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    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
    SC grants interim bail to businessman Anwar Dhebar in manpower commission 'scam' case
    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
    RBI marginally raises FY27 GDP growth projection to 6.7 pc, lowers inflation forecast
    Collaboration, Inclusion and Entrepreneurship: How SIDBI MSME Samvaad Is Shaping the Future of India’s MSME Ecosystem
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    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
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    Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
    The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
    August 5, 2026
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    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
    Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
    August 5, 2026
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    Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
    A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
    August 5, 2026
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    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
    Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.
    August 5, 2026
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    Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
    Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.
    August 5, 2026
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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.
    August 5, 2026
    Show AI Summary
    Interim bail conditions require residence outside the state and trial attendance in alleged manpower commission corruption proceedings.
    Interim bail was granted to Anwar Dhebar in a matter involving alleged corruption and an illegal commission mechanism linked to a state marketing corporation. Conditions require him to remain outside Chhattisgarh, attend the trial court, and provide his residential address. The allegations concern manpower supply agencies allegedly being compelled to pay commissions for clearance of legitimate bills, with proceeds routed through intermediaries. The case was registered under the Indian Penal Code and the Prevention of Corruption Act.
    August 5, 2026
    Show AI Summary
    Tax certainty measures revise fund-management safe harbours, electronic-payment charges, sectoral exemptions, business-trust treatment, and excess expenditure appropriation.
    The Taxation and Other Laws (Amendment) Bill, 2026 proposes to replace the Income-tax (Amendment) Ordinance, 2026 and amend payment-system and tax laws. It would prohibit charges on notified electronic payments, revise safe-harbour conditions for eligible investment funds and fund managers, and expand tax exemptions for Government securities, qualifying rough-diamond sales and bonded-warehouse component storage. It also modifies exemptions concerning electronic-goods contract manufacturing, data centres and business-trust dividends, while imposing a differentiated surcharge on qualifying special purpose vehicles. A separately included appropriation bill authorises excess expenditure from the Consolidated Fund of India.
    August 5, 2026
    Show AI Summary
    Growth and inflation projections reflect resilient domestic activity while energy volatility, supply disruptions, and food prices sustain inflation risks.
    Monetary policy projections for fiscal 2026-27 revise real GDP growth upward to 6.7 per cent and Consumer Price Index inflation downward to 5 per cent. Domestic activity is described as resilient amid global uncertainty, but inflationary risks persist from rainfall disruption, energy-price volatility, supply-chain uncertainty, and second-round effects of higher food, fuel and input costs. Core inflation is projected at 4.3 per cent for the fiscal year.
    August 5, 2026
    Show AI Summary
    Industry collaboration strengthens MSME competitiveness through shared resources, market linkages, capability building and inclusive support for women entrepreneurs.
    MSME development is linked to collaboration, knowledge-sharing, institutional support and capability building. Industry associations can provide networking, policy advocacy, business intelligence, skills programmes, shared infrastructure and market linkages, while collective procurement, shared logistics, digital commerce and export readiness may improve competitiveness. Women-led enterprises benefit from market-oriented capability development, mentorship, continuous learning, professional networks, capacity-building programmes and institutional support. The Development of Industry Associations initiative is intended to connect associations and facilitate the sharing of best practices.

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      News and Press Release

      Opening Statement by Prime Minister at Plenary Session of India-ASEAN Commemorative Summit

      December 20, 2012

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      Press Information Bureau

      Government of India

      Prime Minister's Office

      20-December-2012 17:31 IST

      Following is the text of the Prime Minister, Dr. Manmohan Singh’s opening statement at Plenary Session of Indian-ASEAN Commemorative Summit in New Delhi today:

      ‘It is a great honour and privilege for me to welcome you and your delegations to India. This is the first time that leaders from all ten ASEAN countries are with us here in Delhi. It is a historic moment for us and our region. We are commemorating not only twenty years of Dialogue Partnership and ten years of annual summits between India and ASEAN; we are also celebrating something more enduring and precious.

      India and South-east Asia have centuries-old links. People, ideas, trade, art and religions have long criss-crossed this region. A timeless thread of civilization runs through all our countries. While each one of us has a unique and rich heritage, there are abiding linkages of culture and custom, of art and religion and of civilization, all of which create a sense of unity in the diversity and pluralism in our region. In addition, given that together we constitute a community of 1.8 billion people, representing one-fourth of humanity, with a combined GDP of 3.8 trillion U.S. dollars, it is only natural that India should attach the highest priority to its relationship with ASEAN.

      We see our partnership with ASEAN not merely as a reaffirmation of ties with neighbouring countries or as an instrument of economic development, but also as an integral part of our vision of a stable, secure and prosperous Asia and its surrounding Indian Ocean and Pacific regions.

      The breadth and intensity of India’s engagement with Southeast Asia is unmatched by any of our other regional relationships. We have institutionalized annual summits; many of our sectoral dialogues have been elevated into ministerial consultations; and nearly 25 mechanisms for dialogue and cooperation between us cover virtually every field of human endeavour.

      This engagement has flourished particularly in the area of trade. India-ASEAN trade has grown over ten times in the ten years since we launched the annual summits. Following the implementation of our FTA in Goods, trade grew by 41% in Indian fiscal year of 2011-12. Two-way flows in investments have also grown rapidly to reach 43 billion U.S. dollars over the past decade. As ASEAN investments into India have multiplied, ASEAN countries too have emerged as major destinations for Indian companies. From energy resources to farm products, from materials to machinery, and from electronics to information technology, Indian and ASEAN companies are forging new partnerships of trade and investment.

      It gives me great pleasure, therefore, to see that our Commemorative Summit today coincides with the conclusion of negotiations for the FTA in Services and Investments. This represents a valuable milestone in our relationship. I am confident it will boost our economic ties in much the same way the FTA in Goods has done.

      Excellencies, the India-ASEAN engagement began with a strong economic emphasis, but it has also become increasingly strategic in its content. Our political dialogue has grown, our consultations in regional forums have intensified, and our defence and counter-terrorism cooperation have expanded. Naturally, this partnership is important because our histories are intertwined. Equally, I feel, our future is inter-linked and a stable, secure and prosperous Indo-Pacific region is crucial for our own progress and prosperity. There is, therefore, mutual benefit in these aspects of our engagement.

      The path to regional peace and stability is greater coordination, cooperation and integration among our economies. ASEAN has shown the way for the entire region, building a regional mechanism of cooperation and consensus that has become a great force for peace and prosperity. It has also emerged as the principal architect and driver of economic and security structures and institutions that are emerging in the region. ASEAN centrality and leadership are essential elements for the success of these forums and India fully supports ASEAN as the lynchpin of these efforts. We also support the objective of an ASEAN Community by 2015 and will continue to be an active participant in the Initiative for ASEAN Integration and the ASEAN Master Plan on Connectivity.

      Excellencies, in so far as the broad lines of cooperation in coming years are concerned, I feel we should intensify our political and security consultations, including in regional forums such as the East Asia Summit, the ASEAN Regional Forum and the ASEAN Defence Ministers’ Meeting Plus. We should work together more purposefully for the evolution of an open, balanced, inclusive and transparent regional architecture.

      The growing role and responsibilities of ASEAN and India in global affairs also call for increased consultation on a broader range of international developments.

      As maritime nations, India and ASEAN nations should intensify their engagement for maritime security and safety, for freedom of navigation and for peaceful settlement of maritime disputes in accordance with international law. We should also foster regional cooperation to counter piracy and respond to natural disasters.

      Naturally, our ability to work together in regional and global contexts will be stronger if we are able to deepen our own engagement and cooperation. In this context, connectivity – physical, institutional, people-to-people, digital and by sea and air – holds the key to closer partnership between India and ASEAN. Tomorrow’s flagging down of the India-ASEAN Car Rally will not only celebrate a remarkable journey by brave men and women, but also symbolize how connectivity can link people, stimulate trade and generate prosperity across the region. We should, therefore, attach high priority to a quick implementation of the India-Myanmar-Thailand Trilateral Highway and its extension to Lao PDR and Cambodia. We should also launch the second track that would run from India through Myanmar, Lao PDR and Cambodia to Vietnam.

      Similarly, the Indian Naval Ship INS Sudarshini, which is on a six-month expedition to nine ASEAN countries, not only draws attention to our maritime links, but to the economic potential of sea-based connectivity.

      These infrastructure projects demand enormous finances. We should think of innovative ways of financing and executing these projects, which also draw upon the expertise and resources of the private sector.

      Improved connectivity will lead to expanded commerce. I am optimistic that our trade will exceed 100 billion U.S. dollars by 2015 and we should aim for the milestone of 200 billion U.S. dollars ten years from now. We should also build on commendable initiatives like the annual India-ASEAN Business Fair and Conclave and energize our Business Council. Linkages between small and medium enterprises, which are central to our economies, should be promoted.

      Many of us around this table share common challenges of energy and food security, rapid urbanization, climate change, the empowerment of people through education and skill development. We should use the opportunities available to work together in addressing these. I would like to state that, drawing on the experience of the India-ASEAN Plan of Action and the recommendations of the India-ASEAN Eminent Persons’ Group, we will expand our support for innovative mechanisms like the ASEAN-India Fund, the ASEAN-India Green Fund and the ASEAN-India S&T Fund to take our cooperation forward in diverse fields.

      Excellencies, this is a time of great flux and transition, with several unsettled questions and unresolved issues in our region. Our responsibility to work for peace has increased and become more urgent. Our shared values, convergent world views and similarities in approaches to the region should help us make the India-ASEAN relationship more comprehensive and elevate it to a Strategic Partnership for the next decade and beyond.

      With these words, I once again wish to thank you, Excellencies, for joining me here in New Delhi. Your participation has already made this Summit memorable. I very much look forward to hearing your valuable views on the future of our relationship.

      I would now like to invite my co-Chair, H.E. Mr. Hun Sen, the Prime Minister of Cambodia, to share his views on the future of India-ASEAN partnership.”

      ***

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