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    Rupee settles with 5 paise gain at 95.17 against US dollar
    India weathered Hormuz disruption without fuel shortages: Puri
    RBI invites public comments on the draft Directions on ‘Credit Valuation Adjustment (CVA) Framework’
    RBI invites comments on the draft “Reserve Bank of India (Commercial Banks – Prudential Norms on Capital Adequacy) Eleventh Amendment Directions, ...
    87 Proposals Received under BHAVYA Scheme during First Round of Phase-I
    India successfully concludes the 16th BRICS Trade Ministers' Meeting in Jaipur under its BRICS Chairship 2026
    GeM Completes a Decade of Transforming Public Procurement with Cumulative GMV Exceeding ₹20 Lakh Crore
    NEWS HIGHLIGHTS
    India's forex kitty swells by USD 10.5 bn to USD 692.87 bn
    Rs 5,000 cr credited to 6.22 lakh Maharashtra farmers so far under loan waiver scheme: Fadnavis
    SBI Life and J&K Bank partner to bring comprehensive life insurance solutions closer to families across India
    DRI intensifies vigil along India's North-Eastern Frontier
    Vijayan slams Kerala govt's move to end doorstep pension delivery through cooperative banks
    Kerala to stop welfare pension delivery through cooperative banks, shifts to DBT
    China's exports slow slightly in July despite robust demand for high-tech products
    India successfully concludes the Tenth BRICS Industry Ministers' Meeting in Jaipur under its BRICS Chairship 2026
    APEDA Organises BIOFACH INDIA 2026 to Promote India's Certified Organic Products and Expand Global Market Access
    RBI bars banks from disabling mobile devices of defaulting borrowers
    Par panel for early conclusion of India-US trade pact, tariff exemptions on key goods
    No commitments relating to ethanol import from US for fuel blending under FTA talks: Govt
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    August 7, 2026
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    Foreign capital inflows supported the rupee despite geopolitical uncertainty, oil-price pressures, and volatile global market sentiment.
    Foreign capital inflows supported a marginal strengthening of the rupee against the US dollar despite global risk aversion arising from uncertainty surrounding negotiations affecting the Strait of Hormuz. Higher crude oil prices and weak domestic equity sentiment remained relevant pressures. Near-term currency movement was expected to depend on developments in the negotiations, weekend decisions, US employment data, the dollar index, crude oil prices, and the reported increase in foreign exchange reserves.
    August 7, 2026
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    Energy security through diversified sourcing protected fuel supplies during Hormuz disruption and supports domestic exploration and alternative fuels.
    Energy security measures based on diversified crude oil and LPG sourcing, expanded infrastructure, increased domestic LPG production and alternative fuels were presented as maintaining fuel availability during disruption of shipping through the Strait of Hormuz. Domestic resilience is also linked to support for private deep-water oil and gas exploration, opening offshore acreage, and expansion of compressed biogas and ethanol blending. Ethanol-blended petrol testing identified limited contamination instances rather than a systemic issue, while excise duty reductions were described as cushioning consumers against global fuel-price volatility.
    August 7, 2026
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    Credit valuation adjustment framework revises derivative capital requirements through flexible basic approaches, hedge recognition, and risk-sensitive counterparty treatment.
    Credit Valuation Adjustment framework revisions align CVA capital treatment with final Basel III standards. Eligible banks may use the full or reduced basic approach, while banks with an insignificant volume of non-centrally cleared derivatives may calculate their CVA capital charge at 100 per cent of the counterparty credit risk capital charge. The draft also clarifies CVA hedge recognition, introduces risk weights sensitive to sector and credit quality, and separates systematic and idiosyncratic CVA risk in the full basic approach.
    August 7, 2026
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    Leverage ratio framework amendments propose Basel-aligned capital adequacy standards, with public feedback invited on the draft directions.
    Proposed amendments to the leverage ratio framework would revise Chapter VII of the 2025 Commercial Banks Prudential Norms on Capital Adequacy Directions to implement the Basel Committee's Leverage Ratio 2017 Standard. Public comments and feedback on the draft Eleventh Amendment Directions, 2026, are invited until August 28, 2026, through the designated online platform, postal submission, or email.
    August 7, 2026
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    BHAVYA Scheme project selection uses challenge-based evaluation of infrastructure, industrial ecosystems, and policy enablers under prescribed eligibility criteria.
    BHAVYA Scheme Phase-I proposals submitted by State and Union Territory governments will be evaluated and scored under prescribed eligibility and evaluation criteria. Challenge-based project selection considers connectivity and site suitability, quality of core, value-added and social infrastructure in the detailed project report, and the industrial ecosystem and policy enablers. The Scheme guidelines provide for completion of the first-phase selection process within one year from notification.
    August 7, 2026
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    Multilateral trade cooperation preserves developing economies' policy space while advancing MSME finance, diversified value chains and digital services.
    BRICS ministers adopted measures supporting a development-centred multilateral trading system with the World Trade Organization at its core, preservation of Special and Differential Treatment, binding two-tier dispute settlement, and developing economies' policy space for food security and public stockholding. MSME measures include study of an invoice discounting mechanism and credit-assessment principles focused on cash flow rather than collateral. Value-chain measures provide for a GVC Action Plan, technical cooperation, Special Economic Zone cooperation and digitised trade documents, alongside principles for trusted cross-border digitally delivered services.
    August 7, 2026
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    Digital public procurement promotes transparent sourcing, reduced seller charges, competition monitoring and evidence-based spending oversight through an integrated marketplace.
    Government e-Marketplace digitises public procurement through a unified platform promoting transparency, efficiency, good governance and wider supplier participation. Seller-facing measures include reduced transaction charges, exemption of smaller orders, a cap on maximum transaction fees and reduced vendor assessment fees. The platform uses Artificial Intelligence and Machine Learning tools to identify suspected cartelisation, collusion and order splitting, while its digital transactional trail supports expenditure monitoring, identification of inefficiencies and evidence-based policy interventions.
    August 7, 2026
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    Criminal justice, extremist-material regulation and administrative schemes feature in reports on prosecutions, demolition practices, loan waivers and fuel policy.
    Criminal justice reports cover bail and an expedited trial in an assault prosecution, arrest for allegedly sheltering an accused, allegations of rape and murder of a minor, and claimed irregularities in a police recruitment examination. Regulatory developments include a ban on extremist literature associated with proscribed organisations and judicial disapproval of coercive demolition. Administrative coverage includes farmer loan-waiver transfers following Aadhaar authentication and debate over the E20 fuel-blending programme.
    August 7, 2026
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    Foreign exchange reserves rose as foreign currency assets, gold holdings, Special Drawing Rights and IMF reserve position increased.
    India's foreign exchange reserves increased during the week ended July 31, principally because of higher foreign currency assets and gold reserves. Foreign currency assets include US dollar valuation effects arising from movements in currencies such as the euro, pound and yen. Special Drawing Rights and India's reserve position with the International Monetary Fund also increased. The movement followed measures to attract foreign exchange inflows, including an FCNR(B) measure, after earlier reserve declines associated with rupee pressure and dollar sales for foreign exchange market intervention.
    August 7, 2026
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    Farm loan waiver eligibility depends on verified beneficiary status and Aadhaar authentication for direct credit of eligible crop-loan relief.
    The farm loan waiver scheme covers eligible short-term crop loans within the prescribed ceiling and eligibility period. Waiver amounts are credited to verified bank accounts after field verification and completion of Aadhaar authentication. Aadhaar authentication is the operative condition for automatic processing of benefits, while eligibility rules and technical conditions have raised concerns about exclusion of distressed farmers.
    August 7, 2026
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    Corporate agency distribution expands access to life insurance products, supporting insurance awareness, financial inclusion and long-term household financial protection.
    A corporate agency arrangement enables J&K Bank to distribute SBI Life Insurance protection, savings, retirement and child-oriented life insurance plans through its branch network. The partnership aims to improve insurance access, awareness, financial literacy and long-term financial planning for households, particularly in Jammu & Kashmir and Ladakh. It is intended to expand insurance penetration, strengthen household financial protection and support financial inclusion in line with the IRDAI vision of "Insurance for All by 2047".
    August 7, 2026
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    Cross-border smuggling controls target narcotics, poppy seeds and areca nuts entering through the Indo-Myanmar border region.
    Cross-border smuggling enforcement targeted methamphetamine, foreign-origin poppy seeds and areca nuts allegedly brought from Myanmar. Methamphetamine concealed in an ambulance was seized under the NDPS Act, 1985. Poppy seeds and areca nuts recovered in separate operations were seized under the Customs Act, 1962. Poppy-seed imports are restricted to designated countries and require registration to ensure traceability and prevent illicit produce entering legitimate supply chains. The enforcement action addresses circumvention of customs controls and regulated import requirements.
    August 7, 2026
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    Direct benefit transfer for welfare pensions replaces cooperative-bank doorstep delivery, while retaining limited home service for excluded beneficiaries.
    Direct Benefit Transfer for social security and welfare pensions is to be made through Aadhaar-linked bank accounts, replacing cooperative-bank doorstep delivery. Home delivery remains available for bedridden persons and others who cannot be excluded. The change is associated with delays in remitting undistributed amounts, record-update failures, reconciliation issues, duplicate payments, and incomplete Aadhaar-based payment implementation. Concerns have been raised that mandatory bank-account credit may disadvantage beneficiaries dependent on doorstep delivery.
    August 7, 2026
    Show AI Summary
    Direct Benefit Transfer for welfare pensions replaces doorstep cooperative-bank delivery, while home delivery remains for bedridden beneficiaries.
    Direct Benefit Transfer of social security and welfare pensions is to be made mandatory through Aadhaar-linked bank accounts, replacing cooperative-bank doorstep distribution. Home delivery continues for completely bedridden beneficiaries and others who cannot be excluded. The change addresses delays in remitting undistributed amounts, record-update and reconciliation deficiencies, duplicate payments linked to incomplete Aadhaar-based payments, delivery incentive costs, and the need to comply with Direct Benefit Transfer norms to avoid loss of central financial assistance.
    August 7, 2026
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    Customs trade data show moderating July growth while high-technology exports, vehicles and advanced manufacturing supplies remain strongly supported.
    Customs and trade data showed that China's July export and import growth moderated and its trade surplus narrowed from the preceding month. Typhoon-related port disruptions affected trade flows, but demand for electronics and green technology products supported elevated values. High-technology items, vehicles, electronics and machinery recorded strong January-July export growth, while trade performance varied among the United States, the European Union and Southeast Asia.
    August 7, 2026
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    BRICS industrial cooperation advances MSME, photovoltaic, startup and logistics frameworks alongside resilient trade and digital services collaboration.
    BRICS industrial cooperation under PartNIR was strengthened through a Joint Declaration and institutional measures addressing MSMEs, photovoltaics, startup-led innovation, and resilient transport and logistics. The measures include an SME cooperation framework, Terms of Reference and an Action Plan for photovoltaic industry cooperation, and a startup innovation action plan. Trade discussions focused on the multilateral trading system, MSME participation in international trade, resilient global value chains, and cross-border digitally delivered services within a rules-based trading framework.
    August 7, 2026
    Show AI Summary
    Certified organic export promotion: BIOFACH INDIA facilitates buyer-seller engagement, certification awareness, traceability discussions and international market access.
    BIOFACH INDIA 2026 promotes certified organic exports by providing a platform for Indian organic enterprises to showcase diverse certified products and engage with overseas buyers through structured Buyer-Seller Meets. Technical sessions address organic certification, traceability, sustainability, quality standards, international regulatory requirements and export-market expectations. The initiative supports quality assurance, international market access, export linkages and sustainable agricultural practices across the organic value chain.
    August 6, 2026
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    Device-based loan recovery restrictions protect essential mobile functions while permitting gradual locking only for lender-financed devices.
    Technology-based recovery mechanisms cannot restrict or disable a borrower's mobile device unless the bank financed acquisition of that device. Where permitted, banks must adopt a gradual approach and preserve essential functions, including incoming calls, SMS access, and emergency SOS features. Regulated entities and service providers must obtain manufacturer or operating-system certification for device-locking technology. Disclosure of borrower or guarantor information to recovery personnel must be limited to what is necessary for loan-recovery duties.
    August 6, 2026
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    Bilateral trade agreement negotiations should secure tariff certainty, protect key exports, strengthen supply chains, and support vulnerable small industries.
    An early Bilateral Trade Agreement is proposed to protect Indian interests, secure tariff exemptions for key exports, reduce barriers affecting industrial products, and create predictable trade conditions. Recommended measures include financial and export-credit support for small industries, real-time monitoring of customs requirements, documentation assistance, and timely policy support against tariff and non-tariff barriers. Export strategy should develop knowledge services and critical supply-chain integration, while a National Fund should assist suppliers with redesign, tooling, certification and entry into new global supply chains.
    August 6, 2026
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    Ethanol imports for fuel blending remain excluded from trade commitments, with domestic producers continuing to supply the blending programme.
    Ethanol imports for fuel blending remain outside concessions or commitments in India-US trade discussions. Under the Ethanol Blended with Petrol Programme, ethanol procurement is governed solely by domestic policy requirements and is sourced entirely from domestic producers. Claims of existing or intended large-scale ethanol imports from the United States for fuel blending, or of a policy change permitting them, are stated to be baseless.

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      Conservative Kast's victory in Chile suggests a hard-right, pro-Trump surge across Latin America

      December 16, 2025

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      Santiago, Dec 16 (AP) Chile has become the latest country in Latin America to veer toward the right, electing a deeply conservative veteran politician who has long attracted comparisons to Donald Trump.

      The president-elect, Jose Antonio Kast, has expressed nostalgia for the 17-year military dictatorship of the late Gen Augusto Pinochet, opposed the legalisation of same-sex marriage and advocated in recent years for a constitutional ban on abortion.

      Those stances, which some say sabotaged Kast's previous presidential bids in the increasingly liberal country, didn't seem to matter in Sunday's election.

      Instead, Kast, 59, won a landslide victory by tapping into a deep well of resentment at the status quo in a country whiplashed by an unprecedented rise in organised crime and disappointed by the failure of President Gabriel Boric to live up to his grand promises of change.

      A dramatic turn from two decades ago ----------------------------------------- Experts say this reflects the pervasive anti-incumbent mood that has gripped South America and, significantly, boosted the radical right at time when Trump is seeking to influence the region's political future.

      It's a dramatic turn from only two decades ago, when the commodities boom brought the so-called “pink tide” of left-wing leaders like the late socialist icon Hugo Chavez who whipped up voters by railing against US imperialism and vowing to redistribute government revenues.

      “The last decade, it's been rough,” said Steven Levitsky, a Harvard political scientist. “And the people who get blamed for stagnant economies, rising crime -- or, rising perceptions of crime at least -- and not insignificant corruption are those who've been in power, and that's the left.” A continental shift ------------------- Across South America this year alone, voters strengthened the mandates given to anarcho-capitalist President Javier Milei in Argentina and iron-fisted President Daniel Noboa in Ecuador, rather than return their countries to the left-wing traditions that held sway previously.

      In Bolivia, October saw the election of right-wing President Rodrigo Paz end nearly two decades of socialist rule.

      In Peru in recent weeks, demand for a ruthless approach to organized crime has caused political chaos and empowered the country's right-wing politicians ahead of the 2026 presidential election.

      Last week, partial results in Honduras' paralysed presidential vote showed a conservative former mayor endorsed by Trump and his right-wing sportscaster rival deadlocked in a stunning rebuke of the incumbent left-wing government.

      Chile's turn at the polls ------------------------ Then, on Sunday, voters traumatised by insecurity, angry about uncontrolled migration and frustrated with a dispiriting economy chose Kast over Jeannette Jara, his communist rival from the centre-left governing coalition who failed to persuade them that she was something other than the continuity candidate.

      Experts say the new Latin American hard right underscores Trump's influence.

      Speaking to reporters in Washington, Trump praised Kast on Monday as “a very good person,” adding, “I look forward to pay(ing) my respects to him.” Like Milei and Brazil's ex-President Jair Bolsonaro, Kast has been a fixture on the global speaking circuit of the Conservative Political Action Conference, decrying socialism, lambasting “gender ideology” and vowing the mass deportations of immigrants.

      “The far right is not a majority anywhere, it's usually 25-30 per cent of electorates, but it's punching above its weight because it has a real ideological project,” said Levitsky. “They've got political momentum right now, and that clearly helped in Chile.” At Kast's victory rally Sunday in Santiago, Chile's capital, supporters waved American flags, sported red “Make Chile great again” caps and raised banners emblazoned with Milei's 2023 campaign slogan, “The force of change.” A moment of reflection for the left ------------------------------------- Just four years ago, deep-rooted social discontent and popular mistrust of the political elite helped bring a new crop of left-wing leaders to office.

      In Chile, President Boric, a firebrand former student protest leader, came to power on the back of social unrest over inequality that presented a rare opportunity for his government to transform the market-led economy.

      But within months, a series of legislative defeats, a corruption scandal and an unprecedented wave of organised crime derailed his ambitions. His approval ratings dropped from 50 per cent to less than 30 per cent — and never recovered.

      In Colombia, progressive President Gustavo Petro was elected on plans to help the poor and achieve what he called “total peace” with the nation's many armed groups. Now, with just months to go until presidential elections that could swing the country back toward the right, Petro's most ambitious reforms are stuck in Congress. The militias haven't put down their guns.

      Mexico stands out as an exception to the regional trend. President Claudia Sheinbaum, who was ushered into office last year by ex-President Andres Manuel Lopez Obrador, has enjoyed soaring approval thanks to the association with her hugely popular mentor and measured handling of a volatile relationship with Trump.

      But while Milei and other regional conservative leaders hailed Kast's win as another milestone in their ideological movement's continental sweep, Sheinbaum on Monday urged fellow left-wing leaders to learn from defeat.

      “This is a moment of reflection,” she said. “We have to analyse what happened in Chile.” Kast speaks to Chile's reality ------------------------------ Kast has praised the crime-fighting tactics of El Salvador's Nayib Bukele, touring his 40,000-capacity mega prison last year. His vows to cut a staggering USD 6 billion from the budget in just 18 months have drawn comparisons to Milei's chainsaw methods.

      But in stark contrast to his ideological allies, Kast promoted himself as a moderate in this election runoff against Jara, whose lifelong membership in Chile's hard-line Communist Party led many voters to view her as a radical despite her vows of fiscal restraint.

      “He's not who I wanted, but at the end of the day, he's the least bad option,” said Carol Mesa, 54, who backed the right-wing establishment candidate, Evelyn Matthei, eliminated in the first round of voting last month. “I couldn't vote for a communist.” Despite his budget-slashing ambitions, Kast promised not to touch social benefits. He defended the free-market institutions that have guided Chile's economy over 35 years of democracy. And the devout Catholic and father of nine managed to avoid all talk of moral conservatism.

      “The main issues are crime and immigration, and that's why the majority of the middle class geared up to vote against continuity and in favour of Kast,” said Kenneth Bunker, a Chilean political analyst. “They saw him as somebody that can deliver results that are much needed.” In his first act as president-elect, Kast tried to narrow Chile's divisions and calm the fears of his critics, promising to “be the president of all Chileans.” “They say we are not good at agreements," he said. “We are going to surprise them.” (AP) MPL MPL MPL

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