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    Andhra records 21 per cent growth in net GST collections till July
    J&K crime branch chargesheets accused in separate bank, insurance fraud cases
    MCD-facilitated PM Vishwakarma Scheme enrols over 41,000 artisans in Delhi
    Gross GST mop-up grows 15.4 pc to over Rs 2.11 lakh cr in July on higher imports, sales
    Gross and Net GST revenue collections for the month of July, 2026
    India and Rwanda Hold First Joint Trade Committee Meeting to Deepen Bilateral Trade and Investment Cooperation
    West Bengal GST collection rises 2 pc in July to Rs 5,564 crore
    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
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    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
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    August 1, 2026
    Show AI Summary
    GST compliance enforcement through AI analytics supported sustained net GST collection growth despite rate rationalisation reforms and reduced compliance costs.
    GST revenue mobilisation in Andhra Pradesh showed year-on-year growth in net GST and total commercial tax collections through July 2026, despite rate-rationalisation reforms. Revenue growth was attributed to AI-based scrutiny and analytics, machine-learning risk scoring, AI-driven IGST reversals, UPI-based enforcement analytics, data sharing, predictive analytics, registration verification, and Aadhaar-integrated expansion of the professional-tax base. These measures were stated to strengthen compliance, curb wrongful input tax credit claims, broaden taxpayer coverage, and improve revenue mobilisation.
    August 1, 2026
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    Economic-offences fraud chargesheets address alleged fictitious loans, forged insurance surrender papers, and diversion of bank and policy funds.
    Economic-offences chargesheets were filed in separate alleged bank and insurance fraud matters. The bank investigation alleged fictitious loan sanctions and overdrafts beyond delegated authority, involving cheating, forgery, use of forged documents and criminal conspiracy. The insurance investigation alleged that duplicate policy records and forged surrender documents were used to open a fraudulent account in a policyholder's name and divert policy proceeds. Records, witness statements, documentary evidence and forensic examination were cited in support of the allegations.
    August 1, 2026
    Show AI Summary
    PM Vishwakarma Scheme implementation expands artisan enrolment, skills, credit, e-commerce access and export facilitation while addressing documentation barriers.
    PM Vishwakarma Scheme implementation in Delhi facilitated artisan enrolment, application processing, skill training, toolkit distribution, loan access, e-commerce onboarding and export-related support. Awareness workshops and tele-calling campaigns were used to promote participation and follow up on benefits. Key implementation challenges concerned outreach to informal clusters, digital literacy, delays in Aadhaar and IEC documentation, and additional support for Divyang artisans. Planned action includes expanding workshops, scaling e-commerce onboarding, strengthening export facilitation and coordination with implementing agencies.
    August 1, 2026
    Show AI Summary
    Goods and Services Tax collections rise on domestic consumption and imports, while elevated import revenue prompts assessment of underlying drivers.
    Goods and Services Tax collections for July increased over the corresponding prior-year period, supported by domestic sales and imports. Gross receipts included Central GST, State GST and Integrated GST, with net GST revenue calculated after adjusting refunds. For the April-July period, gross and net collections also increased. Commentary linked domestic GST growth to consumption, formalisation and industrial activity, while identifying elevated import GST collections as an area requiring assessment of import composition, currency effects and volumes.
    August 1, 2026
    Show AI Summary
    GST revenue collections show provisional gross, refund and net revenue trends, with State-wise settlement and domestic collection data.
    GST revenue collections for July 2026 are reported provisionally through gross domestic and import revenue, domestic and export-related refunds, and net GST revenue after refunds. The data also sets out SGST collections and the SGST share of IGST settled to States and Union Territories, both monthly and cumulatively. State-wise domestic GST growth excludes GST on imported goods, while jurisdiction-wise data allocates collections between central and State formations and identifies CGST, SGST and IGST components.
    August 1, 2026
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    Bilateral trade cooperation expands through a Joint Trade Committee covering investment, critical minerals, healthcare, digital technologies and market access.
    Bilateral trade and investment cooperation between India and Rwanda is to be advanced through a structured Joint Trade Committee mechanism for reviewing commerce, diversifying trade, promoting investment, facilitating business engagement and addressing market-access and logistical issues. Priority cooperation includes critical minerals, pharmaceuticals and healthcare, agriculture and agro-processing, standards harmonisation, digital public infrastructure, fintech, cybersecurity, green mobility and renewable energy. Investment focal points will support engagement, while capacity-building assistance and close monitoring of the Agreed Minutes are intended to support time-bound implementation.
    August 1, 2026
    Show AI Summary
    GST collection growth in West Bengal continued year-on-year in July but remained below the national growth trend.
    West Bengal's July GST collection increased year-on-year and over the preceding month, marking a second consecutive month of annual growth. Official data also indicated that the State's annual growth rate was below the national trend, while gross domestic GST revenue excluding imports and overall gross GST collections including import-related taxes rose nationally during July.
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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.

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      Elon Musk's pullback from politics comes after his last big investment was flop

      May 21, 2025

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      Madison, May 21 (AP) Wisconsin could go down as billionaire Elon Musk's last big spend on a political campaign.

      And it was a flop.

      Musk, the richest person in the world, said Tuesday that he would be spending less on political campaigns. The announcement came as Musk is stepping back from his role in the Trump administration, saying he will spend more time focused on his businesses, and just seven weeks after the candidate he backed in Wisconsin's Supreme Court race lost by 10 percentage points.

      Democrats in the swing state said Musk's comments show that a party-led effort in this spring's election, dubbed “ People vs. Musk, ” succeeded in making Musk and his money “toxic.” “The people have won,” said Wisconsin Democratic Party Chairman Ben Wikler. “The biggest funder in Republican politics is taking his toys and going home." Brandon Scholz, a retired longtime Republican strategist in the state, said that at least in Wisconsin, “after that court race he deserves to be labelled as toxic.” But that doesn't mean Musk couldn't spend money on races in the state and nationally again, especially if the stakes are high and his money could make a difference, Scholz said.

      “Does he bring with him a lot of baggage? Possibly,” Scholz said. “But over time, maybe not as much." Musk's spending in this year's Wisconsin Supreme Court race helped make it the most expensive court race in US history. And it came just five months after Musk spent at least USD 250 million to help President Donald Trump win, reversing losses in Wisconsin and other battleground states four years earlier.

      Musk was all-in on the Wisconsin Supreme Court race, even making a personal appearance in Green Bay the weekend before the election wearing a cheesehead hat — popular with fans of the NFL's Green Bay Packers — and personally handing out checks for USD 1 million to supporters.

      It was an extension of Musk's high-profile role in the presidential race, where he campaigned alongside Trump and headlined some of his own rallies.

      “It's a super big deal,” he told the roughly 2,000-person crowd in the event center, where hundreds of protesters were rallying against his appearance outside. “I'm not phoning it in. I'm here in person.” But his appearance — and money — didn't work.

      The candidate Musk backed lost Brown County, the home of Green Bay, by 3 percentage points, going on to lose statewide by more than three times that margin.

      After the defeat, Musk has said little publicly about the race and his involvement in it. His popularity has also plummeted.

      An Associated Press-NORC Center for Public Affairs poll taken two weeks after the Wisconsin court election found that just 33 per cent of adults had a favourable view of the Tesla CEO, down from 41 per cent in December.

      Musk's involvement in the race came at the same time he was the chain-saw-wielding face of the Trump administration's effort to downsize the federal government.

      His Department of Government Efficiency, also known as DOGE, has enacted deep cuts to the workforce and spending, in some cases seeking to shutter entire agencies, but it has fallen far short of its goals for reducing federal spending.

      Democratic US Rep. Mark Pocan, of Wisconsin, is one of the most liberal members of Congress and a loud critic of both Trump and Musk.

      Pocan is sceptical that Musk truly will back away.

      “I don't believe any of it, first of all,” Pocan said. “This just means they realize how toxic Elon Musk is and the work he did through DOGE.” Kelda Roys, a Democratic state senator, was also tempered in her excitement over Musk saying he plans to do a “lot less” political spending in the future.

      “There's a ton of other billionaire bros, I'm sure, willing and happy to step up in his place,” Roys said.

      Musk could also get involved with future races, but in a much more low-profile way, said Scholz, the Republican.

      “In Wisconsin, he had such a huge, huge, huge profile,” Scholz said. "He became the campaign. He became the story.” Musk spent at least USD 3 million on the Wisconsin Supreme Court race himself. Musk-backed groups America PAC and a Rebuilding America's Future spent another USD 19 million in support of the Republican-backed candidate Brad Schimel. That was part of more than USD 100 million spent on both sides.

      America PAC spent at least USD 6 million on vendors who sent door-to-door canvassers across the state, according to the nonpartisan Wisconsin Democracy Campaign. It was a reprise of what the group did last fall across the seven most competitive presidential battleground states, including Wisconsin, which were carried by Trump.

      In addition to his political contributions, Musk paid three individual voters USD 1 million each for signing a petition in an effort to goose turnout. Musk also offered to pay USD 20 to anyone who signed up on his group's site to knock on doors for Schimel and posted a photo of themselves as proof. His organisation promised USD 100 to every voter who signed the petition against “activist judges” and another USD 100 for every signer they referred.

      Musk himself hosted Schimel on his podcast and cast what was at stake in stark terms.

      “A seemingly small election could determine the fate of Western civilization,” Musk said in a social media post on the April 1 election day. “I think it matters for the future of the world.” Democrats made the race a referendum on both Musk and Trump's agenda, successfully electing a judge whose victory ensures the Wisconsin Supreme Court will remain under liberal control until at least 2028.

      Coincidentally, Musk's announcement about spending less on political races came just hours after a liberal judge announced her candidacy for the 2026 Wisconsin Supreme Court race.

      Wisconsin Appeals Court Judge Chris Taylor is challenging a conservative incumbent justice who sided with Trump in his unsuccessful lawsuit that attempted to overturn his 2020 loss in Wisconsin. The race will be decided in April, months before the midterms in which Democrats hope unease with Trump and Musk will help the party make gains.

      Taylor appeared to be taking a similar approach to her campaign that the winning Democratic-backed candidate did this year.

      “My campaign is going to be a campaign about the people of this state," she told The Associated Press, “not about billionaires, not about the most powerful.” (AP) GRS GRS

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