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    Nagaland tax revenue rises to Rs 1,597 crore in FY'26
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    Rupee falls 11 paise to close at 95.28 against US dollar on firm crude oil prices
    Loan Utsav 2026: Bajaj Finance Personal Loan Now Comes with an Exclusive Reward Bundle for Eligible Customers
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    AAP govt indulged in large-scale financial irregularities, caused losses to exchequer: Delhi minister
    ED files chargesheets in 2 PMLA cases against Anil Ambani Group companies, ex-executives
    RJD criticises UDF govt's move not to disburse pensions through cooperative banks
    Raymond Limited reports a healthy Q1 FY27 performance
    Why Most People Choose the Wrong Savings Account And How Not to Be One of Them
    RBI has proactively helped UCBs; cooperatives should look at regulator differently: Shah
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    August 10, 2026
    Show AI Summary
    GST revenue collection drives tax growth while data scrutiny, taxpayer verification, and compliance capacity remain key administrative priorities.
    GST constituted the principal component of tax revenue for the 2025-26 fiscal year. Tax administration faces staff shortages, information-technology upgrade needs, and increased workloads from taxpayer registrations and return filings. Compliance oversight requires GST data scrutiny, risk assessment, identification of unregistered taxpayers, tax-evasion detection, and field verification of high-risk taxpayers. Long-term revenue planning sets progressively higher collection targets through 2063.
    August 10, 2026
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    Russian crude imports reshape India's refining trade as processed petroleum products reach sanctioning jurisdictions despite import restrictions.
    Indian imports of Russian crude oil reached a second consecutive monthly record in July 2026, with Russian crude forming the dominant share of India's Russian fossil-fuel purchases and more than half of total crude imports. Higher receipts through smaller terminals offset reduced volumes at Paradip. Indian refineries processing Russian crude also exported refined petroleum products to sanctioning jurisdictions, including the European Union, Australia and the United States, despite the European Union prohibition on imports of oil products made from Russian crude.
    August 10, 2026
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    Cyber-fraud through stolen phones allegedly used mule accounts, banking credentials and coordinated technical operations to divert victims' funds.
    Investigation into unauthorised withdrawals after theft of a mobile phone uncovered an alleged interstate cyber-fraud network using stolen devices, linked banking credentials and mule bank accounts. The scheme allegedly involved phone theft, supply of accounts and banking instruments, and a technical operation that accessed victims' accounts and routed funds for withdrawal or transfer. Digital surveillance, transaction mapping, seized devices, victim data and transaction records are being examined to identify linked complaints and the extent of funds allegedly diverted.
    August 10, 2026
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    Rupee depreciation reflected stronger dollar, elevated crude prices and geopolitical uncertainty, while portfolio inflows and equity gains provided support.
    The rupee depreciated against the US dollar amid a stronger dollar, higher global crude oil prices and uncertainty surrounding West Asia-related negotiations. Concerns over crude oil's potential impact on the trade deficit weighed on the currency, while positive domestic equity markets and foreign portfolio investment inflows provided support. Market caution remained focused on forthcoming US inflation data, dollar-index movements and Brent crude prices. Foreign-exchange reserves increased during the reported period.
    August 10, 2026
    Show AI Summary
    Collateral-free personal loans offer extended repayment flexibility, conditional reward benefits, and online application subject to eligibility and disbursal requirements.
    Loan Utsav 2026 provides eligible Bajaj Finance Personal Loan applicants an exclusive reward bundle where the loan is successfully disbursed during the campaign period. The collateral-free facility supports personal expenses, offers repayment tenures from 12 to 108 months, and may enable lower monthly EMI obligations through a longer selected tenure. Interest rates depend on eligibility, credit assessment, financial profile and lending criteria. Online applications require personal and financial details and required documents, with disbursal for eligible applicants possible after verification and approval.
    August 10, 2026
    Show AI Summary
    Credit card payment flexibility supports seasonal shopping and travel through eligible EMIs, rewards, tracking tools and conditional merchant benefits.
    Credit-card spending features include conversion of eligible purchases into EMIs, selected no-cost EMI options, reward points, cashback, merchant discounts and payment flexibility. Travel-related benefits may include domestic airport lounge access, travel-booking discounts, fuel-surcharge waiver and anniversary-linked rewards. The AU 0101 application enables transaction tracking, balance and interest-rate monitoring, EMI conversion and bill-payment management. Features and offers are subject to change, customer eligibility, internal policies and partner-merchant terms.
    August 10, 2026
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    Foreign-exchange market conditions weakened the rupee as stronger dollar and crude prices offset support from reserve growth and inflows.
    Foreign-exchange market conditions saw the rupee weaken against the US dollar in early trading, influenced by a stronger dollar and higher global crude oil prices. Foreign institutional equity inflows and increased foreign-exchange reserves moderated pressure on the rupee. Market attention remained focused on developments in West Asia and the Reserve Bank of India, alongside movements in the dollar index, crude oil prices and domestic equity markets.
    August 10, 2026
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    GI-tagged Mithila Makhana export facilitation expands sea-route market access while supporting quality compliance and farmer-linked value chains.
    Export facilitation for GI-tagged Mithila Makhana enabled the first commercial sea-route shipment from Bihar to Australia. APEDA, in association with the Bihar agriculture department, supported market access, coordination, capacity building and stakeholder engagement. The export model is intended to improve farmer price realisation, require adherence to global quality standards, and strengthen growers, processors and exporters. A separate HS Code for Makhana has taken effect under the Finance Bill, 2025, supporting product-specific trade classification.
    August 10, 2026
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    Startup ecosystem support expands through digital payments, cloud access, AI innovation, investment readiness, governance support and global market programmes.
    DPIIT has entered into strategic MoUs to support DPIIT-recognised startups through payment infrastructure, entrepreneurship development, cloud technology, mobility innovation, investment readiness and global-market access. Eligible startups may receive payment and cloud support, technical training, mentorship, startup formalisation assistance, market and investor connections, AI and mobility enablement, and programmes addressing governance, financial readiness, compliance and international expansion. The collaborations promote innovation across digital payments, clean energy, artificial intelligence, climate technology, advanced manufacturing, mobility and automotive technology.
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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.

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      Customs & Trade

      The 911 presidency: Trump flexes emergency powers in his second term

      June 7, 2025

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      Washington, Jun 7 (AP) Call it the 911 presidency.

      Despite insisting that the United States is rebounding from calamity under his watch, President Donald Trump is harnessing emergency powers unlike any of his predecessors.

      Whether it's levelling punishing tariffs, deploying troops to the border or sidelining environmental regulations, Trump has relied on rules and laws intended only for use in extraordinary circumstances like war and invasion.

      An analysis by The Associated Press shows that 30 of Trump's 150 executive orders have cited some kind of emergency power or authority, a rate that far outpaces his recent predecessors.

      The result is a redefinition of how presidents can wield power. Instead of responding to an unforeseen crisis, Trump is using emergency powers to supplant Congress' authority and advance his agenda.

      “What's notable about Trump is the enormous scale and extent, which is greater than under any modern president,” said Ilya Somin, who is representing five US businesses who sued the administration, claiming they were harmed by Trump's so-called “Liberation Day” tariffs.

      Because Congress has the power to set trade policy under the Constitution, the businesses convinced a federal trade court that Trump overstepped his authority by claiming an economic emergency to impose the tariffs. An appeals court has paused that ruling while the judges review it.

      Growing concerns over actions The legal battle is a reminder of the potential risks of Trump's strategy. Judges traditionally have given presidents wide latitude to exercise emergency powers that were created by Congress.

      However, there's growing concern that Trump is pressing the limits when the US is not facing the kinds of threats such actions are meant to address.

      “The temptation is clear,” said Elizabeth Goitein, senior director of the Brennan Center's Liberty and National Security Programme and an expert in emergency powers. “What's remarkable is how little abuse there was before, but we're in a different era now.” Rep. Don Bacon, R-Neb., who has drafted legislation that would allow Congress to reassert tariff authority, said he believed the courts would ultimately rule against Trump in his efforts to single-handedly shape trade policy.

      “It's the Constitution. James Madison wrote it that way, and it was very explicit,” Bacon said of Congress' power over trade. “And I get the emergency powers, but I think it's being abused. When you're trying to do tariff policy for 80 countries, that's policy, not emergency action.” The White House pushed back on such concerns, saying Trump is justified in aggressively using his authority.

      “President Trump is rightfully enlisting his emergency powers to quickly rectify four years of failure and fix the many catastrophes he inherited from Joe Biden — wide open borders, wars in Ukraine and Gaza, radical climate regulations, historic inflation, and economic and national security threats posed by trade deficits,” White House press secretary Karoline Leavitt said.

      Trump frequently sites 1977 law to justify actions Of all the emergency powers, Trump has most frequently cited the International Emergency Economic Powers Act, or IEEPA, to justify slapping tariffs on imports.

      The law, enacted in 1977, was intended to limit some of the expansive authority that had been granted to the presidency decades earlier. It is only supposed to be used when the country faces “an unusual and extraordinary threat” from abroad “to the national security, foreign policy, or economy of the United States”.

      In analysing executive orders issued since 2001, the AP found that Trump has invoked the law 21 times in presidential orders and memoranda. President George W. Bush, grappling with the aftermath of the most devastating terror attack on US soil, invoked the law just 14 times in his first term.

      Likewise, Barack Obama invoked the act only 21 times during his first term, when the US economy faced the worst economic collapse since the Great Depression.

      The Trump administration has also deployed an 18th century law, the Alien Enemies Act, to justify deporting Venezuelan migrants to other countries, including El Salvador.

      Trump's decision to invoke the law relies on allegations that the Venezuelan government coordinates with the Tren de Aragua gang, but intelligence officials did not reach that conclusion.

      Congress has ceded its power to the presidency Congress has granted emergency powers to the presidency over the years, acknowledging that the executive branch can act more swiftly than lawmakers if there is a crisis. There are 150 legal powers — including waiving a wide variety of actions that Congress has broadly prohibited — that can only be accessed after declaring an emergency.

      In an emergency, for example, an administration can suspend environmental regulations, approve new drugs or therapeutics, take over the transportation system, or even override bans on testing biological or chemical weapons on human subjects, according to a list compiled by the Brennan Centre for Justice.

      Democrats and Republicans have pushed the boundaries over the years. For example, in an attempt to cancel federal student loan debt, Joe Biden used a post-September 11 law that empowered education secretaries to reduce or eliminate such obligations during a national emergency.

      The US Supreme Court eventually rejected his effort, forcing Biden to find different avenues to chip away at his goals.

      Before that, Bush pursued warrantless domestic wiretapping and Franklin D. Roosevelt ordered the detention of Japanese-Americans on the West Coast in camps for the duration of World War II.

      Trump, in his first term, sparked a major fight with Capitol Hill when he issued a national emergency to compel construction of a border wall. Though Congress voted to nullify his emergency declaration, lawmakers could not muster up enough Republican support to overcome Trump's eventual veto.

      “Presidents are using these emergency powers not to respond quickly to unanticipated challenges,” said John Yoo, who as a Justice Department official under George W. Bush helped expand the use of presidential authorities. “Presidents are using it to step into a political gap because Congress chooses not to act.” Trump, Yoo said, “has just elevated it to another level”.

      Trump's allies support his moves Conservative legal allies of the president also said Trump's actions are justified, and Vice President JD Vance predicted the administration would prevail in the court fight over tariff policy.

      “We believe — and we're right — that we are in an emergency,” Vance said last week in an interview with Newsmax.

      “You have seen foreign governments, sometimes our adversaries, threaten the American people with the loss of critical supplies,” Vance said. “I'm not talking about toys, plastic toys. I'm talking about pharmaceutical ingredients. I'm talking about the critical pieces of the manufacturing supply chain.” Vance continued, “These governments are threatening to cut us off from that stuff, that is by definition, a national emergency.” Republican and Democratic lawmakers have tried to rein in a president's emergency powers. Two years ago, a bipartisan group of lawmakers in the House and Senate introduced legislation that would have ended a presidentially-declared emergency after 30 days unless Congress votes to keep it in place. It failed to advance.

      Similar legislation hasn't been introduced since Trump's return to office. Right now, it effectively works in the reverse, with Congress required to vote to end an emergency.

      “He has proved to be so lawless and reckless in so many ways. Congress has a responsibility to make sure there's oversight and safeguards,” said Sen. Richard Blumenthal, D-Conn., who cosponsored an emergency powers reform bill in the previous session of Congress.

      He argued that, historically, leaders relying on emergency declarations has been a “path toward autocracy and suppression”. (AP) PY PY

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