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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
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    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
    Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
    August 5, 2026
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    Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
    A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
    August 5, 2026
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    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
    Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.

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      Nicaragua's former President Violeta Chamorro dies at 95, family says

      June 15, 2025

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      San Jose, Jun 14 (AP) Violeta Chamorro, an unassuming homemaker who was thrust into politics by her husband's assassination and stunned the world by ousting the ruling Sandinista party in presidential elections and ending Nicaragua's civil war, has died, her family said in a statement on Saturday. She was 95.

      The country's first female president, known as Doña Violeta to both supporters and detractors, she presided over the Central American nation's uneasy transition to peace after nearly a decade of conflict between the Sandinista government of Daniel Ortega and US-backed Contra rebels.

      At nearly seven years, Chamorro's was the longest single term ever served by a democratically elected Nicaraguan leader, and when it was over she handed over the presidential sash to an elected civilian successor — a relative rarity for a country with a long history of strongman rule, revolution and deep political polarisation.

      Chamorro died in San Jose, Costa Rica, according to the family's statement shared by her son, Carlos Fernando Chamorro, on X.

      “Doña Violeta died peacefully, surrounded by the affection and love of her children and those who had provided her with extraordinary care, and now she finds herself in the peace of the Lord,” the statement said.

      A religious ceremony was being planned in San Jose. Her remains will be held in Costa Rica “until Nicaragua returns to being a Republic,” the statement said.

      In more recent years, the family had been driven into exile in Costa Rica like hundreds of thousands of other Nicaraguans fleeing the repression of Ortega.

      Violeta Chamorro's daughter, Cristiana Chamorro, was held under house arrest for months in Nicaragua and then convicted of money laundering and other charges as Ortega moved to clear the field of challengers as he sought reelection.

      The Violeta Barrios de Chamorro Foundation closed its operations in Nicaragua in January 2021, as thousands of nongovernmental organizations have been forced to do since because Ortega has worked to silence any critical voices. It had provided training for journalists, helped finance journalistic outlets and defended freedom of expression.

      Husband's assassination Born Violeta Barrios Torres on October 18, 1929, in the southwestern city of Rivas, Chamorro had little by way of preparation for the public eye. The eldest daughter of a landowning family, she was sent to US finishing schools.

      After her father's death in 1948, she returned to the family home and married Pedro Joaquin Chamorro, who soon became editor and publisher of the family newspaper, La Prensa, following his own father's death.

      He penned editorials denouncing the abuses of the regime of Gen. Anastasio Somoza, whose family had ruled Nicaragua for four decades, and was gunned down on a Managua street in January 1978.

      The killing, widely believed to have been ordered by Somoza, galvanised the opposition and fuelled the popular revolt led by Ortega's Sandinista National Liberation Front that toppled the dictator in July 1979.

      Chamorro herself acknowledged that she had little ambition beyond raising her four children before her husband's assassination. She said she was in Miami shopping for a wedding dress for one of her daughters when she heard the news.

      Still, Chamorro took over publishing La Prensa and also became a member of the junta that replaced Somoza. She quit just nine months later as the Sandinistas exerted their dominance and built a socialist government aligned with Cuba and the Soviet Union and at odds with the United States amid the Cold War.

      La Prensa became a leading voice of opposition to the Sandinistas and the focus of regular harassment by government supporters who accused the paper of being part of Washington's efforts — along with US-financed rebels, dubbed “Contras” by the Sandinistas for their counterrevolutionary fight — to undermine the leftist regime.

      Chamorro later recounted bitter memories of what she considered the Sandinistas' betrayal of her husband's democratic goals and her own faith in the anti-Somoza revolution.

      “I'm not praising Somoza's government. It was horrible. But the threats that I've had from the Sandinistas — I never thought they would repay me in that way,” she said.

      Peace and 'progress' Chamorro saw her own family divided by the country's politics. Son Pedro Joaquin became a leader of the Contras, and daughter Cristiana worked as an editor at La Prensa. But another son, Carlos Fernando, and Chamorro's eldest daughter, Claudia, were militant Sandinistas.

      By 1990 Nicaragua was in tatters. The economy was in shambles thanks to a US trade embargo, Sandinista mismanagement and war. Some 30,000 people had died in the fighting between the Contras and Sandinistas.

      When a coalition of 14 opposition parties nominated an initially reluctant Chamorro as their candidate in the presidential election called for February that year, few gave her much chance against the Sandinista incumbent, Ortega. Even after months of campaigning, she stumbled over speeches and made baffling blunders. Suffering from osteoporosis, a disease that weakens the bones, she broke her knee in a household fall and spent much of the campaign in a wheelchair.

      But elegant, silver-haired and dressed almost exclusively in white, she connected with many Nicaraguans tired of war and hardship. Her maternal image, coupled with promises of reconciliation and an end to the military draft, contrasted with Ortega's swagger and revolutionary rhetoric.

      “I bring the flag of love,” she told a rally shortly before the vote. “Hatred has only brought us war and hunger. With love will come peace and progress.” She shocked the Sandinistas and the world by handily winning the election, hailing her victory as the fulfillment of her late husband's vision.

      “We knew that in a free election we would achieve a democratic republic of the kind Pedro Joaquin always dreamed,” Chamorro said.

      Washington lifted trade sanctions and promised aid to rebuild the nation's ravaged economy, and by June the 19,000-strong Contra army had been disbanded, formally ending an eight-year war.

      Forced into negotiations Chamorro had little else to celebrate during her first months in office.

      In the two months between the election and her inauguration, the Sandinistas looted the government, signing over government vehicles and houses to militants in a giveaway that became popularly known as “the pinata.” Her plans to stabilize the hyperinflation-wracked economy with free-market reforms were met with stiff opposition from the Sandinistas, who had the loyalty of most of the country's organized labor.

      Chamorro's first 100 days in power were marred by two general strikes, the second of which led to street battles between protesters and government supporters. To restore order Chamorro called on the Sandinista-dominated army, testing the loyalty of the force led by Gen. Humberto Ortega, Daniel Ortega's older brother. The army took to the streets but did not act against the strikers.

      Chamorro was forced into negotiations, broadening the growing rift between moderates and hardliners in her government. Eventually her vice president, Virgilio Godoy, became one over her most vocal critics.

      Nicaraguans hoping that Chamorro's election would quickly bring stability and economic progress were disappointed. Within a year some former Contras had taken up arms again, saying they were being persecuted by security forces still largely controlled by the Sandinistas. Few investors were willing to gamble on a destitute country with a volatile workforce, while foreign volunteers who had been willing to pick coffee and cotton in support of the Sandinistas had long departed.

      “What more do you want than to have the war ended?” Chamorro said after a year in office.

      Vision of forgiveness Chamorro was unable to undo Nicaragua's dire poverty. By the end of her administration in early 1997, unemployment was measured at over 50 percent, while crime, drug abuse and prostitution — practically unheard of during the Sandinista years — soared.

      That year she handed the presidential sash to another elected civilian: conservative Arnoldo Aleman, who also defeated Ortega at the ballot.

      In her final months in office, Chamorro published an autobiography, “Dreams of the Heart,” in which she emphasized her vision of forgiveness and reconciliation.

      “After six years as president, she has broadened her definition of my children' to include all Nicaraguans,” wrote a reviewer for the Los Angeles Times. “So even political opponents like Ortega are briefly criticized in one sentence, only to be generously forgiven in the next.” After leaving office, Chamorro retired to her Managua home and her grandchildren. She generally steered clear of politics and created the Violeta Barrios de Chamorro Foundation.

      In 2011 it was revealed that she suffered from a brain tumor. In October 2018, she was hospitalised and said by family members to be in “delicate condition” after suffering a cerebral embolism, a kind of stroke. (AP) GSP

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