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    August 10, 2026
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    UPI transaction charges remain unavailable for consumers and person-to-person payments, while limited threshold-based merchant MDR may be considered.
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    August 10, 2026
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    August 10, 2026
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    Cost optimisation in public finance strengthens investment decisions, risk allocation, indigenous manufacturing and value-driven government expenditure through specialised financial expertise.
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    August 9, 2026
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    Co-operative development financing would expand through direct assistance, share-capital participation and wider operational powers for sectoral support.
    National Cooperative Development Corporation (Amendment) Bill, 2026 proposes to broaden the Corporation's mandate to promote co-operative development. It would permit direct loans and grants to co-operative societies and other entities engaged in co-operative development, where funds are used for co-operative purposes. With Central Government approval, the Corporation could participate in the share capital of such entities. The proposals also expand the meaning of foodstuffs, remove geographical restrictions for industrial-goods assistance, and provide additional functional powers.
    August 9, 2026
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    GST compliance failures and electricity subsidy controls raise allegations of financial irregularities and potential losses to the public exchequer.
    Allegations based on a Comptroller and Auditor General report identified purported GST compliance failures involving outstanding tax liabilities, e-way bills generated after cancellation of GST registrations, limited bill scrutiny, non-compliance, and turnover mismatches. The allegations also concerned electricity subsidies extended to consumers with prolonged zero bills or apparent non-residence, presenting these issues as possible financial irregularities and losses to the public exchequer.
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    Money-laundering prosecution complaints allege that funds from toll-road projects and credit facilities were diverted through group companies, contractors, shell entities and conduit accounts. In the toll-road matter, allegedly sham or back-dated subcontracting arrangements and subsequent documentation were used to portray transfers as genuine project expenditure. In the credit-facilities matter, fresh facilities were allegedly used to repay, rotate and evergreen earlier liabilities rather than for sanctioned end-use, with funds layered and presented as legitimate business expenditure or receipts. Attached assets are sought to be confiscated as alleged proceeds of crime.
    August 9, 2026
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    Direct Benefit Transfer pension disbursement replaces cooperative-bank doorstep delivery, while preserving home payments for beneficiaries unable to use bank accounts.
    Direct Benefit Transfer of social security and welfare pensions to Aadhaar-linked bank accounts is intended to replace cooperative-bank doorstep delivery, except for bedridden and similarly situated beneficiaries. The change addresses delays in remitting undistributed pensions, deficient record updates and reconciliation, duplicate payments, delivery incentives, and compliance with Direct Benefit Transfer norms. Criticism focuses on beneficiary access to linked commercial-bank accounts, possible minimum-balance deductions, exclusion of cooperative banks, and the effect on doorstep-delivery workers.
    August 8, 2026
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    Engineering business growth supported Raymond's first-quarter performance, with export expansion, capacity investment and net-debt-free financial flexibility.
    Raymond Limited reported unaudited first-quarter FY27 growth in total income, EBITDA and profit before tax before exceptional items, while remaining net-debt-free with a net cash surplus. Its Engineering business comprises Precision Technology & Auto Components and Aerospace & Defence. Growth in the former was attributed to export expansion, operating leverage, product mix and cost reductions. Aerospace & Defence growth was linked to production for global OEMs, portfolio expansion and increased capacity, although margins were affected by targeted research and development investment. Forward-looking statements remain subject to regulatory, political, economic and technological risks.
    August 8, 2026
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    Savings account selection requires comparison of effective interest, fees, digital service, access, and individual banking needs.
    Savings-account selection should compare effective interest returns under slab-based rates, recurring operating charges and the customer's actual banking needs. Net value depends not only on advertised rates but also on relevant minimum-balance, card, ATM, alert and transfer fees. Digital reliability, customer support, branch availability and ATM access should be assessed according to the customer's average balance, cash use, transfer frequency, travel patterns and need for in-person assistance. The suitable account is one that matches real banking behaviour.
    August 8, 2026
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    Urban cooperative bank regulation promotes licensing, governance, compliance support and cybersecurity measures to strengthen stability and depositor confidence.
    Urban cooperative banks are encouraged to recognise regulatory support through liberalised branch opening, doorstep banking, demand drafts, life certificates, dedicated regulatory coordination, enhanced gold-loan limits, one-time settlements and progress towards on-tap licensing. Sound governance is material to sectoral stability, while small-borrower lending is presented as a comparatively safe lending segment. The umbrella body can support member banks through technical expertise, compliance assistance, cybersecurity solutions and participation in a security operations centre to strengthen depositor confidence.
    August 8, 2026
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    Korean food export promotion combines buyer consultations, regulatory guidance and consumer experiences to support entry into Indian and South Asian markets.
    Korean food export promotion in India and South Asia combined business consultations with consumer-facing activities. Individual meetings connected Korean exporters with regional buyers and generated memoranda of understanding for products including frozen gimbap, ginseng wine and kombucha. Exporters received on-site guidance concerning non-tariff barriers, including food import customs clearance and certification requirements. Preparatory online sessions addressed import procedures, regulatory matters and consumer trends, while consumer events promoted Korean food through tasting, retail and experiential activities.
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    Illegal immigration enforcement prioritises dismantling entry, documentation and employment networks while requiring citizens to report information through police channels.
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    August 8, 2026
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    Technology, transparency and governance strengthen urban cooperative banks through modern customer services, depositor protection and cooperative-sector support.
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    August 8, 2026
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    Authorised Dealer Category-II licensing expands permissible FEMA current account and foreign trade transaction services for cross-border payment customers.
    An Authorised Dealer Category-II approval under the Foreign Exchange Management (Authorised Persons) Regulations, 2026 enables Paul Merchants to undertake additional permissible non-trade current account transactions under FEMA, excluding gifts and donations, and foreign trade transactions within the applicable per-transaction limit. The approval supports foreign exchange and cross-border payment services, including overseas remittances for education, medical treatment, travel, and conference or event participation.
    August 8, 2026
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    Integrated investor claim portal modernisation advances digital KYC, streamlined verification, stakeholder-informed safeguards, and efficient investor claim settlement services.
    Integrated IEPFA Portal 2.0 is proposed to modernise investor claim processing through digital KYC, pre-filled Form IEPF-5, entitlement search, and a simplified e-Verification Report filing workflow. Stakeholder feedback included Aadhaar eKYC address validation, KYC for authorised representatives, entitlement-letter validation checks, bulk DSC and eSign functionality, integration of approved IEPF Form-4 data, lower-value share valuation using NSE and BSE data, and alerts for frequent address changes to prevent fraud.
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    Foreign capital inflows supported the rupee despite geopolitical uncertainty, oil-price pressures, and volatile global market sentiment.
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    August 7, 2026
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    Energy security through diversified sourcing protected fuel supplies during Hormuz disruption and supports domestic exploration and alternative fuels.
    Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.
    August 7, 2026
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    Credit valuation adjustment framework revises derivative capital requirements through flexible basic approaches, hedge recognition, and risk-sensitive counterparty treatment.
    Credit Valuation Adjustment framework revisions align CVA capital treatment with final Basel III standards. Eligible banks may use the full or reduced basic approach, while banks with an insignificant volume of non-centrally cleared derivatives may calculate their CVA capital charge at 100 per cent of the counterparty credit risk capital charge. The draft also clarifies CVA hedge recognition, introduces risk weights sensitive to sector and credit quality, and separates systematic and idiosyncratic CVA risk in the full basic approach.
    August 7, 2026
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    Leverage ratio framework amendments propose Basel-aligned capital adequacy standards, with public feedback invited on the draft directions.
    Proposed amendments to the leverage ratio framework would revise Chapter VII of the 2025 Commercial Banks Prudential Norms on Capital Adequacy Directions to implement the Basel Committee's Leverage Ratio 2017 Standard. Public comments and feedback on the draft Eleventh Amendment Directions, 2026, are invited until August 28, 2026, through the designated online platform, postal submission, or email.
    August 7, 2026
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    BHAVYA Scheme project selection uses challenge-based evaluation of infrastructure, industrial ecosystems, and policy enablers under prescribed eligibility criteria.
    BHAVYA Scheme Phase-I proposals submitted by State and Union Territory governments will be evaluated and scored under prescribed eligibility and evaluation criteria. Challenge-based project selection considers connectivity and site suitability, quality of core, value-added and social infrastructure in the detailed project report, and the industrial ecosystem and policy enablers. The Scheme guidelines provide for completion of the first-phase selection process within one year from notification.

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      Pakistan train siege over; 21 passengers, 4 soldiers killed

      March 13, 2025

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      Karachi/Islamabad, Mar 12 (PTI) Twenty-one passengers and four paramilitary soldiers were killed by militants who seized a train in Pakistan’s Balochistan, a general said on Wednesday, declaring that the army operation was over.

      Army spokesman Lt Gen Ahmad Sharif told Dunya News TV that security forces killed all 33 militants present at the scene.

      Federal Minister for Information Attaullah Tarar also confirmed that the 33 terrorists who held Pakistani citizens hostage have been eliminated.

      “We thank Allah that the operation in Balochistan has reached its logical conclusion,” he said.

      “There were 440 passengers on board the train, and the Pakistan Army, FC (Frontier Corps), SSG (Special Service Group) and Air Force executed this operation with great skill,” he said.

      Lt Gen Sharif said, “The armed forces successfully concluded the operation in the (Wednesday) evening by killing all terrorists and rescuing all passengers safely.” He said that 21 passengers were killed by the terrorists when they attacked the train on Tuesday. He added that four paramilitary Frontier Corps soldiers were also killed in the incident.

      The Jaffar Express, carrying 440 passengers in nine coaches, was going from Quetta to Peshawar when militants derailed it using explosives and hijacked it near the mountainous terrain of Gudalar and Piru Kunri in a tunnel 160 kilometres from Quetta.

      The Baloch Liberation Army (BLA) claimed responsibility for the attack on Tuesday when they said they killed six soldiers.

      Lt Gen Sharif said that on March 11, around 1 PM, terrorists blew up a railway track in the Bolan Pass area of Osi Pur. He described the area as difficult terrain, where the terrorists initially used hostages, including women and children, as human shields. “The rescue operation began immediately, with participation from the Army, Air Force, Frontier Corps, and Special Services Group commandos,” he said.

      During the operation, the terrorists remained in contact with their facilitators and masterminds in Afghanistan via satellite phones, he said, adding that it showed their foreign nexus.

      Sharif said that forces took time to complete the operation because the terrorists were using the hostages as human shields.

      By last evening, around 100 passengers had been safely rescued from the terrorists, he said, adding that a large number of hostages, including women and children, were freed on Wednesday.

      “The rescue operation continued periodically, and in the final clearance operation in the evening, all remaining hostages were secured. Since the terrorists were using passengers as human shields, the operation was conducted with extreme precision and caution,” he told Dunya News.

      Sharif said that first, snipers neutralised the suicide bombers, followed by a step-by-step clearance of each train compartment, eliminating all terrorists present. He said that no passengers were harmed during the clearance operation.

      Sharif stated that all terrorists present at the site had been eliminated, but the area and train were still being cleared as per standard operating procedures by the bomb disposal squad.

      He said that efforts were also underway to gather passengers who had fled in different directions during the operation.

      The general warned that “the train attack has changed the rule of the game”, without explaining it.

      He said that the terrorists and their facilitators would be hunted down wherever they were. “We cannot allow anyone to target Pakistanis on the behalf of their foreign paymasters,” he said. Meanwhile, Information Minister Tarar accused the Indian media of engaging in “propaganda”. “Some political elements tried to exploit this tragic incident for their own political gain,” he said.

      Tarar claimed that the Indian media, the BLA and the Pakistan Tehreek-e-Insaf (PTI) were speaking the same language on this incident.

      The minister also informed that Prime Minister Shehbaz Sharif spoke with Balochistan Chief Minister Mir Sarfraz Bugti and he would visit the province on Thursday to outline the future course of action.

      Minister of State for Interior Talal Chaudhry earlier told the Geo News that the passengers included civilians, government employees and security personnel.

      Earlier in the day, officials said that some of the militants wearing vests loaded with explosives had formed groups of women and children and forced them to sit near them. Due to the presence of women and children with the suicide bombers, the operation was being conducted with utmost caution, they added.

      A security source earlier said that around 30 people who sustained injuries had been sent to hospitals.

      Interior Minister Mohsin Naqvi commended security forces for successfully rescuing all hostages and eliminating all 33 terrorists involved in the attack.

      “This terrorist attack is a tragic and heartbreaking incident. Every citizen is deeply saddened,” he added. “Using innocent children and women as human shields is an utterly inhumane act.” “Terrorists are a burden on this land, and with the nation’s support, the time has come to eradicate this menace once and for all,” he declared. “The facilitators of these terrorists will also be dealt with an iron hand.” Mushtaq Muhammad, who was among the passengers rescued from the train, told the BBC Urdu service that there was a huge explosion and firing, a scene that can never be forgotten.

      Ishaq Noor, who was travelling with his wife and two children, in coach number seven of the same train, said the explosion was so intense that the windows and doors of the train shook and one of my children, who was sitting near me, fell.

      Seeing the firing and bullets hitting the coaches, Ishaq pulled one of his children under him while his wife pulled the other child under her so that “if a bullet hits us, the children will be saved.” “The firing must have lasted for about fifty minutes... During this time, we were not even breathing, not knowing what would happen.” Mushtaq said that the firing gradually stopped and the armed men entered the coaches.

      “They started checking the identity cards of some people and separated some of them. Three militants were guarding the doors of our coach. They told the people that they would not say anything to civilians, women, old people and Baloch people,” he told BBC Urdu service.

      Ishaq said that in the evening, the attackers told the passengers that they were releasing Baloch, women, children and elderly passengers.

      This is the first time the BLA or any insurgent group in the Balochistan province have resorted to hijacking a passenger train, although since last year, they have stepped up their attacks on security forces, installations and foreigners in different parts of the province.

      The US Embassy in Islamabad strongly condemned the attack on the train and the hostage-taking of passengers.

      The US will remain a steadfast partner of Pakistan in its efforts to ensure the safety and security of all its citizens, it added. “We stand in solidarity with Pakistan during this difficult time.” ‎ “We strongly condemn the terrorist attack in Balochistan on 11 March. Our deepest condolences go the people of Pakistan and families of victims. As the situation is still unfolding, we express our profound concern for the hostages and call for their immediate release,” EU Ambassador to Pakistan Riina Kionka said in a post on X.

      Balochistan has witnessed an uptick in terrorist attacks over the past year.

      In the past, the railway tracks in this area have been attacked by Baloch militants using rockets or remote-controlled bombs, and the BLA claimed responsibility for most of the attacks.

      In October last year, Pakistan Railways announced the restoration of train services between Quetta and Peshawar after a suspension of more than a month and a half. A month later, at least 26 people were killed and 62 injured after a suicide blast ripped through a Quetta Railway Station.

      Balochistan, bordering Iran and Afghanistan, is home to a long-running violent insurgency. Baloch insurgent groups frequently carry out attacks targeting security personnel, government projects and the USD 60 billion China-Pakistan Economic Corridor (CPEC) projects in the oil and mineral-rich province. PTI SH CORR AYZ MZ NSA ZH ASH ZH GSP GSP

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