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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
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    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
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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
    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
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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.

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      US shoots Iranian drone as Iran's president seeks 'fair, equitable negotiations'

      February 4, 2026

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      Dubai, Feb 4 (AP) Iran's president said on Tuesday that he instructed the country's foreign minister to "pursue fair and equitable negotiations" with the United States, the first clear sign from Tehran it wants to try to negotiate as tensions remain high with Washington after the Mideast country's bloody crackdown on nationwide protests last month.

      But possible talks were thrust into question hours later when US Central Command said a US Navy fighter jet shot down an Iranian drone that was approaching an American aircraft carrier early Tuesday morning. The Iranian Mission to the UN did not immediately comment on the incident.

      White House press secretary Karoline Leavitt acknowledged that Trump special envoy Steve Witkoff has been planning to hold talks with Iranian officials in Turkey later this week. It was the first direct acknowledgment of the talks by the White House.

      "These talks, as of right now, are still scheduled," Leavitt said in response to whether the drone incident could impact Witkoff's planned talks with Iran's Foreign Minister Abbas Araghchi. "President Trump is always wanting to pursue diplomacy first, but obviously it takes two to tango," Leavitt said. "You need a willing partner to achieve diplomacy and that's something that special envoy Witkoff is intent on exploring and discussing." The shift toward negotiations marked a major turn for reformist President Masoud Pezeshkian, who had broadly warned Iranians for weeks that the turmoil in his country had gone beyond his control. It also signals that the president received support from Iran's Supreme Leader Ayatollah Ali Khamenei for talks that the 86-year-old cleric previously had dismissed.

      US shoots down drone US Central Command said the drone "aggressively approached" the aircraft carrier on Tuesday, just before sunrise, with "unclear intent" and it "continued to fly toward the ship despite deescalatory measures taken by US forces operating in international waters." The Shahed-139 drone was shot down by an F-35C fighter jet from the USS Abraham Lincoln, which was sailing about 805 kilometres from Iran's southern coast, Hawkins said.

      In a separate incident later on Tuesday, Iran's Islamic Revolutionary Guard Corps forces harassed a merchant vessel flying the American flag and carrying an American crew, Central Command spokesman Captain Tim Hawkins said in a statement.

      Two boats and an Iranian Mohajer drone approached the ship, Stena Imperative, "at high speeds and threatened to board and seize the tanker,' Hawkins' statement said.

      The position of the incident appeared to be in Iranian territorial waters, according to the British military's United Kingdom Maritime Trade Operations Centre. Iran had warned of a naval drill by the paramilitary Revolutionary Guard in recent days.

      The destroyer USS McFaul responded and escorted the Stena Imperative with defensive air support, the statement said, adding that the merchant vessel was now sailing safely.

      Turkey attempting to broker negotiations Turkey had been working behind the scenes to make the talks happen there later this week as US Mideast envoy Steve Witkoff is travelling in the region. A Turkish official later said the location of talks was uncertain but that Turkey was ready to support the process.

      Foreign ministers from Oman, Pakistan, Qatar, Saudi Arabia and the United Arab Emirates have also been invited to attend the talks, if they happen, according to the official who spoke on condition of anonymity as they did not have permission to speak to journalists.

      But whether Iran and the US can reach an agreement remains to be seen, particularly as US President Donald Trump now has included Iran's nuclear programme in a list of demands from Tehran in any talks. Trump ordered the bombing of three Iranian nuclear sites during the 12-day war Israel launched against Iran in June.

      On Tuesday, Araghchi spoke by phone with his counterparts from Oman, Qatar, Turkey and Kuwait, but did not mention anything about a possible venue.

      Witkoff meets with Netanyahu in Israel Witkoff met with Israeli Prime Minister Benjamin Netanyahu on Tuesday and discussed plans for disarming Hamas ahead of possible reconstruction and the situation in Iran, Netanyahu's office said.

      Netanyahu warned Witkoff that "Iran has repeatedly proven it cannot be trusted to meet its commitments." Israel demands that any agreement with Iran include removing enriched uranium from the country, stopping the enrichment of uranium, limiting the creation of ballistic missiles and ending support for Tehran's proxies, according to an official familiar with the talks who spoke on the condition of anonymity because they were not authorised to speak to the media.

      "Right now, we're talking to them, we're talking to Iran, and if we could work something out, that'd be great," Trump told reporters in the Oval Office on Monday. "And if we can't, probably bad things would happen." Mike Pompeo, a hard-liner on Iran who served as CIA director and secretary of state in Trump's first term, said it was "unimaginable that there can be a deal." "I think they may come away with some set of understandings," Pompeo said at Dubai's World Governments Summit. "But to think that there's a long-term solution that actually provides stability and peace to this region while the ayatollah is still in power is something I pray for but find unimaginable." Khamenei adviser speaks on the nuclear issue Late Monday, the pan-Arab satellite channel Al Mayadeen, which is politically allied with the Iranian-backed Lebanese militant group Hezbollah, aired an interview with Ali Shamkhani, a top Khamenei adviser on security.

      He suggested that if the talks happened, they would be indirect at the beginning, and move to direct talks only if a deal appeared to be attainable. Direct talks with the US long have been a highly charged political issue within Iran's theocracy, with reformists like Pezeshkian pushing for them and hard-liners dismissing them.

      The talks would solely focus on nuclear issues, he added.

      "Iran does not seek nuclear weapons, will not seek a nuclear weapon and will never stockpile nuclear weapons, but the other side must pay a price in return for this," he said.

      Iran had been enriching uranium up to 60 per cent purity, a short, technical step away from weapons-grade levels. The International Atomic Energy Agency had said Iran was the only country in the world to enrich to that level that wasn't armed with the bomb.

      Iran has been refusing requests by the IAEA to inspect the sites bombed in the June war.

      "The quantity of enriched uranium remains unknown, because part of the stockpile is under rubble, and there is no initiative yet to extract it, as it is extremely dangerous," Shamkhani said. (AP) RUK RUK

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