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    India emerges as key petrol supplier to Russia as refinery attacks disrupt fuel supplies
    Judiciary proactively responded to emerging fraudulent schemes like digital arrest: CJI
    After HC rap, FDA withdraws licence cancellation and suspension orders against Cipla, MCA eateries
    HC slams FDA for ‘pedantic’ view, clears reopening of 5 eateries at MCA premises
    Commerce Secretary Shri Rajesh Agrawal Leads 4th India–Argentina JTC Meeting; Both Sides Reaffirm Commitment to Deepen Strategic and Economic Partne...
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August 30, 2026
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Gasoline trade amid refinery disruptions relies on sanctioned fleets and dark ship-to-ship transfers, alongside continuing fuel export restrictions.
Russian refinery disruption has increased gasoline imports and made India a significant supplier of gasoline to Russia. Indian supplies were principally linked to the Vadinar refinery, and increased Indian purchases of Russian crude may mean exported gasoline was produced from Russian crude. Russia has retained a gasoline export ban while domestic production remains disrupted. India-origin cargoes imported during August were carried on sanctioned fleets and involved dark ship-to-ship transfers, including transfers conducted with automatic identification system signals switched off.
August 30, 2026
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Digital arrest fraud: judicial responses seek a distinct offence while preserving due process and proportionality in economic-crime enforcement.
Suo motu consideration of digital-arrest fraud reflects a proactive judicial response to video-call scams involving impersonation of police, judicial officials or bureaucrats. The Union and the States have been directed to assess the problem, with a call for a distinct offence carrying proportionate penalties. Economic-crime enforcement remains subject to safeguards requiring written grounds of arrest and preventing pre-trial detention from becoming punishment. Due process, proportionality and the presumption of innocence remain central constraints.
August 29, 2026
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Natural justice in licensing enforcement requires meaningful hearing and reasoned orders before cancellation or suspension of regulated operations.
Natural justice in regulatory licensing enforcement requires a meaningful hearing, proper legal analysis, and a reasoned decision before licence cancellation or suspension. Maharashtra FDA withdrew cancellation of drug-sale licences after criticism of the procedure adopted. Food-safety enforcement against restaurants was also reconsidered where the premises were substantially compliant, despite licences being issued to one entity and operations being conducted by another. A fresh notice, hearing on the contractual arrangement, and reasoned order were required before further licensing action.
August 29, 2026
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Food-safety licensing compliance supports reopening while contractual operation requires notice, hearing, and a reasoned regulatory decision.
Food-safety licence suspension of five eateries was reconsidered after a fresh inspection recorded 88 per cent compliance. The suspension had continued because a third-party operator ran the eateries while licences remained in the association's name, despite no identified legal prohibition. The Food and Drug Administration proposed a fresh notice, hearing, and reasoned order on the contractual arrangement, while current compliance permitted services to resume.
August 29, 2026
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Market access and regulatory cooperation advance agricultural, pharmaceutical, digital, and trade integration priorities across the bilateral economic partnership.
India-Argentina cooperation focused on expanding bilateral trade, reducing non-tariff barriers, facilitating investment, and strengthening market access. Sanitary and phytosanitary discussions progressed for Indian agricultural products, while pharmaceutical engagement covered regulatory upgrading and reduced entry barriers. Mining and lithium-sector engagement, digital services, space technology, telecommunications, artificial intelligence and digital infrastructure were identified as priority areas. The India-MERCOSUR Preferential Trade Agreement, Terms of Reference and digital certificates of origin were considered mechanisms for trade facilitation and economic integration. Business discussions addressed commercial partnerships across agriculture, minerals, energy, pharmaceuticals, healthcare, banking and telecommunications.
August 29, 2026
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Shared digital infrastructure for professional services aims to expand technology access, interoperability, capability development and secure adoption across firms.
MCA and IICA are developing a government-backed digital public good ecosystem for domestic professional services, particularly small and medium practices. The framework proposes curated technology access, learning and capability development, and knowledge and practice infrastructure. It is intended to improve access to technology and professional knowledge while complementing existing institutional and market-based systems. Consultations address interoperability, common standards, cybersecurity, affordable access, implementation, change management, openness, competition and technology adoption suited to differing levels of digital readiness.
August 29, 2026
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Methamphetamine trafficking enforcement targets concealed cross-border transport, with seizures, vehicle confiscation, arrests and stringent penalties under narcotics law.
Methamphetamine trafficking enforcement under the Narcotic Drugs and Psychotropic Substances Act, 1985 involved intelligence-led seizures of tablets in Assam and Mizoram, along with the vehicles allegedly used for transportation and arrests of two vehicle occupants. Field testing indicated the presence of amphetamine. The tablets were concealed in fabricated cavities within a truck and car, with preliminary investigation indicating alleged cross-border smuggling into Mizoram. Methamphetamine is a notified psychotropic substance, and illicit manufacture, possession, transportation and trafficking attract stringent penal consequences.
August 29, 2026
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IPO disclosure integrity triggers one-year market access bar for issuer and promoter-directors over fabricated quotation and misleading financial disclosures.
SEBI restrained Trafiksol ITS Technologies Ltd. and its promoter-directors from accessing or dealing in the securities market for one year and imposed monetary penalties over irregularities in its SME IPO. The action concerned overstated financial disclosures, inadequate disclosure of issue expenditure and a potential merchant-banker conflict, and proposed use of IPO proceeds based on a fabricated software-vendor quotation. The listing was deferred and IPO proceeds were placed in an interest-bearing escrow account. One promoter was directly involved in procuring the quotation, while the other failed to exercise due diligence.
August 29, 2026
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Securities market fraud involving fictitious transactions triggered market bans, disgorgement, fund restoration, and governance restrictions.
SEBI imposed securities-market restrictions, disgorgement directions and monetary penalties in relation to alleged accounting fraud involving fictitious sales, purchases, circular transactions and fraudulent ledger entries. The alleged inflation of financial results facilitated migration to the NSE main board and was followed by fraudulent preferential allotments, a bonus issue and a rights issue. Rights issue proceeds were found to have been diverted, requiring restoration with applicable interest. The company and its managing director received seven-year market prohibitions, with additional governance restrictions applying to the managing director.
August 28, 2026
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Insolvency debt settlements: political criticism alleges severe creditor haircuts favour influential corporate borrowers over ordinary debtors.
CPI(M) criticised approval of a repayment plan involving Zee Group founder Subhash Chandra, asserting that repayment of Rs 6.5 crore against creditor claims of Rs 22,006.57 crore undermines fairness in insolvency debt settlement. It alleged severe creditor haircuts and bias favouring influential corporate borrowers. The party linked the settlement to an alleged pattern of large borrowers resolving liabilities at steep discounts, shifting the burden to taxpayers and small depositors while smaller borrowers face coercive recovery measures.
August 28, 2026
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Corporate governance requires company secretaries to promote ethical practices, transparency, responsibility and institutional accountability across economic ecosystems.
Good corporate governance is central to development and depends on responsible governance, ethical practices, transparency, institutional accountability and professional excellence. Company Secretaries have an expanding role in strengthening governance practices through professional expertise. Professional institutions should promote governance standards, support institutional excellence, and evolve their practices in response to changing requirements. Their wider contribution lies in fostering a culture of ethical entrepreneurship, responsibility, transparency and sound governance.
August 28, 2026
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Proceeds-of-crime tracing prompts freezing of deposits linked to structured disposal of foreign property in a bank-loan fraud investigation.
Money-laundering investigation into alleged bank-loan fraud involving DHFL has resulted in the freezing of bank deposits held by Al Jalore Trading FZE under the Prevention of Money Laundering Act. A United Kingdom property was allegedly disposed of through a purported loan arrangement that created an encumbrance to settle an Indian liability. Sale proceeds were credited to Al Jalore Trading FZE's Indian bank account rather than to the registered owner, indicating alleged dissipation of proceeds of crime through a structured foreign-property transaction.
August 28, 2026
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Defence export authorisation reform streamlines consultations, expands unified licences, and facilitates eligible exporters' access to international markets.
Open General Export Licence arrangements permit eligible exporters to self-generate authorisations for multiple consignments of specified defence items without obtaining separate authorisation for each consignment. Three existing licence procedures are consolidated into a unified framework. Licence validity is extended to three years, and territorial coverage is expanded to all countries other than negative or sensitive nations and destinations subject to United Nations Security Council sanctions or arms embargoes. Eligible companies with long-term foreign original equipment manufacturer agreements may obtain licences aligned with the underlying contract, subject to prescribed conditions.
August 28, 2026
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IPO approval enables Jio Platforms to issue fresh equity shares, with proceeds earmarked for subsidiary debt repayment and corporate purposes.
SEBI's final observations enable Jio Platforms Ltd to proceed with an initial public offering comprising up to 27 crore newly issued equity shares. The transaction is structured as a fresh issue of shares. Offer proceeds are primarily allocated towards repayment or prepayment of outstanding borrowings of Reliance Jio Infocomm Ltd, Jio Platforms' material subsidiary, with the balance designated for general corporate purposes.
August 28, 2026
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Gold price volatility intensified as dollar strength, profit-booking, and customs-duty-cut reports pressured domestic bullion markets.
Domestic bullion prices declined for a third consecutive session as a stronger US dollar and sustained profit-booking after a recent rally weakened gold and silver. Gold fell sharply in the national capital and silver also declined in domestic trading, with the three-day movement reflecting ongoing price volatility in the bullion market. International spot gold remained marginally lower while investors awaited policy-related remarks concerning inflation and elevated yields.
August 28, 2026
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Direct benefit transfer strengthens welfare delivery through Jan Dhan accounts, digital payments, reduced intermediaries, and expanded financial inclusion.
Direct Benefit Transfer has transferred welfare benefits directly to beneficiaries, largely through Jan Dhan accounts, reducing intermediaries and supporting transparent delivery. The Pradhan Mantri Jan Dhan Yojana provides unbanked adults basic accounts without minimum-balance or maintenance-charge requirements, along with RuPay debit cards, accident insurance coverage, and emergency overdraft access. Banking outlets, digital-payment infrastructure, and Bank Mitras extend formal financial services to women, rural and semi-urban communities, strengthening financial inclusion and participation in the formal economy.
August 28, 2026
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Foreign exchange reserves reached a record level, supported by increases in foreign currency assets and gold holdings.
India's foreign exchange reserves increased by USD 12.422 billion to an all-time high of USD 729.328 billion for the week ended 21 August. Foreign currency assets and gold reserves recorded the principal increases, while special drawing rights and the reserve position with the IMF also rose. Foreign currency asset valuation reflects movements in non-US currencies held in the reserves. FCNR(B) and concessional swap arrangements were introduced to attract additional foreign-exchange inflows.
August 28, 2026
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IPO regulatory approval enables Jio Platforms to advance preparations for its proposed fresh equity share public offering.
Jio Platforms Ltd. has obtained Sebi's final observations for its proposed initial public offering. This key regulatory stage enables further preparations for the public issue, subject to applicable regulatory requirements. The proposed offering comprises up to 27 crore fresh equity shares and is expected to account for approximately 2.9 per cent of the company's post-issue equity base.
August 28, 2026
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Financial inclusion through basic bank accounts expands banking access with no-balance accounts, debit cards, and emergency overdraft support.
Pradhan Mantri Jan Dhan Yojana enables unbanked adults to open basic bank accounts without minimum-balance or maintenance-charge requirements. Accounts include a free RuPay debit card with accident insurance coverage and eligibility for an overdraft facility during emergencies. The scheme promotes digital transactions, financial security and participation in the formal economy, while extending banking access to rural and semi-urban communities and increasing women's financial inclusion.
August 28, 2026
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Flexible personal loan repayment enables eligible borrowers to select longer tenures, subject to eligibility, terms, verification, and repayment capacity.
Bajaj Finance personal loans offer eligible customers collateral-free borrowing with flexible repayment tenures of 12 to 108 months, subject to eligibility, applicable terms, verification and documentation. A longer tenure may reduce monthly EMIs by spreading repayment over more months, but can increase total interest payable. Borrowers should compare the interest rate, tenure, EMI, processing charges and other costs, while considering their income, existing commitments and repayment capacity. Loan Utsav 2026 provides limited-period rewards for eligible customers whose loans are successfully disbursed during the campaign period, subject to applicable terms.

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Trump tours Texas flood damage as disaster tests his pledge to do away with FEMA

July 12, 2025

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Kerrville (Texas), Jul 11 (AP) President Donald Trump on Friday toured the devastation from catastrophic flooding in Texas and lauded local officials amid mounting criticism that they failed to warn residents fast enough that a deadly wall of water was coming their way.

“The search for the missing continues. The people that are doing it are unbelievable,” Trump told first responders and other state and local officials gathered at an emergency operations center in an expo hall in Kerrville.

“You couldn't get better people, and they're doing the job like I don't think anybody else could, frankly,” Trump said.

The president said his administration "is doing everything it can to help Texas" and insisted that “we've got some good people” running the Federal Emergency Management Agency.

Since the July 4 disaster, which has killed at least 120 people and left more than 170 missing, the president has been conspicuously silent on his past, repeated promises to do away with FEMA. Instead, he's focused on the once-in-a-lifetime nature of what occurred and the human tragedy. He has praised Texas and local officials while de-emphasizing the administration's government-slashing crusade that's been popular with Trump's core supporters.

Trump specifically mentioned victims from Camp Mystic, the century-old all-girls Christian summer camp in Texas Hill Country where at least 27 people were killed. The president called it a “legendary place.” “They were there because they loved God. And, as we grieve this unthinkable tragedy, we take comfort in the knowledge that God has welcomed those little beautiful girls into his comforting arms in heaven,” said Trump who described the floodwaters as “like a giant, giant wave in the Pacific Ocean that the best surfers in the world would be afraid to surf.” While concerns have swirled about the future of FEMA at the federal level, local officials have faced questions about how well they were prepared and how quickly they acted. Asked about such concerns, Trump called a reporter posing the question “evil” and said he thought “everyone did an incredible job under the circumstances.” “I admire you, and I consider you heroes,” Trump said of the state and local officials around him.

Before leaving the White House, Trump approved Texas' request to extend the major disaster declaration beyond Kerr County to eight additional counties, making them eligible for direct financial assistance to recover and rebuild.

Trump's shift in focus underscores how tragedy can complicate political calculations, even though he has made slashing the federal workforce and dramatically shrinking the size of government centerpieces of his administration's opening months.

Air Force One landed in San Antonio with Trump deplaning in a suit and first lady Melania Trump wearing more casual clothing. Both wore ball caps against the heat. The first couple saw the aftermath from the air, then met privately with first responders and relatives of flood victims.

Roads in the center of Kerrville were shut down for Trump's visit, and people lined the streets, some wearing Trump hats and T-shirts and waving American flags. Green ribbons recognizing the lives lost at Camp Mystic were tied around trees, poles and along bridges, and marquees featured slogans such as “Hill Country Strong” and “Thank you first responders.” Trump won Kerr County with 77% of the vote last year.

Harris Currie, a rancher from Utopia, Texas, near Kerrville, said the flood devastation can be fully understood only by seeing it first-hand.

“Pictures do not do it justice,” Currie said.

Asked what officials on the ground needed most urgently from federal sources, Kerr County Commissioner Jeff Holt, who also is a volunteer firefighter, stressed the need for repairs to nonworking phone towers and “maybe a little better early warning system.” Trump himself has suggested that a warning system should be established, though he has not provided details on how that might happen.

During his first weekend back in the White House in January, Trump visited North Carolina to scope out damage from Hurricane Helene. He also toured the aftermath of devastating wildfires in Los Angeles. The president used both trips to sharply criticize the administration of his predecessor, President Joe Biden and officials from deep-blue California.

That was in stark contrast to Texas, America's largest red state, where Trump thanked Republican Gov. Greg Abbott and scores of other state officials.

Before the Texas flood, the president pledged — and as recently as last month — to begin “phasing out” FEMA and bring disaster response management “down to the state level.” He's not talking about that now, though. And pressed this week on whether the White House will continue to work to shutter FEMA, press secretary Karoline Leavitt would not say.

“The president wants to ensure American citizens always have what they need during times of need,” Leavitt said. “Whether that assistance comes from states or the federal government, that is a policy discussion that will continue.” Russell Vought, director of the Office of Management and Budget, similarly dodged questions Friday about FEMA's future, instead noting that the agency has billions of dollars in reserves “to continue to pay for necessary expenses” and that the president has promised Texas, “Anything it needs, it will get." “We also want FEMA to be reformed,” Vought added. “The president is going to continue to be asking tough questions of all of us agencies, no different than any other opportunity to have better government.” Darrin Potter, a Kerr County resident for 25 years who saw ankle-deep flooding in his home and knew people who were killed, said earlier this week, “As far as early warnings, I'm sure they can improve on that." But he said all the talk about evacuating missed something important. The area where a wall of water ripped through was a two-lane road, he said.

“If you would have evacuated at 5 in the morning, all of those people would have been washed away on this road," he said. (AP) NB NB

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