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    Rupee falls 8 paise to 95.25 against US dollar in early trade
    APEDA Facilitates First-Ever Export of GI-tagged Mithila Makhana by Sea Route from Bihar to Australia
    Government signs strategic MoUs with key industry leaders and ecosystems to strengthen support to StartUps
    No Charges for UPI Users
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    Raymond Limited reports a healthy Q1 FY27 performance
    Why Most People Choose the Wrong Savings Account And How Not to Be One of Them
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    August 10, 2026
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    Foreign-exchange market conditions weakened the rupee as stronger dollar and crude prices offset support from reserve growth and inflows.
    Foreign-exchange market conditions saw the rupee weaken against the US dollar in early trading, influenced by a stronger dollar and higher global crude oil prices. Foreign institutional equity inflows and increased foreign-exchange reserves moderated pressure on the rupee. Market attention remained focused on developments in West Asia and the Reserve Bank of India, alongside movements in the dollar index, crude oil prices and domestic equity markets.
    August 10, 2026
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    GI-tagged Mithila Makhana export facilitation expands sea-route market access while supporting quality compliance and farmer-linked value chains.
    Export facilitation for GI-tagged Mithila Makhana enabled the first commercial sea-route shipment from Bihar to Australia. APEDA, in association with the Bihar agriculture department, supported market access, coordination, capacity building and stakeholder engagement. The export model is intended to improve farmer price realisation, require adherence to global quality standards, and strengthen growers, processors and exporters. A separate HS Code for Makhana has taken effect under the Finance Bill, 2025, supporting product-specific trade classification.
    August 10, 2026
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    Startup ecosystem support expands through digital payments, cloud access, AI innovation, investment readiness, governance support and global market programmes.
    DPIIT has entered into strategic MoUs to support DPIIT-recognised startups through payment infrastructure, entrepreneurship development, cloud technology, mobility innovation, investment readiness and global-market access. Eligible startups may receive payment and cloud support, technical training, mentorship, startup formalisation assistance, market and investor connections, AI and mobility enablement, and programmes addressing governance, financial readiness, compliance and international expansion. The collaborations promote innovation across digital payments, clean energy, artificial intelligence, climate technology, advanced manufacturing, mobility and automotive technology.
    August 10, 2026
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    UPI transaction charges remain unavailable for consumers and person-to-person payments, while limited threshold-based merchant MDR may be considered.
    Proposed amendment of section 10A of the Payment and Settlement Systems Act, 2007 is intended to support UPI sustainability, technological advancement and resilience. Consumer payments and person-to-person transactions are to remain free. Any future merchant discount rate would apply only to limited merchant transactions above a threshold, at a nominal rate, while most merchant transactions remain free. The framework supports investment in cybersecurity, fraud prevention and infrastructure, alongside a self-sustaining and inclusive digital-payment ecosystem.
    August 10, 2026
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    Fair competition cooperation in renewable energy markets advances knowledge-sharing and evidence-based enforcement across interconnected digital and energy markets.
    BRICS competition authorities adopted a Joint Statement strengthening cooperation to promote fair competition, including in renewable energy markets. Cooperation focuses on dialogue, knowledge-sharing and consideration of cross-border competition challenges in digital markets, emerging technologies and the energy transition. Competition enforcement is to remain principled and evidence-based, supporting efficiency, consumer welfare, innovation and merit-based competition. A collaborative renewable-energy competition study identified evolving market dynamics and areas for future cooperation.
    August 10, 2026
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    Cost optimisation in public finance strengthens investment decisions, risk allocation, indigenous manufacturing and value-driven government expenditure through specialised financial expertise.
    ICoAS cost optimisation supports public financial management through prudent resource utilisation, financial oversight and improved cost management across government. Its role includes supporting indigenous manufacturing, better investment decisions, efficient public expenditure and maximum value for public spending. With greater private-sector participation and Public-Private Partnerships, ICoAS officers are expected to promote cost efficiency, appropriate risk allocation and sound project structuring. Capacity building emphasises integrity, financial modelling, data visualisation, analytical frameworks and artificial intelligence for improved public-finance management.
    August 9, 2026
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    Co-operative development financing would expand through direct assistance, share-capital participation and wider operational powers for sectoral support.
    National Cooperative Development Corporation (Amendment) Bill, 2026 proposes to broaden the Corporation's mandate to promote co-operative development. It would permit direct loans and grants to co-operative societies and other entities engaged in co-operative development, where funds are used for co-operative purposes. With Central Government approval, the Corporation could participate in the share capital of such entities. The proposals also expand the meaning of foodstuffs, remove geographical restrictions for industrial-goods assistance, and provide additional functional powers.
    August 9, 2026
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    GST compliance failures and electricity subsidy controls raise allegations of financial irregularities and potential losses to the public exchequer.
    Allegations based on a Comptroller and Auditor General report identified purported GST compliance failures involving outstanding tax liabilities, e-way bills generated after cancellation of GST registrations, limited bill scrutiny, non-compliance, and turnover mismatches. The allegations also concerned electricity subsidies extended to consumers with prolonged zero bills or apparent non-residence, presenting these issues as possible financial irregularities and losses to the public exchequer.
    August 9, 2026
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    Money-laundering prosecution complaints allege fund diversion through shell entities, credit-facility evergreening, layered transactions and fictitious project expenditure.
    Money-laundering prosecution complaints allege that funds from toll-road projects and credit facilities were diverted through group companies, contractors, shell entities and conduit accounts. In the toll-road matter, allegedly sham or back-dated subcontracting arrangements and subsequent documentation were used to portray transfers as genuine project expenditure. In the credit-facilities matter, fresh facilities were allegedly used to repay, rotate and evergreen earlier liabilities rather than for sanctioned end-use, with funds layered and presented as legitimate business expenditure or receipts. Attached assets are sought to be confiscated as alleged proceeds of crime.
    August 9, 2026
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    Direct Benefit Transfer pension disbursement replaces cooperative-bank doorstep delivery, while preserving home payments for beneficiaries unable to use bank accounts.
    Direct Benefit Transfer of social security and welfare pensions to Aadhaar-linked bank accounts is intended to replace cooperative-bank doorstep delivery, except for bedridden and similarly situated beneficiaries. The change addresses delays in remitting undistributed pensions, deficient record updates and reconciliation, duplicate payments, delivery incentives, and compliance with Direct Benefit Transfer norms. Criticism focuses on beneficiary access to linked commercial-bank accounts, possible minimum-balance deductions, exclusion of cooperative banks, and the effect on doorstep-delivery workers.
    August 8, 2026
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    Engineering business growth supported Raymond's first-quarter performance, with export expansion, capacity investment and net-debt-free financial flexibility.
    Raymond Limited reported unaudited first-quarter FY27 growth in total income, EBITDA and profit before tax before exceptional items, while remaining net-debt-free with a net cash surplus. Its Engineering business comprises Precision Technology & Auto Components and Aerospace & Defence. Growth in the former was attributed to export expansion, operating leverage, product mix and cost reductions. Aerospace & Defence growth was linked to production for global OEMs, portfolio expansion and increased capacity, although margins were affected by targeted research and development investment. Forward-looking statements remain subject to regulatory, political, economic and technological risks.
    August 8, 2026
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    Savings account selection requires comparison of effective interest, fees, digital service, access, and individual banking needs.
    Savings-account selection should compare effective interest returns under slab-based rates, recurring operating charges and the customer's actual banking needs. Net value depends not only on advertised rates but also on relevant minimum-balance, card, ATM, alert and transfer fees. Digital reliability, customer support, branch availability and ATM access should be assessed according to the customer's average balance, cash use, transfer frequency, travel patterns and need for in-person assistance. The suitable account is one that matches real banking behaviour.
    August 8, 2026
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    Urban cooperative bank regulation promotes licensing, governance, compliance support and cybersecurity measures to strengthen stability and depositor confidence.
    Urban cooperative banks are encouraged to recognise regulatory support through liberalised branch opening, doorstep banking, demand drafts, life certificates, dedicated regulatory coordination, enhanced gold-loan limits, one-time settlements and progress towards on-tap licensing. Sound governance is material to sectoral stability, while small-borrower lending is presented as a comparatively safe lending segment. The umbrella body can support member banks through technical expertise, compliance assistance, cybersecurity solutions and participation in a security operations centre to strengthen depositor confidence.
    August 8, 2026
    Show AI Summary
    Korean food export promotion combines buyer consultations, regulatory guidance and consumer experiences to support entry into Indian and South Asian markets.
    Korean food export promotion in India and South Asia combined business consultations with consumer-facing activities. Individual meetings connected Korean exporters with regional buyers and generated memoranda of understanding for products including frozen gimbap, ginseng wine and kombucha. Exporters received on-site guidance concerning non-tariff barriers, including food import customs clearance and certification requirements. Preparatory online sessions addressed import procedures, regulatory matters and consumer trends, while consumer events promoted Korean food through tasting, retail and experiential activities.
    August 8, 2026
    Show AI Summary
    Illegal immigration enforcement prioritises dismantling entry, documentation and employment networks while requiring citizens to report information through police channels.
    Illegal immigration enforcement involves continuous identification and verification operations, coordination with relevant officials, and confidential investigation of networks facilitating entry, identity documentation, accommodation and employment. Enquiries extend to intermediaries, contractors, Aadhaar procurement and verification practices, rather than focusing only on apprehended individuals. Citizen vigilantism, moral policing and social-media targeting of suspected migrants are discouraged because they may compromise investigations; information should instead be given through proper police channels.
    August 8, 2026
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    Technology, transparency and governance strengthen urban cooperative banks through modern customer services, depositor protection and cooperative-sector support.
    Technology adoption, transparency, sound governance and modern customer services are identified as necessary for urban cooperative banks to remain competitive. Banks are encouraged to join the sector's umbrella organisation and self-regulatory body, which provides capital, information-technology infrastructure and liquidity support. Protection of depositors' money remains a regulatory responsibility, while banks are expected to improve governance, train staff, adopt technology and enhance customer-centric services. Customer prosperity and reduced perception gaps between the central bank and urban cooperative banks are emphasised as measures to strengthen the sector.
    August 8, 2026
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    Authorised Dealer Category-II licensing expands permissible FEMA current account and foreign trade transaction services for cross-border payment customers.
    An Authorised Dealer Category-II approval under the Foreign Exchange Management (Authorised Persons) Regulations, 2026 enables Paul Merchants to undertake additional permissible non-trade current account transactions under FEMA, excluding gifts and donations, and foreign trade transactions within the applicable per-transaction limit. The approval supports foreign exchange and cross-border payment services, including overseas remittances for education, medical treatment, travel, and conference or event participation.
    August 8, 2026
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    Integrated investor claim portal modernisation advances digital KYC, streamlined verification, stakeholder-informed safeguards, and efficient investor claim settlement services.
    Integrated IEPFA Portal 2.0 is proposed to modernise investor claim processing through digital KYC, pre-filled Form IEPF-5, entitlement search, and a simplified e-Verification Report filing workflow. Stakeholder feedback included Aadhaar eKYC address validation, KYC for authorised representatives, entitlement-letter validation checks, bulk DSC and eSign functionality, integration of approved IEPF Form-4 data, lower-value share valuation using NSE and BSE data, and alerts for frequent address changes to prevent fraud.
    August 7, 2026
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    Foreign capital inflows supported the rupee despite geopolitical uncertainty, oil-price pressures, and volatile global market sentiment.
    Foreign capital inflows supported a marginal strengthening of the rupee against the US dollar despite global risk aversion arising from uncertainty surrounding negotiations affecting the Strait of Hormuz. Higher crude oil prices and weak domestic equity sentiment remained relevant pressures. Near-term currency movement was expected to depend on developments in the negotiations, weekend decisions, US employment data, the dollar index, crude oil prices, and the reported increase in foreign exchange reserves.
    August 7, 2026
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    Energy security through diversified sourcing protected fuel supplies during Hormuz disruption and supports domestic exploration and alternative fuels.
    Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.

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      Trade unions, farmer bodies to go on general strike on Wed; may disrupt banking, other services

      July 8, 2025

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      New Delhi, Jul 8 (PTI) Banking, postal and other services are likely to face disruption on Wednesday as more than 25 crore workers affiliated with central and sectoral trade unions have announced to go on strike across the country to protest against new labour codes and privatisation, and press for demands such as minimum wage of Rs 26,000 and old pension scheme, according to union leaders.

      The general strike is expected to disrupt services in sectors like banking, insurance, postal, coal mining, highway and construction, a trade union official said.

      The Central Trade Unions such as CITU, INTUC and AITUC are pressing for doing away with the four labour codes, contractualisation, and privatisation of PSUs, increasing minimum wages to Rs 26,000 per month, as well as the demands of farmer organisations for Minimum Support Price (MSP) for crops based on Swaminathan Commission's formula of C2 plus 50 per cent and loan waiver.

      Sectoral organisations such as the Samyukt Kisan Morcha (SKM) and NREGA Sangharsh Morcha have extended their support to the nationwide strike.

      RSS-aligned Bharatiya Mazdoor Sangh (BMS), however, will not participate in the general strike, calling it a politically-motivated protest.

      A R Sindhu, National Secretary of Centre of Indian Trade Unions (CITU) said around 25 crore workers, including workers in organised and unorganised sectors, are likely to take part in the general strike.

      "Protests will be held in industrial areas, services like banking, postal services, and public sector companies are likely to be closed," Sindhu told PTI.

      "Not all unorganised sector workers may be able to join the protest, but they will also be mobilised, and roadblocks and 'rail roko' (stopping railways) would also be done," she said.

      Sindhu said workers in the country are facing a grave situation.

      "In Delhi, how many workers earn over Rs 10,000 in a month? Even in the public sector, over 70 per cent of employees are contractual," she said.

      "Casualisation and unemployment are high. Farming is not viable anymore, so the poor people are forced to come to the cities to work. Wages have also been falling in real terms," she said.

      "Workers are not being criminalised for organising... Right to unionise is the basis of democracy," she said.

      She also called the strike another step forward in consolidating the emerging unity of workers and farmers.

      "We had joint action during the Farmers' Protests as well, this will be further consolidation of workers and farmers for future action," she said.

      Samyukt Kisan Morcha (SKM), which had led the 2020-21 farmers' protests, will hold protest rallies at the tehsil level across India on July 9 independently as well as in coordination with the trade unions and agricultural workers unions.

      SKM has urged farmers to intensify the struggle on demands, including enacting a law for MSP at C2 plus 50 per cent, with guaranteed procurement for all crops, comprehensive loan waiver to free the peasantry from the debt trap and end rampant peasant suicides across India, withdrawal of National Policy Framework on Agriculture Marketing.

      The SKM has also opposed bilateral and free trade agreements hurting agriculture, industry and services, privatisation of electricity, and "indiscriminate acquisition of land violating the Land Acquisition Act 2013.

      The NREGA Sangharsh Morcha has called for MGNREGA workers across the length and breadth of the country to participate in the general strike. Their demands include wages of Rs. 800 per day, resumption of MGNREGA in West Bengal, scrapping NMMS and ABPS, among other things.

      This is the 22nd General Strike since the advent of neo-liberal policies in India in 1991, as per the unions.

      The general strike was initially called for May 20 but was rescheduled following the Pahalgam terror strike and subsequent Operation Sindoor. The ten trade unions are INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, AICCTU, LPF and UTUC.

      A forum of 10 trade unions has given a 17-point charter of demand. It includes withdrawal of fixed-term employment and scrapping of Agnipath scheme, 8-hour workday, restoration of non-contributory Old Pension Scheme and a minimum monthly penion of Rs 9,000 for the EPFO subscribers, among others.

      The forum has alleged that the economic policies are resulting into more unemployment, rising prices of essential commodities, depression in wages, cut in social sector spending in education, health, basic civic amenities, and all these are leading to more inequalities and miseries for poor, people of lower income group as well as the middle class.

      The four labour codes that have been passed by the Parliament are meant to suppress and cripple the trade union movement, increase working hours, snatch workers' right to collective bargaining, right to strike, and decriminalise violation of labour laws by employers, the forum has stated.

      They also demand implementation of the recommendation of Indian Labour Conference to give worker status to scheme workers-Anganwadi, Asha and Midday meal, Asha Kiran etc and ESIC coverage to them.

      The charter also suggests that here is an urgent need to form a Climate Resilience Fund to cover the risks and damages caused due to extreme climate conditions including heat wave, floods, cyclones, unseasonal rains and so on.

      Besides, unions have demanded for immediate halt to the privatisation of Indian Railways, road transport, coal mines and other non-coal mines, Port and Dock, Defence, Electricity, Postal, Telecom, Banks and Insurance sector etc. PTI AO KKS MR MR

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