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    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
    SC grants interim bail to businessman Anwar Dhebar in manpower commission 'scam' case
    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
    RBI marginally raises FY27 GDP growth projection to 6.7 pc, lowers inflation forecast
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    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
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    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
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    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
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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
    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
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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
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    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
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    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
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    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.

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      India Watch Weekend 2026 Delivers Another Successful Showcase of Global Watchmaking

      January 28, 2026

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      Mumbai welcomed collectors, brands, and global watch leaders as India Watch Weekend confirmed its position as a key international horological rendezvous. Mumbai, Maharashtra, India – Business Wire India Collectors, enthusiasts, industry leaders, and members of the international watch community gathered in Mumbai in January 2026 for the second edition of India Watch Weekend, India’s largest horological event. Hosted at the Four Seasons Mumbai, the event marked a significant evolution from its inaugural year, bringing together heritage maisons and independent watchmakers under one roof in an expanded, immersive format. Building on the momentum of its debut edition, India Watch Weekend 2026 welcomed 18 brands, over 1000+ unique visitors, and featured over 25 curated experiences across two days dedicated to fine watchmaking, education, and community. The event attracted attendees from across India as well as international guests and delegates from Qatar, China, the United Arab Emirates, Yemen, the United Kingdom, Singapore, Finland, Japan, France, Colombia, Australia, South Korea, Turkey, and more, underscoring India’s growing influence within the global watch landscape. A Curated Line-Up Bridging Heritage and Independence Participating brands this year included A. Lange & Söhne, Jaeger-LeCoultre, Panerai, Roger Dubuis, Baume & Mercier, Grand Seiko, DOXA, Titan, Moritz Grossmann, Tutima, EPOS, Laine Watches, MING, GENUS, Adra Labs, Nalla Neram, Charles Oudin, and FutureGrail. A notable milestone for the 2026 edition was the official presence of the Fondation de la Haute Horlogerie (FHH), marking its first participation at India Watch Weekend and reinforcing the event’s growing international stature. For the first time, leading international maisons shared the stage with cutting-edge independents and Indian creators, offering a rare and well-balanced panorama of contemporary horology. Guests registered for sessions and experiences via the official India Watch Weekend platform, with curated access designed to encourage meaningful interaction between collectors, brands, and watchmakers. “More Than a Showcase” “India Watch Weekend 2026 exceeded everything we had hoped for. The energy, enthusiasm, and sense of community over the weekend truly reaffirm why we started this platform. Seeing collectors, brands, and enthusiasts come together so seamlessly was incredibly rewarding, and we’re deeply grateful to everyone who made it such a success”, Karishma Karer, Co-Founder, India Watch Weekend.” The weekend opened with a private preview of A. Lange & Söhne timepieces alongside their watchmaker’s workshop, followed by a dense program of brand presentations, panel discussions, live watchmaking demonstrations, and collector-focused conversations. Over the course of the weekend, attendees were invited to engage deeply with both technical and creative aspects of watchmaking, from movement architecture and finishing to independent brand philosophy and market evolution. Alongside this, Chambers of Titan took the guests on a nostalgic trip through the brand's history and unique timepieces on display. To add to this visual and educational journey, live music accompanied the Chambers, instantly resonating with the esteemed guests. Conversations, Craft, and Community The programme brought together thought-provoking conversations, hands-on craftsmanship, and a strong sense of community. Highlights included panel discussions such as Do Watches Make You Money?, When Luxury Grows, Does Desire Shrink?, Are Women Rewriting the Rules of Power in Luxury?, and Taste vs Opportunity: Does Money Buy Taste—or Just Access? Speakers included Rohan Sachdev (EY India Consulting Leader & EY Africa–India Managed Services Leader), Jan Edöcs (CEO, DOXA), Pascal Ravessoud (Vice President, FHH), Claire Berthet (President, Charles Oudin), Niladri Mazumder (President & COO, SWI), and Ranjani Krishnaswamy. Chief Marketing Officer. Titan Company Limited, Praneeth Rajsingh (CEO, MING), Ali Nael (CEO, FutureGrail), among others. Beyond the panels, hands-on demonstrations offered guests an intimate look at the mechanics and artistry of watchmaking, Sake tasting by Grand Seiko, where collectors gathered to experience the Japanese heritage of the brand, and a high-powered foosball challenge by DOXA - with the winning team taking back a DOXA timepiece home! In contrast, collector roundtables encouraged open dialogue between seasoned connoisseurs and emerging enthusiasts—underscoring the event’s commitment to education, access, and exchange. Mumbai as a Global Horological Destination Set against the backdrop of Mumbai — one of Asia’s most dynamic cultural and commercial capitals — India Watch Weekend unfolded at a moment when India’s role in global watchmaking continues to accelerate. The city’s energy, diversity, and increasingly sophisticated collector base provided a fitting stage for an event designed to connect local passion with international expertise. Beyond the exhibition spaces, India Watch Weekend offered attendees the opportunity to network, exchange perspectives, and build lasting relationships in a relaxed yet highly curated environment. Looking Ahead India Watch Weekend 2026 successfully demonstrated that India is no longer a peripheral market, but an active and influential participant in the global watch conversation. By bringing together prestigious maisons, independent creators, collectors, and institutions in a single, thoughtfully curated setting, the event reaffirmed its mission to foster long-term growth, education, and collaboration within the Indian watch community. “This edition of India Watch Weekend was a powerful reflection of how far the Indian watch community has come. The conversations, the craftsmanship on display, and the camaraderie throughout the weekend made it unforgettable. We thank all our exhibitors and partners and look forward to building on this momentum in the years ahead.”, Punit Mehta, Co-Founder, India Watch Weekend. About India Watch Weekend India Watch Weekend (IWW) is India's landmark luxury watch event celebrating the culture, craftsmanship, and community of fine watchmaking. Founded by industry veterans Karishma Karer and Punit Mehta, IWW brings together collectors, enthusiasts, brands, retailers, and media on a comprehensive platform that honors Indian watch culture while connecting it with the global horological community. More than a traditional exhibition, IWW embodies three core pillars: Collect (immersive exhibitions and masterclasses), Connect (dialogue between enthusiasts and watchmakers), and Celebrate (honoring the craft and joy of watchmaking). The inaugural 2025 edition attracted over 450 attendees from across India and internationally, establishing IWW as an annual fixture on the global watch calendar. IWW positions India as an influential hub in the global watch ecosystem - a place where sophistication, knowledge, and passion receive the recognition they deserve, and where the international watch community actively engages rather than merely markets. For more information, visit www.theindiawatchweekend.comhttps://www.instagram.com/india_watch_weekend/?hl=e To View the Image, Click on the Link Below: L-R : Punit Mehta, Co-Founder, India Watch Weekend, Karishma Karer, Co-Founder, India Watch Weekend, Amit Sinha, COO, Richemont India.

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

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