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    Govt hikes windfall gains tax on petrol, diesel, ATF exports
    No guidelines to regulate online astrology platforms: Consumer affairs department to CIC
    Yellow.ai, a Global Leader in Enterprise Agentic AI, to Go Public via $550 Million Merger with Bluerock Acquisition Corp.
    Shri Piyush Goyal Invites Indian and Uzbek Businesses to Co-invest and Co-manufacture; Calls for Doubling Bilateral Trade at India-Uzbekistan Business...
    Every ₹1 invested under Kisan Credit Card– Modified Interest Subvention Scheme (KCC-MISS) contributes ₹2.30 to net value addition in the...
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    Customs seizes 8 kg gold worth over Rs 11 cr at Kerala airports in one week
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August 3, 2026
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Windfall gains tax on petroleum exports increases to discourage exports and preserve domestic fuel availability during regional supply disruptions.
Special additional excise duty on exports of petrol, diesel and aviation turbine fuel has been increased for the relevant fortnightly period, while existing duty rates for petrol and diesel cleared for domestic consumption remain unchanged. The windfall gains tax is intended to preserve domestic availability of petroleum products during the West Asia crisis and prevent exporters from benefiting unduly from price differences linked to elevated global crude oil prices.
August 3, 2026
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Online Astrology Platform Regulation: consumer department reported no guidelines, while information requests required revised factual disclosures.
Online astrology platforms were reported as lacking specific regulatory guidelines within the consumer affairs department. The RTI application sought information on alleged unfair trade practices, investigations, complaints, licences, approvals, and applicable rules. The National Consumer Helpline stated that it had not investigated because it functions as a grievance-resolution platform. A revised factual response was required on investigations and complaint data, while queries concerning regulation, licences, approvals, and related investigations were to be transferred to the public authorities likely to hold that information.
August 3, 2026
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Business combination disclosure outlines shareholder approval, registration requirements, financing conditions, and forward-looking risks for the proposed public listing.
The proposed business combination would take Yellow.ai public through a definitive agreement with Bluerock Acquisition Corp., subject to customary closing conditions and shareholder approval. Bluerock intends to file a Form S-4 registration statement containing a proxy statement/prospectus for proxy solicitation and securities issuance in connection with the transaction. The communication is not an offer or solicitation and states that no securities offering may occur without compliance with applicable registration, qualification or exemption requirements. Transaction projections and anticipated benefits are forward-looking statements subject to material risks and uncertainties.
August 3, 2026
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Bilateral investment and trade facilitation drive proposed co-investment, digital cooperation and advanced manufacturing partnerships between Indian and Uzbek businesses.
India-Uzbekistan cooperation is proposed through co-investment, co-manufacturing and co-innovation, supported by the Bilateral Investment Treaty to promote investor confidence and reciprocal investment. Priority sectors include mining, textiles, healthcare, agriculture, food processing, digital technologies and advanced manufacturing. Trade facilitation measures include reducing trade barriers, mutual recognition of standards, approvals, testing and certification, customs digitalisation and improved trade routes. Regulators and standard-setting bodies are expected to cooperate under a structured, time-bound economic partnership.
August 3, 2026
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Concessional agricultural credit supports working capital, crop diversification, allied activities, and digital expansion under the Kisan Credit Card scheme.
The Kisan Credit Card-Modified Interest Subvention Scheme provides concessional institutional credit to reduce farmers' interest burdens and improve timely working-capital access. The scheme is reported to support cropping intensity, multi-season cultivation, diversified crop portfolios, timely input use, and credit discipline through the Prompt Repayment Incentive. It also supports dairy, livestock, and fisheries-based income diversification. Credit-delivery measures include collateral-free lending, digital platforms, simplified applications, coverage expansion, and awareness campaigns. State-wise data tracks operative accounts, outstanding credit, and non-performing Kisan Credit Card accounts.
August 3, 2026
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Banking inclusion expands rural access while digital credit systems and payment security controls address service delivery and cyber fraud.
Banking inclusion is pursued by providing banking outlets within a five-kilometre radius of inhabited villages, with branch expansion permitted subject to rural-coverage requirements and continuing assessment of uncovered areas. Agricultural credit delivery uses digital loan, beneficiary-verification, processing and claim-settlement systems. Digital payment security measures require minimum controls for payment channels and include fraud-intelligence sharing, artificial-intelligence-based identification of money-mule activity, digital lending-app analysis, cyber-incident reporting, public awareness campaigns and electronic-banking training.
August 3, 2026
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Foreign exchange market movement strengthened the rupee as lower crude prices, investment inflows and improved risk sentiment provided support.
Foreign exchange market movement saw the rupee strengthen for a sixth consecutive trading session against the US dollar, supported by declining global crude oil prices, a softer dollar, foreign institutional investment inflows and gains in domestic equity markets. Improved global risk sentiment followed the decision to defer planned US military strikes against Iran and allow diplomatic engagement. Renewed geopolitical tensions were identified as a factor that could limit further appreciation.
August 3, 2026
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Quarterly financial performance reflects revenue growth, improved standalone profitability, and continued investment in AI-led digital technology platforms.
Quarterly financial performance reported revenue growth in standalone and consolidated operations, higher standalone profit before tax, and a return to consolidated profitability. The company continues to invest in an AI-led, intellectual-property-driven digital technology strategy through enterprise software, SaaS platforms, digital commerce, cloud, data and AI solutions. Its priorities include scalable platforms, proprietary technology assets, recurring-revenue offerings, partnerships and selective acquisitions. Complete financial results, notes to accounts and regulatory disclosures are available through exchange filings and the company website.
August 3, 2026
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MSME delayed-payment reforms strengthen award recovery, faster dispute adjudication, invoice discounting, and interim supplier payment protection.
MSME delayed-payment reforms seek faster adjudication, strengthened recovery and improved liquidity for enterprise suppliers. Courts may direct payment of at least half of an awarded amount where a setting-aside application remains pending beyond six months. Mediated settlements and arbitral awards may be recovered as arrears of land revenue and recognised as legally enforceable debts under the insolvency framework. The measures also provide graded penalties, voluntary digital registration, invoice settlement through the Trade Receivables Discounting System, and additional Facilitation Councils.
August 3, 2026
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Monetary policy rate setting remains cautious as inflation, liquidity, growth and global uncertainty shape the policy stance.
Monetary policy rate setting is expected to remain cautious amid global uncertainty, rising inflation risks and steady domestic growth. The inflation outlook is affected by energy-price pass-through, higher input costs, and seasonal and monsoon-related food-price pressures. Policy decisions are expected to remain data-dependent, guided primarily by domestic inflation, liquidity conditions and economic growth. A cautious or neutral stance is identified as preferable while external risks and inflation developments persist.
August 3, 2026
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Forward-looking financial disclosure raises revenue and earnings guidance while describing non-GAAP measures, capital allocation, and material business risks.
Financial performance reporting identifies increased bookings, revenue growth, continuing earnings, and backlog, with segment-level operating and margin measures. The release addresses cash flow, capital allocation through dividends, acquisitions and share repurchases, and increased full-year revenue and earnings guidance. Forward-looking statements concerning financial performance, operations, demand, liquidity and capital deployment are subject to identified risks and uncertainties. Non-GAAP measures are presented as supplemental to GAAP measures, with definitions and reconciliations stated to be available in accompanying materials.
August 3, 2026
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Counterfeit drug enforcement targets illicit manufacture, storage and trafficking networks, with coordinated seizures and referral of non-narcotic stock.
Counterfeit-drug enforcement under Operation Vajra addressed an inter-state network involved in the illicit manufacture, storage and distribution of narcotic drugs, psychotropic substances and spurious pharmaceutical products. Searches of unregistered godowns recovered narcotic products, unauthorisedly manufactured Buprenorphine injection ampoules, and counterfeit non-NDPS medicines. A farmhouse-based illicit manufacturing facility was dismantled, with machinery, chemicals and related materials seized under the NDPS Act, 1985.
August 3, 2026
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Anti-smuggling enforcement targets concealed gold, narcotics, protected products, prohibited e-cigarettes and restricted imports through coordinated intelligence operations.
Intelligence-led anti-smuggling operations resulted in seizures of foreign-origin gold, narcotic drugs, hydroponic weed, protected wildlife and forest products, prohibited electronic cigarettes, and restricted poppy seeds and areca nuts. The operations identified concealment through fabricated baggage cavities, false cargo declarations, misdeclaration of origin, forged documentation, and concealment in transport vehicles. Poppy seeds are restricted under the Foreign Trade Policy and may be imported only subject to conditions concerning legally cultivated produce from designated countries and registration of import contracts with the Narcotics Commissioner.
August 3, 2026
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Tax devolution advance instalment strengthens State finances for accelerated capital and developmental expenditure through distribution of Union tax proceeds.
Tax devolution was released to State Governments as an additional advance instalment alongside the normal monthly devolution schedule. The fiscal transfer shares net proceeds of Union taxes and duties with States, with the stated purpose of strengthening State finances and supporting accelerated capital and developmental expenditure. The release includes a State-wise distribution of tax-devolution proceeds.
August 3, 2026
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Financial performance reporting highlights revenue and EBITDA growth, garmenting recovery, retail optimisation, ESG commitments, and forward-looking risk disclosures.
Financial performance reflects growth in total income and EBITDA, with improved margin, reduced net working-capital days, and a net-cash position. Branded textiles and high-value cotton shirting reported lower revenue due to the prior-year base effect, while branded apparel grew but faced lower margin from channel mix. Garmenting improved through order-book execution, tariff rationalisation, and new global clients. ESG priorities include female representation, waste-management initiatives, renewable energy, emissions reduction, and workplace safety. Forward-looking statements remain subject to regulatory, political, economic, and technological risks.
August 3, 2026
Show AI Summary
Foreign exchange market support strengthens the rupee as lower crude prices, portfolio inflows and reserve growth improve sentiment.
Foreign exchange market conditions supported an early appreciation of the rupee against the US dollar, attributed to lower global crude oil prices, a weaker dollar, sustained foreign portfolio inflows, higher foreign exchange reserves, and Reserve Bank of India presence in the foreign exchange market. Domestic equity market gains and net foreign institutional equity purchases were also identified as supporting factors.
August 2, 2026
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Gold smuggling detection targets sophisticated concealment methods through strengthened passenger profiling, intelligence gathering and coordinated investigations into organised networks.
Gold smuggling detection at Kerala airports led to multiple seizures, registration of cases and arrests in alleged smuggling attempts. Organised networks reportedly use gold in paste or compound forms concealed in clothing, body cavities, aircraft seats and other unconventional locations. Enforcement measures include strengthened passenger profiling, intelligence gathering and inter-agency coordination, while investigations continue to identify associated syndicates and financiers.
August 2, 2026
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Offshore exploration funding supports deepwater drilling, shared infrastructure and seismic data to strengthen domestic hydrocarbon production potential.
The Samudra Manthan National Offshore Exploration Scheme provides direct budgetary support for high-risk deepwater and ultra-deepwater exploratory drilling, subject to cost-sharing and per-well limits. Support is available to eligible operators holding or securing exploration acreage. The scheme also funds offshore data acquisition and shared subsea, receipt and processing infrastructure through a Common Hub Infrastructure model. It is intended to promote risk exploration, improve commercialisation of offshore discoveries and strengthen domestic hydrocarbon production potential within the existing exploration and licensing framework.
August 1, 2026
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GST compliance enforcement combines taxpayer refunds, analytics-based fraud detection, cancellation of fake registrations, and recovery of outstanding VAT arrears.
Punjab attributed increased GST collections to voluntary compliance, intelligence-based enforcement and technology-driven tax administration, while facilitating compliant taxpayers through timely GST refunds. Data analytics, risk profiling and field verification were used to identify tax evasion, bogus billing, fake input tax credit networks and misuse of the GST registration framework. Measures included penalties, cancellation of fraudulent registrations and recovery of long-pending VAT arrears through attachment and auction of defaulters' properties.
August 1, 2026
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Cross-border barter trade resumes through Shipki La, subject to permitted goods, time limits, and import-export compliance requirements.
Cross-border barter trade through Shipki La between India and Tibet resumed after a six-year interruption. Traders may exchange specified goods under a barter arrangement and must return within 72 hours. Traders are required to comply strictly with import-export regulations prescribed by the Union Ministry of Commerce, emphasising transparency and regulatory compliance. Expansion of permitted goods may be pursued through prescribed governmental and external-affairs channels.

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Customs & Trade

Britain's prime minister presses Trump on 'desperate' situation in Gaza during meeting in Scotland

July 28, 2025

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Edinburgh, Jul 28 (AP) US President Donald Trump met on Monday at one of his Scottish golf courses with British Prime Minister Keir Starmer, who pressed him on the US taking a larger role in helping quell a growing food crisis in Gaza amid Israel's ongoing war with Hamas in the territory.

Starmer and his wife, Victoria, arrived at Trump's Turnberry course on the southern coast, and the Republican president spent several minutes chatting with them and proudly pointing out key aspects of the property. But the prime minister didn't wait until they were inside to insist that Gaza would be a key topic in their meeting, calling what's occurring there “a desperate situation.” Trump was asked if he agreed with Israeli Prime Minister Benjamin Netanyahu's remarks about concerns of mass starvation in Gaza being overstated and replied, “I don't know. I mean, based on television, I would say not particularly because those children look very hungry.” Starmer was far more forceful: “I think people in Britain are revolted at seeing what they are seeing on their screens.” Trump said Israel “has a lot of responsibility” for what's happening but said the country is hampered by considerations of the remaining hostages it wants to see kept alive and freed.

“I think Israel can do a lot,” Trump said, without offering more information.

Trump has multiple Scottish golf courses The prime minister is meeting with Trump at Turnberry but also plans to travel north, to outside Aberdeen, where the president's family has a second golf course and is holding a ribbon-cutting for a third one on Tuesday.

The events allow Trump to try and make good on a post from his first term in 2019, when he wrote of his Turnberry property, “Very proud of perhaps the greatest golf course anywhere in the world. Also, furthers UK relationship!” Starmer is famously not a golfer, but toggling between Trump's Scottish courses shows the outsized influence the president puts on properties bearing his name — and on golf's ability to shape geopolitics.

Still, Monday's talks also covered far more serious issues.

The prime minister wants Washington's help in convincing Israel to allow more aid into Gaza and attempting to end what Downing Street called “the unspeakable suffering and starvation” while pushing for a ceasefire.

Britain, along with France and Germany, has criticized Israel for “withholding essential humanitarian assistance” as hunger spreads in Gaza. Over the weekend, Starmer said Britain will take part in efforts led by Jordan to airdrop aid after Israel temporarily eased restrictions.

But British Business Secretary Jonathan Reynolds acknowledged Monday that only the US has “the leverage” to make a real difference in the conflict. Trump spoke before the meeting with Starmer about wanting to help starving children, but he has also repeatedly complained about the US not getting enough credit for organizing past food aid into Gaza.

“Nobody said even thank you,” he said. “Somebody should say thank you.” Palestinian state questions and Ukraine also being discussed Starmer is under pressure from his Labour Party lawmakers to follow France in recognizing a Palestinian state, a move both Israel and the U.S. have condemned. The British leader says the U.K. supports statehood for the Palestinians but it must be “part of a wider plan” for a two-state solution to the Israel-Palestinian conflict.

Trump, however, said Monday of Starmer doing so, "I don't mind him taking a position.” Also on Monday's agenda are efforts to promote a possible peace deal to end fighting in Russia's war with Ukraine, particularly trying to force Russian President Vladimir Putin to the negotiating table within a 50-day window Trump set earlier this month.

Trump said before the meeting with Starmer that he'd work to reduce the “50 days to a lesser number" and urged Russia to agree to a deal.

Trump in the past sharply criticized Ukrainian President Volodymyr Zelenskyy for also failing to express enough public gratitude toward U.S. support for his country, taking a similar tack he's now adopting when it comes to aid for Gaza. The president, though, has shifted away from that tone and more sharply criticized Putin and Russia in recent weeks.

Trump's new golf course near Aberdeen opens to the public on Aug. 13 and tee times are already for sale — with the course betting that a presidential visit can help boost sales. Protesters have planned a demonstration in Balmedie, near Trump's existing Aberdeen golf course. That follows protests across Scotland on Saturday decrying the president's visit as he was out golfing.

Refining past trade agreements While China initially responded to Trump's tariff threats by retaliating with high import taxes of its own on US goods, it has since begun negotiating to ease trade tensions. Starmer and his country have taken a far softer approach.

He's gone out of his way to work with Trump, flattering the president repeatedly during a February visit to the White House, and teaming up to announce a joint trade framework on tariffs for some key products in May.

Starmer and Trump then signed a trade agreement during the G7 summit in Canada that freed the UK's aerospace sector from US tariffs and used quotas to reduce them on auto-related industries from 25 per cent to 10 per cent while increasing the amount of US beef it pledged to import.

“The UK is very well-protected. You know why? Because I like them — that's their ultimate protection,” Trump said of US tariff policy during the G7.

Discussions with Starmer follow a Trump meeting Sunday with European Commission chief Ursula von der Leyen at his Turnberry course. They announced a trade framework that will put 15 per cent tariffs on most goods from both countries, though many major details remain pending.

The president has for months railed against yawning US trade deficits around the globe and sees tariffs as a way to try and close them in a hurry. But the US ran an USD 11.4 billion trade surplus with Britain last year, meaning it exported more to the UK than it imported. Census Bureau figures this year indicate that the surplus could grow.

There are still lingering US-Britain trade issues that need fine-tuning. The deal framework from May said British steel would enter the US duty-free, but it continues to face a 25 per cent levy.

UK Business Secretary Jonathan Reynolds said Monday that “negotiations have been going on on a daily basis” and “there's a few issues to push a little bit further today,” though he downplayed expectations of a resolution.

The leader of Scotland, meanwhile, has urged Trump to lift the current 10% tariff on Scotch whisky. First Minister John Swinney said the spirit's “uniqueness” justified an exemption. (AP) RD RD

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