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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
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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
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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
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    Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
    Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
    August 5, 2026
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    Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
    The Reserve Bank retained the repo rate with a neutral stance amid uncertainty over energy prices and supply disruptions. Stock exchanges introduced the Closing Auction Session in the equity cash segment for eligible shares with futures and options contracts. This auction-based mechanism determines closing prices of eligible stocks and aims to make price discovery more transparent and robust.
    August 5, 2026
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    Services-sector growth slowed as weaker demand, competition and postponed orders moderated business activity, while employment improved modestly.
    Services-sector growth slowed as domestic and export orders moderated amid weaker demand, competitive pressures, softer market conditions and postponed orders. Output continued to expand, but at its weakest pace in more than four years. Employment growth improved modestly, while input costs rose and firms increased selling prices. Business confidence remained positive but declined, and the composite output indicator weakened due principally to the sharp slowdown in services activity.

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      Trump dismisses US intelligence that Saudi prince was likely aware of 2018 killing of journalist

      November 19, 2025

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      Washington, Nov 19 (AP) President Donald Trump on Tuesday dismissed US intelligence findings that Crown Prince Mohammed bin Salman likely had some culpability in the 2018 killing of Washington Post journalist Jamal Khashoggi as Trump warmly welcomed the de facto ruler of Saudi Arabia on his first White House visit in seven years.

      The US-Saudi relationship had, for a time, been sent into a tailspin by the operation targeting Khashoggi, a fierce critic of the kingdom.

      But seven years later, the dark clouds over the relationship have been cleared away. And Trump is tightening his embrace of the 40-year-old crown prince, who he said is an indispensable player in shaping the Middle East in the decades to come.

      Trump in his defense of the crown prince derided Khashoggi as “extremely controversial” and said “a lot of people didn't like that gentleman.” Prince Mohammed denies involvement in the killing of Khashoggi, who was a Saudi citizen and Virginia resident.

      “Whether you like him or didn't like him, things happen,” Trump said of the international incident when asked about it by a reporter during an Oval Office appearance with Prince Mohammed. “But (Prince Mohammed) knew nothing about it. And we can leave it at that. You don't have to embarrass our guest by asking a question like that.” But US intelligence officials determined that the Saudi crown prince likely approved the killing by Saudi agents of US-based journalist inside the Saudi consulate in Istanbul , according to US findings declassified in 2021 at the start of the Biden administration. Trump officials, during his first administration, refused to release the report.

      Prince Mohammed said Saudi Arabia “did all the right steps” to investigate Khashoggi's death.

      “It's painful and it's a huge mistake,” he said.

      Trump, who said the two leaders have become “good friends," even commended the Saudi leader for strides made by the kingdom on human rights without providing any specific detail.

      “What's he done is incredible in terms of human rights and everything else," Trump said.

      New investment from Saudis The crown prince for his part announced Saudi Arabia was increasing its planned investments in the US to USD 1 trillion, up from USD 600 billion that the Saudis announced they would pour into the United States when Trump visited the kingdom in May.

      Echoing rhetoric that Trump likes to use, the crown prince used the moment to flatter the Republican leader by calling the US the “hottest country on the planet" for foreign investment.

      “What you're creating is not about an opportunity today. It's also about long term opportunity,” Prince Mohammed said.

      Trump's family has a strong personal interest in the kingdom. In September, London real estate developer Dar Global announced that it plans to launch Trump Plaza in the Red Sea city of Jeddah.

      It's Dar Global's second collaboration with the Trump Organisation, the collection of companies controlled by the US president's children, in Saudi Arabia.

      Trump pushed back on suggestions that there could be a conflict of interest in his family's dealings with the Saudis.

      “I have nothing to do with the family business,” Trump said.

      Trump's comments about Khashoggi's and defense of his family's business in Saudi Arabia were blasted by human rights and government oversight activists.

      Human rights groups say Saudi authorities continue to harshly repress dissent, including by arresting human rights defenders, journalists, and political dissidents for criticism against the kingdom. They also note a surge in executions in Saudi Arabia that they connect to an effort to suppress internal dissent.

      “President Trump has Jamal Khashoggi's blood on his hands,” said Raed Jarrar, advocacy director for DAWN, a US-based group advocating for democracy and human rights in the Arab world that was founded by Khashoggi. Jarrar added, “Trump has made himself complicit in every execution and imprisonment MBS has ordered since." Rolling out the red carpet Trump warmly received Prince Mohammed when he arrived at the White House Tuesday morning for a pomp-filled arrival ceremony that included a military flyover and a thundering greeting from the US Marine band.

      Technically, it's not a state visit, because the crown prince is not the head of state. But Prince Mohammed has taken charge of the day-to-day governing for his father, King Salman, 89, who has endured health problems in recent years.

      Trump showed the prince the newly-installed Presidential Walk of Fame that features gold-framed images of past presidents along the West Wing colonnade and a photo of an autopen signing the name of Biden in place of the Democrat's official portrait.

      Later, Trump and first lady Melania Trump welcomed the crown prince for a black-tie dinner in the White House East Room. The boldface names who attended included Nvidia CEO Jensen Huang, tech entrepreneur Elon Musk and soccer star Cristiano Ronaldo.

      Trump at the dinner announced he was designating Saudi Arabia as a major non-NATO ally as the administration aims to elevate the two nations' military relationship. The designation, while largely symbolic, provides foreign partners with certain benefits in the areas of defense, trade and security cooperation.

      Trump and Prince Mohammed will attend an investment summit at the Kennedy Center on Wednesday that will include the heads of Salesforce, Qualcomm, Pfizer, the Cleveland Clinic, Chevron and Aramco, Saudi Arabia's national oil and natural gas company, where even more deals with the Saudis could be announced.

      Fighter jets and business deals On the eve of Prince Mohammed's arrival, Trump announced he has agreed to sell the Saudis F-35 fighter jets despite some concerns within the administration that the sale could lead to China gaining access to the US technology behind the advanced weapon system. The White House announced the two leaders formalized the F-35 agreement Tuesday as well as a deal for the Saudis to purchase nearly 300 tanks from the US.

      They also signed agreements signifying closer cooperation on capital markets and critical minerals markets, as well as efforts against money laundering and terrorist financing.

      Trump's announcement on the fighter jets was surprising because some in the Republican administration have been wary about upsetting Israel's qualitative military edge over its neighbours, especially at a time when Trump is depending on Israeli support for the success of his Gaza peace plan.

      Abraham Accord talks The visit comes at a moment when Trump is trying to nudge the Saudis toward normalising relations with Israel.

      The president in his first term had helped forge commercial and diplomatic ties between Israel and Bahrain, Morocco and the United Arab Emirates through an effort dubbed the Abraham Accords.

      Trump sees expansion of the accords as essential to his broader efforts to build stability in the Middle East after the two-year Israel-Hamas war in Gaza. Getting Saudi Arabia — the largest Arab economy and the birthplace of Islam — to sign on would spur a domino effect, he argues.

      But the Saudis have maintained that a path toward Palestinian statehood must first be established before normalizing relations with Israel can be considered. The Israelis remain steadfastly opposed to the creation of a Palestinian state.

      “We want to be part of the Abraham Accords, but we want also to be sure that we secure a clear path of a two-state solution,” Prince Mohammed said. (AP) OZ OZ

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