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    Rupee gains 20 paise to close at 95.08 against US dollar post-RBI policy decision
    TN Budget: Revenue deficit at Rs 55,775 crore, fiscal deficit estimated at Rs 1,21,819 crore
    Tatkare slams ‘gungi gudiya’ jibe against Sunetra; Cong says row being exploited for political gains
    RBI invites public comments on Draft Guidelines for ‘on tap’ Licensing of Urban Co-operative Banks
    Pakistan-origin dry dates, routed through UAE, seized at Kandla port
    RBI keeps rates unchanged, retains neutral stance; outlook uncertain on El Nino, geopolitical risks
    Government Notifies Inventory-based Cross-border E-Commerce Export Framework under Foreign Trade Policy 2023
    Customs official among 5 held for smuggling gold of Rs 1.44 crore at Indore airport
    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
    Sensex gains 152 pts in volatile session as RBI keeps policy rates unchanged
    DRI seizes 364 metric tonne (MT) banned Pakistan-origin dry dates imports worth Rs. 3 crore
    Rupee gains 13 paise to close at 95.15 against US dollar post-RBI policy decision
    ED raids premises linked to ex-Andhra MLA Malla Vijaya Prasad in chit fund scam
    'Gungi gudiya' remark against Sunetra shows Cong's 'ideological bankruptcy': NCP leader Tatkare
    RBI holds interest rates for fourth straight meeting, awaits clearer inflation outlook
    Highlights of RBI's August monetary policy
    RBI targeting polymer currency notes launch in early FY28: Guv Malhotra
    Two women held at Delhi airport with 1 kg gold concealed as silver-coated armlet
    Sensex trades higher, Nifty flat post RBI policy
    India's services sector growth hits four-and-a-half-year low in July on weak demand: PMI
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    August 5, 2026
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    Rupee appreciation followed unchanged monetary policy, lower crude prices, weaker dollar and expectations of orderly exchange-rate management.
    The rupee strengthened after the central bank maintained its policy rate and neutral monetary-policy stance. Lower crude oil prices, a weaker US dollar and declining US Treasury yields supported investor sentiment. Earlier measures to attract capital inflows remained part of the framework supporting the rupee, while the central bank stressed its endeavour to preserve an orderly currency trajectory. Future movement was linked to geopolitical de-escalation, global risk sentiment and US economic data.
    August 5, 2026
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    Fiscal consolidation through revenue mobilisation and leakage control aims to reduce deficits while expanding capital expenditure capacity.
    Tamil Nadu's Revised Budget Estimates for 2026-27 project a revenue deficit and fiscal deficit, with outstanding liabilities comprising public debt and public-account liabilities. Revenue mobilisation is proposed through improved tax administration, collection efficiency, closure of leakages, liquor-manufacturer privilege fees, and eligible Union grants. The strategy projects gradual deficit reduction to create room for capital expenditure, supported by expenditure reforms aimed at eliminating leakages, optimising expenditure, and improving service delivery.
    August 5, 2026
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    Political criticism of public office-holders raises debate over media accountability, personal remarks, and acceptable public discourse.
    Political criticism followed a social-media post describing Maharashtra Deputy Chief Minister Sunetra Pawar as "gungi gudiya" in connection with a press interaction on law-and-order issues in Beed district. Congress representatives stated that the post was not a personal insult, had been deleted after adverse reactions, and was followed by an expression of regret. NCP representatives termed the expression inappropriate and stressed that the principal dignitary should conduct media interactions. Shiv Sena (UBT) representatives described the phrase as not unparliamentary and linked it to criticism of a guardian minister's public responsibilities.
    August 5, 2026
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    On-tap licensing for Urban Co-operative Banks enters public consultation through draft guidelines inviting stakeholder feedback.
    Draft guidelines for 'on tap' licensing of Urban Co-operative Banks have been issued for public and stakeholder consultation. Comments and feedback may be submitted until September 05, 2026, through the designated online consultation facility or by written or email submission to the specified regulatory department.
    August 5, 2026
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    Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
    Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
    August 5, 2026
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    Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
    Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
    August 5, 2026
    Show AI Summary
    Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
    The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
    August 5, 2026
    Show AI Summary
    Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
    Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
    August 5, 2026
    Show AI Summary
    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
    The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
    August 5, 2026
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    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
    The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
    August 5, 2026
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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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
    Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.
    August 5, 2026
    Show AI Summary
    Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
    Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
    August 5, 2026
    Show AI Summary
    Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
    Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.
    August 5, 2026
    Show AI Summary
    Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
    Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
    August 5, 2026
    Show AI Summary
    Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
    The Reserve Bank retained the repo rate with a neutral stance amid uncertainty over energy prices and supply disruptions. Stock exchanges introduced the Closing Auction Session in the equity cash segment for eligible shares with futures and options contracts. This auction-based mechanism determines closing prices of eligible stocks and aims to make price discovery more transparent and robust.
    August 5, 2026
    Show AI Summary
    Services-sector growth slowed as weaker demand, competition and postponed orders moderated business activity, while employment improved modestly.
    Services-sector growth slowed as domestic and export orders moderated amid weaker demand, competitive pressures, softer market conditions and postponed orders. Output continued to expand, but at its weakest pace in more than four years. Employment growth improved modestly, while input costs rose and firms increased selling prices. Business confidence remained positive but declined, and the composite output indicator weakened due principally to the sharp slowdown in services activity.

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      iCreate Drone Challenge: Boosting India’s Indigenous Drone Innovation and Manufacturing with Next-Gen Startups

      January 20, 2026

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      Bringing Together India’s Finest Drone Innovators for a High-Intensity Prototype Acceleration Programme Ahmedabad, 20, January, 2026 – iCreate (International Centre for Entrepreneurship and Technology), India’s leading deep-tech incubator, announced the commencement of the Prototype Acceleration Programme for the iCreate Drone Challenge (iDC) 2025, being held from 20 January to 13 February 2026. This Programme marks a key transition from a nationwide search to a high-intensity prototype acceleration stage, advancing India's next generation of record-breaking drones and indigenous components.

      Launched in October 2025 in collaboration with Startup India (DPIIT) under the Bharat Startup Grand Challenge initiative, iDC 2025 is India’s first large-scale platform focused on redefining global benchmarks in drone velocity, endurance, and payload. The challenge’s major focus is to prioritise component indigenisation, reducing India’s dependence on imported critical subsystems like propulsion, avionics, energy systems, and advanced materials.

      Following an extensive national outreach across 26 states and Union Territories, iCreate received over 500 applications and shortlisted 14 high-potential startups for the rigorous Prototype Acceleration Programme. Demonstrating a significant shift in India’s innovation landscape, nearly 43% of the applications originated from Tier-II and Tier-III cities. The final cohort represents startups from across the country, highlighting the growing depth of India’s drone innovation ecosystem. The selected cohort will work on two primary tracks: Aerial Excellence and Component Indigenisation, focusing on building indigenously sourced drone components and developing cutting-edge drone platforms for both civil and defence applications.

      The inaugural ceremony of the IDC 2025 Prototype Acceleration Programme was graced by Mr. R. D. Barhatt, Joint Commissioner of Industries, Government of Gujarat, as the Chief Guest. The event was further honoured by the presence of Prof. (Dr.) Kalpesh H. Wandra, Pro-Vice Chancellor, Rashtriya Raksha University, and Mr. Srinivasa Kumar D, Assistant General Manager, Canara Bank (Regional Office), as Guests of Honour, along with a virtual address by Mr. Nilesh Ranpura, Senior Director – Engineering (ASIC), eInfochips.

      The event was also graced by a virtual address from Ms. Mamatha Venkatesh, Head – Startup India (DPIIT), who highlighted Startup India’s vision of manufacturing-focused incubation as a national priority for building globally competitive startups. She noted that the iCreate Drone Challenge, launched in collaboration with Startup India, brings together startups, industry, and government to support founders at a critical stage of prototype validation and early manufacturing readiness. Emphasising drones and unmanned systems as a strategic sector for India with applications across agriculture, infrastructure, logistics, surveillance, and public services, she encouraged participating startups to leverage the platform, industry access, and institutional support to accelerate their journey from innovation to scalable impact.

      Shri R. D. Barhatt, Joint Commissioner of Industries, Government of Gujarat said, “Gujarat has always been at the forefront of India’s industrial growth, and through the iCreate Drone Challenge, we are witnessing the next chapter of this journey. By supporting drone startups that focus on indigenous manufacturing, we are not only strengthening our local supply chains but also reinforcing Gujarat's position as a preferred destination for deep-tech innovation.” Speaking at the occasion, Ms. Mamatha Venkatesh, Head- Startup India, DPIIT said, “Manufacturing-focused incubation is critical to India’s ambition of building globally competitive startups. The iCreate Drone Challenge reflects the spirit of Startup India’s Vision on Manufacturing Incubators by enabling founders to move decisively from prototype development to scalable manufacturing through close collaboration with industry and government stakeholders. This cohort demonstrates how structured programs, aligned with national priorities, can strengthen India’s deep-tech and manufacturing ecosystem. We are pleased to collaborate with iCreate on the Drone Challenge, which directly advances our shared vision of nurturing next-generation manufacturing startups from India for the world.” The iDC 2025 cohort is redefining India's drone future by developing autonomous UAVs and kamikaze drones capable of navigating RF-jammed and GPS-denied environments. Key innovations include hybrid endurance systems with IC-engine generators for long-duration missions, triple-redundant flight controllers to eliminate single-point failures, and monocoque composite airframes. Additionally, the group is advancing indigenous hardware like high power-to-weight BLDC motors, AI-integrated modular controllers, and morphing drones that transition between ground and aerial modes, alongside automated payload delivery systems.

      During the intensive residential Prototype Acceleration Programme, participants will have access to state-of-the-art labs, rapid prototyping facilities, and mentorship from global experts in aerodynamics, propulsion, and AI autonomy. They will also benefit from component sourcing support, software credits, and business modeling guidance. Crucially, the program provides a direct bridge to commercialisation, offering startups the opportunity to pitch for a funding pool of ₹2 crore from iCreate, ensuring they are positioned for successful scaling and market entry.

      Avinash Punekar, CEO of iCreate, shared his perspective on the significance of this initiative, “The iCreate Drone Challenge is more than a competition, it is a focused effort to nurture the next generation of indigenous drone technologies that can strengthen India’s leadership in aerospace and defence technology. Through iDC 2025, we are enabling deep-tech startups to overcome early-stage barriers by providing access to mentorship, infrastructure, and industry-led guidance. Our aim is to help these innovators build scalable, high-performance drone solutions that are ready for real-world deployment and national impact..” The iCreate Drone Challenge aligns closely with Startup India’s vision for manufacturing-focused incubators, aimed at building globally competitive startups. The iDC 2025 Prototype Acceleration Programme represents a critical step in accelerating India’s transition towards a self-reliant defence and aerospace ecosystem, supporting the national ambition of becoming a global manufacturing hub by 2030.

      About iCreate iCreate (International Centre for Entrepreneurship and Technology) is India’s leading incubator providing Deep Tech startups the fastest runway to commercialisation. With a focus on hardware-based innovations in Mobility Tech, Climate Tech, Health Tech, and Defence & Aerospace Tech, it follows a high-touch, entrepreneur-first approach in nurturing startups. Since inception, it has supported over 900 innovations and 60 patents through incubation, acceleration programmes, mentorship, market connects, and funding.

      iCreate’s state-of-the-art 40-acre campus was inaugurated by Prime Minister Narendra Modi in 2018. iCreate has served as the knowledge partner to the Vibrant Gujarat Global Summit, and as the Secretariat for Startup20 under India’s G20 Presidency. It currently serves as the India Taskforce Lead for Inclusion & Sustainability under Startup20 South Africa. It has partnerships with leading global institutions, and a strategic partnership with CSIR, India’s apex organisation for science and technology. iCreate has been recognised as the Impact Incubator of the Year at the Micelio Mobility Awards 2024, and is the recipient of the National Award for Technology Business Incubator 2020.

      (Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI PWR

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