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    Competition Commission of India (CCI) hosts BRICS Heads of Competition Authorities 2026 meeting
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    August 10, 2026
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    UPI transaction charges remain unavailable for consumers and person-to-person payments, while limited threshold-based merchant MDR may be considered.
    Proposed amendment of section 10A of the Payment and Settlement Systems Act, 2007 is intended to support UPI sustainability, technological advancement and resilience. Consumer payments and person-to-person transactions are to remain free. Any future merchant discount rate would apply only to limited merchant transactions above a threshold, at a nominal rate, while most merchant transactions remain free. The framework supports investment in cybersecurity, fraud prevention and infrastructure, alongside a self-sustaining and inclusive digital-payment ecosystem.
    August 10, 2026
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    Fair competition cooperation in renewable energy markets advances knowledge-sharing and evidence-based enforcement across interconnected digital and energy markets.
    BRICS competition authorities adopted a Joint Statement strengthening cooperation to promote fair competition, including in renewable energy markets. Cooperation focuses on dialogue, knowledge-sharing and consideration of cross-border competition challenges in digital markets, emerging technologies and the energy transition. Competition enforcement is to remain principled and evidence-based, supporting efficiency, consumer welfare, innovation and merit-based competition. A collaborative renewable-energy competition study identified evolving market dynamics and areas for future cooperation.
    August 10, 2026
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    Cost optimisation in public finance strengthens investment decisions, risk allocation, indigenous manufacturing and value-driven government expenditure through specialised financial expertise.
    ICoAS cost optimisation supports public financial management through prudent resource utilisation, financial oversight and improved cost management across government. Its role includes supporting indigenous manufacturing, better investment decisions, efficient public expenditure and maximum value for public spending. With greater private-sector participation and Public-Private Partnerships, ICoAS officers are expected to promote cost efficiency, appropriate risk allocation and sound project structuring. Capacity building emphasises integrity, financial modelling, data visualisation, analytical frameworks and artificial intelligence for improved public-finance management.
    August 9, 2026
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    Co-operative development financing would expand through direct assistance, share-capital participation and wider operational powers for sectoral support.
    National Cooperative Development Corporation (Amendment) Bill, 2026 proposes to broaden the Corporation's mandate to promote co-operative development. It would permit direct loans and grants to co-operative societies and other entities engaged in co-operative development, where funds are used for co-operative purposes. With Central Government approval, the Corporation could participate in the share capital of such entities. The proposals also expand the meaning of foodstuffs, remove geographical restrictions for industrial-goods assistance, and provide additional functional powers.
    August 9, 2026
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    GST compliance failures and electricity subsidy controls raise allegations of financial irregularities and potential losses to the public exchequer.
    Allegations based on a Comptroller and Auditor General report identified purported GST compliance failures involving outstanding tax liabilities, e-way bills generated after cancellation of GST registrations, limited bill scrutiny, non-compliance, and turnover mismatches. The allegations also concerned electricity subsidies extended to consumers with prolonged zero bills or apparent non-residence, presenting these issues as possible financial irregularities and losses to the public exchequer.
    August 9, 2026
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    Money-laundering prosecution complaints allege fund diversion through shell entities, credit-facility evergreening, layered transactions and fictitious project expenditure.
    Money-laundering prosecution complaints allege that funds from toll-road projects and credit facilities were diverted through group companies, contractors, shell entities and conduit accounts. In the toll-road matter, allegedly sham or back-dated subcontracting arrangements and subsequent documentation were used to portray transfers as genuine project expenditure. In the credit-facilities matter, fresh facilities were allegedly used to repay, rotate and evergreen earlier liabilities rather than for sanctioned end-use, with funds layered and presented as legitimate business expenditure or receipts. Attached assets are sought to be confiscated as alleged proceeds of crime.
    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
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    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
    Show AI Summary
    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
    Show AI Summary
    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
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    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
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    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.

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      Only 900 speakers of the Sanna language remain. Now Cyprus' Maronites are mounting comeback

      May 24, 2025

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      Kormakitis, May 24 (AP) Ash dangled precariously from Iosif Skordis' cigarette as he reminisced with fellow villagers in a language on the edge of extinction, one that partly traces its roots to the language Jesus Christ once spoke.

      The 97-year-old Skordis is one of only 900 people in the world who speak Cypriot Maronite Arabic, or Sanna. Today, his village of Kormakitis is the last bastion of a language once spoken by tens of thousands of people across dozens of villages.

      The tongue, an offshoot of Syrian Arabic that has absorbed some Greek, has been passed from generation to generation in this windswept community in Cyprus. Until less than two decades ago, there was no written script, or even an alphabet, since parents transmitted it to children in conversation. Only a handful of people are trained to teach it.

      Sanna is at risk of disappearing, according to the Council of Europe's minority language experts. One Indigenous language dies every two weeks, the United Nations estimates, diminishing the tapestry of human knowledge one strand at a time.

      But the 7,500-strong Maronite community in Cyprus is pushing back. With help from the Cypriot government and the European Union, it has built schools, created a Sanna alphabet to publish textbooks and begun classes to keep the language alive and thriving.

      “Sanna … is undoubtedly one of the most distinguishing features of our cultural identity,” said Yiannakis Moussas, the Maronite community's representative in the Cypriot legislature. He spoke in the Kormakitis coffeehouse adorned with soccer trophies and banners emblazoned with a Lebanese cedar.

      “And it's striking evidence of our heritage. The fact that we speak a kind of Arabic over so many centuries makes it clear that we descend from areas of Syria and Lebanon.” Roots in Syria and Lebanon The language was brought to Cyprus by waves of Arab Christians fleeing persecution by invading Arab Muslim fighters in what is now Syria, Lebanon and Israel, starting as early as the 8th century.

      Sanna at its root is a semitic language that, unlike other Arabic dialects, contains traces of the Aramaic that was spoken by populations prior to the Arab invasion of the Levant, according to University of Cyprus linguistics professor Marilena Kariolemou, who leads the team responsible for the language's revitalization.

      That's because the Maronite community in Cyprus was isolated from other Arabic-speaking populations.

      But as Maronites increasingly interacted with the island's majority Greek-speaking population and became bilingual, Sanna evolved to incorporate several Greek words, adding to its uniqueness among the many Arabic dialects.

      According to Kariolemou, Sanna contains five vowels similar to Greek and another three similar to Aramaic, while consonants whose sounds are formed in the back of the throat have diminished, likely because of the Greek influence. Sanna also adopted Greek syntax, she said.

      The effects of a Turkish invasion Until the mid-1970s, the Maronite community was largely centered around four villages: Asomatos, Ayia Marina, Karpasia and Kormakitis as the cultural center.

      But the 1974 Turkish invasion that split Cyprus into a breakaway Turkish Cypriot north and a Greek Cypriot south, where the internationally recognized government is based, saw most Maronites dispersed throughout the south.

      Asomatos and Ayia Marina are empty of Maronite inhabitants and are now Turkish army camps.

      Moussas, the community representative, said the consequences of 1974 were “catastrophic” for the Maronites as they gravitated toward the island's major cities, putting their culture and language at risk as children attended Greek-speaking schools and intermarriage with Greek Cypriots increased.

      It's said that currently, only one in five Maronite marriages are between members of the community.

      A hope for revival That left Kormakitis as the linguistic “hive” for Cypriot Maronite Arabic, only spoken by residents over 50, according to retired teacher Ilias Zonias. Born in Kormakitis, Zonias is the only native Sanna speaker qualified to teach the language.

      Kormakitis was a closed society in which residents spoke Sanna, while their kids went to school not knowing Greek. That's how the language was preserved, Zonias said.

      Still, speakers after 1974 began to dwindle until around the turn of the millennium, when the Maronite community with the help of the Cypriot government increased efforts to save the language.

      Cyprus' 2004 membership in the EU was a milestone for Sanna as the bloc poured resources into safeguarding Indigenous minority languages, a designation that Cypriot authorities had bestowed.

      Kariolemou said her team in 2013 set up a recorded archive of spoken Sanna, some 280 hours long, for further study.

      A 27-letter alphabet was created in mostly Latin characters, thanks mainly to the work of linguist Alexander Borg. Grammar was formulated and refined, enabling the publication of books for teaching Sanna.

      Efforts to attract young families Language courses are in their early stages, Skordis said, with about 100 children and adults in classes in Kormakitis and the Saint Maronas primary school in Lakatamia, a suburb of Nicosia, the country's capital. A summer language camp for children and adults in Kormakitis has also been created.

      An initiative is underway for native-born speakers — primarily Kormakitis residents — to learn how to teach Sanna.

      At Ayios Maronas primary school, 20 kindergarten-age children are learning the language with books containing QR codes that can be scanned so students can follow an audio adaptation on school-provided tablets.

      But for Sanna to have a real future, there is no substitute for young families returning in large numbers to Kormakitis, where the language can be taught in the newly built, EU-funded school, Moussas said.

      Community leaders, however, aren't pleased with the low number of people expressing interest. Moussas said community leaders and the Cypriot government are looking into offering incentives, primarily to make it easier to find housing.

      For Zonias, keeping the language alive for the ages would be the crowning achievement of his career.

      “I don't want to be the last teacher of Sanna,” he said. (AP) GSP

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