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    AAP govt indulged in large-scale financial irregularities, caused losses to exchequer: Delhi minister
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    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
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    Authorised Dealer Category-II licensing expands permissible FEMA current account and foreign trade transaction services for cross-border payment customers.
    An Authorised Dealer Category-II approval under the Foreign Exchange Management (Authorised Persons) Regulations, 2026 enables Paul Merchants to undertake additional permissible non-trade current account transactions under FEMA, excluding gifts and donations, and foreign trade transactions within the applicable per-transaction limit. The approval supports foreign exchange and cross-border payment services, including overseas remittances for education, medical treatment, travel, and conference or event participation.
    August 8, 2026
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    Integrated investor claim portal modernisation advances digital KYC, streamlined verification, stakeholder-informed safeguards, and efficient investor claim settlement services.
    Integrated IEPFA Portal 2.0 is proposed to modernise investor claim processing through digital KYC, pre-filled Form IEPF-5, entitlement search, and a simplified e-Verification Report filing workflow. Stakeholder feedback included Aadhaar eKYC address validation, KYC for authorised representatives, entitlement-letter validation checks, bulk DSC and eSign functionality, integration of approved IEPF Form-4 data, lower-value share valuation using NSE and BSE data, and alerts for frequent address changes to prevent fraud.
    August 7, 2026
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    Foreign capital inflows supported the rupee despite geopolitical uncertainty, oil-price pressures, and volatile global market sentiment.
    Foreign capital inflows supported a marginal strengthening of the rupee against the US dollar despite global risk aversion arising from uncertainty surrounding negotiations affecting the Strait of Hormuz. Higher crude oil prices and weak domestic equity sentiment remained relevant pressures. Near-term currency movement was expected to depend on developments in the negotiations, weekend decisions, US employment data, the dollar index, crude oil prices, and the reported increase in foreign exchange reserves.
    August 7, 2026
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    Energy security through diversified sourcing protected fuel supplies during Hormuz disruption and supports domestic exploration and alternative fuels.
    Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.
    August 7, 2026
    Show AI Summary
    Credit valuation adjustment framework revises derivative capital requirements through flexible basic approaches, hedge recognition, and risk-sensitive counterparty treatment.
    Credit Valuation Adjustment framework revisions align CVA capital treatment with final Basel III standards. Eligible banks may use the full or reduced basic approach, while banks with an insignificant volume of non-centrally cleared derivatives may calculate their CVA capital charge at 100 per cent of the counterparty credit risk capital charge. The draft also clarifies CVA hedge recognition, introduces risk weights sensitive to sector and credit quality, and separates systematic and idiosyncratic CVA risk in the full basic approach.
    August 7, 2026
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    Leverage ratio framework amendments propose Basel-aligned capital adequacy standards, with public feedback invited on the draft directions.
    Proposed amendments to the leverage ratio framework would revise Chapter VII of the 2025 Commercial Banks Prudential Norms on Capital Adequacy Directions to implement the Basel Committee's Leverage Ratio 2017 Standard. Public comments and feedback on the draft Eleventh Amendment Directions, 2026, are invited until August 28, 2026, through the designated online platform, postal submission, or email.
    August 7, 2026
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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.
    August 7, 2026
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    Multilateral trade cooperation preserves developing economies' policy space while advancing MSME finance, diversified value chains and digital services.
    BRICS ministers adopted measures supporting a development-centred multilateral trading system with the World Trade Organization at its core, preservation of Special and Differential Treatment, binding two-tier dispute settlement, and developing economies' policy space for food security and public stockholding. MSME measures include study of an invoice discounting mechanism and credit-assessment principles focused on cash flow rather than collateral. Value-chain measures provide for a GVC Action Plan, technical cooperation, Special Economic Zone cooperation and digitised trade documents, alongside principles for trusted cross-border digitally delivered services.
    August 7, 2026
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    Digital public procurement promotes transparent sourcing, reduced seller charges, competition monitoring and evidence-based spending oversight through an integrated marketplace.
    Government e-Marketplace digitises public procurement through a unified platform promoting transparency, efficiency, good governance and wider supplier participation. Seller-facing measures include reduced transaction charges, exemption of smaller orders, a cap on maximum transaction fees and reduced vendor assessment fees. The platform uses Artificial Intelligence and Machine Learning tools to identify suspected cartelisation, collusion and order splitting, while its digital transactional trail supports expenditure monitoring, identification of inefficiencies and evidence-based policy interventions.
    August 7, 2026
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    Criminal justice, extremist-material regulation and administrative schemes feature in reports on prosecutions, demolition practices, loan waivers and fuel policy.
    Criminal justice reports cover bail and an expedited trial in an assault prosecution, arrest for allegedly sheltering an accused, allegations of rape and murder of a minor, and claimed irregularities in a police recruitment examination. Regulatory developments include a ban on extremist literature associated with proscribed organisations and judicial disapproval of coercive demolition. Administrative coverage includes farmer loan-waiver transfers following Aadhaar authentication and debate over the E20 fuel-blending programme.
    August 7, 2026
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    Foreign exchange reserves rose as foreign currency assets, gold holdings, Special Drawing Rights and IMF reserve position increased.
    India's foreign exchange reserves increased during the week ended July 31, principally because of higher foreign currency assets and gold reserves. Foreign currency assets include US dollar valuation effects arising from movements in currencies such as the euro, pound and yen. Special Drawing Rights and India's reserve position with the International Monetary Fund also increased. The movement followed measures to attract foreign exchange inflows, including an FCNR(B) measure, after earlier reserve declines associated with rupee pressure and dollar sales for foreign exchange market intervention.

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      Customs & Trade

      Trump says it might be better to let Ukraine, Russia 'fight for while'

      June 6, 2025

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      Washington, Jun 5 (AP) President Donald Trump said Thursday that it might be better to let Ukraine and Russia “fight for a while” before pulling them apart and pursuing peace.

      In an Oval Office meeting with German Chancellor Friedrich Merz, Trump likened the war in Ukraine — which Russia invaded in early 2022 — to a fight between two young children who hated each other.

      “Sometimes you're better off letting them fight for a while and then pulling them apart," Trump said. He added that he had relayed that analogy to Russian President Vladimir Putin in their phone conversation on Wednesday.

      Asked about Trump's comments as the two leaders sat next to each other, Merz stressed that both he and Trump agreed “on this war and how terrible this war is going on,” pointing to the US president as the “key person in the world” who would be able to stop the bloodshed.

      But Merz also emphasised that Germany “was on the side of Ukraine” and that Kyiv was only attacking military targets, not Russian civilians.

      “We are trying to get them stronger,” Merz said of Ukraine.

      Thursday's meeting marked the first time that the two leaders sat down in person. After exchanging pleasantries — Merz gave Trump a gold-framed birth certificate of the US president's grandfather Friedrich Trump, who immigrated from Germany — the two leaders were to discuss issues such as Ukraine, trade and NATO spending.

      Trump and Merz have spoken several times by phone, either bilaterally or with other European leaders, since Merz took office on May 6.

      German officials say the two leaders have started to build a “decent” relationship, with Merz wanting to avoid the antagonism that defined Trump's relationship with one of his predecessors, Angela Merkel, in the Republican president's first term.

      The 69-year-old Merz — who came to office with an extensive business background — is a conservative former rival of Merkel's who took over her party after she retired from politics.

      A White House official said topics that Trump is likely to raise with Merz include Germany's defence spending, trade, Ukraine and what the official called “democratic backsliding," saying the administration's view is that shared values such as freedom of speech have deteriorated in Germany and the country should reverse course. The official spoke on condition of anonymity to preview the discussions.

      But Merz told reporters Thursday morning that if Trump wanted to talk German domestic politics, he was ready to do that but he also stressed Germany holds back when it comes to American domestic politics.

      Merz has thrown himself into diplomacy on Ukraine, travelling to Kyiv with fellow European leaders days after taking office and receiving Zelenskyy in Berlin last week. He has thanked Trump for his support for an unconditional ceasefire while rejecting the idea of “dictated peace” or the “subjugation” of Ukraine and advocating for more sanctions against Russia.

      In their first phone call since Merz became chancellor, Trump said he would support the efforts of Germany and other European countries to achieve peace, according to a readout from the German government.

      Merz also said last month that “it is of paramount importance that the political West not let itself be divided, so I will continue to make every effort to produce the greatest possible unity between the European and American partners.” Under Merz's immediate predecessor, Olaf Scholz, Germany became the second-biggest supplier of military aid to Ukraine after the United States. Merz has vowed to keep up the support and last week pledged to help Ukraine develop its own long-range missile systems that would be free of any range limits.

      In his remarks on Thursday, Trump still left the threat of sanctions on the table. He said sanctions could be imposed for both Ukraine and Russia.

      “When I see the moment where it's not going to stop ... we'll be very, very tough,” Trump said.

      At home, Merz's government is intensifying a drive that Scholz started to bolster the German military after Russia launched its full-scale invasion of Ukraine. In Trump's first term, Berlin was a target of his ire for failing to meet the current NATO target of spending 2 per cent of gross domestic product on defence, and Trump is now demanding at least 5 per cent from allies.

      The White House official said the upcoming NATO summit in the Netherlands later this month is a “good opportunity” for Germany to commit to meeting that 5 per cent mark.

      Scholz set up a 100 billion euro (USD 115 billion) special fund to modernise Germany's armed forces — called the Bundeswehr — which had suffered from years of neglect. Germany has met the 2 per cent target thanks to the fund, but it will be used up in 2027.

      Merz has said that “the government will in the future provide all the financing the Bundeswehr needs to become the strongest conventional army in Europe.” He has endorsed a plan for all allies to aim to spend 3.5 per cent of GDP on their defence budgets by 2032, plus an extra 1.5 per cent on potentially defence-related things like infrastructure.

      Another top priority for Merz is to get Germany's economy, Europe's biggest, moving again after it shrank the past two years. He wants to make it a “locomotive of growth,” but Trump's tariff threats are a potential obstacle for a country whose exports have been a key strength. At present, the economy is forecast to stagnate in 2025.

      Germany exported USD 160 billion worth of goods to the US last year, according to the Census Bureau. That was about USD 85 billion more than what the US sent to Germany, a trade deficit that Trump wants to erase.

      “Germany is one of the very big investors in America,” Merz told reporters Thursday morning. “Only a few countries invest more than Germany in the USA. We are in third place in terms of foreign direct investment.” The US president has specifically gone after the German auto sector, which includes major brands such as Audi, BMW, Mercedes Benz, Porsche and Volkswagen.

      Americans bought USD 36 billion worth of cars, trucks and auto parts from Germany last year, while the Germans purchased USD 10.2 billion worth of vehicles and parts from the US.

      Trump's 25 per cent tariff on autos and parts is specifically designed to increase the cost of German-made automobiles in hopes of causing them to move their factories to the US, even though many of the companies already have plants in the US with Volkswagen in Tennessee, BMW in South Carolina and Mercedes-Benz in Alabama and South Carolina.

      There's only so much Merz can achieve on his view that tariffs “benefit no one and damage everyone” while in Washington, as trade negotiations are a matter for the European Union's executive commission. Trump recently delayed a planned 50 per cent tariff on goods coming from the European Union, which would have otherwise gone into effect this month.

      One source of strain in recent months is a speech Vice President JD Vance gave in Munich shortly before Germany's election in February, in which he lectured European leaders about the state of democracy on the continent and said there is no place for “firewalls.” That term is frequently used to describe mainstream German parties' refusal to work with the far-right Alternative for Germany, which finished second in the election and is now the biggest opposition party.

      Merz criticised the comments. He told ARD television last month that it isn't the place of a US vice president “to say something like that to us in Germany; I wouldn't do it in America, either.” (AP) GSP

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