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    RBI invites public comments on Draft Guidelines for ‘on tap’ Licensing of Urban Co-operative Banks
    Pakistan-origin dry dates, routed through UAE, seized at Kandla port
    RBI keeps rates unchanged, retains neutral stance; outlook uncertain on El Nino, geopolitical risks
    Government Notifies Inventory-based Cross-border E-Commerce Export Framework under Foreign Trade Policy 2023
    Customs official among 5 held for smuggling gold of Rs 1.44 crore at Indore airport
    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
    Sensex gains 152 pts in volatile session as RBI keeps policy rates unchanged
    DRI seizes 364 metric tonne (MT) banned Pakistan-origin dry dates imports worth Rs. 3 crore
    Rupee gains 13 paise to close at 95.15 against US dollar post-RBI policy decision
    ED raids premises linked to ex-Andhra MLA Malla Vijaya Prasad in chit fund scam
    'Gungi gudiya' remark against Sunetra shows Cong's 'ideological bankruptcy': NCP leader Tatkare
    RBI holds interest rates for fourth straight meeting, awaits clearer inflation outlook
    Highlights of RBI's August monetary policy
    RBI targeting polymer currency notes launch in early FY28: Guv Malhotra
    Two women held at Delhi airport with 1 kg gold concealed as silver-coated armlet
    Sensex trades higher, Nifty flat post RBI policy
    India's services sector growth hits four-and-a-half-year low in July on weak demand: PMI
    SC grants interim bail to businessman Anwar Dhebar in manpower commission 'scam' case
    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
    RBI marginally raises FY27 GDP growth projection to 6.7 pc, lowers inflation forecast
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    August 5, 2026
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    On-tap licensing for Urban Co-operative Banks enters public consultation through draft guidelines inviting stakeholder feedback.
    Draft guidelines for 'on tap' licensing of Urban Co-operative Banks have been issued for public and stakeholder consultation. Comments and feedback may be submitted until September 05, 2026, through the designated online consultation facility or by written or email submission to the specified regulatory department.
    August 5, 2026
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    Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
    Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
    August 5, 2026
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    Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
    Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
    The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
    August 5, 2026
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    Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
    Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
    August 5, 2026
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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
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    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
    Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
    August 5, 2026
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    Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
    A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
    August 5, 2026
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    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
    Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.
    August 5, 2026
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    Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
    Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.
    August 5, 2026
    Show AI Summary
    Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
    Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
    August 5, 2026
    Show AI Summary
    Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
    Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.
    August 5, 2026
    Show AI Summary
    Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
    Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
    August 5, 2026
    Show AI Summary
    Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
    The Reserve Bank retained the repo rate with a neutral stance amid uncertainty over energy prices and supply disruptions. Stock exchanges introduced the Closing Auction Session in the equity cash segment for eligible shares with futures and options contracts. This auction-based mechanism determines closing prices of eligible stocks and aims to make price discovery more transparent and robust.
    August 5, 2026
    Show AI Summary
    Services-sector growth slowed as weaker demand, competition and postponed orders moderated business activity, while employment improved modestly.
    Services-sector growth slowed as domestic and export orders moderated amid weaker demand, competitive pressures, softer market conditions and postponed orders. Output continued to expand, but at its weakest pace in more than four years. Employment growth improved modestly, while input costs rose and firms increased selling prices. Business confidence remained positive but declined, and the composite output indicator weakened due principally to the sharp slowdown in services activity.
    August 5, 2026
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    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
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    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
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    Growth and inflation projections reflect resilient domestic activity while energy volatility, supply disruptions, and food prices sustain inflation risks.
    Monetary policy projections for fiscal 2026-27 revise real GDP growth upward to 6.7 per cent and Consumer Price Index inflation downward to 5 per cent. Domestic activity is described as resilient amid global uncertainty, but inflationary risks persist from rainfall disruption, energy-price volatility, supply-chain uncertainty, and second-round effects of higher food, fuel and input costs. Core inflation is projected at 4.3 per cent for the fiscal year.

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      THE PENINSULA'S GLOBAL 'ART IN RESONANCE' PROGRAMME 2025 SHOWCASES GROUNDBREAKING CONTEMPORARY ARTWORKS

      March 26, 2025

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      Three commissioned artworks — including one in partnership with the Victoria and Albert Museum (V&A) — celebrating innovation and cultural heritage launched to coincide with Art Basel Hong Kong HONG KONG, March 25, 2025 /PRNewswire/ -- The Peninsula Hong Kong has announced the launch of its 2025 "Art in Resonance" programme, continuing its mission to champion emerging and mid-career artists since the programme's inception in 2019. Opening during Hong Kong Art Week, this innovative showcase features commissioned works from Hong Kong artists Phoebe Hui and Chris Cheung (widely known as h0nh1m), alongside Shanghai-based artist Lin Fanglu, in partnership with the Victoria and Albert Museum (V&A).

      From late March through May 2025, these boundary-pushing works will transform The Peninsula Hong Kong's public spaces, offering both hotel guests and art enthusiasts an opportunity to experience contemporary art at the iconic flagship hotel.

      "This exhibition represents a significant milestone in our ongoing commitment to nurturing artistic creativity and cultural exchange," said Gareth Roberts, Executive Director and Chief Operating Officer of The Peninsula's parent company, The Hongkong and Shanghai Hotels, Limited. "We are particularly excited to partner with the V&A to bring this work, and future artworks to the museum's display. Our collaboration will cultivate a broader audience for these superbly talented artists." A Thought-Provoking, Immersive Exhibition The first piece to greet arriving visitors is Lunar Rainbow, a monumental 56-square-metre celestial-themed installation on the hotel's façade by multimedia artist Phoebe Hui (Hong Kong SAR, mainland China). The work features fragmented images of the moon laser-printed on 49 pieces of plate aluminium, created through a custom programme that traces the evolution of lunar imagery from 17th-century scientific moon drawings to contemporary open-source archives, blending the past with the present through a contemporary lens. Custom lighting design echoes a rare natural phenomenon – the moonbow, reflecting on ideas of possibility and new perspectives. Hui's largest artwork to date, Lunar Rainbow pays homage to the moon, a powerful symbol of resilience and hope. Inviting viewers to move forward and embrace the unknown, a serendipitous surprise awaits when the moon installation 'comes together' from a specific angle, offering a perceptual adventure that sparks curiosity and wonder.

      In The Lobby, textile artist Lin Fanglu (Dalian, China) presents She's Bestowed Love, curated by Dr Xiaoxin Li, the V&A's Curator, Asia Department. The large-scale work features vibrant red sculptural forms that celebrate feminine strength and power. Around this maternal core, smaller forms orbit like precious islands, each one telling its own story while remaining connected to the whole, representing the countless moments that shape a woman's journey. Drawing inspiration from the ancient textile traditions of Yunnan's Bai minorities and channelling the nurturing spirit of Greek goddess Gaia, the work creates a dialogue between cultural heritage and contemporary expression. After its showcase at The Peninsula Hong Kong, the installation will travel to London, United Kingdom, and be displayed at the V&A South Kensington, where it will serve as the statement piece of the year-long "Dimensions: Chinese Contemporary Studio Crafts" on display beginning in Autumn 2025.

      "This collaboration represents the intersection of tradition and innovation, which perfectly embodies the V&A's mission," said Dr Melissa Buron, Director of Collections and Chief Curator of the V&A. "By partnering with The Peninsula, we are creating meaningful dialogues between contemporary artistic expression and cultural heritage — sharing powerful creative voices with audiences worldwide." At The Verandah, new media artist Chris Cheung (h0nh1m) (Hong Kong, China), presents The Flow Pavilion, an immersive installation created in partnership with Tai Ping. A one-way mirror structure modelled after a contemporary tea house is the centrepiece of a Zen Garden occupying the café space. Visitors are invited to experience the 'Flow State', a meditative journey of self-connection and tranquillity, by watching a kinetic sphere glide across an exquisite hand-tufted silk carpet, creating patterns reminiscent of the designs in a contemporary Zen Garden. This mesmerising movement is powered by the artist's recorded brainwave patterns during meditation, pairing ancient mindfulness practices with modern technology.

      A Brand-wide Commitment to Contemporary Arts The Peninsula has been committed to promoting the rich and vibrant cultural aspects of its properties' destination cities for generations by inviting its guests to engage with art through numerous channels. The group has hosted artist residencies; mounted enriching and culturally representative exhibits, talks, and symposia; and offered studio visits and workshops with local creators whose work exemplifies the distinctive flavour and energy of their home cities.

      The exhibition works in this year's "Art in Resonance" will remain at The Peninsula Hong Kong through May, after which they will be displayed at other Peninsula properties, and joined by additional, newly commissioned installations from local and international artists.

      Bringing Creativity to Life at The Peninsula Hong Kong In tandem with the exhibition, The Peninsula Hong Kong offers a series of art-inspired experiences, including a celebratory Afternoon Tea at The Lobby featuring pastries inspired by the artworks on display; delicious chocolate bonbons and cookies modelled after specific artworks, and a set of Matcha Mochi paired with Sencha Green Tea at The Verandah. Additionally, guests can enjoy in-room chocolate amenities and postcards that echo the installations. Artistically inspired cocktails are also available at Felix and The Bar, with each drink crafted to complement the exhibited artworks. The hotel's exclusive "The Art of Luxury" stay package, which includes the "Art in Resonance" guided tour and afternoon tea experience, will further illuminate the city's vibrant art scene. Please visit the official hotel website for more details.

      About Art in Resonance Since 2019, The Peninsula's commission-based Art in Resonance programme has spotlighted the work of important emerging and mid-career artists. By providing funding, curatorial support, and exhibition space, Art in Resonance allows these creators to produce significant new public artworks – while simultaneously offering deeply immersive art experiences to Peninsula guests.

      More information can be found at The Peninsula's Art in Resonance programme webpage, www.peninsula.com/art.

      About the V&A The V&A is a family of museums dedicated to the power of creativity —its power to entertain and move, to enrich our lives, open our minds and change the world. We celebrate and share that power through a programme of exhibitions, events, educational and digital experiences, a collection of 2.8 million objects, and through our support for new works and commitment to conservation, research and sustainable design. Together, our work tells a 5,000-year-old story of creativity, helping to advance cultural knowledge everywhere, and inspiring the makers, creators and innovators of today and tomorrow. We are always working to broaden our audiences so that everyone can be part of the V&A – because the V&A and the power of creativity belong to us all.

      About The Hongkong and Shanghai Hotels, Limited (HSH) Incorporated in 1866 and listed on The Stock Exchange of Hong Kong (00045), HSH is the holding company of a Group which is engaged in the ownership, development and management of prestigious hotel, commercial and residential properties in key locations in Asia, the United States and Europe, as well as the provision of tourism and leisure, club management and other services. The Peninsula Hotels portfolio comprises The Peninsula Hong Kong, The Peninsula Shanghai, The Peninsula Beijing, The Peninsula Tokyo, The Peninsula New York, The Peninsula Chicago, The Peninsula Beverly Hills, The Peninsula London, The Peninsula Paris, The Peninsula Istanbul, The Peninsula Bangkok and The Peninsula Manila. The property portfolio of the Group includes The Repulse Bay Complex, The Peak Tower and St. John's Building in Hong Kong; The Landmark in Ho Chi Minh City, Vietnam; and 21 avenue Kléber in Paris, France. The clubs and services portfolio of the Group includes The Peak Tram in Hong Kong; Quail Lodge & Golf Club in Carmel, California; Peninsula Clubs and Consultancy Services, Peninsula Merchandising, and Tai Pan Laundry in Hong Kong.

      Learn more at www.peninsula.com or follow us on Facebook and Instagram.

      Photo - Embedded Media Photo - Embedded Media Photo - Embedded Media Photo - Embedded Media Photo - Embedded Media Logo - Embedded Media (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI PWR PWR

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