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    Punjab extends deadline of one-time scheme for settling tax dues of pre-GST period till Sept 30
    PM Modi speaks to UK counterpart Burnham
    Bank credit to industry records robust growth of 19.2 pc in June: RBI data
    Delhi protesters' fingerprints collected from stones for identification via Aadhaar: BJP minister
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    Jharkhand signs pact with CSC eStore to make SHG products made by women available online
    APEDA Facilitates First-Ever Air Shipment of Karnataka's Neelam and Totapuri Mangoes to the Maldives
    Favara-UPI Cross-Border Payment Corridor Goes Live Between Maldives and India
    SC upholds NCLAT order setting aside CCI's Rs 301.6-cr penalty on Grasim Industries
    China's factory activity unexpectedly slips into contraction in July
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    APEDA Facilitates First-Ever Sea Shipment of Value-Added Flavoured Makhana from Bihar to Canada
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    ED attaches Rs 94 crore in foreign bank account in fraud case against Delhi-based rice firm
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July 31, 2026
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One-Time Settlement Scheme offers final pre-GST tax dispute resolution relief before stricter recovery action against defaulters begins.
The One-Time Settlement Scheme 2025 for pre-GST tax dues has been extended until September 30. Eligible taxpayers may resolve pending legacy tax disputes with full waiver of interest and penalties and slab-wise relief in principal tax. After the deadline, recovery action may be intensified under applicable tax laws and the Punjab Land Revenue Act, including property attachment, auction and freezing of bank accounts. The department also supports amicable settlement of tax disputes through the SAMADHAN initiative.
July 31, 2026
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Bilateral trade agreement implementation supports expanded trade, investment and strategic cooperation through technology, security, clean energy and community links.
The India-UK Comprehensive Economic and Trade Agreement was identified as a framework for expanding bilateral trade and investment opportunities following its operationalisation. The two governments proposed closer cooperation to use the agreement for shared prosperity, while advancing their comprehensive strategic partnership through technology, innovation, defence, security, clean energy, education and people-to-people links.
July 31, 2026
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Sectoral bank credit growth reflects broad-based expansion across industry, services, agriculture and personal loans, with slower credit-card growth.
Sectoral bank credit growth accelerated across non-food lending, agriculture, industry, services and personal loans. Industrial credit expanded across micro and small, medium and large enterprises, with strong lending to infrastructure, engineering, food processing, textiles, construction, metals, petroleum-related products and chemical products. Services lending was supported by non-banking financial companies, commercial real estate and trade. Vehicle and housing loans maintained double-digit growth, while credit-card outstanding growth decelerated.
July 31, 2026
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Biometric identification of protesters through alleged fingerprint-Aadhaar linkage was described alongside criminal-background profiling and database creation.
Biometric identification of protesters through fingerprints recovered from alleged stone-pelting evidence was publicly described as a proposed investigative method. A minister stated that fingerprints allegedly found on stones would be linked with Aadhaar numbers to identify participants and examine their prior records. The account also referred to analysis and categorisation of detained protesters' criminal backgrounds, creation of a separate database, and proposed action against participants described as anti-social elements or persons with criminal records.
July 31, 2026
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Offshore hydrocarbon exploration support funds high-risk deepwater drilling, shared infrastructure and data acquisition to strengthen domestic energy production.
The National Offshore Exploration Scheme provides public support for deepwater and ultra-deepwater oil and gas exploration, including seismic and offshore data acquisition, exploratory drilling in frontier basins, and common production and evacuation infrastructure. It addresses the high cost and geological uncertainty of offshore drilling and includes technology adoption, digital programme management, capacity building and collaboration measures. The scheme seeks to expand domestic hydrocarbon discoveries and production, attract investment across the exploration and production value chain, and reduce reliance on imported oil and gas.
July 31, 2026
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Foreign exchange reserves increased as foreign currency assets and gold holdings rose, alongside measures to attract forex inflows.
India's foreign exchange reserves increased during the reporting week, principally because foreign currency assets and gold reserves rose. Foreign currency assets, expressed in United States dollar terms, include valuation effects from movements in currencies such as the euro, pound and yen. Special Drawing Rights and the reserve position with the International Monetary Fund declined. Measures including the FCNR(B) measure were reported as efforts to attract foreign-exchange inflows following rupee pressure and dollar-sales intervention.
July 31, 2026
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Digital marketplace access for women's self-help group products expands e-commerce opportunities while panchayat-level citizen services are strengthened.
Digital marketplace access for women's self-help group products is proposed through a memorandum of understanding between CSC eStore and the Jharkhand State Livelihood Promotion Society. Products marketed under the 'Palash' and 'Adiva' brands are intended to be offered through an e-commerce network to widen market access, support rural women's income and entrepreneurship, and strengthen the rural economy. Digital panchayat services are also being expanded through Common Service Centres, including banking, e-governance and Aadhaar-related services.
July 31, 2026
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Agricultural export facilitation expands market access for late-season mangoes through farmer aggregation and direct global market linkages.
Agricultural export facilitation enabled an air shipment of late-season Neelam and Totapuri mangoes to an international market, expanding market access and extending the mango export season. Direct sourcing through a Farmer Producer Company supported organised aggregation, quality produce, and export-oriented supply chains. Direct procurement and export market linkages enabled participating farmers to realise higher returns than conventional market channels while promoting horticultural export diversification.
July 31, 2026
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Cross-border digital payment integration enables real-time Favara transfers from Maldives mobile banking applications to UPI-enabled accounts in India.
Cross-border digital payment integration between Favara and UPI enables individuals in the Maldives to make real-time person-to-person transfers to UPI-enabled bank accounts in India through mobile banking applications. Transfers are initiated in Maldivian Rufiyaa and credited in Indian Rupees. The initial service is available through participating Maldivian banks. Permitted remittances include family-maintenance transfers under foreign inward and outward remittance categories, and gift-related transfers under foreign outward remittance. Future phases are intended to introduce QR-based merchant payments and other digital payment services.
July 31, 2026
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Procedural Fair Hearing in competition inquiries requires notice when the Commission departs from investigative findings before imposing action.
Competition law procedure requires the Competition Commission to notify and hear an opposite party when departing from the Director General's findings. The penalty order concerning alleged abuse of dominance in viscose staple fibre supply was set aside because Grasim Industries was not given an opportunity to respond to the Commission's disagreement with the investigative findings. The matter was remanded for fresh, time-bound consideration without a finding on the merits.
July 31, 2026
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Manufacturing contraction highlights weak domestic demand, property-sector pressure and continued reliance on technology-related exports for economic growth.
Manufacturing activity in China contracted in July, as the official purchasing managers' index fell below the expansion threshold and new orders and production declined. Weak domestic demand, lower building activity and possible typhoon-related disruptions contributed to the slowdown. Consumer spending, investment and property-sector weakness continue to affect confidence, while technology-related exports support growth. Policy commitments include strengthening domestic consumption amid continued reliance on exports.
July 31, 2026
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Public-private partnership airport development strengthens aviation, cargo logistics, export infrastructure and sustainable connectivity through an integrated international airport project.
The Bhogapuram airport project is being implemented under a Public-Private Partnership through the Design, Build, Finance, Operate and Transfer framework. It has obtained required aerodrome, safety, fire and environmental clearances and includes infrastructure for domestic and international aviation, passenger processing and airport security. Cargo and cold-chain facilities are intended to support exports and logistics integration, while recycled-water use and LEED Platinum standards form part of the project's sustainability features.
July 31, 2026
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Rupee appreciation against the US dollar continued as foreign inflows and lower crude prices supported domestic currency markets.
Rupee appreciation against the US dollar continued in early trading, supported by foreign capital inflows and lower global crude oil prices. A stronger US dollar constrained further appreciation, while expectations of continued Reserve Bank of India intervention were cited as supporting the rupee. Declining Brent crude prices, gains in domestic equity indices and net foreign institutional investment in equities were also identified as relevant market factors.
July 31, 2026
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Value-added Makhana exports expand international market access, support quality compliance, and improve farmer returns through processing and branding.
Agricultural export facilitation supported the first sea shipment of value-added flavoured Makhana from Bihar to Canada. Processed and packaged to international quality and food-safety standards, the export demonstrates the role of processing, value addition and export-oriented manufacturing in expanding overseas market access. The initiative is stated to improve farmer returns through value addition, while capacity building, export infrastructure, quality compliance, market linkages and stakeholder collaboration support the agri-export ecosystem.
July 30, 2026
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Market access for Indian pharmaceuticals remains central to bilateral efforts to promote sustainable trade and economic cooperation.
Enhanced market access for Indian products, particularly pharmaceuticals, was raised in discussions aimed at strengthening bilateral trade and economic ties. The discussions addressed sustainable trade, and the sides agreed to increase mutual cooperation and communication. India continues to seek greater access to China's information technology, pharmaceutical and agricultural sectors, while pursuing increased pharmaceutical exports and Chinese investment. Bilateral trade increased, but India's trade deficit widened, reflecting an ongoing imbalance in trade flows.
July 30, 2026
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Money laundering asset attachment targets overseas bank deposits linked to alleged loan fraud and fugitive economic offenders.
Provisional attachment under the Prevention of Money Laundering Act was reported against Singapore bank deposits held by a company promoter and associated entities in an alleged loan-fraud and money-laundering investigation. The underlying case arises from allegations of fraud, criminal misappropriation, criminal breach of trust and cheating affecting a consortium of lending banks. Service of the attachment order was reported through mutual legal-assistance arrangements, and the promoters had reportedly been declared fugitive economic offenders.
July 30, 2026
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Deposit interest rate uniformity requires equal rates for similar deposits, while allowing risk-based differentiation for bulk deposits.
Banks must apply uniform deposit interest rates across branches and customers for similar deposit amounts accepted on the same date, without discrimination. Rates payable, including for bulk deposits, must strictly follow schedules disclosed in advance on bank websites. Bulk deposit rates must be published each business day at 10:00 am, subject to a short permitted delay. Differentiated bulk-deposit rates may be offered based on applicable differential run-off rates under the Liquidity Coverage Ratio framework.
July 30, 2026
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Supply-chain continuity measures prioritise energy, fertiliser and seafarer protection amid conflict-driven disruptions across critical maritime transit routes.
Supply-chain continuity and energy security measures were reviewed in response to geopolitical conflicts disrupting maritime transit routes and imports. Measures included diversification of LPG procurement, maintenance of petroleum stocks, expansion of PNG, gas-grid, LNG and city-gas infrastructure, and pipeline connectivity approvals. Fertiliser requirements and alternative procurement sources were considered to ensure uninterrupted supply. A unified monitoring mechanism and support arrangements for seafarers, including timely information, emergency assistance and counselling, were directed to protect citizens, economic interests and the Indian diaspora.
July 30, 2026
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Property digital identity framework proposed through comprehensive surveys, floor-level records, and unique cards to improve ownership verification.
The proposed Delhi Land Records Bill, 2026 contemplates a digital land-records framework requiring scientific surveys of every property, comprehensive authenticated digital records and a unique Property Aadhaar Card. The proposed system would cover rural and urban residential, commercial and other properties, including floor-level records for buildings. It is intended to improve ownership verification, property transactions, inheritance, loan access, building-plan approvals and transparency in land records.
July 30, 2026
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Supply-chain resilience amid maritime conflict drives measures to protect energy imports, fertiliser supplies, seafarers and overseas citizens.
Supply-chain continuity was reviewed in response to conflicts affecting maritime routes through the Strait of Hormuz, the Black Sea, the Red Sea and the Gulf of Aden. The concerns included disruptions to imports of petroleum, natural gas, fertilisers and other essential goods, risks to ships and seafarers, and the safety of Indian citizens in conflict areas. Measures were considered to maintain uninterrupted imports, protect economic interests and address constraints affecting critical energy and trade corridors.

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GOP senators push ahead on Trump's tax cuts package, punting big decisions for later

April 2, 2025

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Washington, Apr 2 (AP) Senate Republicans said they are pushing ahead on President Donald Trump'sbig bill of tax breaks and spending cuts this week, even though they're punting some of the most difficult decisions — including the costs and how to pay for the multitrillion-dollar package — until later.

The Senate GOP's budget framework would be the companion to the House Republicans' $4.5 trillion tax cuts package that also calls for slashing some $2 trillion from health care and other programs. If the Senate can move the blueprint forward, it edges Trump's allies on Capitol Hill closer to a compromise setting the stage for a final product in the weeks ahead.

“Obviously we are hopeful this week we can get a budget resolution on the floor that will unlock the process,” said Senate Majority Leader John Thune, R-S.D. “And so we are continuing to move forward with that.” While big differences remain, Republicans face increasing political pressure to deliver on what is expected to be Trump's signature domestic policy package — extending the tax cuts, which were initially approved in 2017, during his first term at the White House. Those tax breaks expire at the end of the year, and Trump wants to expand them to include new no taxes on tipped wages, overtime pay and other earnings, as he promised on the campaign trail.

Democrats are preparing to oppose the GOP tax plans as giveaways to the wealthy, coming as billionaire Elon Musk's Department of Government Efficiency is taking a “chainsaw” to the federal government. They warn Republicans plan to slash government programs and services that millions of Americans depend on nationwide.

“We are standing together against the GOP tax scam and in defense of the American people,” House Democratic leader Hakeem Jeffries said alongside others on the Capitol steps late Tuesday.

One main sticking point between the House and Senate GOP plans has been over whether the existing tax cuts, which are estimated to cost the federal government $4.5 trillion over the decade in lost revenue, need to be paid for by spending reductions elsewhere. Adding Trump's new tax breaks to the package would balloon the price tag even higher.

To offset the costs, House Republicans are demanding some $2 trillion in cuts to health care and other accounts to stem the nation's federal deficits and prevent the nation's $36 trillion debt load from skyrocketing.

But GOP senators have a different approach. Senate Republicans take the view that since the tax cuts are already the current policy, they would not be new — and would not need to be paid for. They want to use this current policy baseline moving forward, meaning only Trump's other proposed tax breaks would come with a new cost. They are expected to set much lower spending cuts as a floor that can be raised, if needed, to compromise with the House's $2 trillion in cuts.

Senate Minority Leader Chuck Schumer and top Democrats call the Senate GOP's approach a gimmick at best — if not an outright “lie.” “It is an obscene fraud and the American people won't stand for it,” said Schumer, Sen. Jeff Merkley of the Budget Committee and Sen. Ron Wyden of the Finance Committee in a letter to GOP leadership.

Democratic Sen. Cory Booker of New Jersey argued against the GOP baseline as “a gimmick” that would slash important federal services while growing deficits.

“What they're investing in is bigger tax cuts for the wealthiest,” Booker said during a landmark overnight speech.

Treasury Secretary Scott Bessent and congressional GOP leaders have been meeting privately as Trump's priority package churns on Capitol Hill. At a meeting with other Senate Republicans late Monday at the Capitol, Bessent urged them to get it done.

“We just got to start voting,” said Sen. John Cornyn, R-Texas, as he exited the Monday evening session.

"Treasury secretary made the point that this was something we needed to do — and do it quickly,” Cornyn said, adding the plan was for the Senate to launch the voting this week. "We're going to grind through it.” Typically, the current policy baseline proposal would need to pass the muster of the Senate's nonpartisan parliamentarian, to make sure it abides by the strict rules of the budget process. Senators from both parties have been arguing in closed-door sessions with the parliamentarian staff — for and against the idea.

However, the GOP leaders say they don't necessarily need the Senate parliamentarian, at this point, to resolve the issue, and they believe the Senate Budget chairman, Sen. Lindsay Graham, R-S.C., should simply use his perch to allow their current policy baseline approach.

What is more certain is that they want to move quickly this week to pass the framework. That will entail a lengthy all-night vote — often called a vote-a-rama with consideration of various amendments and procedures — that could drag into the weekend. Then, they will sort out the details later as the Republicans, facing Democratic opposition, build the actual package for consideration in the weeks if not months ahead. (AP) AMS

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