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    West Bengal GST collection rises 2 pc in July to Rs 5,564 crore
    Gross GST collection kitty swells 15.4 pc to over Rs 2.11 lakh cr in July
    RBI says USD 40.82 bn mobilised under forex swap facility till Jul 31
    Sebi bars ZEEL for 2 months, Subhash Chandra, Punit Goenka for 1 year in Hyderabad land pledge case
    Department of Commerce Holds Workshop on Trade and Sustainable Development Policy Landscape
    GeM Launches 10-Day Celebrations Ahead of 10th Foundation Day, Unveils Commemorative Logo
    All Indian exports of dual-use items comply with international obligations: MEA
    PM Modi to inaugurate Bhogapuram Airport in Andhra on Aug 1
    HIGHLIGHTS
    Closely monitoring: India on US bill seeking up to 100 % tariffs on purchasers of Russian oil
    Delhi HC seeks ED stand on Nayan Raheja's plea against money laundering case
    Rupee appreciates 7 paise to close at 95.43 against US dollar
    PM Modi, UK PM Burnham commit to harnessing full potential of mega trade deal
    ITC Q1 profit declines 15.6 pc to Rs 4,508.79 cr; non-cigarette FMCG posts robust growth
    Punjab extends deadline of one-time scheme for settling tax dues of pre-GST period till Sept 30
    PM Modi speaks to UK counterpart Burnham
    Bank credit to industry records robust growth of 19.2 pc in June: RBI data
    Delhi protesters' fingerprints collected from stones for identification via Aadhaar: BJP minister
    Cabinet approves Rs 84,084-cr offshore exploration scheme; govt to fund up to Rs 650 cr per well
    India's forex reserves jump USD 6.12 bn to USD 682.35 bn
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    August 1, 2026
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    GST collection growth in West Bengal continued year-on-year in July but remained below the national growth trend.
    West Bengal's July GST collection increased year-on-year and over the preceding month, marking a second consecutive month of annual growth. Official data also indicated that the State's annual growth rate was below the national trend, while gross domestic GST revenue excluding imports and overall gross GST collections including import-related taxes rose nationally during July.
    August 1, 2026
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    GST collection growth reflects higher revenue mobilisation from domestic transactions and imports, with refunds adjusted in net revenue.
    Goods and Services Tax collections increased in July, driven by higher revenue from domestic transactions and imports. The gross collection comprised Central GST, State GST and Integrated GST components. Refunds also increased during the month, and net GST revenue was determined after adjustment of refund outflows from gross tax receipts.
    August 1, 2026
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    Concessional foreign-exchange swaps encourage bank deposits and foreign borrowings to strengthen balance-of-payments resilience and foreign-exchange liquidity.
    The Reserve Bank of India introduced a concessional foreign-exchange swap facility to encourage foreign-currency inflows, strengthen the balance of payments and support foreign-exchange liquidity. The facility applies to fresh Foreign Currency Non-Resident (Bank) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings. Foreign Currency Non-Resident (Bank) deposits constitute the principal source of inflows mobilised under the arrangement. The facility is available for specified time-bound periods, with a later availability period for Overseas Foreign Currency Borrowings and External Commercial Borrowings.
    August 1, 2026
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    Unauthorised pledge of listed-company land triggered securities-market bars for disclosure failures and misuse of management authority.
    Unauthorised pledge of ZEEL's Hyderabad land as security for loans obtained by promoter-linked entities was treated as a related-party transaction lacking prior audit committee approval. ZEEL failed to disclose the land's deployment in its financial statements. Its Chairman Emeritus was stated to have transferred title deeds by falsely representing management approval and to have concealed the transaction's nature. Securities-market prohibitions and monetary penalties were imposed with immediate effect.
    August 1, 2026
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    Trade and sustainable development policy integrates carbon regulation, sustainability standards and domestic frameworks to strengthen trade competitiveness and preparedness.
    Trade and Sustainable Development policy was examined in relation to international trade disciplines, sustainability regulation and India's trade strategy. Discussions considered carbon markets, carbon pricing, carbon border adjustment measures, sustainability standards and regulatory cooperation, and their implications for trade and industrial competitiveness. Domestic mechanisms, including the Carbon Credit Trading Scheme, Indian Carbon Market, Extended Producer Responsibility framework, and accreditation and conformity assessment systems, were considered for strengthening preparedness for emerging sustainability-related trade disciplines.
    August 1, 2026
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    Digital public procurement engagement begins with stakeholder events promoting transparent, efficient and inclusive marketplace governance.
    Government e-Marketplace launched ten-day celebrations preceding its tenth Foundation Day, including a commemorative logo, stakeholder events and recognition of employees, buyers and sellers. The programme begins a year-long nationwide outreach initiative bringing together buyers, sellers, policymakers, industry representatives and ecosystem partners through events, dialogues and collaborative platforms. Its stated focus is technology-enabled, transparent, efficient and inclusive public procurement.
    July 31, 2026
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    Strategic trade controls require dual-use exports to comply with national law and international obligations amid arms-transfer allegations.
    Strategic trade controls governing dual-use exports require Indian exports of dual-use items and technologies to comply with national law and India's international obligations. The stated framework applies to exports to various countries. In response to allegations concerning supplies to Israel, the position notes calls for an arms embargo covering direct or indirect transfers of arms and military material, including weapons, ammunition, parts and components, without determining the underlying allegations.
    July 31, 2026
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    Greenfield airport development under a public-private partnership advances licensed international passenger, cargo, logistics, and sustainable infrastructure.
    A greenfield international airport is being developed under a Public-Private Partnership and Design, Build, Finance, Operate and Transfer framework, with airport, aviation-hub, education and supporting infrastructure components. The airport has obtained an aerodrome licence and required safety, fire and environmental clearances. Passenger, airfield and terminal systems are designed for domestic and international operations. A cargo terminal with cold-chain facilities and integration with port, industrial-corridor and logistics networks are intended to strengthen exports and air-cargo logistics. Recycled-water use and LEED Platinum development standards form part of its environmental measures.
    July 31, 2026
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    Regulatory and legal developments cover trade measures, legislative action, offshore exploration support, court directions and platform algorithm scrutiny.
    The compilation reports proposed United States tariff measures concerning purchasers of Russian oil and gas, India-United Kingdom trade engagement, extension of farmer-support measures, and approval of offshore exploration support. It also covers passage of the Registration of Births and Deaths (Amendment) Bill, 2026, a privilege-motion notice, a criminal sentencing, and directions to appoint a nodal officer for families affected by the Russia-Ukraine war. Regulatory items include industrial credit data and examination of social-media algorithms, bias and public-order implications.
    July 31, 2026
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    Russian oil purchases may trigger proposed targeted tariffs, with periodic reassessment based on countries' purchasing behaviour.
    Proposed United States measures would authorise sanctions against Russia and persons supporting its war in Ukraine, while permitting targeted tariffs on imports from countries purchasing substantial volumes of Russian oil or gas or facilitating sanctions evasion. The framework identifies major purchasers and shadow-fleet facilitators for possible additional tariffs and provides for periodic reassessment and tariff adjustments based on purchasing behaviour. India stated that its energy-security policy rests on national priorities and diversified energy sources.
    July 31, 2026
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    Money-laundering proceedings face challenge over absent predicate offence, alleged lack of criminal intent, and treatment of related FIRs.
    Money-laundering proceedings linked to alleged diversion of homebuyer funds are challenged on the ground that no scheduled offence or criminal intent is attributable to the petitioner. The petitioner relies on his asserted exoneration in two predicate FIRs, where charge sheets did not name him, and settlement of the remaining FIR. Notice was issued for a response and status report, and the petitioner undertook to cooperate with the investigation.
    July 31, 2026
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    Rupee appreciation reflected foreign capital inflows and central bank support, tempered by crude prices and geopolitical tensions.
    Rupee appreciation against the US dollar was linked to sustained foreign capital inflows and Reserve Bank support through dollar selling. Higher crude oil prices, a stronger US dollar and geopolitical tensions in West Asia constrained further gains. A slightly positive near-term rupee bias was associated with softer dollar conditions, dovish US monetary expectations, favourable global markets and improved foreign inflows, while geopolitical risks remained relevant. Domestic equity indices rose, foreign-exchange reserves increased, and fiscal-deficit data showed the central government's position against its full-year target.
    July 31, 2026
    Show AI Summary
    India-UK trade agreement enables duty-free access and bilateral cooperation on investment, technology, and strategic partnership.
    The India-UK Comprehensive Economic and Trade Agreement provides zero-duty market access in the UK for nearly 99 per cent of India's exports and is intended to expand bilateral trade and investment opportunities. The governments committed to maximise its benefits through the Comprehensive Strategic Partnership, including cooperation on technology, innovation, security, clean energy, education and people-to-people links. Advanced technology collaboration, including artificial intelligence, is also contemplated.
    July 31, 2026
    Show AI Summary
    Excise duty increases on cigarettes pressured profitability, while calibrated pricing and FMCG growth supported market resilience.
    Excise duty increases on cigarettes affected consolidated profitability, prompting calibrated pricing and portfolio measures to protect market share and limit migration to illicit trade. The cigarette portfolio was re-architected across price points through value-accretive offerings and staggered pricing actions. Non-cigarette FMCG growth was supported by demand for packaged foods, dairy and personal-care products. Input-cost inflation was mitigated through inventory cover, commodity hedging and price-volume rebalancing amid crude-price volatility, supply-chain disruption and imported inflation concerns.
    July 31, 2026
    Show AI Summary
    One-Time Settlement Scheme offers final pre-GST tax dispute resolution relief before stricter recovery action against defaulters begins.
    The One-Time Settlement Scheme 2025 for pre-GST tax dues has been extended until September 30. Eligible taxpayers may resolve pending legacy tax disputes with full waiver of interest and penalties and slab-wise relief in principal tax. After the deadline, recovery action may be intensified under applicable tax laws and the Punjab Land Revenue Act, including property attachment, auction and freezing of bank accounts. The department also supports amicable settlement of tax disputes through the SAMADHAN initiative.
    July 31, 2026
    Show AI Summary
    Bilateral trade agreement implementation supports expanded trade, investment and strategic cooperation through technology, security, clean energy and community links.
    The India-UK Comprehensive Economic and Trade Agreement was identified as a framework for expanding bilateral trade and investment opportunities following its operationalisation. The two governments proposed closer cooperation to use the agreement for shared prosperity, while advancing their comprehensive strategic partnership through technology, innovation, defence, security, clean energy, education and people-to-people links.
    July 31, 2026
    Show AI Summary
    Sectoral bank credit growth reflects broad-based expansion across industry, services, agriculture and personal loans, with slower credit-card growth.
    Sectoral bank credit growth accelerated across non-food lending, agriculture, industry, services and personal loans. Industrial credit expanded across micro and small, medium and large enterprises, with strong lending to infrastructure, engineering, food processing, textiles, construction, metals, petroleum-related products and chemical products. Services lending was supported by non-banking financial companies, commercial real estate and trade. Vehicle and housing loans maintained double-digit growth, while credit-card outstanding growth decelerated.
    July 31, 2026
    Show AI Summary
    Biometric identification of protesters through alleged fingerprint-Aadhaar linkage was described alongside criminal-background profiling and database creation.
    Biometric identification of protesters through fingerprints recovered from alleged stone-pelting evidence was publicly described as a proposed investigative method. A minister stated that fingerprints allegedly found on stones would be linked with Aadhaar numbers to identify participants and examine their prior records. The account also referred to analysis and categorisation of detained protesters' criminal backgrounds, creation of a separate database, and proposed action against participants described as anti-social elements or persons with criminal records.
    July 31, 2026
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    Offshore hydrocarbon exploration support funds high-risk deepwater drilling, shared infrastructure and data acquisition to strengthen domestic energy production.
    The National Offshore Exploration Scheme provides public support for deepwater and ultra-deepwater oil and gas exploration, including seismic and offshore data acquisition, exploratory drilling in frontier basins, and common production and evacuation infrastructure. It addresses the high cost and geological uncertainty of offshore drilling and includes technology adoption, digital programme management, capacity building and collaboration measures. The scheme seeks to expand domestic hydrocarbon discoveries and production, attract investment across the exploration and production value chain, and reduce reliance on imported oil and gas.
    July 31, 2026
    Show AI Summary
    Foreign exchange reserves increased as foreign currency assets and gold holdings rose, alongside measures to attract forex inflows.
    India's foreign exchange reserves increased during the reporting week, principally because foreign currency assets and gold reserves rose. Foreign currency assets, expressed in United States dollar terms, include valuation effects from movements in currencies such as the euro, pound and yen. Special Drawing Rights and the reserve position with the International Monetary Fund declined. Measures including the FCNR(B) measure were reported as efforts to attract foreign-exchange inflows following rupee pressure and dollar-sales intervention.

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      State Department layoffs affect key Trump priorities like intelligence, energy, China

      July 17, 2025

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      Washington, Jul 17 (AP) One employee coordinated intelligence activities. Another worked to leverage US energy interests abroad. And a third was an expert on strategic competition with China.

      They are just some of the more than 1,300 State Department employees fired last week, eliminating hundreds of years of institutional knowledge and experience.

      The move has stunned America's diplomatic workforce, not only as their careers abruptly end but as they wonder who — if anyone — will fill in on what they call critical work to keep the US safe and competitive on the world stage.

      Many of the positions and offices “abolished” Friday under Secretary of State Marco Rubio's dramatic reorganisation plan overlap with priorities President Donald Trump has laid out for his second term, such as combating visa fraud and countering China. Other cuts could have wide impact on everyday life, including processing Americans' passport applications.

      Trump administration officials have defended the mass dismissals, saying they are overdue and necessary to make the department leaner and more efficient.

      Where the State Department cuts are hitting Among the employees laid off are more than 100 people who worked in the Bureau of Consular Affairs, which is self-funded from passport and visa fees.

      That includes half of a team that investigated passport fraud and 23 people who oversaw contracts to provide American citizen services, including processing passport applications, in the US and abroad, according to a list compiled by current and former foreign service officers and sent to Congress this week.

      Others fired included experts responsible for dealing with visa fraud and money laundering in Russia and Eastern Europe as well as transnational criminal organizations and migrant worker visa fraud in Mexico and Central America.

      A small team that had worked on multilateral engagements in the Bureau of East Asian and Pacific Affairs, including supporting Rubio's trip to Malaysia last week, also were fired as Rubio was flying back to Washington from Kuala Lumpur, according to the list.

      A handful of employees said their small office was eliminated even though it was doing work on immigration that the administration had deemed a priority. They thought their jobs were safe, and several were on vacation when the notices started rolling in.

      “It came out of the blue, and there's no one left to do what we were doing,” said one of the laid-off employees, who has more than 30 years of experience.

      Fired employees speak out about their work In interviews with The Associated Press, more than half a dozen employees who got notice to clear out their desks described their work as crucial. For some, the government spent tens of thousands of dollars investing in their language skills, providing training or moving them and their families from one overseas posting to another.

      They spoke on the condition of anonymity, fearing reprisal from the agency where they remain on the payroll until September.

      "The American people aren't getting all of the facts about what the department has done," said a civil service officer working in intelligence who was fired last week.

      The person said the intelligence work their team had been doing has now been transferred to an office that doesn't have the capacity to handle the sensitive material and coordination required.

      One senior official, who was fired after 26 years in the foreign service, said their office was working to maintain US energy dominance abroad. Rubio testified at his confirmation hearing earlier this year that energy would be “a centerpiece of our foreign policy.” "The fact that they got rid of all the energy experts who would promote oil and gas sales overseas clearly undermines everything that they're saying," the official said.

      At least seven intelligence analysts who specialized in Russia and Ukraine issues, as well as five fluent Chinese speakers, also were let go, according to two of the employees.

      A staffer focused on strategic competition with China said the decision to lay off staff who had institutional and cultural knowledge of China and spoke the language could leave the US exposed.

      He added that Rubio had recently labelled the country as “the most significant long-term risk to the United States.” The State Department says it needs to be nimble Although the dismissals were less severe than many feared, they're a major concern for staffers being tasked with additional duties to make up for losses in key areas like intelligence and research, consular affairs, diplomatic security, energy, and international and educational organisations.

      Before a panel of deeply sceptical Democratic lawmakers, Michael Rigas, the State Department official who sent employees the layoff notices, tried Wednesday to allay concerns that the cuts would have a devastating impact on US diplomacy.

      He denied allegations that the layoffs were conducted in a haphazard and irresponsible manner to the detriment of national security.

      Rigas, deputy secretary of state for management, made the case to the Senate Foreign Relations Committee that the department with more than 76,000 employees worldwide had grown exponentially and that a massive reorganisation was needed to keep it relevant and nimble to respond to foreign crises and policy challenges.

      The department “became large and began to lose its way,” becoming “ineffectual bureaucratically,” spokesperson Tammy Bruce told reporters Wednesday. She added that it wasn't “the fault of the people who were in those seats, but the structure itself.” Rigas said those laid off Friday are on administrative leave — foreign service officers for 120 days, and civil servants for 20 days — and they could have the opportunity to apply for other positions once a government-wide hiring freeze is lifted.

      Booker confronts Trump administration official Some senators were not buying Rigas' argument, and sharp disagreements erupted into a shouting match after New Jersey Democrat Cory Booker accused Rigas of lying to lawmakers this week over the extent of the staff reductions.

      Booker was visibly angry as he wielded a list of what he said were misstatements, half-truths or lies in Rigas' testimony before the House Foreign Affairs Committee a day earlier about the firings.

      “I don't trust you, Mr. Rigas,” Booker said. “Your statements lack veracity.” “This is outrageous,” Rigas replied as he tried to respond over multiple interruptions from Booker.

      Booker's list resembled the one compiled by current and former foreign service officers identifying certain eliminated positions that Rigas said had been largely spared.

      “Sir, you have not been truthful,” Booker said. “I have watched you lie to this committee, I have watched you lie to the House committee.” (AP) RD RD

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