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    HIGHLIGHTS
    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
    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
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    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
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    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
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    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
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    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
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    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
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    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.
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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.

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      Justice Abhay Shreeniwas Oka: Judge for whom 'letter of law is sacrosanct'

      May 23, 2025

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      New Delhi, May 23 (PTI) Justice Abhay Shreeniwas Oka, for whom Friday marked the last day as a Supreme Court judge, will be remembered for his clarity of thought, sharp acumen and the precision of his judgments that upheld constitutional values.

      The judge, who spent his last at work pronouncing one short of a dozen judgments reserved by the benches he headed, would retire on May 24, a holiday.

      As a judge for over two decades, he spoke through his verdicts, which invariably upheld principles of liberty and fundamental rights.

      In what perhaps will be regarded the epitome of his commitment, Justice Oka returned to work a day after his mother's passing to pronounce 11 judgements on his the working day in the apex court.

      The almost four-year eventful tenure in the top court had Justice Oka adjudicate a wide range of issues including criminal, environmental, arbitration and corporate matters.

      Senior advocate Shreehari Aney was Maharashtra's top law officer - the Advocate General - when Justice Oka was senior judge in the Bombay High Court.

      "I can tell you for certain that he always did what was right. Invariably.. without exception. If there was an easier way out which was not as right as the correct way, he'd never take easier way out," he told PTI.

      Aney remembered a couple of occasions illustrating Justice Oka's unwavering commitment to uphold the rule of law, without any exception.

      "When I was AG, he was a senior judge in Bombay High Court. The then government wanted to hold a ‘Make in India’ event at Chowpatty but there were orders of the high court prohibiting any public function at the beach. I did try to pursuade him to permit the function, by requesting him not in a case, but privately as the AG of the government," he said.

      The judge, Aney said, in his "quiet, soft spoken but firm manner" refused saying he would not permit it even as a legitimate exception to what was laid down by the high court.

      "We did go to SC and secure a temporary permission, but later, during the event, the stage caught fire. Perhaps it the divine justifying the judge’s refusal," Aney recalled.

      Justice Oka, in his opinion, considers that only the "letter of the law is sacrosanct".

      Aney also represented the Maharashtra government in the Beef ban case, when a particular clause that allowed police to enter even private homes and arrest citizens on suspicion that they were cooking beef.

      "As AG I took the liberty to say this section was not lawful. But I argued that it need not be struck down, as its vice could be controlled by reading it down. Reading down is a power that courts possess not to strike down a law, but to permit it to function in a humane manner. Justice Oka said 'as AG you have yourself said the provision is unlawful. Once it is against the citizen’s right to liberty and freedom, then the court is not going to read it down. It shall be struck down'," Aney recollected the judge as saying.

      Justice Oka very recently acknowledged that judges are human and can make mistakes with reference to his own 2016 judgment.

      "This shows the immense integrity of the man. When you occupy the office of a SC judge, you're not expected to be right every time but once you pronounce something, it is the law of the land," Aney said, "and it speaks about the moral fiber of the person who, from that lofty seat, can say ‘I was wrong’. He is a singularly unique judge." Since August 2021 in the apex court, Justice Oka has authored 295 judgments and was part of over 1,000 verdicts in different combinations.

      Criticising the increasing trend of trial courts rejecting bail applications in "not very serious" cases, Justice Oka went on to observe that even terrorist Ajmal Kasab got a fair trial in 26/11 Mumbai attack case.

      The judge was of the view that a democratic country must not function like a police state and opined that the system was being burdened unnecessarily.

      During the Covid-19 pandemic, Justice Oka passed several directions protecting the rights of migrant workers and questioned the insensitive handling of the government.

      Justice Oka said the requirement of informing grounds of arrest to an accused was not a "formality but a mandatory constitutional requirement.

      He granted bail to DMK leader Senthil Balaji in a money laundering case referring to the delay in trial and his long incarceration.

      Later when Balaji rejoined as minister, Justice Oka was the one to give him an ultimatum prompting the lawmaker to resign from the post.

      The Enforcement Directorate faced a tough time in his court, often facing flak for keeping accused persons in jail without trial.

      Justice Oka went on to say that ED should also think of the fundamental rights of the accused, underlining a "pattern" of the agency in levelling allegations without evidence.

      On the environmental front, Justice Oka's bench closely monitored the implementation of Graded Response Action Plan in Delhi when the air pollution levels rose and imposed ban on crackers, directed shutting of schools and ordered subsistence to construction workers.

      He also took note of reckless felling of trees in the ridge area in city and issued contempt notice to the vice chairman of Delhi Development Authority.

      Observing that cutting of trees was worse than killing human beings, Justice Oka pushed the authorities for tree census in Delhi and Taj Trapezium Zone.

      He recently issued guidelines for senior advocate designations and removed marking system.

      The judge in another matter held that Anganwadi workers were entitled to receive gratuity under the Payment of Gratuity Act, 1972.

      He passed several landmark judgments including striking down a 2017 notification of the Ministry of Environment, Forest and Climate Change, which introduced a regime of granting ex-post facto clearances to projects.

      Justice Oka was born on May 25, 1960 to Shreeniwas W Oka and Vasanti Oka.

      He graduated in BSc, and then completed his LLM from the University of Bombay.

      He enrolled as an advocate on June 28, 1983 and started practising in Thane District Court in his father's chamber.

      In 1985-86, he joined the chamber of Shri V P Tipnis, a former Judge of the Bombay High Court and former LokAyukta. PTI PKS SJK AMK AMK

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