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    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
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    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
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    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
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    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
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    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
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    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
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    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
    Show AI Summary
    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
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    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
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    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
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    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
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    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
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    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.

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      BMW accident: Delhi court bail to accused, says allegation of culpable homicide on weak footing

      September 27, 2025

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      New Delhi, Sep 27 (PTI) A court here on Saturday granted bail to Gaganpreet Kaur, the key accused in the BMW incident, saying the accident's CCTV footage showed the allegation of culpable homicide was on a "fragile foundation." Rapping an ambulance driver and a paramedic who arrived at the spot within seconds for not showing "humanity" and failing in their professional duty, the court said the primary golden-hour lapse on the footage was because of them, who, despite being first on scene, rendered no aid.

      The court also expressed astonishment that a DTC bus, which came in contact with the motorcycle, continued to drive without caring for the impact caused by the accident.

      Kaur, 38, is accused of being behind the wheel of the BMW car that rammed into a two-wheeler being ridden by Navjot Singh, a senior finance ministry official, and his wife.

      The 52-year-old government employee died, while his wife was grievously injured in the incident.

      Judicial Magistrate Ankit Garg said, "Considering the CCTV-established sequence of loss of control, divider impact, flip, and contact; the ambulance's immediate arrival and abrupt departure without assistance, undermining the attribution of golden-hour loss to the accused; the documentary nature of the remaining investigation; and the absence of antecedents and availability of enforceable conditions to obviate tampering, I find that the applicant has made out a case for bail at this stage." The court underlined the judicial precedents: presumption of innocence, and bail being the norm, and jail the exception.

      "Tested on these touchstones, the present case, particularly in light of the CCTV record, tilts in favour of bail with safeguards," it said.

      The court said, according to the footage, the car lost control, struck the divider, flipped, and, while flipping, came into contact with the motorcyclist. The people on the motorcycle then hit a bus, and the pillion rider fell in front of the BMW car while the driver of the motorcycle was crushed beneath it.

      "Very astonishingly, the DTC bus, in whose contact the motorcycle comes, does not even stop. It slows down for a while and then carries on, without caring for the impact caused by the accident," it said.

      The court said the footage did not support a straightforward, deliberate high-speed ramming of the motorcycle from behind version, but a loss of control culminating in a flip that led to the tragic contact with the car and the bus.

      Underlining that the Delhi Police invoked various Section 105 (culpable homicide not amounting to murder) in the case, the court said that the footage brought the occurrence closer to rash or negligent driving than to culpable homicide premised on the mode of collision.

      It said that the FIR stated the BMW car struck the motorcycle from behind in a direct collision, but the footage did not corroborate it.

      "Whether a higher mental element can ultimately be proved is a matter for trial; at the bail stage, the reduced strength of that allegation must be duly weighed," it said.

      "An official ambulance, empty and immediately behind the vehicles involved, is seen (in the footage) arriving within two seconds. The ambulance, after watching the incident, stops at some distance, and the driver and paramedic rush towards the scene, but without offering any help or assistance, come back in a relaxed manner within 40 seconds," it said.

      The court said the footage revealed that when the paramedic and driver approached, the motorcyclist was unconscious beneath the car, but they did not check the pulse or administer first aid, and departed within roughly 40 seconds, manoeuvring their vehicle out. They were the first to leave the scene, it said.

      "The explanation, in his statement, attributed by the paramedic, that help was offered but no one responded, appears incongruent with the footage because an unconscious victim cannot respond, and the accused is, as per the statement of the paramedic, occupied in extracting her children from the overturned car," the court said.

      "The accident happened in front of the eyes of the paramedic, but he still chose not to act, only because an unconscious person did not ask for help," it added.

      The court thus denounced the driver's and paramedics' "highly unprofessional and unethical" conduct.

      Expressing exasperation, the court said that the ambulance, which "miraculously" appeared within two seconds of the accident, was empty, did not have any other assignment and was going towards Base Hospital, yet it failed to intervene and fled from the spot quickly.

      "The victim, due to ignorance of duty by the paramedics (ambulance driver and the paramedic), was taken almost seven minutes after the accident towards the hospital.

      "Lives could have been saved, aid could have been provided swiftly, only if they had shown some humanity and just done their duty. Therefore, their failure to provide aid/assistance shall also be looked at through the lens of professional misconduct," the court added.

      It also rejected the prosecution's argument that the victim could have survived if timely medical aid had been provided by the accused.

      "The paramedics' statements only describe the victim as unconscious, without recording any clinical examination of pulse or respiration. Similarly, the complainant (victim's wife) and witness, Gulfam (van driver), do not clarify whether the victim showed signs of life while being taken to the hospital, the victim is declared brought dead at the hospital, and despite a specific query by the court, the post-mortem report has not yet been filed," the court said.

      On the allegation that the injured was taken to a faraway hospital, the court said whether Kaur was trying to help the victim or create evidence in her favour was a question for investigation and trial.

      "But, the CCTV footage, the conduct of the DTC bus driver and crucially, the conduct of paramedics, erodes the principal factual plank for BNS Section 105 (death due to delayed proper care), especially when the post-mortem report is awaited," the court said.

      It said the prosecution had no requirement for the accused's police custody, as no such application had been made till now.

      The court said, "With the CCTV weakening the prosecution's theory of culpable homicide anchored in delayed care, and revealing intervening paramedic dereliction, continued incarceration would be disproportionate at this stage." The court granted Kaur the relief, subject to furnishing a personal bond of Rs 1 lakh along with two sureties of the same amount. It also asked Kaur to surrender her passport and not contact any material witnesses.

      Navjot Singh succumbed to his injuries, which he sustained on Ring Road near the Delhi Cantonment Metro station on September 14.

      He was a deputy secretary in the Department of Economic Affairs and lived in West Delhi's Hari Nagar.

      Navajot Singh and his wife were returning home after visiting the Bangla Sahib Gurdwara.

      An FIR was registered under Sections 281 (rash driving), 125B (endangering life or personal safety of others), 105 and 238 (causing disappearance of evidence) of the BNS in the matter. PTI MNR VN VN

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