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    DRI busts illegal drug manufacturing unit in Satara district in Maharashtra; two arrested
    CCI approves proposed combination inter alia involving share acquisition(s) and merger of certain entities e.g. AAPC India, Triguna, Caddie, SMPL, Tec...
    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
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    August 6, 2026
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    Illicit psychotropic drug manufacture triggered seizure, apprehensions, and investigation into planned trafficking under narcotics control law.
    Illicit manufacture and trafficking of Alprazolam and Diazepam, psychotropic substances regulated under the Narcotic Drugs and Psychotropic Substances Act, 1985, were detected at a clandestine facility. Searches recovered finished and intermediary substances, together with raw materials and reaction mixtures used in manufacture, and the goods were seized under the Act. The manufacturer and an intended buyer were apprehended, with material indicating a proposed transaction for further illicit trafficking. Preliminary investigation indicated prior involvement in illegal drug production and trafficking.
    August 6, 2026
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    Competition approval for hotel-sector consolidation covers share acquisitions and merger of Accor-branded hotel entities into InterGlobe Hotels.
    Competition approval was granted for related share acquisitions and the merger of AAPC India, Caddie, Triguna, Srilanand Mansions, Techpark and Accent into InterGlobe Hotels. The combination involves entities jointly controlled by the Bhatia Family Group and the Accor Group, including hotel-owning and developing entities, hotel management and franchising operations, leasing activities, and captive consultancy and support services relating to Accor-branded hotels in India.
    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
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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.
    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
    Show AI Summary
    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.

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      Saudi crown prince welcomes Trump to kingdom as US leader begins 4-day Middle East tour

      May 13, 2025

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      Riyadh, May 13 (AP) US President Donald Trump kicked off a four-day Middle East trip on Tuesday in Saudi Arabia, putting the focus on sealing economic agreements with a key Mideast ally while shared concerns about Iran's nuclear programme and the war in Gaza dragging on in the background.

      Crown Prince Mohammed bin Salman, the Saudi de facto ruler, warmly greeted Trump as he stepped off Air Force One at King Khalid International Airport in the Saudi capital. The two leaders then retreated to a grand hall at the Riyadh airport, where Trump and his aides were served traditional Arabic coffee by waiting attendants wearing ceremonial gun belts.

      “I really believe we like each other a lot,” Trump said later during a brief appearance with the crown prince at the start of a bilateral meeting.

      Prince Mohammed has already committed to some USD 600 billion in new Saudi investment in the US, but Trump teased USD 1 trillion would be even better.

      Fighter jet escort The pomp began before Trump even landed. Royal Saudi Air Force F-15s provided an honourary escort for Air Force One as it approached the kingdom's capital.

      Trump and Prince Mohammed also took part in a lunch at the Royal Court, gathering with guests and aides in an ornate room with blue accents and massive crystal chandeliers.

      As he greeted business titans with Trump by his side, Prince Mohammed was animated and smiling.

      It was a stark contrast to his awkward fist bump with then-President Joe Biden, who looked to avoid being seen on camera shaking hands with the prince during a 2022 visit to the kingdom.

      Biden had decided to pay a visit to Saudi Arabia as he looked to alleviate soaring prices at the pump for motorists at home and around the globe.

      At the time, Prince Mohammed's reputation had been badly damaged by a US intelligence determination that found he had ordered the 2018 killing of journalist Jamal Khashoggi.

      But that dark moment appeared to be distant memory for the prince as he rubbed elbows with high-profile business executives — including Blackstone Group CEO Stephen Schwarzman, BlackRock CEO Larry Fink and Tesla and SpaceX CEO Elon Musk — in front of the cameras and with Trump by his side.

      Later, the crown prince will fete Trump with a formal dinner. Trump is also slated to take part Tuesday in a US-Saudi investment conference.

      Oil production Saudi Arabia and fellow OPEC+ nations have already helped their cause with Trump early in his second term by stepping up oil production. Trump sees cheap energy as a key component to lowering costs and stemming inflation for Americans.

      The Republican president has also made the case that lower oil prices will hasten an end to the Russia-Ukraine war.

      But Saudi Arabia's economy remains heavily dependent on oil, and the kingdom needs a fiscal break-even oil price of USD 96 to USD 98 a barrel to balance its budget. It's questionable how long OPEC+, of which Saudi Arabia is the leading member, is willing to keep production elevated.

      The price of a barrel of Brent crude closed Monday at USD 64.77.

      “One of the challenges for the Gulf states of lower oil prices is it doesn't necessarily imperil economic diversification programmes, but it certainly makes them harder,” said Jon Alterman, a senior Middle East analyst at the Centre for Strategic and International Studies in Washington.

      Qatar and UAE next Trump picked the kingdom for his first stop, because it has pledged to make big investments in the US, but Trump ended up travelling to Italy last month for Pope Francis' funeral.

      Riyadh was the first overseas stop of his first term.

      The three countries on the president's itinerary — Saudi Arabia, Qatar and the United Arab Emirates — are all places where the Trump Organisation, run by Trump's two elder sons, is developing major real estate projects. They include a high-rise tower in Jeddah, a luxury hotel in Dubai and a golf course and villa complex in Qatar.

      Trump is trying to demonstrate that his transactional strategy for international politics is paying dividends as he faces criticism from Democrats who say his global tariff war and approach to Russia's war on Ukraine are isolating the United States from allies.

      He's expected to announce deals with the three wealthy countries that will touch on artificial intelligence, expanding energy cooperation and perhaps new arms sales to Saudi Arabia. The administration earlier this month announced initial approval to sell USD 3.5 billion worth of air-to-air missiles for Saudi Arabia's fighter jets.

      But Trump arrived in the Middle East at a moment when his top regional allies, Israel and Saudi Arabia, are far from neatly aligned with his approach.

      Trump's decision to skip Israel remarkable, expert says Before the trip, Trump announced that Washington was halting a nearly two-month US airstrike campaign against Yemen's Houthis, saying the Iran-backed rebels have pledged to stop attacking ships along a vital global trade route.

      The administration didn't notify Israel — which the Houthis continue to target — of the agreement before Trump publicly announced it. It was the latest example of Trump leaving the Israelis in the dark about his administration's negotiations with common adversaries.

      In March, Israeli Prime Minister Benjamin Netanyahu wasn't notified by the administration until after talks began with Hamas about the war in Gaza. And Netanyahu found out about the ongoing US nuclear talks with Iran only when Trump announced them during an Oval Office visit by the Israeli leader last month.

      “Israel will defend itself by itself,” Netanyahu said last week following Trump's Houthi truce announcement. “If others join us — our American friends — all the better.” William Wechsler, senior director of the Rafik Hariri Centre and Middle East Programmes at the Atlantic Council, said Trump's decision to skip Israel on his first Middle East visit is remarkable.

      “The main message coming out of this, at least as the itinerary stands today, is that the governments of the Gulf... are in fact stronger friends to President Trump than the current government of Israel at this moment,” Wechsler said.

      Restarting efforts to normalise Israel-Saudi ties Trump, meanwhile, hopes to restart his first-term effort to normalise relations between the Middle East's major powers, Israel and Saudi Arabia. Trump's Abraham Accords effort led to Sudan, the UAE, Bahrain and Morocco agreeing to normalise relations with Israel.

      But Riyadh has made clear that in exchange for normalisation it wants US security guarantees, assistance with the kingdom's nuclear programme and progress on a pathway to Palestinian statehood.

      There seems to be scant hope for making headway on a Palestinian state with the Israel-Hamas war raging and the Israelis threatening to flatten and occupy Gaza.

      Prince Mohammed last week notably hosted Palestinian Vice President Hussein al-Sheikh in Jeddah on the official's first foreign visit since assuming office in April.

      Hussain Abdul-Hussain, a research fellow at the Foundation for Defence of Democracies, said the crown prince appeared to be subtly signalling to Trump that the kingdom needs to see progress on Palestinian statehood for the Saudis to begin seriously moving on a normalisation deal with the Israelis. (AP) NPK NPK

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