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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
    Show AI Summary
    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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      Former Indonesian Deputy Foreign Minister Dino Patti Djalal: COC Would be Significant Achievement in ASEAN-China Relations

      April 22, 2025

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      BEIJING, April 22, 2025 /PRNewswire/ -- As we commemorate the 75th anniversary of China-Indonesia diplomatic relations and the 70th anniversary of the Bandung Conference, China-ASEAN Observation sat down with Dr. Dino Patti Djalal—founder and chairman of the Foreign Policy Community of Indonesia (FPCI), former deputy foreign minister of Indonesia and Inaugural Orchid Award "Friendship Envoy Award" winner. In this exclusive interview, Dr. Djalal, who has been deeply engaged in regional affairs for over two decades, shared his insights on how Asian countries are navigating today's changing global landscape, the enduring relevance of the Bandung Spirit, and the prospects for South-South cooperation under the BRICS mechanism.

      Dr. Djalal has long been committed to fostering friendly relations between ASEAN and China, as well as between Indonesia and China. He has played a key role in organizing and participating in various ASEAN-China exchanges. Each year, he leads the FPCI China Forum, which brings together scholars and experts from ASEAN and China to discuss evolving dynamics, opportunities, and challenges in ASEAN-China and Indonesia-China relations. In September 2023, he was honoured with the Friendship Envoy Award at the Inaugural Orchid Award.

      COA: In recent years, China and ASEAN countries have been continuously promoting consultations on the text of the Code of Conduct (COC) in the South China Sea, and has completed its third reading. What do you think is the next step for the negotiation of the Code of Conduct in the South China Sea? Dino Patti Jalal: We have to recognize that we're living in a more dangerous world now. The value of the COC would be to tell the world that while in other places, war is raging and mistrust is rising, but in the South China Sea, we are working on a code of conduct that would enhance confidence building among the claimants and among countries in the region. And that code of conduct will be, we hope, will be finalized. And that would be a really significant achievement in the relations between ASEAN and China. The target is for next year, 2026. My hope is that they will be able to finalize the code of conduct in time by 2026. But if the positions are still too wide and they cannot reach an agreement, then I guess we need to find more time to conclude the code of conduct.

      COA: This year marks the 75th anniversary of diplomatic ties between China and Indonesia—a historic milestone in bilateral relations. As a long-time observer and participant in China-Indonesia relations, how do you assess the development of this partnership and its future prospects? Dr. Dino Patti Djalal: China is one of Indonesia's best strategic partners now. The two countries now enjoy a comprehensive and strategic partnership. The relationship, as you said, has been around for many decades. And I think we are at a high point in our relationship. The trust is high, China is the biggest trading partner. The people-to-people contact is also very strong. And China's investment in Indonesia keeps rising.

      When we see the future of Indonesia, the future of the region, the future of Asia Pacific, China is a very big part of it. Right? So constructive, positive relationship between Indonesia and China is very important to us. We've done many polls at my institution in Jakarta. And in every poll that we ask Indonesians and also ASEAN people, they all recognize that China is the most impactful country to their region. So overall, I think the relationship is in a good place, and I think it's one of the pillars of peace in Asia.

      COA: Seventy years ago, the Bandung Conference was held, marking a historic moment of solidarity and cooperation among Asian and African nations. How can we best carry forward the Bandung Spirit in today's complex international landscape? Dr. Dino Patti Djalal: Bandung is very historic. It changed world affairs when it began in 1955. China was there from the start, and we appreciate it. And I think both Indonesia and China have come a long way since the Bandung Conference. We are a lot richer, a lot stronger. We are a lot more confident. We have a lot more roles in international affairs. And at the same time, Asia and Africa have changed as well for the better. So I think we have much to celebrate for the 70th Bandung celebration.

      The spirit of Bandung should remain very much alive, especially because today there's the United States is having a retreat and unilateralism, and confidence in multilateralism is decreasing. I think the countries in the global south, the countries of Asia and Africa, have much to do to uphold multilateralism and to uphold the rules-based world order.

      COA: Earlier this year, Indonesia was officially been admitted as a full member of the BRICS. What impact does this have on China-Indonesia cooperation and Indonesia's role in South-South cooperation? Dr. Dino Patti Djalal: Indonesia's accession to BRICS undoubtedly adds value to the cooperation. Even before joining BRICS, Indonesia and China have had a really outstanding, close relationship, very vibrant, very substantive and very high and strategic trust between the two countries.

      Now that Indonesia has joined BRICS, we're still learning how to perform in that association in that grouping. Indonesia is learning how to work with other BRICS countries and also the incoming members to improve the state of the world. Because we want BRICS to be a contributor, a contributor to world peace, and we want to depolarize the world now. We want there to be more cooperation, and we want to be playing a bridge-building role in that regard here.

      COA: Given the current evolving political ecology in the United States, what are its potential implications for the peaceful resolution of South China Sea disputes? Dr. Dino Patti Djalal: The situation remains unpredictable, as American policy can be difficult to forecast. We are still awaiting clarity on President Trump's approach to Asia, especially in comparison to his policies toward Europe, Canada, Mexico, or Latin America. But we are still waiting for what he wants to do concerning the Asia Pacific.

      Importantly, ASEAN has a guiding doctrine known as the ASEAN Outlook on the Indo-Pacific (AOIP), which China has endorsed. The AOIP promotes a vision for the Indo-Pacific as a region that is free, open, cooperative, and inclusive. Instead, ASEAN advocates for inclusive regional cooperation characterised by mutual respect and equality among all players.

      We hope that the United States will adopt a constructive policy toward the region and support the AOIP, which emphasises cooperation and inclusiveness. China is undoubtedly one of ASEAN's strongest partners, and the content of our relationship is rich, encompassing both governmental and people-to-people cooperation.

      I believe China respects the ASEAN Charter and is a signatory to the Treaty of Amity and Cooperation, being the first country outside ASEAN to do so. As a dialogue partner, China actively participates in various ASEAN initiatives, contributing to a rich relationship that is a cornerstone of stability in Asia. I am optimistic about this partnership; it must be resilient so that when challenges arise—as they undoubtedly will—the relationship remains strong and capable of addressing any issues. For this to happen, both sides must cultivate mutual trust and engage as equals. ASEAN has consistently emphasised its centrality in regional affairs. It plays a central role in managing affairs in this region, and China understands and supports this. Together, we can work towards peace and stability in our region.

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

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