and SpaceX are also evaluating other complementary areas of cooperation to leverage their respective infrastructure to further enhance India's digital ecosystem.

      "Ensuring that every Indian, no matter where they live, has access to affordable and high-speed broadband remains Jio's top priority," said Mathew Oommen, Group CEO, Reliance Jio.

      "Our collaboration with SpaceX to bring Starlink to India strengthens our commitment and marks a transformative step toward seamless broadband connectivity for all. By integrating Starlink into Jio's broadband ecosystem, we are expanding our reach and enhancing the reliability and accessibility of high-speed broadband in this AI-driven era, empowering communities and businesses across the country," he added.

      "We applaud Jio's commitment to advancing India's connectivity," said Gwynne Shotwell, President and Chief Operating Officer of SpaceX.

      "We are looking forward to working with Jio and receiving authorisation from the Government of India to provide more people, organisations and businesses with access to Starlink's high-speed internet services." Mittal, founder and chairman, Bharati Enterprises, in a statement on Wednesday, said he had, at the recently concluded Mobile World Congress in Barcelona, called on "the telecom and satellite players to work together, combine their strengths, and complete the mission of connecting the unconnected, covering the oceans and the skies as well as difficult-to-reach areas".

      "I am glad that this is being followed through with active announcements of partnerships between satellite companies and telecom operators," he said.

      Mittal said he had in 2017 appealed to operators to slash roaming charges, which were preventing customers from carrying their home networks and seeking local SIMs or Wi-Fi hotspots. The industry responded favourably; roaming rates went south, and the international home network switch-on rates shot up. Today, roaming tariffs across the globe are affordable.

      "I have no doubt the satellite and the telecom industry globally will respond to my call to combine their strengths," he said.

      "For the telecom industry, the addition of satellite technology should be no different from bringing new technologies to its customers. Just like 4G, 5G, and 6G in the future, we will now have one more technology in our mix, i.e. SAT-G. Soon customers will be able to carry their mobiles to the remotest part of the world, with them in the skies and blue oceans. A new era of seamless global connectivity beckons." PTI PRS ANZ BAL BAL

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