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    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
    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
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    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
    Show AI Summary
    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
    Show AI Summary
    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
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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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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.

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      Trump says he 'won't be extorted' by Democrats, shuns negotiations as shutdown drags on

      November 3, 2025

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      Washington, Nov 3 (AP) President Donald Trump says he “won't be extorted” by Democrats to reopen the government, making clear that he has no plans to negotiate as the government shutdown will soon enter its sixth week.

      In an interview on CBS's “60 Minutes” that aired on Sunday, Trump said that Democrats who are demanding an extension in health care subsidies “have lost their way” and predicted that they will eventually capitulate to Republicans who have said they won't negotiate until they vote to reopen the government.

      “I think they have to,” Trump said. “And if they don't vote, it's their problem.” Trump's comments signal that the shutdown could continue to drag on for some time as federal workers, including air traffic controllers, are set to miss additional paychecks and as there is uncertainty over whether 42 million Americans who received federal food aid will be able to access the assistance.

      Senate Democrats have now voted 13 times against reopening the government, insisting that they need Trump and Republicans to negotiate with them first on an extension of Affordable Care Act subsidies that are set to expire at the end of the year.

      Instead of negotiating, the president reiterated his pleas to Republican leaders to change Senate rules and scrap the filibuster. But Senate Republicans have rejected that idea, arguing that the rule requiring 60 votes to overcome any objections in the Senate is vital to the institution and has allowed them to stop Democratic policies when they are in the minority.

      “Republicans have to get tougher,” Trump said in the CBS interview. “If we end the filibuster, we can do exactly what we want.” With the two parties at a standstill, the shutdown, now in its 33rd day, appears likely to become the longest in history. The previous record was set in 2019, when Trump demanded that Congress give him money for a US-Mexico border wall.

      A potentially decisive week ================= Trump's push on the filibuster could prove a distraction for Senate Majority Leader John Thune, R-SD, and Republican senators who have opted instead to stay the course as the consequences of the shutdown have become more acute.

      Republicans are hoping that at least some Democrats will eventually give them the votes they need as moderates have been in weekslong talks with rank-and-file Republicans about potential compromises that could guarantee votes on health care in exchange for reopening the government. Republicans need five additional Democrats to pass their bill.

      “We need five with a backbone to say we care more about the lives of the American people than about gaining some political leverage,” Thune said on the Senate floor as the Senate left Washington for the weekend on Thursday.

      Virginia Sen. Tim Kaine, a Democrat, said on ABC's “This Week” on Sunday that there is a group of people talking about “a path to fix the health care debacle” and a commitment from Republicans not to fire more federal workers. But it's still unclear if those talks could produce a meaningful compromise.

      Far apart on Obamacare subsidies ===================== Trump said in the “60 Minutes” interview that the Affordable Care Act, often known as Obamacare because it was signed and championed by former President Barack Obama, is “terrible” and that if the Democrats vote to reopen the government, “we will work on fixing the bad health care that we have right now.” Democrats feel differently, arguing that the marketplaces set up by the ACA are working as record numbers of Americans have signed up for the coverage. But they want to extend subsidies first enacted during the COVID-19 pandemic so that premiums won't go up for millions of people on January 1.

      “We want to sit down with Thune, with (House Speaker Mike) Johnson, with Trump, and negotiate a way to address this horrible health care crisis,” Senate Democratic leader Chuck Schumer said last week.

      No appetite for bipartisanship ================== As Democrats have pushed Trump and Republicans to negotiate, Trump has showed little interest in doing so. He immediately called for an end to the Senate filibuster after a trip to Asia while the government was shut down.

      White House Spokeswoman Karoline Leavitt said on “Sunday Morning Futures” on Fox News that the president has spoken directly to both Thune and Johnson about the filibuster.

      But a spokesman for Thune said Friday that his position hasn't changed, and Johnson said on Sunday that Republicans traditionally have resisted calling for an end to the filibuster because it protects them from “the worst impulses of the far-left Democrat Party.” Trump said on “60 Minutes” that “I like John Thune, I think he's terrific. But I disagree with him on this point.” The president has spent much of the shutdown mocking Democrats, posting videos of House Democratic leader Hakeem Jeffries in a Mexican sombrero. The White House website has a satirical “My Space” page for Democrats, a parody based on the social media site that was popular in the early 2000s. “We just love playing politics with people's livelihoods,” the page reads.

      Democrats have repeatedly said that they need Trump to get serious and weigh in. Virginia Sen Mark Warner said that he hopes the shutdown could end “this week” because Trump is back in Washington.

      Republicans “can't move on anything without a Trump sign off,” Warner said on “Face the Nation” on CBS.

      Record-breaking shutdown ================= The 35-day shutdown that lasted from December 2018 to January 2019 ended when Trump retreated from his demands over a border wall. That came amid intensifying delays at the nation's airports and multiple missed paydays for hundreds of thousands of federal workers.

      Transportation Secretary Sean Duffy said on ABC's “This Week” that there have already been delays at several airports as air traffic controllers aren't getting paid “and it's only going to get worse.” Many of the workers are “confronted with a decision,” he said. “Do I put food on my kids' table, do I put gas in the car, do I pay my rent or do I go to work and not get paid?” As flight delays around the country increased, New York City's emergency management department posted on Sunday that Newark Airport was under a ground delay because of “staffing shortages in the control tower” and that they were limiting arrivals to the airport.

      “The average delay is about 2 hours, and some flights are more than 3 hours late,” the account posted. “FAA planning notes show a possibility of a full ground stop later if staffing shortages or demand increases.” SNAP crisis ======= Also in the crossfire are the 42 million Americans who receive SNAP benefits. The Department of Agriculture planned to withhold USD 8 billion needed for payments to the food programme starting on Saturday until two federal judges ordered the administration to fund it.

      House Democratic leader Jeffries, D-NY, accused Trump and Republicans of attempting to “weaponise hunger.” He said that the administration has managed to find ways for funding other priorities during the shutdown, but is slow-walking pushing out SNAP benefits despite the court orders.

      “But somehow they can't find money to make sure that Americans don't go hungry,” Jeffries said in an appearance on CNN's “State of the Union.” Treasury Secretary Scott Bessent, in his own CNN appearance Sunday, said the administration continues to await direction from the courts.

      “The best way for SNAP benefits to get paid is for Democrats — for five Democrats to cross the aisle and reopen the government,” Bessent said. (AP) NPK NPK

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