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    Rupee settles with 5 paise gain at 95.17 against US dollar
    India weathered Hormuz disruption without fuel shortages: Puri
    RBI invites public comments on the draft Directions on ‘Credit Valuation Adjustment (CVA) Framework’
    RBI invites comments on the draft “Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Eleventh Amendment Directions, ...
    87 Proposals Received under BHAVYA Scheme during First Round of Phase-I
    India successfully concludes the 16th BRICS Trade Ministers' Meeting in Jaipur under its BRICS Chairship 2026
    GeM Completes a Decade of Transforming Public Procurement with Cumulative GMV Exceeding ₹20 Lakh Crore
    NEWS HIGHLIGHTS
    India's forex kitty swells by USD 10.5 bn to USD 692.87 bn
    Rs 5,000 cr credited to 6.22 lakh Maharashtra farmers so far under loan waiver scheme: Fadnavis
    SBI Life and J&K Bank partner to bring comprehensive life insurance solutions closer to families across India
    DRI intensifies vigil along India's North-Eastern Frontier
    Vijayan slams Kerala govt's move to end doorstep pension delivery through cooperative banks
    Kerala to stop welfare pension delivery through cooperative banks, shifts to DBT
    China's exports slow slightly in July despite robust demand for high-tech products
    India successfully concludes the Tenth BRICS Industry Ministers' Meeting in Jaipur under its BRICS Chairship 2026
    APEDA Organises BIOFACH INDIA 2026 to Promote India's Certified Organic Products and Expand Global Market Access
    RBI bars banks from disabling mobile devices of defaulting borrowers
    Par panel for early conclusion of India-US trade pact, tariff exemptions on key goods
    No commitments relating to ethanol import from US for fuel blending under FTA talks: Govt
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    August 7, 2026
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    Foreign capital inflows supported the rupee despite geopolitical uncertainty, oil-price pressures, and volatile global market sentiment.
    Foreign capital inflows supported a marginal strengthening of the rupee against the US dollar despite global risk aversion arising from uncertainty surrounding negotiations affecting the Strait of Hormuz. Higher crude oil prices and weak domestic equity sentiment remained relevant pressures. Near-term currency movement was expected to depend on developments in the negotiations, weekend decisions, US employment data, the dollar index, crude oil prices, and the reported increase in foreign exchange reserves.
    August 7, 2026
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    Energy security through diversified sourcing protected fuel supplies during Hormuz disruption and supports domestic exploration and alternative fuels.
    Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.
    August 7, 2026
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    Credit valuation adjustment framework revises derivative capital requirements through flexible basic approaches, hedge recognition, and risk-sensitive counterparty treatment.
    Credit Valuation Adjustment framework revisions align CVA capital treatment with final Basel III standards. Eligible banks may use the full or reduced basic approach, while banks with an insignificant volume of non-centrally cleared derivatives may calculate their CVA capital charge at 100 per cent of the counterparty credit risk capital charge. The draft also clarifies CVA hedge recognition, introduces risk weights sensitive to sector and credit quality, and separates systematic and idiosyncratic CVA risk in the full basic approach.
    August 7, 2026
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    Leverage ratio framework amendments propose Basel-aligned capital adequacy standards, with public feedback invited on the draft directions.
    Proposed amendments to the leverage ratio framework would revise Chapter VII of the 2025 Commercial Banks Prudential Norms on Capital Adequacy Directions to implement the Basel Committee's Leverage Ratio 2017 Standard. Public comments and feedback on the draft Eleventh Amendment Directions, 2026, are invited until August 28, 2026, through the designated online platform, postal submission, or email.
    August 7, 2026
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    BHAVYA Scheme project selection uses challenge-based evaluation of infrastructure, industrial ecosystems, and policy enablers under prescribed eligibility criteria.
    BHAVYA Scheme Phase-I proposals submitted by State and Union Territory governments will be evaluated and scored under prescribed eligibility and evaluation criteria. Challenge-based project selection considers connectivity and site suitability, quality of core, value-added and social infrastructure in the detailed project report, and the industrial ecosystem and policy enablers. The Scheme guidelines provide for completion of the first-phase selection process within one year from notification.
    August 7, 2026
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    Multilateral trade cooperation preserves developing economies' policy space while advancing MSME finance, diversified value chains and digital services.
    BRICS ministers adopted measures supporting a development-centred multilateral trading system with the World Trade Organization at its core, preservation of Special and Differential Treatment, binding two-tier dispute settlement, and developing economies' policy space for food security and public stockholding. MSME measures include study of an invoice discounting mechanism and credit-assessment principles focused on cash flow rather than collateral. Value-chain measures provide for a GVC Action Plan, technical cooperation, Special Economic Zone cooperation and digitised trade documents, alongside principles for trusted cross-border digitally delivered services.
    August 7, 2026
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    Digital public procurement promotes transparent sourcing, reduced seller charges, competition monitoring and evidence-based spending oversight through an integrated marketplace.
    Government e-Marketplace digitises public procurement through a unified platform promoting transparency, efficiency, good governance and wider supplier participation. Seller-facing measures include reduced transaction charges, exemption of smaller orders, a cap on maximum transaction fees and reduced vendor assessment fees. The platform uses Artificial Intelligence and Machine Learning tools to identify suspected cartelisation, collusion and order splitting, while its digital transactional trail supports expenditure monitoring, identification of inefficiencies and evidence-based policy interventions.
    August 7, 2026
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    Criminal justice, extremist-material regulation and administrative schemes feature in reports on prosecutions, demolition practices, loan waivers and fuel policy.
    Criminal justice reports cover bail and an expedited trial in an assault prosecution, arrest for allegedly sheltering an accused, allegations of rape and murder of a minor, and claimed irregularities in a police recruitment examination. Regulatory developments include a ban on extremist literature associated with proscribed organisations and judicial disapproval of coercive demolition. Administrative coverage includes farmer loan-waiver transfers following Aadhaar authentication and debate over the E20 fuel-blending programme.
    August 7, 2026
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    Foreign exchange reserves rose as foreign currency assets, gold holdings, Special Drawing Rights and IMF reserve position increased.
    India's foreign exchange reserves increased during the week ended July 31, principally because of higher foreign currency assets and gold reserves. Foreign currency assets include US dollar valuation effects arising from movements in currencies such as the euro, pound and yen. Special Drawing Rights and India's reserve position with the International Monetary Fund also increased. The movement followed measures to attract foreign exchange inflows, including an FCNR(B) measure, after earlier reserve declines associated with rupee pressure and dollar sales for foreign exchange market intervention.
    August 7, 2026
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    Farm loan waiver eligibility depends on verified beneficiary status and Aadhaar authentication for direct credit of eligible crop-loan relief.
    The farm loan waiver scheme covers eligible short-term crop loans within the prescribed ceiling and eligibility period. Waiver amounts are credited to verified bank accounts after field verification and completion of Aadhaar authentication. Aadhaar authentication is the operative condition for automatic processing of benefits, while eligibility rules and technical conditions have raised concerns about exclusion of distressed farmers.
    August 7, 2026
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    Corporate agency distribution expands access to life insurance products, supporting insurance awareness, financial inclusion and long-term household financial protection.
    A corporate agency arrangement enables J&K Bank to distribute SBI Life Insurance protection, savings, retirement and child-oriented life insurance plans through its branch network. The partnership aims to improve insurance access, awareness, financial literacy and long-term financial planning for households, particularly in Jammu & Kashmir and Ladakh. It is intended to expand insurance penetration, strengthen household financial protection and support financial inclusion in line with the IRDAI vision of "Insurance for All by 2047".
    August 7, 2026
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    Cross-border smuggling controls target narcotics, poppy seeds and areca nuts entering through the Indo-Myanmar border region.
    Cross-border smuggling enforcement targeted methamphetamine, foreign-origin poppy seeds and areca nuts allegedly brought from Myanmar. Methamphetamine concealed in an ambulance was seized under the NDPS Act, 1985. Poppy seeds and areca nuts recovered in separate operations were seized under the Customs Act, 1962. Poppy-seed imports are restricted to designated countries and require registration to ensure traceability and prevent illicit produce entering legitimate supply chains. The enforcement action addresses circumvention of customs controls and regulated import requirements.
    August 7, 2026
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    Direct benefit transfer for welfare pensions replaces cooperative-bank doorstep delivery, while retaining limited home service for excluded beneficiaries.
    Direct Benefit Transfer for social security and welfare pensions is to be made through Aadhaar-linked bank accounts, replacing cooperative-bank doorstep delivery. Home delivery remains available for bedridden persons and others who cannot be excluded. The change is associated with delays in remitting undistributed amounts, record-update failures, reconciliation issues, duplicate payments, and incomplete Aadhaar-based payment implementation. Concerns have been raised that mandatory bank-account credit may disadvantage beneficiaries dependent on doorstep delivery.
    August 7, 2026
    Show AI Summary
    Direct Benefit Transfer for welfare pensions replaces doorstep cooperative-bank delivery, while home delivery remains for bedridden beneficiaries.
    Direct Benefit Transfer of social security and welfare pensions is to be made mandatory through Aadhaar-linked bank accounts, replacing cooperative-bank doorstep distribution. Home delivery continues for completely bedridden beneficiaries and others who cannot be excluded. The change addresses delays in remitting undistributed amounts, record-update and reconciliation deficiencies, duplicate payments linked to incomplete Aadhaar-based payments, delivery incentive costs, and the need to comply with Direct Benefit Transfer norms to avoid loss of central financial assistance.
    August 7, 2026
    Show AI Summary
    Customs trade data show moderating July growth while high-technology exports, vehicles and advanced manufacturing supplies remain strongly supported.
    Customs and trade data showed that China's July export and import growth moderated and its trade surplus narrowed from the preceding month. Typhoon-related port disruptions affected trade flows, but demand for electronics and green technology products supported elevated values. High-technology items, vehicles, electronics and machinery recorded strong January-July export growth, while trade performance varied among the United States, the European Union and Southeast Asia.
    August 7, 2026
    Show AI Summary
    BRICS industrial cooperation advances MSME, photovoltaic, startup and logistics frameworks alongside resilient trade and digital services collaboration.
    BRICS industrial cooperation under PartNIR was strengthened through a Joint Declaration and institutional measures addressing MSMEs, photovoltaics, startup-led innovation, and resilient transport and logistics. The measures include an SME cooperation framework, Terms of Reference and an Action Plan for photovoltaic industry cooperation, and a startup innovation action plan. Trade discussions focused on the multilateral trading system, MSME participation in international trade, resilient global value chains, and cross-border digitally delivered services within a rules-based trading framework.
    August 7, 2026
    Show AI Summary
    Certified organic export promotion: BIOFACH INDIA facilitates buyer-seller engagement, certification awareness, traceability discussions and international market access.
    BIOFACH INDIA 2026 promotes certified organic exports by providing a platform for Indian organic enterprises to showcase diverse certified products and engage with overseas buyers through structured Buyer-Seller Meets. Technical sessions address organic certification, traceability, sustainability, quality standards, international regulatory requirements and export-market expectations. The initiative supports quality assurance, international market access, export linkages and sustainable agricultural practices across the organic value chain.
    August 6, 2026
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    Device-based loan recovery restrictions protect essential mobile functions while permitting gradual locking only for lender-financed devices.
    Technology-based recovery mechanisms cannot restrict or disable a borrower's mobile device unless the bank financed acquisition of that device. Where permitted, banks must adopt a gradual approach and preserve essential functions, including incoming calls, SMS access, and emergency SOS features. Regulated entities and service providers must obtain manufacturer or operating-system certification for device-locking technology. Disclosure of borrower or guarantor information to recovery personnel must be limited to what is necessary for loan-recovery duties.
    August 6, 2026
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    Bilateral trade agreement negotiations should secure tariff certainty, protect key exports, strengthen supply chains, and support vulnerable small industries.
    An early Bilateral Trade Agreement is proposed to protect Indian interests, secure tariff exemptions for key exports, reduce barriers affecting industrial products, and create predictable trade conditions. Recommended measures include financial and export-credit support for small industries, real-time monitoring of customs requirements, documentation assistance, and timely policy support against tariff and non-tariff barriers. Export strategy should develop knowledge services and critical supply-chain integration, while a National Fund should assist suppliers with redesign, tooling, certification and entry into new global supply chains.
    August 6, 2026
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    Ethanol imports for fuel blending remain excluded from trade commitments, with domestic producers continuing to supply the blending programme.
    Ethanol imports for fuel blending remain outside concessions or commitments in India-US trade discussions. Under the Ethanol Blended with Petrol Programme, ethanol procurement is governed solely by domestic policy requirements and is sourced entirely from domestic producers. Claims of existing or intended large-scale ethanol imports from the United States for fuel blending, or of a policy change permitting them, are stated to be baseless.

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      Venezuela releases jailed Americans in deal that frees migrants deported to El Salvador by US

      July 19, 2025

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      Caracas (Venezuela), Jul 19 (AP) Venezuela on Friday released 10 jailed US citizens and permanent residents in exchange for getting home scores of migrants deported by the United States to El Salvador months ago under the Trump administration's immigration crackdown, officials said.

      The complex, three-country arrangement represents a diplomatic achievement for Venezuelan President Nicolás Maduro, helps President Donald Trump in his goal of bringing home Americans jailed abroad and lands Salvadoran President Nayib Bukele a swap that he proposed months ago.

      “Every wrongfully detained American in Venezuela is now free and back in our homeland,” Secretary of State Marco Rubio said in a statement in which he thanked Bukele, a Trump ally.

      Bukele said El Salvador had handed over all the Venezuelan nationals in its custody. Maduro described Friday as “a day of blessings and good news for Venezuela." He called it “the perfect day for Venezuela.” Venezuelans leave El Salvador's mega-prison Central to the deal are more than 250 Venezuelan migrants freed by El Salvador, which in March agreed to a USD 6 million payment from the Trump administration to house them in its notorious prison.

      That arrangement drew immediate blowback when Trump invoked an 18th-century wartime law, the Alien Enemies Act, to quickly remove the men that his administration had accused of belonging to the violent Tren de Aragua street gang, teeing up a legal fight that reached the US Supreme Court. The administration did not provide evidence to back up those claims.

      The Venezuelans had been held in a mega-prison known as the Terrorism Confinement Centre, or CECOT, which was built to hold alleged gang members in Bukele's war on the country's gangs. Human rights groups have documented hundreds of deaths as well as cases of torture inside its walls.

      Lawyers have little access to those in the prison, which is heavily guarded, and information has been locked tight, other than heavily produced state propaganda videos showing tattooed men packed behind bars.

      Photos and videos released by El Salvador's government on Friday showed shackled Venezuelans sitting in a fleet of buses and boarding planes surrounded by officers in riot gear. One man looked up and pointed toward the sky as he climbed aboard a plane, while another made an obscene gesture toward police.

      After arriving in Venezuela, some of the migrants crossed themselves, cried and hugged one another. They wore face masks and street clothes.

      Maduro alleged that some of them were subjected to various forms of abuse at the Salvadoran prison, and one of them even lost a kidney “due to the beatings he received.” Interior Minister Diosdado Cabello told reporters the men would undergo medical tests and background checks before they could go home.

      One of the men is reportedly Andry Hernández Romero, a makeup artist who fled Venezuela last year and was taken into Immigration and Customs Enforcement custody at a border crossing in San Diego before eventually being flown to El Salvador.

      Representative Robert Garcia, D-Calif., posted on social media Friday night: “We have been in touch with Andry Hernandez Romero's legal team and they have confirmed he is out of CECOT and back in Venezuela. We are grateful he is alive and are engaged with both the State Department and his team.” In April, Bukele proposed exchanging the Venezuelans for the same number of what he called “political prisoners” held by Maduro. The suggestion provoked a harsh response from Venezuelan authorities, who called his comments “cynical” and referred to Bukele as a “neofascist." Families say the Americans released are innocent.

      The State Department office responsible for negotiating the release of American detainees posted a photo Friday evening of the newly released prisoners smiling for the camera inside an aeroplane bringing them home, some clutching an unfurled American flag.

      A plane carrying the freed Americans arrived late Friday evening at Joint Base San Antonio, with some waving flags and rushing to embrace each other after they landed.

      Among those released was 37-year-old Lucas Hunter, whose family says he was kidnapped in January by Venezuelan border guards from inside Colombia, where he was vacationing.

      “We cannot wait to see him in person and help him recover from the ordeal,” his younger sister Sophie Hunter said.

      Venezuelan authorities detained nearly a dozen US citizens in the second half of 2024 and linked them to alleged plots to destabilise the country.

      “We have prayed for this day for almost a year. My brother is an innocent man who was used as a political pawn by the Maduro regime," said a statement from Christian Castenada, whose brother Wilbert, a Navy SEAL, was arrested in his Caracas hotel room last year.

      Global Reach, a nonprofit organisation that had advocated for his release and that of several other Americans, said Venezuelan officials initially and falsely accused him of being involved in a coup but backed off that claim.

      The three-country swap gives Maduro a boost.

      The release of the Venezuelans, meanwhile, is an invaluable win for Maduro as he presses his efforts to assert himself as president despite credible evidence that he lost reelection last year.

      Long accused of human rights abuses, Maduro for months has used the migrants' detention in El Salvador to flip the script on the US government, forcing even some of his strongest political opponents to agree with his condemnation of the migrants' treatment.

      Their return will allow Maduro to reaffirm support within his shrinking base, while demonstrating that even if the Trump administration and other nations see him as an illegitimate president, he is still firmly in power.

      Just a week ago, the US State Department reiterated its policy of shunning Maduro government officials and recognising only the National Assembly elected in 2015 as the legitimate government of the country. Signed by Rubio, the cable said US officials are free to meet and have discussions with National Assembly members, “but cannot engage with Maduro regime representatives unless cleared by the Department of State.” Maduro's crackdown on dissent spurs detentions.

      The Americans were among dozens of people, including activists, opposition members and union leaders, that Venezuela's government took into custody in its brutal campaign to crack down on dissent in the 11 months since Maduro claimed to win reelection.

      Besides the US, several other Western nations also do not recognise Maduro's claim to victory. They instead point to tally sheets collected by the opposition coalition showing that its candidate, Edmundo González, won the July 2024 election by more than a two-to-one margin.

      The dispute over results prompted immediate protests, and the government responded by detaining more than 2,000 people, mostly poor young men. González fled into exile in Spain to avoid arrest.

      More than 7.7 million Venezuelans have migrated since 2013, when its oil-dependent economy came undone and Maduro became president. Most settled in Latin America and the Caribbean, but after the COVID-19 pandemic, many saw the US as their best chance to improve their living conditions.

      The US and Venezuela have agreed on other releases Despite the US not recognising Maduro, the two governments have carried out other recent exchanges.

      In May, Venezuela freed a US Air Force veteran after about six months in detention. Joseph St Clair's family has said the language specialist, who served four tours in Afghanistan, had travelled to South America to seek treatment for post-traumatic stress disorder.

      Three months earlier, six other Americans whom the US government considered wrongfully detained in Venezuela were released after Richard Grenell, Trump's envoy for special missions, met with Maduro at the presidential palace.

      Grenell, during the meeting in Caracas, urged Maduro to take back deported migrants who have committed crimes in the US. Hundreds of Venezuelans have since been deported to their home country.

      Maduro's government had accused the Trump administration of “kidnapping” the children by placing them in foster care after their parents were deported. (AP) SKS RD RD

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