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    Pakistan-origin dry dates, routed through UAE, seized at Kandla port
    RBI keeps rates unchanged, retains neutral stance; outlook uncertain on El Nino, geopolitical risks
    Government Notifies Inventory-based Cross-border E-Commerce Export Framework under Foreign Trade Policy 2023
    Customs official among 5 held for smuggling gold of Rs 1.44 crore at Indore airport
    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
    Sensex gains 152 pts in volatile session as RBI keeps policy rates unchanged
    DRI seizes 364 metric tonne (MT) banned Pakistan-origin dry dates imports worth Rs. 3 crore
    Rupee gains 13 paise to close at 95.15 against US dollar post-RBI policy decision
    ED raids premises linked to ex-Andhra MLA Malla Vijaya Prasad in chit fund scam
    'Gungi gudiya' remark against Sunetra shows Cong's 'ideological bankruptcy': NCP leader Tatkare
    RBI holds interest rates for fourth straight meeting, awaits clearer inflation outlook
    Highlights of RBI's August monetary policy
    RBI targeting polymer currency notes launch in early FY28: Guv Malhotra
    Two women held at Delhi airport with 1 kg gold concealed as silver-coated armlet
    Sensex trades higher, Nifty flat post RBI policy
    India's services sector growth hits four-and-a-half-year low in July on weak demand: PMI
    SC grants interim bail to businessman Anwar Dhebar in manpower commission 'scam' case
    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
    RBI marginally raises FY27 GDP growth projection to 6.7 pc, lowers inflation forecast
    Collaboration, Inclusion and Entrepreneurship: How SIDBI MSME Samvaad Is Shaping the Future of India’s MSME Ecosystem
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    August 5, 2026
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    Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
    Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
    August 5, 2026
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    Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
    Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
    The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
    August 5, 2026
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    Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
    Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
    August 5, 2026
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    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
    The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
    August 5, 2026
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    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
    The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
    August 5, 2026
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    Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
    The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
    August 5, 2026
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    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
    Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
    August 5, 2026
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    Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
    A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
    August 5, 2026
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    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
    Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.
    August 5, 2026
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    Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
    Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.
    August 5, 2026
    Show AI Summary
    Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
    Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
    August 5, 2026
    Show AI Summary
    Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
    Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.
    August 5, 2026
    Show AI Summary
    Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
    Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
    August 5, 2026
    Show AI Summary
    Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
    The Reserve Bank retained the repo rate with a neutral stance amid uncertainty over energy prices and supply disruptions. Stock exchanges introduced the Closing Auction Session in the equity cash segment for eligible shares with futures and options contracts. This auction-based mechanism determines closing prices of eligible stocks and aims to make price discovery more transparent and robust.
    August 5, 2026
    Show AI Summary
    Services-sector growth slowed as weaker demand, competition and postponed orders moderated business activity, while employment improved modestly.
    Services-sector growth slowed as domestic and export orders moderated amid weaker demand, competitive pressures, softer market conditions and postponed orders. Output continued to expand, but at its weakest pace in more than four years. Employment growth improved modestly, while input costs rose and firms increased selling prices. Business confidence remained positive but declined, and the composite output indicator weakened due principally to the sharp slowdown in services activity.
    August 5, 2026
    Show AI Summary
    Interim bail conditions require residence outside the state and trial attendance in alleged manpower commission corruption proceedings.
    Interim bail was granted to Anwar Dhebar in a matter involving alleged corruption and an illegal commission mechanism linked to a state marketing corporation. Conditions require him to remain outside Chhattisgarh, attend the trial court, and provide his residential address. The allegations concern manpower supply agencies allegedly being compelled to pay commissions for clearance of legitimate bills, with proceeds routed through intermediaries. The case was registered under the Indian Penal Code and the Prevention of Corruption Act.
    August 5, 2026
    Show AI Summary
    Tax certainty measures revise fund-management safe harbours, electronic-payment charges, sectoral exemptions, business-trust treatment, and excess expenditure appropriation.
    The Taxation and Other Laws (Amendment) Bill, 2026 proposes to replace the Income-tax (Amendment) Ordinance, 2026 and amend payment-system and tax laws. It would prohibit charges on notified electronic payments, revise safe-harbour conditions for eligible investment funds and fund managers, and expand tax exemptions for Government securities, qualifying rough-diamond sales and bonded-warehouse component storage. It also modifies exemptions concerning electronic-goods contract manufacturing, data centres and business-trust dividends, while imposing a differentiated surcharge on qualifying special purpose vehicles. A separately included appropriation bill authorises excess expenditure from the Consolidated Fund of India.
    August 5, 2026
    Show AI Summary
    Growth and inflation projections reflect resilient domestic activity while energy volatility, supply disruptions, and food prices sustain inflation risks.
    Monetary policy projections for fiscal 2026-27 revise real GDP growth upward to 6.7 per cent and Consumer Price Index inflation downward to 5 per cent. Domestic activity is described as resilient amid global uncertainty, but inflationary risks persist from rainfall disruption, energy-price volatility, supply-chain uncertainty, and second-round effects of higher food, fuel and input costs. Core inflation is projected at 4.3 per cent for the fiscal year.
    August 5, 2026
    Show AI Summary
    Industry collaboration strengthens MSME competitiveness through shared resources, market linkages, capability building and inclusive support for women entrepreneurs.
    MSME development is linked to collaboration, knowledge-sharing, institutional support and capability building. Industry associations can provide networking, policy advocacy, business intelligence, skills programmes, shared infrastructure and market linkages, while collective procurement, shared logistics, digital commerce and export readiness may improve competitiveness. Women-led enterprises benefit from market-oriented capability development, mentorship, continuous learning, professional networks, capacity-building programmes and institutional support. The Development of Industry Associations initiative is intended to connect associations and facilitate the sharing of best practices.

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      Operation Sindoor not over yet, it showed world indigenous weapons' power: PM Modi

      May 30, 2025

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      Kanpur (UP), May 30 (PTI) India demonstrated the power of its indigenous weapons during Operation Sindoor which made "Pakistan plead to stop the war", Prime Minister Narendra Modi said on Friday and warned the action was "not over yet".

      During his visit here to inaugurate and lay the foundation stones for 15 development projects worth over Rs 47,600 crore, the PM addressed a rally and said he was to attend the programme on April 24 but had to cancel it due to the Pahalgam terror attack two days prior.

      As many as 26 people, including Kanpur businessman Shubham Dwivedi, died in the dastardly terror attack at the verdant meadows of Baisaran in Jammu and Kashmir's Pahalgam.

      In retaliatory action, India struck terror infrastructure in Pakistan and Pakistan-occupied Kashmir two weeks later, which triggered a four-day military standoff with the neighbouring country.

      The prime minister began his speech by referring to the Pahalgam massacre and said, "Kanpur's son Shubham Dwivedi also became a victim of that barbarity." "We all can feel the pain, suffering and anger of our daughter Aishanya (Shubham's widow). The world witnessed the same anger of our sisters and daughters in the form of Operation Sindoor." "Operation Sindoor is not over yet. It showed the world power of indigenous weapons and Make in India. We destroyed terrorist hideouts in Pakistan by going hundreds of miles inside. Indian weapons, Brahmos missiles entered enemy territory and wreaked havoc," Modi told the rally.

      He said the heroics of the Indian armed forces forced the Pakistani Army to "plead to stop the war" and asserted that India would no longer be intimidated by the threat of the nuclear bomb nor would it make a decision on that basis.

      Saluting the bravery of the armed forces' personnel, the prime minister reiterated India's uncompromising stance against terrorism.

      "The enemy, who was pleading during Operation Sindoor, should not be under any illusion, Operation Sindoor has not ended yet," Modi said and added that Pakistan's ploy of state and non-state actors was not going to work anymore.

      With his remark drawing cheers from the crowd, the prime minister sought to strike a chord of local sentiments by saying, "If I say in simple Kanpuriya language, the enemy will be struck down ('haunk diya jaayegaa') wherever it is." Laying out India's three principles in the fight against terror, Modi said, "First, India will give a befitting reply to every terrorist attack with the timing, manner, and the condition of the reply to be decided by our armies themselves." "Second, India will no longer be scared of the threat of atom bombs nor would it make a decision on that basis. And third, India will see the masters of terror and the government patronising terror in the same light." Highlighting India's growing defence capabilities, the prime minister said, "Our Indian weapons, the BrahMos missile entered the enemy's territory and wreaked havoc. They blasted wherever they targeted. We have got this power from the resolve of Aatmanirbhar Bharat." Turning to Kanpur's development, he emphasised the city was playing a pivotal role in India's defence manufacturing growth.

      "There is an old ordnance factory in Kanpur. We have converted seven such ordnance factories into big modern companies. The Kanpur node of the defence corridor is a big centre of Aatmanirbhar Bharat in the defence sector." "Big companies in the defence sector are coming here. The production of AK 203 rifles has begun in Amethi. The new address of BrahMos missile that did not let the enemies sleep during Operation Sindoor is Uttar Pradesh," Modi said.

      The PM promised employment opportunities, large-scale investments, and renewed industrial growth in Kanpur and said, "Taking Uttar Pradesh and Kanpur to newer heights of development is the first priority of this double-engine government." "The old glory of Kanpur will return again," he declared.

      Slamming the previous dispensations in the state for "ignoring" industrial development, Modi said, "Industries kept migrating from Kanpur. The dynasty-oriented ('Parvarvadi') government kept its eyes closed. The result was that not only Kanpur but the entire Uttar Pradesh lagged behind." About Metro expansion in the city, he said, "Kanpur Metro is the proof of the fact that if there is a government with right intentions, strong willpower and good intentions, then the development of the state is possible." He referenced improvements in road and rail infrastructure, the modernisation of the Kanpur Central Station and the construction of an elevated rail corridor to ease traffic and pollution to bolster his point.

      "The Kanpur Central railway station will get a modern and world-class look like an airport very shortly," the prime minister said while informing the rally that more than 150 railway stations in Uttar Pradesh were being upgraded under the Amrit Bharat scheme.

      Underlining Uttar Pradesh's rise, Modi noted that the state now has the highest number of international airports in the country. "We are making Uttar Pradesh a state of industrial possibilities." He said self-sufficiency in energy and strong infrastructure are key to Uttar Pradesh's industrial growth. He inaugurated several power projects, including the 660 MW Panki, 660 MW Neyveli, 1320 MW Jawaharpur, 660 MW Obra-C, and 660 MW Khurja plants, terming them a major step toward meeting the state's power needs.

      Mentioning welfare measures such as the distribution of Ayushman Vay Vandana Cards for free medical care for the elderly, Modi said these efforts reflect the government's commitment to Kanpur and the state's development.

      About infrastructure, he said UP has moved beyond pothole-filled roads to a state known for its expressways and announced the Kanpur-Lucknow Expressway will reduce travel time to 40-45 minutes with new links to the Purvanchal and Ganga Expressways.

      He also announced Rs 1,000 crore for an elevated rail corridor to ease congestion and save time.

      About the MSME sector, he said earlier definitions discouraged growth, but revised norms and new budget provisions now support expansion. He noted past credit challenges are being addressed through schemes like Mudra Yojana and the Credit Guarantee Scheme.

      MSME loan guarantees have been raised to Rs 20 crore, and credit cards with limits up to Rs 5 lakh are being provided, Modi said.

      "In this budget, we have made income up to Rs 12 lakh completely tax-free. This has given new confidence to crores of middle-class families," he said.

      Concluding his speech, the prime minister said, "We will leave no stone unturned in working hard to take the country and Uttar Pradesh to new heights." Earlier in the day, the prime minister met the family members of Shubham Dwivedi at the Chakeri airport here. PTI CDN NAV MAN NSD NSD

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