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    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
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    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
    Collaboration, Inclusion and Entrepreneurship: How SIDBI MSME Samvaad Is Shaping the Future of India’s MSME Ecosystem
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    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
    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
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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
    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
    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.
    August 5, 2026
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    Industry collaboration strengthens MSME competitiveness through shared resources, market linkages, capability building and inclusive support for women entrepreneurs.
    MSME development is linked to collaboration, knowledge-sharing, institutional support and capability building. Industry associations can provide networking, policy advocacy, business intelligence, skills programmes, shared infrastructure and market linkages, while collective procurement, shared logistics, digital commerce and export readiness may improve competitiveness. Women-led enterprises benefit from market-oriented capability development, mentorship, continuous learning, professional networks, capacity-building programmes and institutional support. The Development of Industry Associations initiative is intended to connect associations and facilitate the sharing of best practices.

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      Danes boycott US goods with fervour as others in Europe do so too

      March 17, 2025

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      Copenhagen, Mar 17 (AP) Ivan Hansen, a retired Danish police officer, loaded up his basket at the supermarket, carefully checking each product to avoid buying anything made in the United States. No more Coca-Cola, no more California Zinfandel wine or almonds.

      The 67-year-old said it's the only way he knows to protest US President Donald Trump's policies. He's furious about Trump's threat to seize the Danish territory of Greenland, but it's not just that.

      There are also the threats to take control of the Panama Canal and Gaza. And Trump's relationship with Elon Musk, who has far-right ties and made what many interpreted as a straight-armed Nazi salute.

      On his recent shopping trip, Hansen returned home with dates from Iran. It shocked him to realise that he now perceives the United States as a greater threat than Iran.

      “Trump really looks like a bully who tries in every way to intimidate, threaten others to get his way," he told The Associated Press. “I will fight against that kind of thing.” A growing boycott movement across Europe Hansen is just one supporter of a growing movement across Europe and Canada to boycott US products. People are joining Facebook groups where they exchange ideas about how to avoid US products and find alternatives. Feelings are especially strong across the Nordic region — and very possibly strongest in Denmark given Trump's threats to seize Greenland.

      Google trends showed a spike in searches for the term “Boycott USA,” and “Boycott America,” as Trump announced new tariffs, with the top regions including Denmark, Canada and France.

      At the same time, a global backslash is also building against Tesla as the brand becomes tied to Trump, with plunging sales in Europe and Canada. In Germany, police were investigating after four Teslas were set on fire Friday.

      Elsebeth Pedersen, who lives in Faaborg on the Danish island of Funen, just bought a car and made a point of not even looking at US-made options.

      “Before Elon Musk started to act like a maniac a Tesla could have been an option. And maybe a Ford,” she said.

      French entrepreneur Romain Roy said his solar panel firm has bought a new Tesla fleet each year since 2021 but cancelled its order for another 15 to take a stand against Musk's and Trump's policies.

      Describing the United States as “a country closing in on itself,” he cited Trump's withdrawal from the Paris climate accord and Musk's arm gestures. He said he was instead buying European models, even though it would cost an additional 150,000 euros (USD 164,000).

      “Individual consumers, society, our countries, Europe must react,” he told broadcaster Sud Radio.

      Responding to consumer demand, Denmark's largest supermarket chain, the Salling Group, created a star-shaped label this month to mark European-made goods sold in its stores. CEO Anders Hagh said it's not a boycott, but a response to consumers demanding a way to easily avoid American products.

      “Our stores will continue to have brands on the shelves from all over the world, and it will always be up to customers to choose. The new label is only an additional service for customers who want to buy goods with European labels,” he said in a LinkedIn post.

      'I have never seen Danes so upset' For Bo Albertus, "when Trump went on television and said he would by political force or military force take a piece of the Danish kingdom, it was just too much for me.” The 57-year-old said he felt powerless and had to do something. He has given up Pepsi, Colgate toothpaste, Heinz ketchup and California wine, and replaced them with European products.

      He is now an administrator of the Danish Facebook page “Boykot varer fra USA” (Boycott goods from the US), which has swelled to over 80,000 members.

      “Drink more champagne,” one user posted after Trump threatened 200 per cent tariffs on EU wine and Champagne.

      Albertus, a school principal, told the AP he really misses the strong taste of Colgate. But he's been pleasantly surprised at finding a cola replacement that is half the price of Pepsi.

      Trump's policies have “brought the Danish Viking blood boiling,” said Jens Olsen, an electrician and carpenter. He is now considering replacing USD 10,000 worth of US-made DeWalt power tools even though it will cost him a lot.

      He has already found European replacements for an American popcorn brand and California-made Lagunitas IPA beer, which he calls “the best in the world.” “I've visited the brewery several times, but now I don't buy it anymore,” he said. He has mixed feelings because he is a dual Danish-US citizen, and has spent a lot of time in the United States. But he can't contain his anger.

      “I'm 66 years old and I have never seen the Danes so upset before,” he said.

      Michael Ramgil Stæhr has canceled a fall trip to the US and is among many choosing to buy Danish instead of American-made, though he cannot pinpoint the exact moment he made the decision.

      “Maybe it was when (Trump) announced to the world press that he intended to take' Greenland and the Panama Canal, and if necessary by military force. That and the gangster-like behavior towards the Ukrainian president in the White House,” the 53-year-old Copenhagen resident said.

      “The man is deadly dangerous and is already costing lives” in the developing world and Ukraine, added Stæhr, who works helping disabled war veterans, many of whom got injured serving alongside US troops in the Balkans, Iraq and Afghanistan. He himself served in Bosnia.

      Rising anger in France, too Edouard Roussez, a farmer from northern France, launched an online group, “Boycott USA, Buy French and European!” that in just two weeks has attracted over 20,000 members on Facebook.

      Roussez believes a boycott of US companies is a good way to express opposition to Trump's policies, especially “the commercial and ideological war” he believes Trump is waging against Europe.

      “First of all, these are the companies that financed Donald Trump's campaign,” he said on state-owned LCP television channel. “I'm thinking of Airbnb, I'm thinking of Uber, I'm thinking of Tesla of course.” The irony of it all? The group is on Facebook. Roussez said only the American online social media platform could give him the reach he needed. But he is working to migrate the group to other platforms with no US funding or capital.

      Some choices are harder than others Some are also including US services like Netflix in their boycotts.

      Simon Madsen, 54, who lives in the central Danish city of Horsens with his wife and 13-year-old twins, says the family has given up Pringles, Oreos and Pepsi Max. Not so hard, really.

      But now they're discussing doing without Netflix, and that is a step too far for the kids.

      He also wonders whether he should keep buying Danish-made Anthon Berg chocolate marzipan bars, which are made with American almonds.

      It's important, he said, for people to use the power of the purse to pressure companies to change.

      “It's the only weapon we've got,” he said. (AP) GRS GRS

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