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    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
    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
    RBI marginally raises FY27 GDP growth projection to 6.7 pc, lowers inflation forecast
    Collaboration, Inclusion and Entrepreneurship: How SIDBI MSME Samvaad Is Shaping the Future of India’s MSME Ecosystem
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    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
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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
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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.
    August 5, 2026
    Show AI Summary
    Tax certainty measures revise fund-management safe harbours, electronic-payment charges, sectoral exemptions, business-trust treatment, and excess expenditure appropriation.
    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.
    August 5, 2026
    Show AI Summary
    Growth and inflation projections reflect resilient domestic activity while energy volatility, supply disruptions, and food prices sustain inflation risks.
    Monetary policy projections for fiscal 2026-27 revise real GDP growth upward to 6.7 per cent and Consumer Price Index inflation downward to 5 per cent. Domestic activity is described as resilient amid global uncertainty, but inflationary risks persist from rainfall disruption, energy-price volatility, supply-chain uncertainty, and second-round effects of higher food, fuel and input costs. Core inflation is projected at 4.3 per cent for the fiscal year.
    August 5, 2026
    Show AI Summary
    Industry collaboration strengthens MSME competitiveness through shared resources, market linkages, capability building and inclusive support for women entrepreneurs.
    MSME development is linked to collaboration, knowledge-sharing, institutional support and capability building. Industry associations can provide networking, policy advocacy, business intelligence, skills programmes, shared infrastructure and market linkages, while collective procurement, shared logistics, digital commerce and export readiness may improve competitiveness. Women-led enterprises benefit from market-oriented capability development, mentorship, continuous learning, professional networks, capacity-building programmes and institutional support. The Development of Industry Associations initiative is intended to connect associations and facilitate the sharing of best practices.

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      Maharashtra 2025: Thackeray cousins’ alliance, Mahayuti gains in local polls hog limelight

      December 26, 2025

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      Mumbai, Dec 26 (PTI) Cousins Uddhav Thackeray and Raj Thackeray reuniting after 20 years, ahead of next month's civic polls, the Devendra Fadnavis-led Mahayuti government consolidating its grip on power, boosted by its performance in local elections, and attempts at opposition realignment marked the year in Maharashtra.

      Twenty years after a bitter Raj Thackeray quit the undivided Shiv Sena over differences with Uddhav Thackeray and formed the Maharashtra Navnirman Sena (MNS), the cousins on December 24 announced their alliance for the high-stakes Mumbai municipal corporation elections due on January 15, along with 28 other civic corporations.

      The BJP-led government, which completed one year in office on December 5 after its emphatic victory in the November 2024 assembly elections, largely maintained stability despite controversies, defections and periodic friction among alliance partners Shiv Sena and the Nationalist Congress Party (NCP).

      The ruling alliance bagged 207 posts of municipal presidents and 4,422 seats in the municipal council and nagar panchayat polls held in December, while the poor showing of the Opposition reflected its organisational weaknesses.

      The year began on a turbulent note with the murder of Massajog sarpanch Santosh Deshmukh in December last year sending political shockwaves across the state.

      The subsequent resignation of NCP leader Dhananjay Munde from the state ministry, following the arrest of his close aide and prime accused Walmik Karad in the sarpanch murder case, put the government on the defensive over the law-and-order situation.

      Another flashpoint emerged over the state government’s decision to make Hindi mandatory from Class 1, citing the National Education Policy. Facing widespread protests, the government rolled back the decision and announced a committee headed by economist Narendra Jadhav to examine implementation of the three-language formula.

      Despite these setbacks, the ruling Mahayuti alliance, comprising the BJP, Shiv Sena and NCP, continued to assert its dominance.

      During the year, as many as 43 runner-up candidates in last year’s assembly polls from the opposition Maha Vikas Aghadi (MVA) crossed over to the ruling camp, further weakening the opposition and strengthening Mahayuti’s hold across constituencies.

      The BJP emerged as the single largest party in the assembly with 132 seats, its highest-ever tally in Maharashtra, while allies Shiv Sena and NCP won 57 and 41 seats respectively, giving the coalition a commanding 235 seats in the 288-member legislative assembly.

      For the MVA, comprising the Shiv Sena (UBT), Congress and NCP (Sharad Pawar), 2025 was largely a year of recovery after the major setback in the assembly polls last year.

      The MVA struggled to project cohesion even as it attempted to capitalise on controversies involving the government.

      A notable political moment came when estranged cousins Uddhav Thackeray and Raj Thackeray shared a platform during protests against the Hindi language decision, the development widely seen as a tactical move for political survival.

      Raj Thackeray later joined an opposition protest against the Election Commission over alleged “vote theft”.

      However, the Congress kept its distance from the MNS, citing the latter’s anti-migrant rhetoric and inconsistent political positions.

      The year also witnessed communal tensions in Nagpur in March, following demands by right-wing groups over the removal of a structure linked to Mughal emperor Aurangzeb. The clashes, which left one person dead, drew sharp criticism from the opposition over alleged policing lapses.

      Caste-based mobilisation returned to the forefront as Maratha quota activist Manoj Jarange-Patil launched another statewide agitation, including a hunger strike in Mumbai. The government’s move to implement the Hyderabad Gazette, enabling Kunbi certificates for eligible Marathas, was criticised by OBC groups as an encroachment on their rights.

      The Mahayuti government focused on welfare schemes that had contributed to its electoral success, particularly the ‘Ladki Bahin’ scheme, which provides direct cash transfers to women.

      The opposition, however, accused the government of failing to fulfil promises such as raising the monthly assistance from Rs 1,500 to Rs 2,100 and implementing a farm loan waiver.

      Tensions within the ruling alliance surfaced repeatedly. Shiv Sena ministers briefly boycotted a Cabinet meeting in November, prompting Deputy Chief Minister Eknath Shinde to rush to Delhi for consultations with Union Home Minister Amit Shah.

      Friction also arose over the appointment of NCP leader Nawab Malik to a civic poll-related post and over seat-sharing for the municipal elections.

      On the economic front, the government projected confidence, with Chief Minister Fadnavis reiterating the goal of making Maharashtra a trillion-dollar economy.

      The state recorded Rs 1.64 lakh crore in FDI in 2024-25, a 32 per cent increase over the previous year, which the government described as the highest inflow in a decade.

      As 2025 drew to a close, the focus shifted to the long-pending local body elections, including the Brihanmumbai Municipal Corporation, widely regarded as Asia’s richest civic body.

      Congress announced it would contest the BMC polls independently, while Shiv Sena (UBT) signalled a preference for new faces after many of its corporators defected.

      Speculation over a possible Shiv Sena (UBT)-MNS alliance for civic polls added another layer of intrigue to Maharashtra’s fractured political landscape. The two parties finally announced their alliance on December 24.

      In July, a video capturing Shiv Sena MLA Sanjay Gaikwad assaulting a staff of the MLA canteen in Mumbai for serving him ‘stale’ food went viral, drawing criticism from both the ruling party as well the Opposition.

      Fadnavis condemned the action and Deputy CM Eknath Shinde issued a warning to the Buldhana MLA who belongs to his party.

      In December, the Supreme Court granted partial relief to NCP MLA and former minister Manikrao Kokate, staying his conviction in a cheating and fraud case though only to the extent that it will not lead to his disqualification from the legislative assembly.

      Kokate had approached the top court after the Bombay high court suspended his two-year jail sentence but refused to stay his conviction.

      He had petitioned the high court after a Nashik sessions court upheld the trial court’s February judgment convicting him and his brother in a fraud case dating back to 1995.

      The trial court found Kokate and his brother, Vijay, guilty of misusing a government housing scheme meant for economically weaker sections.

      The scheme, which operated between 1989 and 1992, was applicable only to those earning up to Rs 30,000 a year. The brothers were accused of submitting false affidavits to understate their income and were illegally allotted two government flats.

      In July, a video of Shiv Sena MLA and state minister Sanjay Shirsat, sitting in a room along with a partially opened bag containing what looked like bundles of notes went viral.

      The video surfaced a day after reports emerged of the minister facing scrutiny by the Income Tax Department for a significant increase in his declared assets from Rs 3.3 crore in 2019 to Rs 35 crore in 2024.

      Shiv Sena (UBT) MLC Anil Parab in July demanded the resignation of Maharashtra Minister of State for Home Yogesh Kadam, alleging that a dance bar in Kandivali was being operated under a licence held by his mother.

      In an apparent damage-control step, Kadam’s family surrendered the licence of the Kandivali bar.

      Former Lok Sabha Speaker and veteran Congress leader Shivraj Patil and former Maharashtra ministers Shalinitai Patil and Surupsinh Naik passed away during the year. PTI MR VT VT

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