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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
    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
    RBI holds interest rates for fourth straight meeting, awaits clearer inflation outlook
    Highlights of RBI's August monetary policy
    RBI targeting polymer currency notes launch in early FY28: Guv Malhotra
    Two women held at Delhi airport with 1 kg gold concealed as silver-coated armlet
    Sensex trades higher, Nifty flat post RBI policy
    India's services sector growth hits four-and-a-half-year low in July on weak demand: PMI
    SC grants interim bail to businessman Anwar Dhebar in manpower commission 'scam' case
    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
    RBI marginally raises FY27 GDP growth projection to 6.7 pc, lowers inflation forecast
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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
    Show AI Summary
    Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
    The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
    August 5, 2026
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    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
    Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
    August 5, 2026
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    Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
    A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
    August 5, 2026
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    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
    Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.
    August 5, 2026
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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
    Show AI Summary
    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
    Show AI Summary
    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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      AstaGuru’s ‘Heirloom’ Auction to Showcase Exquisite & Nonpareil Jewellery, Silver & Timepieces

      October 25, 2025

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      Lot 7 | A Five-Tier Mutual-Cut Diamond Necklace Mumbai, October 24, 2025: In its upcoming ‘Heirloom’ auction, AstaGuru is proud to showcase the finest timeless jewellery, rare silver, and riveting watches. The meticulously curated catalogue celebrates exceptional craftsmanship and artistry from across the globe. Scheduled to take place from October 27 - 28, the auction promises to be an unmissable event for connoisseurs of important collectibles and admirers of master craftsmanship. The jewellery selection brings together a blend of Western and traditional Indian artistry, featuring pieces set with exceptional diamonds, rubies, emeralds, natural pearls, and other precious and rare gemstones sourced from some of the world’s most renowned mines, prized for their colour and clarity. The silver collection celebrates Indian and European silversmithing traditions through vintage creations that echo the skills of the artisans of the time. Completing the curation is a remarkable range of watches, from vintage classics to modern icons by some of the world’s most renowned labels, including Patek Philippe, Audemars Piguet, Bvlgari, Rolex, Hublot, Breguet, Cartier, and A. Lange & Söhne. Adding an exclusive dimension to the auction, a special segment has been curated by Kavita Singh, one of India’s foremost style and décor luminaries. Known for her refined taste and distinctive aesthetic, Kavita brings her signature philosophy of individuality, authenticity, and timeless elegance to this special selection for AstaGuru. Her curation for Heirloom Jewellery is, in her own words, “an amalgamation, a marriage between different styles,” blending modern sophistication with an enduring old-world charm. Each piece in this segment has been chosen for its harmony of design, craftsmanship, and emotional resonance — a reflection of Kavita’s deep appreciation for beauty that transcends trends. Speaking about the jewellery section of the catalogue, Jay Sagar, Jewellery Expert, AstaGuru Auction House, said, “This auction is a truly special one for us. We’re thrilled to bring together a stunning selection of jewellery that reflects the best of Indian and international brilliance. Each piece has been chosen for its beauty and expertise, featuring rare gemstones such as Mogok mine Burmese rubies, Colombian emeralds, rubellites, Tanzanites, spinels, pearls, and natural diamonds of exceptional quality. The collection offers something for every connoisseur — from timeless simplicity to pieces of magnificent grandeur.” Leading the jewellery segment and commanding the highest price is lot no. 24, A Vintage French Art Deco Bow Brooch. The GRS Platinum Award-winning piece is set with diamonds and vivid Colombian emeralds. Ingeniously designed, it can be separated at the centre to form a graceful pair of ear pendants. This lot will be offered at an estimate of INR 2,97,47,826 – 3,50,00,000 An important highlight, lot no. 22, A Beautiful Zambian Emerald, Pearl & Diamond Necklace, showcases five graduated strands of lustrous pearls centring on a striking cluster of Zambian emeralds framed by brilliant-cut diamonds and suspending a pear-shaped emerald drop with pearl fringes. Estimated at INR 1,95,30,000 – 2,50,00,000, it is a refined piece reflecting the splendour of Indian craftsmanship. Jehangir Readymoney, Luxury Timepiece Expert, reflects on the collection: “The fascination for fine timepieces continues to grow, and this season’s offering truly captures that spirit. We’ve handpicked rare watches from renowned global brands – each with its own story, craftsmanship, and character. The collection speaks to both the discerning connoisseur and the emerging collector – showcasing pieces that embody innovation, precision, and timeless elegance.” A standout highlight of this category is lot no. 171, a Rolex Cosmograph Daytona ‘John Mayer’ 18k Gold Wristwatch, a highly coveted and distinctive timepiece with a fascinating provenance. Named after the acclaimed musician and renowned Rolex enthusiast John Mayer, this model features an eye-catching emerald green dial with three sub-dials – a seconds counter at 6 o’clock, a 30-minute counter at 3 o’clock, and a 12-hour counter at 9 o’clock. The watch is crafted in 18k gold, including its case, bezel, crown, and caseback. Executed circa 2021, this exceptional piece carries an estimated value of INR 55,00,000 – 65,55,000. Another important highlight of the sale, lot no. 157, a Patek Philippe Nautilus Stainless Steel Wristwatch, stands as an icon of luxury sports watchmaking and a cornerstone of contemporary horological design. The present example is a rare, smaller version of the model, first introduced in the early 1980s. It features a blue ribbed dial, stainless steel case and caseback, complemented by an 18k gold bezel and crown. Originating circa 1982–1985, this elegant timepiece is estimated at INR 39,00,000 – 60,00,000. The silver section of this auction celebrates the brilliance of metalwork from both India and Europe, capturing the artistry of a time when craftsmanship was paramount. From intricate Indian designs to the refined elegance of European creations, each piece reflects a unique tradition and legacy. The standout piece is lot no. 145, A French Silver Garniture Set With Candelabra. The exceptional garniture features a pair of five-light candelabra and a central mirrored plateau with an openwork frame. Richly decorated with acanthus scrolls, floral motifs, and rocaille details, the set exemplifies the elegance of the 19th-century Rococo Revival-style. Crafted by the renowned Parisian silversmith Cardeilhac, it is a superb example of French craftsmanship, estimated to be sold at INR 20,00,000 – 24,00,000. Lot no. 147, A Hallmark Silver Vase, is a finely crafted piece featuring a broad, rounded contour adorned with bold foliate scroll handles and a flared neck with a reeded rim. Resting on a square pedestal base with gadroon edging and four stylised paw feet, the vase reflects the refined design sensibilities of the early 20th century. Marked IIS as its maker, this elegant creation is estimated to be acquired at INR 13,20,000 – 15,20,000. The Heirloom Auction will be conducted online at www.astaguru.com. Bidders are invited to preview the full catalogue and register for participation. About AstaGuru Auction House AstaGuru (AG) is India’s premium auction house, dedicated to preserving cultural heritage and shaping enduring legacies through rare art and luxury collectibles. Founded in 2008, AstaGuru provides a seamless and trusted platform for collectors to discover, acquire, and consign exceptional treasures, spanning Modern and Contemporary Indian Art, fine jewellery, rare timepieces, vintage cars, and unique collectibles. Guided by a vision to be the world’s leading platform for rare art and luxury collectibles, AstaGuru brings together connoisseurs across generations, fostering a deeper appreciation for craftsmanship and history. With an unwavering commitment to expertise, authenticity, and innovation, AstaGuru empowers collectors to curate extraordinary stories that transcend time. Through its digital platform and mobile app, AstaGuru bridges geographies, making remarkable acquisitions accessible to collectors worldwide. Media Contact: Ayesha Bachaw | [email protected] (Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI

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