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    Monetary Policy Statement, 2026-27 Resolution of the Monetary Policy Committee August 3 to 5, 2026
    Stock markets edged higher in early trade amid lower crude oil prices, buying in Reliance Industries
    Monthly review of accounts of Government of India upto June 2026 (FY 2026-27)
    DRI busts illegal drug manufacturing unit in Satara district in Maharashtra; two arrested
    CCI approves proposed combination inter alia involving share acquisition(s) and merger of certain entities e.g. AAPC India, Triguna, Caddie, SMPL, Tec...
    Rupee gains 20 paise to close at 95.08 against US dollar post-RBI policy decision
    TN Budget: Revenue deficit at Rs 55,775 crore, fiscal deficit estimated at Rs 1,21,819 crore
    Tatkare slams ‘gungi gudiya’ jibe against Sunetra; Cong says row being exploited for political gains
    RBI invites public comments on Draft Guidelines for ‘on tap’ Licensing of Urban Co-operative Banks
    Pakistan-origin dry dates, routed through UAE, seized at Kandla port
    RBI keeps rates unchanged, retains neutral stance; outlook uncertain on El Nino, geopolitical risks
    Government Notifies Inventory-based Cross-border E-Commerce Export Framework under Foreign Trade Policy 2023
    Customs official among 5 held for smuggling gold of Rs 1.44 crore at Indore airport
    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
    Sensex gains 152 pts in volatile session as RBI keeps policy rates unchanged
    DRI seizes 364 metric tonne (MT) banned Pakistan-origin dry dates imports worth Rs. 3 crore
    Rupee gains 13 paise to close at 95.15 against US dollar post-RBI policy decision
    ED raids premises linked to ex-Andhra MLA Malla Vijaya Prasad in chit fund scam
    'Gungi gudiya' remark against Sunetra shows Cong's 'ideological bankruptcy': NCP leader Tatkare
    RBI holds interest rates for fourth straight meeting, awaits clearer inflation outlook
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    August 6, 2026
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    Neutral monetary policy stance continues as resilient growth and food-fuel inflation risks require close macroeconomic monitoring.
    The Monetary Policy Committee retained the policy repo rate and continued the neutral monetary policy stance, citing the need to assess evolving growth-inflation conditions. Domestic activity was assessed as resilient, supported by consumption, investment, credit, manufacturing, services and exports, although global uncertainty, energy prices, supply-chain pressures, geopolitical developments and monsoon conditions remain risks. CPI inflation increased mainly because of food and fuel pressures, while underlying inflation remained moderate. The Committee considered that price pressures were not yet generalised and reaffirmed its commitment to align inflation with the target.
    August 6, 2026
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    Closing auction price discovery and a neutral monetary policy stance shaped equity market conditions amid lower crude prices.
    The Closing Auction Session in the equity cash segment introduced an auction-based mechanism for determining closing prices of eligible shares with futures and options contracts, intended to make price discovery more transparent and robust. The Reserve Bank of India retained its neutral stance and left the benchmark policy rate unchanged, pending greater clarity on the inflationary effects of higher energy costs. Future policy decisions were stated to be data dependent.
    August 6, 2026
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    Monthly public accounts review records receipts, expenditure, tax devolution, interest payments, subsidies, and capital spending through June.
    Consolidated monthly accounts up to June 2026 report total receipts of Rs.10,49,243 crore, comprising net tax revenue, non-tax revenue and non-debt capital receipts. Tax devolution transfers to State Governments total Rs.2,63,336 crore. Total expenditure is Rs.13,57,076 crore, including revenue expenditure of Rs.10,16,818 crore and capital expenditure of Rs.3,40,258 crore. Revenue expenditure includes interest payments and major subsidies.
    August 6, 2026
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    Illicit psychotropic drug manufacture triggered seizure, apprehensions, and investigation into planned trafficking under narcotics control law.
    Illicit manufacture and trafficking of Alprazolam and Diazepam, psychotropic substances regulated under the Narcotic Drugs and Psychotropic Substances Act, 1985, were detected at a clandestine facility. Searches recovered finished and intermediary substances, together with raw materials and reaction mixtures used in manufacture, and the goods were seized under the Act. The manufacturer and an intended buyer were apprehended, with material indicating a proposed transaction for further illicit trafficking. Preliminary investigation indicated prior involvement in illegal drug production and trafficking.
    August 6, 2026
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    Competition approval for hotel-sector consolidation covers share acquisitions and merger of Accor-branded hotel entities into InterGlobe Hotels.
    Competition approval was granted for related share acquisitions and the merger of AAPC India, Caddie, Triguna, Srilanand Mansions, Techpark and Accent into InterGlobe Hotels. The combination involves entities jointly controlled by the Bhatia Family Group and the Accor Group, including hotel-owning and developing entities, hotel management and franchising operations, leasing activities, and captive consultancy and support services relating to Accor-branded hotels in India.
    August 5, 2026
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    Rupee appreciation followed unchanged monetary policy, lower crude prices, weaker dollar and expectations of orderly exchange-rate management.
    The rupee strengthened after the central bank maintained its policy rate and neutral monetary-policy stance. Lower crude oil prices, a weaker US dollar and declining US Treasury yields supported investor sentiment. Earlier measures to attract capital inflows remained part of the framework supporting the rupee, while the central bank stressed its endeavour to preserve an orderly currency trajectory. Future movement was linked to geopolitical de-escalation, global risk sentiment and US economic data.
    August 5, 2026
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    Fiscal consolidation through revenue mobilisation and leakage control aims to reduce deficits while expanding capital expenditure capacity.
    Tamil Nadu's Revised Budget Estimates for 2026-27 project a revenue deficit and fiscal deficit, with outstanding liabilities comprising public debt and public-account liabilities. Revenue mobilisation is proposed through improved tax administration, collection efficiency, closure of leakages, liquor-manufacturer privilege fees, and eligible Union grants. The strategy projects gradual deficit reduction to create room for capital expenditure, supported by expenditure reforms aimed at eliminating leakages, optimising expenditure, and improving service delivery.
    August 5, 2026
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    Political criticism of public office-holders raises debate over media accountability, personal remarks, and acceptable public discourse.
    Political criticism followed a social-media post describing Maharashtra Deputy Chief Minister Sunetra Pawar as "gungi gudiya" in connection with a press interaction on law-and-order issues in Beed district. Congress representatives stated that the post was not a personal insult, had been deleted after adverse reactions, and was followed by an expression of regret. NCP representatives termed the expression inappropriate and stressed that the principal dignitary should conduct media interactions. Shiv Sena (UBT) representatives described the phrase as not unparliamentary and linked it to criticism of a guardian minister's public responsibilities.
    August 5, 2026
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    On-tap licensing for Urban Co-operative Banks enters public consultation through draft guidelines inviting stakeholder feedback.
    Draft guidelines for 'on tap' licensing of Urban Co-operative Banks have been issued for public and stakeholder consultation. Comments and feedback may be submitted until September 05, 2026, through the designated online consultation facility or by written or email submission to the specified regulatory department.
    August 5, 2026
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    Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
    Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
    August 5, 2026
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    Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
    Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
    The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
    August 5, 2026
    Show AI Summary
    Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
    Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
    August 5, 2026
    Show AI Summary
    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
    The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
    August 5, 2026
    Show AI Summary
    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
    The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
    August 5, 2026
    Show AI Summary
    Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
    The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
    August 5, 2026
    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
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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.

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      Dick Cheney, one of the most powerful, polarising vice presidents in US history, dies at 84

      November 4, 2025

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      Washington, Nov 4 (AP) Dick Cheney, the hard-charging conservative who became one of the most powerful and polarising vice presidents in US history and a leading advocate for the invasion of Iraq, has died at age 84.

      Cheney died on Monday night due to complications of pneumonia and cardiac and vascular disease, his family said in a statement.

      “For decades, Dick Cheney served our nation, including as White House Chief of Staff, Wyoming's Congressman, Secretary of Defence, and Vice President of the United States," the statement said. Dick Cheney was a great and good man who taught his children and grandchildren to love our country, and to live lives of courage, honour, love, kindness, and fly fishing. We are grateful beyond measure for all Dick Cheney did for our country. And we are blessed beyond measure to have loved and been loved by this noble giant of a man.” The quietly forceful Cheney served father and son presidents, leading the armed forces as defence chief during the Persian Gulf War under President George H.W. Bush before returning to public life as vice president under Bush's son George W. Bush.

      Cheney was, in effect, the chief operating officer of the younger Bush's presidency. He had a hand, often a commanding one, in implementing decisions most important to the president and some of surpassing interest to himself — all while living with decades of heart disease and, post-administration, a heart transplant. Cheney consistently defended the extraordinary tools of surveillance, detention and inquisition employed in response to the terrorist attacks of Sept. 11, 2001.

      Years after leaving office, he became a target of President Donald Trump, especially after his daughter Liz Cheney became the leading Republican critic and examiner of Trump's desperate attempts to stay in power after his election defeat and his actions in the Jan. 6, 2021, riot at the Capitol.

      “In our nation's 246-year history, there has never been an individual who was a greater threat to our republic than Donald Trump,” Cheney said in a television ad for his daughter. “He tried to steal the last election using lies and violence to keep himself in power after the voters had rejected him. He is a coward.” In a twist the Democrats of his era could never have imagined, Dick Cheney said last year he was voting for their candidate, Kamala Harris, for president against Trump.

      A survivor of five heart attacks, Cheney long thought he was living on borrowed time and declared in 2013 he now awoke each morning "with a smile on my face, thankful for the gift of another day,” an odd image for a figure who always seemed to be manning the ramparts.

      His vice presidency was defined by the age of terrorism. Cheney disclosed that he had had the wireless function of his defibrillator turned off years earlier out of fear that terrorists would remotely send his heart a fatal shock.

      In his time in office, the vice presidency was merely a ceremonial afterthought. Instead, Cheney made it a network of back channels from which to influence policy on Iraq, terrorism, presidential powers, energy and other cornerstones of a conservative agenda.

      Fixed with a seemingly permanent half-smile -- detractors called it a smirk -- Cheney joked about his outsize reputation as a stealthy manipulator.

      "Am I the evil genius in the corner that nobody ever sees come out of his hole?" he asked. "It's a nice way to operate, actually." A hard-liner on Iraq who was increasingly isolated as other hawks left government, Cheney proved wrong on point after point in the Iraq War, without ever losing the conviction that he was essentially right.

      He alleged links between the 2001 attacks against the United States and prewar Iraq that didn't exist. He said US troops would be welcomed as liberators; they weren't.

      He declared the Iraqi insurgency in its last throes in May 2005, back when 1,661 US service members had been killed, not even half the toll by war's end.

      For admirers, he kept the faith in a shaky time, resolute even as the nation turned against the war and the leaders waging it.

      But well into Bush's second term, Cheney's clout waned, checked by courts or shifting political realities.

      Courts ruled against efforts he championed to broaden presidential authority and accord special harsh treatment to suspected terrorists. His hawkish positions on Iran and North Korea were not fully embraced by Bush.

      Cheney operated much of the time from undisclosed locations in the months after the 2001 attacks, kept apart from Bush to ensure one or the other would survive any follow-up assault on the country's leadership.

      With Bush out of town on that fateful day, Cheney was a steady presence in the White House, at least until Secret Service agents lifted him off his feet and carried him away, in a scene the vice president later described to comical effect.

      From the beginning, Cheney and Bush struck an odd bargain, unspoken but well understood. Shelving any ambitions he might have had to succeed Bush, Cheney was accorded power comparable in some ways to the presidency itself.

      That bargain largely held up.

      "He is constituted in a way to be the ultimate No. 2 guy," Dave Gribbin, a friend who grew up with Cheney in Casper, Wyoming, and worked with him in Washington, once said. "He is congenitally discreet. He is remarkably loyal." As Cheney put it: "I made the decision when I signed on with the president that the only agenda I would have would be his agenda, that I was not going to be like most vice presidents — and that was angling, trying to figure out how I was going to be elected president when his term was over with.” His penchant for secrecy and backstage manoeuvring had a price. He came to be seen as a thin-skinned Machiavelli orchestrating a bungled response to criticism of the Iraq war. And when he shot a hunting companion in the torso, neck and face with an errant shotgun blast in 2006, he and his coterie were slow to disclose that extraordinary turn of events.

      The vice president called it "one of the worst days of my life.” The victim, his friend Harry Whittington, recovered and quickly forgave him. Comedians were relentless about it for months. Whittington died in 2023.

      When Bush began his presidential quest, he sought help from Cheney, a Washington insider who had retreated to the oil business. Cheney led the team to find a vice presidential candidate.

      Bush decided the best choice was the man picked to help with the choosing.

      Together, the pair faced a protracted 2000 post-election battle before they could claim victory. A series of recounts and court challenges — a tempest that brewed from Florida to the nation's highest court — left the nation in limbo for weeks.

      Cheney took charge of the presidential transition before victory was clear and helped give the administration a smooth launch despite the lost time. In the office, disputes among departments vying for a bigger piece of Bush's constrained budget came to his desk and often were settled there.

      On Capitol Hill, Cheney lobbied for the president's programs in halls he had walked as a deeply conservative member of Congress and the No. 2 Republican House leader.

      Jokes abounded about how Cheney was the real No. 1 in town; Bush didn't seem to mind and cracked a few himself. But such comments became less apt later in Bush's presidency as he clearly came into his own.

      Cheney retired to Jackson Hole, not far from where Liz Cheney, a few years later, bought a home, establishing Wyoming residency before she won his old House seat in 2016. The fates of father and daughter grew closer, too, as the Cheney family became one of Trump's favourite targets.

      Dick Cheney rallied to his daughter's defence in 2022 as she juggled her lead role on the committee investigating Jan. 6 with trying to get reelected in deeply conservative Wyoming.

      Liz Cheney's vote for Trump's impeachment after the insurrection earned her praise from many Democrats and political observers outside Congress. But that praise and her father's support didn't keep her from losing badly in the Republican primary, a dramatic fall after her quick rise to the No. 3 job in the House GOP leadership.

      Politics first lured Dick Cheney to Washington in 1968, when he was a congressional fellow. He became a protege of Rep. Donald Rumsfeld, R-Ill, serving under him in two agencies and in Gerald Ford's White House before he was elevated to chief of staff, the youngest ever, at age 34.

      Cheney held the post for 14 months, then returned to Casper, where he had been raised, and ran for the state's single congressional seat.

      In that first race for the House, Cheney suffered a mild heart attack, prompting him to crack that he was forming a group called "Cardiacs for Cheney." He still managed a decisive victory and went on to win five more terms.

      In 1989, Cheney became defence secretary under the first President Bush and led the Pentagon during the 1990-91 Persian Gulf War that drove Iraq's troops from Kuwait. Between the two Bush administrations, Cheney led Dallas-based Halliburton Corp., a large engineering and construction company for the oil industry.

      Cheney was born in Lincoln, Nebraska, the son of a longtime Agriculture Department worker. Senior class president and football co-captain in Casper, he went to Yale on a full scholarship for a year but left with failing grades.

      He moved back to Wyoming, eventually enrolled at the University of Wyoming and renewed a relationship with high school sweetheart Lynne Anne Vincent, marrying her in 1964. He is survived by his wife, by Liz and by a second daughter, Mary. (AP) SKS SKS

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