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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
    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
    Show AI Summary
    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
    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.
    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.

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      'Won't apologise', Trump says after his racist post about Obamas is deleted after backlash

      February 7, 2026

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      Washington, Feb 7 (AP) US President Donald Trump's racist social media post featuring former President Barack Obama and his wife, Michelle Obama, as primates in a jungle was deleted Friday after a backlash from both Republicans and Democrats who criticised the video as offensive.

      Trump said later on Friday that he won't apologise for the post. "I didn't make a mistake," he said.

      The Republican president's Thursday night post was blamed on a staffer after widespread backlash, from civil rights leaders to veteran Republican senators, for its treatment of the nation's first Black president and first lady. A rare admission of a misstep by the White House, the deletion came hours after press secretary Karoline Leavitt dismissed "fake outrage" over the post. After calls for its removal -- including by Republicans -- the White House said a staffer had posted the video erroneously.

      The post was part of a flurry of overnight activity on Trump's Truth Social account that amplified his false claims that the 2020 election was stolen from him, despite courts around the country and Trump's first-term attorney general finding no evidence of systemic fraud.

      Trump has a record of intensely personal criticism of the Obamas and of using incendiary, sometimes racist, rhetoric -- from feeding the lie that Obama was not a native-born US citizen to crude generalisations about majority-Black countries.

      The post came in the first week of Black History Month and days after a Trump proclamation cited "the contributions of black Americans to our national greatness" and "the American principles of liberty, justice, and equality." An Obama spokeswoman said the former president, a Democrat, had no response.

      An internet meme -------------------- Nearly all of the 62-second clip appears to be from a conservative video alleging deliberate tampering with voting machines in battleground states as 2020 votes were tallied. At the 60-second mark is a quick scene of two jungle primates, with the Obamas' smiling faces imposed on them.

      Those frames originated from a separate video, previously circulated by an influential conservative meme maker. It shows Trump as "King of the Jungle" and depicts Democratic leaders as animals, including Joe Biden, who is white, as a jungle primate eating a banana.

      "This is from an internet meme video depicting President Trump as the King of the Jungle and Democrats as characters from the Lion King," Leavitt said by text.

      Disney's 1994 feature film that Leavitt referenced is set on the savannah, not in the jungle, and it does not include great apes.

      "Please stop the fake outrage and report on something today that actually matters to the American public," Leavitt added.

      By noon, the post had been taken down, with responsibility placed on a Trump subordinate.

      The White House explanation raises questions about control of Trump's social media account, which he's used to levy import taxes, threaten military action, make other announcements and intimidate political rivals. The president often signs his name or initials after policy posts.

      The White House did not immediately respond to an inquiry about how posts are vetted and when the public can know when Trump himself is posting.

      Mark Burns, a pastor and a prominent Trump supporter who is Black, said Friday on X that he'd spoken "directly" with Trump and that he recommended to the president that he fire the staffer who posted the video and publicly condemn what happened.

      "He knows this is wrong, offensive, and unacceptable," Burns posted.

      Congressional Black Caucus Chairwoman Yvette Clarke, D-NY, told The AP she does "not buy the White House's commentary." "If there wasn't a climate, a toxic and racist climate within the White House, we wouldn't see this type of behaviour regardless of who it's coming from," Clarke said, adding that Trump "is a racist, he's a bigot, and he will continue to do things in his presidency to make that known." Condemnation across the political spectrum ------------------------------------------------ Trump and White House social media accounts frequently repost memes and artificial intelligence-generated videos. As Leavitt did Friday, Trump allies typically cast them as humorous.

      This time, condemnations flowed from across the spectrum -- along with demands for an apology that had not come by late afternoon.

      At a Black History Month market in Harlem, the historically Black neighbourhood in New York City, vendor Jacklyn Monk said Trump's post was embarrassing even if it was eventually deleted. "The guy needs help. I'm sorry he's representing our country. ... It's horrible that it was this month, but it would be horrible if it was in March also." In Atlanta, Rev Bernice King, daughter of the assassinated civil rights icon Martin Luther King Jr, resurfaced her father's words, "Yes. I'm Black. I'm proud of it. I'm Black and beautiful." Black Americans, she said, "are beloved of God as postal workers and professors, as a former first lady and president. We are not apes." The US Senate's lone Black Republican, Tim Scott of South Carolina, called on Trump to take down the post. "Praying it was fake because it's the most racist thing I've seen out of this White House," said Scott, who chairs Senate Republicans' midterm campaign arm.

      Another Republican, Sen Roger Wicker of Mississippi, is white but represents the state with the largest percentage of Black residents. Wicker called the post "totally unacceptable" and said the president should apologise.

      Some Republicans who face tough re-elections this November voiced concerns, as well. The result was an unusual cascade of intra-party criticism for a president who has enjoyed a stranglehold over fellow Republicans who stayed silent during previous Trump's controversies for fear of a public spat with the president or losing his endorsement in a future campaign.

      NAACP President Derrick Johnson called the video "utterly despicable" and pointed to Trump's wider political concerns that could help explain Republicans' willingness to speak out. Johnson asserted that Trump is trying anything to distract from economic conditions and attention on the Jeffrey Epstein case files.

      "You know who isn't in the Epstein files? Barack Obama," he said. "You know who actually improved the economy as president? Barack Obama." A long history of racism -------------------------- There is a long history in the US of powerful white figures associating Black people with animals, including apes, in demonstrably false, racist ways. The practice dates to 18th century cultural racism and pseudo-scientific theories used to justify the enslavement of Black people, and later to dehumanise freed Black people as uncivilised threats to white people.

      Thomas Jefferson, author of the Declaration of Independence, wrote in his famous text "Notes on the State of Virginia" that Black women were the preferred sexual partners of orangutans. President Dwight Eisenhower, discussing school desegregation in the 1950s, suggested white parents were rightfully concerned about their daughters being in classrooms with "big Black bucks." Obama, as a candidate and president, was featured as a monkey or other primates on T-shirts and other merchandise.

      In his 2024 campaign, Trump said immigrants were "poisoning the blood of our country," language similar to what Adolf Hitler used to dehumanise Jews in Nazi Germany.

      During his first White House term, Trump called a swath of majority-Black, developing nations "shithole countries." He initially denied saying it but admitted in December 2025 that he did.

      When Obama was in the White House, Trump pushed false claims that the 44th president, who was born in Hawaii, was born in Kenya and constitutionally ineligible to serve. Trump, in interviews that helped endear him to conservatives, demanded that Obama prove he was a "natural-born citizen" as required to become president.

      Obama eventually released birth records, and Trump finally acknowledged during his 2016 campaign, after having won the Republican nomination, that Obama was born in Hawaii. But immediately after, he said, falsely, that his Democratic rival Hillary Clinton started the birtherism attacks. (AP) RUK RUK

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