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    J&K crime branch chargesheets accused in separate bank, insurance fraud cases
    MCD-facilitated PM Vishwakarma Scheme enrols over 41,000 artisans in Delhi
    Gross GST mop-up grows 15.4 pc to over Rs 2.11 lakh cr in July on higher imports, sales
    Gross and Net GST revenue collections for the month of July, 2026
    India and Rwanda Hold First Joint Trade Committee Meeting to Deepen Bilateral Trade and Investment Cooperation
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    RBI says USD 40.82 bn mobilised under forex swap facility till Jul 31
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    ITC Q1 profit declines 15.6 pc to Rs 4,508.79 cr; non-cigarette FMCG posts robust growth
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August 1, 2026
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Economic-offences fraud chargesheets address alleged fictitious loans, forged insurance surrender papers, and diversion of bank and policy funds.
Economic-offences chargesheets were filed in separate alleged bank and insurance fraud matters. The bank investigation alleged fictitious loan sanctions and overdrafts beyond delegated authority, involving cheating, forgery, use of forged documents and criminal conspiracy. The insurance investigation alleged that duplicate policy records and forged surrender documents were used to open a fraudulent account in a policyholder's name and divert policy proceeds. Records, witness statements, documentary evidence and forensic examination were cited in support of the allegations.
August 1, 2026
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PM Vishwakarma Scheme implementation expands artisan enrolment, skills, credit, e-commerce access and export facilitation while addressing documentation barriers.
PM Vishwakarma Scheme implementation in Delhi facilitated artisan enrolment, application processing, skill training, toolkit distribution, loan access, e-commerce onboarding and export-related support. Awareness workshops and tele-calling campaigns were used to promote participation and follow up on benefits. Key implementation challenges concerned outreach to informal clusters, digital literacy, delays in Aadhaar and IEC documentation, and additional support for Divyang artisans. Planned action includes expanding workshops, scaling e-commerce onboarding, strengthening export facilitation and coordination with implementing agencies.
August 1, 2026
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Goods and Services Tax collections rise on domestic consumption and imports, while elevated import revenue prompts assessment of underlying drivers.
Goods and Services Tax collections for July increased over the corresponding prior-year period, supported by domestic sales and imports. Gross receipts included Central GST, State GST and Integrated GST, with net GST revenue calculated after adjusting refunds. For the April-July period, gross and net collections also increased. Commentary linked domestic GST growth to consumption, formalisation and industrial activity, while identifying elevated import GST collections as an area requiring assessment of import composition, currency effects and volumes.
August 1, 2026
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GST revenue collections show provisional gross, refund and net revenue trends, with State-wise settlement and domestic collection data.
GST revenue collections for July 2026 are reported provisionally through gross domestic and import revenue, domestic and export-related refunds, and net GST revenue after refunds. The data also sets out SGST collections and the SGST share of IGST settled to States and Union Territories, both monthly and cumulatively. State-wise domestic GST growth excludes GST on imported goods, while jurisdiction-wise data allocates collections between central and State formations and identifies CGST, SGST and IGST components.
August 1, 2026
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Bilateral trade cooperation expands through a Joint Trade Committee covering investment, critical minerals, healthcare, digital technologies and market access.
Bilateral trade and investment cooperation between India and Rwanda is to be advanced through a structured Joint Trade Committee mechanism for reviewing commerce, diversifying trade, promoting investment, facilitating business engagement and addressing market-access and logistical issues. Priority cooperation includes critical minerals, pharmaceuticals and healthcare, agriculture and agro-processing, standards harmonisation, digital public infrastructure, fintech, cybersecurity, green mobility and renewable energy. Investment focal points will support engagement, while capacity-building assistance and close monitoring of the Agreed Minutes are intended to support time-bound implementation.
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
Show AI Summary
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
Show AI Summary
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
Show AI Summary
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
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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
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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
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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.

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Customs & Trade

Rahul says everybody except PM, FM knows Indian economy is 'dead'; BJP hits back

July 31, 2025

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New Delhi, Jul 31 (PTI) Congress leader Rahul Gandhi on Thursday echoed US President Donald Trump's criticism of the Indian economy and said everybody except Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman knows that the country's economy is "dead", evoking a sharp rebuke from the BJP.

The Leader of Opposition in Lok Sabha also alleged that the BJP-led government has destroyed the country's economic, defence and foreign policies, and is "running the country to the ground".

Speaking with reporters in the Parliament House complex, Gandhi claimed that a trade deal with the US will happen and Trump will define it, while Prime Minister Modi will do what the American president tells him to do.

The BJP flayed Gandhi for "echoing" Trump's "dead economy" jibe at India, calling it a "shameful" insult to the aspirations, achievements and well-being of the people of the country.

The ruling party also asked the Congress leader why he "repeats" foreign propaganda that undermines the country.

"Whenever anyone makes an anti-India statement in the world, he grabs it," former Union minister Anurag Thakur told PTI Videos when asked for his reaction on Gandhi’s remarks.

Making anti-India statements has become Gandhi's "mentality", the BJP MP charged.

Reacting sharply to the Congress leader's remarks, BJP IT cell head Amit Malviya said, "Rahul Gandhi has hit a new low by echoing the 'dead economy' jibe -- a shameful insult to the aspirations, achievements, and well-being of the Indian people." "But let's be honest -- the only thing truly 'dead' here is Rahul Gandhi's own political credibility and legacy," he added in a post on X.

Citing data showing India’s growth in various sectors, Malviya said, "This is not a dead economy. This is a surging, resilient India." He also alleged that Gandhi's "constant attempts" to belittle India's economic rise are not mere "political jabs", but "direct insult" to the 140 crore Indians working hard to build a better future.

"Who is Rahul Gandhi really speaking for? Why does he repeat foreign propaganda that undermines India," the BJP leader asked .

Gandhi's remarks came after Trump mounted a sharp attack on India and Russia over their close ties and said the two countries can take their "dead economies down together".

The US president's fresh criticism of New Delhi and Moscow came hours after he announced a 25-per cent tariff on India, plus a "penalty" for its trade with Russia.

"I don't care what India does with Russia. They can take their dead economies down together, for all I care," Trump said, adding, "We have done very little business with India, their tariffs are too high, among the highest in the world." Asked about the US president calling the Indian economy "dead", Gandhi said, "He is right... Everybody knows this except the prime minister and the finance minister. Everybody knows that the Indian economy is a dead economy. I am glad that President Trump has stated a fact." "It is a dead economy, are you people not aware of it," he asked reporters.

The Congress leader also alleged that the BJP has destroyed the Indian economy to help billionaire Gautam Adani.

"The external affairs minister gives a speech in which he says we have a genius foreign policy. On one hand, the US is abusing you and on the other hand China is after you. And thirdly, when you send delegations across the globe, no country condemns Pakistan. How are they running the country? They don't know how to run the country," Gandhi said, asserting that there is "total confusion" prevailing.

Taking a swipe at Modi, Congress chief Mallikarjun Kharge said the prime minister had observed a "maun vrat" in Parliament on Trump's India-Pakistan ceasefire claims, and asked whether Modi will remain silent on the baseless allegations made by the American leader on India.

Taking note of the US president’s tariff announcement, Kharge said, “This will harm the country's trade; MSMEs and farmers will also be adversely affected. Many industries will suffer heavy losses. Your ministers have been talking about negotiating a trade deal with America for months. Some of them camped in Washington for several days." "This is how your friend -- 'Namaste Trump' and 'Abki Baar Trump Sarkar' -- rewarded our country for your friendship?" Kharge asked Modi in a post on X.

"Narendra Modi ji, nation comes first and we are always with the nation," the Congress chief added.

Gandhi also said the main issue before India today is that the government has "destroyed" the country's economic, defence and foreign policies.

"They are running this country to the ground... The prime minister works only for one person -- Adani. All small businesses have been wiped out," he alleged.

Referring to the India-US trade deal that is under negotiation, Gandhi said the deal will take place and Trump will define how it will happen.

"Modi will do what Trump tells him to do," he claimed.

Later, Gandhi said in a post on X, "THE INDIAN ECONOMY IS DEAD. Modi killed it. 1. Adani-Modi partnership. 2. Demonetisation and a flawed GST. 3. Failed 'Assemble in India'. 4. MSMEs wiped out. 5. Farmers crushed." He also alleged that Modi has destroyed the future of India’s youth because there are no jobs. PTI PK ASK ARI

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