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    Closely monitoring: India on US bill seeking up to 100 % tariffs on purchasers of Russian oil
    Delhi HC seeks ED stand on Nayan Raheja's plea against money laundering case
    Rupee appreciates 7 paise to close at 95.43 against US dollar
    PM Modi, UK PM Burnham commit to harnessing full potential of mega trade deal
    ITC Q1 profit declines 15.6 pc to Rs 4,508.79 cr; non-cigarette FMCG posts robust growth
    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
    Cabinet approves Rs 84,084-cr offshore exploration scheme; govt to fund up to Rs 650 cr per well
    India's forex reserves jump USD 6.12 bn to USD 682.35 bn
    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
    PM Modi to inaugurate Bhogapuram Airport on Aug 1 in Andhra Pradesh
    Rupee rises 20 paise to 95.30 against US dollar in early trade
    APEDA Facilitates First-Ever Sea Shipment of Value-Added Flavoured Makhana from Bihar to Canada
    Indian envoy meets Chinese commerce ministry official; Calls for enhanced market access
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    July 31, 2026
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    Russian oil purchases may trigger proposed targeted tariffs, with periodic reassessment based on countries' purchasing behaviour.
    Proposed United States measures would authorise sanctions against Russia and persons supporting its war in Ukraine, while permitting targeted tariffs on imports from countries purchasing substantial volumes of Russian oil or gas or facilitating sanctions evasion. The framework identifies major purchasers and shadow-fleet facilitators for possible additional tariffs and provides for periodic reassessment and tariff adjustments based on purchasing behaviour. India stated that its energy-security policy rests on national priorities and diversified energy sources.
    July 31, 2026
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    Money-laundering proceedings face challenge over absent predicate offence, alleged lack of criminal intent, and treatment of related FIRs.
    Money-laundering proceedings linked to alleged diversion of homebuyer funds are challenged on the ground that no scheduled offence or criminal intent is attributable to the petitioner. The petitioner relies on his asserted exoneration in two predicate FIRs, where charge sheets did not name him, and settlement of the remaining FIR. Notice was issued for a response and status report, and the petitioner undertook to cooperate with the investigation.
    July 31, 2026
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    Rupee appreciation reflected foreign capital inflows and central bank support, tempered by crude prices and geopolitical tensions.
    Rupee appreciation against the US dollar was linked to sustained foreign capital inflows and Reserve Bank support through dollar selling. Higher crude oil prices, a stronger US dollar and geopolitical tensions in West Asia constrained further gains. A slightly positive near-term rupee bias was associated with softer dollar conditions, dovish US monetary expectations, favourable global markets and improved foreign inflows, while geopolitical risks remained relevant. Domestic equity indices rose, foreign-exchange reserves increased, and fiscal-deficit data showed the central government's position against its full-year target.
    July 31, 2026
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    India-UK trade agreement enables duty-free access and bilateral cooperation on investment, technology, and strategic partnership.
    The India-UK Comprehensive Economic and Trade Agreement provides zero-duty market access in the UK for nearly 99 per cent of India's exports and is intended to expand bilateral trade and investment opportunities. The governments committed to maximise its benefits through the Comprehensive Strategic Partnership, including cooperation on technology, innovation, security, clean energy, education and people-to-people links. Advanced technology collaboration, including artificial intelligence, is also contemplated.
    July 31, 2026
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    Excise duty increases on cigarettes pressured profitability, while calibrated pricing and FMCG growth supported market resilience.
    Excise duty increases on cigarettes affected consolidated profitability, prompting calibrated pricing and portfolio measures to protect market share and limit migration to illicit trade. The cigarette portfolio was re-architected across price points through value-accretive offerings and staggered pricing actions. Non-cigarette FMCG growth was supported by demand for packaged foods, dairy and personal-care products. Input-cost inflation was mitigated through inventory cover, commodity hedging and price-volume rebalancing amid crude-price volatility, supply-chain disruption and imported inflation concerns.
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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.

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      Plans to celebrate America's 250th anniversary were underway. Then came federal funding cuts

      April 14, 2025

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      Washington, Apr 14 (AP) Community celebrations being planned to commemorate the nation's 250th anniversary next year are at risk of being significantly scaled back or cancelled because of federal funding cuts under President Donald Trump's administration, according to multiple state humanities councils across the country.

      The councils have been working on programming for America250, an initiative marking the milestone anniversary of the signing of the Declaration of Independence in 1776. But the Republican administration's deep cost-cutting effort across the federal government has led the National Endowment for the Humanities to cancel its grants for state humanities councils.

      That has left them with less money for programming to plan for the celebration, ranging from themed K-12 school curriculums to special events at public libraries.

      “I cannot imagine how we're supposed to have a national commemoration that's meaningful for people where they live without the humanities being supported,” said Gabrielle Lyon, executive director of Illinois Humanities, the state's humanities council.

      “What is it going to mean for small towns and rural communities who were expecting the possibility of having grants to do special exhibits, special commemorations, their own programmes, and speakers and performers? All of that is now extremely tenuous. And those are exactly the kinds of things people have been looking forward to." Trying to reshape history The head of Washington state's humanities council said the NEH funding cuts appeared at odds with Trump's focus on the commemorations.

      Earlier this year, the president signed an executive order creating a White House task force to plan a “grand celebration worthy of the momentous occasion of the 250th anniversary of American Independence”.

      “The organisation that's positioned to do that for America is the National Endowment for the Humanities,” said Julie Ziegler, CEO and executive director of Humanities Washington.

      The White House and the NEH did not respond to requests for comment.

      America250, the initiative established by Congress to help orchestrate the commemorations, did not comment for this story.

      The humanities funding cuts come as Trump has targeted cultural establishments from the Smithsonian Institution to the Institute of Museum and Library Services in executive orders.

      The moves are part of his goals to downsize the federal government and end initiatives seen as promoting diversity, equity and inclusion. The order directed at the Smithsonian, for example, said it has “come under the influence of a divisive, race-centred ideology”.

      To comply with the orders, federal agencies have scrubbed images and information designated as DEI material from websites pertaining to certain parts of American history. That ranges from a webpage highlighting baseball trailblazer Jackie Robinson's military service to the National Park Service removing content about Harriet Tubman and the Underground Railroad. Both were restored after a public outcry.

      “I think that what's happening is the administration is trying to shape the history that we're going to tell in a way that's unprecedented,” said James Grossman, executive director of the American Historical Association.

      “The expertise of professional historians is being set aside in favor of a narrow, ideologically driven idea of the American past.” DOGE places 80 per cent of NEH staff on leave State humanities councils across the country have been discussing how to present the myriad histories that make up the US for the 250th commemoration events. But leaders of those councils say the loss of money from the National Endowment for the Humanities means some events are now unlikely to take place.

      The NEH is a federal agency that awards money appropriated by Congress to a variety of recipients, including state humanities councils, museums, universities and historic sites. The money supports educational programmes, research and preservation, among other things.

      This month, the Trump administration's Department of Governmental Efficiency, overseen by billionaire Trump adviser Elon Musk, placed roughly 80 per cent of NEH staff members on administrative leave, according to the Federation of State Humanities Councils.

      The NEH also sent letters to state humanities councils across the country saying their federal grants had been terminated. The halt in funding came during the middle of the fiscal year for thousands of organizations and is causing widespread changes in their programmes, including planning for the 250th anniversary.

      Heartbreaking' budget cuts Georgia Humanities, the state's humanities council, has been planning various events for the 250th anniversary, said president Mary McCartin Wearn.

      They include a statewide “digital book club" in partnership with the state's public library service, a program for speakers to travel across the state to give lectures and presentations, and a Smithsonian Institution program known as Museum on Main Street, which brings travelling exhibits to small towns and rural areas.

      But the council has now lost USD 740,000 in federal funding that had been awarded to it, placing those programmes in jeopardy, said McCartin Wearn, who has been fielding calls and emails from people asking about the status of their programming for the anniversary events.

      “It's really something that is heartbreaking, because it is a moment for reflection about who we are and who we want to be,” she said.

      Adam Davis, executive director of Oregon Humanities, said his state had already run trainings at rural libraries and begun conversations about “freedom, equality, how we remember key events, why we monumentalise or memorialize big things, and how we should do that”.

      “You can celebrate the 250th by having a commercial at the Super Bowl and waving a big flag," Davis said.

      "You could also do things like get community members talking to each other about the core values in the country and what we hope for, and you can build trust and strengthen the fabric of our democracy.” Without the funding, he said, “the scale is going to be quite different”.

      A diminished telling of the nation's history Miranda Restovic, president and executive director of the Louisiana Endowment for the Humanities, said the state's role in the nation's history makes the 250th anniversary “a really wonderful opportunity”.

      However, the funding cuts, which amount to USD 600,000 this fiscal year, put her organisation in “contingency planning mode rather than continuing to think creatively about how we celebrate that important moment for our nation and our history”.

      In a state that has shaped American history, cuisine and culture, the group's plan for the 250th anniversary was to “nudge” people around the state to design programs that would show off the distinct flavours of their communities.

      “We were planning to lean into us as a grant maker and support local initiatives that celebrated the 250th so that people can tell their own story," Restovic said. "We are likely not going to be able to do that.” Brenda Thomson, executive director of Arizona Humanities, said she had been imagining dramatic readings of the Bill of Rights, theatre productions, parades, book readings and festivals as activities that communities would be putting on “with a heightened sense of pride” for the 250th anniversary.

      She said the USD 1 million cut to her organization will mean curtailing those activities in a way that will not allow the telling of the nation's full story. She lamented what would be lost.

      “How do you know what you're doing if you don't know where you came from," she said. (AP) PY PY

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