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    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
    RBI holds interest rates for fourth straight meeting, awaits clearer inflation outlook
    Highlights of RBI's August monetary policy
    RBI targeting polymer currency notes launch in early FY28: Guv Malhotra
    Two women held at Delhi airport with 1 kg gold concealed as silver-coated armlet
    Sensex trades higher, Nifty flat post RBI policy
    India's services sector growth hits four-and-a-half-year low in July on weak demand: PMI
    SC grants interim bail to businessman Anwar Dhebar in manpower commission 'scam' case
    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
    RBI marginally raises FY27 GDP growth projection to 6.7 pc, lowers inflation forecast
    Collaboration, Inclusion and Entrepreneurship: How SIDBI MSME Samvaad Is Shaping the Future of India’s MSME Ecosystem
    RBI keeps policy rate unchanged for third time in row in FY27 amid West Asia crisis
    RBI keeps policy rate unchanged for third time in row amid West Asia crisis
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    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
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    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.
    August 5, 2026
    Show AI Summary
    Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
    Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
    Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
    August 5, 2026
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    Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
    Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.
    August 5, 2026
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    Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
    Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
    August 5, 2026
    Show AI Summary
    Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
    The Reserve Bank retained the repo rate with a neutral stance amid uncertainty over energy prices and supply disruptions. Stock exchanges introduced the Closing Auction Session in the equity cash segment for eligible shares with futures and options contracts. This auction-based mechanism determines closing prices of eligible stocks and aims to make price discovery more transparent and robust.
    August 5, 2026
    Show AI Summary
    Services-sector growth slowed as weaker demand, competition and postponed orders moderated business activity, while employment improved modestly.
    Services-sector growth slowed as domestic and export orders moderated amid weaker demand, competitive pressures, softer market conditions and postponed orders. Output continued to expand, but at its weakest pace in more than four years. Employment growth improved modestly, while input costs rose and firms increased selling prices. Business confidence remained positive but declined, and the composite output indicator weakened due principally to the sharp slowdown in services activity.
    August 5, 2026
    Show AI Summary
    Interim bail conditions require residence outside the state and trial attendance in alleged manpower commission corruption proceedings.
    Interim bail was granted to Anwar Dhebar in a matter involving alleged corruption and an illegal commission mechanism linked to a state marketing corporation. Conditions require him to remain outside Chhattisgarh, attend the trial court, and provide his residential address. The allegations concern manpower supply agencies allegedly being compelled to pay commissions for clearance of legitimate bills, with proceeds routed through intermediaries. The case was registered under the Indian Penal Code and the Prevention of Corruption Act.
    August 5, 2026
    Show AI Summary
    Tax certainty measures revise fund-management safe harbours, electronic-payment charges, sectoral exemptions, business-trust treatment, and excess expenditure appropriation.
    The Taxation and Other Laws (Amendment) Bill, 2026 proposes to replace the Income-tax (Amendment) Ordinance, 2026 and amend payment-system and tax laws. It would prohibit charges on notified electronic payments, revise safe-harbour conditions for eligible investment funds and fund managers, and expand tax exemptions for Government securities, qualifying rough-diamond sales and bonded-warehouse component storage. It also modifies exemptions concerning electronic-goods contract manufacturing, data centres and business-trust dividends, while imposing a differentiated surcharge on qualifying special purpose vehicles. A separately included appropriation bill authorises excess expenditure from the Consolidated Fund of India.
    August 5, 2026
    Show AI Summary
    Growth and inflation projections reflect resilient domestic activity while energy volatility, supply disruptions, and food prices sustain inflation risks.
    Monetary policy projections for fiscal 2026-27 revise real GDP growth upward to 6.7 per cent and Consumer Price Index inflation downward to 5 per cent. Domestic activity is described as resilient amid global uncertainty, but inflationary risks persist from rainfall disruption, energy-price volatility, supply-chain uncertainty, and second-round effects of higher food, fuel and input costs. Core inflation is projected at 4.3 per cent for the fiscal year.
    August 5, 2026
    Show AI Summary
    Industry collaboration strengthens MSME competitiveness through shared resources, market linkages, capability building and inclusive support for women entrepreneurs.
    MSME development is linked to collaboration, knowledge-sharing, institutional support and capability building. Industry associations can provide networking, policy advocacy, business intelligence, skills programmes, shared infrastructure and market linkages, while collective procurement, shared logistics, digital commerce and export readiness may improve competitiveness. Women-led enterprises benefit from market-oriented capability development, mentorship, continuous learning, professional networks, capacity-building programmes and institutional support. The Development of Industry Associations initiative is intended to connect associations and facilitate the sharing of best practices.
    August 5, 2026
    Show AI Summary
    Monetary policy rate maintenance continues under a neutral stance amid energy disruption, inflation concerns and sustained currency depreciation.
    Monetary policy rate maintenance was continued with the repo rate retained at 5.25 per cent under a neutral stance amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The growth forecast was marginally increased and the inflation projection reduced. Sustained rupee depreciation against the dollar was attributed to costly oil, capital outflows, widening trade deficits and a strong US dollar.
    August 5, 2026
    Show AI Summary
    Monetary policy rate pause maintains a neutral stance amid energy disruption, inflation concerns and sustained rupee depreciation pressures.
    Monetary policy rates were retained without change for a third consecutive review, with a neutral stance maintained amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The policy assessment noted retail inflation above the medium-term target, alongside an upward revision to growth expectations and a downward revision to the inflation projection. Continued rupee depreciation was linked to higher oil prices, capital outflows, widening trade deficits and a stronger US dollar.
    August 5, 2026
    Show AI Summary
    Monetary policy expectations shape equity sentiment as softer crude prices and foreign investment support domestic financial assets.
    Equity market sentiment improved in early trading as lower crude oil prices and foreign fund inflows supported benchmark indices, while investors awaited the monetary policy decision. Softer crude prices, rupee recovery, improving global risk sentiment, resilient economic growth, corporate earnings and sustained foreign portfolio investment supported domestic financial assets, despite continuing global and geopolitical uncertainties.
    August 5, 2026
    Show AI Summary
    Foreign exchange market movement strengthens as lower crude prices and monetary policy signals influence the rupee's direction.
    Foreign exchange market movement saw the rupee appreciate against the US dollar in early trading, supported by lower crude oil prices, a softer dollar index, domestic equity gains and net foreign institutional investment. Market attention centred on the Reserve Bank of India's monetary policy decision, with expectations of an unchanged benchmark repo rate. Policy communication on inflation and developments in Hormuz-related talks were identified as factors that could influence the rupee's direction.

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      Nations gather in Geneva to again confront world's spiralling plastic pollution crisis

      August 5, 2025

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      Geneva, Aug 5 (AP) Nations kicked off a meeting on Tuesday to try to complete a landmark treaty aimed at ending the plastic pollution crisis that affects every ecosystem and person on the planet.

      It's the sixth time negotiators are meeting, and they hope it's the last. A key split is whether the treaty should require cutting plastic production, with powerful oil-producing nations opposed; most plastic is made from fossil fuels. They say redesign, recycling and reuse can solve the problem, while other countries and some major companies say that's not enough.

      Luis Vayas Valdivieso, the chair of the negotiating committee that aims to develop a legally binding instrument on plastic pollution, said: “We are pretty sure nobody wants plastic pollution. Still, we have not been able to find a systematic and effective way to stop it.” An opportunity to end plastic pollution' Valdivieso believes the 10-day gathering in Geneva can be groundbreaking.

      “For the first time in history, the world is within our reach of a legally binding international instrument to end plastic pollution,” said Valdivieso, who is also Ecuador's ambassador to Britain. “We are facing a global crisis. Plastic pollution is damaging ecosystems, polluting our oceans and rivers, threatening biodiversity, harming human health and unfairly impacting the most vulnerable. The urgency is real.” Only a treaty can mobilise the necessary global action, said Angelique Pouponneau, lead ocean negotiator for 39 small island and low-lying coastal developing states. At home in the Seychelles, Pouponneau said, plastic contaminates the fish they eat, piles up on beaches and chokes the ocean to undermine tourism and their way of life.

      “It's the world's final opportunity to get this done and to get it done right,” she said. “It would be a tragedy if we didn't live up to our mandate." United Nations Environment Programme Executive Director Inger Andersen said the issues are complex, but the crisis is “really spiralling” and there's a narrow pathway to a treaty. She said many countries agree on redesigning plastic products to be recycled and improving waste management, for example.

      “We need to get a solution to this problem. Everybody wants it. I've yet to meet somebody who is in favour of plastic pollution,” Andersen said.

      Between 19 million and 23 million tons of plastic waste leak into aquatic ecosystems annually, which could jump 50 per cent by 2040 without urgent action, according to the UN.

      Sharp disagreements on whether to limit plastic production In March 2022, 175 nations agreed to make the first legally binding treaty on plastics pollution by the end of 2024. It was to address the full life cycle of plastic, including production, design and disposal.

      Talks last year in South Korea were supposed to be the final round, but they adjourned in December at an impasse over cutting production. Every year, the world makes more than 400 million tons of new plastic, and that could grow by about 70 per cent by 2040 without policy changes.

      About 100 countries want to limit production as well as tackle cleanup and recycling. Many have said it's essential to address toxic chemicals.

      Panama led an effort in South Korea to address production in the treaty. Negotiator Debbra Cisneros said they'll do so again in Geneva because they strongly believe in addressing pollution at the source, not just through downstream measures like waste management.

      “If we shy away from that ambition now, we risk adopting an agreement that is politically convenient, but environmentally speaking, is ineffective,” she said.

      About 300 businesses that are members of the Business Coalition for a Global Plastics Treaty — companies such as Walmart, the Coca-Cola Company, PepsiCo, and L'Oréal — support reducing production along with increasing recycling and reuse. The coalition includes major food and beverage companies and retailers who want an effective, binding treaty with global rules to spare them the headaches of differing approaches in different countries.

      Some plastic-producing and oil and gas countries firmly oppose production limits. Saudi Arabia, the world's largest exporter of one common type of plastic, has led that group in asserting there should be no problem producing plastic if the world addresses plastic pollution.

      US position on the treaty The US doesn't support global production caps or bans on certain plastic products or chemical additives to them.

      The State Department says it supports provisions to improve waste collection and management, improve product design and drive recycling, reuse and other efforts to cut the plastic dumped into the environment.

      “If the negotiations are to succeed, the agreement must be aimed at protecting the environment from plastic pollution, and the agreement should recognise the importance plastics play in our economies,” the State Department said in a statement to The Associated Press.

      That's similar to the views of the plastics industry, which says that a production cap could have unintended consequences, such as raising the cost of plastics, and that chemicals are best regulated elsewhere.

      China, the United States and Germany lead the global plastics trade by exports and imports, according to the Plastics Industry Association.

      How high will negotiators aim? For any proposal to make it into the treaty, every nation must agree. Some countries want to change the process so decisions may be made by a vote if necessary. India, Saudi Arabia, Iran, Kuwait and others have opposed that, arguing that consensus is vital to an effective treaty.

      Negotiators are discussing making some provisions opt-in or opt-out to avoid a stalemate. Bjorn Beeler, international coordinator for the International Pollutants Elimination Network, said that would mean a treaty without teeth or obligations, with little value. Cisneros said that if carefully crafted, it's an option to find some common ground.

      Tracey Campbell, an executive vice president at the plastics and chemicals company LyondellBasell and vice chair of the executive committee of the World Plastics Council, said she'll ask negotiators to “find a way to agree on a few things and get started” and then build from there.

      She suggested tackling things like product redesign, recycled content mandates and financing waste collection, waste sorting and recycling technologies.

      In contrast, Greenpeace will be in Geneva calling for at least a 75 per cent reduction in plastic production by 2040.

      “We will never recycle our way out of this problem,” said Graham Forbes, who leads the Greenpeace delegation.

      Thousands of people are participating.

      Delegates from most countries, the plastics industry and businesses that use plastics, environmentalists, scientists, Indigenous leaders and communities affected by plastic pollution are in Geneva. About 80 government ministers are attending talks that will last 10 days — the longest session yet, with adjournment scheduled for August 14.

      Frankie Orona, executive director of the Texas-based Society of Native Nations, has been to every negotiating session. Indigenous land, water and air are being contaminated as fossil fuels are extracted and plastic is manufactured using hazardous chemicals, said Orona.

      “We feel we absolutely have to be present to let them know, and see who the people are that are really being impacted by the plastics crisis,” he said. (AP) SKS RD RD

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