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    Two women held at Delhi airport with 1 kg gold concealed as silver-coated armlet
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    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.
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    Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
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    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.
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    Interim bail conditions require residence outside the state and trial attendance in alleged manpower commission corruption proceedings.
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    The Taxation and Other Laws (Amendment) Bill, 2026 proposes to replace the Income-tax (Amendment) Ordinance, 2026 and amend payment-system and tax laws. It would prohibit charges on notified electronic payments, revise safe-harbour conditions for eligible investment funds and fund managers, and expand tax exemptions for Government securities, qualifying rough-diamond sales and bonded-warehouse component storage. It also modifies exemptions concerning electronic-goods contract manufacturing, data centres and business-trust dividends, while imposing a differentiated surcharge on qualifying special purpose vehicles. A separately included appropriation bill authorises excess expenditure from the Consolidated Fund of India.
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    Growth and inflation projections reflect resilient domestic activity while energy volatility, supply disruptions, and food prices sustain inflation risks.
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    Industry collaboration strengthens MSME competitiveness through shared resources, market linkages, capability building and inclusive support for women entrepreneurs.
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    Monetary policy rate maintenance continues under a neutral stance amid energy disruption, inflation concerns and sustained currency depreciation.
    Monetary policy rate maintenance was continued with the repo rate retained at 5.25 per cent under a neutral stance amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The growth forecast was marginally increased and the inflation projection reduced. Sustained rupee depreciation against the dollar was attributed to costly oil, capital outflows, widening trade deficits and a strong US dollar.
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    Monetary policy rate pause maintains a neutral stance amid energy disruption, inflation concerns and sustained rupee depreciation pressures.
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    Foreign exchange market movement saw the rupee appreciate against the US dollar in early trading, supported by lower crude oil prices, a softer dollar index, domestic equity gains and net foreign institutional investment. Market attention centred on the Reserve Bank of India's monetary policy decision, with expectations of an unchanged benchmark repo rate. Policy communication on inflation and developments in Hormuz-related talks were identified as factors that could influence the rupee's direction.
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      India announces USD 450 mn package as PM Modi's special envoy meets cyclone-hit Lanka's top leaders

      December 23, 2025

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      Colombo, Dec 23 (PTI) India on Tuesday announced a reconstruction package of USD 450 million to Cyclone Ditwah-hit Sri Lanka, as External Affairs Minister S Jaishankar met with the island nation's top leaders and assured Delhi's steadfast commitment to Colombo's rebuilding post-cyclone.

      Jaishankar, who arrived here as Prime Minister Narendra Modi's Special Envoy, said that it was natural for India to step forward at a time when Sri Lanka faced a crisis.  The minister called President Anura Kumara Dissanayake and conveyed PM Modi's warm wishes and message of solidarity in the aftermath of Cyclone Ditwah.

      "The Letter from Prime Minister Modi that I handed over builds on our First Responder role and commits a reconstruction package of USD 450 million to Sri Lanka," Jaishankar said while addressing the press alongside Sri Lankan Foreign Minister Vijitha Herath.

      Jaishankar said he had a detailed discussion with the President on the damage caused by Cyclone Ditwah and their talks centred around how expeditiously India's assistance package can be delivered.

      "The assistance package that we have proposed is worth USD 450 million. It will include USD 350 million in concessional Lines of Credit and USD 100 million of grants," he said.

      He said that the assistance will cover sectors worst affected by the cyclone, including rehabilitation and restoration of road, railway and bridge connectivity; support for the construction of damaged houses, support for health and education systems, agriculture, and working towards better disaster response and preparedness.

      "We are conscious that work towards mitigating the impact of Cyclone Ditwah on the people of Sri Lanka must be done in the quickest time possible. We are discussing an effective coordination mechanism for the earliest possible delivery," he said.

      Jaishankar and his counterpart Herath jointly inaugurated a 120-foot dual carriageway Bailey Bridge in the Kilinochchi District of Northern Province, one of the areas severely affected by the cyclone, in the presence of President Dissanayake.

      The 110-tonne bridge was air-lifted from India and installed as part of Operation Sagar Bandhu.

      Given the scale of damage, restoring connectivity was clearly an immediate priority, and this was in fact discussed between President Dissanayake and PM Modi in their telephone call, Jaishankar said.

      He said that a large number of Army Engineers erected the Bailey bridge, transported by C-17 aircraft at Killinochchi. One more Bailey bridge at Chilaw is currently under construction.

      He said India’s relief and assistance mission - Operation Sagar Bandhu - commenced on the very day that Cyclone Ditwah made landfall.

      "Overall, Operation Sagar Bandhu delivered over 1100 tonnes of relief material, including dry rations, tents, tarpaulins, hygiene kits, essential clothing and water purification kits. About 14.5 tons of medicines and medical equipment were also provided. Yet another 60 tons of equipment was brought to Sri Lanka to assist the relief operations," he said.

      Jaishankar also met Prime Minister Harini Amarasuriya and assured India's steadfast commitment to Sri Lanka's rebuilding post-cyclone. "The reconstruction package offered by India is a reflection of the deep bonding between our two nations," he said.

      He also met Health Minister Nalinda Jayatissa, Labour & Deputy Finance Minister Anil Jayantha and Deputy Tourism Minister Ruwan Ranasinghe and discussed the implementation of the reconstruction package offered and further relief measures. He reiterated India’s full support to Sri Lanka’s recovery and rebuilding.

      The minister also interacted with members of the Indian Business community based in Sri Lanka and applauded their contributions towards providing relief during Cyclone Ditwah.

      He met Leader of Opposition Sajith Premadasa and discussed India's proposed reconstruction package. "Just as Sri Lanka was recovering from the economic crisis of 2022, this natural disaster has created ‌new ‍difficulties," Jaishankar, who ‍is on a two-day visit ‌to the island nation, said.

      In the case of Cyclone Ditwah, Sri Lanka would appreciate that India has also been a strong advocate of cooperative disaster response. The Coalition for Disaster Resilient Infrastructure was a notable initiative that we led in that regard, Jaishankar said.

      He said India’s relief and assistance mission commenced on the very day that Cyclone Ditwah made landfall.

      The aircraft carrier INS Vikrant and another ship, INS Udayagiri, delivered relief material. Several Mi-17 helicopters of the Indian Air Force were active for a period of more than two weeks in Sri Lanka.

      An 80-member National Disaster Response Force contingent arrived simultaneously and conducted rescue and relief operations. The Indian Army set up a field hospital with 85 medical personnel near Kandy, giving emergency care to more than 8,000 people. Two modular BHISHM emergency care units were also air-lifted to Sri Lanka and utilised.

      In terms of other ways to assist Sri Lanka, Jaishankar said India would encourage Indian tourism to Sri Lanka, as the island nation is a significant tourism economy. "Similarly, an increase in Foreign Direct Investment from India can also boost your economy at a critical time. Our discussions will therefore keep in mind promoting a deeper cooperative relationship between our two countries," he said.

      Noting that this is a very difficult period for Sri Lanka, Jaishankar assured that India stands firmly with Sri Lanka more than ever before.

      "We have seen in the past the strong resolve and strength among the people of Sri Lanka to overcome challenges and to march ahead," he said, adding that he was sure that Sri Lankans will once again demonstrate great resilience in recovering from this adversity.

      Foreign Minister Herath appreciated Jaishankar's visit as the PM's Special Envoy, saying his trip "underscores India's steadfast solidarity with Sri Lanka in the aftermath of the adverse weather conditions caused by Cyclone Ditwah”.

      Sri Lanka and India share a long-standing, multi-dimensional relationship rooted in geographical proximity, deep historical and cultural ties, shared values and expanding economic linkages, Herath said.

      "We deeply value India's continued support in stabilising the Sri Lankan economy through multi-pronged assistance, including emergency financing and foreign exchange support, as well as USD 20.66 million extended to settle payments due for projects completed under existing lines of credit.

      "We also sincerely appreciate India's crucial role in Sri Lanka's debt restructuring process, including as co-chair of the Officer Creditors Committee, which enabled the timely conclusion of discussions," he said. PTI CORR AMS

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