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    Lok Sabha passes bill to authorise govt to permit banks to levy charges on UPI transactions
    Monetary Policy Statement, 2026-27 Resolution of the Monetary Policy Committee August 3 to 5, 2026
    Stock markets edged higher in early trade amid lower crude oil prices, buying in Reliance Industries
    Monthly review of accounts of Government of India upto June 2026 (FY 2026-27)
    DRI busts illegal drug manufacturing unit in Satara district in Maharashtra; two arrested
    CCI approves proposed combination inter alia involving share acquisition(s) and merger of certain entities e.g. AAPC India, Triguna, Caddie, SMPL, Tec...
    Rupee gains 20 paise to close at 95.08 against US dollar post-RBI policy decision
    TN Budget: Revenue deficit at Rs 55,775 crore, fiscal deficit estimated at Rs 1,21,819 crore
    Tatkare slams ‘gungi gudiya’ jibe against Sunetra; Cong says row being exploited for political gains
    RBI invites public comments on Draft Guidelines for ‘on tap’ Licensing of Urban Co-operative Banks
    Pakistan-origin dry dates, routed through UAE, seized at Kandla port
    RBI keeps rates unchanged, retains neutral stance; outlook uncertain on El Nino, geopolitical risks
    Government Notifies Inventory-based Cross-border E-Commerce Export Framework under Foreign Trade Policy 2023
    Customs official among 5 held for smuggling gold of Rs 1.44 crore at Indore airport
    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
    Sensex gains 152 pts in volatile session as RBI keeps policy rates unchanged
    DRI seizes 364 metric tonne (MT) banned Pakistan-origin dry dates imports worth Rs. 3 crore
    Rupee gains 13 paise to close at 95.15 against US dollar post-RBI policy decision
    ED raids premises linked to ex-Andhra MLA Malla Vijaya Prasad in chit fund scam
    'Gungi gudiya' remark against Sunetra shows Cong's 'ideological bankruptcy': NCP leader Tatkare
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    August 6, 2026
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    Merchant discount rate framework may permit charges on notified UPI and digital payments through a government notification mechanism.
    The proposed amendment to Section 10A of the Payment and Settlement Systems Act, 2007 replaces the existing income-tax-linked reference with a Central Government notification-based mechanism for electronic payment modes. It removes the current statutory restriction preventing banks and payment service providers from charging Merchant Discount Rate on notified modes, enabling the Government to permit charges for UPI and other digital payments. The policy rationale is to support funding for payment infrastructure and a sustainable revenue model for service providers.
    August 6, 2026
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    Neutral monetary policy stance continues as resilient growth and food-fuel inflation risks require close macroeconomic monitoring.
    The Monetary Policy Committee retained the policy repo rate and continued the neutral monetary policy stance, citing the need to assess evolving growth-inflation conditions. Domestic activity was assessed as resilient, supported by consumption, investment, credit, manufacturing, services and exports, although global uncertainty, energy prices, supply-chain pressures, geopolitical developments and monsoon conditions remain risks. CPI inflation increased mainly because of food and fuel pressures, while underlying inflation remained moderate. The Committee considered that price pressures were not yet generalised and reaffirmed its commitment to align inflation with the target.
    August 6, 2026
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    Closing auction price discovery and a neutral monetary policy stance shaped equity market conditions amid lower crude prices.
    The Closing Auction Session in the equity cash segment introduced an auction-based mechanism for determining closing prices of eligible shares with futures and options contracts, intended to make price discovery more transparent and robust. The Reserve Bank of India retained its neutral stance and left the benchmark policy rate unchanged, pending greater clarity on the inflationary effects of higher energy costs. Future policy decisions were stated to be data dependent.
    August 6, 2026
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    Monthly public accounts review records receipts, expenditure, tax devolution, interest payments, subsidies, and capital spending through June.
    Consolidated monthly accounts up to June 2026 report total receipts of Rs.10,49,243 crore, comprising net tax revenue, non-tax revenue and non-debt capital receipts. Tax devolution transfers to State Governments total Rs.2,63,336 crore. Total expenditure is Rs.13,57,076 crore, including revenue expenditure of Rs.10,16,818 crore and capital expenditure of Rs.3,40,258 crore. Revenue expenditure includes interest payments and major subsidies.
    August 6, 2026
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    Illicit psychotropic drug manufacture triggered seizure, apprehensions, and investigation into planned trafficking under narcotics control law.
    Illicit manufacture and trafficking of Alprazolam and Diazepam, psychotropic substances regulated under the Narcotic Drugs and Psychotropic Substances Act, 1985, were detected at a clandestine facility. Searches recovered finished and intermediary substances, together with raw materials and reaction mixtures used in manufacture, and the goods were seized under the Act. The manufacturer and an intended buyer were apprehended, with material indicating a proposed transaction for further illicit trafficking. Preliminary investigation indicated prior involvement in illegal drug production and trafficking.
    August 6, 2026
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    Competition approval for hotel-sector consolidation covers share acquisitions and merger of Accor-branded hotel entities into InterGlobe Hotels.
    Competition approval was granted for related share acquisitions and the merger of AAPC India, Caddie, Triguna, Srilanand Mansions, Techpark and Accent into InterGlobe Hotels. The combination involves entities jointly controlled by the Bhatia Family Group and the Accor Group, including hotel-owning and developing entities, hotel management and franchising operations, leasing activities, and captive consultancy and support services relating to Accor-branded hotels in India.
    August 5, 2026
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    Rupee appreciation followed unchanged monetary policy, lower crude prices, weaker dollar and expectations of orderly exchange-rate management.
    The rupee strengthened after the central bank maintained its policy rate and neutral monetary-policy stance. Lower crude oil prices, a weaker US dollar and declining US Treasury yields supported investor sentiment. Earlier measures to attract capital inflows remained part of the framework supporting the rupee, while the central bank stressed its endeavour to preserve an orderly currency trajectory. Future movement was linked to geopolitical de-escalation, global risk sentiment and US economic data.
    August 5, 2026
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    Fiscal consolidation through revenue mobilisation and leakage control aims to reduce deficits while expanding capital expenditure capacity.
    Tamil Nadu's Revised Budget Estimates for 2026-27 project a revenue deficit and fiscal deficit, with outstanding liabilities comprising public debt and public-account liabilities. Revenue mobilisation is proposed through improved tax administration, collection efficiency, closure of leakages, liquor-manufacturer privilege fees, and eligible Union grants. The strategy projects gradual deficit reduction to create room for capital expenditure, supported by expenditure reforms aimed at eliminating leakages, optimising expenditure, and improving service delivery.
    August 5, 2026
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    Political criticism of public office-holders raises debate over media accountability, personal remarks, and acceptable public discourse.
    Political criticism followed a social-media post describing Maharashtra Deputy Chief Minister Sunetra Pawar as "gungi gudiya" in connection with a press interaction on law-and-order issues in Beed district. Congress representatives stated that the post was not a personal insult, had been deleted after adverse reactions, and was followed by an expression of regret. NCP representatives termed the expression inappropriate and stressed that the principal dignitary should conduct media interactions. Shiv Sena (UBT) representatives described the phrase as not unparliamentary and linked it to criticism of a guardian minister's public responsibilities.
    August 5, 2026
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    On-tap licensing for Urban Co-operative Banks enters public consultation through draft guidelines inviting stakeholder feedback.
    Draft guidelines for 'on tap' licensing of Urban Co-operative Banks have been issued for public and stakeholder consultation. Comments and feedback may be submitted until September 05, 2026, through the designated online consultation facility or by written or email submission to the specified regulatory department.
    August 5, 2026
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    Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
    Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
    August 5, 2026
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    Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
    Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
    The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
    August 5, 2026
    Show AI Summary
    Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
    Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
    August 5, 2026
    Show AI Summary
    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
    The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
    August 5, 2026
    Show AI Summary
    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
    The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
    August 5, 2026
    Show AI Summary
    Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
    The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
    August 5, 2026
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    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
    Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
    August 5, 2026
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    Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
    A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
    August 5, 2026
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    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
    Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.

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      US Senate passes $9 billion in spending cuts to public broadcasting, foreign aid requested by Trump

      July 17, 2025

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      Washington, Jul 17 (AP) The Senate has passed about $9 billion in federal spending cuts requested by President Donald Trump, including deep reductions to public broadcasting and foreign aid, moving forward on one of the president's top priorities despite concerns from several Republican senators.

      The legislation, which now moves to the House, would have a tiny impact on the nation's rising debt but could have major ramifications for the targeted spending, from the Corporation for Public Broadcasting to US food aid programmes abroad.

      It also could complicate efforts to pass additional spending bills this year, as Democrats and even some Republicans have argued they are ceding congressional spending powers to Trump with little idea of how the White House Office of Management and Budget would apply the cuts.

      The 51-48 vote came after 2 am Thursday after Democrats sought to remove many of the proposed rescissions during 12 hours of amendment votes. None of the Democratic amendments were adopted.

      Senate Majority Leader John Thune said Republicans were using the president's rescissions request to target wasteful spending. He said it is a “small but important step for fiscal sanity that we all should be able to agree is long overdue”.

      But Senate Appropriations Committee Chairwoman Susan Collins said the bill “has a big problem — nobody really knows what programme reductions are in it”.

      Collins and Senator Lisa Murkowski joined Democrats in voting against the legislation. Kentucky Senator Mitch McConnell, the former Republican leader, had voted against moving forward with the bill in a Tuesday procedural vote, saying he was concerned the Trump White House wanted a “blank check", but he ultimately voted for final passage.

      The effort to claw back a sliver of federal spending comes after Republicans also muscled Trump's big tax and spending cut bill to approval without any Democratic support. The Congressional Budget Office has projected that measure will increase future federal deficits by about $3.3 trillion over the coming decade.

      Lawmakers clash over cuts to public radio and TV stations Along with Democrats, Collins and Murkowski both expressed concerns about the cuts to public broadcasting, saying they could affect important rural stations in their states.

      Murkowski said in a speech on the Senate floor Tuesday that the stations are "not just your news — it is your tsunami alert, it is your landslide alert, it is your volcano alert”.

      Less than a day later, as the Senate debated the bill, a 7.3 magnitude earthquake struck off the remote Alaska Peninsula, triggering tsunami warnings on local public broadcasting stations that advised people to get to higher ground.

      The situation is “a reminder that when we hear people rant about how public broadcasting is nothing more than this radical, liberal effort to pollute people's minds, I think they need to look at what some of the basic services are to communities," Murkowski said.

      The legislation would claw back nearly $1.1 billion from the Corporation for Public Broadcasting, which represents the full amount it's due to receive during the next two budget years.

      The corporation distributes more than 70% of the money to more than 1,500 locally operated public television and radio stations, with much of the remainder assigned to National Public Radio and the Public Broadcasting Service to support national programming.

      Senator Mike Rounds said he secured a deal from the White House that some funding administered by the Interior Department would be repurposed to subsidise Native American public radio stations in about a dozen states.

      But Kate Riley, president and CEO of America's Public Television Stations, a network of locally owned and operated stations, said that deal was “at best a short-term, half-measure that will still result in cuts and reduced service at the stations it purports to save, while leaving behind all other stations, including many that serve Native populations”.

      Slashing billions of dollars from foreign aid The legislation would also claw back about $8 billion in foreign aid spending.

      Among the cuts are $800 million for a program that provides emergency shelter, water and sanitation and family reunification for those who flee their own countries and $496 million to provide food, water and health care for countries hit by natural disasters and conflicts.

      There also is a $4.15 billion cut for programs that aim to boost economies and democratic institutions in developing nations.

      Democrats argued the Trump administration's animus toward foreign aid programs would hurt America's standing in the world and create a vacuum for China to fill.

      Senator Brian Schatz said the amount of money it takes to save a starving child or prevent the transmission of disease is miniscule, even as the investments secure cooperation with the US on other issues.

      The cuts being made to foreign aid programs through Trump's Department of Government Efficiency were having life-and-death consequences around the world, he said.

      “People are dying right now, not in spite of us but because of us,” Schatz said. “We are causing death.” After objections from several Republicans, GOP leaders took out a $400 million cut to PEPFAR, a politically popular programme to combat HIV/AIDS that is credited with saving millions of lives since its creation under then-President George W Bush.

      Looking ahead to future spending fights Democrats say the bill upends a legislative process that typically requires lawmakers from both parties to work together to fund the nation's priorities. Triggered by the official recissions request from the White House, the legislation only needs a simple majority vote instead of the 60 votes usually required to break a filibuster, meaning Republicans can use their 53-47 majority to pass it along party lines.

      The Trump administration is promising more rescission packages to come if the first effort is successful. But some Republicans who supported the bill indicated they might be wary of doing so again.

      “Let's not make a habit of this,” said Senate Armed Services Committee Chairman Roger Wicker, who voted for the bill but said he was wary that the White House wasn't providing enough information on what exactly will be cut. Wicker said there are members “who are very concerned, as I am, about this process.” North Carolina Senator Thom Tillis echoed similar concerns and said Republicans will need to work with Democrats to keep the government running later in the year.

      “The only way to fund the government is to get at least seven Democrats to vote with us at the end of September or we could go into a shutdown,” Tillis said.

      Republicans face a Friday deadline Collins attempted to negotiate a last minute change to the package that would have reduced the cuts by about $2.5 billion and restored some of the public broadcasting and global health dollars, but she abandoned the effort after she didn't have enough backing from her Republican colleagues in the Senate and the House.

      The House has already shown its support for the president's request with a mostly party line 214-212 vote, but since the Senate amended the bill, it will have to go back to the House for another vote.

      The bill must be signed into law by midnight Friday for the proposed rescissions to kick in. If Congress doesn't act by then, the spending stands. (AP) SCY SCY

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