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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’
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    NEWS HIGHLIGHTS
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    Vijayan slams Kerala govt's move to end doorstep pension delivery through cooperative banks
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    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
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    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
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    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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      ED searches I-PAC office, its director Pratik Jain's residence in Kolkata; Mamata storms raid sites in high drama

      January 8, 2026

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      Kolkata/New Delhi, Jan 8 (PTI) The ED on Thursday conducted searches at the office of the political consultancy firm I-PAC and the residence of its director Pratik Jain in Kolkata, an action that ignited high drama, with West Bengal chief minister Mamata Banerjee unexpectedly storming into the sites during raids, alleging that the central agency was trying to seize the TMC’s sensitive data ahead of the high-stakes state polls.

      In a strong rebuttal, the ED, which maintained that the searches were part of a money laundering probe into an alleged multi-crore rupee coal pilferage scam, accused Banerjee of obstructing a lawful investigation and claimed that she and the state police forcibly removed "key evidence" during the raids.

      The confrontation, which unfolded at a politically combustible moment, added sharp electoral overtones ahead of the elections to the 294-member West Bengal Assembly, to be held in less than three months, as both the Trinamool Congress and the BJP were locked in an aggressive battle for narrative control.

      The standoff also soon took a legal turn, with the ED moving the Calcutta High Court, seeking permission to file a petition, alleging interference in its investigation. The I-PAC also approached the HC, opposing the searches and questioning its legality.

      According to the ED, the I-PAC's office in Salt Lake Sector V and Jain's residence on Loudon Street were among about 10 premises, including four in Delhi, that were raided by the federal probe agency in the presence of central paramilitary teams from 7 am. However, Banerjee’s unscheduled appearance at the raid site injected street-level drama, drawing senior police officers, party leaders, and central forces into a tense stand-off that unfolded in full public view.

      Banerjee arrived around noon at the residence of Jain, co-founder and director of Indian Political Action Committee (I-PAC), soon after Kolkata Police Commissioner Manoj Verma reached the spot. She stayed inside for about 20–25 minutes before emerging with a green folder in her hand, accusing ED officials of overreach.

      For the chief minister, the optics of physically confronting the ED, rather than responding through statements alone, appeared to be a calibrated move to send a message of resistance, reinforcing her long-held image as a leader willing to meet institutional pressure head-on ahead of polls.

      "They have raided the residence and offices of our in-charge of the IT cell. They were confiscating my party’s documents and hard disks, which have details about our party candidates for the assembly polls. I have brought those back," Banerjee told reporters, asserting that the materials had no link to any financial probe.

      For Banerjee, the ED action reinforced her long-running campaign charge that central agencies are being deployed to disrupt opposition parties at critical moments of electoral preparation, while for the BJP, the raids offered an opportunity to underline its anti-corruption plank in the state where it is seeking to claw back ground after its 2021 defeat.

      I-PAC, apart from offering political consultancy to the TMC, also manages the party’s IT and media operations, making the search especially sensitive in the run-up to elections.

      Banerjee alleged that ED officials had walked away with hard disks, mobile phones, laptops, candidate lists, and internal strategy documents of the ruling party. “Is it the duty of the ED to collect political party data?” she asked.

      Launching a sharp attack on the BJP leadership, Banerjee described the searches as an act of "political vendetta" and accused Union Home Minister Amit Shah of "misusing" constitutional agencies to intimidate opposition parties.

      "This is not law enforcement. The nasty home minister, the naughty home minister, who cannot protect the country and is taking away all my party documents," she said, later adding that the Prime Minister must "control his home minister".

      In a statement issued from New Delhi, the ED alleged that Banerjee entered Jain’s residence during the raid in a money laundering case linked to alleged coal smuggling and took away "key evidence", including physical documents and electronic devices.

      The agency said she subsequently went to the I-PAC office, from where she, her aides, and the state police "forcibly removed physical documents and electronic evidence".

      Banerjee alleged the raids began around 6 am when no one was present. "They started the search when there was nobody inside. They transferred our data, poll strategies, and information into their system. This is a crime," she said after visiting the office.

      By the time she reached the Sector V office of I-PAC around 1 pm, senior officers of the Bidhannagar Police Commissionerate had cordoned off the area, while central forces sealed the entry and exit points of the multi-storey building housing the I-PAC office.

      Without engaging with paramilitary personnel, Banerjee accessed the building through the basement and took a general lift to the 11th floor, declining a separate VIP lift—an image the party projected as symbolic defiance.

      "They have taken our election strategy, our SIR data, and other details. If the assembly polls pass and we have to draw up election plans afresh, who will be responsible?" she said, alleging that tables in the office had been left empty after documents were taken away.

      Asserting that the TMC is a registered political party that pays income tax regularly, Banerjee said the ED could have sought any legitimate information from the Income Tax Department.

      "The BJP is the biggest party of thieves," she charged, warning that restraint should not be mistaken for weakness.

      She also alleged large-scale deletion of voters’ names from electoral rolls through the Special Intensive Revision (SIR) process.

      "Do they think they can capture the state by deleting voters and raiding the IT cell offices of political parties?" she said, asserting that the Centre could not "bulldoze us using money and muscle power".

      Banerjee remained at the I-PAC office until Jain arrived and resumed work, leaving the premises around 4.14 pm.

      The searches, the ED said, were part of a probe into a 2020 case registered by the CBI against a coal smuggling syndicate allegedly led by Anup Majhi, alias Lala, accused of illegally excavating coal from Eastern Coalfields leasehold areas in and around Asansol in Paschim Bardhaman district.

      According to the ED, a hawala operator linked to the coal smuggling racket facilitated transactions of tens of crores of rupees to Indian PAC Consulting Pvt Ltd, the registered company of I-PAC.

      "IPAC is also one of the entities linked to hawala money," the agency alleged, maintaining that the proceedings were being conducted peacefully and professionally until the chief minister’s arrival.

      "It is clarified that the search is evidence-based and not targeted at any political establishment. No party office has been searched. The search is not linked to any elections," the ED said, adding that the actions of Banerjee and the police amounted to obstruction under the Prevention of Money Laundering Act (PMLA).

      The Indian Political Action Committee (I-PAC) is a political consultancy firm that works with parties and leaders on election strategy, campaign management, data analytics, and digital outreach. Founded by political strategist Prashant Kishor, I-PAC has been working with the TMC since June 2019.

      The BJP seized on the ED’s allegations to counter the TMC’s charge of political vendetta. Leader of Opposition Suvendu Adhikari demanded strong legal action against the chief minister for allegedly interfering with the work of a central investigating agency.

      The BJP’s state unit said attempts to politicise a lawful probe or undermine constitutional authorities weakened public trust in institutions and the rule of law.

      The timing of Thursday’s standoff has also hardened political lines and once again placed central investigative agencies at the centre of a fraught federal contest.

      The episode has revived memories of February 2019, when Banerjee rushed to the same Loudon Street area during a CBI search of then police commissioner Rajeev Kumar’s residence and later staged a dharna in the central Kolkata.

      Banerjee also announced a protest rally on Friday against the searches.

      "Tomorrow I will lead a protest rally from Jadavpur 8B bus stand to Hazra crossing," she said and asked people to participate in the over 5-km long rally. PTI PNT NES AMR SMY RBT PNT PYK PYK

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