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    Competition Commission of India (CCI) hosts BRICS Heads of Competition Authorities 2026 meeting
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    August 10, 2026
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    UPI transaction charges remain unavailable for consumers and person-to-person payments, while limited threshold-based merchant MDR may be considered.
    Proposed amendment of section 10A of the Payment and Settlement Systems Act, 2007 is intended to support UPI sustainability, technological advancement and resilience. Consumer payments and person-to-person transactions are to remain free. Any future merchant discount rate would apply only to limited merchant transactions above a threshold, at a nominal rate, while most merchant transactions remain free. The framework supports investment in cybersecurity, fraud prevention and infrastructure, alongside a self-sustaining and inclusive digital-payment ecosystem.
    August 10, 2026
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    Fair competition cooperation in renewable energy markets advances knowledge-sharing and evidence-based enforcement across interconnected digital and energy markets.
    BRICS competition authorities adopted a Joint Statement strengthening cooperation to promote fair competition, including in renewable energy markets. Cooperation focuses on dialogue, knowledge-sharing and consideration of cross-border competition challenges in digital markets, emerging technologies and the energy transition. Competition enforcement is to remain principled and evidence-based, supporting efficiency, consumer welfare, innovation and merit-based competition. A collaborative renewable-energy competition study identified evolving market dynamics and areas for future cooperation.
    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.

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      Cross-border links to Pahalgam attack: India downgrades diplomatic ties with Pak; Sketches of 3 terror suspects released

      April 24, 2025

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      New Delhi/Srinagar, Apr 23 (PTI) Underscoring the "cross-border linkages" of the Pahalgam terror attack, India on Wednesday downgraded diplomatic ties with Pakistan as it announced five major measures that also included suspension of the Indus Water Treaty and expulsion of Pakistani military attaches.

      As India turned up the heat on Pakistan with what is seen as retaliatory measures after the carnage in Jammu and Kashmir on Tuesday that left 26 people, mostly tourists, dead, Defence Minister Rajnath Singh also vowed a "strong response" in the "near future." Immediate shutting down of the Attari land-transit post was among the measures announced after a meeting of the Cabinet Committee on Security(CCS).

      India will not only hunt down the people who perpetrated the attack but will also trace those "sitting behind the scenes" who had conspired to carry out the massacre on the Indian soil, a sombre-looking Singh said at a public event in Delhi.

      The CCS met this evening under the chairmanship of Prime Minister Narendra Modi and firmed up the responses to the brazen attack which has evoked worldwide condemnation.

      The CCS was given a briefing on the incident including the "cross-border linkages" of the terrorist attack, Foreign Secretary Vikram Misri told a late evening press briefing.

      "It was noted that this attack came in the wake of the successful holding of elections in the Union Territory (Jammu and Kashmir) and its steady progress towards economic growth and development," he said.

      "It(the CCS) resolved that the perpetrators of the attack will be brought to justice and their sponsors held to account." Security agencies also released sketches of three Pakistani terrorists as a grim Centre took stock of the situation and anguished families bid adieu to the men they had loved and lost. The Resistance Front (TRF), a shadow outfit of the banned Pakistan-based terror outfit Lashkar-e-Taiba (LeT) has claimed responsibility for the attack.

      Officials said that initial investigations into the carnage also indicated that the number of terrorists involved could be between five and seven, aided by at least two local militants who received training in Pakistan, officials said.

      The CCS also decided to close the Integrated Check Post at Attari with immediate effect, Misri said. Attari is the main border crossing checkpost.

      It is learnt that the CCS meeting held at the prime minister's 7, Lok Nayak Marg residence lasted for around two-and-a-half hours.

      Besides the prime minister, Home Minister Amit Shah, Defence Minister Singh and External Affairs Minister S Jaishankar were present at the meeting, along with National Security Adviser Ajit Doval and senior bureaucrats.

      Shah briefed the prime minister on the attack and discussed the measures to be taken in its aftermath.

      At the media briefing, Misri said Pakistani nationals will not be permitted to travel to India under the SAARC Visa Exemption Scheme (SVES) and any such visas issued in the past to Pakistani nationals are deemed cancelled.

      The CCS decided that the Indus Waters Treaty of 1960 will be held in abeyance with immediate effect, until Pakistan credibly and irrevocably abjures its support for cross-border terrorism, he said.

      On closing of the Attari post, Misri said those who have crossed over with valid endorsements may return through that route before May 1.

      Misri said, "The defence, military, naval and air Advisors in the Pakistani High Commission in New Delhi are declared Persona Non Grata." They have a week to leave India, he added.

      India will be withdrawing its own defence, navy and air advisors from the Indian High Commission in Islamabad, he said.

      "These posts in the respective High Commissions are deemed annulled. Five support staff of the Service Advisors will also be withdrawn from both High Commissions." "The overall strength of the High Commissions will be brought down to 30 from the present 55 through further reductions, to be effected by May 1." Misri said the CCS reviewed the overall security situation and directed all forces to maintain high vigil.

      "As with the recent extradition of Tahawwur Rana, India will be unrelenting in the pursuit of those who have committed acts of terror, or conspired to make them possible," he said.

      Prime Minister Modi, who cut short his visit to Saudi Arabia, met Jaishankar and Doval in the morning at the airport itself.

      Rajnath Singh also reviewed the security situation in Jammu and Kashmir with Chief of Defence Staff Gen Anil Chauhan, the three service chiefs, defence secretary and the director general of military operations.

      It is learnt that Singh directed the armed forces to enhance their combat readiness and increase intensity of anti-terror operations.

      It was a day of hushed silences, angry discussions and cries of despair as an entire nation mourned those killed in the brazen attack targeting holidayers in the scenic expanse of the Baisaran meadow, six kilometres from Pahalgam.

      Other ministers, including Amit Shah, also issued strong statements.

      Shah, who visited Baisaran, met the injured in hospital and chaired security review meetings, also signalled the intent of the government.

      "Bharat will not bow to terror. The culprits of this dastardly terror attack will not be spared," he said reflecting the government’s resolve in the face of the deadliest terror attack since the Pulwama strike and the abrogation of Article 370 in 2019.

      "Those behind the Pahalgam atrocity will face severe consequences." Giving a face to the terrorists behind the massacre, security agencies released the sketches of three of the five men suspected to be involved in the terror attack. They are all Pakistanis, officials said, identifying them as Asif Fauji, Suleman Shah and Abu Talha.

      They had code names -- Moosa, Yunus and Asif -- and were involved in terror-related incidents in Poonch.

      Prepared with the help of survivors, the pencil sketches were in black and white. From the line drawings, they appear to be young and have beards.

      As the top government brass met in Delhi and Srinagar to assess the security implications and strategise on what lies ahead, the families and friends of the 26 men, mostly tourists holidaying in Kashmir, dealt with their individual, very personal tragedies.

      A wave of protests also swept Jammu and Kashmir and other states against the Pahalgam strike, with political parties as well as religious and social organisations asserting that such acts were against Islamic teachings and calling for unity in the face of the challenge posed by terrorists and their backers.

      And in ground zero, Kashmiris sent out a clear message - Not In My Name.

      Srinagar city and other parts of Kashmir shut down, the first time since Article 370 was abrogated and the state was downgraded into a union territory in August 2019.

      The spate of cancelled tourist bookings and the rush to leave Kashmir also indicated the uncertainty of the months to come.

      While the Jammu and Kashmir government condemned the "senseless" killing of 26 people and sanctioned an ex-gratia of Rs 10 lakh to the next of kin of each deceased victim, the J-K police announced Rs 20 lakh bounty for information on terrorists involved in the attack.

      Official sources in Delhi said the Centre will be convening an all-party meeting on Thursday in the wake of the terror attack. Defence Minister Singh is likely to chair it, they said. PTI TEAM MPB SKL MIN RT GSN GSN

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