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    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
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    DRI seizes 364 metric tonne (MT) banned Pakistan-origin dry dates imports worth Rs. 3 crore
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August 5, 2026
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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
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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
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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
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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
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Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
August 5, 2026
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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
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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.
August 5, 2026
Show AI Summary
Monetary policy rate maintenance continues under a neutral stance amid energy disruption, inflation concerns and sustained currency depreciation.
Monetary policy rate maintenance was continued with the repo rate retained at 5.25 per cent under a neutral stance amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The growth forecast was marginally increased and the inflation projection reduced. Sustained rupee depreciation against the dollar was attributed to costly oil, capital outflows, widening trade deficits and a strong US dollar.
August 5, 2026
Show AI Summary
Monetary policy rate pause maintains a neutral stance amid energy disruption, inflation concerns and sustained rupee depreciation pressures.
Monetary policy rates were retained without change for a third consecutive review, with a neutral stance maintained amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The policy assessment noted retail inflation above the medium-term target, alongside an upward revision to growth expectations and a downward revision to the inflation projection. Continued rupee depreciation was linked to higher oil prices, capital outflows, widening trade deficits and a stronger US dollar.
August 5, 2026
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Monetary policy expectations shape equity sentiment as softer crude prices and foreign investment support domestic financial assets.
Equity market sentiment improved in early trading as lower crude oil prices and foreign fund inflows supported benchmark indices, while investors awaited the monetary policy decision. Softer crude prices, rupee recovery, improving global risk sentiment, resilient economic growth, corporate earnings and sustained foreign portfolio investment supported domestic financial assets, despite continuing global and geopolitical uncertainties.
August 5, 2026
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Foreign exchange market movement strengthens as lower crude prices and monetary policy signals influence the rupee's direction.
Foreign exchange market movement saw the rupee appreciate against the US dollar in early trading, supported by lower crude oil prices, a softer dollar index, domestic equity gains and net foreign institutional investment. Market attention centred on the Reserve Bank of India's monetary policy decision, with expectations of an unchanged benchmark repo rate. Policy communication on inflation and developments in Hormuz-related talks were identified as factors that could influence the rupee's direction.

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Customs & Trade

India most essential to Washington, both sides actively engaged on trade deal: New US envoy

January 12, 2026

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New Delhi, Jan 12 (PTI) Signalling an intent to rebuild strained ties, President Donald Trump's new ambassador to Delhi said on Monday that no country is as essential as India to the United States, and asserted that both sides are actively engaged to firm up a trade deal.

In his arrival speech, Sergio Gor also announced an invitation to New Delhi for a US-led strategic alliance, known as 'Pax Silica' on critical minerals and artificial intelligence.

Gor said the next call between the two sides on the trade deal is scheduled for Tuesday.

The US and India are bound not just by shared interests, but by a relationship "anchored at the highest levels", he said, hoping President Trump would visit India in the "next year or two".

The comments made just hours after he began work are seen as a welcome outreach by the Trump administration, which has mounted pressure on India in recent months over tariffs and H1B visas.

"You and I have an incredible once-in-a-lifetime opportunity to redefine diplomacy. What it can accomplish could be the most consequential global partnership of this century," Gor said while describing India as an "incredible nation".

"No partner is more essential than India. In the months and years ahead, it is my goal as ambassador to pursue a very ambitious agenda. We will do this as true strategic partners, each bringing strength, respect and leadership to the table," he said.

Gor, 38, also emphasised that the friendship between President Trump and PM Narendra Modi is "real" and will help in resolving "differences", which have resulted in the worst phase in the relations in the last two decades.

"Real friends can disagree but always resolve their differences in the end," he said.

The downturn in India-US ties began after Trump slapped a 50 per cent tariff on India, including a 25 per cent additional duty for India's purchase of Russian crude oil.

Apart from the tariff issue, the relations witnessed a severe strain on a number of other issues that included Trump's claim of ending the India-Pakistan conflict in May last year and Washington's new immigration policy.

"The United States and India are bound not just by shared interests, but by a relationship anchored at the highest levels. Real friends can disagree, but always resolve their differences in the end," he said.

The envoy was warmly greeted by the employees of the US embassy and he walked into the main building of the mission as 'Hold On, I'm Comin', the iconic song by Sam and Dave, was being played.

In his remarks, Gor also noted that India and the US are actively engaged on the proposed bilateral trade deal, in remarks that came days after Commerce Secretary Howard Lutnick suggested Washington was not very keen to seal the deal soon.

While talking about trade, the US envoy also recalled Secretary of State Marco Rubio's remarks that it will be a "year of reciprocity". "We are raising the standard for diplomacy itself. That means fair trade, mutual respect and shared security," Gor said.

"Many of you have asked me for an update on the ongoing trade deal negotiations. Both sides continue to actively engage. In fact, the next call on trade will occur tomorrow." Gor, however, did not elaborate on whether it will be a telephonic call between the trade negotiators of the two sides. The envoy did not take questions after delivering his address to employees of the US embassy and a small number of invited journalists.

"Remember, India is the world's largest nation. So it's not an easy task to get this across the finish line, but we are determined to get there," he said.

"And while trade is very important for our relationship, we will continue to work closely together on other very important areas, such as security, counterterrorism, energy, technology, education and health." Gor, known to be a key member of Trump's inner circle, also touched upon the 'Pax Silica' initiative that the US launched last month. Japan, South Korea, the United Kingdom and Israel and several other nations have joined it already.

"Today, I'm pleased to announce that India will be invited to join this group of nations as a full member next month. As the world adopts new technology, it is essential that India and the United States work hand-in-hand from the very start of this initiative," he said.

Gor said he is beginning his ambassadorial stint in this "remarkable nation with profound respect and with a clear mission to take the partnership between our two great nations to the next level." "This is the intersection of the world's oldest democracy and the world's largest democracy." Gor also referred to his conversation with Trump yesterday, and added: "I bring his warm wishes to all the people of India, especially his dear friend, the incredible prime minister." The envoy also mentioned his exchanges with the President last week.

"I was with the President last week, and as we had dinner right after New Year's, he recounted his incredible experience visiting India, and also his great friendship with the great prime minister of India," he said.

"I also hope that the President will be visiting us soon, hopefully in the next year or two." Gor played a major role in the political action committee (PAC) of Trump's campaign in the run-up to the 2024 presidential election and his influence increased manifold after he was tasked with vetting political appointees in the new administration.

In January last year, the then US ambassador to India, Eric Garcetti, stepped down from the post, paving the way for the Trump administration to appoint its new envoy.

Gor had visited India for six days in October, days after his appointment was confirmed by the Senate. He had met Prime Minister Narendra Modi and External Affairs Minister S Jaishankar during the visit. PTI MPB VJ RT RT

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