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    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
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    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
    RBI marginally raises FY27 GDP growth projection to 6.7 pc, lowers inflation forecast
    Collaboration, Inclusion and Entrepreneurship: How SIDBI MSME Samvaad Is Shaping the Future of India’s MSME Ecosystem
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    RBI keeps policy rate unchanged for third time in row amid West Asia crisis
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    Punjab govt committed to paying all valid dues; legal options being examined: FM Cheema
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    Rupee gains 9 paise against US dollar
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    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
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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.
    August 5, 2026
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    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
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    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
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    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
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    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.
    August 4, 2026
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    Dearness allowance arrears must be cleared promptly, while the government examines legal remedies and continues its structured liquidation plan.
    Pending dearness allowance arrears of government employees and pensioners are to be cleared within a fortnight, with restraint on unproductive expenditure until admissible dues are paid. The government states that it will pay constitutionally and legally valid dues while examining the judgment, precedents and possible legal remedies. It attributes the arrears to delayed pay commission implementation and frozen dearness allowance, and states that a structured liquidation plan has been prepared and partly implemented.
    August 4, 2026
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    Money-laundering investigation examines alleged fraudulent industrial plot allotments, benami holdings and diversion of plots to residential use.
    A money-laundering investigation under the Prevention of Money Laundering Act examines alleged irregularities in industrial-plot allotments involving corporation officials, private persons, property dealers and alleged benamidars. The inquiry concerns alleged use of fictitious firms and false addresses to obtain plots, allotments to relatives and associates, and alleged diversion or change of land use from industrial to residential purposes. These activities are alleged to have generated private gains while causing loss to the public exchequer.
    August 4, 2026
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    Rupee exchange-rate movement gains support from capital inflows, while oil prices, dollar strength and monetary policy shape sentiment.
    Rupee exchange-rate movement was supported by foreign capital inflows and improved global risk sentiment, while elevated crude-oil prices and a stronger US dollar constrained gains. Market attention shifted to monetary policy, overseas dollar-deposit incentives and easier foreign access to government bonds, which were reported to support capital inflows and India's external position. A cautious approach to the benchmark repo rate was expected amid assessment of the West Asia conflict.

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      Rebuilding one of nation's oldest Black churches to begin at Juneteenth ceremony

      June 19, 2025

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      Williamsburg (US), Jun 19 (AP) A ceremonial ground-breaking will be held on Thursday for the rebuilding of one of the nation's oldest Black churches, whose congregants first gathered outdoors in secret before constructing a wooden meetinghouse in Virginia.

      The First Baptist Church of Williamsburg officially established itself in 1776, although parishioners met before then in fields and under trees in defiance of laws that prevented African Americans from congregating. Free and enslaved members erected the original church house around 1805, laying the foundation with recycled bricks.

      Reconstructing the 16-foot by 32-foot (5-metre by 10-metre) building will help demonstrate that “Black history is American history”, First Baptist Pastor Reginald F. Davis told The Associated Press before the Juneteenth groundbreaking.

      “Oral history is one thing but to have an image to go along with the oral history makes a greater impact on the psyche of oppressed people," said Davis, who leads the current 215-member congregation in a 20th Century church that is less than a mile from the original site. "Black Americans have been part of this nation's history before and since the Declaration of Independence.” The original building was destroyed by a tornado in 1834. First Baptist's second structure, built in 1856, stood there for a century. But the Colonial Williamsburg Foundation, a living history museum, bought the property in 1956 and turned the space into a parking lot.

      Colonial Williamsburg had covered the costs of building First Baptist's current church house. But for decades it failed to tell the church's pioneering history and the stories of other colonial Black Americans.

      In recent years, the museum has placed a growing emphasis on telling a more complete story about the nation's founding. Colonial Williamsburg's rebuilding of the church is an opportunity to tell Black history and resurrect the stories of those who originally built it.

      Telling Virginia's untold story Rebuilding First Baptist's original meetinghouse will fill an important historical gap, while bolstering the museum's depiction of Virginia's 18th century capital through interpreters and restored buildings. More than half of the 2,000 people who lived in Williamsburg at the time were Black, many of them enslaved.

      Rev. James Ingram is an interpreter who has for 27 years portrayed Gowan Pamphlet, First Baptists' pastor when the original church structure was built. Pamphlet was an enslaved tavern worker who followed his calling to preach, sermonising equality, despite the laws that prohibited large gatherings of African Americans out of fear of slave uprisings.

      “He is a precursor to someone like Frederick Douglass, who would be the precursor to someone like Martin Luther King Jr.,” Ingram said. “Gowan Pamphlet was leading the charge.” The museum's archaeologists uncovered the original church's foundation in 2021, prompting Pastor Davis to say then that it was “a rediscovery of the humanity of a people”.

      “This helps to erase the historical and social amnesia that has afflicted this country for so many years,” he said.

      The archaeologists also located 62 graves, while experts examined three sets of remains and linked them to the congregation.

      Scientists at William and Mary's Institute for Historical Biology said the teeth of a Black male in his teens indicated some kind of stress, such as malnutrition or disease.

      “It either represents the conditions of an enslaved childhood or far less likely — but possibly — conditions for a free African American in childhood,” Michael Blakey, the institute's director, said in 2023.

      It was a marvel' In the early 1800s, the congregation acquired the property for the original church from a local white merchant. The land was low, soft and often soggy — hardly ideal for building, said Jack Gary, Colonial Williamsburg's executive director of archaeology.

      But the church's congregants, many of whom were skilled tradespeople, made it work by flipping bricks on their side and making other adjustments to lay a level foundation.

      “It was a marvel that they were able to build a structure there, but also that the structure persists and even grows bigger,” Gary said, adding that the church was later expanded.

      Based on their excavation, archaeologists surmise there was no heat source, such as a fireplace, no glass in the windows and no plaster finish, Gary said.

      About 50 people could have sat comfortably inside, possibly 100 if they were standing. The congregation numbered about 500, which included people on surrounding plantations. Services likely occurred outside the church as well.

      White planters and business owners were often aware of the large gatherings, which technically were banned, while there's documentary evidence of some people getting caught, Gary said.

      Following Nat Turner's rebellion in 1831, which killed more than 50 white people in Virginia's Southampton County, the congregation was led by white pastors, though it was Black preachers doing the work, Gary said. The tornado destroyed the structure a few years later.

      Boards are being cut The museum is rebuilding the 1805 meetinghouse at its original site and will use common wood species from the time: pine, poplar and oak, said Matthew Webster, the museum's executive director of architectural preservation and research. The boards are already being cut. Construction is expected to finish next year.

      The windows will have shutters but no glass, Webster said, while a concrete beam will support the new church directly over its original foundation, preserving the bricks.

      “When we build the earliest part of the church, we will put bricks on their sides and will lay them in that strange way because that tells the story of those individuals struggling to quickly get their church up,” Webster said. “And then when we build the addition, it will be this formal foundation that really shows the establishment of the church.” Janice Canaday, who traces her lineage to First Baptist, said Williamsburg's Black community never forgot its original location or that its graves were paved over in the 1950s.

      “They will never be able to expunge us from the landscape,” said Canaday, who is also the museum's African American community engagement manager. “It doesn't matter if you take out the building. It doesn't matter if you ban books. You will never be able to pull that root up because that root is so deep.” (AP) PY PY

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