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    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
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    Rupee jumps 39 paise to 94.89 against US dollar ahead of RBI monetary policy decision
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    Rupee gains 9 paise against US dollar
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    Taxation laws (Amendment) Bill to attract more foreign capital, provide policy certainty introduced in LS
    Champion Mirabai Chanu Unveils MMTC-PAMP's 'Virasat' Recycled Gold Coin to Celebrate India's 80th Year of Independence
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    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.
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    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.
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    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.
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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 expectations shape equity sentiment as softer crude prices and foreign investment support domestic financial assets.
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    Foreign exchange market movement strengthens as lower crude prices and monetary policy signals influence the rupee's direction.
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    Dearness allowance arrears must be cleared promptly, while the government examines legal remedies and continues its structured liquidation plan.
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    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.
    August 4, 2026
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    Interim bilateral trade agreement negotiations continue as both sides work to finalise unresolved issues in the proposed arrangement.
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    August 4, 2026
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    Fuel-price volatility mitigation will combine fiscal measures, consumer protection, energy security and fiscal sustainability during external energy shocks.
    Fuel-price volatility is to be mitigated through fiscal and administrative measures that protect consumers while maintaining fiscal sustainability. The approach includes monitoring revenue and expenditure, reprioritising spending, and using fiscal measures when economic conditions require. Reduced central excise duty on petrol and diesel moderated the impact of elevated international crude prices and partly offset under-recoveries of public-sector oil marketing companies. Longer-term measures include revenue mobilisation, import diversification, Strategic Petroleum Reserves, cleaner fuels and energy efficiency.
    August 4, 2026
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    Tax policy certainty reforms propose easier fund management, data-centre access, electronics incentives and revised electronic-payment charging rules.
    The proposed Bill seeks to simplify conditions for foreign investment funds using fund managers in India without being treated as carrying on business in India, while retaining safeguards against misuse and round-tripping. It proposes removal of approval requirements for foreign cloud companies using Indian data centres and permits leased operation of Indian data centres. It also extends tax support for foreign companies participating in electronics contract manufacturing and component warehousing, preserves tax-free dividends for REIT and InvIT investors in specified circumstances, and removes the prohibition on Merchant Discount Rate charges for notified electronic payment modes.
    August 4, 2026
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    Responsible precious-metals recycling supports recycled-gold products, organised buyback channels and a more self-reliant domestic supply chain.
    Responsible precious-metals recycling is promoted through a commemorative recycled-gold coin intended to support domestic recycling, responsible sourcing and a self-reliant supply chain. The product is described as having certified purity authentication, tamper-proof packaging, a unique identification number and an assayer-certified minted card. The initiative seeks to reduce dependence on imported gold and expand organised, transparent recycling infrastructure. An organised silver buyback programme is also described as supporting secure consumer sales and a circular economy for precious metals.

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      SC to hear pleas against EC's decision to revise electoral rolls in Bihar on Jul 10

      July 9, 2025

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      New Delhi, Jul 9 (PTI) The Supreme Court will on Thursday hear the challenge against Election Commission of India's decision for a special intensive revision (SIR) of electoral rolls in poll-bound Bihar.

      The updated causelist shows a bench comprising Justices Sudhanshu Dhulia and Joymalya Bagchi has over 10 related matters listed for hearing on July 10.

      On Wednesday, it agreed to hear a fresh plea of two social activists, Arshad Ajmal and Rupesh Kumar, challenging the decision of the poll panel to undertake extensive revision of electoral rolls in the state.

      The activists have said the exercise undermines the principles of free and fair elections and representative democracy, both integral features of the Constitution's basic structure by introducing arbitrary, unreasonable and disproportionate documentation requirements related to birth, residence and citizenship.

      Besides, lawyer Ashwini Upadhyay has filed a separate plea supporting the move and sought a direction to the poll panel to conduct the SIR in order to ensure only Indian citizens decided the polity and policy "not the illegal foreign infiltrators".

      "Demography of 200 districts and 1,500 tehsils have changed after the independence due to massive illegal infiltration, deceitful religious conversion and population explosion. Demography is destiny, and dozens of districts have already seen their destiny being shaped by those who aren't Indians," he said.

      On July 7, the bench noted the submissions of lawyers led by senior counsel Kapil Sibal, who was representing several petitioners, and agreed to hear the pleas on July 10.

      Sibal, who is representing RJD MP Manoj Jha, urged the bench to issue notices to the poll panel on the petitions, calling it an "impossible task" within the timeline as elections were to happen in the state in November.

      Senior advocate Abhishek M Singhvi, appearing for another petitioner, said of the eight crore voters in the state, four crore voters would have to submit their documents under the exercise.

      "The timeline is so strict, and if by July 25 you don't submit the documents, you will be out," Singhvi added.

      Senior advocate Gopal Sankaranarayanan, appearing for another petitioner, said the poll panel was not accepting Aadhaar cards and voter ID cards as proof for the exercise.

      Posting the matter on July 10, Justice Dhulia said the timeline, at present, did not have sanctity as elections hadn't been notified yet.

      The bench asked the petitioners to give advance notice of their petitions to the counsel for Election Commission of India.

      Beside RJD MP Jha and Trinamool Congress MP Mahua Moitra, Congress' K C Venugopal, Supriya Sule from the Sharad Pawar NCP faction, D Raja from Communist Party of India, Harinder Singh Malik from Samajwadi Party, Arvind Sawant from Shiv Sena (Uddhav Thackeray), Sarfraz Ahmed from Jharkhand Mukti Morcha and Dipankar Bhattacharya of CPI (ML) have jointly moved the top court.

      All leaders have challenged the Election Commission's order directing for SIR of electoral rolls in Bihar and sought direction for its quashing.

      Jha, in his plea filed through advocate Fauzia Shakil, argues the EC's June 24 order be quashed for being violative of Articles 14 (fundamental right to equality), 21 (fundamental right to life and liberty), 325 (no person can be excluded from electoral roll based on caste, religion and sex) and 326 (every citizen of India who has attained 18 years of age is eligible to be registered as a voter) of the Constitution.

      "While the ECI has decided to commence the SIR in the entire country, the process has been initiated first in the state of Bihar, owing to the upcoming elections in the latter part of the year.

      "The impugned order prescribes a schedule and requires the submission of enumeration form within 30 days, followed by filing of claims and objections and their disposal within 30 days," the plea said.

      The order was stated to be "discriminatory, unreasonable and manifestly arbitrary and violates Article 14, 21 325, 326".

      Jha continued, "Moreover, this exercise has been launched during the monsoon season in Bihar, when many districts in Bihar are affected by floods and local population is displaced, thereby making it extremely difficult and almost impossible for a large section of population to meaningfully participate in the process." One of the most affected classes, he said, were the migrant workers, many of whom despite remaining listed in the 2003 voter rolls, are unlikely to be able to return to Bihar within the stipulated time frame of 30 days to submit their enumeration forms leading to automatic deletion of their names from the electoral rolls.

      Jha questioned the short deadlines, saying it make the whole process unreasonable and unworkable.

      Moitra sought a direction from the apex court to restrain the EC from issuing similar orders for SIR of electoral rolls in other states of the country. PTI SJK MNL SJK AMK AMK

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