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    CBN dismantles inter-state counterfeit drug network in Bihar under Operation Vajra; mastermind arrested
    DRI seizes quantities of gold; drugs, e-cigarettes and other contraband in pan-India Ops; 20 persons, including 5 foreign nationals, arrested
    Union Government releases tax devolution of ₹1,09,019 crore to State Governments, as one advance instalment to accelerate their capital and deve...
    Raymond Lifestyle Limited Delivered a stable Q1 FY27 Performance
    Rupee rises 31 paise to 95.12 against US dollar in early trade
    Customs seizes 8 kg gold worth over Rs 11 cr at Kerala airports in one week
    Drill, Baby, Drill: India to fund Rs 650 cr per well for 60 deepsea wells to break its oil import habit
    Punjab GST revenue rises 20 pc to Rs 10,447 crore in April-July: Cheema
    India-China trade through Shipli La resumes after six years
    Odisha's export can reach USD 50 billion by FY 2029-30: Study
    Andhra records 21 per cent growth in net GST collections till July
    J&K crime branch chargesheets accused in separate bank, insurance fraud cases
    MCD-facilitated PM Vishwakarma Scheme enrols over 41,000 artisans in Delhi
    Gross GST mop-up grows 15.4 pc to over Rs 2.11 lakh cr in July on higher imports, sales
    Gross and Net GST revenue collections for the month of July, 2026
    India and Rwanda Hold First Joint Trade Committee Meeting to Deepen Bilateral Trade and Investment Cooperation
    West Bengal GST collection rises 2 pc in July to Rs 5,564 crore
    Gross GST collection kitty swells 15.4 pc to over Rs 2.11 lakh cr in July
    RBI says USD 40.82 bn mobilised under forex swap facility till Jul 31
    Sebi bars ZEEL for 2 months, Subhash Chandra, Punit Goenka for 1 year in Hyderabad land pledge case
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    August 3, 2026
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    Counterfeit drug enforcement targets illicit manufacture, storage and trafficking networks, with coordinated seizures and referral of non-narcotic stock.
    Counterfeit-drug enforcement under Operation Vajra addressed an inter-state network involved in the illicit manufacture, storage and distribution of narcotic drugs, psychotropic substances and spurious pharmaceutical products. Searches of unregistered godowns recovered narcotic products, unauthorisedly manufactured Buprenorphine injection ampoules, and counterfeit non-NDPS medicines. A farmhouse-based illicit manufacturing facility was dismantled, with machinery, chemicals and related materials seized under the NDPS Act, 1985.
    August 3, 2026
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    Anti-smuggling enforcement targets concealed gold, narcotics, protected products, prohibited e-cigarettes and restricted imports through coordinated intelligence operations.
    Intelligence-led anti-smuggling operations resulted in seizures of foreign-origin gold, narcotic drugs, hydroponic weed, protected wildlife and forest products, prohibited electronic cigarettes, and restricted poppy seeds and areca nuts. The operations identified concealment through fabricated baggage cavities, false cargo declarations, misdeclaration of origin, forged documentation, and concealment in transport vehicles. Poppy seeds are restricted under the Foreign Trade Policy and may be imported only subject to conditions concerning legally cultivated produce from designated countries and registration of import contracts with the Narcotics Commissioner.
    August 3, 2026
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    Tax devolution advance instalment strengthens State finances for accelerated capital and developmental expenditure through distribution of Union tax proceeds.
    Tax devolution was released to State Governments as an additional advance instalment alongside the normal monthly devolution schedule. The fiscal transfer shares net proceeds of Union taxes and duties with States, with the stated purpose of strengthening State finances and supporting accelerated capital and developmental expenditure. The release includes a State-wise distribution of tax-devolution proceeds.
    August 3, 2026
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    Financial performance reporting highlights revenue and EBITDA growth, garmenting recovery, retail optimisation, ESG commitments, and forward-looking risk disclosures.
    Financial performance reflects growth in total income and EBITDA, with improved margin, reduced net working-capital days, and a net-cash position. Branded textiles and high-value cotton shirting reported lower revenue due to the prior-year base effect, while branded apparel grew but faced lower margin from channel mix. Garmenting improved through order-book execution, tariff rationalisation, and new global clients. ESG priorities include female representation, waste-management initiatives, renewable energy, emissions reduction, and workplace safety. Forward-looking statements remain subject to regulatory, political, economic, and technological risks.
    August 3, 2026
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    Foreign exchange market support strengthens the rupee as lower crude prices, portfolio inflows and reserve growth improve sentiment.
    Foreign exchange market conditions supported an early appreciation of the rupee against the US dollar, attributed to lower global crude oil prices, a weaker dollar, sustained foreign portfolio inflows, higher foreign exchange reserves, and Reserve Bank of India presence in the foreign exchange market. Domestic equity market gains and net foreign institutional equity purchases were also identified as supporting factors.
    August 2, 2026
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    Gold smuggling detection targets sophisticated concealment methods through strengthened passenger profiling, intelligence gathering and coordinated investigations into organised networks.
    Gold smuggling detection at Kerala airports led to multiple seizures, registration of cases and arrests in alleged smuggling attempts. Organised networks reportedly use gold in paste or compound forms concealed in clothing, body cavities, aircraft seats and other unconventional locations. Enforcement measures include strengthened passenger profiling, intelligence gathering and inter-agency coordination, while investigations continue to identify associated syndicates and financiers.
    August 2, 2026
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    Offshore exploration funding supports deepwater drilling, shared infrastructure and seismic data to strengthen domestic hydrocarbon production potential.
    The Samudra Manthan National Offshore Exploration Scheme provides direct budgetary support for high-risk deepwater and ultra-deepwater exploratory drilling, subject to cost-sharing and per-well limits. Support is available to eligible operators holding or securing exploration acreage. The scheme also funds offshore data acquisition and shared subsea, receipt and processing infrastructure through a Common Hub Infrastructure model. It is intended to promote risk exploration, improve commercialisation of offshore discoveries and strengthen domestic hydrocarbon production potential within the existing exploration and licensing framework.
    August 1, 2026
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    GST compliance enforcement combines taxpayer refunds, analytics-based fraud detection, cancellation of fake registrations, and recovery of outstanding VAT arrears.
    Punjab attributed increased GST collections to voluntary compliance, intelligence-based enforcement and technology-driven tax administration, while facilitating compliant taxpayers through timely GST refunds. Data analytics, risk profiling and field verification were used to identify tax evasion, bogus billing, fake input tax credit networks and misuse of the GST registration framework. Measures included penalties, cancellation of fraudulent registrations and recovery of long-pending VAT arrears through attachment and auction of defaulters' properties.
    August 1, 2026
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    Cross-border barter trade resumes through Shipki La, subject to permitted goods, time limits, and import-export compliance requirements.
    Cross-border barter trade through Shipki La between India and Tibet resumed after a six-year interruption. Traders may exchange specified goods under a barter arrangement and must return within 72 hours. Traders are required to comply strictly with import-export regulations prescribed by the Union Ministry of Commerce, emphasising transparency and regulatory compliance. Expansion of permitted goods may be pursued through prescribed governmental and external-affairs channels.
    August 1, 2026
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    Export growth projections outline pathways for Odisha to expand merchandise trade through export diversification, MSME support and financing initiatives.
    Export growth projections for Odisha set out base, optimistic and ambitious scenarios through FY 2029-30, based respectively on historical growth, envisaged national export growth, and a larger share of national exports. Odisha's export basket remains concentrated in metals and minerals, led by aluminium products, with China as the principal export destination. Odisha Vision 2047 identifies exports, including MSME contributions, as an economic transformation driver, while export-financing and risk-mitigation initiatives aim to address financing gaps for exporters and MSMEs.
    August 1, 2026
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    GST compliance enforcement through AI analytics supported sustained net GST collection growth despite rate rationalisation reforms and reduced compliance costs.
    GST revenue mobilisation in Andhra Pradesh showed year-on-year growth in net GST and total commercial tax collections through July 2026, despite rate-rationalisation reforms. Revenue growth was attributed to AI-based scrutiny and analytics, machine-learning risk scoring, AI-driven IGST reversals, UPI-based enforcement analytics, data sharing, predictive analytics, registration verification, and Aadhaar-integrated expansion of the professional-tax base. These measures were stated to strengthen compliance, curb wrongful input tax credit claims, broaden taxpayer coverage, and improve revenue mobilisation.
    August 1, 2026
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    Economic-offences fraud chargesheets address alleged fictitious loans, forged insurance surrender papers, and diversion of bank and policy funds.
    Economic-offences chargesheets were filed in separate alleged bank and insurance fraud matters. The bank investigation alleged fictitious loan sanctions and overdrafts beyond delegated authority, involving cheating, forgery, use of forged documents and criminal conspiracy. The insurance investigation alleged that duplicate policy records and forged surrender documents were used to open a fraudulent account in a policyholder's name and divert policy proceeds. Records, witness statements, documentary evidence and forensic examination were cited in support of the allegations.
    August 1, 2026
    Show AI Summary
    PM Vishwakarma Scheme implementation expands artisan enrolment, skills, credit, e-commerce access and export facilitation while addressing documentation barriers.
    PM Vishwakarma Scheme implementation in Delhi facilitated artisan enrolment, application processing, skill training, toolkit distribution, loan access, e-commerce onboarding and export-related support. Awareness workshops and tele-calling campaigns were used to promote participation and follow up on benefits. Key implementation challenges concerned outreach to informal clusters, digital literacy, delays in Aadhaar and IEC documentation, and additional support for Divyang artisans. Planned action includes expanding workshops, scaling e-commerce onboarding, strengthening export facilitation and coordination with implementing agencies.
    August 1, 2026
    Show AI Summary
    Goods and Services Tax collections rise on domestic consumption and imports, while elevated import revenue prompts assessment of underlying drivers.
    Goods and Services Tax collections for July increased over the corresponding prior-year period, supported by domestic sales and imports. Gross receipts included Central GST, State GST and Integrated GST, with net GST revenue calculated after adjusting refunds. For the April-July period, gross and net collections also increased. Commentary linked domestic GST growth to consumption, formalisation and industrial activity, while identifying elevated import GST collections as an area requiring assessment of import composition, currency effects and volumes.
    August 1, 2026
    Show AI Summary
    GST revenue collections show provisional gross, refund and net revenue trends, with State-wise settlement and domestic collection data.
    GST revenue collections for July 2026 are reported provisionally through gross domestic and import revenue, domestic and export-related refunds, and net GST revenue after refunds. The data also sets out SGST collections and the SGST share of IGST settled to States and Union Territories, both monthly and cumulatively. State-wise domestic GST growth excludes GST on imported goods, while jurisdiction-wise data allocates collections between central and State formations and identifies CGST, SGST and IGST components.
    August 1, 2026
    Show AI Summary
    Bilateral trade cooperation expands through a Joint Trade Committee covering investment, critical minerals, healthcare, digital technologies and market access.
    Bilateral trade and investment cooperation between India and Rwanda is to be advanced through a structured Joint Trade Committee mechanism for reviewing commerce, diversifying trade, promoting investment, facilitating business engagement and addressing market-access and logistical issues. Priority cooperation includes critical minerals, pharmaceuticals and healthcare, agriculture and agro-processing, standards harmonisation, digital public infrastructure, fintech, cybersecurity, green mobility and renewable energy. Investment focal points will support engagement, while capacity-building assistance and close monitoring of the Agreed Minutes are intended to support time-bound implementation.
    August 1, 2026
    Show AI Summary
    GST collection growth in West Bengal continued year-on-year in July but remained below the national growth trend.
    West Bengal's July GST collection increased year-on-year and over the preceding month, marking a second consecutive month of annual growth. Official data also indicated that the State's annual growth rate was below the national trend, while gross domestic GST revenue excluding imports and overall gross GST collections including import-related taxes rose nationally during July.
    August 1, 2026
    Show AI Summary
    GST collection growth reflects higher revenue mobilisation from domestic transactions and imports, with refunds adjusted in net revenue.
    Goods and Services Tax collections increased in July, driven by higher revenue from domestic transactions and imports. The gross collection comprised Central GST, State GST and Integrated GST components. Refunds also increased during the month, and net GST revenue was determined after adjustment of refund outflows from gross tax receipts.
    August 1, 2026
    Show AI Summary
    Concessional foreign-exchange swaps encourage bank deposits and foreign borrowings to strengthen balance-of-payments resilience and foreign-exchange liquidity.
    The Reserve Bank of India introduced a concessional foreign-exchange swap facility to encourage foreign-currency inflows, strengthen the balance of payments and support foreign-exchange liquidity. The facility applies to fresh Foreign Currency Non-Resident (Bank) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings. Foreign Currency Non-Resident (Bank) deposits constitute the principal source of inflows mobilised under the arrangement. The facility is available for specified time-bound periods, with a later availability period for Overseas Foreign Currency Borrowings and External Commercial Borrowings.
    August 1, 2026
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    Unauthorised pledge of listed-company land triggered securities-market bars for disclosure failures and misuse of management authority.
    Unauthorised pledge of ZEEL's Hyderabad land as security for loans obtained by promoter-linked entities was treated as a related-party transaction lacking prior audit committee approval. ZEEL failed to disclose the land's deployment in its financial statements. Its Chairman Emeritus was stated to have transferred title deeds by falsely representing management approval and to have concealed the transaction's nature. Securities-market prohibitions and monetary penalties were imposed with immediate effect.

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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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