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    Lok Sabha passes bill to authorise govt to permit banks to levy charges on UPI transactions
    Monetary Policy Statement, 2026-27 Resolution of the Monetary Policy Committee August 3 to 5, 2026
    Stock markets edged higher in early trade amid lower crude oil prices, buying in Reliance Industries
    Monthly review of accounts of Government of India upto June 2026 (FY 2026-27)
    DRI busts illegal drug manufacturing unit in Satara district in Maharashtra; two arrested
    CCI approves proposed combination inter alia involving share acquisition(s) and merger of certain entities e.g. AAPC India, Triguna, Caddie, SMPL, Tec...
    Rupee gains 20 paise to close at 95.08 against US dollar post-RBI policy decision
    TN Budget: Revenue deficit at Rs 55,775 crore, fiscal deficit estimated at Rs 1,21,819 crore
    Tatkare slams ‘gungi gudiya’ jibe against Sunetra; Cong says row being exploited for political gains
    RBI invites public comments on Draft Guidelines for ‘on tap’ Licensing of Urban Co-operative Banks
    Pakistan-origin dry dates, routed through UAE, seized at Kandla port
    RBI keeps rates unchanged, retains neutral stance; outlook uncertain on El Nino, geopolitical risks
    Government Notifies Inventory-based Cross-border E-Commerce Export Framework under Foreign Trade Policy 2023
    Customs official among 5 held for smuggling gold of Rs 1.44 crore at Indore airport
    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
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    August 6, 2026
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    Merchant discount rate framework may permit charges on notified UPI and digital payments through a government notification mechanism.
    The proposed amendment to Section 10A of the Payment and Settlement Systems Act, 2007 replaces the existing income-tax-linked reference with a Central Government notification-based mechanism for electronic payment modes. It removes the current statutory restriction preventing banks and payment service providers from charging Merchant Discount Rate on notified modes, enabling the Government to permit charges for UPI and other digital payments. The policy rationale is to support funding for payment infrastructure and a sustainable revenue model for service providers.
    August 6, 2026
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    Neutral monetary policy stance continues as resilient growth and food-fuel inflation risks require close macroeconomic monitoring.
    The Monetary Policy Committee retained the policy repo rate and continued the neutral monetary policy stance, citing the need to assess evolving growth-inflation conditions. Domestic activity was assessed as resilient, supported by consumption, investment, credit, manufacturing, services and exports, although global uncertainty, energy prices, supply-chain pressures, geopolitical developments and monsoon conditions remain risks. CPI inflation increased mainly because of food and fuel pressures, while underlying inflation remained moderate. The Committee considered that price pressures were not yet generalised and reaffirmed its commitment to align inflation with the target.
    August 6, 2026
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    Closing auction price discovery and a neutral monetary policy stance shaped equity market conditions amid lower crude prices.
    The Closing Auction Session in the equity cash segment introduced an auction-based mechanism for determining closing prices of eligible shares with futures and options contracts, intended to make price discovery more transparent and robust. The Reserve Bank of India retained its neutral stance and left the benchmark policy rate unchanged, pending greater clarity on the inflationary effects of higher energy costs. Future policy decisions were stated to be data dependent.
    August 6, 2026
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    Monthly public accounts review records receipts, expenditure, tax devolution, interest payments, subsidies, and capital spending through June.
    Consolidated monthly accounts up to June 2026 report total receipts of Rs.10,49,243 crore, comprising net tax revenue, non-tax revenue and non-debt capital receipts. Tax devolution transfers to State Governments total Rs.2,63,336 crore. Total expenditure is Rs.13,57,076 crore, including revenue expenditure of Rs.10,16,818 crore and capital expenditure of Rs.3,40,258 crore. Revenue expenditure includes interest payments and major subsidies.
    August 6, 2026
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    Illicit psychotropic drug manufacture triggered seizure, apprehensions, and investigation into planned trafficking under narcotics control law.
    Illicit manufacture and trafficking of Alprazolam and Diazepam, psychotropic substances regulated under the Narcotic Drugs and Psychotropic Substances Act, 1985, were detected at a clandestine facility. Searches recovered finished and intermediary substances, together with raw materials and reaction mixtures used in manufacture, and the goods were seized under the Act. The manufacturer and an intended buyer were apprehended, with material indicating a proposed transaction for further illicit trafficking. Preliminary investigation indicated prior involvement in illegal drug production and trafficking.
    August 6, 2026
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    Competition approval for hotel-sector consolidation covers share acquisitions and merger of Accor-branded hotel entities into InterGlobe Hotels.
    Competition approval was granted for related share acquisitions and the merger of AAPC India, Caddie, Triguna, Srilanand Mansions, Techpark and Accent into InterGlobe Hotels. The combination involves entities jointly controlled by the Bhatia Family Group and the Accor Group, including hotel-owning and developing entities, hotel management and franchising operations, leasing activities, and captive consultancy and support services relating to Accor-branded hotels in India.
    August 5, 2026
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    Rupee appreciation followed unchanged monetary policy, lower crude prices, weaker dollar and expectations of orderly exchange-rate management.
    The rupee strengthened after the central bank maintained its policy rate and neutral monetary-policy stance. Lower crude oil prices, a weaker US dollar and declining US Treasury yields supported investor sentiment. Earlier measures to attract capital inflows remained part of the framework supporting the rupee, while the central bank stressed its endeavour to preserve an orderly currency trajectory. Future movement was linked to geopolitical de-escalation, global risk sentiment and US economic data.
    August 5, 2026
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    Fiscal consolidation through revenue mobilisation and leakage control aims to reduce deficits while expanding capital expenditure capacity.
    Tamil Nadu's Revised Budget Estimates for 2026-27 project a revenue deficit and fiscal deficit, with outstanding liabilities comprising public debt and public-account liabilities. Revenue mobilisation is proposed through improved tax administration, collection efficiency, closure of leakages, liquor-manufacturer privilege fees, and eligible Union grants. The strategy projects gradual deficit reduction to create room for capital expenditure, supported by expenditure reforms aimed at eliminating leakages, optimising expenditure, and improving service delivery.
    August 5, 2026
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    Political criticism of public office-holders raises debate over media accountability, personal remarks, and acceptable public discourse.
    Political criticism followed a social-media post describing Maharashtra Deputy Chief Minister Sunetra Pawar as "gungi gudiya" in connection with a press interaction on law-and-order issues in Beed district. Congress representatives stated that the post was not a personal insult, had been deleted after adverse reactions, and was followed by an expression of regret. NCP representatives termed the expression inappropriate and stressed that the principal dignitary should conduct media interactions. Shiv Sena (UBT) representatives described the phrase as not unparliamentary and linked it to criticism of a guardian minister's public responsibilities.
    August 5, 2026
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    On-tap licensing for Urban Co-operative Banks enters public consultation through draft guidelines inviting stakeholder feedback.
    Draft guidelines for 'on tap' licensing of Urban Co-operative Banks have been issued for public and stakeholder consultation. Comments and feedback may be submitted until September 05, 2026, through the designated online consultation facility or by written or email submission to the specified regulatory department.
    August 5, 2026
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    Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
    Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
    August 5, 2026
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    Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
    Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
    The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
    August 5, 2026
    Show AI Summary
    Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
    Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
    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
    Show AI Summary
    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.

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      Homeland security official says 475 people were detained during an immigration raid in Georgia

      September 6, 2025

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      Ellabell (US), Sep 6 (AP) Immigration authorities said Friday they detained 475 people, most of them South Korean nationals, when hundreds of federal agents raided the sprawling manufacturing site in Georgia where Korean automaker Hyundai makes electric vehicles.

      Steven Schrank, the lead Georgia agent of Homeland Security Investigations, said during a news conference Friday that the raid resulted from a monthslong investigation into allegations of illegal hiring at the site and was the “largest single site enforcement operation” in the agency's two-decade history.

      The Thursday raid targeted one of Georgia's largest and most high-profile manufacturing sites, where Hyundai Motor Group a year ago began manufacturing electric vehicles at a USD 7.6 billion plant.

      The site employs about 1,200 people in an area about 40 kilometres west of Savannah where bedroom communities bleed into farms. Gov Brian Kemp and other officials have touted it as the state's largest economic development project.

      Agents focused their operation on an adjacent plant that is still under construction at which Hyundai has partnered with LG Energy Solution to produce batteries that power EVs.

      Court records filed this week indicated that prosecutors do not know who hired what it called “hundreds of illegal aliens.” The identity of the “actual company or contractor hiring the illegal aliens is currently unknown,” the US Attorney's Office wrote in a Thursday court filing.

      'South Korean government expresses concern' The South Korean government expressed “concern and regret” over the operation targeting its citizens.

      Koreans are rarely caught up in immigration enforcement compared to other nationalities. Only 46 Koreans were deported during the 12-month period that ended September 30, 2024 out of more than 2,70,000 removals for all nationalities, according to Immigration and Customs Enforcement (ICE).

      “The business activities of our investors and the rights of our nationals must not be unjustly infringed in the process of US law enforcement,” South Korean Foreign Ministry spokesperson Lee Jaewoong said in a televised statement from Seoul.

      Lee said the ministry is dispatching diplomats from its embassy in Washington and consulate in Atlanta to the site, and planning to form an on-site response team.

      Immigration attorney Charles Kuck said two of his clients who were detained had arrived from South Korea under a visa waiver programme that enables them to travel for tourism or business for stays of 90 days or less without obtaining a visa.

      One of his clients, he said, has been in the US for a couple of weeks, while the other has been in the country for about 45 days. He did not provide details about the kind of work they were doing but said they had been planning to go home soon.

      Schrank told reporters in Savannah that while some of the detained workers illegally crossed the US border, others had entered the country legally but had expired visas or had entered on a visa waiver that prohibited them from working.

      He said some of those detained worked for the battery manufacturer, while others were employed by contractors and subcontractors at the construction site.

      Schrank said he didn't know precisely how many of the 475 detained were Korean nationals, but that they made up a majority. No one has yet been charged with any crimes, he said, but the investigation is ongoing.

      South Korea's Foreign Minister Cho Hyun said Saturday that more than 300 South Koreans were among the 475 people detained.

      “This was not an immigration operation where agents went into the premises, rounded up folks, and put them on buses,” Schrank said. “This has been a multimonth criminal investigation where we have developed evidence and conducted interviews, gathered documents and presented that evidence to the court in order to obtain a judicial search warrant.” He said most of the detainees were taken to an immigration detention centre in Folkston, Georgia, near the Florida state line.

      Trump administration has undertaken sweeping ICE operations President Donald Trump's administration has undertaken sweeping ICE operations as part of a mass deportation agenda. Immigration officers have raided farms, construction sites, restaurants and auto repair shops.

      The Pew Research Centre, citing preliminary Census Bureau data, says the US labour force lost more than 1.2 million immigrants from January through July. That includes people who are in the country illegally as well as legal residents.

      The Democratic Party of Georgia on Friday condemned the raid, with its chair, Charlie Bailey, calling the raids, “politically-motivated fear tactics designed to terrorise people who work hard for a living, power our economy and contribute to the communities across Georgia that they have made their homes." Kemp and other Georgia Republican officials, who had courted Hyundai and celebrated the EV plant's opening, issued statements Friday saying all employers in the state were expected to follow the law.

      The Hyundai site sits on 3,000 acres (1,214 hectares) in a largely rural area of Bryan County, drawing in workers from several surrounding counties and communities including Savannah.

      Sammie Rentz opened the Viet Huong Supermarket less than 4.8 kilometres from the Hyundai site six months ago. The store sells both American and Asian products, he said, but he mostly relies on Hyundai workers seeking foods imported from Korea.

      “Koreans keep this store running,” said Rentz, who worries business may not bounce back after falling off sharply since the raid. “I'm concerned. Koreans are very proud people, and I bet they're not appreciating what just happened. I'm worried about them cutting and running, or starting an exit strategy.” Ellabell resident Tanya Cox, who lives less than a mile from the Hyundai site, said she had no ill feelings toward Korean nationals or other immigrant workers at the site. But few neighbours were employed there, and she felt like more construction jobs at the battery plant should have gone to local residents.

      “I don't see how it's brought a lot of jobs to our community or nearby communities,” Cox said. “Where we used to hear birds chirping and animal life around here, now we hear the plant when it's fully going at night.” Hyundai began producing electric vehicles at the site last September. A few months later, Hyundai Motor Group Executive Chairman Euisun Chung during a White House appearance with Trump credited the president with the company's decision to create more American jobs by building an EV factory in Georgia.

      “Our decision to invest in Savannah, Georgia, creating more than 8,500 American jobs, was initiated during my meeting with President Trump in Seoul in 2019,” Chung said at the March event.

      Battery plant slated to open next year The battery plant operated by HL-GA Battery Co, a joint venture by Hyundai and LG Energy Solution, is slated to open next year.

      In a search warrant and related affidavits, agents said they wanted employment records for current and former workers; personnel files; payroll information; bank account information; timecards; video and photos of workers; and immigration documents.

      Social Security cards, visas, passports and birth certificates also were targeted. The agents also sought records about the ownership and management of multiple construction companies and contractors named in the search warrant materials.

      The documents included the names and photos of four people identified as “target persons” to be searched, without further information about them.

      In a statement to The Associated Press, LG said it was “closely monitoring the situation and gathering all relevant details.” It said it couldn't immediately confirm how many of its employees or Hyundai workers had been detained.

      Operations at Hyundai's EV manufacturing plant weren't interrupted by the raid, said plant spokesperson Bianca Johnson.

      Hyundai Motor Company said in a statement Friday that none of its employees had been detained as far as it knew. The company said it would review its practices to make sure suppliers and subcontractors follow US employment laws.

      “Hyundai has zero tolerance for those who don't follow the law,” the company's statement said.

      HL-GA Battery Co did not immediately respond to a request for comment Friday.

      In a statement Thursday, the company said it's “cooperating fully with the appropriate authorities.” Those arrested Thursday who fight deportation may be detained as their cases wind through immigration court. The number of people in ICE custody topped 60,000 in August, an all-time high. (AP) NPK NPK

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