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    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
    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
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    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
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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
    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
    Show AI Summary
    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
    Show AI Summary
    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
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    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.

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      Trump's mass deportations leave Democrats more ready to fight back

      June 12, 2025

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      Washington, Jun 12 (AP) California Governor Gavin Newsom looked straight into the camera and staked out a clear choice for his Democratic Party.

      The governor positioned himself as not only a leader of the opposition to President Donald Trump's mass deportation agenda, but a de facto champion of the immigrants now being rounded up in California and across the country. Many of them, he said in the video address, were not hardened criminals, but hard-working people scooped up at a Home Depot lot or a garment factory, and detained by masked agents assisted by National Guard troops.

      It is a politically charged position for the party to take, after watching voter discontent with illegal immigration fuel Trump's return to the White House. It leaves Democrats deciding how strongly to align with that message in the face of blistering criticism from Republicans who are pouring billions of dollars into supporting Trump's strict immigration campaign.

      Senate Democratic Leader Chuck Schumer of New York said on Wednesday he is proud of Newsom, "he's refusing to be intimidated by Donald Trump." From the streets of Los Angeles to the halls of Congress, the debate over Trump's mass deportation agenda is forcing the US to reckon with core values as a nation of immigrants, but also its long-standing practice of allowing migrants to live and work in the US in a gray zone while not granting them full legal status. More than 11 million immigrants are in the US without proper approval, with millions more having arrived with temporary protections.

      As Trump's administration promises to round up some 3,000 immigrants a day and deport 1 million a year, the political stakes are shifting in real time. The president rode to the White House with his promise of mass deportations — rally crowds echoed his campaign promise to "build the wall." But Americans are watching as Trump deploys the National Guard and active US Marines to Los Angeles, while pockets of demonstrations erupt in other cities nationwide, including after agents raided a meat processing plant in Omaha, Nebraska.

      Joel Payne, a Democratic strategist, said the country's mood appears to be somewhere between then-President Barack Obama's assertion that America is "a nation of immigrants, we're also a nation of laws" and Trump's "more aggressive" deportation approach.

      "Democrats still have some work to do to be consistently trustworthy messengers on the issue," he said.

      At the same time, he said, Trump's actions as a "chaos agent" on immigration when there's already unrest over his trade wars and economic uncertainty, risk overreaching if the upheaval begins to sow havoc in the lives of Americans.

      Republicans have been relentless in their attacks on Democrats, portraying the situation in Los Angeles, which has been largely confined to a small area downtown, in highly charged terms as "riots," in a preview of campaign ads to come.

      Police said more than 200 people were detained for failing to disperse on Tuesday, and 17 others for violating the 8 pm curfew over part of Los Angeles. Police arrested several more people for possessing a firearm, assaulting a police officer and other violations. Two people have been charged for allegedly throwing Molotov cocktails toward police during LA protests.

      House Speaker Mike Johnson said Newsom should be "tarred and feathered" for his leadership in the state, which he called "a safe haven to violent criminal illegal aliens." At a private meeting of House Republicans this week with White House Press Secretary Karoline Leavitt, Rep Richard Hudson, the chairman of the GOP's campaign arm, framed the situation as Democrats supporting rioting and chaos while Republicans stand for law and order.

      "Violent insurrectionists turned areas of Los Angeles into lawless hellscapes over the weekend," wrote Senator Tom Cotton, R-Ark, earlier this week in the Wall Street Journal, suggesting it may be time to send in military troops.

      "The American people elected Donald Trump and a Republican Congress to secure our border and deport violent illegal aliens. That's exactly what the president is doing." But not all rank-and-file Republicans are on board with such a heavy-handed approach.

      GOP Rep David Valadao, who represents California's agriculture regions in the Central Valley, said on social media he remains "concerned about ongoing ICE operations throughout CA" and was urging the administration "to prioritise the removal of known criminals over the hardworking people who have lived peacefully in the Valley for years." Heading into the 2026 mid-term election season, with control of the House and Senate at stake, it is a repeat of past political battles, as Congress has failed repeatedly to pass major immigration law changes.

      The politics have shifted dramatically from the Obama era, when his administration took executive action to protect young immigrants known as Dreamers under the landmark Deferred Action for Childhood Arrivals programme.

      Those days, lawmakers were considering proposals to beef up border security as part of a broader package that would also create legal pathways, including for citizenship, for immigrants who have lived in the country for years and paid taxes, some filling roles in jobs Americans won't always take.

      With Trump's return to the Oval Office, the debate has turned toward aggressively removing immigrants, including millions who were allowed to legally enter the US during the Biden administration, as they await their immigration hearings and proceedings.

      "This anniversary should be a reminder," said Senator Dick Durbin, D-Ill, at a Wednesday event at the US Capitol championing DACA's 13th year, even as protections are at risk under Trump's administration. "Immigration has many faces." Despite their challenges in last year's election, Democrats feel more emboldened to resist Trump's actions than even just a few months ago, but the political conversation has nonetheless shifted in Trump's direction.

      While Democrats are unified against Trump's big tax breaks bill, with its USD 150 billion for new detention facilities, deportation flights and 10,000 new Immigration and Customs Enforcement agents, they talk more openly about beefing up border security and detaining the most dangerous criminal elements.

      Rep Suzan DelBene, D-Wash, chair of the Democratic Congressional Campaign Committee, points to the example of Democratic Rep Tom Suozzi, who won a special election in New York last year when he addressed potential changes to the immigration system head-on. At one point, he crashed a GOP opponent's news conference with his own.

      "Trump said he was going to go after the worst of the worst, but he has ignored the laws, ignored due process, ignored the courts — and the American people reject that," she told The Associated Press.

      "People want a president and a government that is going to fight for the issues that matter most to them, fight to move our country forward," she said. "They want a Congress that is going to be a coequal branch of government and a check on this president." (AP) RUK RUK

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