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    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
    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
    RBI keeps policy rate unchanged for third time in row in FY27 amid West Asia crisis
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    August 5, 2026
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    Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
    Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
    The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
    August 5, 2026
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    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
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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
    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.
    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
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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.

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      Cyril Shroff AI Law Centre of Jindal Global Law School Launched in London by Harvard Law Professor

      July 1, 2025

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      London, 1 July 2025: In a landmark event for India’s legal education and global AI governance, the Cyril Shroff Centre for AI, Law & Regulation at Jindal Global Law School (JGLS), O.P. Jindal Global University (JGU), was formally launched at the historic Law Society of England and Wales, London. This is India’s first Centre of Excellence exclusively dedicated to the intersection of artificial intelligence, law, and public policy.

      The lecture was co-hosted by O.P. Jindal Global University, The Law Society of England and Wales, The Cyril Shroff Centre for AI, Law and Regulation, India Business Group, and Jindal Global Law School.

      The Centre has been established through a transformative ₹15 crore endowment by Mr. Cyril Shroff, Managing Partner of Cyril Amarchand Mangaldas, and reflects his visionary commitment to advancing ethical AI regulation and access to justice. Anchored at JGLS—India’s No. 1 ranked law school—the Centre will foster interdisciplinary research, executive education, and international collaborations to shape the future of law and technology in India and beyond.

      The highlight of the evening was the inaugural lecture by Professor David B. Wilkins, Lester Kissel Professor of Law and Vice Dean for Global Initiatives at Harvard Law School, titled “Reimagining Law, Lawyers, and Justice in the Age of Artificial Intelligence.” The lecture was followed by a panel discussion with global experts in AI, law, and regulation.

      Speaking at the launch, Professor (Dr.) C. Raj Kumar, Founding Vice Chancellor of JGU, said: “The launch of the Cyril Shroff Centre for AI, Law & Regulation represents a bold and forward-looking step in the evolution of legal education and technological innovation. At JGU and JGLS, we are committed to ensuring that emerging technologies like AI are harnessed to uphold justice, human dignity, and democratic values. This Centre is not only about research and policy—it is about shaping the future of access to justice in a digital world.” Reflecting on the significance of this institutional moment, Professor Raj Kumar emphasised: “I also want to take this moment to recognize and honour Mr. Cyril Shroff’s extraordinary act of philanthropy and intellectual vision. It is not common to see law firms and their leaders invest so deeply in the public interest, especially in frontier areas like AI. His contribution reflects what all law firms should aspire toward: to play a transformative role in building thought leadership and influencing the public policy architecture of our time. We need more institutions like this—where legal minds work hand-in-hand with scientists, engineers, ethicists, and policymakers to shape the future.” Mr. Cyril Shroff, Managing Partner of Cyril Amarchand Mangaldas whose leadership and generosity made the Centre possible, added: “India is at a crucial inflection point where law and technology must converge to serve the public good. AI can be a powerful equalizer—transforming access to justice, speeding up legal processes, and making governance more efficient. But we must proceed with both innovation and inclusion. Through this Centre, we aim to contribute to global discourse and build frameworks that are thoughtful, ethical, and future-ready.” Speaking about the impact of AI on the legal profession, Mr. Cyril Shroff said: “For lawyers to fully engage with the challenges and opportunities posed by AI, we must embrace interdisciplinary research. Law cannot operate in a silo—our thinking must be informed by technology, data science, behavioural insights, ethics, and more. I am hopeful that this Centre will emerge as a hub of ideas and leadership from the Global South, where normative rule-making and benchmarking should not merely follow—but begin. India has both the capacity and the responsibility to be a thought leader in this space.” Articulating the vision of the Centre, Mr. Cyril Shroff observed: “Jindal Global Law School combines intellectual depth with global ambition—making it the ideal partner for pioneering AI and law research. Its interdisciplinary ethos and strong international networks create fertile ground for innovation. Hosting the Centre here ensures the ideas it generates resonate far beyond India, influencing global regulatory thinking from the Global South.” Mr. Richard Atkins, President of the Law Society of England & Wales, welcomed the gathering and offered spirited opening remarks: “It was a great honour for the Law Society to host this significant event. For over 200 years, the Law Society has served the legal profession in upholding the rule of law and advancing justice. The launch of the Cyril Shroff Centre for AI, Law & Regulation here in London reflects a shared commitment to global legal innovation and collaboration. We are proud to support this important initiative that brings together law, technology, and public service in such a powerful way.” Delivering the keynote lecture, Professor David B. Wilkins of Harvard Law School observed: “Artificial intelligence is not just a tool for lawyers—it is transforming the very architecture of legal systems. Institutions like the Cyril Shroff Centre are essential to ensuring that AI is integrated into the rule of law responsibly, ethically, and equitably. Lawyers must now become architects of technological justice, not just interpreters of legal codes. AI is also reshaping the landscape of the legal profession and the structure of law firms themselves. From client service delivery and dispute resolution to document review and predictive analytics, the profession is undergoing a seismic shift. We must be mindful of how these changes affect not only the economics of law, but also its core values—fairness, accountability, and human judgment. The legal profession must rise to this moment with both courage and conscience.” Congratulating Mr. Cyril Shroff for his leadership in philanthropy and Professor Raj Kumar on his outstanding contributions to global institution building efforts, Professor David Wilkins observed: “Jindal Global Law School is uniquely positioned to lead this global conversation. Its commitment to academic excellence, ethical leadership, and international engagement makes it the natural home for this Centre. There is no better institution in the Global South to shape how AI and law intersect for the public good.” Professor (Dr.) Shailendra Raj Mehta, The O.P. Jindal Distinguished University Professor at JGU, emphasized: “India has a rare opportunity to lead the world in responsible AI governance. To do that, we need serious academic institutions that can produce research, train professionals, and influence global policymaking. The Cyril Shroff Centre will be a beacon of thought leadership, policy insight, and ethical reflection.” The evening featured a dynamic panel discussion moderated by Professor (Dr.) C. Raj Kumar and Mr. Cyril Shroff, and brought together leading global voices from academia, the judiciary, and law firms. The panelists included: • Professor Michael Veale, Associate Professor in Digital Rights and Regulation, University College London • Ms. Verity Egerton-Doyle, Partner, Linklaters LLP, United Kingdom • Professor Chris Reed, Professor of Electronic Commerce Law, Queen Mary University of London • Hon’ble Mr. Justice Michael D. Wilson, Distinguished Professor at JGU and former Justice, Supreme Court of Hawai’i • Mr. Tim Hickman, Partner, White & Case LLP, United Kingdom • Professor (Dr.) Christoph Winter, Director, Institute for Law & AI and Assistant Professor of Law & AI, University of Cambridge The panel explored the evolving regulatory landscape of AI, the implications for privacy and fundamental rights, the ethical challenges for lawyers and policymakers, and the role of India in shaping a human-centred global AI framework.

      The Centre’s mission includes conducting interdisciplinary research, offering executive and professional education programmes, and engaging with international bodies like the OECD, UN, and EU to contribute to globally harmonized regulatory approaches. As India emerges as one of the world’s leading digital economies—with a tech-savvy youth population and increasing global influence—the Centre will play a pivotal role in building institutional capacity for AI law and governance.

      The event also reflected on recent reforms such as India’s historic decision to allow foreign law firms into the domestic legal sector and the anticipated Indo-UK Free Trade Agreement, which will open up new opportunities across law, regulation, and technology.

      (Disclaimer: The above press release comes to you under an arrangement with O.P. Jindal Global University and PTI takes no editorial responsibility for the same.). PTI PWR PWR

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