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    Punjab extends deadline of one-time scheme for settling tax dues of pre-GST period till Sept 30
    PM Modi speaks to UK counterpart Burnham
    Bank credit to industry records robust growth of 19.2 pc in June: RBI data
    Delhi protesters' fingerprints collected from stones for identification via Aadhaar: BJP minister
    Cabinet approves Rs 84,084-cr offshore exploration scheme; govt to fund up to Rs 650 cr per well
    India's forex reserves jump USD 6.12 bn to USD 682.35 bn
    Jharkhand signs pact with CSC eStore to make SHG products made by women available online
    APEDA Facilitates First-Ever Air Shipment of Karnataka's Neelam and Totapuri Mangoes to the Maldives
    Favara-UPI Cross-Border Payment Corridor Goes Live Between Maldives and India
    SC upholds NCLAT order setting aside CCI's Rs 301.6-cr penalty on Grasim Industries
    China's factory activity unexpectedly slips into contraction in July
    PM Modi to inaugurate Bhogapuram Airport on Aug 1 in Andhra Pradesh
    Rupee rises 20 paise to 95.30 against US dollar in early trade
    APEDA Facilitates First-Ever Sea Shipment of Value-Added Flavoured Makhana from Bihar to Canada
    Indian envoy meets Chinese commerce ministry official; Calls for enhanced market access
    ED attaches Rs 94 crore in foreign bank account in fraud case against Delhi-based rice firm
    Ensure uniform deposit rates across all branches: RBI tells banks
    PM takes stock of geo-political situation, safety of seafarers, supply chain constraints
    Delhi govt to provide property Aadhaar cards; bring Land Records Bill: CM Rekha Gupta
    CCS discusses global security situation, supply chain constraints
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    July 31, 2026
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    One-Time Settlement Scheme offers final pre-GST tax dispute resolution relief before stricter recovery action against defaulters begins.
    The One-Time Settlement Scheme 2025 for pre-GST tax dues has been extended until September 30. Eligible taxpayers may resolve pending legacy tax disputes with full waiver of interest and penalties and slab-wise relief in principal tax. After the deadline, recovery action may be intensified under applicable tax laws and the Punjab Land Revenue Act, including property attachment, auction and freezing of bank accounts. The department also supports amicable settlement of tax disputes through the SAMADHAN initiative.
    July 31, 2026
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    Bilateral trade agreement implementation supports expanded trade, investment and strategic cooperation through technology, security, clean energy and community links.
    The India-UK Comprehensive Economic and Trade Agreement was identified as a framework for expanding bilateral trade and investment opportunities following its operationalisation. The two governments proposed closer cooperation to use the agreement for shared prosperity, while advancing their comprehensive strategic partnership through technology, innovation, defence, security, clean energy, education and people-to-people links.
    July 31, 2026
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    Sectoral bank credit growth reflects broad-based expansion across industry, services, agriculture and personal loans, with slower credit-card growth.
    Sectoral bank credit growth accelerated across non-food lending, agriculture, industry, services and personal loans. Industrial credit expanded across micro and small, medium and large enterprises, with strong lending to infrastructure, engineering, food processing, textiles, construction, metals, petroleum-related products and chemical products. Services lending was supported by non-banking financial companies, commercial real estate and trade. Vehicle and housing loans maintained double-digit growth, while credit-card outstanding growth decelerated.
    July 31, 2026
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    Biometric identification of protesters through alleged fingerprint-Aadhaar linkage was described alongside criminal-background profiling and database creation.
    Biometric identification of protesters through fingerprints recovered from alleged stone-pelting evidence was publicly described as a proposed investigative method. A minister stated that fingerprints allegedly found on stones would be linked with Aadhaar numbers to identify participants and examine their prior records. The account also referred to analysis and categorisation of detained protesters' criminal backgrounds, creation of a separate database, and proposed action against participants described as anti-social elements or persons with criminal records.
    July 31, 2026
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    Offshore hydrocarbon exploration support funds high-risk deepwater drilling, shared infrastructure and data acquisition to strengthen domestic energy production.
    The National Offshore Exploration Scheme provides public support for deepwater and ultra-deepwater oil and gas exploration, including seismic and offshore data acquisition, exploratory drilling in frontier basins, and common production and evacuation infrastructure. It addresses the high cost and geological uncertainty of offshore drilling and includes technology adoption, digital programme management, capacity building and collaboration measures. The scheme seeks to expand domestic hydrocarbon discoveries and production, attract investment across the exploration and production value chain, and reduce reliance on imported oil and gas.
    July 31, 2026
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    Foreign exchange reserves increased as foreign currency assets and gold holdings rose, alongside measures to attract forex inflows.
    India's foreign exchange reserves increased during the reporting week, principally because foreign currency assets and gold reserves rose. Foreign currency assets, expressed in United States dollar terms, include valuation effects from movements in currencies such as the euro, pound and yen. Special Drawing Rights and the reserve position with the International Monetary Fund declined. Measures including the FCNR(B) measure were reported as efforts to attract foreign-exchange inflows following rupee pressure and dollar-sales intervention.
    July 31, 2026
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    Digital marketplace access for women's self-help group products expands e-commerce opportunities while panchayat-level citizen services are strengthened.
    Digital marketplace access for women's self-help group products is proposed through a memorandum of understanding between CSC eStore and the Jharkhand State Livelihood Promotion Society. Products marketed under the 'Palash' and 'Adiva' brands are intended to be offered through an e-commerce network to widen market access, support rural women's income and entrepreneurship, and strengthen the rural economy. Digital panchayat services are also being expanded through Common Service Centres, including banking, e-governance and Aadhaar-related services.
    July 31, 2026
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    Agricultural export facilitation expands market access for late-season mangoes through farmer aggregation and direct global market linkages.
    Agricultural export facilitation enabled an air shipment of late-season Neelam and Totapuri mangoes to an international market, expanding market access and extending the mango export season. Direct sourcing through a Farmer Producer Company supported organised aggregation, quality produce, and export-oriented supply chains. Direct procurement and export market linkages enabled participating farmers to realise higher returns than conventional market channels while promoting horticultural export diversification.
    July 31, 2026
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    Cross-border digital payment integration enables real-time Favara transfers from Maldives mobile banking applications to UPI-enabled accounts in India.
    Cross-border digital payment integration between Favara and UPI enables individuals in the Maldives to make real-time person-to-person transfers to UPI-enabled bank accounts in India through mobile banking applications. Transfers are initiated in Maldivian Rufiyaa and credited in Indian Rupees. The initial service is available through participating Maldivian banks. Permitted remittances include family-maintenance transfers under foreign inward and outward remittance categories, and gift-related transfers under foreign outward remittance. Future phases are intended to introduce QR-based merchant payments and other digital payment services.
    July 31, 2026
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    Procedural Fair Hearing in competition inquiries requires notice when the Commission departs from investigative findings before imposing action.
    Competition law procedure requires the Competition Commission to notify and hear an opposite party when departing from the Director General's findings. The penalty order concerning alleged abuse of dominance in viscose staple fibre supply was set aside because Grasim Industries was not given an opportunity to respond to the Commission's disagreement with the investigative findings. The matter was remanded for fresh, time-bound consideration without a finding on the merits.
    July 31, 2026
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    Manufacturing contraction highlights weak domestic demand, property-sector pressure and continued reliance on technology-related exports for economic growth.
    Manufacturing activity in China contracted in July, as the official purchasing managers' index fell below the expansion threshold and new orders and production declined. Weak domestic demand, lower building activity and possible typhoon-related disruptions contributed to the slowdown. Consumer spending, investment and property-sector weakness continue to affect confidence, while technology-related exports support growth. Policy commitments include strengthening domestic consumption amid continued reliance on exports.
    July 31, 2026
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    Public-private partnership airport development strengthens aviation, cargo logistics, export infrastructure and sustainable connectivity through an integrated international airport project.
    The Bhogapuram airport project is being implemented under a Public-Private Partnership through the Design, Build, Finance, Operate and Transfer framework. It has obtained required aerodrome, safety, fire and environmental clearances and includes infrastructure for domestic and international aviation, passenger processing and airport security. Cargo and cold-chain facilities are intended to support exports and logistics integration, while recycled-water use and LEED Platinum standards form part of the project's sustainability features.
    July 31, 2026
    Show AI Summary
    Rupee appreciation against the US dollar continued as foreign inflows and lower crude prices supported domestic currency markets.
    Rupee appreciation against the US dollar continued in early trading, supported by foreign capital inflows and lower global crude oil prices. A stronger US dollar constrained further appreciation, while expectations of continued Reserve Bank of India intervention were cited as supporting the rupee. Declining Brent crude prices, gains in domestic equity indices and net foreign institutional investment in equities were also identified as relevant market factors.
    July 31, 2026
    Show AI Summary
    Value-added Makhana exports expand international market access, support quality compliance, and improve farmer returns through processing and branding.
    Agricultural export facilitation supported the first sea shipment of value-added flavoured Makhana from Bihar to Canada. Processed and packaged to international quality and food-safety standards, the export demonstrates the role of processing, value addition and export-oriented manufacturing in expanding overseas market access. The initiative is stated to improve farmer returns through value addition, while capacity building, export infrastructure, quality compliance, market linkages and stakeholder collaboration support the agri-export ecosystem.
    July 30, 2026
    Show AI Summary
    Market access for Indian pharmaceuticals remains central to bilateral efforts to promote sustainable trade and economic cooperation.
    Enhanced market access for Indian products, particularly pharmaceuticals, was raised in discussions aimed at strengthening bilateral trade and economic ties. The discussions addressed sustainable trade, and the sides agreed to increase mutual cooperation and communication. India continues to seek greater access to China's information technology, pharmaceutical and agricultural sectors, while pursuing increased pharmaceutical exports and Chinese investment. Bilateral trade increased, but India's trade deficit widened, reflecting an ongoing imbalance in trade flows.
    July 30, 2026
    Show AI Summary
    Money laundering asset attachment targets overseas bank deposits linked to alleged loan fraud and fugitive economic offenders.
    Provisional attachment under the Prevention of Money Laundering Act was reported against Singapore bank deposits held by a company promoter and associated entities in an alleged loan-fraud and money-laundering investigation. The underlying case arises from allegations of fraud, criminal misappropriation, criminal breach of trust and cheating affecting a consortium of lending banks. Service of the attachment order was reported through mutual legal-assistance arrangements, and the promoters had reportedly been declared fugitive economic offenders.
    July 30, 2026
    Show AI Summary
    Deposit interest rate uniformity requires equal rates for similar deposits, while allowing risk-based differentiation for bulk deposits.
    Banks must apply uniform deposit interest rates across branches and customers for similar deposit amounts accepted on the same date, without discrimination. Rates payable, including for bulk deposits, must strictly follow schedules disclosed in advance on bank websites. Bulk deposit rates must be published each business day at 10:00 am, subject to a short permitted delay. Differentiated bulk-deposit rates may be offered based on applicable differential run-off rates under the Liquidity Coverage Ratio framework.
    July 30, 2026
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    Supply-chain continuity measures prioritise energy, fertiliser and seafarer protection amid conflict-driven disruptions across critical maritime transit routes.
    Supply-chain continuity and energy security measures were reviewed in response to geopolitical conflicts disrupting maritime transit routes and imports. Measures included diversification of LPG procurement, maintenance of petroleum stocks, expansion of PNG, gas-grid, LNG and city-gas infrastructure, and pipeline connectivity approvals. Fertiliser requirements and alternative procurement sources were considered to ensure uninterrupted supply. A unified monitoring mechanism and support arrangements for seafarers, including timely information, emergency assistance and counselling, were directed to protect citizens, economic interests and the Indian diaspora.
    July 30, 2026
    Show AI Summary
    Property digital identity framework proposed through comprehensive surveys, floor-level records, and unique cards to improve ownership verification.
    The proposed Delhi Land Records Bill, 2026 contemplates a digital land-records framework requiring scientific surveys of every property, comprehensive authenticated digital records and a unique Property Aadhaar Card. The proposed system would cover rural and urban residential, commercial and other properties, including floor-level records for buildings. It is intended to improve ownership verification, property transactions, inheritance, loan access, building-plan approvals and transparency in land records.
    July 30, 2026
    Show AI Summary
    Supply-chain resilience amid maritime conflict drives measures to protect energy imports, fertiliser supplies, seafarers and overseas citizens.
    Supply-chain continuity was reviewed in response to conflicts affecting maritime routes through the Strait of Hormuz, the Black Sea, the Red Sea and the Gulf of Aden. The concerns included disruptions to imports of petroleum, natural gas, fertilisers and other essential goods, risks to ships and seafarers, and the safety of Indian citizens in conflict areas. Measures were considered to maintain uninterrupted imports, protect economic interests and address constraints affecting critical energy and trade corridors.

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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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