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    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
    SC grants interim bail to businessman Anwar Dhebar in manpower commission 'scam' case
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    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
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    Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
    Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
    August 5, 2026
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    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
    The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
    August 5, 2026
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    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
    The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
    August 5, 2026
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    Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
    The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
    August 5, 2026
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    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
    Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
    August 5, 2026
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    Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
    A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
    August 5, 2026
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    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
    Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.
    August 5, 2026
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    Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
    Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    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
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    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.
    August 5, 2026
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    Interim bail conditions require residence outside the state and trial attendance in alleged manpower commission corruption proceedings.
    Interim bail was granted to Anwar Dhebar in a matter involving alleged corruption and an illegal commission mechanism linked to a state marketing corporation. Conditions require him to remain outside Chhattisgarh, attend the trial court, and provide his residential address. The allegations concern manpower supply agencies allegedly being compelled to pay commissions for clearance of legitimate bills, with proceeds routed through intermediaries. The case was registered under the Indian Penal Code and the Prevention of Corruption Act.

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      BMW presents the sixth edition of Kochi-Muziris Biennale.

      December 20, 2025

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      Since its very first edition in 2012, BMW has been official partner of the Kochi-Muziris Biennale (KMB). Nikhil Chopra with HH Art Spaces curates ‘For The Time Being’ features 66 artists projects from more than 25 countries. Kochi. Since its very first edition in 2012, BMW has been official partner of the Kochi-Muziris Biennale (KMB). For the sixth Kochi-Muziris Biennale, the Kochi Biennale Foundation is curated by Nikhil Chopra with HH Art Spaces featuring 66 artists projects from more than 25 countries. The biennale opened to public on 12 December 2025 and will last for a period of four months. Mr. Hardeep Singh Brar, President & CEO, BMW Group India said, “The BMW Group India is proud to continue its partnership of the sixth edition of Kochi-Muziris Biennale, a platform that celebrates creativity, dialogue and new perspectives. Art has the power to inspire progressive thinking, and this partnership reflects our belief in innovation that moves both people and culture forward. The Biennale’s spirit of openness and exploration mirrors, BMWs philosophy of redefining possibility, and we are delighted to be a part of a movement that enriches India’s cultural landscape.” The exhibition, the largest contemporary art biennale in South Asia and the first of its kind in India, unfolds across 29 venues in Fort Kochi, Mattancherry, Willingdon Islands and Ernakulam. It sits in conversation with a constellation of exhibitions, performances, and discursive programmes which are set in close dialogue with Kochi’s unique geographical, social and cultural ecology. Embracing process as methodology, this edition places ‘freindship economies’ as the very scaffolding of the exhibition. The curatorial vision acknowledges bodies as a landscape of time, a vessel of labour, joy, and loss, and invites the visitors to think through ‘embodied histories of those that came before us and continue to live within us in the form of cells, stories and techniques. BMW Group India Cultural Engagement Since its inception, BMW India has participated in leading cultural engagements across the country. In 2007, two BMW Art Cars created by world renowned artists Andy Warhol and Roy Lichtenstein were presented at the Jehangir Art Gallery in Mumbai. BMW Art Cars by Andy Warhol, Jeff Koons, Sandro Chia and Cesar Manrique have been exclusively showcased at various editions of the India Art Fair. “The Future is Born of Art” is a unique initiative by BMW India and India Art Fair which aims to propel emerging Indian artists and further BMW Group’s commitment to promote art, sustainability, and innovation. In 2012-13, the innovative BMW Guggenheim Lab came to India. Based at Dr. Bhau Daji Lad Museum and conducted at six different sites in Mumbai, the lab organised six weeks of free programme with diverse audience and communities addressing the challenges and conditions of the urban city. Since 2012, BMW has partnered with the Kochi-Muziris Biennale, the contemporary art exhibition, which brings international artists to India and creates a global platform for Indian artists. This vital and dynamic partnership has been instrumental in shaping the Biennale into a global cultural landmark. BMW Group’s continued commitment, even in uncertain times, highlights the profound belief in the power of art and culture to unite and inspire. About the Kochi-Muziris Biennale Kochi-Muziris Biennale is India’s first ever biennial of international contemporary art and its story is unique to India’s current reality—its political, social and artistic landscape. It began as a government initiative, when the Department of Cultural Affairs of Government of Kerala approached two artists—Riyas Komu and Bose Krishnamachari—to help organize an international platform for art in India. The challenge was proportionate to the ambition of the project. A biennial had never gotten past the conceptual stage in India before. There was no existing infrastructure necessary for an exhibition of this scale—no spaces and no institutional support structures. With the support of the government, private patrons, and local businesses the Biennale found the spaces and opened them up for art. The Indian art community has been growing rapidly and has been emerging onto the world stage, and the international arts community offered their support in sending art and artists to participate in Kochi. Artists became the spokespersons and activists for the biennale. About Nikhil Chopra Nikhil Chopra’s artistic practice interweaves live art, drawing, photography, sculpture and installations. His performances, in large part improvised, dwell on identity and its construction, autobiography and authorship, the pose and self-portraiture. Nikhil combines everyday life, memory and collective history; daily acts such as eating, resting, washing and dressing, in tandem with the act and discipline of making large scale drawings in situ become the process of making an artwork. Nikhil’s works have been included in major exhibitions including Documenta 14, 12th Sharjah Biennale, 12th Havana Biennale; 2nd Kochi-Muziris Biennale and 53rd Venice Biennale amongst others. He has also shown works and performed at the Gropius Bau, Berlin; The Metropolitan Museum of Art, New York; Museum of Science and Industry, Manchester; New Art Exchange, Nottingham; , SFMOMA, San Francisco; Artsonje, Seoul; Museum of Contemporary Art, Yinchuan, China; Centre Pompidou, Paris; Astrup Fearnley Museum, Oslo, Norway; Indian Highway, Serpentine Gallery, London, UK; Carriageworks, Sydney; Kiran Nadar Museum of Art, New Delhi. Nikhil Chopra was born in Kolkata in 1974, and lives in Goa where he runs HH Art Spaces with partners. After studying at the Faculty of Fine Arts at Maharaja Sayajirao University of Vadodara, India, the artist continued his studies in the United States in 2003 to return to India in 2005 with a Masters from Ohio State University. About HH Art Spaces HH Art Spaces, Goa, was founded in 2014 by Nikhil Chopra and Romain Loustau, both live art and performance artists. HH Art Spaces is a movement, and currently includes the shared vision, voices, rigors, and energies of a collective of artists and cultural practitioners. Key founding and partner members of the organization are: Madhavi Gore, Shivani Gupta, and Shaira Sequeira Shetty.HH Art Spaces fosters an ethos of collaborations, residencies and interdisciplinary exchanges within art and culture; and has worked with artists and organizations locally, regionally and internationally. Over the years, HH Art Spaces has developed a rich archive of visual, sonic, installation, and live art and performance work, in South Asia. HH Art Spaces promotes artists and produces exhibitions and artist residencies, talks and workshops, in contemporary and traditional artistic practice-based research, bridging transdisciplinary practices through collaborations and partnerships. HH is a hub and a laboratory for artists and curators to investigate and explore new forms and approaches within arts and cultural practice. If you have any queries, please contact: BMW Group India Richa Sharma, Press and Corporate Affairs Cell: +91 99100 22148; Email: [email protected] Satchit Gayakwad, Press and Corporate Affairs Cell: +91 95607 25900; Email: [email protected] Internet: www.bmw.in Facebook: https://www.facebook.com/bmwindia X: https://x.com/bmwindia YouTube: https://www.youtube.com/user/bmwindia Instagram: https://www.instagram.com/bmwindia_official LinkedIn: https://www.linkedin.com/company/bmw-india/ (Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI

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