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    ICoAS fraternity reaffirms commitment to cost optimisation for Atmanirbhar Bharat on ICoAS day 2026
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August 10, 2026
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Cost optimisation in public finance strengthens investment decisions, risk allocation, indigenous manufacturing and value-driven government expenditure through specialised financial expertise.
ICoAS cost optimisation supports public financial management through prudent resource utilisation, financial oversight and improved cost management across government. Its role includes supporting indigenous manufacturing, better investment decisions, efficient public expenditure and maximum value for public spending. With greater private-sector participation and Public-Private Partnerships, ICoAS officers are expected to promote cost efficiency, appropriate risk allocation and sound project structuring. Capacity building emphasises integrity, financial modelling, data visualisation, analytical frameworks and artificial intelligence for improved public-finance management.
August 9, 2026
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Co-operative development financing would expand through direct assistance, share-capital participation and wider operational powers for sectoral support.
National Cooperative Development Corporation (Amendment) Bill, 2026 proposes to broaden the Corporation's mandate to promote co-operative development. It would permit direct loans and grants to co-operative societies and other entities engaged in co-operative development, where funds are used for co-operative purposes. With Central Government approval, the Corporation could participate in the share capital of such entities. The proposals also expand the meaning of foodstuffs, remove geographical restrictions for industrial-goods assistance, and provide additional functional powers.
August 9, 2026
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GST compliance failures and electricity subsidy controls raise allegations of financial irregularities and potential losses to the public exchequer.
Allegations based on a Comptroller and Auditor General report identified purported GST compliance failures involving outstanding tax liabilities, e-way bills generated after cancellation of GST registrations, limited bill scrutiny, non-compliance, and turnover mismatches. The allegations also concerned electricity subsidies extended to consumers with prolonged zero bills or apparent non-residence, presenting these issues as possible financial irregularities and losses to the public exchequer.
August 9, 2026
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Money-laundering prosecution complaints allege fund diversion through shell entities, credit-facility evergreening, layered transactions and fictitious project expenditure.
Money-laundering prosecution complaints allege that funds from toll-road projects and credit facilities were diverted through group companies, contractors, shell entities and conduit accounts. In the toll-road matter, allegedly sham or back-dated subcontracting arrangements and subsequent documentation were used to portray transfers as genuine project expenditure. In the credit-facilities matter, fresh facilities were allegedly used to repay, rotate and evergreen earlier liabilities rather than for sanctioned end-use, with funds layered and presented as legitimate business expenditure or receipts. Attached assets are sought to be confiscated as alleged proceeds of crime.
August 9, 2026
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Direct Benefit Transfer pension disbursement replaces cooperative-bank doorstep delivery, while preserving home payments for beneficiaries unable to use bank accounts.
Direct Benefit Transfer of social security and welfare pensions to Aadhaar-linked bank accounts is intended to replace cooperative-bank doorstep delivery, except for bedridden and similarly situated beneficiaries. The change addresses delays in remitting undistributed pensions, deficient record updates and reconciliation, duplicate payments, delivery incentives, and compliance with Direct Benefit Transfer norms. Criticism focuses on beneficiary access to linked commercial-bank accounts, possible minimum-balance deductions, exclusion of cooperative banks, and the effect on doorstep-delivery workers.
August 8, 2026
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Engineering business growth supported Raymond's first-quarter performance, with export expansion, capacity investment and net-debt-free financial flexibility.
Raymond Limited reported unaudited first-quarter FY27 growth in total income, EBITDA and profit before tax before exceptional items, while remaining net-debt-free with a net cash surplus. Its Engineering business comprises Precision Technology & Auto Components and Aerospace & Defence. Growth in the former was attributed to export expansion, operating leverage, product mix and cost reductions. Aerospace & Defence growth was linked to production for global OEMs, portfolio expansion and increased capacity, although margins were affected by targeted research and development investment. Forward-looking statements remain subject to regulatory, political, economic and technological risks.
August 8, 2026
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Savings account selection requires comparison of effective interest, fees, digital service, access, and individual banking needs.
Savings-account selection should compare effective interest returns under slab-based rates, recurring operating charges and the customer's actual banking needs. Net value depends not only on advertised rates but also on relevant minimum-balance, card, ATM, alert and transfer fees. Digital reliability, customer support, branch availability and ATM access should be assessed according to the customer's average balance, cash use, transfer frequency, travel patterns and need for in-person assistance. The suitable account is one that matches real banking behaviour.
August 8, 2026
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Urban cooperative bank regulation promotes licensing, governance, compliance support and cybersecurity measures to strengthen stability and depositor confidence.
Urban cooperative banks are encouraged to recognise regulatory support through liberalised branch opening, doorstep banking, demand drafts, life certificates, dedicated regulatory coordination, enhanced gold-loan limits, one-time settlements and progress towards on-tap licensing. Sound governance is material to sectoral stability, while small-borrower lending is presented as a comparatively safe lending segment. The umbrella body can support member banks through technical expertise, compliance assistance, cybersecurity solutions and participation in a security operations centre to strengthen depositor confidence.
August 8, 2026
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Korean food export promotion combines buyer consultations, regulatory guidance and consumer experiences to support entry into Indian and South Asian markets.
Korean food export promotion in India and South Asia combined business consultations with consumer-facing activities. Individual meetings connected Korean exporters with regional buyers and generated memoranda of understanding for products including frozen gimbap, ginseng wine and kombucha. Exporters received on-site guidance concerning non-tariff barriers, including food import customs clearance and certification requirements. Preparatory online sessions addressed import procedures, regulatory matters and consumer trends, while consumer events promoted Korean food through tasting, retail and experiential activities.
August 8, 2026
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Illegal immigration enforcement prioritises dismantling entry, documentation and employment networks while requiring citizens to report information through police channels.
Illegal immigration enforcement involves continuous identification and verification operations, coordination with relevant officials, and confidential investigation of networks facilitating entry, identity documentation, accommodation and employment. Enquiries extend to intermediaries, contractors, Aadhaar procurement and verification practices, rather than focusing only on apprehended individuals. Citizen vigilantism, moral policing and social-media targeting of suspected migrants are discouraged because they may compromise investigations; information should instead be given through proper police channels.
August 8, 2026
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Technology, transparency and governance strengthen urban cooperative banks through modern customer services, depositor protection and cooperative-sector support.
Technology adoption, transparency, sound governance and modern customer services are identified as necessary for urban cooperative banks to remain competitive. Banks are encouraged to join the sector's umbrella organisation and self-regulatory body, which provides capital, information-technology infrastructure and liquidity support. Protection of depositors' money remains a regulatory responsibility, while banks are expected to improve governance, train staff, adopt technology and enhance customer-centric services. Customer prosperity and reduced perception gaps between the central bank and urban cooperative banks are emphasised as measures to strengthen the sector.
August 8, 2026
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Authorised Dealer Category-II licensing expands permissible FEMA current account and foreign trade transaction services for cross-border payment customers.
An Authorised Dealer Category-II approval under the Foreign Exchange Management (Authorised Persons) Regulations, 2026 enables Paul Merchants to undertake additional permissible non-trade current account transactions under FEMA, excluding gifts and donations, and foreign trade transactions within the applicable per-transaction limit. The approval supports foreign exchange and cross-border payment services, including overseas remittances for education, medical treatment, travel, and conference or event participation.
August 8, 2026
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Integrated investor claim portal modernisation advances digital KYC, streamlined verification, stakeholder-informed safeguards, and efficient investor claim settlement services.
Integrated IEPFA Portal 2.0 is proposed to modernise investor claim processing through digital KYC, pre-filled Form IEPF-5, entitlement search, and a simplified e-Verification Report filing workflow. Stakeholder feedback included Aadhaar eKYC address validation, KYC for authorised representatives, entitlement-letter validation checks, bulk DSC and eSign functionality, integration of approved IEPF Form-4 data, lower-value share valuation using NSE and BSE data, and alerts for frequent address changes to prevent fraud.
August 7, 2026
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Foreign capital inflows supported the rupee despite geopolitical uncertainty, oil-price pressures, and volatile global market sentiment.
Foreign capital inflows supported a marginal strengthening of the rupee against the US dollar despite global risk aversion arising from uncertainty surrounding negotiations affecting the Strait of Hormuz. Higher crude oil prices and weak domestic equity sentiment remained relevant pressures. Near-term currency movement was expected to depend on developments in the negotiations, weekend decisions, US employment data, the dollar index, crude oil prices, and the reported increase in foreign exchange reserves.
August 7, 2026
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Energy security through diversified sourcing protected fuel supplies during Hormuz disruption and supports domestic exploration and alternative fuels.
Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.
August 7, 2026
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Credit valuation adjustment framework revises derivative capital requirements through flexible basic approaches, hedge recognition, and risk-sensitive counterparty treatment.
Credit Valuation Adjustment framework revisions align CVA capital treatment with final Basel III standards. Eligible banks may use the full or reduced basic approach, while banks with an insignificant volume of non-centrally cleared derivatives may calculate their CVA capital charge at 100 per cent of the counterparty credit risk capital charge. The draft also clarifies CVA hedge recognition, introduces risk weights sensitive to sector and credit quality, and separates systematic and idiosyncratic CVA risk in the full basic approach.
August 7, 2026
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Leverage ratio framework amendments propose Basel-aligned capital adequacy standards, with public feedback invited on the draft directions.
Proposed amendments to the leverage ratio framework would revise Chapter VII of the 2025 Commercial Banks Prudential Norms on Capital Adequacy Directions to implement the Basel Committee's Leverage Ratio 2017 Standard. Public comments and feedback on the draft Eleventh Amendment Directions, 2026, are invited until August 28, 2026, through the designated online platform, postal submission, or email.
August 7, 2026
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BHAVYA Scheme project selection uses challenge-based evaluation of infrastructure, industrial ecosystems, and policy enablers under prescribed eligibility criteria.
BHAVYA Scheme Phase-I proposals submitted by State and Union Territory governments will be evaluated and scored under prescribed eligibility and evaluation criteria. Challenge-based project selection considers connectivity and site suitability, quality of core, value-added and social infrastructure in the detailed project report, and the industrial ecosystem and policy enablers. The Scheme guidelines provide for completion of the first-phase selection process within one year from notification.
August 7, 2026
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Multilateral trade cooperation preserves developing economies' policy space while advancing MSME finance, diversified value chains and digital services.
BRICS ministers adopted measures supporting a development-centred multilateral trading system with the World Trade Organization at its core, preservation of Special and Differential Treatment, binding two-tier dispute settlement, and developing economies' policy space for food security and public stockholding. MSME measures include study of an invoice discounting mechanism and credit-assessment principles focused on cash flow rather than collateral. Value-chain measures provide for a GVC Action Plan, technical cooperation, Special Economic Zone cooperation and digitised trade documents, alongside principles for trusted cross-border digitally delivered services.
August 7, 2026
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Digital public procurement promotes transparent sourcing, reduced seller charges, competition monitoring and evidence-based spending oversight through an integrated marketplace.
Government e-Marketplace digitises public procurement through a unified platform promoting transparency, efficiency, good governance and wider supplier participation. Seller-facing measures include reduced transaction charges, exemption of smaller orders, a cap on maximum transaction fees and reduced vendor assessment fees. The platform uses Artificial Intelligence and Machine Learning tools to identify suspected cartelisation, collusion and order splitting, while its digital transactional trail supports expenditure monitoring, identification of inefficiencies and evidence-based policy interventions.

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Customs & Trade

Some House Republicans threaten Trump's 'big, beautiful' budget, tax cut bill ahead of floor vote

April 10, 2025

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Washington, Apr 10 (AP) With a shove from President Donald Trump, House Republicans were working to hoist their budget framework to approval late Wednesday, trying to flip conservative GOP holdouts who had raised grave misgivings over allowing trillions of dollars in tax breaks without deeper spending cuts.

Speaker Mike Johnson almost dared the Republican hardliners to defy Trump and risk upending what the president calls the “big, beautiful bill", which is central to his agenda of tax cuts, mass deportations and a smaller federal government. The GOP speaker cannot afford many defections from his slim majority, when faced with unified Democratic opposition.

“Stop grandstanding!” Trump had admonished Republicans during a black-tie fundraising dinner at the National Building Museum Tuesday night.

Trump told them, “Close your eyes and get there." But by Wednesday afternoon, the conservative Republicans stood firmly against the plan, throwing the schedule in flux. Several of them met privately with Senate GOP leaders to insist on deeper cuts. Johnson later pulled a group of Republicans into a private meeting room off the House chamber.

“The intention is to have the vote by this evening, and we'll see when that time is,” Johnson told reporters at the Capitol. “Very positive, productive discussions. Everybody is moving forward." Pushing the budget framework forward would be a milestone for Johnson, who had set a deadline of the congressional spring break recess Thursday for advancing the resolution. But a failed vote, particularly as the economy is convulsing over Trump's trade wars, would prove a major setback for the embattled speaker and the Republican agenda in Washington.

It's coming as Trump's tariff onslaught has left lawmakers on edge. Hours before the House was ready to vote, Trump paused much of his ambitious tariffs scheme, giving financial markets a bounce after days of turmoil and warnings of a US recession.

“We are at a critical inflection point, with a generational opportunity,” said Rep Jodey Arrington, the chair of the House Budget Committee, at a rules meeting ahead of voting.

But House GOP conservatives, including several of those who met personally with Trump at the White House this week, remain concerned that the Senate GOP's blueprint, approved last weekend, does not slash spending to the level they believe is necessary to help prevent soaring deficits.

“The Math Does Not Add Up,” Rep Chip Roy posted on social media. He said he would not support it.

In an unusual move, Rep Andy Harris, the chair of the ultraconservative Freedom Caucus, and others walked across the Capitol to met with Senate Majority Leader John Thune and other Senate GOP leaders.

Sen John Barrasso, the GOP whip, exited a short time later calling it a very positive meeting. "The House and the Senate Republicans are all on the same page, and we're all committed to serious and significant savings for the American taxpayers,” Barrasso said.

Wednesday's vote would be another step in a weeks, if not months, long process. The House and Senate must resolve their differences with more votes ahead on the final product later this spring or summer.

Democrats, in the minority, do not have enough votes to stop the package, but have warned against it.

Pennsylvania Rep Brendan Boyle, the ranking Democrat on the budget committee, said whether the House or Senate version, the proposed GOP budget cuts would deeply harm Medicaid, the health care programme used by tens of millions of Americans.

“This will have a devastating impact on my district, my state — and all 435 congressional districts throughout our land,” Boyle said.

House Democratic Leader Hakeem Jeffries of New York said the Republicans' budget plan is reckless and callous as it proposes slashing budgets to give tax breaks to the wealthy.

“We're here to make it clear,” Jeffries said. “Hands off everyday Americans struggling to make ends meet.” The budget framework starts the process of the Republican effort to preserve the tax breaks approved in 2017, during Trump's first term, while potentially adding the new ones he promised on the campaign trail. That includes no taxes on tipped wages, Social Security income and others, ballooning the price tag to some $7 trillion over the decade.

The package also allows for budget increases with some $175 billion to pay for Trump's mass deportation operation and as much for the Defence Department to bolster military spending.

It all would be partly paid for with steep cuts to domestic programmes, including health care, as part of the $2 trillion in reductions outlined in the House GOP version of the package, though several GOP senators have signaled they are not willing to go that far.

To clip costs, the Senate is using an unusual accounting method that does not count the costs of preserving the 2017 tax cuts, some $4.5 trillion, as new spending, another factor that is enraging the House conservatives.

Two Republican senators voted against their package during an overnight weekend session — Maine Sen Susan Collins objected to steep cuts to Medicaid in the House's framework, while Kentucky Sen Rand Paul argued the whole package relied on “fishy” math that would add to the debt.

The package would also boost the nation's debt limit to allow more borrowing to pay the bills. Trump had wanted lawmakers to take the politically difficult issue off the table. With debt now at $36 trillion, the Treasury Department has said it will run out of funds by August.

But the House and Senate need to resolve their differences on the debt limit, as well. The House GOP raises the debt limit by $4 trillion, but the Senate GOP boosted it to $5 trillion so the Congress would not have to revisit the issue again until after the fall 2026 midterm election.

With Trump's trade wars hovering over the debate, House Republicans tucked a provision into a procedural vote that would prevent House action – as the Senate has taken – to disapprove of Trump's tariffs. (AP) SCY SCY

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