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    ED files chargesheets in 2 PMLA cases against Anil Ambani Group companies, ex-executives
    RJD criticises UDF govt's move not to disburse pensions through cooperative banks
    Raymond Limited reports a healthy Q1 FY27 performance
    Why Most People Choose the Wrong Savings Account And How Not to Be One of Them
    RBI has proactively helped UCBs; cooperatives should look at regulator differently: Shah
    Ministry of Agriculture, Food and Rural Affairs and aT Host '2026 K-Food Fair in New Delhi, India'
    No compromise on tackling illegal immigrants' issue: Minister Priyank Kharge
    Technology, transparency key for urban cooperative banks to stay competitive: Shah
    Paul Merchants Gets RBI Approval for Perpetual AD Category-II Licence Under Revised FEMA Framework
    IEPFA Organises Stakeholder Engagement with Nodal Officers of Companies on Integrated IEPFA Portal 2.0
    Rupee settles with 5 paise gain at 95.17 against US dollar
    India weathered Hormuz disruption without fuel shortages: Puri
    RBI invites public comments on the draft Directions on ‘Credit Valuation Adjustment (CVA) Framework’
    RBI invites comments on the draft “Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Eleventh Amendment Directions, ...
    87 Proposals Received under BHAVYA Scheme during First Round of Phase-I
    India successfully concludes the 16th BRICS Trade Ministers' Meeting in Jaipur under its BRICS Chairship 2026
    GeM Completes a Decade of Transforming Public Procurement with Cumulative GMV Exceeding ₹20 Lakh Crore
    NEWS HIGHLIGHTS
    India's forex kitty swells by USD 10.5 bn to USD 692.87 bn
    Rs 5,000 cr credited to 6.22 lakh Maharashtra farmers so far under loan waiver scheme: Fadnavis
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    August 9, 2026
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    Direct Benefit Transfer pension disbursement replaces cooperative-bank doorstep delivery, while preserving home payments for beneficiaries unable to use bank accounts.
    Direct Benefit Transfer of social security and welfare pensions to Aadhaar-linked bank accounts is intended to replace cooperative-bank doorstep delivery, except for bedridden and similarly situated beneficiaries. The change addresses delays in remitting undistributed pensions, deficient record updates and reconciliation, duplicate payments, delivery incentives, and compliance with Direct Benefit Transfer norms. Criticism focuses on beneficiary access to linked commercial-bank accounts, possible minimum-balance deductions, exclusion of cooperative banks, and the effect on doorstep-delivery workers.
    August 8, 2026
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    Engineering business growth supported Raymond's first-quarter performance, with export expansion, capacity investment and net-debt-free financial flexibility.
    Raymond Limited reported unaudited first-quarter FY27 growth in total income, EBITDA and profit before tax before exceptional items, while remaining net-debt-free with a net cash surplus. Its Engineering business comprises Precision Technology & Auto Components and Aerospace & Defence. Growth in the former was attributed to export expansion, operating leverage, product mix and cost reductions. Aerospace & Defence growth was linked to production for global OEMs, portfolio expansion and increased capacity, although margins were affected by targeted research and development investment. Forward-looking statements remain subject to regulatory, political, economic and technological risks.
    August 8, 2026
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    Savings account selection requires comparison of effective interest, fees, digital service, access, and individual banking needs.
    Savings-account selection should compare effective interest returns under slab-based rates, recurring operating charges and the customer's actual banking needs. Net value depends not only on advertised rates but also on relevant minimum-balance, card, ATM, alert and transfer fees. Digital reliability, customer support, branch availability and ATM access should be assessed according to the customer's average balance, cash use, transfer frequency, travel patterns and need for in-person assistance. The suitable account is one that matches real banking behaviour.
    August 8, 2026
    Show AI Summary
    Urban cooperative bank regulation promotes licensing, governance, compliance support and cybersecurity measures to strengthen stability and depositor confidence.
    Urban cooperative banks are encouraged to recognise regulatory support through liberalised branch opening, doorstep banking, demand drafts, life certificates, dedicated regulatory coordination, enhanced gold-loan limits, one-time settlements and progress towards on-tap licensing. Sound governance is material to sectoral stability, while small-borrower lending is presented as a comparatively safe lending segment. The umbrella body can support member banks through technical expertise, compliance assistance, cybersecurity solutions and participation in a security operations centre to strengthen depositor confidence.
    August 8, 2026
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    Korean food export promotion combines buyer consultations, regulatory guidance and consumer experiences to support entry into Indian and South Asian markets.
    Korean food export promotion in India and South Asia combined business consultations with consumer-facing activities. Individual meetings connected Korean exporters with regional buyers and generated memoranda of understanding for products including frozen gimbap, ginseng wine and kombucha. Exporters received on-site guidance concerning non-tariff barriers, including food import customs clearance and certification requirements. Preparatory online sessions addressed import procedures, regulatory matters and consumer trends, while consumer events promoted Korean food through tasting, retail and experiential activities.
    August 8, 2026
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    Illegal immigration enforcement prioritises dismantling entry, documentation and employment networks while requiring citizens to report information through police channels.
    Illegal immigration enforcement involves continuous identification and verification operations, coordination with relevant officials, and confidential investigation of networks facilitating entry, identity documentation, accommodation and employment. Enquiries extend to intermediaries, contractors, Aadhaar procurement and verification practices, rather than focusing only on apprehended individuals. Citizen vigilantism, moral policing and social-media targeting of suspected migrants are discouraged because they may compromise investigations; information should instead be given through proper police channels.
    August 8, 2026
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    Technology, transparency and governance strengthen urban cooperative banks through modern customer services, depositor protection and cooperative-sector support.
    Technology adoption, transparency, sound governance and modern customer services are identified as necessary for urban cooperative banks to remain competitive. Banks are encouraged to join the sector's umbrella organisation and self-regulatory body, which provides capital, information-technology infrastructure and liquidity support. Protection of depositors' money remains a regulatory responsibility, while banks are expected to improve governance, train staff, adopt technology and enhance customer-centric services. Customer prosperity and reduced perception gaps between the central bank and urban cooperative banks are emphasised as measures to strengthen the sector.
    August 8, 2026
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    Authorised Dealer Category-II licensing expands permissible FEMA current account and foreign trade transaction services for cross-border payment customers.
    An Authorised Dealer Category-II approval under the Foreign Exchange Management (Authorised Persons) Regulations, 2026 enables Paul Merchants to undertake additional permissible non-trade current account transactions under FEMA, excluding gifts and donations, and foreign trade transactions within the applicable per-transaction limit. The approval supports foreign exchange and cross-border payment services, including overseas remittances for education, medical treatment, travel, and conference or event participation.
    August 8, 2026
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    Integrated investor claim portal modernisation advances digital KYC, streamlined verification, stakeholder-informed safeguards, and efficient investor claim settlement services.
    Integrated IEPFA Portal 2.0 is proposed to modernise investor claim processing through digital KYC, pre-filled Form IEPF-5, entitlement search, and a simplified e-Verification Report filing workflow. Stakeholder feedback included Aadhaar eKYC address validation, KYC for authorised representatives, entitlement-letter validation checks, bulk DSC and eSign functionality, integration of approved IEPF Form-4 data, lower-value share valuation using NSE and BSE data, and alerts for frequent address changes to prevent fraud.
    August 7, 2026
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    Foreign capital inflows supported the rupee despite geopolitical uncertainty, oil-price pressures, and volatile global market sentiment.
    Foreign capital inflows supported a marginal strengthening of the rupee against the US dollar despite global risk aversion arising from uncertainty surrounding negotiations affecting the Strait of Hormuz. Higher crude oil prices and weak domestic equity sentiment remained relevant pressures. Near-term currency movement was expected to depend on developments in the negotiations, weekend decisions, US employment data, the dollar index, crude oil prices, and the reported increase in foreign exchange reserves.
    August 7, 2026
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    Energy security through diversified sourcing protected fuel supplies during Hormuz disruption and supports domestic exploration and alternative fuels.
    Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.
    August 7, 2026
    Show AI Summary
    Credit valuation adjustment framework revises derivative capital requirements through flexible basic approaches, hedge recognition, and risk-sensitive counterparty treatment.
    Credit Valuation Adjustment framework revisions align CVA capital treatment with final Basel III standards. Eligible banks may use the full or reduced basic approach, while banks with an insignificant volume of non-centrally cleared derivatives may calculate their CVA capital charge at 100 per cent of the counterparty credit risk capital charge. The draft also clarifies CVA hedge recognition, introduces risk weights sensitive to sector and credit quality, and separates systematic and idiosyncratic CVA risk in the full basic approach.
    August 7, 2026
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    Leverage ratio framework amendments propose Basel-aligned capital adequacy standards, with public feedback invited on the draft directions.
    Proposed amendments to the leverage ratio framework would revise Chapter VII of the 2025 Commercial Banks Prudential Norms on Capital Adequacy Directions to implement the Basel Committee's Leverage Ratio 2017 Standard. Public comments and feedback on the draft Eleventh Amendment Directions, 2026, are invited until August 28, 2026, through the designated online platform, postal submission, or email.
    August 7, 2026
    Show AI Summary
    BHAVYA Scheme project selection uses challenge-based evaluation of infrastructure, industrial ecosystems, and policy enablers under prescribed eligibility criteria.
    BHAVYA Scheme Phase-I proposals submitted by State and Union Territory governments will be evaluated and scored under prescribed eligibility and evaluation criteria. Challenge-based project selection considers connectivity and site suitability, quality of core, value-added and social infrastructure in the detailed project report, and the industrial ecosystem and policy enablers. The Scheme guidelines provide for completion of the first-phase selection process within one year from notification.
    August 7, 2026
    Show AI Summary
    Multilateral trade cooperation preserves developing economies' policy space while advancing MSME finance, diversified value chains and digital services.
    BRICS ministers adopted measures supporting a development-centred multilateral trading system with the World Trade Organization at its core, preservation of Special and Differential Treatment, binding two-tier dispute settlement, and developing economies' policy space for food security and public stockholding. MSME measures include study of an invoice discounting mechanism and credit-assessment principles focused on cash flow rather than collateral. Value-chain measures provide for a GVC Action Plan, technical cooperation, Special Economic Zone cooperation and digitised trade documents, alongside principles for trusted cross-border digitally delivered services.
    August 7, 2026
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    Digital public procurement promotes transparent sourcing, reduced seller charges, competition monitoring and evidence-based spending oversight through an integrated marketplace.
    Government e-Marketplace digitises public procurement through a unified platform promoting transparency, efficiency, good governance and wider supplier participation. Seller-facing measures include reduced transaction charges, exemption of smaller orders, a cap on maximum transaction fees and reduced vendor assessment fees. The platform uses Artificial Intelligence and Machine Learning tools to identify suspected cartelisation, collusion and order splitting, while its digital transactional trail supports expenditure monitoring, identification of inefficiencies and evidence-based policy interventions.
    August 7, 2026
    Show AI Summary
    Criminal justice, extremist-material regulation and administrative schemes feature in reports on prosecutions, demolition practices, loan waivers and fuel policy.
    Criminal justice reports cover bail and an expedited trial in an assault prosecution, arrest for allegedly sheltering an accused, allegations of rape and murder of a minor, and claimed irregularities in a police recruitment examination. Regulatory developments include a ban on extremist literature associated with proscribed organisations and judicial disapproval of coercive demolition. Administrative coverage includes farmer loan-waiver transfers following Aadhaar authentication and debate over the E20 fuel-blending programme.
    August 7, 2026
    Show AI Summary
    Foreign exchange reserves rose as foreign currency assets, gold holdings, Special Drawing Rights and IMF reserve position increased.
    India's foreign exchange reserves increased during the week ended July 31, principally because of higher foreign currency assets and gold reserves. Foreign currency assets include US dollar valuation effects arising from movements in currencies such as the euro, pound and yen. Special Drawing Rights and India's reserve position with the International Monetary Fund also increased. The movement followed measures to attract foreign exchange inflows, including an FCNR(B) measure, after earlier reserve declines associated with rupee pressure and dollar sales for foreign exchange market intervention.
    August 7, 2026
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    Farm loan waiver eligibility depends on verified beneficiary status and Aadhaar authentication for direct credit of eligible crop-loan relief.
    The farm loan waiver scheme covers eligible short-term crop loans within the prescribed ceiling and eligibility period. Waiver amounts are credited to verified bank accounts after field verification and completion of Aadhaar authentication. Aadhaar authentication is the operative condition for automatic processing of benefits, while eligibility rules and technical conditions have raised concerns about exclusion of distressed farmers.

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      Customs & Trade

      Trump drafts America's business titans to burnish image at home, abroad

      May 21, 2025

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      Washington, May 21 (AP) President Donald Trump isn't the only one who wrapped up a Middle East tour in recent days. A private jet carrying Nvidia's CEO trailed Air Force One across the region. Oil executives and bankers followed, too, as American executives dropped everything — cancelling longstanding obligations and zooming into board meetings back home — to cozy up to Trump and bolster the image he tried to sell on his first major foreign trip.

      With Trump back in the White House, a jaunt with the president or a stop in the Oval Office is now as routine for America's business leaders as a speech to an industry conference.

      Corporate titans are spending more time than ever working to curry favour with the administration as part of their effort to score relief from regulations — and tariffs — from the transactional president. He, in turn, is happy to use them as supporting cast members as he tries to project the economy as booming at a time when growth is slowing.

      But putting in time with the US president has not fully insulated companies such as Apple, Amazon, Walmart and others from Trump's anger. It's a sign that the public commitments they make to create US jobs may be doing more to burnish the president's image than to protect their own profitability.

      In private, CEOs and executives on Trump's trip marvelled at how they came to be unofficial members of the president's travelling party, their private jets hopscotching across the Gulf as Trump visited Saudi Arabia, Qatar and the United Arab Emirates. They said they had little choice but to get close to Trump, especially as he wields his tariff powers.

      “I'm just thinking we have a president of the United States doing the selling,” Trump said in Abu Dhabi, standing alongside the CEO of the Cleveland Clinic Foundation, Tomislav Mihaljevic, and working in a dig at his presidential predecessor, Joe Biden. “You think Biden would be doing it? I don't think so. But I think it's so important. I have to be a cheerleader for our country.” The host countries and the White House pulled together business conferences in a matter of weeks to give Trump a stage to show off his dealmaking on the trip.

      Business leaders signed partnership agreements and touted mutual investments almost as a performance for Trump and the region's powerful ruling elites, while using the opportunity to network and share their mutual bemusement that this was now part of their job portfolio.

      Trump has demonstrated that he steers business to those who ingratiate themselves to him — look no further than his promotion of Elon Musk's Tesla — and punishes those who don't, like Amazon during Trump's first term and law firms, universities and a growing list of institutions in his second.

      “He wants the vanity of people coming in to kiss his ring,” said Jeffrey Sonnenfeld, CEO of Yale University's Chief Executive Leadership Institute. He said the behavior by CEOs, while obsequious, often resulted in better treatment and free publicity from the government.

      It's not just US business people paying heed. On Monday, a French executive turned up in the Oval Office with Trump.

      The president thanked Bernard Arnault's French luxury company LVMH for the “Medals of Sacrifice” made by its subsidiary, Tiffany & Co., as Trump presented them to the families of three sheriff's deputies from Palm Beach County, Florida, who were killed in the line of duty.

      LVMH stock has fallen this year as tariffs threaten a business that sells everything from designer handbags to champagne. But Trump had only the fondest of praise as he told Arnault's son, Alexandre, who was representing the company: "Thank you very much, Alexandre. I appreciate that you came. He came all the way from France." It's not always clear how to best engage Trump Compared to the Biden administration, CEOs and executives at America's most powerful companies have felt obligated to stay in frequent contact with Trump's team. But the contact isn't a guarantee of meaningful influence with the president.

      Executives at multiple companies, insisting on anonymity to describe private interactions, said it wasn't always clear who in Trump's orbit could best relay their views on tariffs, regulations and taxes to the president. Treasury Secretary Scott Bessent has emerged as their preferred go-between, but that hasn't completely immunised the companies from attacks by Trump.

      Walmart CEO Doug McMillon had a previously scheduled call on Saturday with Bessent, only to separately become the target of Trump's ire in a social media post in which the president said America's largest retailer should “eat” the cost of his tariffs.

      Trump in April called Amazon founder Jeff Bezos, who had attended his inaugural, after a report that the online outlet was considering displaying on product listings the impact of Trump's tariffs on prices. Amazon had explored the possibility for its Amazon Haul service, which competes against China-founded discounters Temu and Shein, but had chosen not to do so.

      The heads of General Motors, Ford and Stellantis met with Trump to outline how his tariffs would disrupt automaking. Trump gave them some reprieves on domestic vehicles with foreign parts not covered by the US-Mexico-Canada trade agreement, but he still has a 25 per cent tax on imported steel and aluminum.

      The president portrayed his tariff changes last April as a temporary bridge so that automakers would increase production domestically.

      “We just wanted to help them during this little transition, short term,” Trump said at the time. “We didn't want to penalise them.” CEOs are still figuring out how to influence Trump Trump repeatedly praised Apple after its USD 500 billion commitment for investments in the United States. But the company also plans to shift more iPhone production to India in response to the China tariffs — and that has frustrated Trump.

      Speaking in Qatar, Trump recalled a conversation with Apple CEO Tim Cook: “I said to him: My friend, I treated you very good. You're coming here with USD 500 billion, but now I hear you're building all over India. I don't want you building in India.'” By contrast, JP Morgan Chase CEO and Chairman Jamie Dimon ended up influencing Trump's tariff policies by going on TV.

      The banker on April 9 was interviewed on Fox Business Network's “Mornings with Maria" as financial markets were panicking because of Trump's tariffs. Dimon said markets would improve if Trump could negotiate trade agreements.

      “Take a deep breath," Dimon said. "Negotiate some trade deals. That's the best thing they can do.” His statements resonated with Trump, who pulled back his tariffs later that day to a baseline 10 per cent so that negotiations could occur for 90 days.

      Trump later recounted, “I watched Jamie Dimon on Maria Bartiromo's show this morning, and he was very good." (AP) GRS GRS

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