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    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
    RBI keeps policy rate unchanged for third time in row amid West Asia crisis
    Markets climb in early trade on falling crude oil prices; RBI monetary policy decision awaited
    Rupee jumps 39 paise to 94.89 against US dollar ahead of RBI monetary policy decision
    Punjab govt committed to paying all valid dues; legal options being examined: FM Cheema
    ED searches multiple locations in Punjab, Chandigarh in PMLA case against PSIEC officials
    Rupee gains 9 paise against US dollar
    India, US working towards interim trade agreement: MEA
    Govt to adopt appropriate measures to mitigate fuel price volatility: MoS Finance
    Taxation laws (Amendment) Bill to attract more foreign capital, provide policy certainty introduced in LS
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    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.
    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.
    Interim bilateral trade agreement negotiations between India and the United States are continuing. Both sides have undertaken substantial work, while certain issues remain to be finalised before completion of the proposed interim trade arrangement. A United States Trade Representative delegation visited India to advance discussions. The text records the status of negotiations and identifies no concluded agreement or operative customs measure.
    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.

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      Freed from ICE detention, Mahmoud Khalil files $20 million claim against Trump administration

      July 11, 2025

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      New York, Jul 10 (AP) On a recent afternoon, Mahmoud Khalil sat in his Manhattan apartment, cradling his 10-week-old son as he thought back to the pre-dawn hours spent pacing a frigid immigration jail in Louisiana, awaiting news of the child's birth in New York.

      For a moment, the outspoken Palestinian activist found himself uncharacteristically speechless.

      “I cannot describe the pain of that night,” Khalil said finally, gazing down as the baby, Deen, cooed in his arms. “This is something I will never forgive.” Now, weeks after regaining his freedom, Khalil is seeking restitution. On Thursday, his lawyers filed a claim for $20 million in damages against the Trump administration, alleging Khalil was falsely imprisoned, maliciously prosecuted and smeared as an antisemite as the government sought to deport him over his prominent role in campus protests.

      The filing — a precursor to a lawsuit under the Federal Tort Claims Act — names the Department of Homeland Security, US Immigration and Customs Enforcement and the State Department.

      It comes as the deportation case against Khalil, a 30-year-old recent graduate student at Columbia University, continues to wind its way through the immigration court system.

      The goal, Khalil said, is to send a message that he won't be intimidated into silence.

      “They are abusing their power because they think they are untouchable,” Khalil said. “Unless they feel there is some sort of accountability, it will continue to go unchecked.” Khalil plans to share any settlement money with others targeted in Trump's “failed” effort to suppress pro-Palestinian speech. In lieu of a settlement, he said he would also accept an official apology and changes to the administration's deportation policies.

      In an emailed statement, Tricia McLaughlin, a spokesperson for the Department of Homeland Security, called Khalil's claim “absurd,” accusing him of “hateful behaviour and rhetoric” that threatened Jewish students.

      A State Department spokesperson said its actions toward Khalil were fully supported by the law. Inquiries to the White House and ICE were not immediately returned.

      Harsh conditions and an 'absurd' allegation The filing accuses President Donald Trump and other officials of mounting a haphazard and illegal campaign to “terrorize him and his family,” beginning with Khalil's March 8 arrest.

      On that night, he said he was returning home from dinner with his wife, Noor Abdalla, when he was “effectively kidnapped” by plainclothes federal agents, who refused to provide a warrant and appeared surprised to learn he was a legal US permanent resident.

      He was then whisked overnight to an immigration jail in Jena, Louisiana, a remote location that was “deliberately concealed” from his family and attorneys, according to the filing.

      Inside, Khalil said he was denied his ulcer medication, forced to sleep under harsh fluorescent lights and fed “nearly inedible” food, causing him to lose 7 kg. “I cannot remember a night when I didn't go to sleep hungry,” Khalil recalled.

      Meanwhile, the Trump administration publicly celebrated the arrest, promising to deport him and others whose protests against Israel it dubbed “pro-terrorist, anti-Semitic, anti-American activity.” Khalil, who has condemned antisemitism before and since his arrest, was not accused of a crime and has not been linked to Hamas or any other terror group. “At some point, it becomes like reality TV,” Khalil said of the allegations. “It's very absurd.” Deported for beliefs A few weeks into his incarceration, Khalil was awoken by a fellow detainee, who pointed excitedly to his face on a jailhouse TV screen. A new memo signed by Secretary of State Marco Rubio acknowledged Khalil hadn't broken the law, but argued he should be deported for beliefs that could undermine US foreign policy interests.

      “My beliefs are not wanting my tax money or tuition going toward investments in weapons manufacturers for a genocide,” Khalil said. “It's as simple as that.” By then, Khalil had become something of a celebrity in the 1,200-person lock-up. When not dealing with his own case, he hosted “office hours” for fellow immigrant detainees, leaning on his past experience working at a British embassy in Beirut to help others organise paperwork and find translators for their cases.

      “I'm pretty good at bureaucracy,” Khalil said.

      At night, they played Russian and Mexican card games, as Khalil listened to “one story after another from people who didn't understand what's happening to them.” “This was one of the most heartbreaking moments,” he said. “People on the inside don't know if they have any rights.” Lost time On June 20, after 104 days in custody, Khalil was ordered released by a federal judge, who found the government's efforts to remove him on foreign policy grounds were likely unconstitutional.

      He now faces new allegations of misrepresenting personal details on his green card application. In a motion filed late Wednesday, attorneys for Khalil described those charges as baseless and retaliatory, urging a judge to dismiss them.

      The weeks since his release, Khalil said, have brought moments of bliss and intense personal anguish.

      Fearing harassment or possible arrest, he leaves the house less frequently, avoiding large crowds or late-night walks. But he lit up as he remembered watching Deen taking his first swim earlier in the week. “It was not very pleasant for him,” Khalil said, smiling.

      “I'm trying as much as possible to make up for the time with my son and my wife,” he added. “As well thinking about my future and trying to comprehend this new reality.” Part of that reality, he said, will be continuing his efforts to advocate against Israel's war in Gaza, which has killed more than 57,000 Palestinians, more than half of them women and children, according to Gaza's Health Ministry. On the day after his arrest, he led a march through Manhattan, draped in a Palestinian flag — and flanked by security.

      As he poured Deen's milk into a bottle, Khalil considered whether he might've done anything differently had he known the personal cost of his activism.

      “We could've communicated better. We could've built more bridges with more people,” he said. “But the core thing of opposing a genocide, I don't think you can do that any differently. This is your moral imperative when you're watching your people be slaughtered by the minute.” (AP) SCY SCY

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