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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
    Show AI Summary
    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
    Show AI Summary
    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
    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
    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
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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
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    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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      We both agree 'this is not an era of war': PM Modi after talks with Cyprus Prez

      June 16, 2025

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      Nicosia, Jun 16 (PTI) Prime Minister Narendra Modi on Monday said he and Cyprus President Nikos Christodoulides "expressed concern" over the ongoing conflicts in West Asia and Europe, and they both agree that "this is not an era of war".

      Modi made the remarks after wide-ranging talks with Christodoulides, covering the full range of bilateral relations. They talked about cooperation in areas like defence, security, trade, technology, healthcare, renewable energy and climate justice. They also discussed regional and global issues, including the conflicts in West Asia and Europe.

      During his visit, Modi and Christodoulides also viewed from atop a building the mountains near Nicosia, which are under Turkish control, signalling a message to Turkiye, which had openly supported Pakistan during the recent conflict with India.

      His visit to Cyprus assumes significance in the wake of the island nation's strained ties with Turkiye.

      This is his first foreign visit after India carried out Operation Sindoor in May during which it destroyed terror infrastructure in Pakistan and Pakistan-Occupied Kashmir in retaliation to the Pahalgam attack.

      "We are thankful for Cyprus' support to India's fight against cross-border terrorism," Modi, the first Indian prime minister to visit Cyprus in over two decades, said while addressing a joint press conference with Christodoulides after their talks.

      A joint statement issued after their talks said Cyprus and India "unequivocally condemned terrorism and violent extremism in all its forms and manifestations, including international and cross-border terrorism, and reaffirmed their shared commitment to countering hybrid threats that undermine peace and stability".

      They reiterated their "zero-tolerance approach" to terrorism, rejecting any justification for such acts, under any circumstances, as they emphasised that those responsible for the attacks should be held "accountable".

      "We both expressed concern over the conflicts going on in West Asia and Europe. Their negative impact is not just limited to those regions. We both consider that this is not an era of war. Resolution through dialogue and restoration of stability is the call of humanity," Modi said, without naming any country.

      Christodoulides said, "We have a historic friendship, and there is trust in ties".

      He recalled the horrific Pahalgam terror attack of April 22 and asserted that Cyprus stands in "full solidarity" with India.

      Cyprus "stands with India in its fight against terrorism" in all forms and manifestations, he said.

      In his remarks, Christodoulides also referred to the June 12 Air India plane crash in Ahmedabad and said the people of Cyprus are with India in this time of grief.

      Christodoulides also said the two sides also discussed the Cyprus issue and added that Cyprus wants to end the "illegal occupation" by Turkiye, referring to the disputed northern region.

      "We extend the gratitude of the Republic of Cyprus to India and its people for their support. The support for the territorial integrity of Cyprus, our reunification," he said, and cited India's contribution to the UN Peacekeeping Force in Cyprus.

      Cyprus and India "expressed their strong commitment to the resumption of UN-facilitated efforts to achieve a comprehensive and lasting settlement of the Cyprus Question on the basis of a bizonal, bicommunal federation with political equality, in accordance with the agreed UN framework and the relevant UN Security Council Resolutions," said the joint statement.

      "India reiterated its unwavering and consistent support for the independence, sovereignty, territorial integrity, and unity of the Republic of Cyprus. In this regard, both sides emphasized the need to avoid unilateral actions as essential for creating a conducive environment for the resumption of meaningful negotiations," it added.

      The island nation located in the eastern Mediterranean Sea, and neighbouring Turkiye, share an uneasy past.

      According to the website of the UN Peacekeeping Force in Cyprus, the Turkish government, invoking the Treaty of Guarantee of 1960, launched an extensive military operation on the north coast of Cyprus, which resulted eventually in the occupation of the main Turkish Cypriot enclave north of Nicosia's.

      In 1974, India had taken a firm stand in support of the sovereignty, unity and territorial integrity of the Republic of Cyprus.

      In his press statement, Modi said his visit was a "golden opportunity" to write a new chapter in India-Cyprus bilateral ties.

      Modi said there are many similarities between Cyprus' Vision 2035 and the vision of Viksit Bharat 2047.

      "That is why we will shape the future together. We will create a concrete roadmap for the next five years to give a strategic direction to our partnership. Dialogue will be started on cyber and maritime security," he said.

      Spokesperson of the Ministry of External Affairs, Randhir Jaiswal, in a post on X wrote on the visit, "A renewed momentum to further deepen India-Cyprus ties." During the delegation-level talks, both leaders discussed ways to deepen cooperation in newer areas of defence industry, connectivity, innovation, tourism and mobility, alongside traditional areas of trade and investments, counter-terrorism and culture, he said.

      They called for enhancing connectivity between the two countries which would strengthen the India-Middle East-Europe Economic Corridor (IMEEC) corridor. They noted that Cyprus is an important partner for India in the EU, Jaiswal wrote.

      In his remarks, the Prime Minister asserted that mutual trust in democracy and the rule of law form a "strong foundation of our ties".

      "Our ties are neither made by circumstances nor limited. We respect each other's sovereignty and territorial integrity," he said.

      Modi said Cyprus is also a choice tourist destination for Indians, and efforts will be made for direct air connectivity between the two sides.

      "We also discussed how to deepen cultural linkages. Yoga and Ayurveda are gaining popularity in Cyprus, which is gladdening to see. Tourism is another area where there is rich potential. We also deliberated on how to improve connectivity," he said.

      IMEEC and India-EU ties also figured in their talks and the joint statement.

      Both leaders underscored the significance of the IMEEC as a "transformative, multi-nodal initiative" that fosters peace, economic integration, and sustainable development, it said.

      "We are both convinced about the transformative potential of the India-Middle East-Europe Economic Corridor. This corridor will boost peace and prosperity in the region," Modi said.

      Cyprus will assume the presidency of the Council of the EU next year.

      "I have assured the Prime Minister that when Cyprus will assume the presidency of the Council of the EU, we will accord priority to EU-India ties, and we will cooperate so that we can boost it. Also, EU-India free trade agreement we wish it gets concluded," Christodoulides said.

      The President also invited Modi to the "unofficial meeting" of the Council of the EU, which he said will take place next year in Cyprus.

      The Prime Minister also invited the Cyprus President to visit India.

      "The leaders reaffirmed their commitment to multilateralism and reform of global governance institutions, including UN Security Council reform," the MEA said.

      Prime Minister Modi thanked President Christodoulides for reiterating Cyprus’s support for India’s permanent membership of a reformed UNSC.

      An MoU to establish an India Studies ICCR Chair at the University of Nicosia was also signed during the visit, the MEA said. PTI KND ZH ZH

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