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    PM Modi, UK PM Burnham commit to harnessing full potential of mega trade deal
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    July 31, 2026
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    India-UK trade agreement enables duty-free access and bilateral cooperation on investment, technology, and strategic partnership.
    The India-UK Comprehensive Economic and Trade Agreement provides zero-duty market access in the UK for nearly 99 per cent of India's exports and is intended to expand bilateral trade and investment opportunities. The governments committed to maximise its benefits through the Comprehensive Strategic Partnership, including cooperation on technology, innovation, security, clean energy, education and people-to-people links. Advanced technology collaboration, including artificial intelligence, is also contemplated.
    July 31, 2026
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    Excise duty increases on cigarettes pressured profitability, while calibrated pricing and FMCG growth supported market resilience.
    Excise duty increases on cigarettes affected consolidated profitability, prompting calibrated pricing and portfolio measures to protect market share and limit migration to illicit trade. The cigarette portfolio was re-architected across price points through value-accretive offerings and staggered pricing actions. Non-cigarette FMCG growth was supported by demand for packaged foods, dairy and personal-care products. Input-cost inflation was mitigated through inventory cover, commodity hedging and price-volume rebalancing amid crude-price volatility, supply-chain disruption and imported inflation concerns.
    July 31, 2026
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    One-Time Settlement Scheme offers final pre-GST tax dispute resolution relief before stricter recovery action against defaulters begins.
    The One-Time Settlement Scheme 2025 for pre-GST tax dues has been extended until September 30. Eligible taxpayers may resolve pending legacy tax disputes with full waiver of interest and penalties and slab-wise relief in principal tax. After the deadline, recovery action may be intensified under applicable tax laws and the Punjab Land Revenue Act, including property attachment, auction and freezing of bank accounts. The department also supports amicable settlement of tax disputes through the SAMADHAN initiative.
    July 31, 2026
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    Bilateral trade agreement implementation supports expanded trade, investment and strategic cooperation through technology, security, clean energy and community links.
    The India-UK Comprehensive Economic and Trade Agreement was identified as a framework for expanding bilateral trade and investment opportunities following its operationalisation. The two governments proposed closer cooperation to use the agreement for shared prosperity, while advancing their comprehensive strategic partnership through technology, innovation, defence, security, clean energy, education and people-to-people links.
    July 31, 2026
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    Sectoral bank credit growth reflects broad-based expansion across industry, services, agriculture and personal loans, with slower credit-card growth.
    Sectoral bank credit growth accelerated across non-food lending, agriculture, industry, services and personal loans. Industrial credit expanded across micro and small, medium and large enterprises, with strong lending to infrastructure, engineering, food processing, textiles, construction, metals, petroleum-related products and chemical products. Services lending was supported by non-banking financial companies, commercial real estate and trade. Vehicle and housing loans maintained double-digit growth, while credit-card outstanding growth decelerated.
    July 31, 2026
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    Biometric identification of protesters through alleged fingerprint-Aadhaar linkage was described alongside criminal-background profiling and database creation.
    Biometric identification of protesters through fingerprints recovered from alleged stone-pelting evidence was publicly described as a proposed investigative method. A minister stated that fingerprints allegedly found on stones would be linked with Aadhaar numbers to identify participants and examine their prior records. The account also referred to analysis and categorisation of detained protesters' criminal backgrounds, creation of a separate database, and proposed action against participants described as anti-social elements or persons with criminal records.
    July 31, 2026
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    Offshore hydrocarbon exploration support funds high-risk deepwater drilling, shared infrastructure and data acquisition to strengthen domestic energy production.
    The National Offshore Exploration Scheme provides public support for deepwater and ultra-deepwater oil and gas exploration, including seismic and offshore data acquisition, exploratory drilling in frontier basins, and common production and evacuation infrastructure. It addresses the high cost and geological uncertainty of offshore drilling and includes technology adoption, digital programme management, capacity building and collaboration measures. The scheme seeks to expand domestic hydrocarbon discoveries and production, attract investment across the exploration and production value chain, and reduce reliance on imported oil and gas.
    July 31, 2026
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    Foreign exchange reserves increased as foreign currency assets and gold holdings rose, alongside measures to attract forex inflows.
    India's foreign exchange reserves increased during the reporting week, principally because foreign currency assets and gold reserves rose. Foreign currency assets, expressed in United States dollar terms, include valuation effects from movements in currencies such as the euro, pound and yen. Special Drawing Rights and the reserve position with the International Monetary Fund declined. Measures including the FCNR(B) measure were reported as efforts to attract foreign-exchange inflows following rupee pressure and dollar-sales intervention.
    July 31, 2026
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    Digital marketplace access for women's self-help group products expands e-commerce opportunities while panchayat-level citizen services are strengthened.
    Digital marketplace access for women's self-help group products is proposed through a memorandum of understanding between CSC eStore and the Jharkhand State Livelihood Promotion Society. Products marketed under the 'Palash' and 'Adiva' brands are intended to be offered through an e-commerce network to widen market access, support rural women's income and entrepreneurship, and strengthen the rural economy. Digital panchayat services are also being expanded through Common Service Centres, including banking, e-governance and Aadhaar-related services.
    July 31, 2026
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    Agricultural export facilitation expands market access for late-season mangoes through farmer aggregation and direct global market linkages.
    Agricultural export facilitation enabled an air shipment of late-season Neelam and Totapuri mangoes to an international market, expanding market access and extending the mango export season. Direct sourcing through a Farmer Producer Company supported organised aggregation, quality produce, and export-oriented supply chains. Direct procurement and export market linkages enabled participating farmers to realise higher returns than conventional market channels while promoting horticultural export diversification.
    July 31, 2026
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    Cross-border digital payment integration enables real-time Favara transfers from Maldives mobile banking applications to UPI-enabled accounts in India.
    Cross-border digital payment integration between Favara and UPI enables individuals in the Maldives to make real-time person-to-person transfers to UPI-enabled bank accounts in India through mobile banking applications. Transfers are initiated in Maldivian Rufiyaa and credited in Indian Rupees. The initial service is available through participating Maldivian banks. Permitted remittances include family-maintenance transfers under foreign inward and outward remittance categories, and gift-related transfers under foreign outward remittance. Future phases are intended to introduce QR-based merchant payments and other digital payment services.
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    Procedural Fair Hearing in competition inquiries requires notice when the Commission departs from investigative findings before imposing action.
    Competition law procedure requires the Competition Commission to notify and hear an opposite party when departing from the Director General's findings. The penalty order concerning alleged abuse of dominance in viscose staple fibre supply was set aside because Grasim Industries was not given an opportunity to respond to the Commission's disagreement with the investigative findings. The matter was remanded for fresh, time-bound consideration without a finding on the merits.
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    Rupee appreciation against the US dollar continued as foreign inflows and lower crude prices supported domestic currency markets.
    Rupee appreciation against the US dollar continued in early trading, supported by foreign capital inflows and lower global crude oil prices. A stronger US dollar constrained further appreciation, while expectations of continued Reserve Bank of India intervention were cited as supporting the rupee. Declining Brent crude prices, gains in domestic equity indices and net foreign institutional investment in equities were also identified as relevant market factors.
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    Value-added Makhana exports expand international market access, support quality compliance, and improve farmer returns through processing and branding.
    Agricultural export facilitation supported the first sea shipment of value-added flavoured Makhana from Bihar to Canada. Processed and packaged to international quality and food-safety standards, the export demonstrates the role of processing, value addition and export-oriented manufacturing in expanding overseas market access. The initiative is stated to improve farmer returns through value addition, while capacity building, export infrastructure, quality compliance, market linkages and stakeholder collaboration support the agri-export ecosystem.
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    Market access for Indian pharmaceuticals remains central to bilateral efforts to promote sustainable trade and economic cooperation.
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    July 30, 2026
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    Money laundering asset attachment targets overseas bank deposits linked to alleged loan fraud and fugitive economic offenders.
    Provisional attachment under the Prevention of Money Laundering Act was reported against Singapore bank deposits held by a company promoter and associated entities in an alleged loan-fraud and money-laundering investigation. The underlying case arises from allegations of fraud, criminal misappropriation, criminal breach of trust and cheating affecting a consortium of lending banks. Service of the attachment order was reported through mutual legal-assistance arrangements, and the promoters had reportedly been declared fugitive economic offenders.
    July 30, 2026
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    Deposit interest rate uniformity requires equal rates for similar deposits, while allowing risk-based differentiation for bulk deposits.
    Banks must apply uniform deposit interest rates across branches and customers for similar deposit amounts accepted on the same date, without discrimination. Rates payable, including for bulk deposits, must strictly follow schedules disclosed in advance on bank websites. Bulk deposit rates must be published each business day at 10:00 am, subject to a short permitted delay. Differentiated bulk-deposit rates may be offered based on applicable differential run-off rates under the Liquidity Coverage Ratio framework.
    July 30, 2026
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    Supply-chain continuity measures prioritise energy, fertiliser and seafarer protection amid conflict-driven disruptions across critical maritime transit routes.
    Supply-chain continuity and energy security measures were reviewed in response to geopolitical conflicts disrupting maritime transit routes and imports. Measures included diversification of LPG procurement, maintenance of petroleum stocks, expansion of PNG, gas-grid, LNG and city-gas infrastructure, and pipeline connectivity approvals. Fertiliser requirements and alternative procurement sources were considered to ensure uninterrupted supply. A unified monitoring mechanism and support arrangements for seafarers, including timely information, emergency assistance and counselling, were directed to protect citizens, economic interests and the Indian diaspora.

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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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