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    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
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    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
    RBI marginally raises FY27 GDP growth projection to 6.7 pc, lowers inflation forecast
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    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.
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    August 5, 2026
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    Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
    The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
    August 5, 2026
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    Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
    Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
    August 5, 2026
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    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
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    August 5, 2026
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    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
    The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
    August 5, 2026
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    Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
    The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
    August 5, 2026
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    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
    Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
    August 5, 2026
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    Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
    A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
    August 5, 2026
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    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
    Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.
    August 5, 2026
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    Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
    Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
    Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
    August 5, 2026
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    Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
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    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.
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    August 5, 2026
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    Interim bail conditions require residence outside the state and trial attendance in alleged manpower commission corruption proceedings.
    Interim bail was granted to Anwar Dhebar in a matter involving alleged corruption and an illegal commission mechanism linked to a state marketing corporation. Conditions require him to remain outside Chhattisgarh, attend the trial court, and provide his residential address. The allegations concern manpower supply agencies allegedly being compelled to pay commissions for clearance of legitimate bills, with proceeds routed through intermediaries. The case was registered under the Indian Penal Code and the Prevention of Corruption Act.
    August 5, 2026
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    Tax certainty measures revise fund-management safe harbours, electronic-payment charges, sectoral exemptions, business-trust treatment, and excess expenditure appropriation.
    The Taxation and Other Laws (Amendment) Bill, 2026 proposes to replace the Income-tax (Amendment) Ordinance, 2026 and amend payment-system and tax laws. It would prohibit charges on notified electronic payments, revise safe-harbour conditions for eligible investment funds and fund managers, and expand tax exemptions for Government securities, qualifying rough-diamond sales and bonded-warehouse component storage. It also modifies exemptions concerning electronic-goods contract manufacturing, data centres and business-trust dividends, while imposing a differentiated surcharge on qualifying special purpose vehicles. A separately included appropriation bill authorises excess expenditure from the Consolidated Fund of India.
    August 5, 2026
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    Growth and inflation projections reflect resilient domestic activity while energy volatility, supply disruptions, and food prices sustain inflation risks.
    Monetary policy projections for fiscal 2026-27 revise real GDP growth upward to 6.7 per cent and Consumer Price Index inflation downward to 5 per cent. Domestic activity is described as resilient amid global uncertainty, but inflationary risks persist from rainfall disruption, energy-price volatility, supply-chain uncertainty, and second-round effects of higher food, fuel and input costs. Core inflation is projected at 4.3 per cent for the fiscal year.

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      Francis changed church policy on death penalty, nuclear weapons but upheld it on abortion

      April 21, 2025

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      Vatican City, Apr 21 (AP) Pope Francis changed the Catholic Church's teaching in areas such as the death penalty and nuclear weapons, upheld it in others such as abortion, and made inroads with Muslims and believers who long felt marginalised.

      Where Francis, who died on Monday, stood on key issues: Abortion Francis upheld church teaching opposing abortion and echoed his predecessors in saying that human life is sacred and must be defended. He described abortion, as well as euthanasia, as evidence of today's “throwaway culture” and likened abortion to “hiring a hit man to resolve a problem”.

      But he didn't emphasise the church's position to the extent his predecessors did, and said women who had abortions must be accompanied spiritually by the church.

      Francis also allowed ordinary priests — not just bishops — to absolve Catholic women who had intentionally terminated a pregnancy.

      He didn't approve of attempts by US bishops to deny Holy Communion to President Joe Biden because of his abortion-rights stance, saying bishops should be pastors, not politicians.

      Abuse Francis' greatest scandal of his papacy was when he discredited Chilean sexual abuse victims by siding with a bishop whom they accused of complicity in the abuse.

      After realising his error, he invited the victims to the Vatican and apologised in person. He then brought the entire Chilean bishops conference to Rome where he pressed them to resign.

      In his most significant move, Francis defrocked former US Cardinal Theodore McCarrick after a Vatican investigation determined he abused minors as well as adults.

      Francis later passed church laws abolishing the use of pontifical secrecy and establishing procedures to investigate bishops who abuse or cover up for predator priests.

      But he was dogged by some high-profile cases where he seemed to side with accused priests.

      Benedict In 2013, Pope Benedict XVI resigned in the first such papal retirement in 600 years, and Francis was elected to replace him.

      With Benedict living on the Vatican grounds until his 2022 death, Francis said it was like having a “wise grandfather” at home, part of his belief the elderly have a wealth of experience to offer.

      There was friction at times, however, including when Benedict co-authored a book strongly backing priestly celibacy at the precise moment Francis was considering an exception to resolve a clergy shortage in the Amazon.

      He praised Benedict for humility and courage by setting a precedent for retired popes, although after the German-born pontiff died, Francis said the papacy should be a job for life.

      Capitalism Some conservative US commentators accused Francis of having Marxist sympathies, given his frequent denunciations of economic systems that “idolise” money over people and clear distaste for US-style capitalism.

      He called for a universal basic income, dignified wages and working conditions, and said that while globalisation had saved many from poverty, “it has condemned many others to die of hunger because it's a selective economic system”.

      “This economy kills,” he said of globalisation, defending his positions as those of the Gospel, not communism.

      Celibacy Francis upheld celibacy for Latin Rite priests even after bishops from the Amazon asked him to make an exception to allow married priests to address a shortage of clerics.

      Francis had long said the celibacy requirement could change, since it was not a matter of doctrine. But he said the debate was too politicized and that he didn't want to be the pope to take the step.

      China In 2018, Francis authorised a deal over bishop nominations in China to end a decades-long dispute and regularised the status of a half-dozen Chinese bishops who had been consecrated without papal consent.

      Details of the accord were never released, but his conservative critics bashed it as a sellout to communist China, while the Vatican defended it as the best deal it could get before Beijing closed the door entirely.

      Contraception Francis defended the church's opposition to artificial contraception, but he also said Catholics need not breed “like rabbits” and should instead practice “responsible parenthood” through approved methods.

      The church endorsed the Natural Family Planning method, which involves monitoring a woman's cycle to avoid intercourse when she is ovulating.

      At the same time, Francis suggested in 2016 that women threatened with the Zika virus — which was causing malformations in thousands of children at the time — could use artificial contraception because “avoiding pregnancy is not an absolute evil” in light of epidemics.

      COVID-19 Like the rest of humanity, Francis was grounded during COVID-19, prevented from travelling, celebrating Mass in public or presiding over audiences. He repeatedly urged the world to use the pandemic as a wake-up call showing the need to reset priorities and policies in favour of the most vulnerable.

      Francis strongly supported vaccination campaigns and demanded the poor have priority. The Vatican's doctrine office said it was morally acceptable to be vaccinated, even with shots that used cell lines from aborted fetuses in research and production processes, putting Francis at odds with conservatives who refused the shots on moral grounds.

      Death penalty Francis went beyond his predecessors and changed Catholic teaching to state that the death penalty is “inadmissible” in all cases, regardless of the severity of the crime.

      Francis also called life in prison without parole a “hidden death penalty” and solitary confinement a “form of torture”, saying both should be abolished.

      Divorce Francis divided the church by issuing an opening to divorced and civilly married Catholics to receive Communion.

      Church teaching holds that, without a church-issued annulment declaring the initial marriage invalid, these Catholics are committing adultery and thus cannot receive the sacrament.

      Francis first made it easier to get an annulment. Then, he didn't create a blanket admission to the sacraments to these Catholics without one, but in a footnote to his 2016 encyclical “The Joy of Love”, he suggested bishops and priests could accompany such couples on a case-by-case basis.

      Environment Francis became the first pope to use scientific data in a major teaching document by calling global warming a largely human-caused problem.

      In his 2015 encyclical “Praised Be”, Francis denounced a “structurally perverse” world economic system that exploits the poor and risks turning the Earth into an “immense pile of filth”.

      A 2023 update singled out the US for its emissions and warned the world was “nearing a breaking point”.

      He pressed the issue at a 2019 meeting of bishops from the Amazon and in his preaching on the coronavirus pandemic. While Francis pressed the ecological issue harder than his predecessors, many popes before him called for better care for God's creation.

      Indigenous peoples Francis made sweeping apologies for the “crimes” against Indigenous peoples during the colonial and post-colonial conquest of the Americas.

      He apologised in Bolivia in 2015 and again during a “penitential pilgrimage” to Canada in 2022 for the church's role in the forced assimilation of Indigenous children in church-run residential schools.

      The Vatican also formally repudiated the “Doctrine of Discovery”, theories backed by 15th century “papal bulls”, or charters, that legitimised the colonial-era seizure of lands and form the basis of some property laws today, even though it didn't rescind the bulls themselves.

      Francis also held up as a model economic system the Jesuit-run missions in Paraguay that brought Christianity and European-style education and economic organisation to the natives in the 17th and 18th centuries.

      He canonized the 18th century missionary Junipero Serra during his 2015 trip to the US over objections from some Native American groups who accused Serra of forced conversions, enslaving converts and helping wipe out Indigenous populations through disease.

      Islam Francis made significant progress in the Vatican's troubled relations with Islam by forging ties with Sunni and Shiite religious leaders and emphasising a shared commitment to peace, solidarity and dialogue.

      He signed a landmark document on the need for greater human fraternity with Sheikh Ahmed al-Tayeb, the grand imam of Al-Azhar, the seat of Sunni learning in Cairo.

      He was the first pope to visit both the Arabian Peninsula and Iraq, the birthplace of Abraham, a prophet important to Christians, Muslims and Jews. While in Iraq, he met with the country's top Shiite cleric and a revered figure in the Shiite world, Grand Ayatollah Ali al-Sistani.

      Latin Mass In one of his most controversial moves, Francis reversed Benedict and reimposed restrictions on celebrating the old Latin Mass.

      Francis said he had to act because the spread of the so-called Tridentine Rite after Benedict relaxed restrictions in 2007 was becoming a source of division in the church.

      This outraged his traditionalist and conservative critics, who called the move an attack on them and the ancient rite. It fuelled right-wing opposition to Francis that already was angered at his outreach to gays and divorced Catholics.

      LGBTQ+ Francis famously said, “Who am I to judge?” when asked in 2013 about a Vatican monsignor who was purportedly gay.

      Francis followed up by assuring gay people that God loves them as they are, that “being homosexual is not a crime”, and that “everyone, everyone, everyone” is welcome in the church.

      During his pontificate, the Vatican reversed itself and said transgender people could be baptized, serve as godparents and witnesses at weddings; and approved same-sex blessings. But while he met several times with members of the LGBTQ+ community, Francis didn't change church teaching stating that homosexual acts are “intrinsically disordered”.

      As archbishop of Buenos Aires, he opposed efforts to legalize same-sex marriage and proposed, unsuccessfully, that the country approve civil unions instead.

      He articulated support for those Argentine civil union protections in a 2019 interview with Mexican broadcaster Televisa, making him the first pope to come out in favor of them.

      Migration Francis denounced the “globalisation of indifference” shown to migrants and urged Europe and other countries to open their doors to those seeking better lives.

      His first trip outside Rome as pontiff in July 2013 was to the Italian island of Lampedusa, a key site in Europe's migration crisis.

      In 2016, he brought a dozen Syrian refugees to Rome with him from a camp in Greece and repeated the gesture in 2021 while visiting Cyprus and Greece. “We cannot allow the Mediterranean to become a vast cemetery!” he told European lawmakers.

      He also decried “inhuman” conditions facing migrants crossing the US-Mexico border. In 2016, Francis said of then-candidate Donald Trump that anyone building a wall to keep migrants out “is not a Christian”.

      Nuclear weapons Francis went further than his predecessors -- and church teaching -- by saying that not only the use, but the mere possession of nuclear weapons was “immoral".

      The church previously held that nuclear deterrence could be morally acceptable in the interim as long as it went toward mutual, verifiable disarmament.

      Vatican reform Francis was elected on a mandate for bureaucratic reform after centuries of waste, mismanagement and market crises put the Vatican's financial health at risk.

      He imposed regulations to bring order, transparency and modern accounting to the books, requiring competitive bidding procedures, caps on gifts, salary cuts for cardinals and the centralisation of assets and investments in one office with a unified, ethical and green investment policy.

      He created a Secretariat for the Economy to supervise the Holy See's finances, staffed mostly with lay experts, and he authorized a sweeping criminal trial into the Vatican's botched investment in a London real estate deal that resulted in losses of tens of millions of euros.

      Women Francis consistently called for a greater role for women in governing the church and made significant appointments and changes to church law to prove his point.

      He named an Italian nun as prefect of the Vatican office for religious orders and another Italian nun as head of the Vatican City State administration, two jobs previously held only by cardinals. He also named a French nun as an undersecretary in the Vatican Synod of Bishops' office, giving her a vote in the previously all-male process and opened up the synod itself to voting women members.

      He named three women to the Vatican office that vets bishop appointments, a first. He appointed women to half the seats on the Vatican's economic council, appointed two study commissions into whether women could be ordained deacons, put Mary Magdalene on par with the male apostles by declaring a feast day for her, and formally allowed women to serve as lectors and acolytes, services previously open to them on an ad hoc basis.

      But he reaffirmed the all-male priesthood and ruled out, for now, ordaining women as deacons. (AP) PY PY

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