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    IAAPI Calls for GST Rationalisation to Support Growth and Consumer Demand in India’s Amusement Industry
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September 3, 2026
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GST rationalisation for amusement park admissions could lower ticket prices, stimulate consumer demand, and support investment without input tax credit.
GST rationalisation for amusement park, water park and indoor entertainment admission tickets is sought through a flat 5% GST rate without Input Tax Credit. The proposed rate is intended to reduce ticket prices, improve affordability and increase customer demand in a capital-intensive tourism and entertainment sector. Many smaller and mid-sized operators report limited ability to offset GST liability through ITC. Lower taxation is projected to support facility expansion, revenue growth, new investment, employment and reinvestment in recreational services.
September 3, 2026
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Money laundering linked to hybrid ganja smuggling involves alleged illicit cross-border transfers and foreign-exchange violations.
Enforcement Directorate searches form part of a money-laundering investigation into alleged hybrid ganja smuggling from Thailand. A case under the Prevention of Money Laundering Act concerns suspected laundering of drug-trafficking proceeds and transfer of funds to Thailand through illegal channels. The inquiry also examines possible foreign-exchange violations and an alleged arrangement involving carriers, visas and funds for transporting narcotic substances.
September 3, 2026
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Foreign-currency deposit mobilisation supports currency appreciation while creating surplus-liquidity sterilisation pressures through deposit swaps in domestic banking markets.
Foreign-currency deposit mobilisation strengthened foreign-exchange liquidity and supported rupee appreciation. FCNR(B) deposits, together with overseas foreign-currency borrowings and external commercial borrowings, increased aggregate foreign-currency resources. Bank swaps of such deposits with the central bank may create surplus banking-system liquidity and a sterilisation challenge, while oil prices, global yields, dollar movements and foreign equity inflows remain relevant currency-market factors.
September 3, 2026
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Money laundering investigation examines alleged diversion of bank loans from a power project to group entities and personal use.
Money laundering investigation under the Prevention of Money Laundering Act concerns alleged diversion of bank loans obtained by Kohinoor Power for a power plant in Jharkhand. The loan proceeds were allegedly transferred to other group entities and used personally. Searches were conducted at eleven premises associated with the group's promoters, directors and auditors. The company entered liquidation proceedings before the National Company Law Tribunal, with limited recovery for creditors.
September 3, 2026
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Globalisation of auto component manufacturing is linked to trade access, resilient supply chains, technology adoption, safety, and vehicle scrappage.
The auto component industry is encouraged to expand globally through reciprocal market access, overseas manufacturing, international investment and trade partnerships. Supply-chain resilience is to be strengthened through indigenisation of vulnerable products, access to critical minerals, and domestic capacity in auto components, speciality steel, technical textiles and semiconductors. Priority is also given to high-value integrated solutions, artificial intelligence-enabled quality control, vehicle safety and industrial parks offering manufacturing infrastructure. Vehicle scrappage requires coordinated government incentives and fair industry valuation to support replacement demand for new-age vehicles.
September 3, 2026
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Updated IP cooperation guidelines strengthen cross-border innovation, patent examination coordination, traditional knowledge protection, and geographical indication commercialisation.
IP BRICS Heads adopted Updated Operational Guidelines to direct result-oriented intellectual property cooperation, promote cross-border innovation, and reinforce joint engagement in global IP standards. Priority areas include protection of traditional knowledge and traditional systems of medicine, reinforced patent examination cooperation, exchange of search results, patent analytics, and geographical indication protection and commercialisation. Coordination mechanisms and periodic progress reviews are emphasised for effective implementation and continuity of cooperation.
September 3, 2026
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Sovereign credit rating upgrade reflects resilient growth, improved fiscal expenditure quality, stronger financial systems, and a robust external position.
India's long-term foreign-currency and local-currency issuer ratings were upgraded from 'BBB+' to 'A-', with a Stable Outlook, reflecting resilient economic growth, improved fiscal expenditure quality, strengthened financial-sector soundness, and a robust external position. Fiscal improvement is linked to greater capital expenditure and lower fiscal deficit. Financial resilience is supported by improved banking and non-banking sector asset quality and capital adequacy. External strength arises from a contained current account deficit, services surplus, and foreign-exchange reserves exceeding short-term external debt.
September 3, 2026
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Public sector general insurance performance requires profitable underwriting, lower claim ratios, digitalisation, standardised monitoring, and quality grievance redressal.
Public Sector General Insurance Companies were advised to focus on profitable business lines, reduce the Incurred Claim Ratio, and accelerate technology use and digitalisation while optimising related expenditure. They are to improve insurance penetration, density, outreach and customer awareness, particularly in underserved segments, while reducing protection gaps. A robust, standardised KPI framework should enable comparable financial and non-financial performance assessment and be reviewed quarterly. Customer grievances require expeditious and quality redressal.
September 3, 2026
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Cross-border financing through GIFT-IFSC expands foreign currency mobilisation, external commercial borrowing disbursements, and international bond market access.
GIFT-IFSC's IBUs mobilised foreign-currency liquidity under the RBI's FCNR(B) deposit swap facility, with 20 IBUs sanctioning USD 54.02 billion and disbursing approximately USD 52.82 billion as at 31 August 2026. Between April and August 2026, IBUs disbursed USD 11.62 billion in External Commercial Borrowings, while Indian banks raised USD 11.12 billion through bond listings on IFSC exchanges. These activities support cross-border financing, international capital-market access and foreign-exchange inflows.
September 3, 2026
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Bilateral business council leadership appointment strengthens operational capacity to advance Canada-India economic and investment partnerships.
Operational leadership for bilateral economic engagement is strengthened through the appointment of Shuchita Sonalika as the first Chief Operating Officer of the Canada-India Business Council. The appointment is directed toward enhancing the council's capacity to support expanding investment and economic relations between Canada and India, in coordination with its board, members and partners. Sonalika brings international affairs experience in advancing India's economic partnerships across global markets.
September 3, 2026
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Regulatory certainty and compliance reforms support investment facilitation, infrastructure development, MSME credit access, and reduction of bank non-performing assets.
Regulatory certainty, ease of compliance and investment facilitation are identified as central elements of India's economic reform orientation. The Insolvency and Bankruptcy Code is included among reforms supporting regulatory certainty, reduced paperwork and easier compliance. Policy priorities include infrastructure development, artificial intelligence and data centres, credit access for MSMEs, reduction of banks' non-performing assets, fiscal discipline, and investment facilitation by central and state governments.
September 2, 2026
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Sovereign credit rating upgrade reflects resilient economic growth, fiscal quality, financial-system soundness, and external-sector resilience.
Japan Credit Rating Agency upgraded India's foreign-currency and local-currency long-term issuer ratings to A-, citing solid economic growth, strengthened growth-oriented policies and improved financial-system soundness. Improved banking asset quality, insolvency mechanisms, government capital infusion and stronger central-bank supervision support financial resilience. Fiscal quality has improved through greater infrastructure-focused capital expenditure and restraint in current spending, while a contained current-account deficit, services surplus and substantial foreign-exchange reserves support resilience to external shocks.
September 2, 2026
Show AI Summary
Currency-market intervention and foreign capital inflows supported rupee resilience amid higher crude prices and dollar strength.
Foreign capital inflows and modest foreign institutional equity purchases supported rupee appreciation against the US dollar despite weak domestic equities, elevated crude oil prices and a stronger dollar. RBI monitoring and apparent currency-market intervention supported the rupee amid risk aversion, higher US Treasury yields and concerns over crude supply disruptions. Forthcoming US employment data remained relevant to dollar and rupee direction.
September 2, 2026
Show AI Summary
Foreign-currency non-resident deposits bolster external liquidity through hedging support and lending flexibility during global market uncertainty.
Foreign Currency Non-Resident (Bank) [FCNR(B)] deposits are fixed-term foreign-currency deposits for non-resident Indians, with principal and interest repayable in the deposit currency and without direct rupee exchange-rate risk. A special central-bank programme mobilised substantial FCNR(B) deposits, alongside overseas foreign-currency borrowings and external commercial borrowings, to strengthen foreign-exchange liquidity. Banks received hedging-cost support and permission to lend against the deposits. The facility was closed earlier than scheduled after its mobilisation objective was met.
September 2, 2026
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Foreign currency swap facility accelerated FCNR(B) deposit window closure after substantial diaspora inflows, while borrowing windows remain open.
Special USD-INR foreign-exchange swap facility for FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings was introduced to strengthen the external sector and support foreign-exchange liquidity. FCNR(B) deposits, under which principal and interest are repayable in the same foreign currency, generated the principal share of inflows. Strong diaspora participation led to advancement of the FCNR(B) window closure. The swap facility for Overseas Foreign Currency Borrowings and External Commercial Borrowings remains open until December 31, 2026.
September 2, 2026
Show AI Summary
GST bribery allegations led to a trap operation against officials and an intermediary in a quarrying matter.
Criminal investigation concerns alleged solicitation and acceptance of an undue advantage by CGST officials in connection with settling a GST/royalty matter involving a stone-quarrying firm. The officials allegedly arranged for a private person to collect the payment. A trap operation resulted in the private person being caught while accepting the alleged undue advantage. Searches at the accused persons' premises led to recovery of cash and jewellery, while further investigation continues.
September 2, 2026
Show AI Summary
State GST collection growth outpaced national expansion during the first five months, alongside increased VAT and CST receipts.
Haryana's SGST collections increased by 29 per cent during April-August of financial year 2026-27, exceeding the national growth rate of 16 per cent. August 2026 post-settlement SGST revenue rose by 21 per cent, compared with national average growth of 13 per cent. Haryana accounted for less than 4 per cent of national GST taxpayers but contributed approximately 7.7 per cent of aggregate national SGST, CGST and IGST collections. VAT/CST collections rose by 13.8 per cent during the same period.
September 2, 2026
Show AI Summary
NBFC loan servicing governance retains lender control through deterministic decision rules, maker-checker controls, reconciled migration and optional AI assistance.
Lokta Next 100 offers RBI-registered NBFCs with loan books up to Rs 100 crore post-approval loan servicing, accounting, reporting, analytics, collections, recovery and partner-management functions, excluding pure-play microfinance NBFCs. Credit, approval and money decisions remain with the lender. Maker-checker approval applies to every change, and migration requires line-by-line reconciliation before cutover. Records remain lender-owned, hosted in India and exportable. AI may propose changes but cannot post to the ledger; deterministic lender-policy rules decide changes. Platform fees are deferred for up to 24 months, subject to stated loan-book thresholds.
September 2, 2026
Show AI Summary
RTI access to maintained records does not require creation of Aadhaar date-of-birth update data on demand.
UIDAI did not maintain separate Aadhaar data on date-of-birth updates in Bihar following the announced social security pension enhancement, including month-wise or district-wise compilations. No internal review or flagging of unusual update patterns was available or applicable in its records. The Central Information Commission clarified that the RTI framework does not require a public authority to create, compile or generate information that it does not maintain in the form requested. The initial CPIO response treating the information as outside the RTI Act was considered inappropriate.
September 2, 2026
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Transgender arrest and detention safeguards prompt calls for a standard operating procedure and clearer procedural protections.
Legal and regulatory issues include safeguards for arrest and detention of transgender persons, consultation requirements in Bar Council policy-making, and procedural accountability in electoral administration and policing. Personal insolvency proceedings raise questions about tribunal powers to constitute an expanded bench. Hospitality operators are expected to comply strictly with food-safety and hygiene norms. Proposed restrictions on minors' social-media accounts address cyberbullying, online exploitation, and harmful screen exposure.

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Trump tours Texas flood sites, defends officials amid mounting questions about response

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 state and local officials, even amid mounting criticism that they may have failed to warn residents quickly enough that a deadly wall of water was coming their way.

Trump has repeatedly promised to do away with the Federal Emergency Management Agency as part of his larger pledges to dramatically shrink the size of government, and he's fond of decrying officials in Democrat-run states hit by past natural disasters and tragedy.

But the president struck a far more somber and sympathetic tone while visiting America's largest Republican state — highlighting the heartbreak of what happened while effusively praising elected officials and first responders alike.

“The search for the missing continues. The people that are doing it are unbelievable,” Trump, seated with officials around a table with emblazoned with a black-and-white “Texas Strong” banner, said at a makeshift emergency operations center inside an expo hall in Kerrville.

He later added, “You couldn't get better people, and they're doing the job like I don't think anybody else could, frankly." Since the July 4 disaster, which killed at least 120 people and left more than 170 missing, the president has been conspicuously silent on his past promises to shutter FEMA and return disaster response to the states. Instead, he's focused on the once-in-a-lifetime nature of what occurred in central Texas' Hill Country and its human toll.

“We just visited with incredible families. They've been devastated,” the president said of a closed-door meeting he and first lady Melania Trump had with the relatives of some of those killed or missing.

Trump's shift in focus underscores how tragedy can complicate political calculations, even though he has made slashing the federal workforce a centerpiece of his administration's opening months. He spent a lot of time Friday discussing the victims from Camp Mystic, the century-old all-girls Christian summer camp where at least 27 people were killed.

“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,” Trump said.

The first lady described meeting “beautiful young ladies” from the area who she said gave her a “special bracelet from the camp in honor of all the little girls that lost their lives.” "We are here to honor them,” she said, promising to return to support the camp in the future.

Before arriving for his tour, 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.

“All across the country Americans' hearts are shattered. I had to be here as president," he said. "All the beautiful souls, and we're filled with grief and devastation. This, the loss of life. And unfortunately, they're still looking.” Trump also tried to steer away from partisanship, even saying at one point, “I don't want to say politics” while still bragging about reducing the cost of eggs around the country.

He also still insisted his administration “is doing everything it can to help Texas” and “we've got some good people” running FEMA. That is nonetheless a far cry from his call mere weeks ago to begin “phasing out” FEMA.

At the White House, Russell Vought, director of the Office of Management and Budget, similarly dodged questions Friday about FEMA's future. He said 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 said. “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.” On the ground in devastated communities, meanwhile, some state and local officials have faced questions about how well they were prepared and how quickly they acted — including if warning systems might have given more people time to evacuate.

Asked about such concerns during his appearance at the operations center in Kerrville, Trump called a reporter “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 officials around him.

He also praised a long list of Texas Republicans and had especially kind words for Rep. Chip Roy, who represents some of the hardest-hit areas. A staunch conservative, Roy initially opposed Trump's sweeping tax-cut and spending package but ultimately supported it.

“He's not easy, but he's good,” Trump said of Roy. The congressman, for his part, bristled at questions about authorities' flood response, calling the question about inadequate flood warnings “ridiculous." The visit began with Air Force One landing in San Antonio and Trump deplaning in a suit while the first lady wore more casual clothing — though both wore ball caps against the heat. The Trumps then boarded a helicopter to Kerrville and saw the flooding aftermath from the air, before meeting with victims' families and first responders.

Roads in the center of town were shut down, 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 few details have been offered on what that might eventually entail.

Friday's visit was far different from the other times the first couple visited natural disaster sites, during Trump's first weekend back in the White House in January. They toured North Carolina to scope out damage from Hurricane Helene and saw the aftermath of wildfires in Los Angeles, and the president sharply criticized the administration of his predecessor, President Joe Biden, and officials from deep-blue California.

“We'll be helping you from Washington, D.C., like no other president would," Trump said Friday. “The state of Texas, No. 1 they do it right and they've done it right for a long time. And it's a very special place to me.” (AP) NB NB

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