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    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
    SC grants interim bail to businessman Anwar Dhebar in manpower commission 'scam' case
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    August 5, 2026
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    Fiscal consolidation through revenue mobilisation and leakage control aims to reduce deficits while expanding capital expenditure capacity.
    Tamil Nadu's Revised Budget Estimates for 2026-27 project a revenue deficit and fiscal deficit, with outstanding liabilities comprising public debt and public-account liabilities. Revenue mobilisation is proposed through improved tax administration, collection efficiency, closure of leakages, liquor-manufacturer privilege fees, and eligible Union grants. The strategy projects gradual deficit reduction to create room for capital expenditure, supported by expenditure reforms aimed at eliminating leakages, optimising expenditure, and improving service delivery.
    August 5, 2026
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    Political criticism of public office-holders raises debate over media accountability, personal remarks, and acceptable public discourse.
    Political criticism followed a social-media post describing Maharashtra Deputy Chief Minister Sunetra Pawar as "gungi gudiya" in connection with a press interaction on law-and-order issues in Beed district. Congress representatives stated that the post was not a personal insult, had been deleted after adverse reactions, and was followed by an expression of regret. NCP representatives termed the expression inappropriate and stressed that the principal dignitary should conduct media interactions. Shiv Sena (UBT) representatives described the phrase as not unparliamentary and linked it to criticism of a guardian minister's public responsibilities.
    August 5, 2026
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    On-tap licensing for Urban Co-operative Banks enters public consultation through draft guidelines inviting stakeholder feedback.
    Draft guidelines for 'on tap' licensing of Urban Co-operative Banks have been issued for public and stakeholder consultation. Comments and feedback may be submitted until September 05, 2026, through the designated online consultation facility or by written or email submission to the specified regulatory department.
    August 5, 2026
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    Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
    Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
    August 5, 2026
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    Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
    Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
    The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
    August 5, 2026
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    Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
    Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
    August 5, 2026
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    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
    The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
    August 5, 2026
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    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
    The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
    August 5, 2026
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    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
    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
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    Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
    Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
    August 5, 2026
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    Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
    Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.
    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
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    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.

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      Survivors still being found from Myanmar earthquake, but hopes begin to fade as deaths exceed 2,700

      April 2, 2025

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      Bangkok, Apr 2 (AP) Rescue workers saved a 63-year-old woman from the rubble of a building in Myanmar's capital on Tuesday, but hope was fading of finding many more survivors of the violent earthquake that killed more than 2,700 people, compounding a humanitarian crisis caused by a civil war.

      The fire department in Naypyitaw said the woman was successfully pulled from the rubble 91 hours after being buried when the building collapsed in the 7.7 magnitude earthquake that hit midday Friday. Experts say the likelihood of finding survivors drops dramatically after 72 hours.

      Death toll numbers forecast to increase The head of Myanmar's military government, Senior Gen. Min Aung Hlaing, told a forum for relief donations in Naypyitaw that 2,719 people have now been found dead, with 4,521 others injured and 441 missing, Myanmar's state MRTV television reported.

      He said Friday's earthquake was the second most powerful in the country's recorded history after a magnitude 8 quake east of Mandalay in May 1912.

      The casualty figures are widely expected to rise. The earthquake hit a wide swath of the country, leaving many areas without power, telephone or cell connections and damaging roads and bridges, making the full extent of the devastation hard to assess.

      Most of the reports so far have come from Mandalay, Myanmar's second-largest city, which was near the epicenter of the earthquake, and Naypyitaw, the capital.

      “The needs are massive, and they are rising by the hour,” said Julia Rees, UNICEF's deputy representative for Myanmar.

      Myanmar's fire department said 403 people have been rescued in Mandalay and 259 bodies have been found so far. In one incident, 50 Buddhist monks who were taking a religious exam in a monastery were killed when the building collapsed, and 150 more are thought to be buried in the rubble.

      Structural damage is extensive The World Health Organisation said more than 10,000 buildings overall are known to have collapsed or been severely damaged by the quake.

      The earthquake also rocked neighbouring Thailand, causing a high-rise building under construction to collapse and burying many workers.

      Two bodies were pulled from the rubble Monday and another was recovered Tuesday, but dozens were still missing. Overall, there were 21 people killed and 34 injured in Bangkok, primarily at the construction site.

      In Myanmar, search and rescue efforts across the affected area paused briefly at midday Tuesday as people stood for a minute in silent tribute to the dead.

      Relief efforts moving at a sluggish pace Foreign aid workers have been arriving slowly to help in the rescue efforts, but progress lagged due to a lack of heavy machinery in many places.

      In one site in Naypyitaw on Tuesday, workers formed a human chain, passing chunks of brick and concrete out hand-by-hand from the ruins of a collapsed building.

      The state Global New Light of Myanmar newspaper reported Tuesday that a team of Chinese rescuers saved four people the day before from the ruins of an apartment complex. They included a 5-year-old and a pregnant woman who had been trapped for more than 60 hours.

      It also reported that two teenagers were able to crawl out of the rubble of the same building using their cellphone flashlights to help guide them. Rescue workers were then able to use details from what they told them to locate their grandmother and sibling.

      International rescue teams from several countries are on the scene, including from Russia, China, India, the United Arab Emirates and several Southeast Asian countries.

      A small US Agency for International Development disaster assessment team arrived Tuesday to determine how best to respond given limited US resources due to the slashing of the foreign aid budget and dismantling of the agency as an independent operation.

      A US official said the three-person team had waited for visas before making the trip from neighboring Thailand following a weekend decision to provide $2 million in emergency assistance to Myanmar. The official spoke on condition of anonymity because the team's arrival has not yet been publicly announced.

      Aid pledges pouring in as officials warn of disease risk Meantime, multiple countries have pledged millions in assistance to help Myanmar and humanitarian aid organizations with the monumental task ahead.

      Even before the earthquake, more than 3 million people had been displaced from their homes by Myanmar's brutal civil war, and nearly 20 million were in need, according to the UN.

      Many were already lacking in basic medical care and standard vaccinations, and the destruction of water and sanitation infrastructure by the earthquake and the movement of people into overcrowded shelters raises the risk of disease outbreaks, warned the UN's Office for the Coordination of Humanitarian Affairs.

      “Vulnerability to respiratory infections, skin diseases, vector-borne illnesses such as dengue fever, and vaccine-preventable diseases like measles is escalating,” OCHA said in its latest report.

      The onset of monsoon season also a worry Shelter is also a major problem, especially with the monsoon season looming.

      Since the earthquake, many people have been sleeping outside, either because homes were destroyed or out of fear of aftershocks.

      Civil war complicates disaster relief Myanmar's military seized power in 2021 from the democratically elected government of Aung San Suu Kyi, sparking what has turned into significant armed resistance and a brutal civil war.

      Government forces have lost control of much of Myanmar, and many places were dangerous or impossible for aid groups to reach even before the quake.

      Military attacks and those from some anti-military groups have not stopped in the aftermath of the earthquake, though the shadow opposition National Unity Government has called a unilateral ceasefire for its forces.

      The NUG, established by elected lawmakers who were ousted in 2021, called for the international community to ensure humanitarian aid is delivered directly to the earthquake victims, urging “vigilance against any attempts by the military junta to divert or obstruct humanitarian assistance," saying that could have “devastating consequences.” The ceasefire plan for the armed wing of the NUG, called the People's Defense Force, would have little effect on the battlefield, but could draw more international condemnation of continuing operations by the military, including air attacks reported by independent media.

      A second armed opposition group, a coalition of three powerful ethnic minority guerrilla armies called the Three Brotherhood Alliance, announced Tuesday that it would also implement a monthlong unilateral ceasefire.

      However, Min Aung Hlaing seemed to reject implementing a ceasefire, saying in his speech on Tuesday that the military will continue to take necessary defensive measures against some ethnic armed groups that were currently not carrying out combat operations, but were conducting military training, which he said amounted to hostile action.

      It wasn't immediately clear whether the military has been impeding humanitarian aid. In the past, it initially refused to allow in foreign rescue teams or many emergency supplies after Cyclone Nargis in 2008, which resulted in well more than 100,000 deaths. Even once it did allow foreign assistance, it was with severe restrictions.

      In this case, however, Min Aung Hlaing pointedly said on the day of the earthquake that the country would accept outside help.

      Tom Andrews, a monitor on rights in Myanmar commissioned by the UN-backed Human Rights Council, said on X that to facilitate aid, military attacks must stop.

      “The focus in Myanmar must be on saving lives, not taking them,” he said. (AP) ARD ARD

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