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    Lok Sabha passes bill to authorise govt to permit banks to levy charges on UPI transactions
    Monetary Policy Statement, 2026-27 Resolution of the Monetary Policy Committee August 3 to 5, 2026
    Stock markets edged higher in early trade amid lower crude oil prices, buying in Reliance Industries
    Monthly review of accounts of Government of India upto June 2026 (FY 2026-27)
    DRI busts illegal drug manufacturing unit in Satara district in Maharashtra; two arrested
    CCI approves proposed combination inter alia involving share acquisition(s) and merger of certain entities e.g. AAPC India, Triguna, Caddie, SMPL, Tec...
    Rupee gains 20 paise to close at 95.08 against US dollar post-RBI policy decision
    TN Budget: Revenue deficit at Rs 55,775 crore, fiscal deficit estimated at Rs 1,21,819 crore
    Tatkare slams ‘gungi gudiya’ jibe against Sunetra; Cong says row being exploited for political gains
    RBI invites public comments on Draft Guidelines for ‘on tap’ Licensing of Urban Co-operative Banks
    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
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    August 6, 2026
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    Merchant discount rate framework may permit charges on notified UPI and digital payments through a government notification mechanism.
    The proposed amendment to Section 10A of the Payment and Settlement Systems Act, 2007 replaces the existing income-tax-linked reference with a Central Government notification-based mechanism for electronic payment modes. It removes the current statutory restriction preventing banks and payment service providers from charging Merchant Discount Rate on notified modes, enabling the Government to permit charges for UPI and other digital payments. The policy rationale is to support funding for payment infrastructure and a sustainable revenue model for service providers.
    August 6, 2026
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    Neutral monetary policy stance continues as resilient growth and food-fuel inflation risks require close macroeconomic monitoring.
    The Monetary Policy Committee retained the policy repo rate and continued the neutral monetary policy stance, citing the need to assess evolving growth-inflation conditions. Domestic activity was assessed as resilient, supported by consumption, investment, credit, manufacturing, services and exports, although global uncertainty, energy prices, supply-chain pressures, geopolitical developments and monsoon conditions remain risks. CPI inflation increased mainly because of food and fuel pressures, while underlying inflation remained moderate. The Committee considered that price pressures were not yet generalised and reaffirmed its commitment to align inflation with the target.
    August 6, 2026
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    Closing auction price discovery and a neutral monetary policy stance shaped equity market conditions amid lower crude prices.
    The Closing Auction Session in the equity cash segment introduced an auction-based mechanism for determining closing prices of eligible shares with futures and options contracts, intended to make price discovery more transparent and robust. The Reserve Bank of India retained its neutral stance and left the benchmark policy rate unchanged, pending greater clarity on the inflationary effects of higher energy costs. Future policy decisions were stated to be data dependent.
    August 6, 2026
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    Monthly public accounts review records receipts, expenditure, tax devolution, interest payments, subsidies, and capital spending through June.
    Consolidated monthly accounts up to June 2026 report total receipts of Rs.10,49,243 crore, comprising net tax revenue, non-tax revenue and non-debt capital receipts. Tax devolution transfers to State Governments total Rs.2,63,336 crore. Total expenditure is Rs.13,57,076 crore, including revenue expenditure of Rs.10,16,818 crore and capital expenditure of Rs.3,40,258 crore. Revenue expenditure includes interest payments and major subsidies.
    August 6, 2026
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    Illicit psychotropic drug manufacture triggered seizure, apprehensions, and investigation into planned trafficking under narcotics control law.
    Illicit manufacture and trafficking of Alprazolam and Diazepam, psychotropic substances regulated under the Narcotic Drugs and Psychotropic Substances Act, 1985, were detected at a clandestine facility. Searches recovered finished and intermediary substances, together with raw materials and reaction mixtures used in manufacture, and the goods were seized under the Act. The manufacturer and an intended buyer were apprehended, with material indicating a proposed transaction for further illicit trafficking. Preliminary investigation indicated prior involvement in illegal drug production and trafficking.
    August 6, 2026
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    Competition approval for hotel-sector consolidation covers share acquisitions and merger of Accor-branded hotel entities into InterGlobe Hotels.
    Competition approval was granted for related share acquisitions and the merger of AAPC India, Caddie, Triguna, Srilanand Mansions, Techpark and Accent into InterGlobe Hotels. The combination involves entities jointly controlled by the Bhatia Family Group and the Accor Group, including hotel-owning and developing entities, hotel management and franchising operations, leasing activities, and captive consultancy and support services relating to Accor-branded hotels in India.
    August 5, 2026
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    Rupee appreciation followed unchanged monetary policy, lower crude prices, weaker dollar and expectations of orderly exchange-rate management.
    The rupee strengthened after the central bank maintained its policy rate and neutral monetary-policy stance. Lower crude oil prices, a weaker US dollar and declining US Treasury yields supported investor sentiment. Earlier measures to attract capital inflows remained part of the framework supporting the rupee, while the central bank stressed its endeavour to preserve an orderly currency trajectory. Future movement was linked to geopolitical de-escalation, global risk sentiment and US economic data.
    August 5, 2026
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    Fiscal consolidation through revenue mobilisation and leakage control aims to reduce deficits while expanding capital expenditure capacity.
    Tamil Nadu's Revised Budget Estimates for 2026-27 project a revenue deficit and fiscal deficit, with outstanding liabilities comprising public debt and public-account liabilities. Revenue mobilisation is proposed through improved tax administration, collection efficiency, closure of leakages, liquor-manufacturer privilege fees, and eligible Union grants. The strategy projects gradual deficit reduction to create room for capital expenditure, supported by expenditure reforms aimed at eliminating leakages, optimising expenditure, and improving service delivery.
    August 5, 2026
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    Political criticism of public office-holders raises debate over media accountability, personal remarks, and acceptable public discourse.
    Political criticism followed a social-media post describing Maharashtra Deputy Chief Minister Sunetra Pawar as "gungi gudiya" in connection with a press interaction on law-and-order issues in Beed district. Congress representatives stated that the post was not a personal insult, had been deleted after adverse reactions, and was followed by an expression of regret. NCP representatives termed the expression inappropriate and stressed that the principal dignitary should conduct media interactions. Shiv Sena (UBT) representatives described the phrase as not unparliamentary and linked it to criticism of a guardian minister's public responsibilities.
    August 5, 2026
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    On-tap licensing for Urban Co-operative Banks enters public consultation through draft guidelines inviting stakeholder feedback.
    Draft guidelines for 'on tap' licensing of Urban Co-operative Banks have been issued for public and stakeholder consultation. Comments and feedback may be submitted until September 05, 2026, through the designated online consultation facility or by written or email submission to the specified regulatory department.
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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.

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      California governor asks court to block Trump administration from using troops in immigration raids

      June 11, 2025

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      Los Angeles, Jun 10 (AP) California Gov. Gavin Newsom filed an emergency request in federal court Tuesday to block the Trump administration from using the National Guard and Marines to assist with immigration raids in Los Angeles.

      Newsom's move comes after President Donald Trump ordered the deployment of roughly 4,000 National Guard members and 700 Marines to Los Angles following four days of protests driven by anger over the president's stepped-up enforcement of immigration laws.

      The governor's request said it was in response to a change in orders for the Guard.

      The filing included a declaration from Paul Eck, deputy general counsel in the California Military Department. Eck said the department has been informed that the Pentagon plans to direct the California National Guard to start providing support for immigration operations. That support would include holding secure perimeters around areas where raids are taking place and securing streets for immigration agents.

      The Guard members were originally deployed to protect federal buildings.

      It was not clear if the change in mission had begun.

      Newsom's office did not immediately say how the state was notified about the change.

      Marines have not responded to protests yet In other developments Tuesday, the Marine Corps commandant said the Marines that deployed to the Los Angeles area on Trump's orders have not yet been called to respond to the protests and are there only to protect federal officials and property, The 700 Marines and another 2,000 National Guard troops were ordered to LA on Monday, escalating a military presence that local officials and Gov. Gavin Newsom do not want and that the police chief says makes it harder to handle the protests safely.

      Marine Corps Gen. Eric Smith told a budget hearing on Capitol Hill that the battalion has not yet been sent to any protests. The Marines were trained for crowd control but have no arrest authority and are there to protect government property and personnel, he said.

      Trump left open the possibility of invoking the Insurrection Act, which authorises the president to deploy military forces inside the US to suppress rebellion or domestic violence or to enforce the law in certain situations. It's one of the most extreme emergency powers available to a US president.

      “If there's an insurrection, I would certainly invoke it. We'll see,” he said Tuesday from the Oval Office. “But I can tell you last night was terrible, and the night before that was terrible.” Trump has described Los Angeles in dire terms that Mayor Karen Bass and Newsom say are nowhere close to the truth.

      While protesters blocked a major freeway and set cars on fire over the weekend, the demonstrations in the city of 4 million people have largely been centred in several blocks of downtown.

      On Monday, they were far less raucous, with thousands of people peacefully attending a rally at City Hall and hundreds more protesting outside a federal complex that includes a detention centre where some immigrants are being held following workplace raids across the city.

      At daybreak Tuesday, guard troops were stationed outside the detention center, but there was no sign of the Marines.

      Obscene slogans directed at Trump and federal law enforcement remained scrawled across several buildings. At the Walt Disney Concert Hall, workers were busy washing away graffiti Tuesday morning.

      In nearby Santa Ana, armoured guard vehicles blocked a road leading to federal immigration and government offices. Workers swept up plastic bottles and broken glass near buildings sprayed with graffiti.

      Sending in the military is the latest step in the administration's immigration crackdown as Trump pursues the mass deportations he promised last year during the presidential campaign. The protests have been driven by anger over the stepped-up enforcement that critics say is breaking apart migrant families.

      Defence Secretary Pete Hegseth suggested Tuesday that the use of troops inside the US will continue to expand.

      “I think we're entering another phase, especially under President Trump with his focus on the homeland, where the National Guard and Reserves become a critical component of how we secure that homeland,” he said on Capitol Hill.

      Los Angeles officials say police don't need help The mayor and the governor say Trump is putting public safety at risk by adding military personnel even though police say they don't need the help.

      Los Angeles Police Chief Jim McDonnell said he was confident in the police department's ability to handle large-scale demonstrations and that the Marines' arrival without coordinating with the police department would present a “significant logistical and operational challenge.” Newsom called the deployments reckless on the social platform X. “This isn't about public safety,” the governor said. “It's about stroking a dangerous President's ego.” Protests spread across the US The protests began Friday after federal immigration authorities arrested more than 40 people across Los Angeles and continued over the weekend as crowds blocked a major freeway and set self-driving cars on fire. Police responded with tear gas, rubber bullets and flash-bang grenades.

      Demonstrations spread Monday to other cities nationwide, including San Francisco and Santa Ana, California, as well as Dallas and Austin, Texas. Authorities in Austin said police used pepper spray balls and tear gas to disperse a crowd that threw rocks and bottles at officers, injuring four.

      Los Angeles response takes stage on Capitol Hill The Pentagon said deploying the National Guard and Marines costs USD 134 million. That figure came out Tuesday just after Hegseth engaged in a testy back-and-forth about the costs during a congressional hearing.

      The defense secretary said the department has a budget increase and the money to cover the costs, and he defended Trump's decision to send the troops, saying they are needed to protect federal agents doing their jobs.

      Meanwhile, Democratic members of California's congressional delegation on Tuesday accused the president of creating a “manufactured crisis” with his orders to send in troops.

      Rep. Nancy Pelosi contrasted Trump's actions with his handling of the Jan. 6, 2021, insurrection at the US Capitol when law enforcement officers were beaten. “We begged the president of the United States to send in the National Guard. He would not do it,” Pelosi said.

      California pushes back against sending troops California Attorney General Rob Bonta filed a lawsuit over the use of National Guard troops following the first deployment, telling reporters that Trump had “trampled” the state's sovereignty. He sought an order declaring Trump's use of the Guard unlawful and asking for a restraining order to halt the deployment.

      Trump said the city would have been “completely obliterated” if he had not deployed the Guard.

      US officials said the Marines were needed to protect federal buildings and personnel, including immigration agents. A convoy of buses with blacked-out windows and escorted by sheriff's vehicles arrived overnight at a Navy facility just south of LA.

      Despite their presence, there has been limited engagement so far between the Guard and protesters while local law enforcement implements crowd control.

      Protests were peaceful Monday Thousands flooded the streets around City Hall for a union rally Monday before labor leader David Huerta was freed on a bond after he was arrested Friday while protesting the immigration raids.

      As the crowd thinned, police began pushing protesters away, firing crowd-control munitions as people chanted, "Peaceful protest.” At least a dozen people were surrounded by police and detained.

      Several dozen people were arrested throughout the weekend. Authorities say one was detained Sunday for throwing a Molotov cocktail at police and another for ramming a motorcycle into a line of officers.

      Guard deployment is a nearly unprecedented escalation The deployment appeared to be the first time in decades that a state's National Guard was activated without a request from its governor, a significant escalation against those who have sought to hinder the administration's mass deportation efforts.

      The last time the National Guard was activated without a governor's permission was in 1965, when President Lyndon B. Johnson sent troops to protect a civil rights march in Alabama, according to the Brennan Center for Justice. (AP) GSP

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