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    Asian shares edge higher after Wall Street climb, even as Brent oil keeps rising
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    India Reaffirms Commitment to Rules-Based Multilateral Trading System at WTO Trade Policy Review in Geneva
    Government's Financial Inclusion Mission Continues to Foster Economic Empowerment Through Universal Banking, Social Security and Credit Access
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    FIRST PRESS RELEASE OF INDEX OF CORE INDUSTRIES OF NEW SERIES WITH BASE YEAR 2022-23
    Central Bureau of Narcotics (CBN) India thwarts illegal trafficking of 12 crore Tramadol Hydrochloride, a.k.a. “fighter drug” tablets under “Ope...
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July 22, 2026
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Oil-driven inflation pressures may prompt higher interest rates, despite equity gains led by artificial-intelligence and semiconductor shares.
Asian equity markets largely rose following Wall Street gains led by artificial-intelligence and semiconductor shares. Rising crude oil prices are identified as a renewed inflation risk that could encourage central banks to raise interest rates, slowing economic activity and affecting equity valuations. Japan's reliance on imported energy and the effects of a weaker yen on trade values and energy costs are also highlighted.
July 22, 2026
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Foreign exchange market volatility pressures the rupee as oil-linked geopolitical risks boost safe-haven dollar demand and prompt market monitoring.
Foreign exchange market movement saw the rupee depreciate against the US dollar amid higher crude oil prices, geopolitical tensions affecting oil-shipment security, and safe-haven demand for the dollar. RBI measures intended to attract overseas deposits were reported to support market confidence through foreign-currency inflows. Dealers were monitoring possible RBI participation through state-owned banks to moderate currency volatility while permitting gradual exchange-rate adjustment and preventing disorderly market movements.
July 22, 2026
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Rules-based multilateral trade engagement guides India's policy review, highlighting digital reforms, trade facilitation and clarification of market measures.
India's WTO Trade Policy Review reaffirms commitment to a transparent, rules-based, inclusive and development-oriented multilateral trading system. It identifies reforms in trade facilitation, digital customs, logistics modernisation, quality infrastructure, Digital Public Infrastructure, innovation, sustainability, agricultural resilience and regional trade agreements. WTO Members recognised India's economic resilience and customs and digital modernisation, while seeking clarification on trade and investment regimes, Quality Control Orders, trade-remedy measures and WTO reforms.
July 22, 2026
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Financial inclusion expands universal banking, social insurance, pensions and collateral-free credit for underserved households and entrepreneurs.
Financial inclusion is pursued through universal banking under Pradhan Mantri Jan Dhan Yojana, social-security coverage through life, accident and pension schemes, and credit access for underserved borrowers. Pradhan Mantri Mudra Yojana provides collateral-free institutional finance to micro and small business units for income-generating activities. The Stand-Up India Scheme supports Scheduled Caste, Scheduled Tribe and women entrepreneurs through loans for greenfield projects in manufacturing, trading, services and agriculture-allied activities.
July 21, 2026
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Foreign exchange contravention liability requires evidence that the person was responsible for the overseas transfer in question.
Foreign exchange transfer for the 2009 South Africa cricket tournament was examined under the Foreign Exchange Management Act after funds were moved to an overseas entity without prior Reserve Bank approval. The appellate tribunal set aside the penalty imposed on Lalit Modi, finding no material establishing that he was in charge of the relevant affairs or personally responsible for the alleged contravention. Liability for a foreign-exchange contravention must rest on evidence connecting the person proceeded against with responsibility for the impugned transaction.
July 21, 2026
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Rural infrastructure financing under RIDF supports irrigation, roads, water supply, cooperative digitisation, producer organisations and climate-resilient livelihoods.
Rural Infrastructure Development Fund financing supports rural infrastructure in Haryana, including irrigation, roads and drinking-water assets. Rural cooperative strengthening includes digitisation and financial viability of Primary Agricultural Credit Societies, alongside promotion and financial support for Farmer Producer Organisations. Climate-resilient measures include watershed development, groundwater management, micro-irrigation, direct seeding of rice and vegetable clusters, supplemented by livelihood training for rural women and agricultural lending and project-appraisal support.
July 21, 2026
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Supreme Court proceedings address juvenile adult trials, insolvency, electoral representation, environmental funds and foreign-exchange complaint requirements.
Supreme Court proceedings covered election representation, criminal justice, insolvency and regulatory compliance. The Court considered challenges concerning political-party merger approval, separate insolvency proceedings for group entities, and espionage charges. It sought responses on an appeal mechanism for persons excluded from the National Register of Citizens and alleged non-utilisation of environmental relief funds. Criminal matters included medical assessment for interim bail, a fresh trial in a blast case, and the principle that a juvenile accused of murder may face adult trial where statutory conditions for a heinous offence are met.
July 21, 2026
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Digital lending safeguards require verified app associations, responsible recovery, data privacy, grievance redressal and reporting channels against illegal loan apps.
Digital lending safeguards include a public directory enabling customers to verify a digital lending app's association with a regulated entity. The Digital Lending Directions, 2025 impose mandatory requirements on recovery practices, data privacy and customer grievance redressal for regulated entities, lending service providers and digital lending apps. Measures also include blocking illegal loan applications following due process, cybercrime reporting channels, complaint facilities for unlawful money collection, and public awareness programmes on fraud prevention and risk mitigation.
July 21, 2026
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Authorised Dealer Category-II remittances expand to specified trade and family-maintenance payments under the revised FEMA framework.
FEMA framework revisions described as effective from May 2026 expand Authorised Dealer Category-II activities to include specified trade remittances and family-maintenance remittances, subject to the applicable RBI and FEMA framework. EbixCash World Money Limited states that its perpetual AD-II licence carries this expanded scope. The release describes a non-bank channel for MSME and SME cross-border payments, supported by Nostro-account settlement, remittance and travel-card services, and technology-enabled compliance measures including document verification, sanctions screening, fraud detection and transaction monitoring.
July 21, 2026
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Foreign investment regulation: Draft rules propose simpler, principle-based compliance and clearer separation of procedural requirements from investment policy.
Draft Foreign Exchange Management (Foreign Investment) Rules, 2026 propose a simplified, principle-based foreign investment framework. The proposals rationalise provisions, harmonise definitions, and separate procedural foreign-exchange requirements from foreign direct investment policy and sector-specific conditions. They aim to streamline procedures, reduce compliance burdens, enhance operational flexibility, and apply investor-neutral and investee-neutral provisions while preserving regulatory safeguards. The draft Rules remain subject to public consultation before finalisation.
July 21, 2026
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Prepaid payment instrument programme adds mobility and gift card capabilities with digital servicing subject to applicable programme conditions.
Prepaid payment instrument programme launched for Indian Overseas Bank through CARD91's technology stack, incorporating RuPay National Common Mobility Card and Gift Card capabilities. The programme was implemented following requisite approvals, testing and compliance validation. The RuPay NCMC facility supports prepaid, tap-based payments for metro, bus and parking transactions, subject to the bank's programme conditions and user eligibility. Digital card servicing may include balance enquiry, transaction history, reload or top-up functions, and customer support, subject to applicable programme terms.
July 21, 2026
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Free trade agreements and e-commerce export reforms expand preferential market access, address non-tariff barriers, and support small exporters.
Export market diversification is advanced through trade agreements, export-promotion measures and capacity building. Free Trade Agreements seek preferential market access, increased trade and investment, and support for labour-intensive exports, while technical barriers to trade provisions and engagement mechanisms address standards, regulatory requirements and non-tariff barriers. Cross-border e-commerce exports are supported through trade-finance and compliance assistance, E-Commerce Export Hubs, District Export Hubs, simplified courier-export procedures, reverse-logistics facilitation, logistics planning, duty-and-tax remission, and MSME export facilitation.
July 21, 2026
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Production Linked Incentive Schemes strengthen domestic manufacturing through investment support, export growth, employment generation, monitoring and eligibility reforms.
Production Linked Incentive Schemes for 14 sectors promote domestic manufacturing, investment, exports, employment and global competitiveness. Overall coordination and monitoring rests with the Department for Promotion of Industry and Internal Trade, while sector-specific implementation is undertaken by the relevant ministries and departments. Implementation is periodically reviewed, with scheme modifications, rationalised guidelines, relaxation of specified eligibility conditions, project monitoring, stakeholder consultation and inter-ministerial issue resolution used to improve uptake and strengthen domestic manufacturing ecosystems.
July 21, 2026
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Separate corporate insolvency processes remain contested over foreign asset treatment, specialised resolution needs, and creditors' commercial decision-making.
Separate corporate insolvency resolution processes for VIL and VOVL are disputed following reversal of an earlier consolidation direction. Independent processes were preferred because the entities operate in distinct sectors and may require specialised resolution, while creditors' choice was treated as commercial wisdom not ordinarily open to tribunal interference. The dispute also concerns whether foreign oil and gas assets should be treated as VIL assets, against the background of VIL's conversion from co-obligor to corporate guarantor to ring-fence those assets from domestic business liabilities.
July 21, 2026
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Drone technology collaboration promotes joint manufacturing, technology transfer, rural entrepreneurship and global market access through an integrated industrial ecosystem.
India-Russia industrial collaboration in drone technology is proposed through engagement on technology transfer, joint manufacturing, research collaboration, investment, exports and global market access. Drone City is presented as an integrated ecosystem covering manufacturing, research and development, testing, certification support, skill development, incubation, warehousing, startup acceleration and international technology partnerships. Its expansion and panchayat-level entrepreneurship programme are expected to create rural drone enterprises and employment in manufacturing, component production, quality control, maintenance, logistics and technical support.
July 21, 2026
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WTO trade policy review will assess India's trade measures, transparency framework, reforms, and responses to member questions.
India's eighth Trade Policy Review under the World Trade Organization framework examines its trade policies and developments during the 2021-2025 review period. The process uses a Government Report and a Secretariat Report and provides a comprehensive peer examination of border and behind-the-border trade measures to promote transparency, predictability and understanding. The review addresses trade agreements, Goods and Services Tax rationalisation, digital trade-facilitation measures, and Member questions on digitisation, MSMEs, women's economic participation, Viksit Bharat and the Atmanirbhar Bharat Abhiyan.
July 21, 2026
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Fisheries subsidy disciplines promote sustainable marine resource use while excluding aquaculture and inland fisheries from their scope.
The WTO Agreement on Fisheries Subsidies disciplines subsidies concerning marine wild-capture fishing and fishing-related activities at sea. It prohibits subsidies linked to illegal, unreported and unregulated fishing and fishing of overfished stocks, promoting conservation and sustainable use of marine resources. Aquaculture and inland fisheries remain outside its scope. India's fisheries management framework is identified as supporting implementation while preserving policy space and safeguarding the interests of traditional and small-scale fishers.
July 21, 2026
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Revised Index of Core Industries adopts a new base year, adds iron ore, and revises sector measurement methodology.
The revised Index of Core Industries series adopts 2022-23 as its base year, replaces the former series and expands coverage to nine industries by including iron ore. Steel is measured using gross production data, while only raw coal is retained to avoid double counting. Weights are derived from the corresponding Index of Industrial Production series and normalised to 100. A geometric-mean linking methodology connects the former and revised series. June 2026 provisional estimates show overall year-on-year ICI growth, led principally by iron ore and electricity.
July 21, 2026
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Risk-based export controls exposed alleged pharmaceutical diversion, prompting NDPS enforcement against transnational illicit opioid trafficking networks.
Risk-based export controls and intelligence-led enforcement under the NDPS Act, 1985 addressed an alleged attempt to divert an export consignment of high-strength Tramadol Hydrochloride tablets into illicit international channels. Enquiries with the International Narcotics Control Board and competent authorities indicated that the declared destination had been misrepresented. The action involved seizure of the consignment and arrests of persons alleged to be connected with the export arrangement and conspiracy. The operation emphasises risk-based profiling, export-control scrutiny, intelligence sharing, and international coordination against pharmaceutical diversion and transnational drug trafficking.
July 21, 2026
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Trade tariffs on Canadian goods target alleged discrimination against American automobiles, alcohol and dairy products under trade law.
United States trade action imposes tariffs on most Canadian goods, citing alleged discriminatory treatment of American automobiles, alcoholic beverages and dairy products. The measures apply to goods previously protected under the United States-Mexico-Canada Agreement, subject to exclusions for energy products, potash, fish and critical minerals. The stated grounds include Canadian retaliatory tariffs, restrictions on American alcohol sales, treatment of dairy imports, and tariffs on certain United States motor vehicles outside preferential trade treatment.

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Customs & Trade

Israel plans to take control of Gaza City, drawing international condemnation

August 8, 2025

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Jerusalem, Aug 8 (AP) Israel said early Friday that it plans to take over Gaza City, drawing rejection from the Palestinians and international condemnation. The decision, agreed in a late-night meeting of its security Cabinet, marks a further escalation of Israel's 22-month war with Hamas. It also provoked worries in Israel over the fate of hostages still held by Hamas.

Another major ground operation would almost certainly exacerbate the humanitarian catastrophe, in which Israel's air and ground war has pushed the territory toward famine. Hamas said people in Gaza would “remain defiant against occupation”.

Here's the latest: German military hardware has been used in Gaza, expert says Germany's move to suspend defence exports to Israel will be a limited measure, according to Zain Hussain, an arms transfers researcher at the Stockholm International Peace Research Institute.

German companies provide 30% of Israel's defence imports, mostly naval armaments, according to Hussain's analysis. “Germany has been committed to providing Israel with arms, especially with ships," he said, citing Germany's deep support for Israel and enmeshed defence ties.

Currently Germany provides some hardware to Israel, such as small warships and tank engines. Those engines can be fitted to Israel's Merkava tanks and Namer armoured personnel carriers, which are actively deployed in Gaza.

German-made Sa'ar corvettes, small warships festooned with sophisticated radar equipment and cannons, have shelled targets in Gaza during the war, Hussain said. Since 2018 Germany has rapidly increased its share of the Israeli arms market, mostly with naval hardware like corvettes and torpedoes.

Hussain said it was “a big deal” for Germany, one of Israel's staunchest allies, to admit it was uncomfortable with Israel's actions in Gaza.

“However, I don't think this alone will stop Israel's operations in Gaza, and Israel still has the USA as a committed arms supplier,” he cautioned.

Egypt and Qatar draw up new framework to end the war and release hostages Mediators from Egypt and Qatar are working on a new framework which will include the release of all hostages — dead and alive — in one go in return for an end of the war in Gaza and the withdrawal of Israeli forces from the strip, according to two Arab officials who spoke to The Associated Press anonymously due to the sensitivity of the discussions. One is involved directly in the deliberations and the second was briefed on the efforts.

The efforts have the backing of major Arab Gulf monarchies, the officials said, as they are concerned about further regional destabilization if Israel's government proceeds with a full reoccupation of Gaza, two decades after Israel's unilateral withdrawal from the strip.

The yet-to-be finalised framework aims to address the contentious issue of what to do with Hamas' weapons, with Israel seeking full disarmament and Hamas refusing. The official directly involved in the efforts said discussions are underway about “freezing arms,” which may involve Hamas retaining but not using its weapons. It also calls for the group to relinquish power in the strip.

A Palestinian-Arab committee would run Gaza and oversee the reconstruction efforts until the establishment of a Palestinian administration with a new police force, trained by two US allies in the Middle East, to take over the strip, he said. It is unclear what role the Western-backed Palestinian Authority would play.

The second official said that a powerful Gulf country is supporting the Egyptian-Qatari efforts.

A senior Hamas official, speaking on condition of anonymity because he wasn't authorised to brief the media, said the group's leadership has been aware of the Arab mediators' efforts to revive the ceasefire talks, but has yet to receive details.

AP reached out to the governments in Qatar, Egypt and Israel for comment. US envoy Steve Witkoff told hostage families during his recent visit that Israel was shifting its approach to pursue a comprehensive “all-or-nothing” deal aimed at ending the war and securing the release of hostages, a person who attended the meeting told the AP, speaking on the condition of anonymity as they are not authorized to speak about the private meeting.

Germany suspends military exports that could be used in Gaza German Chancellor Friedrich Merz says his country will not authorise any exports of military equipment that could be used in Gaza “until further notice”.

Germany has been a stalwart supporter of Israel for decades.

In a statement, Merz emphasised that Israel “has the right to defend itself against Hamas' terror” and said that the release of Israeli hostages and “purposeful” negotiations toward a cease-fire in the 22-month conflict “are our top priority”. He said Hamas must not have a role in the future of Gaza.

“The even harsher military action by the Israeli army in the Gaza Strip, approved by the Israeli Cabinet last night, makes it increasingly difficult for the German government to see how these goals will be achieved,” he added.

“Under these circumstances, the German government will not authorise any exports of military equipment that could be used in the Gaza Strip until further notice.” UK, Spain, Turkey and Australia criticise Israel's Gaza City plan Israel's plan to escalate military operations in Gaza drew international condemnation Friday.

British Prime Minister Keir Starmer urged Israel to reconsider, saying the expanded offensive would do nothing to end the conflict or secure the release of the remaining hostages.

“Our message is clear: a diplomatic solution is possible, but both parties must step away from the path of destruction,” Starmer said.

Spain's Foreign Minister José Albares said Israel's plan would “only lead to more destruction and suffering”.

Turkey's Foreign Ministry said the escalation marked a new phase of Israel's “expansionist” policies in the region.

“Israel must immediately halt its war plans, accept a ceasefire in Gaza, and begin negotiations toward a two-state solution,” it said in a statement on Friday.

Australia also condemned a further occupation of Gaza. Foreign Minister Penny Wong said a two-state solution is the only pathway to secure an enduring peace: a Palestinian state and the State of Israel, living side-by-side in peace and security within internationally recognised borders. (AP) SKS SCY

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