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    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
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    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
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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.
    August 5, 2026
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    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
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    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
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    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
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    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.
    August 5, 2026
    Show AI Summary
    Interim bail conditions require residence outside the state and trial attendance in alleged manpower commission corruption proceedings.
    Interim bail was granted to Anwar Dhebar in a matter involving alleged corruption and an illegal commission mechanism linked to a state marketing corporation. Conditions require him to remain outside Chhattisgarh, attend the trial court, and provide his residential address. The allegations concern manpower supply agencies allegedly being compelled to pay commissions for clearance of legitimate bills, with proceeds routed through intermediaries. The case was registered under the Indian Penal Code and the Prevention of Corruption Act.
    August 5, 2026
    Show AI Summary
    Tax certainty measures revise fund-management safe harbours, electronic-payment charges, sectoral exemptions, business-trust treatment, and excess expenditure appropriation.
    The Taxation and Other Laws (Amendment) Bill, 2026 proposes to replace the Income-tax (Amendment) Ordinance, 2026 and amend payment-system and tax laws. It would prohibit charges on notified electronic payments, revise safe-harbour conditions for eligible investment funds and fund managers, and expand tax exemptions for Government securities, qualifying rough-diamond sales and bonded-warehouse component storage. It also modifies exemptions concerning electronic-goods contract manufacturing, data centres and business-trust dividends, while imposing a differentiated surcharge on qualifying special purpose vehicles. A separately included appropriation bill authorises excess expenditure from the Consolidated Fund of India.
    August 5, 2026
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    Growth and inflation projections reflect resilient domestic activity while energy volatility, supply disruptions, and food prices sustain inflation risks.
    Monetary policy projections for fiscal 2026-27 revise real GDP growth upward to 6.7 per cent and Consumer Price Index inflation downward to 5 per cent. Domestic activity is described as resilient amid global uncertainty, but inflationary risks persist from rainfall disruption, energy-price volatility, supply-chain uncertainty, and second-round effects of higher food, fuel and input costs. Core inflation is projected at 4.3 per cent for the fiscal year.
    August 5, 2026
    Show AI Summary
    Industry collaboration strengthens MSME competitiveness through shared resources, market linkages, capability building and inclusive support for women entrepreneurs.
    MSME development is linked to collaboration, knowledge-sharing, institutional support and capability building. Industry associations can provide networking, policy advocacy, business intelligence, skills programmes, shared infrastructure and market linkages, while collective procurement, shared logistics, digital commerce and export readiness may improve competitiveness. Women-led enterprises benefit from market-oriented capability development, mentorship, continuous learning, professional networks, capacity-building programmes and institutional support. The Development of Industry Associations initiative is intended to connect associations and facilitate the sharing of best practices.
    August 5, 2026
    Show AI Summary
    Monetary policy rate maintenance continues under a neutral stance amid energy disruption, inflation concerns and sustained currency depreciation.
    Monetary policy rate maintenance was continued with the repo rate retained at 5.25 per cent under a neutral stance amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The growth forecast was marginally increased and the inflation projection reduced. Sustained rupee depreciation against the dollar was attributed to costly oil, capital outflows, widening trade deficits and a strong US dollar.
    August 5, 2026
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    Monetary policy rate pause maintains a neutral stance amid energy disruption, inflation concerns and sustained rupee depreciation pressures.
    Monetary policy rates were retained without change for a third consecutive review, with a neutral stance maintained amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The policy assessment noted retail inflation above the medium-term target, alongside an upward revision to growth expectations and a downward revision to the inflation projection. Continued rupee depreciation was linked to higher oil prices, capital outflows, widening trade deficits and a stronger US dollar.
    August 5, 2026
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    Monetary policy expectations shape equity sentiment as softer crude prices and foreign investment support domestic financial assets.
    Equity market sentiment improved in early trading as lower crude oil prices and foreign fund inflows supported benchmark indices, while investors awaited the monetary policy decision. Softer crude prices, rupee recovery, improving global risk sentiment, resilient economic growth, corporate earnings and sustained foreign portfolio investment supported domestic financial assets, despite continuing global and geopolitical uncertainties.
    August 5, 2026
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    Foreign exchange market movement strengthens as lower crude prices and monetary policy signals influence the rupee's direction.
    Foreign exchange market movement saw the rupee appreciate against the US dollar in early trading, supported by lower crude oil prices, a softer dollar index, domestic equity gains and net foreign institutional investment. Market attention centred on the Reserve Bank of India's monetary policy decision, with expectations of an unchanged benchmark repo rate. Policy communication on inflation and developments in Hormuz-related talks were identified as factors that could influence the rupee's direction.

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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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