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    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
    SC grants interim bail to businessman Anwar Dhebar in manpower commission 'scam' case
    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
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    August 5, 2026
    Show AI Summary
    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
    Show AI Summary
    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
    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
    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
    Show AI Summary
    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.

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      Troubles at Air India continue: Flights to London, Paris cancelled; glitch hits San Francisco-Mumbai flight

      June 17, 2025

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      Mumbai/Kolkata, Jun 17 (PTI) Troubles continued at Air India, which is facing the biggest crisis since Tata group bought the airline three and a half years back, with its flights to London and Paris on Tuesday being cancelled for varied reasons and a glitch forcing fliers on San Francisco-Mumbai flight to deplane during a stopover.

      While Air India cancelled the Delhi-Paris flight after some problems were detected during pre-flight checks, its Ahmedabad-London one was cancelled due to unavailability of aircraft, the airline said.

      Separately, Air India terminated its San Francisco-Mumbai flight at its scheduled stopover at Kolkata early on Tuesday morning after one of its engines developed a technical snag.

      The disruptions came as investigators probe what caused a London-bound Air India flight to crash in Ahmedabad shortly after take-off on June 12, killing more than 270 people onboard and on the ground.

      The incident dealt a severe blow to the airline and its owner Tata, which prides itself for producing luxury cars to salt and software as well as assembly of iPhone.

      In a statement, Air India said flight AI143 from Delhi to Paris has been cancelled after "mandatory pre-flight checks identified an issue which is being presently addressed".

      It did not detail the issue that came to light during pre-flight checks.

      "However, in view of the flight coming under the restrictions on night operations at Paris Charles de Gaulle (CDG) airport, the said flight has been cancelled," Air India said.

      The airline said it is providing hotel accommodation and also offering full refunds on cancellations or complimentary rescheduling if opted by the passengers.

      Air India also said it is making alternative arrangements to fly passengers to their destination at the earliest.

      The airline, which on Monday resumed flights from Ahmedabad to London Gatwick with a new code AI159 instead of AI171 of the flight that crashed on June 12, had to cancel the flight on Tuesday due to unavailability of aircraft.

      It denied claims that a technical snag led to the cancellation and maintained that it has made alternative arrangements for the affected passengers to their destination and offered full refunds on cancellations or complimentary rescheduling if opted by them.

      Air India's official website confirmed that the AI-159 flight from Ahmedabad to the Gatwick airport in London stands cancelled after being rescheduled. The plane was scheduled to depart at 3 pm from the Sardar Vallabhbhai Patel International Airport (SVPIA).

      "Flight AI-159 from Ahmedabad to Gatwick (London) has been cancelled today (Tuesday) due to the unavailability of the aircraft, resulting from airspace restrictions and additional precautionary checks, leading to longer than usual turnaround of aircraft, and not due to any technical snag as claimed," an AI spokesperson said.

      "We regret the inconvenience caused to our passengers and have made alternative arrangements to fly them to their destination. We are providing hotel accommodation and also offering full refunds on cancellations or complimentary rescheduling if opted by passengers," he added.

      Consequently, flight AI-170 from London (Gatwick) to Amritsar on June 17 stands cancelled, the airline said.

      Iran has closed its airspace due to its ongoing war with Israel, affecting flights headed to Europe.

      AI's direct flight from Ahmedabad to London was earlier known by its assigned code 'AI-171'.

      Airport sources said the flight having code AI-171 was suspended after the horrific crash which claimed 270 lives, including 29 people on the ground.

      It resumed operation on Monday (June 16), five days after the crash, with a new flight code AI-159, said an airport official.

      Separately, an Air India flight from San Francisco to Mumbai via Kolkata suffered a technical snag early Tuesday, requiring passengers to deboard during a scheduled halt at the Netaji Subhash Chandra Bose International Airport.

      The termination led to chaotic scenes at the Netaji Subhash Chandra Bose International Airport as the 211 passengers on the Boeing 777-200 LR tried to convince officials to let them reach their destination at the earliest.

      The Tata Group-owned carrier did not issue an official statement.

      Sources said Air India is making "special arrangements" to fly the stranded passengers to Mumbai. No further details were available.

      Usually, the carrier flies directly to Mumbai from San Francisco but the ongoing geopolitical events, including the closure of Pakistani airspace, have led AI to reroute it and take a "technical halt" in Kolkata.

      Flight AI-180 landed in Kolkata at the scheduled time of 12.45 am, even though it took off one hour late from San Francisco.

      According to sources, a technical issue was detected during routine post-landing checks, and the airline decided to do a comprehensive check.

      It was scheduled to depart for Mumbai at 2 am, but passengers came to know of the problems only after 2.40 am when the crew announced there was a problem with the left engine, according to a PTI reporter who was on the flight.

      However, this announcement was accompanied by a specific promise, that the snag will take up to 25 minutes to get sorted, the reporter said.

      However, as the clock ticked by, distraught passengers having connecting flights from Mumbai started enquiring about the progress of the work with the cabin crew, but there was no clear response, the reporter said.

      With the Ahmedabad accident being fresh, some passengers also said a delay is better than a mishap, while some wondered how an aircraft which had travelled thousands of kilometres could face problems in the last leg from Kolkata to Mumbai.

      The next announcement came at 4.20 am when the pilots sought another 15-20 minutes for rectification of the problem.

      The engineers could be seen working on the left engine even as a drizzle continued, but the problem persisted. Finally, around 5.20 am, the pilots announced that a resolution was not possible and asked all passengers to deplane.

      After disembarking and passing the mandatory immigration, collecting baggage and passing the customs channels, the passengers were asked to sit in a designated area.

      A few passengers pleaded with officials asking for the earliest option to travel to Mumbai. Some got lucky, while others continued to wait.

      Finally, an Air India official announced that Mumbai-bound flights were mostly full and convinced a bulk of the passengers to check into a hotel. PTI IAS AA ANZ BAL BAL

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