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    RBI invites comments on the draft “Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Eleventh Amendment Directions, ...
    87 Proposals Received under BHAVYA Scheme during First Round of Phase-I
    India successfully concludes the 16th BRICS Trade Ministers' Meeting in Jaipur under its BRICS Chairship 2026
    GeM Completes a Decade of Transforming Public Procurement with Cumulative GMV Exceeding ₹20 Lakh Crore
    NEWS HIGHLIGHTS
    India's forex kitty swells by USD 10.5 bn to USD 692.87 bn
    Rs 5,000 cr credited to 6.22 lakh Maharashtra farmers so far under loan waiver scheme: Fadnavis
    SBI Life and J&K Bank partner to bring comprehensive life insurance solutions closer to families across India
    DRI intensifies vigil along India's North-Eastern Frontier
    Vijayan slams Kerala govt's move to end doorstep pension delivery through cooperative banks
    Kerala to stop welfare pension delivery through cooperative banks, shifts to DBT
    China's exports slow slightly in July despite robust demand for high-tech products
    India successfully concludes the Tenth BRICS Industry Ministers' Meeting in Jaipur under its BRICS Chairship 2026
    APEDA Organises BIOFACH INDIA 2026 to Promote India's Certified Organic Products and Expand Global Market Access
    RBI bars banks from disabling mobile devices of defaulting borrowers
    Par panel for early conclusion of India-US trade pact, tariff exemptions on key goods
    No commitments relating to ethanol import from US for fuel blending under FTA talks: Govt
    No concession or commitment on import of Ethanol for fuel blending from the United States
    Office of the Controller General of Patents, Designs and Trade Marks Announces Tentative Schedule for Patent and Trade Marks Agent Examinations 2027 a...
    RBI invites comments on the draft “Reserve Bank of India (Non-Banking Financial Companies – Credit Facilities) Amendment Directions, 2026”
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    August 7, 2026
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    Leverage ratio framework amendments propose Basel-aligned capital adequacy standards, with public feedback invited on the draft directions.
    Proposed amendments to the leverage ratio framework would revise Chapter VII of the 2025 Commercial Banks Prudential Norms on Capital Adequacy Directions to implement the Basel Committee's Leverage Ratio 2017 Standard. Public comments and feedback on the draft Eleventh Amendment Directions, 2026, are invited until August 28, 2026, through the designated online platform, postal submission, or email.
    August 7, 2026
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    BHAVYA Scheme project selection uses challenge-based evaluation of infrastructure, industrial ecosystems, and policy enablers under prescribed eligibility criteria.
    BHAVYA Scheme Phase-I proposals submitted by State and Union Territory governments will be evaluated and scored under prescribed eligibility and evaluation criteria. Challenge-based project selection considers connectivity and site suitability, quality of core, value-added and social infrastructure in the detailed project report, and the industrial ecosystem and policy enablers. The Scheme guidelines provide for completion of the first-phase selection process within one year from notification.
    August 7, 2026
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    Multilateral trade cooperation preserves developing economies' policy space while advancing MSME finance, diversified value chains and digital services.
    BRICS ministers adopted measures supporting a development-centred multilateral trading system with the World Trade Organization at its core, preservation of Special and Differential Treatment, binding two-tier dispute settlement, and developing economies' policy space for food security and public stockholding. MSME measures include study of an invoice discounting mechanism and credit-assessment principles focused on cash flow rather than collateral. Value-chain measures provide for a GVC Action Plan, technical cooperation, Special Economic Zone cooperation and digitised trade documents, alongside principles for trusted cross-border digitally delivered services.
    August 7, 2026
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    Digital public procurement promotes transparent sourcing, reduced seller charges, competition monitoring and evidence-based spending oversight through an integrated marketplace.
    Government e-Marketplace digitises public procurement through a unified platform promoting transparency, efficiency, good governance and wider supplier participation. Seller-facing measures include reduced transaction charges, exemption of smaller orders, a cap on maximum transaction fees and reduced vendor assessment fees. The platform uses Artificial Intelligence and Machine Learning tools to identify suspected cartelisation, collusion and order splitting, while its digital transactional trail supports expenditure monitoring, identification of inefficiencies and evidence-based policy interventions.
    August 7, 2026
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    Criminal justice, extremist-material regulation and administrative schemes feature in reports on prosecutions, demolition practices, loan waivers and fuel policy.
    Criminal justice reports cover bail and an expedited trial in an assault prosecution, arrest for allegedly sheltering an accused, allegations of rape and murder of a minor, and claimed irregularities in a police recruitment examination. Regulatory developments include a ban on extremist literature associated with proscribed organisations and judicial disapproval of coercive demolition. Administrative coverage includes farmer loan-waiver transfers following Aadhaar authentication and debate over the E20 fuel-blending programme.
    August 7, 2026
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    Foreign exchange reserves rose as foreign currency assets, gold holdings, Special Drawing Rights and IMF reserve position increased.
    India's foreign exchange reserves increased during the week ended July 31, principally because of higher foreign currency assets and gold reserves. Foreign currency assets include US dollar valuation effects arising from movements in currencies such as the euro, pound and yen. Special Drawing Rights and India's reserve position with the International Monetary Fund also increased. The movement followed measures to attract foreign exchange inflows, including an FCNR(B) measure, after earlier reserve declines associated with rupee pressure and dollar sales for foreign exchange market intervention.
    August 7, 2026
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    Farm loan waiver eligibility depends on verified beneficiary status and Aadhaar authentication for direct credit of eligible crop-loan relief.
    The farm loan waiver scheme covers eligible short-term crop loans within the prescribed ceiling and eligibility period. Waiver amounts are credited to verified bank accounts after field verification and completion of Aadhaar authentication. Aadhaar authentication is the operative condition for automatic processing of benefits, while eligibility rules and technical conditions have raised concerns about exclusion of distressed farmers.
    August 7, 2026
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    Corporate agency distribution expands access to life insurance products, supporting insurance awareness, financial inclusion and long-term household financial protection.
    A corporate agency arrangement enables J&K Bank to distribute SBI Life Insurance protection, savings, retirement and child-oriented life insurance plans through its branch network. The partnership aims to improve insurance access, awareness, financial literacy and long-term financial planning for households, particularly in Jammu & Kashmir and Ladakh. It is intended to expand insurance penetration, strengthen household financial protection and support financial inclusion in line with the IRDAI vision of "Insurance for All by 2047".
    August 7, 2026
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    Cross-border smuggling controls target narcotics, poppy seeds and areca nuts entering through the Indo-Myanmar border region.
    Cross-border smuggling enforcement targeted methamphetamine, foreign-origin poppy seeds and areca nuts allegedly brought from Myanmar. Methamphetamine concealed in an ambulance was seized under the NDPS Act, 1985. Poppy seeds and areca nuts recovered in separate operations were seized under the Customs Act, 1962. Poppy-seed imports are restricted to designated countries and require registration to ensure traceability and prevent illicit produce entering legitimate supply chains. The enforcement action addresses circumvention of customs controls and regulated import requirements.
    August 7, 2026
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    Direct benefit transfer for welfare pensions replaces cooperative-bank doorstep delivery, while retaining limited home service for excluded beneficiaries.
    Direct Benefit Transfer for social security and welfare pensions is to be made through Aadhaar-linked bank accounts, replacing cooperative-bank doorstep delivery. Home delivery remains available for bedridden persons and others who cannot be excluded. The change is associated with delays in remitting undistributed amounts, record-update failures, reconciliation issues, duplicate payments, and incomplete Aadhaar-based payment implementation. Concerns have been raised that mandatory bank-account credit may disadvantage beneficiaries dependent on doorstep delivery.
    August 7, 2026
    Show AI Summary
    Direct Benefit Transfer for welfare pensions replaces doorstep cooperative-bank delivery, while home delivery remains for bedridden beneficiaries.
    Direct Benefit Transfer of social security and welfare pensions is to be made mandatory through Aadhaar-linked bank accounts, replacing cooperative-bank doorstep distribution. Home delivery continues for completely bedridden beneficiaries and others who cannot be excluded. The change addresses delays in remitting undistributed amounts, record-update and reconciliation deficiencies, duplicate payments linked to incomplete Aadhaar-based payments, delivery incentive costs, and the need to comply with Direct Benefit Transfer norms to avoid loss of central financial assistance.
    August 7, 2026
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    Customs trade data show moderating July growth while high-technology exports, vehicles and advanced manufacturing supplies remain strongly supported.
    Customs and trade data showed that China's July export and import growth moderated and its trade surplus narrowed from the preceding month. Typhoon-related port disruptions affected trade flows, but demand for electronics and green technology products supported elevated values. High-technology items, vehicles, electronics and machinery recorded strong January-July export growth, while trade performance varied among the United States, the European Union and Southeast Asia.
    August 7, 2026
    Show AI Summary
    BRICS industrial cooperation advances MSME, photovoltaic, startup and logistics frameworks alongside resilient trade and digital services collaboration.
    BRICS industrial cooperation under PartNIR was strengthened through a Joint Declaration and institutional measures addressing MSMEs, photovoltaics, startup-led innovation, and resilient transport and logistics. The measures include an SME cooperation framework, Terms of Reference and an Action Plan for photovoltaic industry cooperation, and a startup innovation action plan. Trade discussions focused on the multilateral trading system, MSME participation in international trade, resilient global value chains, and cross-border digitally delivered services within a rules-based trading framework.
    August 7, 2026
    Show AI Summary
    Certified organic export promotion: BIOFACH INDIA facilitates buyer-seller engagement, certification awareness, traceability discussions and international market access.
    BIOFACH INDIA 2026 promotes certified organic exports by providing a platform for Indian organic enterprises to showcase diverse certified products and engage with overseas buyers through structured Buyer-Seller Meets. Technical sessions address organic certification, traceability, sustainability, quality standards, international regulatory requirements and export-market expectations. The initiative supports quality assurance, international market access, export linkages and sustainable agricultural practices across the organic value chain.
    August 6, 2026
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    Device-based loan recovery restrictions protect essential mobile functions while permitting gradual locking only for lender-financed devices.
    Technology-based recovery mechanisms cannot restrict or disable a borrower's mobile device unless the bank financed acquisition of that device. Where permitted, banks must adopt a gradual approach and preserve essential functions, including incoming calls, SMS access, and emergency SOS features. Regulated entities and service providers must obtain manufacturer or operating-system certification for device-locking technology. Disclosure of borrower or guarantor information to recovery personnel must be limited to what is necessary for loan-recovery duties.
    August 6, 2026
    Show AI Summary
    Bilateral trade agreement negotiations should secure tariff certainty, protect key exports, strengthen supply chains, and support vulnerable small industries.
    An early Bilateral Trade Agreement is proposed to protect Indian interests, secure tariff exemptions for key exports, reduce barriers affecting industrial products, and create predictable trade conditions. Recommended measures include financial and export-credit support for small industries, real-time monitoring of customs requirements, documentation assistance, and timely policy support against tariff and non-tariff barriers. Export strategy should develop knowledge services and critical supply-chain integration, while a National Fund should assist suppliers with redesign, tooling, certification and entry into new global supply chains.
    August 6, 2026
    Show AI Summary
    Ethanol imports for fuel blending remain excluded from trade commitments, with domestic producers continuing to supply the blending programme.
    Ethanol imports for fuel blending remain outside concessions or commitments in India-US trade discussions. Under the Ethanol Blended with Petrol Programme, ethanol procurement is governed solely by domestic policy requirements and is sourced entirely from domestic producers. Claims of existing or intended large-scale ethanol imports from the United States for fuel blending, or of a policy change permitting them, are stated to be baseless.
    August 6, 2026
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    Domestic ethanol sourcing for fuel blending continues unchanged, with no import commitments or concessions involving United States ethanol.
    Ethanol used for fuel blending under the Ethanol Blended with Petrol Programme is sourced entirely from domestic producers, with no imports from the United States for that purpose. No concessions or commitments on importing United States ethanol for fuel blending have been made in trade discussions. Fuel blending and ethanol procurement continue to be governed solely by domestic policy requirements, and claims of a policy change allowing large-scale imports are incorrect.
    August 6, 2026
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    Patent and trade marks agent qualification examinations require written-paper minimums, aggregate passing scores, and viva voce assessment for registration.
    Patent and trade marks agent examinations comprise an objective Paper I, a descriptive Paper II and a viva voce assessing suitability to practise before the Intellectual Property Office. Candidates must secure the stipulated minimum marks in each written paper and the required aggregate score to pass. Registration in the relevant Register of Patent Agents or Register of Trade Marks Agents is available only to candidates who satisfy all prescribed eligibility conditions and qualify the examination.
    August 6, 2026
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    Draft NBFC credit-facilities amendments open for stakeholder consultation through designated online and email feedback channels.
    Draft amendments to the Non-Banking Financial Companies credit-facilities framework have been released for public consultation. Regulated entities and other interested stakeholders may submit comments or feedback through the 'Connect 2 Regulate' platform or by email using the specified subject line.

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      What happens now that US government shutdown is underway

      October 1, 2025

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      Washington, Oct 1 (AP) Washington is bracing for what could be a prolonged federal shutdown after lawmakers deadlocked and missed the deadline for funding the government.

      Republicans supported a short-term measure to fund the government generally at current levels through November 21, but Democrats blocked it, insisting the measure address their concerns on health care.

      They want to reverse the Medicaid cuts in President Donald Trump's mega-bill passed this summer and extend tax credits that make health insurance premiums more affordable for millions of people who purchase through the marketplaces established by the Affordable Care Act.

      Republicans called the Democratic proposal a nonstarter that would cost taxpayers more than USD 1 trillion.

      Neither side shows any signs of budging.

      Here's what to know about the shutdown that began Wednesday: What happens in the shutdown? Now that a lapse in funding has occurred, the law requires agencies to furlough their “non-excepted” employees. Excepted employees, which include those who work to protect life and property, stay on the job but don't get paid until after the shutdown ends.

      The White House Office of Management and Budget begins the process with instructions to agencies that a lapse in appropriations has occurred and they should initiate orderly shutdown activities. That memo went out Tuesday evening.

      The Congressional Budget Office estimates that roughly 7,50,000 federal employees could be furloughed each day of the shutdown, with the total daily cost of their compensation at roughly USD 400 million.

      What government work continues during a shutdown? A great deal, actually.

      FBI investigators, CIA officers, air traffic controllers and agents operating airport checkpoints keep working. So do members of the Armed Forces.

      Those programmes that rely on mandatory spending generally continue during a shutdown. Social Security payments still go out. Seniors relying on Medicare coverage can still see their doctors and health care providers can be reimbursed.

      Veteran health care also continues during a shutdown. Veterans Affairs medical centres and outpatient clinics will be open, and VA benefits will continue to be processed and delivered. Burials will continue at VA national cemeteries.

      Will furloughed federal workers get paid? Yes. In 2019, Congress passed a bill enshrining into law the requirement that furloughed employees get retroactive pay once operations resume.

      While they'll eventually get paid, the furloughed workers and those who remain on the job may have to go without one or more of their regular paychecks, depending upon how long the shutdown lasts, creating financial stress for many families.

      Service members would also receive back pay for any missed paychecks once federal funding resumes.

      Will I still get mail? Yes. The US Postal Service is unaffected by a government shutdown. It's an independent entity funded through the sale of its products and services, not by tax dollars.

      What closes during a shutdown? All administrations get some leeway to choose which services to freeze and which to maintain in a shutdown.

      The first Trump administration worked to blunt the impact of what became the country's longest partial shutdown in 2018 and 2019. But on Tuesday, Trump threatened the possibility of increasing the pain that comes with a shutdown.

      “We can do things during the shutdown that are irreversible, that are bad for them and irreversible by them,” Trump said of Democrats. “Like cutting vast numbers of people out, cutting things that they like, cutting programmes that they like.” Each federal agency develops its own shutdown plan. The plans outline which workers would stay on the job during a shutdown and which would be furloughed.

      In a provocative move, the White House's Office of Management and Budget has threatened the mass firing of federal workers in a shutdown. An OMB memo said those programmes that didn't get funding through Trump's mega-bill this summer would bear the brunt of a shutdown.

      Agencies should consider issuing reduction-in-force notices for those programmes whose funding expires, that don't have alternative funding sources and are “not consistent with the President's priorities,” the memo said.

      That would be a much more aggressive step than in previous shutdowns, when furloughed federal workers returned to their jobs once the shutdown was over. A reduction in force would not only lay off employees but eliminate their positions, which would trigger another massive upheaval in a federal workforce that's already faced major rounds of cuts due to efforts from the Department of Government Efficiency and elsewhere in Trump's Republican administration.

      What agencies are planning Health and Human Services will furlough about 41 per cent of its staff out of nearly 80,000 employees, according to a contingency plan posted on its website.

      As part of that plan, the Atlanta-based Centres for Disease Control and Prevention would continue to monitor disease outbreaks, while activities that will stop include research into health risks and ways to prevent illness.

      Meanwhile, research and patient care at the National Institutes of Health would be upended. Patients currently enrolled in studies at the research-only hospital nicknamed the “house of hope” will continue to receive care.

      Additional sick patients hoping for access to experimental therapies can't enroll except in special circumstances, and no new studies will begin.

      At the Food and Drug Administration, its “ability to protect and promote public health and safety would be significantly impacted, with many activities delayed or paused.” For example, the agency would not accept new drug applications or medical device submissions that require payment of a user fee.

      — National Park Service: As the shutdown neared, the National Park Service had not yet said whether it will close its more than 400 sites across the US to visitors. Park officials said Tuesday afternoon that contingency plans were still being updated and would be posted to the service's website.

      Many national parks including Yellowstone and Yosemite stayed open during a 35-day shutdown during Trump's first term. Limited staffing led to vandalism, gates being pried open and other problems including an off-roader mowing down one of the namesake trees at Joshua Tree National Park in California.

      — Smithsonian Institution: In the event of a government shutdown, our museums, research centres, and the National Zoo will remain open through at least Monday, October 6.

      Impact on the economy Phillip Swagel, director of the Congressional Budget Office, said a short shutdown doesn't have a huge impact on the economy, especially since federal workers, by law, are paid retroactively. But “if a shutdown continues, then that can give rise to uncertainties about what is the role of government in our society, and what's the financial impact on all the programmes that the government funds.” “The impact is not immediate, but over time, there is a negative impact of a shutdown on the economy,” he added.

      Markets haven't reacted strongly to past shutdowns, according to Goldman Sachs Research. At the close of the three prolonged shutdowns since the early 1990s, equity markets finished flat or up even after dipping initially.

      A government-wide shutdown would directly reduce growth by around 0.15 percentage points for each week it lasted, or about 0.2 percentage points per week once private-sector effects were included, and growth would rise by the same cumulative amount in the quarter following reopening, writes Alec Phillips, chief US political economist at Goldman Sachs. (AP) NPK NPK

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