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    Gross GST collection kitty swells 15.4 pc to over Rs 2.11 lakh cr in July
    RBI says USD 40.82 bn mobilised under forex swap facility till Jul 31
    Sebi bars ZEEL for 2 months, Subhash Chandra, Punit Goenka for 1 year in Hyderabad land pledge case
    Department of Commerce Holds Workshop on Trade and Sustainable Development Policy Landscape
    GeM Launches 10-Day Celebrations Ahead of 10th Foundation Day, Unveils Commemorative Logo
    All Indian exports of dual-use items comply with international obligations: MEA
    PM Modi to inaugurate Bhogapuram Airport in Andhra on Aug 1
    HIGHLIGHTS
    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
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    August 1, 2026
    Show AI Summary
    GST collection growth reflects higher revenue mobilisation from domestic transactions and imports, with refunds adjusted in net revenue.
    Goods and Services Tax collections increased in July, driven by higher revenue from domestic transactions and imports. The gross collection comprised Central GST, State GST and Integrated GST components. Refunds also increased during the month, and net GST revenue was determined after adjustment of refund outflows from gross tax receipts.
    August 1, 2026
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    Concessional foreign-exchange swaps encourage bank deposits and foreign borrowings to strengthen balance-of-payments resilience and foreign-exchange liquidity.
    The Reserve Bank of India introduced a concessional foreign-exchange swap facility to encourage foreign-currency inflows, strengthen the balance of payments and support foreign-exchange liquidity. The facility applies to fresh Foreign Currency Non-Resident (Bank) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings. Foreign Currency Non-Resident (Bank) deposits constitute the principal source of inflows mobilised under the arrangement. The facility is available for specified time-bound periods, with a later availability period for Overseas Foreign Currency Borrowings and External Commercial Borrowings.
    August 1, 2026
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    Unauthorised pledge of listed-company land triggered securities-market bars for disclosure failures and misuse of management authority.
    Unauthorised pledge of ZEEL's Hyderabad land as security for loans obtained by promoter-linked entities was treated as a related-party transaction lacking prior audit committee approval. ZEEL failed to disclose the land's deployment in its financial statements. Its Chairman Emeritus was stated to have transferred title deeds by falsely representing management approval and to have concealed the transaction's nature. Securities-market prohibitions and monetary penalties were imposed with immediate effect.
    August 1, 2026
    Show AI Summary
    Trade and sustainable development policy integrates carbon regulation, sustainability standards and domestic frameworks to strengthen trade competitiveness and preparedness.
    Trade and Sustainable Development policy was examined in relation to international trade disciplines, sustainability regulation and India's trade strategy. Discussions considered carbon markets, carbon pricing, carbon border adjustment measures, sustainability standards and regulatory cooperation, and their implications for trade and industrial competitiveness. Domestic mechanisms, including the Carbon Credit Trading Scheme, Indian Carbon Market, Extended Producer Responsibility framework, and accreditation and conformity assessment systems, were considered for strengthening preparedness for emerging sustainability-related trade disciplines.
    August 1, 2026
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    Digital public procurement engagement begins with stakeholder events promoting transparent, efficient and inclusive marketplace governance.
    Government e-Marketplace launched ten-day celebrations preceding its tenth Foundation Day, including a commemorative logo, stakeholder events and recognition of employees, buyers and sellers. The programme begins a year-long nationwide outreach initiative bringing together buyers, sellers, policymakers, industry representatives and ecosystem partners through events, dialogues and collaborative platforms. Its stated focus is technology-enabled, transparent, efficient and inclusive public procurement.
    July 31, 2026
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    Strategic trade controls require dual-use exports to comply with national law and international obligations amid arms-transfer allegations.
    Strategic trade controls governing dual-use exports require Indian exports of dual-use items and technologies to comply with national law and India's international obligations. The stated framework applies to exports to various countries. In response to allegations concerning supplies to Israel, the position notes calls for an arms embargo covering direct or indirect transfers of arms and military material, including weapons, ammunition, parts and components, without determining the underlying allegations.
    July 31, 2026
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    Greenfield airport development under a public-private partnership advances licensed international passenger, cargo, logistics, and sustainable infrastructure.
    A greenfield international airport is being developed under a Public-Private Partnership and Design, Build, Finance, Operate and Transfer framework, with airport, aviation-hub, education and supporting infrastructure components. The airport has obtained an aerodrome licence and required safety, fire and environmental clearances. Passenger, airfield and terminal systems are designed for domestic and international operations. A cargo terminal with cold-chain facilities and integration with port, industrial-corridor and logistics networks are intended to strengthen exports and air-cargo logistics. Recycled-water use and LEED Platinum development standards form part of its environmental measures.
    July 31, 2026
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    Regulatory and legal developments cover trade measures, legislative action, offshore exploration support, court directions and platform algorithm scrutiny.
    The compilation reports proposed United States tariff measures concerning purchasers of Russian oil and gas, India-United Kingdom trade engagement, extension of farmer-support measures, and approval of offshore exploration support. It also covers passage of the Registration of Births and Deaths (Amendment) Bill, 2026, a privilege-motion notice, a criminal sentencing, and directions to appoint a nodal officer for families affected by the Russia-Ukraine war. Regulatory items include industrial credit data and examination of social-media algorithms, bias and public-order implications.
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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.

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      Ukraine poised to sign much anticipated mineral resources deal with US on Wednesday

      April 30, 2025

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      Kyiv, Apr 30 (AP) Ukraine is prepared to sign a landmark mineral resources agreement with the United States in Washington on Wednesday, according to two senior Ukrainian officials who spoke on condition of anonymity because they weren't authorised to discuss the matter publicly.

      Economy Minister Yulia Svyrydenko is currently in Washington for the final coordination of the agreement's technical details, the sources said.

      It wasn't immediately clear whether the Trump administration also was ready to ink the deal.

      Trump has said that he wants Ukraine's rare earth elements as a condition of further support in its more than three-year war with Russia.

      The Ukrainian Cabinet is expected to approve the agreement's text before the Washington meeting, after which it will be signed by an authorised government representative.

      The deal will then require ratification in the Ukrainian parliament before it can take effect.

      According to one of the Ukrainian officials, multiple documents are involved — including a main agreement and at least two technical accords outlining the structure and operations of the joint fund.

      The official said that the Ukrainian side is generally satisfied with how the agreement has evolved following negotiations between both teams.

      The other senior official expressed hope that there would be no further changes from Washington's side.

      Ukraine has introduced new provisions to the agreement, aiming to address earlier concerns that the initial US draft, presented in March, disproportionately favoured American interests. Negotiations between the two sides have continued steadily since then.

      One industry official close to the discussions said that more “details and not just declarations” were added to the text.

      In Moscow, a senior Kremlin official said Wednesday that clinching a deal to end the Russia-Ukraine war “is far too complex to be done quickly,” as the US labours to bring momentum to peace efforts and expresses frustration over the slow progress.

      Meanwhile, a nighttime Russian drone attack on Ukraine's second-largest city of Kharkiv wounded at least 45 civilians, officials said. The United Nations reported that the number of Ukrainian civilian casualties in the more than three-year war has surged in recent weeks amid Washington's attempts to broker a peace agreement.

      Putin wants answers before committing to a ceasefire Russian President Vladimir Putin backs calls for a ceasefire before peace negotiations, “but before it's done, it's necessary to answer a few questions and sort out a few nuances,” Kremlin spokesman Dmitry Peskov said. Putin is also ready for direct talks with Ukraine without preconditions to seek a peace deal, he added.

      “We realise that Washington wants to achieve quick progress, but we hope for understanding that the Ukrainian crisis settlement is far too complex to be done quickly,” Peskov said on his daily conference call with reporters. “There are many details and an array of small nuances that need to be solved before a settlement.” US President Donald Trump has previously expressed frustration over the slow pace of progress in negotiations aimed at stopping the war, which he said he could end in the first 24 hours of his new administration in January.

      Western European leaders have accused Putin of stalling while his forces seek to grab more Ukrainian land. Russia has captured nearly a fifth of Ukraine's territory since Moscow's forces launched a full-scale invasion on Feb 24, 2022.

      Trump has chided Ukrainian President Volodymyr Zelenskyy for steps that he said were “prolonging” the “killing field,” and the US leader has rebuked Putin for complicating negotiations with “very bad timing” in launching deadly strikes that battered the Ukrainian capital, Kyiv.

      Trump has long dismissed the war as a waste of American taxpayer money and lives lost in the conflict. Senior US officials have warned that the administration could abandon the peace efforts if it sees no solution. That could spell an end to crucial military help for Ukraine and heavier economic sanctions on Russia.

      US wants both sides to move faster The US State Department on Tuesday tried again to push both sides to move more quickly.

      “We are now at a time where concrete proposals need to be delivered by the two parties on how to end this conflict," department spokeswoman Tammy Bruce quoted US Secretary of State Marco Rubio as telling her.

      “How we proceed from here is a decision that belongs now to the president,” she told reporters, relating a conversation that she had with Rubio. “If there is no progress, we will step back as mediators in this process.” Russia has effectively rejected a US proposal for an immediate and full 30-day ceasefire, making it conditional on a halt to Ukraine's mobilisation effort and Western arms supplies to Kyiv.

      Russian Foreign Minister Sergey Lavrov claimed Wednesday that Ukraine had accepted an unconditional truce only because it was being pushed back on the battlefield, where the bigger Russian forces have the upper hand.

      “In the context of the developments on the ground, along the front line where the Kyiv regime is increasingly in retreat, they have made an about-turn and started demanding an immediate ceasefire without any preconditions,” Lavrov said at a briefing in Rio de Janeiro where he was attending a ministerial meeting of the BRICS grouping.

      He also suggested that Ukraine's ceasefire promises weren't credible. Both sides have accused each other of breaking previous truces. Independent verification of the battlefield claims wasn't possible.

      UN says Ukrainian civilian casualties are on the rise Meanwhile, Ukrainian civilians have been killed or wounded in attacks every day this year, according to a UN report presented Tuesday in New York.

      The UN Human Rights Office said in the report that in the first three months of this year, it had verified 2,641 civilian casualties in Ukraine. That was almost 900 more than during the same period last year.

      Also, between April 1-24, civilian casualties in Ukraine were up 46% from the same weeks in 2024, it said.

      The Ukrainian air force said that Russia fired 108 Shahed and decoy drones at Ukraine between Tuesday and Wednesday, predominantly at the cities of Dnipro and Kharkiv.

      Also Wednesday, the Ukrainian Security Service claimed its drones struck the Murom Instrument Engineering Plant in Russia's Vladimir region overnight, causing five explosions and a fire.

      The plant located east of Moscow produces ammunition ignition devices, as well as components and products for the Russian Navy and military aviation, a source at the agency told Associated Press. The source spoke on condition of anonymity because he was not authorised to speak publicly about the attack.

      The claim could not be independently verified. (AP) SCY SCY

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