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    Rupee gains 20 paise to close at 95.08 against US dollar post-RBI policy decision
    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
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    August 5, 2026
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    Rupee appreciation followed unchanged monetary policy, lower crude prices, weaker dollar and expectations of orderly exchange-rate management.
    The rupee strengthened after the central bank maintained its policy rate and neutral monetary-policy stance. Lower crude oil prices, a weaker US dollar and declining US Treasury yields supported investor sentiment. Earlier measures to attract capital inflows remained part of the framework supporting the rupee, while the central bank stressed its endeavour to preserve an orderly currency trajectory. Future movement was linked to geopolitical de-escalation, global risk sentiment and US economic data.
    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
    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
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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
    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
    Show AI Summary
    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
    Show AI Summary
    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
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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.

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      Startup MahaRathi Challenge honoured India’s top innovators on the final day of Startup Mahakumbh

      April 7, 2025

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      New Delhi, April 7: Startup MahaRathi Challenge 2025 was launched to recognize and support India’s most promising DPIIT-recognized startups solving real-world problems through innovation. Organized under the broader Startup Mahakumbh platform, the challenge created a structured national initiative to identify high-potential founders across ten high-impact sectors and empower them with capital, exposure, and investor access.

      The challenge attracted over 2,000+ applications from all over the country. A rigorous multi-phase evaluation process, including data sufficiency screening, expert shortlisting, and virtual jury pitches, led to the final recognition of over 240 startups. Sectoral jury rounds were hosted by investment and institutional partners who brought domain depth and market insight to the process.

      The challenge includes 11 problem statements spanning critical domains such as satellite imagery, maritime domain awareness, cryptography, cybersecurity, signal analysis, and large language model applications on sensitive data. With a total outlay of over INR 20 crores, the initiative offers structured prize money, grant support across three stages, and robust non-monetary incentives such as technical mentorship, business support, cloud computing access, and opportunities for post-challenge procurement.

      Grant support was awarded to top startups in each track to accelerate their journey. In every sector, startups have been awarded grants of ten lakh, five lakh and one lakh. The program was not limited to financial recognition. To deepen the opportunity, all recognized startups were invited to participate in curated Speed Dating sessions with investors. More than 500+ one-on-one investor meetings were facilitated over two days, with participation from over 250+ venture capital firms, angel networks, and family offices. These interactions were structured to match startups and investors based on sector alignment and funding interest.

      Nearly 40% of the total applications came from Tier 2 and Tier 3 cities. 80+ startups recognized were led by women founders or co-founders. Ten startups from India’s emerging states, including Manipur, Tripura, Sikkim, Nagaland, and Jammu & Kashmir, were identified for recognition. These numbers underline how India’s innovation ecosystem is rapidly expanding beyond urban hubs and into the grassroots.

      Top Startup Stories Across Sectors 1. ONIBER Software is redefining cybersecurity and forensic intelligence with AI-powered solutions used by law enforcement agencies. Their advanced platform detects deepfakes, extracts intelligence from unstructured data, and improves response time for national security stakeholders. Their deployment across multiple states marks India’s leadership in AI-led digital forensics.

      2. Aegion Aerospace is building high-performance materials designed for extreme conditions. Their work supports space, nuclear, and defense innovations with advanced composites that are lighter, stronger, and thermally resilient, making them globally competitive in strategic materials.

      3. Raana Semiconductors is supplying mission-critical photonics and laser crystal components to national research centers including BARC and DRDO. Their in-house R&D in laser rods and sapphire substrates has placed them at the forefront of India’s ambitions in self-reliant semiconductors.

      4. Orange Koi specializes in high-precision component manufacturing using metal injection molding and additive technologies. Their products are being deployed in defense, aerospace, and automotive sectors where reliability and scale are equally critical.

      5. Akashalabdhi Aerospace and Defence is leading indigenous innovation in UAVs and tactical systems. They are developing critical technologies in missile guidance and aerial surveillance, enabling India’s push for sovereign capabilities in aerospace and defense.

      6. ODL Network is building the foundational infrastructure for logistics providers through a unified, digital protocol. Their technology helps integrate India’s fragmented micro-transport ecosystem with enterprise-grade tools, transforming how logistics works across the country.

      7. NAYAN India has developed a globally patented AI-powered traffic vision system for real-time road and safety monitoring. Already deployed in public infrastructure projects, their platform collects and processes visual data to support decision-making in urban safety.

      8. Quintinno Labs from Assam is solving range anxiety in electric vehicles with a portable, trunk-fitted energy backup unit. The system doubles up as an eco-friendly alternative to diesel generators and is receiving traction from institutional and enterprise buyers.

      9. TestAIng is helping large enterprises comply with responsible AI regulations through its AiEnsured platform. By testing algorithms for fairness, transparency, and robustness, the platform supports trust in AI in sectors such as banking, insurance, and healthcare.

      10. Saboori Smart Energies is creating solar-powered EV charging stations backed by IoT and remote diagnostics. Their network is live across 150+ locations and helps reduce India's dependency on fossil fuels by offering cleaner last-mile charging infrastructure.

      Women-led Innovation with Scalable Impact: Women entrepreneurs from across the country brought bold ideas to life, addressing deep-rooted challenges in finance, health, and technology with smart, scalable solutions.

      1. Lxme is India’s first financial platform dedicated to empowering women with investment tools and financial literacy. With curated mutual fund portfolios, personal loans, savings challenges, and digital gold options, the platform is making wealth creation more inclusive and accessible.

      2. MeraBills, led by Piya Bahadur, is helping rural and micro women entrepreneurs manage their businesses digitally. The app functions offline, supports multiple languages, and offers integrated tools for bookkeeping, credit access, and inventory management. It is unlocking new possibilities for first-time women entrepreneurs across the country.

      3. Collearn, founded by Srishty Jain, is a sports education platform that has trained and placed aspiring professionals in sports analytics, event management, and commentary. The startup is building a skilled sports workforce for India’s Olympic ambitions while increasing gender diversity in the sector.

      4. Misya Beauty Tech is revolutionizing home-based skincare with AI-powered dermatology tools. With more than 13,000 clients served and a growing network of certified therapists, the platform is making high-quality skincare accessible while generating employment across 18 cities.

      5. Flixbox Solutions, co-founded by Ankita Saikia, is helping small creators and institutions launch video streaming platforms through a plug-and-play SaaS product. Their solution supports end-to-end customization, hosting, analytics, and monetization for India’s growing creator economy Startups from India’s Emerging States Startups from regions like Jammu & Kashmir, Manipur, Nagaland, Tripura, Assam, and Sikkim proved that great innovation is not bound by geography.

      1. Nibiaa Devices from Manipur has built an IoT and satellite-integrated platform that powers asset tracking and secure communication for use in defense, transportation, and remote industrial operations. Their high-tech hardware and software stack solves real-time coordination challenges in low-connectivity zones.

      2. GR8 Sports India, based in Jammu & Kashmir, produces high-performance cricket bats made from premium Kashmiri willow. Their ICC-approved equipment has been used in international matches and exported to over a dozen countries, putting Indian sports craftsmanship on the global stage.

      3. Ngurie Organic from Nagaland is transforming soil health through eco-friendly bio-enhancers. Their products reduce water use and eliminate chemical fertilizer dependency for floriculture farmers, while promoting sustainable agriculture across Northeast India.

      4. Dream Hives from Assam is building India’s first regional mead brand by fermenting indigenous honey and GI-tagged lemons. They work directly with local beekeepers and farmers, creating a value chain that combines craft beverages with rural livelihoods.

      5. Topview Infolabs from Sikkim operates the OurGuest platform, which aggregates over 600 homestays and 40+ guided travel experiences across the Northeast. Their technology supports tourism development while empowering local communities through sustainable hospitality.

      With the conclusion of its first edition, the Challenge has laid the foundation for a scalable model to identify and support high-potential startups from across the country.

      About Startup Mahakumbh Startup Mahakumbh is a first-of-its-kind event bringing together the entire startup ecosystem of India including startups, investors, incubators and accelerators, and industry leaders from several sectors. The event is led by FICCI, ASSOCHAM, IVCA and Bootstrap Advisory & Foundation; and supported by SIDBI, GEM, ECGC and DPIIT Startup India.

      The second edition of Startup Mahakumbh is set to make a grand return in 2025, building on the tremendous success of its inaugural edition. The flagship startup event was an extraordinary success, attracting over 48,581 business visitors engaging with 1306 exhibitors including finest startups, soonicorns, and unicorns, from 26+ states and 14+ countries. It also hosted 300+ incubators and accelerators and 200+ leading angel investors, VCs, and family offices.

      For more information, visit www.startupmahakumbh.org.

      (Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI PWR PWR

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